Document:

Registration Rights Agreement, dated October 8, 2010

 Exhibit 4.4 
 $350,000,000 
 CB RICHARD ELLIS SERVICES, INC. 

6.625% Senior Notes due 2020 
 REGISTRATION RIGHTS AGREEMENT 
 October 8, 2010 

Banc of America Securities LLC 
 Credit Suisse Securities (USA) LLC 
     As Representatives of
the Initial Purchasers 
 c/o Banc of America Securities LLC 

One Bryant Park 

New York, New York 10036 
 Dear Sirs: 
 CB Richard Ellis Services, Inc., a Delaware
corporation (the “Issuer”), proposes to issue and sell to Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and certain other initial purchasers (collectively, the “Initial Purchasers”), upon the terms set forth
in a purchase agreement of even date herewith (the “Purchase Agreement”), $350,000,000 aggregate principal amount of its 6.625% Senior Notes due 2020 (the “Initial Securities”) to be unconditionally guaranteed (the
“Guaranties”) by CB Richard Ellis Group, Inc., a Delaware corporation (the “Parent”), and certain subsidiaries of the Issuer, as set forth in the Purchase Agreement (collectively, the “Guarantors” and together with the
Issuer, the “Company”). The Initial Securities will be issued pursuant to an Indenture, dated as of October 8, 2010, (the “Indenture”) among the Issuer, the Guarantors named therein and Wells Fargo Bank, National
Association, as trustee (the “Trustee”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including,
without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively, the “Holders”), as follows: 

1. Registered Exchange Offer.    Unless not permitted by applicable law (after the Company has
complied with the last paragraph of this Section 1), the Company shall prepare and, not later than 180 days after the date of original issue of the Initial Securities (the “Issue Date”), file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the
“Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and
deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities of the Company issued under the Indenture, identical in all material respects to the Initial Securities and registered under the

 
Securities Act (the “Exchange Securities”). The Company shall use its reasonable best efforts to (i) cause such Exchange Offer Registration Statement to become effective under the
Securities Act within 270 days after the Issue Date of the Initial Securities and (ii) keep the Exchange Offer Registration Statement effective for not less than 30 business days (or longer, if required by applicable law) after the date notice
of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration Period”). 
 If the Company commences the Registered Exchange Offer, the Company (i) will be entitled to consummate the Registered Exchange Offer 20 business days after such commencement (provided that the
Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be required to consummate the Registered Exchange Offer no later than 40 days after the
date on which the Exchange Offer Registration Statement is declared effective (such 40th day being the “Consummation Deadline”). 
 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it being the objective of such Registered
Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act,
acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission
from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of the
several states of the United States. 
 The Company acknowledges that, pursuant to current interpretations by
the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result
of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B
hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any
such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Exchange Securities acquired in exchange for Initial Securities constituting any portion of
an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

The Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement effective and to
amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject 
  

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to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities;
provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on
which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or
supplement thereto, available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180 days after the consummation of the Registered Exchange Offer. Notwithstanding the foregoing, the
Company shall not be obligated to keep the Exchange Offer Registration Statement continuously effective to the extent set forth above if the Company determines, in its reasonable judgment, upon advice of counsel, that the continued effectiveness and
usability of the Exchange Offer Registration Statement would (i) require the disclosure of material information, which the Company or any of its subsidiaries has a bona fide business reason for preserving as confidential or (ii) interfere
with any existing or prospective financing, acquisition, corporate reorganization or other material business situation, transaction or negotiation involving the Company or any of its subsidiaries; provided, however, that the failure to
keep the Exchange Offer Registration Statement effective and usable for such reason shall last no longer than 30 days (whereafter Additional Interest (as defined in Section 6(a)) shall accrue and be payable until the Exchange Offer Registration
Statement becomes effective and usable) and shall in no event occur during the first 30 days after the Exchange Offer Registration Statement becomes effective. In the event that the Company does not keep the Exchange Offer Registration Statement
continuously effective as provided in the immediately preceding sentence, the number of days during which the Exchange Offer Registration Statement is not continuously effective, which shall include the date the Company gives notice that the
Exchange Offer Registration Statement is no longer effective, shall be added on to, and therefore extend, the period during which the Company is obligated to use its reasonable best efforts to keep the Exchange Offer Registration Statement effective
and to amend and supplement the prospectus contained therein. 
 If, upon consummation of the Registered
Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and
deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company
issued under the Indenture and identical in all material respects to the Initial Securities (the “Private Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively
called the “Securities”. 
 In connection with the Registered Exchange Offer, the Company shall:

  

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 (a)  mail to each Holder a copy of the prospectus
forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (b)  keep the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 

(c)  utilize the services of a depositary for the Registered Exchange Offer, which may be the
Trustee or an affiliate of the Trustee; 
 (d)  permit Holders to withdraw tendered
Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e)  otherwise comply with all applicable laws. 

As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the
Company shall: 
 (x) accept for exchange all the Securities validly tendered and not withdrawn
pursuant to the Registered Exchange Offer and the Private Exchange; 
 (y) deliver to the
Trustee for cancellation all the Initial Securities so accepted for exchange; and 
 (z) cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for
exchange. 
 The Indenture will provide that the Exchange Securities will not be subject to the transfer
restrictions set forth in the Indenture and that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter.

 Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange
Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of
original issue of the Initial Securities. 
 Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the distribution of the Securities or the 
  

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Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is an
affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage
in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration
Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration
Statement and any amendment thereto does not, when it becomes effective, 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 not misleading and
(iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 2. Shelf Registration.    If, (i) applicable interpretations of the staff of the Commission do not permit the Company to effect a Registered Exchange Offer, as contemplated
by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated by the 310th day after the Issue Date, (iii) any Initial Purchaser so requests with respect to the Initial Securities (or the Private Exchange Securities) not
eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it following consummation of the Registered Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is prohibited by law or Commission
policy from participating in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the
date of the exchange and any such Holder so requests, the Company shall take the following actions (the date on which any of the conditions described in the foregoing clauses (i) through (iv) occur, including in the case of clauses
(iii) or (iv) the receipt of the required notice, being a “Trigger Date”): 

(a) The Company shall as promptly as practicable (but in no event more than 90 days after the Trigger
Date (such 90th day being a “Filing Deadline”)) file with the Commission and thereafter use its reasonable best efforts to cause to be declared effective: in the case of clause (i), no later than 270 days after the Issue Date and, in the
case of clauses (ii) through (iv), no later than 90th date after the Trigger Date (such 270th day after the Issue Date in the case of clause (i), or such 90th day after the Trigger Date in the case of clauses (ii) through (iv) being
an “Effectiveness Deadline”) a registration statement (the “Shelf Registration 
  

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Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale
of the Transfer Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no Holder (other than the Initial Purchasers) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder. 
 (b) The Company
shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years
(or for such longer period if extended pursuant to Section 3(j) below) from the date of its effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold
pursuant thereto or (ii) are no longer restricted securities (as defined in Rule 144 under the Securities Act, or any successor rule thereof), provided, however, the Company shall not be obligated to keep the Shelf Registration
Statement continuously effective to the extent set forth below if (i) the Company determines, in its reasonable judgment, upon advice of counsel, that the continued effectiveness and usability of the Shelf Registration statement would
(x) require the disclosure of material information which the Company or any of its subsidiaries has a bona fide business reason for preserving as confidential or (y) interfere with any financing, acquisition, corporate reorganization or
other material transaction involving the Company or any of its subsidiaries, provided that the failure to keep the Shelf Registration Statement effective and usable for offers and sales of Securities for the reasons set forth in clauses
(x) and (y) above shall last no longer than 60 days in any 12-month period (whereafter Additional Interest shall accrue and be payable until the Shelf Registration Statement becomes effective and usable) and (ii) the Company promptly
thereafter complies with the requirements of Section 3(j) hereof, if applicable; provided, further, that the number of days of any actual Suspension Period (as hereinafter defined) shall be added on to, and therefore extend, the
two-year period specified above. Any such period during which the Company is excused from keeping the Shelf Registration Statement effective and usable for offers and sales of securities is referred to herein as a “Suspension Period.” A
Suspension Period shall commence on and include the date that the Company gives notice that the Shelf Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Securities and shall
end on the earlier to occur of (1) the date on which each seller of Securities covered by the Shelf Registration Statement either receives the copies of the supplemented or amended prospectus contemplated by Section 3(j) hereof or is
advised in writing by the Company that the use of the prospectus may be resumed and (2) the expiration of 60 days in any 12-month period during which one or more Suspension Periods has been in effect. The Company shall be deemed not to have
used its reasonable best efforts to keep the Shelf Registration 
  

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Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities
during that period, unless such action is (A) required by applicable law or (B) permitted by this paragraph. 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as
of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not
to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 3. Registration Procedures.    In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold
allotment from the original offering) is participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such
comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange
Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of
Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a “Participating Broker-Dealer”), whether such
positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the
prevailing views of the 
  

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staff of the Commission; and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf Registration Statement
as selling securityholders. 
 (b)  The Company shall give written notice to the
Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to
clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

(i)  when the Registration Statement or any amendment thereto has been filed with the
Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii)  of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 

(iii)  of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of any
event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405. 
 (iv)  of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose; and 
 (v)  of the happening of
any event that requires the Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 

(c)  The Company shall make every reasonable effort to obtain the withdrawal at the earliest
possible time, of any order suspending the effectiveness of the Registration Statement. 

(d)  The Company shall furnish to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so

  

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requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the prior consent of the Initial Purchasers, make any offer relating
to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 
 (e)  The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the Exchange Offer Registration
Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits thereto (including those incorporated by reference). 

(f)  The Company shall, during the Shelf Registration Period, deliver to each Holder of
Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such
person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering
and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g)  The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered
Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may reasonably request. The Company consents, subject to the
provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the
Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement. 

(h)  Prior to any public offering of the Securities pursuant to any Registration Statement, the
Company shall use its reasonable best efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and
sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in
such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so

  

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qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 

(i)  The Company shall cooperate with the Holders of the Securities to facilitate the timely
preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable
period of time prior to sales of the Securities pursuant to such Registration Statement. 

(j)  Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the
related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the
Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration
Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this
Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) within a period
that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf
Registration Statement” for purposes of this Agreement. 
 (k)  Not later than
the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with
printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 

 

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 (l)  The Company will comply with all rules and
regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with
Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning
with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

(m)  The Company shall cause the Indenture to be qualified under the Trust Indenture Act of
1939, as amended (“Trust Indenture Act”), in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the
Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (n)  The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the
distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that unreasonably fails to
furnish such information within a reasonable time after receiving such request. 

(o)  The Company shall enter into such customary agreements (including, if requested by the
Holders of at least 10% of the aggregate principal amount of the outstanding Securities covered thereby, an underwriting agreement in customary form) and take all such other customary action, if any, as the Holders of at least 10% of the aggregate
principal amount of the outstanding Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

(p)  In the case of any Shelf Registration, the Company shall (i) make reasonably
available for inspection by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any
such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information
reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement (the information supplied pursuant to clauses (i) and (ii) being the
“Records”), in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that any such person
shall first agree in writing with the Company that any information that is reasonably 
  

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and in good faith designated by the Company as confidential at the time of delivery of such information shall be kept confidential by such person, unless (A) disclosure of such information
is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (B) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in
connection with the filing of the Registration Statement or the use of any prospectus) or (C) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard such information by such
person; provided further that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by Banc of America Securities LLC and on behalf of the other parties by one counsel designated by
and on behalf of such other parties as described in Section 4 hereof. Each Holder of Securities and the Initial Purchasers further agree and shall cause any person reviewing documents on their behalf pursuant to this paragraph (p) to
agree, that it will, upon learning that disclosure of such Records is sought pursuant to clause (A) or (B) above, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of
the Records deemed confidential. 
 (q)  In the case of any Shelf Registration, the
Company, if requested by any Holder of at least 10% of the aggregate principal amount of the outstanding Securities covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities in customary
form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion
shall include, without limitation, the due incorporation and good standing of the Issuer and the Guarantors; the qualification of the Issuer and the Guarantors to transact business as foreign corporations; the due authorization, execution and
delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the applicable Securities; the absence of material legal
or governmental proceedings involving the Issuer and the Guarantors; the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any
agreement of the type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and
the Trust Indenture Act, respectively; and as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent post-effective amendment thereto (or in the case of a Shelf Registration Statement where a new
Annual Report on Form 10-K has been filed by the Company subsequent to the effective date of the Shelf Registration Statement or latest post-effective amendment thereto, as of the date of such Annual Report), as the case may be, the absence from
such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference therein, of an untrue statement of a material fact or the

  

 12 

 
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any such documents, in the light of the
circumstances existing at the time that such documents were filed with the Commission under the Exchange Act)); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters
of the applicable Securities and (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 

(r)  In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any
known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion substantially in the form set forth in Exhibits A-1, A-2, B and C to the
Purchase Agreement, modified as is customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter,
in customary form, meeting the requirements as to the substance thereof as set forth in Section 5(a) of the Purchase Agreement, with appropriate date changes. 

(s)  If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery
of the Initial Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked,
on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or
otherwise satisfied. 
 (t)  If the Initial Securities have been rated prior to the
initial sale of such Initial Securities, the Company will use its reasonable best efforts to confirm such ratings will apply to the Securities covered by a Registration Statement. 

(u)  In the event that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry Regulatory Authority
(“FINRA”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules (as may be amended from time to time), including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 2720) to
participate in the preparation of the Registration Statement relating to such Securities, to exercise 
  

 13 

 
usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or
sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such
information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
 (v)  The Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated hereby.

 4. Registration Expenses.    (a) All expenses incident to the Company’s
performance of and compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement is ever filed or becomes effective, including without limitation; 

(i)  all registration and filing fees and expenses; 

(ii)  all fees and expenses of compliance with federal securities and state “blue
sky” or securities laws; 
 (iii)  all expenses of printing (including printing
certificates for the Securities to be issued in the Registered Exchange Offer and the Private Exchange and printing of Prospectuses), messenger and delivery services and telephone; 

(iv)  all fees and disbursements of counsel for the Company; and 

(v)  all fees and disbursements of independent certified public accountants of the Company
(including the expenses of any special audit and comfort letters required by or incident to such performance). 
 The Company
will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any person, including
special experts, retained by the Company. 
 (b)  In connection with any Shelf
Registration Statement required by this Agreement, the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are selling or reselling Securities pursuant to the “Plan of Distribution” contained
in the Shelf Registration Statement for the reasonable fees and disbursements of not more than one counsel, who shall be Cravath, Swaine & Moore LLP unless another firm shall be chosen by the Holders of a majority in principal amount of the
Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
  

 14 

 5. Indemnification.    (a) The Company
agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect
thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that the Company shall not be liable in any such case to the extent that such loss, claim,
damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission (A) made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion
therein or (B) resulting from the use of the prospectus during the period when the use of the prospectus was suspended or otherwise unavailable for sales thereunder in accordance with the terms of this Agreement; provided,
however, that Holders received at least 5 days’ prior written notice of such suspension or other unavailability. The Company shall also indemnify underwriters, their officers and directors and each person who controls such underwriters
within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. The indemnity agreement set forth in this
Section 5(a) shall be in addition to any liabilities that the Company may otherwise have. 

(b)  Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company
and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements therein not misleading, but in 
  

 15 

 
each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other
expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability
which such Holder may otherwise have to the Company or any of its controlling persons. 

(c)  Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of
any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement
thereof; but the omission so to notify the indemnifying party will not, in any event, relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) as a proximate result of such failure. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party); provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and
the indemnified party shall have reasonably concluded that actual conflicts of interest exist between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there are legal defenses
relating to a material aspect of such action available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select
separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the next preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), approved by the indemnifying party, representing the indemnified parties who are parties to such
action) or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees
and expenses of counsel shall be at the expense of the indemnifying party. 
  

 16 

 No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an
unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. No indemnifying party shall be liable for any settlement of any proceeding without its prior written consent, which consent will not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated above, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without
its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance
with such request prior to the date of such settlement, unless such indemnifying party has (a) paid all undisputed amounts and only failed to pay amounts disputed in good faith and (b) provided detail regarding the reasons for the failure
to pay amounts requested by the indemnified party. 
 (d)  If the indemnification provided for in
this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or
parties on the one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing 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) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in
connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such
other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result
of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which
the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which 
  

 17 

 
such Holders have 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. For purposes of this paragraph (d), each person, if any, who controls such indemnified
party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as the Company. 
 (e)  The agreements contained in this
Section 5 shall survive the sale of the Securities pursuant to a Registration Statement 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. 
 6.  Additional Interest Under Certain
Circumstances.  (a) Additional interest (the “Additional Interest”) with respect to the Transfer Restricted Securities shall be assessed as follows if any of the following events occur (each such event in clauses
(i) through (iv) below being herein called a “Registration Default”): 

(i)  any Registration Statement required by this Agreement is not filed with the Commission on
or prior to the applicable Filing Deadline (but a Registration Default that occurs because of a failure to file such Registration Statement shall cease to exist upon such Registration Statement being so filed); 

(ii)  any Registration Statement required by this Agreement is not declared effective by the
Commission on or prior to the applicable Effectiveness Deadline (but a Registration Default that occurs because of a failure of such Registration Statement being declared effective shall cease to exist upon such Registration Statement being so
declared effective); 
 (iii)  the Registered Exchange Offer has not been consummated
on or prior to the Consummation Deadline (but a Registration Default that occurs because of a failure to consummate the Registered Exchange Offer shall cease to exist upon such consummation of such Registered Exchange Offer); or 

(iv)  any Registration Statement required by this Agreement has been declared effective by the
Commission but (A) such Registration Statement thereafter ceases to be effective or (B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the
periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein in the light of the circumstances 
  

 18 

 
under which they were made not misleading, or (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the
Exchange Act or the respective rules thereunder; provided that a Registration Default under this Section 6(a)(iv) shall cease to exist upon such Registration Statement again being effective and such Registration Statement and the related
prospectus again being usable. 
 Each of the foregoing will constitute a Registration Default whatever the reason for any such
event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to operation of law or as a result of any action or inaction by the Commission. 

Additional Interest shall accrue on the Transfer Restricted Securities over and above the interest set forth in the title
of the Transfer Restricted Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the
“Additional Interest Rate”) for the first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest Rate shall increase by an additional 0.25% per annum with respect to each subsequent
90-day period until all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 1.0% per annum. 
 (b)  A Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement or the related
prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect to the
Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in
such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe
such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such
Registration Default occurs until such Registration Default is cured. 
 (c)  Any amounts of
Additional Interest due pursuant to Section 6(a) will be payable in cash on the regular interest payment dates with respect to the Transfer Restricted Securities. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest Rate by the principal amount of the Transfer Restricted Securities, and further multiplied by a fraction, the numerator of which is the number of days such Additional Interest Rate was applicable during such period
(determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
  

 19 

 (d) “Transfer Restricted Securities” means each Security until
(i) the date on which such Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered
Exchange Offer of an Initial Security for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange
Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (iv) the date on which such Security is sold
pursuant to Rule 144 (or any similar provision then in effect, but not Rule 144A) under the Securities Act or (v) the date of the second anniversary of this Agreement. 

7. Rules 144 and 144A.    The Company shall use its reasonable best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Securities, make publicly available
other information so long as necessary to permit sales of their Securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of Securities may reasonably request, all to the extent required
from time to time to enable such Holder to sell Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will
provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a
written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its Securities pursuant to the Exchange Act. 

8. Underwritten Registrations.    If any of the Transfer Restricted Securities covered by any
Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority in aggregate principal amount of such
Transfer Restricted Securities to be included in such offering and shall be reasonably acceptable to the Company. 
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements. 
 9. Miscellaneous. 

(a) Remedies.    The Company acknowledges and agrees that any failure by the Company to comply
with its obligations under Section 1 and 2 hereof may result in 
  

 20 

 
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 obligations under Sections 1 and 2 hereof. The Company further agrees to waive the
defense in any action for specific performance that a remedy at law would be adequate. 
 (b) No Inconsistent
Agreements.    The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the
date hereof. 
 (c) Amendments and Waivers.    The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by
such amendment, modification, supplement, waiver or consents. 
 (d) Notices.    All
notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

(1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 

(2) if to the Initial Purchasers; 
  

	
	 Banc of America Securities LLC

	 One Bryant Park

	 New York, NY 10036

	 Facsimile: (212) 901-7097

	 Attention: Legal Department

 

and

	
	 Credit Suisse Securities (USA) LLC

	 Eleven Madison Avenue

	 New York, NY 10010-3629

	 Facsimile: (212) 325-4296

	 Attention: Transaction Advisory Group

 
 with a copy
to:

	
	 Cravath, Swaine & Moore LLP

	 Worldwide Plaza

	 825 Eighth Avenue

  

 21 

	
	 New York, NY 10019

	 Fax No.: (212) 474-3700

	 Attention: William J. Whelan, III

(3) if to the Company, at its address as follows: 

	
	
	 11150 Santa Monica Boulevard, Suite 1600

	 Los Angeles, CA 90025

	 Fax No.: (310) 405-8925

	 Attention: General Counsel

 
 with a copy
to:

	
	 Simpson Thacher & Bartlett LLP

	 2550 Hanover Street

	 Palo Alto, CA 94304

	 Fax No.: (650) 251-5002

	 Attention: William B. Brentani

 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage prepaid,
if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 

(e)  Third Party Beneficiaries.    The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary
or advisable to protect their rights or the rights of Holders hereunder. 

(f)  Successors and Assigns.    This Agreement shall be binding upon
the Company, the Initial Purchasers and their successors and assigns. 

(g)  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. 

(h)  Headings.    The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof. 

(i)  Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(j)  Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or 
  

 22 

 
unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 (k)  Securities Held by the Company.    Whenever the
consent or approval of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to
be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 

 

			
		  	 Very truly yours,

  

 23 

			
	 CB RICHARD ELLIS GROUP, INC.

	
	 CB RICHARD ELLIS SERVICES, INC.

		
	 By:
	 	   /s/ Gil Borok

		 	   Name:  Gil Borok

		 	   Title:    Chief Financial Officer

	
	CB HOLDCO, INC.
	CB RICHARD ELLIS INVESTORS, INC.
	CB RICHARD ELLIS INVESTORS, L.L.C.
	CB RICHARD ELLIS, INC.
	CB/TCC HOLDINGS LLC
	CB/TCC, LLC
	CBRE CAPITAL MARKETS OF TEXAS, LP
	CBRE CAPITAL MARKETS, INC.
	CBRE LOAN SERVICES, INC.
	CBRE TECHNICAL SERVICES, LLC
	CBRE/LJM MORTGAGE COMPANY, L.L.C.
	CBRE/LJM-NEVADA, INC.
	HOLDPAR A
	HOLDPAR B
	INSIGNIA/ESG CAPITAL CORPORATION
	THE POLACHECK COMPANY, INC.
	TRAMMELL CROW COMPANY
	TRAMMELL CROW SERVICES, INC.
	VINCENT F. MARTIN, JR., INC.
	WESTMARK REAL ESTATE ACQUISITION
	 PARTNERSHIP, L.P.

  

			
	 By:
	 	   /s/ Debera Fan

		 	  Name:  Debera Fan
		 	   Title:    Senior Vice President &
                Treasurer

			
	 TC HOUSTON, INC.
 TCCT REAL ESTATE, INC.
 TCDFW, INC.

		
	 By:
	 	   /s/ Robert E. Sulentic

		 	   Name:  Robert E. Sulentic

		 	   Title:    Executive Vice President

 

			
	 TRAMMELL CROW DEVELOPMENT &
 INVESTMENT, INC.

		
	 By:
	 	   /s/ Robert E. Sulentic

		 	   Name:  Robert E. Sulentic

		 	   Title:    President and Chief Executive

              Officer

			
	 CB/TCC GLOBAL HOLDINGS LIMITED

		
	 By:
	 	   /s/ Philip Emburey

		 	   Name:  Philip Emburey

		 	   Title:    Director

  

 

			
	 By:
	 	   /s/ Elizabeth Thetford

		 	   Name:  Elizabeth Thetford

		 	   Title:    Secretary

			
	 The foregoing Registration Rights
 Agreement is hereby confirmed and
 accepted as of the date first above
written.

	
	 BANC OF AMERICA SECURITIES LLC

CREDIT SUISSE SECURITIES (USA) LLC
       Acting on behalf of itself and as the

      Representatives of the several Initial
       Purchasers

	
	Banc of America Securities LLC
		
	By:	 	   /s/ Michael Grimes

		 	  Director

			
	 Credit Suisse Securities (USA) LLC

		
	 By:
	 	   /s/ Malcolm Price

		 	   Managing Director

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for
Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined
herein), it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 
  

 A-1 

 ANNEX B 
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 
  

 B-1 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives Exchange
Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may
be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until          ,    , all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1) 
 The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be
sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the
time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions
from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates
in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such
persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 
 For a period of 180 days after the
Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities

  

  
 (1) In
addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 
 C-1 

 
(including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 

 

 C-2 

 ANNEX D 
  

			
	  ̈
	  	 CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO.

							
				
		 	 Name:
	  	  
	  	
				
		 	 Address:
	  	  
	  	
		 		  	  
	  	

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
  

 D-1Indenture dated as of October 5, 2010

 Exhibit 4.1 

TPC GROUP LLC, 

as Company 
 and
the Guarantors named herein 
 8 1
/4% Senior Secured Notes due 2017 
  

 
 INDENTURE

 Dated as of October 5, 2010 
  

 
 WILMINGTON TRUST
COMPANY, 
 as Trustee 

and 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS, 
 as Collateral Agent, Paying Agent, Registrar and Authentication Agent 

 CROSS-REFERENCE TABLE 

 

			
	    TIA

Section
	  	Indenture
Section
		
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N/A
	 (a)(4)
	  	N/A
	 (b)
	  	7.08; 7.10
	 (c)
	  	N/A
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N/A
	 312(a)
	  	2.06
	 (b)
	  	13.03
	 (c)
	  	13.03
	 313(a)
	  	7.06
	 (b)(1)
	  	11.06
	 (b)(2)
	  	7.06
	 (c)
	  	7.06
	 (d)
	  	4.02; 4.09
	 314(a)
	  	4.02; 4.09
	 (b)
	  	11.02
	 (c)(1)
	  	13.04
	 (c)(2)
	  	13.04
	 (c)(3)
	  	N/A
	 (d)
	  	11.06
	 (e)
	  	13.05
	 (f)
	  	4.10
	 315(a)
	  	7.01
	 (b)
	  	7.05
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316(a) (last sentence)
	  	13.06
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N/A
	 (b)
	  	6.07
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.05
	 318(a)
	  	13.01

 TABLE OF CONTENTS 

 

					
	 	    	 	  	Page
	
	ARTICLE 1
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 SECTION 1.01.
	    	Definitions	  	1
	 SECTION 1.02.
	    	Other Definitions	  	36
	 SECTION 1.03.
	    	Incorporation by Reference of Trust Indenture Act	  	37
	 SECTION 1.04.
	    	Rules of Construction	  	37
	
	ARTICLE 2
	
	THE SECURITIES
			
	 SECTION 2.01.
	    	Amount of Securities; Issuable in Series	  	39
	 SECTION 2.02.
	    	Form and Dating	  	39
	 SECTION 2.03.
	    	Execution and Authentication	  	40
	 SECTION 2.04.
	    	Registrar and Paying Agent	  	41
	 SECTION 2.05.
	    	Paying Agent to Hold Money in Trust	  	41
	 SECTION 2.06.
	    	Holder Lists	  	42
	 SECTION 2.07.
	    	Transfer and Exchange	  	42
	 SECTION 2.08.
	    	Replacement Securities	  	43
	 SECTION 2.09.
	    	Outstanding Securities	  	43
	 SECTION 2.10.
	    	Temporary Securities	  	44
	 SECTION 2.11.
	    	Cancellation	  	44
	 SECTION 2.12.
	    	Defaulted Interest	  	44
	 SECTION 2.13.
	    	CUSIP Numbers, ISINs, etc.	  	44
	 SECTION 2.14.
	    	Calculation of Specified Percentage of Securities	  	45
	
	ARTICLE 3
	
	REDEMPTION
			
	 SECTION 3.01.
	    	Redemption	  	45
	 SECTION 3.02.
	    	Applicability of Article	  	45
	 SECTION 3.03.
	    	Notices to Trustee	  	45
	 SECTION 3.04.
	    	Selection of Securities to Be Redeemed	  	46
	 SECTION 3.05.
	    	Notice of Optional Redemption	  	46
	 SECTION 3.06.
	    	Effect of Notice of Redemption	  	47
	 SECTION 3.07.
	    	Deposit of Redemption Price	  	47
	 SECTION 3.08.
	    	Securities Redeemed in Part	  	47

  

 -i- 

					
	 	    	 	  	Page
	ARTICLE 4
	
	COVENANTS
			
	 SECTION 4.01.
	    	Payment of Securities	  	48
	 SECTION 4.02.
	    	Reports and Other Information	  	48
	 SECTION 4.03.
	    	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	50
	 SECTION 4.04.
	    	Limitation on Restricted Payments	  	55
	 SECTION 4.05.
	    	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	60
	 SECTION 4.06.
	    	Asset Sales	  	62
	 SECTION 4.07.
	    	Transactions with Affiliates	  	66
	 SECTION 4.08.
	    	Change of Control	  	69
	 SECTION 4.09.
	    	Compliance Certificate	  	70
	 SECTION 4.10.
	    	Further Assurances, Instruments and Acts	  	71
	 SECTION 4.11.
	    	Future Guarantors	  	71
	 SECTION 4.12.
	    	Liens	  	71
	 SECTION 4.13.
	    	Maintenance of Office or Agency	  	72
	 SECTION 4.14.
	    	Insurance	  	72
	 SECTION 4.15.
	    	Maintenance of Properties	  	73
	 SECTION 4.16.
	    	Real Property	  	74
	 SECTION 4.17.
	    	Post-Closing Collateral	  	74
	 SECTION 4.18.
	    	Notification	  	76
	 SECTION 4.19.
	    	Payment of Charges	  	76
	
	ARTICLE 5
	
	SUCCESSOR COMPANY
			
	 SECTION 5.01.
	    	When Company May Merge or Transfer Assets	  	77
	
	ARTICLE 6
	
	DEFAULTS AND REMEDIES
			
	 SECTION 6.01.
	    	Events of Default	  	80
	 SECTION 6.02.
	    	Acceleration	  	82
	 SECTION 6.03.
	    	Other Remedies	  	83
	 SECTION 6.04.
	    	Waiver of Past Defaults	  	83
	 SECTION 6.05.
	    	Control by Majority	  	83
	 SECTION 6.06.
	    	Limitation on Suits	  	84
	 SECTION 6.07.
	    	Rights of the Holders to Receive Payment	  	84
	 SECTION 6.08.
	    	Collection Suit by Trustee	  	84
	 SECTION 6.09.
	    	Trustee May File Proofs of Claim	  	84
	 SECTION 6.10.
	    	Priorities	  	85

  

 -ii- 

					
	 	    	 	  	Page
			
	 SECTION 6.11.
	    	Undertaking for Costs	  	85
	 SECTION 6.12.
	    	Waiver of Stay or Extension Laws	  	85
	
	ARTICLE 7
	
	TRUSTEE
			
	 SECTION 7.01.
	    	Duties of Trustee	  	86
	 SECTION 7.02.
	    	Rights of Trustee	  	87
	 SECTION 7.03.
	    	Individual Rights of Trustee	  	88
	 SECTION 7.04.
	    	Trustee’s Disclaimer	  	88
	 SECTION 7.05.
	    	Notice of Defaults	  	88
	 SECTION 7.06.
	    	Reports by Trustee to the Holders	  	88
	 SECTION 7.07.
	    	Compensation and Indemnity	  	89
	 SECTION 7.08.
	    	Replacement of Trustee	  	90
	 SECTION 7.09.
	    	Successor Trustee by Merger	  	91
	 SECTION 7.10.
	    	Eligibility; Disqualification	  	91
	 SECTION 7.11.
	    	Preferential Collection of Claims Against Company	  	91
	
	ARTICLE 8
	
	DISCHARGE OF INDENTURE; DEFEASANCE
			
	 SECTION 8.01.
	    	Discharge of Liability on Securities; Defeasance	  	91
	 SECTION 8.02.
	    	Conditions to Defeasance	  	93
	 SECTION 8.03.
	    	Application of Trust Money	  	94
	 SECTION 8.04.
	    	Repayment to Company	  	94
	 SECTION 8.05.
	    	Indemnity for U.S. Government Obligations	  	94
	 SECTION 8.06.
	    	Reinstatement	  	94
	
	ARTICLE 9
	
	AMENDMENTS AND WAIVERS
			
	 SECTION 9.01.
	    	Without Consent of the Holders	  	95
	 SECTION 9.02.
	    	With Consent of the Holders	  	96
	 SECTION 9.03.
	    	Compliance with Trust Indenture Act	  	97
	 SECTION 9.04.
	    	Revocation and Effect of Consents and Waivers	  	97
	 SECTION 9.05.
	    	Notation on or Exchange of Securities	  	98
	 SECTION 9.06.
	    	Trustee to Sign Amendments	  	98
	 SECTION 9.07.
	    	Payment for Consent	  	98
	 SECTION 9.08.
	    	Additional Voting Terms; Calculation of Principal Amount	  	98

  

 -iii- 

					
	 	    	 	  	Page
	
	ARTICLE 10
	
	GUARANTEES
			
	SECTION 10.01.	    	Guarantees	  	99
	SECTION 10.02.	    	Limitation on Liability	  	101
	SECTION 10.03.	    	Successors and Assigns	  	102
	SECTION 10.04.	    	No Waiver	  	102
	SECTION 10.05.	    	Modification	  	102
	SECTION 10.06.	    	Execution of Supplemental Indenture for Future Guarantors	  	102
	SECTION 10.07.	    	Non-Impairment	  	103
	
	ARTICLE 11
	
	SECURITY
			
	SECTION 11.01.	    	Security Documents; Additional Collateral; Intercreditor Agreement	  	103
	SECTION 11.02.	    	Recording, Registration and Opinions	  	104
	SECTION 11.03.	    	Releases of Collateral	  	104
	SECTION 11.04.	    	Form and Sufficiency of Release	  	105
	SECTION 11.05.	    	Possession and Use of Collateral	  	106
	SECTION 11.06.	    	Reports and Certificates Relating to Collateral	  	106
	SECTION 11.07.	    	Collateral Agent	  	107
	SECTION 11.08.	    	Purchaser Protected	  	110
	SECTION 11.09.	    	 Authorization of Actions to Be Taken by the Collateral Agent Under the Security Documents
	  	110
	SECTION 11.10.	    	Authorization of Receipt of Funds by the Trustee Under the Security Agreement	  	111
	SECTION 11.11.	    	Powers Exercisable by Receiver or Collateral Agent	  	111
	SECTION 11.12.	    	Compensation and Indemnification	  	111
	
	ARTICLE 12
	
	APPLICATION OF TRUST MONIES
			
	SECTION 12.01.	    	Collateral Account	  	111
	SECTION 12.02.	    	Withdrawal of Net Cash Proceeds to Fund an Asset Sale Offer	  	111
	SECTION 12.03.	    	Withdrawal of Trust Monies for Investment in Replacement Assets	  	112
	SECTION 12.04.	    	Investment of Trust Monies	  	112
	SECTION 12.05.	    	Use of Trust Monies; Retirement of Securities	  	112
	SECTION 12.06.	    	Disposition of Securities Retired	  	113

  

 -iv- 

					
	 	    	 	  	Page
	
	ARTICLE 13
	
	MISCELLANEOUS
			
	SECTION 13.01.	    	Trust Indenture Act Controls	  	113
	SECTION 13.02.	    	Notices	  	113
	SECTION 13.03.	    	Communication by the Holders with Other Holders	  	114
	SECTION 13.04.	    	Certificate and Opinion as to Conditions Precedent	  	115
	SECTION 13.05.	    	Statements Required in Certificate or Opinion	  	115
	SECTION 13.06.	    	When Securities Disregarded	  	115
	SECTION 13.07.	    	Rules by Trustee, Paying Agent and Registrar	  	116
	SECTION 13.08.	    	Legal Holidays	  	116
	SECTION 13.09.	    	Governing Law	  	116
	SECTION 13.10.	    	No Recourse Against Others	  	116
	SECTION 13.11.	    	Successors	  	116
	SECTION 13.12.	    	Multiple Originals	  	116
	SECTION 13.13.	    	Table of Contents; Headings	  	116
	SECTION 13.14.	    	Indenture Controls	  	116
	SECTION 13.15.	    	Severability	  	116
	SECTION 13.16.	    	Waiver of Jury Trial	  	117
	SECTION 13.17.	    	Patriot Act	  	117

  

							
	Appendix A	 	–	    	Provisions Relating to Initial Securities, Additional Securities and	  	
		 		    	Exchange Securities	  	
	
	EXHIBIT INDEX
				
	Exhibit A	 	–	    	Initial Security	  	
	Exhibit B	 	–	    	Exchange Security	  	
	Exhibit C	 	–	    	Form of Transferee Letter of Representation	  	
	Exhibit D	 	–	    	Form of Supplemental Indenture	  	
	
	SCHEDULE INDEX
				
	Schedules 1	 	–	    	Title Insurance Coverage Amounts	  	

  

 -v- 

 INDENTURE dated as of October 5, 2010 among TPC GROUP LLC, a Texas limited liability
company (the “Company”), the Guarantors, WILMINGTON TRUST COMPANY, as trustee (in such capacity, the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity, the
“Collateral Agent”) and paying agent, registrar and authentication agent (in such capacity, the “Authentication Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of
(a) $350,000,000 aggregate principal amount of the Company’s
8 1/4% Senior Secured Notes due October 1, 2017
(the “Original Securities”) issued on the date hereof, (b) any Additional Securities that may be issued after the date hereof in the form of Exhibit A (all such securities in clauses (a) and (b) being
referred to collectively as the “Initial Securities”) and (c) if and when issued as provided in the Registration Rights Agreement or otherwise registered under the Securities Act and issued, the Company’s
8 1/4% Senior Secured Notes due October 1, 2017
(the “Exchange Securities” and, together with the Initial Securities, the “Securities”) issued in the Registered Exchange Offer in exchange for any Initial Securities or otherwise registered under the Securities Act
and issued in the form of Exhibit B. Subject to the conditions and compliance with the covenants set forth herein, the Company may issue an unlimited aggregate principal amount of Additional Securities. 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01.    Definitions. 

“ABL Facility Collateral Agent” means Deutsche Bank Trust Company Americas, as collateral agent under the Credit
Agreement, and its successors and/or assigns in such capacity. 
 “ABL Obligations” means (i) the
Indebtedness and other obligations incurred under Section 4.03(b)(i) and (xvii) (to the extent incurred under a Credit Facility) which are secured by Permitted Liens on the Collateral, including any interest, fees, expenses or
indemnification obligations related thereto and (ii) certain Hedging Obligations and cash management and other “bank product” obligations owed to an agent, an arranger or a lender or an affiliate of an agent, an arranger or a lender
under a Credit Facility and more particularly described in the Intercreditor Agreement. 
 “ABL Priority
Collateral” will generally be defined in the Intercreditor Agreement as all of the following assets (whether now owned or hereafter acquired) of the Company or any Guarantor: 

(a)        all Accounts (as defined under the UCC); 

(b)        all Inventory (as defined under the UCC); 

 (c)        all payments and
receivables in respect of Inventory and Accounts and all Deposit Accounts and other bank accounts into which such payments, receivables and related proceeds are deposited and otherwise maintained; 

(d)        all General Intangibles (as defined under the UCC) relating to the
foregoing; 
 (e)        all books and records relating to the
foregoing; and 
 (f)        all proceeds and products of any and all of
the foregoing (including without, limitation, all insurance and claims for insurance effected in respect thereof or held for the benefit of the Company or any Guarantor in respect thereof). 

For the avoidance of doubt, no proceeds of any loans under the Credit Agreement or any proceeds of deposit accounts shall constitute ABL
Priority Collateral to the extent that the proceeds thereof are used to acquire assets or property that would otherwise constitute Notes Priority Collateral. 

“ABL Security Documents” means one or more security agreements, pledges, mortgages, deeds of trust, pledge agreements,
collateral assignments, trust deeds or other security documents or instruments evidencing or creating or purporting to create any security interests in favor of the ABL Facility Collateral Agent under the Credit Agreement or another Credit Facility.

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

(1)        Indebtedness of any other Person existing at the time such other
Person is merged or consolidated with or into the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary of such specified Person, and 

(2)        Indebtedness secured by a Lien encumbering any asset acquired by such
specified Person, 
 in each case, other than Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion
of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such other Person became a Restricted Subsidiary of such specified Person or was otherwise acquired by such specified Person,
or such asset was acquired by such specified Person, as applicable. 
 “Additional Interest” means all
additional interest then owing pursuant to the Registration Rights Agreement. 
 “Additional Securities” means
Securities issued from time to time under this Indenture subsequent to the Issue Date. 
  

 -2- 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Appendix” means Appendix A attached hereto. 

“Applicable Premium” means, with respect to any Security on any applicable redemption date, the greater of: 

(1)        1.0% of the then outstanding principal amount of the Security; and

 (2)        the excess of: 

(a)        the present value at such redemption date of (i) the redemption
price of the Security at October 1, 2013 as set forth in Paragraph 5 of the applicable Security plus (ii) all required interest payments due on such Security through October 1, 2013 (excluding accrued but unpaid interest), computed
using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b)        the then outstanding principal amount of the Security. 

“Asset Sale” means: 

(1)        the sale, conveyance, transfer or other disposition (whether in a
single transaction or a series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”),
or 
 (2)        the issuance or sale of Equity Interests (other than
directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Company or another Restricted
Subsidiary) (whether in a single transaction or a series of related transactions), 
 in each case other than: 

(a)        a disposition of cash, Cash Equivalents or Investment Grade Securities
or redundant, surplus, obsolete, damaged or worn out property or equipment in the ordinary course of business; 
  

 -3- 

 (b)        the disposition of all or
substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

(c)        any Restricted Payment that is permitted to be made under
Section 4.04 or any Permitted Investment; 
 (d)        any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary with an aggregate Fair Market Value of less than $5.0 million; 

(e)        any disposition of property or assets by a Restricted Subsidiary to
the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary; provided that, to the extent such property or assets constitutes Collateral, such disposition is to the Company or a Guarantor; 

(f)        sales of assets received by the Company or any of its Restricted
Subsidiaries upon the foreclosure on a Lien; 
 (g)        sales, leases
or other dispositions of products, services, accounts or inventory in the ordinary course of business; 

(h)        the lease, assignment or sublease of any real or personal property in
the ordinary course of business; 
 (i)        the grant in the ordinary
course of business of any license of patents, trademarks, know-how and any other intellectual property; 

(j)        the exercise by any Person in whose favor a Permitted Lien is granted
of any of its rights in respect of such Permitted Lien; 
 (k)        a
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind; 

(l)        any disposition of Equity Interests in, or other ownership interest in
or assets or property of, an Unrestricted Subsidiary; 
 (m)        the
sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property; and 

(n)        any disposition of (x) MTBE Assets, (y) Capital Stock of any
MTBE Subsidiary or Permitted MTBE Joint Venture and (z) the real property upon which MTBE Assets disposed of pursuant to subclause (x) are located; provided that with respect to the disposition of real property (A) the
boundaries of the real property being disposed of shall have been described in a third-party survey and (B) the Collateral Agent shall have received an Officers’ Certificate from the Company certifying that (i) the real property being
disposed relates primarily to the MTBE Assets and (ii) the disposition of such real 
  

 -4- 

 
property does not materially adversely affect or impair (1) the business operations of the Company and its Restricted Subsidiaries as a whole or (2) the validity or priority of the Lien
of the Security Documents on the balance of the Mortgaged Property. 
 “Authentication Agent” means the party
named as such in the preamble to this Indenture and any successor thereto. 
 “Board of Directors” means as to
any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof.

 “Borrowing Base” means the sum of (1) 85% of the book value (calculated in accordance with GAAP) of
the accounts receivable of the Company and its Restricted Subsidiaries and (2) 65% of the book value (calculated in accordance with GAAP) of the inventory of the Company and its Restricted Subsidiaries, in each case as shown on the most recent
consolidated balance sheet of the Company and its Restricted Subsidiaries. 
 “Business Day” means a day other
than a Saturday, Sunday or any other day on which banking institutions are authorized or required by law to close in New York City. 

“Capital Stock” means: 

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

(2)        in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 

(3)        in the case of a partnership or limited liability company, partnership
or membership interests (whether general or limited); and 

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

(1)        any evidence of indebtedness, maturing not more than one year after
the date of issue, issued by the United States of America or any instrumentality or agency thereof, the principal, interest and premium, if any, of which is guaranteed fully by, or backed by the full faith and credit of, the United States of
America; 
 (2)        U.S. dollar, Canadian dollar or euro denominated
(or other foreign currency fully hedged) time deposits, certificates of deposit and bankers acceptances maturing 
  

 -5- 

 
not more than one year after the date of purchase, issued by any commercial banking institution having, or which is the principal banking subsidiary of a bank holding company having, combined
capital and surplus and undivided profits of not less than $200 million and a commercial paper rating of “P-1” (or higher) according to Moody’s, “A-1” (or higher) according to S&P or the equivalent rating by any other
nationally recognized rating agency in the United States (any such bank, an “Approved Bank”), or a non-United States commercial banking institution which is either currently ranked among the 100 largest banks in the world (by assets,
according to the American Banker), has combined capital and surplus and undivided profits of not less than $500 million or whose commercial paper (or the commercial paper of such bank’s holding company) has a rating of “P-1” (or
higher) according to Moody’s, “A-1” (or higher) according to S&P or the equivalent rating by any other nationally recognized rating agency; 

(3)        marketable general obligations issued by any state of the United
States of America or any political subdivision of any such state or any public instrumentality thereof maturing within two years from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A”
(or the equivalent thereof) or better from either S&P or Moody’s; 

(4)        commercial paper, maturing not more than one year after the date of
purchase, issued or guaranteed by a corporation (other than the Company or any Subsidiary of the Company or any of their respective Affiliates) organized and existing under the laws of any state within the United States of America with a rating, at
the time as of which any determination thereof is to be made, of “P-1” (or higher) according to Moody’s, “A-1” (or higher) according to S&P or the equivalent rating by any other nationally recognized rating agency;

 (5)        demand deposits with any bank or trust company maintained
in the ordinary course of business; 
 (6)        repurchase or reverse
repurchase agreements covering obligations of the type specified in clause (1) and (2) with a term of not more than seven days with any Approved Bank; and 

(7)        shares of any money market mutual fund rated at least AAA or the
equivalent thereof by S&P or at least Aaa or the equivalent thereof by Moody’s, including, without limitation, any money market mutual fund. 

“Casualty or Condemnation Event” means, with respect to any property or asset, any (i) loss or destruction of, or
damage to, such property or assets or (ii) any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such property or asset, or confiscation or requisition of the use of such property or asset. 

 

 -6- 

 “Change of Control” means the occurrence of any of the
following events: 
 (i)        the sale, lease or transfer, in one or a
series of related transactions, of all or substantially all the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than any transaction in compliance with Section 5.01; or 

(ii)        the Company becomes aware (by way of a report or any other filing
pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of
merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of Parent,

 (iii)        during any period of two consecutive years, individuals
who at the beginning of such period constituted the Board of Directors of Parent (together with any new directors whose election by the Board of Directors or whose nomination for election by the equityholders of the Company was approved by a vote of
a majority of the directors of Parent then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of
Parent’s Board of Directors then in office, or 

(iv)        Parent fails to directly or indirectly own all of the Capital Stock
of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all the assets and properties subject or purported to be subject to the security interests and liens
created by the Security Documents and shall include any Mortgaged Property. 
 “Collateral Account” means the
collateral account established pursuant to this Indenture and the Security Documents in the name and under sole dominion and control of the Collateral Agent. 

“Collateral Agent” means Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent under the Security
Documents, together with its successors. 
 “Company” means the party named as such in the Preamble to this
Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Securities. 

 

 -7- 

 “consolidated” means, with respect to any Person, such Person consolidated
with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary shall be accounted for as an Investment. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of:

 (1)        consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations and net payments and
receipts (if any) pursuant to interest rate Hedging Obligations, and excluding amortization of deferred financing fees and expensing of any bridge or other financing fees, the non-cash portion of interest expense resulting from the reduction in the
carrying value under purchase accounting of such Person’s or any of its Restricted Subsidiaries’ outstanding Indebtedness and commissions, discounts, yield and other fees and charges; and 

(2)        consolidated capitalized interest of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued; 
 less interest income for such period; 

provided that, for purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting from
the bifurcation of derivatives under FAS No. 133 and related interpretations as a result of the terms of the Indebtedness to which such Consolidated Interest Expense relates. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided, however, that: 

(1)        any net after-tax extraordinary, nonrecurring or unusual gains or
losses or income or expenses (less all fees and expenses relating thereto), shall be excluded; 

(2)        the Net Income for such period shall not include the cumulative effect
of a change in accounting principles during such period; 

(3)        any net after-tax income or loss from discontinued operations and any
net after-tax gains or losses on disposal of discontinued operations shall be excluded; 

(4)        any net after-tax gains or losses (less all fees and expenses or
charges relating thereto) attributable to business dispositions or asset dispositions other than in the 
  

 -8- 

 
ordinary course of business (as determined in good faith by the Company) shall be excluded; 

(5)        any net after-tax gains or losses (less all fees and expenses or
charges relating thereto) attributable to the early extinguishment of indebtedness shall be excluded; 

(6)        the Net Income for such period of any Person that is not a Subsidiary
of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent
converted into cash) to such Person or a Restricted Subsidiary thereof in respect of such period; 

(7)        solely for the purpose of determining the amount available for
Restricted Payments under Section 4.04(a)(3), the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such
Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally
waived; provided that (x) the net loss of any such Restricted Subsidiary shall be included therein and (y) the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other
payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 

(8)        any non-cash impairment charges or asset write-off resulting from the
application of FAS Nos. 142 and 144, and the amortization of intangibles arising pursuant to FAS No. 141, shall be excluded; 

(9)        unrealized non-cash losses and gains under hedging contracts,
including, without limitation, those resulting from the application of FAS No. 133, shall be excluded; and 

(10)        any non-cash compensation expense realized from employee benefit
plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any of its Restricted Subsidiaries shall be excluded. 

Notwithstanding the foregoing, for the purpose of Section 4.04 only (i) Consolidated Net Income shall be reduced by the amount
of any Permitted Parent Tax Payments made by the Company to the extent such Permitted Tax Payments would otherwise increase the amount of Restricted Payments permitted under such covenant and (ii) there shall be excluded from Consolidated Net
Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Company or a Restricted Subsidiary of the Company 

 

 -9- 

 
to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 4.04(a)(3)(E). 

“Consolidated Net Tangible Assets” means, on any date, the aggregate amount of Total Assets of the Company and its
Restricted Subsidiaries minus (a) all current liabilities of the Company and its Restricted Subsidiaries (excluding current maturities of long term debt), (b) all goodwill of the Company and its Restricted Subsidiaries and (c) current
and long term assets attributable to derivative contracts, all determined on a consolidated basis in accordance with GAAP. 

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

“Consolidated Taxes” means, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any
period, provision for taxes based on income, profits or capital, including, without limitation, state franchise and similar taxes, and including an amount equal to the amount of tax distributions actually made to the holders of Capital Stock of such
Person. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (referred to in this definition as “primary obligations”) of any other Person (referred to in this definition as the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

(1)        to purchase any such primary obligation or any property constituting
direct or indirect security therefor, 
 (2)        to advance or supply funds:

 (a)        for the purchase or payment of any such primary
obligation; or 
 (b)        to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or 

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

“Credit Agreement” means the Amended and Restated Revolving Credit Agreement dated as of April 29, 2010 among the
Company, certain subsidiaries of the Company, the financial institutions named therein, Deutsche Bank Trust Company Americas, as administrative 

 

 -10- 

 
agent and collateral agent, and Deutsche Bank Trust Company Americas and Wells Fargo Capital Finance, LLC, as co-collateral agents, as amended, restated, supplemented, modified, waived, replaced
(whether or not upon termination, and whether with the original lenders, investors, agents or otherwise), restructured, repaid, refunded or refinanced (including by means of any capital markets transaction and including any refinancing that
increases the amount of Indebtedness borrowed or issued thereunder) in whole or in part from time to time. 
 “Credit
Facilities” means one or more debt facilities (including, without limitation, the Credit Agreement), commercial paper facilities or Debt Issuances, in each case with banks or other institutional lenders or institutional investors providing
for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other
borrowings or Debt Issuances, in each case as amended, restated, supplemented, modified, waived, replaced (whether or not upon termination, and whether with the original lenders, investors, agents or otherwise), restructured, repaid, refunded or
refinanced (including by means of any capital markets transaction and including any refinancing that increases the amount of Indebtedness borrowed or issued thereunder) in whole or in part from time to time. 

“Debt Issuance” means, with respect to the Company or any of its Restricted Subsidiaries, one or more issuances after
the Issue Date of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 

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

 “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the
Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of cash
or Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

“Designated Preferred Stock” means Preferred Stock of the Company or any Parent Company (other than Disqualified
Stock), that is issued for cash (other than to the Company or any of its Subsidiaries or an employee stock ownership plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock pursuant to
an Officers’ Certificate of the Company on or promptly after the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 4.04(a)(3). 

“Discharge of ABL Obligations” means that the ABL Obligations have been terminated and that there remain no obligations
of any kind whatsoever of the Company or any of its Subsidiaries with respect thereto (other than contingent indemnification obligations as to which no claims shall have accrued or be pending). 

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

 -11- 

 (1)       matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or asset sale; provided that the purchase requirement triggered by the occurrence of a change of control or asset sale may not
become operative until compliance with the asset sale and change of control provisions applicable to the Securities (including the purchase of any Securities tendered pursuant thereto)), or 

(2)       is redeemable at the option of the holder thereof, in whole or in part,

 in each case prior to 91 days after the maturity date of the Securities; provided, however, that only the portion of Capital
Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further,
however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Company in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any
class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. The amount (or principal
amount) of Disqualified Stock deemed to be outstanding at any time for purposes of the indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “Domestic
Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary. 
 “EBITDA” means, with
respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1)       Consolidated Taxes; plus  

(2)       Consolidated Interest Expense; plus  

(3)       Consolidated Non-cash Charges; plus  

(4)       any expenses or charges (other than Consolidated Non-cash Charges) related to any
issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the Incurrence or repayment of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including
(i) such fees, expenses or charges related to the offering of the Securities, (ii) any amendment or other modification of the Securities or other Indebtedness and (iii) any Additional Interest in respect of the Securities; plus
 
  

 -12- 

 (5)       any costs or expense incurred
pursuant to any management equity plan or stock option plan or other management or employee benefit plan or agreement or any stock subscription, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of
the Company or a Guarantor or the net cash proceeds of an issuance of Equity Interests of the Company (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the amount available for
Restricted Payments under Section 4.04(a)(3); plus  
 (6)       (a)
the Net Income of any Person and its Restricted Subsidiaries shall be calculated without deducting the income attributed to, or adding the loses attributed to, the minority equity interests of third parties in any non-wholly owned Restricted
Subsidiary except to the extent of the dividends declared or paid in respect of such period or any prior period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend,
distributions or other payment paid in cash and received from any Person in excess of amounts included in clause (6) pursuant to the definition of “Consolidated Net Income” shall be included; 

less, without duplication, non-cash items increasing Consolidated Net Income for such period (excluding any items which represent the reversal of
any accrual of, or cash reserve for, anticipated cash charges in any prior period). 
 “Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale after the Issue Date of common stock or Preferred Stock of the
Company or a Parent Company (other than Disqualified Stock), other than: 

(1)       public offerings with respect to the Company’s or a Parent Company’s
common stock registered on Form S-8; and 
 (2)       any such public or private
sale that constitutes an Excluded Contribution. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Excluded Contributions” means
the net cash proceeds and the Fair Market Value (as determined in accordance with the last sentence of Section 4.04(a)) of property other than cash received by the Company after the Issue Date from: 

(1)       contributions to its common equity capital, and 

(2)       the issue or sale (other than to a Subsidiary of the Company or pursuant to any
Company or Subsidiary management equity plan or stock option plan or any other management or employee benefit plan or agreement) of Equity Interests (other than 

 

 -13- 

 
Disqualified Stock and Designated Preferred Stock) of the Company or any Parent Company, 

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate of the Company on or promptly after the date such capital
contributions are made or the date such Equity Interests are issued or sold, as the case may be. 
 “Fair Market
Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction. 
 “FAS” means the Statement of Financial Accounting Standards,
including any codification or renumbering of such standards or any successor or replacement section or sections promulgated by the Financial Accounting Standards Board. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for
such period to the Fixed Charges of such Person for such period. In the event that the Company or any of its Restricted Subsidiaries Incurs or redeems any Indebtedness (other than in the case of revolving credit borrowings, in which case interest
expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues or redeems Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being
calculated but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (referred to in this definition as the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect to such Incurrence or redemption of Indebtedness, or such issuance or redemption of Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to in the preceding paragraph, Investments, acquisitions, dispositions, mergers,
consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and operational changes, that the Company or any of its Restricted Subsidiaries has both determined to
make and made after the Issue Date and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date (each, for purposes of this definition, a “pro forma
event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations, discontinued operations and operational changes (and the change of any associated fixed charge
obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since the beginning of such period shall have made or effected any Investment, acquisition, disposition, merger, consolidation or discontinued operation, in each case with respect to an operating unit of
a business, or operational change that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, merger, consolidation, 
  

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discontinued operation, or operational change had occurred at the beginning of the applicable four-quarter period. 

In addition, for purposes of making the computation referred to in the second preceding paragraph, (i) any Person that is a
Restricted Subsidiary of the specified Person on the Calculation Date will be deemed to have been a Restricted Subsidiary of the specified Person at all times during the applicable four-quarter period, and (ii) any Person that is not a
Restricted Subsidiary of the specified Person on the Calculation Date will be deemed not to have been a Restricted Subsidiary of the specified Person at any time during the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance
with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the
applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate
actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. Any such pro forma calculation shall comply with the requirements of Rule 11-02 of Regulation S-X as promulgated by the SEC. 

“Fixed Charges” means, with respect to any Person for any period, the sum of: 

(1)       Consolidated Interest Expense of such Person for such period, and 

(2)       all cash dividend payments (excluding items eliminated in consolidation) on any
series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 
 “Flood Insurance
Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor
statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute
thereto. 
  

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 “Foreign Subsidiary” means a Restricted Subsidiary not organized or
existing under the laws of the United States of America or any state thereof or the District of Columbia, or any direct or indirect subsidiary of any such Restricted Subsidiary. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted Subsidiaries, and
shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. At any time after the Issue Date, the Company may elect to apply IFRS accounting principles in lieu
of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in the Indenture); provided that any such election, once made, shall be irrevocable; provided,
further, any calculation or determination in the Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or
determined in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition to the Trustee. 

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary
course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness. 

“Guarantee” means any guarantee of the obligations of the Company under this Indenture and the Securities by any Person
in accordance with the provisions of this Indenture. 
 “Guarantor” means any Person that Incurs a Guarantee;
provided that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person shall cease to be a Guarantor. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1)       currency exchange, interest rate or commodity swap agreements, currency exchange,
interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and 

(2)       other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates, interest rates or commodity prices. 
 “Holder” means the Person in
whose name a Security is registered on the registrar’s books. 
  

 -16- 

 “IFRS” means International Financial Reporting Standards, as promulgated
by the International Accounting Standards Board, which are in effect on the Issue Date. 
 “Incur” means
issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, consolidation, acquisition
or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

“Indebtedness” means, with respect to any Person: 

(1)       the principal and premium (if any) of any indebtedness of such Person, whether or
not contingent, (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof),
(c) representing the deferred and unpaid purchase price of any property, except any such balance that constitutes a trade payable or similar obligation to a trade creditor Incurred, in the ordinary course of business, which purchase price is
due more than six months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of
the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2)       to the extent not otherwise included, any obligation of such Person to be liable
for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3)       to the extent not otherwise included, Indebtedness of another Person secured by a
Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value of such asset at such
date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided that the following shall be deemed
not to constitute Indebtedness: 
 (i)        Contingent Obligations;

 (ii)       any indebtedness which has been defeased in accordance with GAAP or
defeased pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account
created or pledged for the sole benefit of the holders of such indebtedness, and the other applicable terms of the instrument governing such indebtedness; and 
  

 -17- 

 (iii)       any obligations arising from
agreements of a Person providing for indemnification, guarantees, adjustment of purchase price, holdbacks, contingent payment obligations based on a final financial statement or performance of acquired or disposed of assets or similar obligations
(other than guarantees of Indebtedness), in each case, incurred or assumed by such Person in connection with the acquisition or disposition of assets (including through mergers, consolidations or otherwise). 

The amount (or principal amount) of any Indebtedness outstanding as of any date will be: 

(1)         the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; 
 (2)         in the
case of Hedging Obligations, the termination value of the agreement or arrangement giving rise to such Hedging Obligations that would be payable by such Person at such date; and 

(3)         the principal amount of the Indebtedness, in the case of any other
Indebtedness. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

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

“Initial Mortgaged Property” means each parcel of real property designated as being subject to a Mortgage on Schedule 4
to the Purchase Agreement dated September 29, 2010, among the Company, the Guarantors and the Initial Purchasers and the improvements and fixtures located thereon 

“Initial Purchasers” means Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Oppenheimer & Co. Inc.,
Macquarie Capital (USA) Inc. and such other initial purchasers party to the purchase agreement or future purchase agreements entered into in connection with an offer and sale of notes. 

“Intercreditor Agreement” means the Intercreditor Agreement dated the Issue Date by and among the ABL Facility
Collateral Agent and the Collateral Agent and consented to and acknowledged by the Company, as the same may be amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 

 

 -18- 

 “Investment Grade Securities” means: 

(1)         securities issued or directly and fully guaranteed or insured by the
U.S. government or any agency or instrumentality thereof (other than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition, 

(2)         securities that have a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency, 

(3)         investments in any fund that invests at least 95% of its assets in
investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 

(4)         corresponding instruments in countries other than the United States
customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates)
in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the
Company in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. Except as otherwise provided in the indenture, the amount of an Investment will be
determined at the time the Investment is made and without giving effect to subsequent changes in value or write-ups, write-downs or write-offs with respect to such Investment. For purposes of the definition of “Unrestricted Subsidiary” and
Section 4.04: 
 (1)         “Investments” shall include
the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if
positive) equal to: 
 (a)         the Company’s
“Investment” in such Subsidiary at the time of such redesignation less 

(b)         the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
  

 -19- 

 (2)         any property transferred
to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 

“Issue Date” means October 5, 2010. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease, rights of set-off
or netting arrangements be deemed to constitute a Lien. 
 “Material Domestic Subsidiary” means any Domestic
Subsidiary of the Company, of which either (i) the consolidated assets were more than 2% of the Company’s consolidated assets as of the end of the most recently completed fiscal year of the Company for which audited financial statements
are available or (ii) the consolidated total revenues of which were more than 2% of the Company’s consolidated total revenues for such period; provided that any Domestic Subsidiary shall be deemed a Material Domestic Subsidiary if
either (a) the consolidated assets of such Domestic Subsidiary would cause the consolidated assets of all Domestic Subsidiaries which are not Material Domestic Subsidiaries to exceed 5% of the Company’s consolidated assets or (b) the
consolidated total revenues of such Domestic Subsidiary would cause the consolidated total revenues of all Domestic Subsidiaries which are not Material Domestic Subsidiaries to exceed 5% of the Company’s consolidated total revenues. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 “Mortgage” means each mortgage, deed of trust or deed to secure debt creating a lien on the Mortgaged
Property granted by the Company or any Subsidiary in favor of the Collateral Agent for the benefit of the Secured Parties securing the Secured Obligations. 

“Mortgaged Property” means all right, title and interest of the Company and its Subsidiaries in and to (i) the
Initial Mortgaged Property and (ii) each additional parcel of real property (and the improvements and fixtures located thereon) that becomes subject to a Mortgage pursuant to Section 4.16 hereof. 

“MTBE” means methyl tertiary butyl ether. 

“MTBE Assets” means assets of the Company and its Subsidiaries consisting of (a) two dehydrogenation units and the
MTBE processing unit associated therewith, all situated on real property in Houston, Harris County, Texas, (b) the MTBE processing unit situated on real property in Port Neches, Jefferson County, Texas, (c) the related structures,
fixtures, buildings, equipment, easements, pipelines, piping, vehicles, rolling stock, trailers, MTBE product inventory and other tangible personal property reasonably related to such dehydrogenation or MTBE

  

 -20- 

 
processing units and the manufacture, purchase, sale or transportation of MTBE, and (d) any Capital Stock in any Permitted MTBE Joint Venture, but excluding cash and Cash Equivalents and
excluding any Capital Stock in an MTBE Subsidiary. 
 “MTBE Subsidiaries” means (x) Port Neches Fuels,
LLC, a Delaware limited liability company, and (y) any other Subsidiary of the Company that owns MTBE Assets, in each case so long as such Person owns no material assets other than MTBE Assets. 

“Net Cash Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in
respect of any Asset Sale or Casualty or Condemnation Event (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale or Casualty or
Condemnation Event and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding: the assumption by the acquiring Person of Indebtedness
relating to the disposed assets or other consideration received in any other non-cash form), net of: 

(1)         the direct costs relating to such Asset Sale or Casualty or
Condemnation Event and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, brokerage and sales commissions and title and recording tax expenses), and any
relocation expenses Incurred as a result thereof, 
 (2)         taxes
paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), 

(3)         amounts required to be applied to the repayment of principal, premium
(if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, 

(4)         distributions and other payments required to be made to minority
interest holders in Restricted Subsidiaries or joint ventures as a result of such Asset Sale, and 

(5)         any deduction of appropriate amounts to be provided by the Company as
a reserve in accordance with GAAP or any amounts placed in escrow (it being agreed that amounts placed in escrow shall, upon their release to the Company or a Restricted Subsidiary from such escrow, constitute Net Cash Proceeds), in either case for
adjustment in respect of the sale price of such properties or assets or against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including, without
limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of Preferred Stock dividends. 
  

 -21- 

 “Note Liens” means all Liens in favor of the Collateral Agent on
Collateral securing the Note Obligations, and any Permitted Additional Pari Passu Obligations. 
 “Note
Obligations” means the Indebtedness Incurred and Obligations under this Indenture and the Securities. 

“Notes Priority Collateral” has the meaning assigned to the defined term “Notes First Priority Collateral” in
the Intercreditor Agreement. 
 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness;
provided that Obligations with respect to the Securities shall not include fees or indemnifications in favor of the Trustee and other third parties other than the holders of the Securities. 

“Offering Memorandum” means the offering memorandum relating to the offering of the Original Securities dated
September 29, 2010. 
 “Officer” means the Chairman of the Board, Chief Executive Officer, Chief
Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of
whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee and, if addressed to
them, the Paying Agent, Authentication Agent, Registrar and Collateral Agent. The counsel may be an employee of or counsel to the Company, the Trustee, Paying Agent, Authentication Agent, Registrar and Collateral Agent, as applicable. 

“Parent” means TPC Group Inc., a Delaware corporation. 

“Parent Company” means Parent and any other Person that directly or indirectly owns all of the Capital Stock of the
Company (other than directors’ qualifying shares to the extent applicable). 
 “Pari Passu Indebtedness”
means: 
 (1)         with respect to the Company, the Securities and
any Indebtedness which ranks pari passu in right of payment to the Securities; and 

(2)         with respect to any Guarantor, its Guarantee and any Indebtedness
which ranks pari passu in right of payment to such Guarantor’s Guarantee. 
  

 -22- 

 “Permitted Additional Pari Passu Obligations” means (i) Indebtedness
permitted to be incurred pursuant to Section 4.03(b)(xvii) (other than any such Indebtedness incurred under a Credit Facility) and (ii) obligations under any additional Indebtedness in an amount not to exceed an amount such that
immediately after giving effect to the Incurrence of such additional Indebtedness and the receipt and application of the proceeds therefrom, the Company’s Senior Secured Leverage Ratio would not exceed 2.75 to 1.00, in each case secured by the
Note Liens on the same or substantially similar intercreditor arrangements as those set forth in the Intercreditor Agreement; provided that (i) the representative of such Permitted Additional Pari Passu Obligation executes a joinder
agreement to the applicable Security Documents in the form attached thereto agreeing to be bound thereby and (ii) the Company has designated such Indebtedness as “Permitted Additional Pari Passu Obligations” under the Security
Agreement. 
 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related Business
Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in accordance
with (and to the extent required by) Section 4.06. 
 “Permitted Investments” means: 

(1)         any Investment in the Company (including the Securities) or any
Restricted Subsidiary; 
 (2)         any Investment in Cash Equivalents
or Investment Grade Securities; 
 (3)         any Investment by the
Company or any Restricted Subsidiary in a Person that is primarily engaged in a Similar Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary of the Company, or (b) such Person, in one transaction or a
series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary; 

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

(5)         any Investment (x) existing on the Issue Date or made
pursuant to binding commitments in effect on the Issue Date and (y) that replaces, refinances, refunds, renews or extends any Investment described under the immediately preceding clause (x), provided that any such Investment is in an
amount that does not exceed the amount replaced, refinanced, refunded, renewed or extended; 

(6)         loans or advances to officers, directors and employees not in excess
of $3.0 million outstanding at any one time in the aggregate; 
  

 -23- 

 (7)         any Investment acquired
by the Company or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the Company of such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer
of title with respect to any secured Investment in default; 

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

 (9)         additional Investments by the Company or any of its
Restricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the greater of (x) $35 million and (y) 5.0% of
Consolidated Net Tangible Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value), at any one time outstanding; 

(10)       loans and advances to officers, directors and employees for business-related
travel expenses, moving and relocation expenses and other similar expenses, in each case Incurred in the ordinary course of business; 

(11)       Investments the payment for which consists of Equity Interests of the Company
(other than Disqualified Stock) or any Parent Company; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under Section 4.04(a)(3); 

(12)       any transaction to the extent it constitutes an Investment that is permitted by
and made in accordance with Section 4.07(b) (except transactions described in clauses (ii), (iv) and (vi)(B) of such Section); 

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

(15)       any Investment by Restricted Subsidiaries in other Restricted Subsidiaries and
Investments by Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not Restricted Subsidiaries; 

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

(17)       Investments of a Restricted Subsidiary acquired after the Issue Date or of an
entity merged into or consolidated with a Restricted Subsidiary in a transaction that is 
  

 -24- 

 
not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger or consolidation and were in existence on
the date of such acquisition, merger or consolidation; 
 (18)       guarantees by
the Company or any of its Restricted Subsidiaries of operating leases (other than Capitalized Lease Obligations) or other obligations that do not constitute Indebtedness, in each case entered into by the Company or such Restricted Subsidiary in the
ordinary course of business; 
 (19)       Investments in any Person to the extent
such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any of its
Restricted Subsidiaries; 
 (20)       Investments (including debt obligations)
received by the Company or its Restricted Subsidiaries in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers in the ordinary
course of business; 
 (21)       pledges or deposits made in the ordinary course
of business; and 
 (22)       (i) Investments consisting of contributions or
other dispositions to any Person (including any Unrestricted Subsidiary or Permitted MTBE Joint Venture) of any MTBE Assets or Capital Stock of any MTBE Subsidiary or Permitted MTBE Joint Venture and (ii) Investments in any MTBE Subsidiary that
is a Restricted Subsidiary on the Issue Date but is designated as an Unrestricted Subsidiary after the Issue Date to the extent such Investments are in existence immediately prior to the time such MTBE Subsidiary is designated as an Unrestricted
Subsidiary. 
 “Permitted Liens” means with respect to any Person: 

(1)         pledges or deposits by such Person under workers’ compensation
laws, unemployment insurance laws or similar legislation, or in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of
such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary
course of business; 
 (2)         landlords’, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or similar Liens imposed by law or arising under contracts entered into in the ordinary course of business, in each case for sums not yet delinquent or being contested in
good faith by appropriate proceedings; 
 (3)         other Liens
arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings 

 

 -25- 

 
for review (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to the extent required by GAAP, and
such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 

(4)         Liens for taxes, assessments or other governmental charges
(i) which are not yet delinquent or (ii) which are being contested in good faith by appropriate proceedings that have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien and for which adequate
reserves are being maintained to the extent required by GAAP; 

(5)         Liens in favor of Company of performance bonds, surety bonds, bid
bonds or letters of credit or similar instruments issued pursuant to the request of and for the account of such Person in the ordinary course of its business or with respect to statutory, regulatory, contractual or warranty requirements; 

(6)         (A) survey exceptions, encumbrances, easements or reservations of, or
rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of
such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of
the business of such Person and (B) access agreements, easements, leases, licenses, use agreements, utility agreements, service agreements, and other like encumbrances granted by the Company or a Restricted Subsidiary to an MTBE Subsidiary,
Permitted MTBE Joint Venture or any other third party in connection with the disposition of the MTBE Assets to, or the use or ownership of the MTBE Assets by, such MTBE Subsidiary, Permitted MTBE Joint Venture or third party so long as, upon the
Collateral Agent’s request, the Company provides an Officers’ Certificate certifying that the encumbrances granted pursuant to this clause (B) do not materially adversely affect or impair (i) the business operations of the
Company and its Restricted Subsidiaries as a whole or (ii) the validity or priority of the Lien of the Security Documents on the balance of the Mortgaged Property; 

(7)         (A) Liens incurred to secure Obligations in respect of Indebtedness
permitted to be Incurred pursuant to clauses (i) or (iv) of Section 4.03(b); provided that (x) in the case of clause (i), such Liens are subject to the provisions of the Intercreditor Agreement (including with respect to
the relative priority of the ABL Priority Collateral and Notes Priority Collateral) and (y) in the case of clause (iv), such Lien (1) extends only to the assets and/or Capital Stock, the acquisition, lease, design, construction,
installation, repair, replacement or improvement of which is financed thereby and any proceeds or products thereof, accessions thereto, upgrades thereof and improvements thereto or (2) does not extend to any assets or property that constitute
Collateral and (B) Liens on the Collateral granted under the Security Documents in favor of the Collateral Agent to 

 

 -26- 

 
secure the Securities, the Guarantees and any Permitted Additional Pari Passu Obligations; 

(8)         Liens existing on the Issue Date; 

(9)         Liens on assets, property or shares of stock of a Person at the time
such Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that
such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 

(10)       Liens on assets or on property at the time the Company or a Restricted
Subsidiary acquired the assets or property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens are not created or Incurred in
connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other assets or property owned by the Company or any Restricted Subsidiary; 

(11)       Liens securing Indebtedness or other obligations of a Restricted Subsidiary
owing to the Company or another Restricted Subsidiary permitted to be Incurred in accordance with Section 4.03; 

(12)       Liens securing Hedging Obligations to the extent such Hedging Obligations are
not prohibited by this Indenture; 
 (13)       Liens on specific items of
inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or
other goods; 
 (14)       leases and subleases of real property which do not
materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(15)       Liens arising from UCC financing statement filings regarding operating leases
entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 

(16)       Liens in favor of the Company or any Guarantor; 

(17)       deposits made or Liens created in the ordinary course of business to secure
liability to insurance carriers; 
 (18)       Liens on the Equity Interests of
Unrestricted Subsidiaries or any joint venture to which the Company or any Restricted Subsidiary are a party; 
  

 -27- 

 (19)       grants of software and other
technology licenses in the ordinary course of business; 
 (20)       judgment and
attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(21)       Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of business; 

(22)       Liens incurred to secure cash management services (and other “bank
products” under any ABL Obligations); 
 (23)       Liens on equipment of the
Company or any Restricted Subsidiary granted in the ordinary course of business to the Company’s or such Restricted Subsidiary’s client at which such equipment is located; 

(24)       any interest or title of a lessor to the property subject to an operating lease
or a Capitalized Lease Obligation; 
 (25)       Liens arising under the indenture
in favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under the indenture, provided, however, that
such Liens are solely for the benefit of the trustees, agents or representatives in their capacities as such and not for the benefit of the holders of such Indebtedness; 

(26)       Liens arising from the deposit of funds or securities in trust for the purpose
of decreasing or defeasing Indebtedness so long as such deposit of funds or securities and such decreasing or defeasing of Indebtedness are permitted under Section 4.04; 

(27)       Liens to secure any refinancing, refunding, extension, renewal or replacement
(or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11) and (15);
provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is
not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11) and (15) at the time the
original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

(28)       other Liens securing obligations which do not exceed an amount equal to
(x) $10 million plus (y) the amount of any Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(xvii) and not otherwise designated by the Company as Permitted 

 

 -28- 

 
Additional Pari Passu Obligations, at any one time outstanding; provided that if such Liens extend to the Collateral, such Lien shall be subject to the Intercreditor Agreement; and

 (29)       Liens to secure Indebtedness and any related guarantees on assets
constituting Collateral that are junior in priority to the Liens on the Collateral securing the notes. 
 “Permitted
MTBE Joint Venture” means a Person (together with its Subsidiaries, if any) organized by the Company or an MTBE Subsidiary and one or more third parties for the purpose, among other things, of utilizing the MTBE Assets regardless of whether
such Person is a joint venture or a minority-owned Person; provided that such Person shall not be a Subsidiary. 

“Permitted Parent Company Payments” means: 

(1)         the payment of dividends, distributions or advances to any Parent
Company (“Permitted Parent Tax Payments”) to be used by such Parent Company to pay (x) consolidated, combined or similar Federal, state and local income taxes payable by such Parent Company and directly attributable to the
operations of the Company and its Subsidiaries and (y) franchise or similar taxes of such Parent Company required to maintain such Parent Company’s corporate existence; provided that the amount of such dividends, distributions or
advances paid shall not exceed (A) the excess, if any, of the amount of income tax that would be due with respect to a hypothetical consolidated, combined or similar Federal, state or local tax return that included only the Company and its
Subsidiaries over the income tax actually payable by the Company and its Subsidiaries directly to taxing authorities plus (B) the actual amount of such franchise or similar taxes of such Parent Company required to maintain such Parent
Company’s corporate existence, each as applicable; 
 (2)        
the payment of dividends, distributions or advances to any Parent Company in amounts required for such Parent Company to pay fees and expenses (including legal, audit and tax (including franchise tax), expenses) required to maintain its corporate
existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, directors and employees of such Parent Company and general corporate operating and overhead expenses of such Parent Company, in each
case to the extent such fees and expenses are attributable to the ownership or operation of the Company and its Subsidiaries; 

(3)         the payment of dividends, distributions or advances to any Parent
Company in amounts required for such Parent Company to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to the Company or any of its Restricted Subsidiaries and that has been guaranteed by and treated as
Indebtedness of the Company or its Restricted Subsidiaries, as applicable, Incurred in accordance with the Section 4.03 (it being agreed that (i) all interest expense with respect to such Indebtedness shall be included in the calculation
of the Fixed Charge Coverage Ratio of the Company and (ii) no contribution of such proceeds may be included in the calculation of 

 

 -29- 

 
Restricted Payments capacity or in the amount of Indebtedness that may be Incurred based on contributions to the equity capital of the Company); 

(4)         the payment of dividends, distributions or advances to any Parent
Company in amounts required for such Parent Company to pay fees and expenses, other than to Affiliates of the Company, related to any unsuccessful equity or debt offering of such Parent Company that has been undertaken to finance the Company and its
Subsidiaries; and 
 (5)         the payment of dividends, distributions
or advances to any Parent Company in amounts required for such Parent Company to pay public company listing fees to a national securities exchange with respect to such Parent Company’s securities. 

“Permitted Parent Tax Payments” has the meaning ascribed thereto in the definition of “Permitted Parent Company
Payments.” 
 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation,
dissolution or winding up. 
 “Rating Agency” means (1) each of Moody’s and S&P and (2) if
Moody’s or S&P ceases to rate the Securities for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act
selected by the Company or any parent of the Company as a replacement agency for Moody’s or S&P, as the case may be. 

“Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business;
provided that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary will not be deemed to be Related Business Assets if they consist of securities of a
Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

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

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

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Company
or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or such 

 

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Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or any successor to the rating agency business thereof. 
 “SEC” means the Securities and
Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness secured by a Lien. 

“Secured Obligations” has the meaning assigned to such term in the Security Agreement. 

“Secured Parties” has the meaning assigned to such term in the Security Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” means the security agreement to be dated as of the Issue Date among the
Collateral Agent, the Company and the Guarantors in favor of the Collateral Agent for its benefit and for the benefit of the Trustee and the holders of the notes and the holders of any Permitted Additional Pari Passu Obligations, as amended,
modified, restated, supplemented or replaced from time to time in accordance with its terms. 
 “Security
Documents” means the Security Agreement, any Mortgages, the Intercreditor Agreement and all of the security agreements, pledges, collateral assignments, mortgages, deeds of trust, trust deeds or other instruments evidencing or creating or
purporting to create any security interests in favor of the Collateral Agent for its benefit and for the benefit of the Trustee and the holders of the notes and the holders of any Permitted Additional Pari Passu Obligations, in all or any portion of
the Collateral, in each case as amended, modified, restated, supplemented or replaced from time to time. 
 “Senior
Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Secured Indebtedness of the Company and its Restricted Subsidiaries on the date of determination to (b) the aggregate amount of EBITDA for the then
most recent four-quarter period, in each case with such pro forma adjustments to Indebtedness and EBITDA as are consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Senior Secured Note Documents” means the indenture, the notes, the Guarantees and the Security Documents. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the
Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
  

 -31- 

 “Similar Business” means a business, the majority of whose revenues are
derived from production of value-added products derived from petrochemical raw materials, or the activities of the Company and its Subsidiaries as of the Issue Date, or any business or activity that is reasonably similar thereto, or a reasonable
extension, development or expansion thereof or ancillary thereto. 
 “Stated Maturity” means, with respect to
any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the Company unless such contingency has occurred). 

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

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

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the Issue Date.

 “Total Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries, as shown
on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries. 
 “Treasury
Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15(519) that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the
period from such redemption date to October 1, 2013; provided, however, 
  

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that if the period from such redemption date to October 1, 2013 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year will be used. 
 “Trust Monies” means all cash and Cash Equivalents received by the
Paying Agent or the Collateral Agent: 
 (1)         upon the release of
Collateral from the Lien of this Indenture or the Security Documents, including all Net Cash Proceeds and all moneys received in respect of the principal of all purchase money, governmental and other obligations; 

(2)         pursuant to the Security Documents; 

(3)         as proceeds of any sale or other disposition of all or any part of
the Collateral by or on behalf of the Trustee or the Collateral Agent or any collection, recovery, receipt, appropriation or other realization of or from all or any part of the Collateral, in each case, pursuant to the exercise or remedies under
this Indenture or any of the Security Documents or otherwise; or 

(4)         for application as provided in the relevant provisions of this
Indenture or any Security Document or which disposition is not otherwise specifically provided for in this Indenture or in any Security Document; 

provided, however, that Trust Monies shall in no event include any property deposited with the Paying Agent for any redemption, legal
defeasance or covenant defeasance of Securities, for the satisfaction and discharge of this Indenture or to pay the purchase price of Securities pursuant to a Change of Control Offer or an Asset Sale Offer in accordance with the terms of this
Indenture and shall not include any cash received or applicable by the Paying Agent in payment of the Trustee’s, Collateral Agent’s, Paying Agent’s fees and expenses (or, prior to the Discharge of ABL Obligations, any ABL Priority
Collateral). 
 “Trust Officer” means any officer within the corporate trust administration department of the
Trustee with direct responsibility for performing the Trustee’s duties under this Indenture and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such
person’s knowledge of and familiarity with the particular subject. 
 “Trustee” means the party named as
such in the preamble to this Indenture until a successor replaces it and, thereafter, means the successor. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,
however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial 

 

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Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such
provisions. 
 “Unrestricted Subsidiary” means: 

(1)         any MTBE Subsidiary designated by the Board of Directors of the
Company as an Unrestricted Subsidiary; 
 (2)         any other
Subsidiary of the Company that at the time of determination shall have been designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner provided below; and 

(3)         any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed
Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the
Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Company or any of the Restricted Subsidiaries (other than as contemplated by clause (18) of the definition of “Permitted Liens”); provided, further,
however, that either: 
 (a)         the Subsidiary to be so
designated has total consolidated assets of $1,000 or less; or 

(b)         if such Subsidiary has consolidated assets greater than $1,000, then
such designation would be permitted under Section 4.04. 
 Notwithstanding the foregoing, the Board of
Directors of the Company may designate any MTBE Subsidiary as an Unrestricted Subsidiary at any time and without limitation. 

The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 

(x)         the Company could Incur $1.00 of additional Indebtedness pursuant to
Section 4.03(a); and 
 (y)         no Event of Default shall have
occurred and be continuing. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee
by promptly filing with the Trustee a copy of the resolution of the Board of 
  

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Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 

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

(1)         direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged, or 
 (2)        
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of
America, 
 which, in each case, are not callable or redeemable at the option of the Company thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by
such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness or Disqualified Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock, multiplied by the amount of such payment, by (2) the sum of all such payments. 

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

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

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 SECTION 1.02.    Other Definitions. 

 

			
	 Term
	  	 Defined in
  Section

		
	“Agent Members”	  	Appendix A
	“Affiliate Transaction”	  	4.07(a)
	“Asset Sale Offer”	  	4.06(b)
	“Bankruptcy Law”	  	6.01
	“Clearstream”	  	Appendix A
	“Change of Control Offer”	  	4.08(b)
	“covenant defeasance option”	  	8.01
	“Custodian”	  	6.01
	“Definitive Security”	  	Appendix A
	“Depository”	  	Appendix A
	“Euroclear”	  	Appendix A
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.06(b)
	“Exchange Securities”	  	Preamble
	“Global Securities”	  	Appendix A
	“Global Securities Legend”	  	Appendix A
	“Guaranteed Obligations”	  	10.01(a)
	“IAI”	  	Appendix A
	“incorporated provision”	  	13.01
	“Initial Purchasers”	  	Appendix A
	“Initial Securities”	  	Preamble
	“legal defeasance option”	  	8.01
	“Notice of Default”	  	6.01
	“Offer Period”	  	4.06(d)
	“Original Securities”	  	Preamble
	“Paying Agent”	  	2.04(a)
	“Permitted Debt”	  	4.03(b)
	“protected purchaser”	  	2.08
	“Purchase Agreement”	  	Appendix A
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)(xiv)
	“Refunding Capital Stock	  	4.04(b)(ii)(A)
	“Registration Rights Agreement”	  	Appendix A
	“Registered Exchange Offer”	  	Appendix A
	“Registrar”	  	2.04(a)
	“Regulation S”	  	Appendix A
	“Regulation S Global Securities”	  	Appendix A
	“Regulation S Securities”	  	Appendix A
	“Released Trust Monies”	  	12.04
	“Replacement Assets”	  	12.04

  

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	 Term
	  	 Defined in
  Section

		
	“Restricted Payment”	  	4.04(a)
	“Restricted Period”	  	Appendix A
	“Restricted Securities Legend”	  	Appendix A
	“Retired Capital Stock”	  	4.04(b)(ii)(A)
	“Rule 501”	  	Appendix A
	“Rule 144A”	  	Appendix A
	“Rule 144A Global Securities”	  	Appendix A
	“Rule 144A Securities”	  	Appendix A
	“Securities”	  	Preamble
	“Securities Custodian”	  	Appendix A
	“Shelf Registration Statement”	  	Appendix A
	“Successor Company”	  	5.01(a)(i)
	“Successor Guarantor”	  	5.01(b)(i)
	“Transfer Restricted Definitive Securities”	  	Appendix A
	“Transfer Restricted Global Securities”	  	Appendix A
	“Unrestricted Definitive Security”	  	Appendix A
	“Unrestricted Global Security”	  	Appendix A

 SECTION
1.03.    Incorporation by Reference of Trust Indenture Act.  This Indenture incorporates by reference certain provisions of the TIA. The following TIA terms have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Securities and the Guarantees. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company, the Guarantors and any other obligor on the
Securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another
statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION
1.04.    Rules of Construction.  Unless the context otherwise requires: 

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

 

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

(c)       “or” is not exclusive; 

(d)       “including” means including without limitation; 

(e)       words in the singular include the plural and words in the plural include the
singular; 
 (f)        unsecured Indebtedness shall not be deemed to be
subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 

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

(h)       “$” and “U.S. Dollars” each refer to
United States dollars, or such other money of the United States of America that at the time of payment is legal tender for payment of public and private debts; 

(i)        whenever in this Indenture or in any Security there is mentioned, in
any context, principal, interest or any other amount payable under or with respect to any Securities, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is,
was or would be payable in respect thereof; and 
 (j)        for any
periods or dates which the Company does not have historical financial statements available, it shall be entitled to use and rely on the financial statements of its predecessor or successor (as the case may be). 

ARTICLE 2 

THE SECURITIES 

SECTION 2.01.    Amount of Securities; Issuable in Series.  The aggregate principal amount of
Original Securities which may be authenticated and delivered under this Indenture on the Issue Date is $350,000,000. The Securities may be issued in one or more series. All Securities of any one series shall be substantially identical except as to
denomination. 
 The Company may from time to time after the Issue Date issue Additional Securities under this Indenture in an
unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.03 and (ii) such Additional Securities are issued in compliance with the
other applicable provisions of this Indenture. With respect to any Additional Securities issued after the Issue Date (except 
  

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for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 2.07, 2.08, 2.09, 2.10, 3.08, 4.06(g),
4.08(c) or the Appendix), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Company and (b) (i) set forth or determined in the manner provided in an Officers’ Certificate or
(ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Securities: 

(1)        whether such Additional Securities shall be issued as part of a new or
existing series of Securities and the title of such Additional Securities (which shall distinguish the Additional Securities of the series from Securities of any other series); 

(2)        the aggregate principal amount of such Additional Securities which may
be authenticated and delivered under this Indenture; 
 (3)        the
issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities shall accrue; 

(4)        if applicable, that such Additional Securities shall be issuable in
whole or in part in the form of one or more Global Securities and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne by such Global Securities in addition to or in lieu of
those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Security may be exchanged in whole or in part for Additional Securities
registered, or any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Security or a nominee thereof; and 

(5)        if applicable, that such Additional Securities that are not Transfer
Restricted Definitive Securities shall not be issued in the form of Initial Securities as set forth in Exhibit A, but shall be issued in the form of Exchange Securities as set forth in Exhibit B. 

If any of the terms of any Additional Securities are established by action taken pursuant to a resolution of the Board of Directors of
the Company, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Registrar at or prior to the delivery of the Officers’ Certificate or the indenture
supplemental hereto setting forth the terms of the Additional Securities. 
 SECTION 2.02.    Form and
Dating.  Provisions relating to the Initial Securities and the Exchange Securities are set forth in the Appendix, which is hereby incorporated in and expressly made a part of this Indenture. The Initial Securities and the
Authentication Agent’s certificate of authentication, and any Additional Securities (if issued as Transfer Restricted Definitive Securities) and the Authentication Agent’s certificate of authentication, shall each be substantially in
the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Exchange Securities and the Authentication Agent’s certificate of authentication, and any Additional Securities issued
other than as Transfer Restricted 
  

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Definitive Securities and the Authentication Agent’s certificate of authentication, shall each be substantially in the form of Exhibit B hereto, which is hereby incorporated in
and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or usage (provided that any
such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication. The Securities shall be issuable only in registered form without interest coupons and only in denominations of
$2,000 and any integral multiples of $1,000 in excess thereof. 
 SECTION 2.03.    Execution and
Authentication.  The Authentication Agent shall authenticate and make available for delivery upon a written order of the Company signed by one Officer (a) Original Securities for original issue on the date hereof in an aggregate
principal amount of $350,000,000, (b) subject to the terms of this Indenture, Additional Securities in an aggregate principal amount to be determined at the time of issuance and specified therein and (c) the Exchange Securities for issue
in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like principal amount of Initial Securities exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such
order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated and whether the Securities are to be Initial Securities or Exchange Securities. Notwithstanding anything
to the contrary in the Indenture or the Appendix, any issuance of Additional Securities after the Issue Date shall be in a principal amount of at least $2,000 and any integral multiples of $1,000 in excess thereof, whether such Additional Securities
are of the same or a different series than the Original Securities. 
 One Officer shall sign the Securities for the Company by
manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the
Authentication Agent authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall not be valid
until an authorized signatory of the Authentication Agent manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Authentication Agent may appoint one or more authenticating agents reasonably acceptable to the Company to authenticate the
Securities. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Authentication Agent includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of
notices and demands. 
  

 -40- 

 SECTION 2.04.    Registrar and Paying Agent. 

(a)        The Company shall maintain (i) an office or agency where Securities may be
presented for registration of transfer or for exchange (the “Registrar”) and (ii) an office or agency in the United States where Securities may be presented for payment (the “Paying Agent”). The Registrar shall
keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying
Agent” includes the Paying Agent and any additional paying agents. The Company initially appoints Deutsche Bank Trust Company Americas as (i) Registrar and Paying Agent in connection with the Securities and (ii) the Securities
Custodian with respect to the Global Securities. 
 (b)        The Company shall enter
into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to
Section 7.07. The Company or any of its domestically organized Subsidiaries may act as Paying Agent or Registrar. 

(c)        The Company may remove any Registrar or Paying Agent upon written notice to such
Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered
into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a
successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar
only if the Trustee also resigns as Trustee in accordance with Section 7.08. 
 SECTION
2.05.    Paying Agent to Hold Money in Trust.  Prior to 10:00 a.m., New York City time, on each due date of the principal of and interest on any Security, the Company shall deposit with each Paying Agent (or if
the Company or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each
Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Securities, and shall
notify the Trustee of any default by the Company in making any such payment. If the Company or a Wholly Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the
benefit of the Persons entitled thereto. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. During the continuance of an Event of Default under
this Indenture, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. 
  

 -41- 

 
Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further
liability for the money delivered to the Trustee. 
 SECTION 2.06.    Holder Lists.  The
Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Paying Agent is not the same entity as the Registrar, the Company shall furnish, or cause
the Registrar to furnish, to the Paying Agent, in writing at least five Business Days before each interest payment date and at such other times as the Paying Agent may request in writing, a list in such form and as of such date as the Paying Agent
may reasonably require of the names and addresses of Holders. 
 SECTION 2.07.    Transfer and
Exchange.  The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security for registration of transfer and in compliance with the Appendix. When a Security is presented to the
Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Securities are presented to the
Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the
Company shall execute and the Authentication Agent shall authenticate Securities at the Registrar’s request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any
transfer or exchange pursuant to this Section 2.07 (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Section 3.08, 4.06, 4.08 or 9.05). The Company shall not be
required to make, and the Registrar need not register, transfers or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) or of any Securities for a period
of 15 days before a selection of Securities to be redeemed. 
 Prior to the due presentation for registration of transfer of
any Security, the Company, the Guarantors, the Trustee, each Paying Agent and the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal
of and interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, any Guarantor, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the
contrary. 
 Any Holder of a beneficial interest in a Global Security shall, by acceptance of such beneficial interest, agree
that transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such Global
Security, and that ownership of a beneficial interest in such Global Security shall be required to be reflected in a book entry. 
  

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 All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture
shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 

SECTION 2.08.    Replacement Securities.  If a mutilated Security is surrendered to the Registrar
or if the Holder of a Security claims that the Security has been mutilated, lost, destroyed or wrongfully taken, the Company shall issue and the Authentication Agent shall authenticate a replacement Security if the requirements of Section 8-405
of the Uniform Commercial Code are met, such that the Holder (a) notifies the Company or the Registrar within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a
transfer prior to receiving such notification, (b) makes such request to the Company or the Registrar prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (c) satisfies any other reasonable requirements of the Registrar. If required by the Registrar, Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of
(i) the Registrar or Trustee to protect the Registrar or Trustee or (ii) the Company, to protect the Company, the Trustee, the Paying Agent and the Registrar, from any loss that any of them may suffer if a Security is replaced. The
Company, the Registrar and the Trustee may charge the Holder for their expenses in replacing a Security (including, without limitation, attorneys’ fees and disbursements in replacing such Security). In the event any such Security has become or
is about to become due and payable, the Company in its discretion may direct the Registrar to pay the same without surrender thereof upon the Holder furnishing the Company and the Registrar with indemnity satisfactory to them and complying with such
other reasonable regulations as the Company may prescribe and paying such reasonable expense as the Company and the Registrar may incur in connection therewith. 

Every replacement Security is an additional obligation of the Company. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Securities. 
 SECTION
2.09.    Outstanding Securities.  Securities outstanding at any time are all Securities authenticated by the Authentication Agent except for those canceled by it or the Registrar, those delivered to it for
cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 2.08 (other than a mutilated Security surrendered for replacement), it ceases to be
outstanding unless the Trustee, Registrar and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to be outstanding upon surrender of such Security and replacement
thereof pursuant to Section 2.08. 
 If the Paying Agent segregates and holds in trust, in accordance with this Indenture,
on a redemption date or maturity date money sufficient to pay all principal and interest payable 
  

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on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying Agent is prohibited from paying such money to the Holders on that
date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

SECTION 2.10.    Temporary Securities.  In the event that Definitive Securities are to be issued
under the terms of this Indenture, until such Definitive Securities are ready for delivery, the Company may prepare and the Authentication Agent shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of
Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Authentication Agent shall authenticate Definitive Securities and make them
available for delivery in exchange for temporary Securities upon surrender of such temporary Securities at the office or agency of the Company, without charge to the Holder. Until such exchange, temporary Securities shall be entitled to the same
rights, benefits and privileges as Definitive Securities. 
 SECTION
2.11.    Cancellation.  The Company at any time may deliver Securities to the Registrar for cancellation. Any person other than the Registrar shall forward to the Registrar any Securities surrendered to them for
registration of transfer, exchange or payment. The Registrar and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Securities in accordance with its
customary procedures (subject to the record retention requirements of the Exchange Act) or deliver copies of canceled Securities to the Company pursuant to written direction by an Officer of the Company. The Company may not issue new Securities to
replace Securities it has redeemed, paid or delivered to the Registrar for cancellation. The Authentication Agent shall not authenticate Securities in place of canceled Securities other than pursuant to the terms of this Indenture. 

SECTION 2.12.    Defaulted Interest.  If the Company defaults in a payment of interest on the
Securities, the Company shall pay the defaulted interest then borne by the Securities (plus interest on such defaulted interest to the extent lawful), in any lawful manner. The Company may pay the defaulted interest to the Persons who are Holders on
a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and Registrar and shall promptly mail or cause to be mailed to each affected
Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.13.    CUSIP Numbers, ISINs, etc.  The Company in issuing the Securities may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Registrar shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice of a redemption, that reliance may be placed only on the other
identification numbers printed on the Securities and that any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee 

 

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and Registrar in writing of any change in the CUSIP numbers, ISINs and “Common Code” numbers. 

SECTION 2.14.    Calculation of Specified Percentage of Securities.  With respect to any matter
requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal amount of all the Securities, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the
principal amount, as of such date of determination, of Securities, the Holders of which have so consented by (b) the aggregate principal amount, as of such date of determination, of the Securities then outstanding, in each case, as determined
in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be made by the Company and delivered to the Trustee and the Registrar pursuant
to an Officers’ Certificate. 
 ARTICLE 3 

REDEMPTION 

SECTION 3.01.    Redemption.  Subject to the conditions and at the redemption prices set forth in
Paragraph 5 of the form of Securities set forth in Exhibit A and Exhibit B hereto, which are hereby incorporated by reference and made a part of this Indenture, the Securities may be redeemed, in whole, or from time to time in part,
together with accrued and unpaid interest to the redemption date. 
 SECTION 3.02.    Applicability of
Article.  Redemption of Securities at the election of the Company or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article 3. 

SECTION 3.03.    Notices to Trustee.  If the Company elects to redeem Securities pursuant to the
optional redemption provisions of Paragraph 5 of the applicable Security, it shall notify the Trustee and Registrar in writing of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date,
(iii) the principal amount of Securities to be redeemed and (iv) the redemption price. If the redemption is made pursuant to paragraph 5 of the applicable Security, the Company shall give notice to the Trustee and Registrar provided for in
this paragraph at least 40 days but not more than 60 days before the date of such redemption unless a shorter period is acceptable to the Trustee and Registrar. Such notice shall be accompanied by an Officers’ Certificate and Opinion
of Counsel from the Company to the effect that such redemption will comply with the conditions herein. If fewer than all the Securities are to be redeemed, the record date relating to such redemption shall be selected by the Company and given in
writing to the Trustee and Registrar, which record date shall be not fewer than 15 days after the date of notice to the Trustee and Registrar. Any such notice may be canceled at any time prior to notice of such redemption being sent to any
Holder and shall thereby be void and of no effect. 
  

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 SECTION 3.04.    Selection of Securities to Be
Redeemed.  In the case of any partial redemption, selection of the Securities for redemption will be made by the Registrar in compliance with the requirements of the principal national securities exchange, if any, on which such
Securities are listed, or if such Securities are not so listed, by lot or by such other method as the Registrar shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that, to the extent
practicable, the Registrar shall not select Securities for redemption which would result in a Holder of Securities having a principal amount of Securities less than the minimum denomination. The Registrar shall make the selection from outstanding
Securities not previously called for redemption. The Registrar may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities and portions of them the Registrar selects shall be in amounts of
$2,000 or a whole multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Registrar shall notify the Company promptly of the
Securities or portions of Securities to be redeemed. 
 SECTION 3.05.    Notice of Optional
Redemption. 
 (a)       At least 30 days but not more than 60 days before the date
of redemption of Securities pursuant to Paragraph 5 of the applicable Security, the Company shall mail or cause to be mailed by first-class mail a notice of redemption to the registered address of each Holder whose Securities are to be redeemed or
otherwise in accordance with the procedures of the Depository. 
 Any such notice shall identify the Securities to be redeemed
and shall state: 
 (i)        the redemption date; 

(ii)       the redemption price and the amount of accrued and unpaid interest to the
redemption date; 
 (iii)      the name and address of a Paying Agent; 

(iv)      that Securities called for redemption must be surrendered to a Paying Agent to
collect the redemption price, plus accrued and unpaid interest; 

(v)       if fewer than all the outstanding Securities are to be redeemed, the
certificate numbers and principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption;

 (vi)      that, unless the Company defaults in making such redemption payment
or any Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

 

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 (vii)      the CUSIP number, ISIN and/or
“Common Code” number, if any, printed on the Securities being redeemed; and 

(viii)     that no representation is made as to the correctness or accuracy of the CUSIP number
or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Securities. 
 In addition, if
such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed
until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the
redemption date as so delayed. 
 (b)       At the Company’s request, the Registrar
shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that the Company has delivered to the Trustee and Registrar, at least 45 days (unless a shorter period is acceptable
to the Trustee and Registrar) prior to the redemption date, an Officers’ Certificate requesting that the Registrar give such notice. In such event, the Company shall provide the Registrar in writing with the information required by this
Section 3.05. 
 SECTION 3.06.    Effect of Notice of Redemption.  Once notice of
redemption is mailed in accordance with Section 3.05, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice (except to the extent such redemption is conditional as set
forth in Section 3.05). Upon surrender to any Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest to the redemption date; provided, however, that if the
redemption date is after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. Failure to give notice or any defect
in the notice to any Holder shall not affect the validity of the notice to any other Holder or the validity of the redemption. 

SECTION 3.07.    Deposit of Redemption Price.  Prior to 10:00 a.m., New York City time, on the
redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Wholly Owned Subsidiary is a Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all
Securities or portions thereof to be redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered by the Company to the Registrar for cancellation. On and after the redemption date, interest
shall cease to accrue on Securities or portions thereof called for redemption so long as the Company has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Securities to be redeemed,
unless a Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 
 SECTION
3.08.    Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Company shall execute and the Authentication Agent shall authenticate

  

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for the Holder (at the Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

ARTICLE 4 

COVENANTS 

SECTION 4.01.    Payment of Securities.  The Company shall promptly pay the principal of and
interest, on the Securities on the dates and in the manner provided in the Securities and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Paying Agent holds in accordance
with this Indenture money sufficient to pay all principal and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on
overdue installments of interest at the same rate borne by the Securities to the extent lawful. 
 SECTION
4.02.    Reports and Other Information.  Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and
quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall file with the SEC (and provide the Trustee and Holders with copies thereof, without cost to each
Holder, within 15 days after it files them with the SEC), 

(a)        within 90 days after the end of each fiscal year (or such longer
period as may be permitted by the SEC if the Company were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), annual reports on Form 10-K (or any successor or comparable form) containing the
information required to be contained therein (or required in such successor or comparable form), 

(b)        within 45 days after the end of each of the first three fiscal
quarters of each fiscal year (or such longer period as may be permitted by the SEC if the Company were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), quarterly reports on Form 10-Q (or any
successor or comparable form), 
 (c)        promptly from time to time
after the occurrence of an event required to be therein reported (and in any event within the time period specified for filing current reports on Form 8-K by the SEC), such other reports on Form 8-K (or any successor or comparable form), and

 (d)        any other information, documents and other reports which
the Company would be required to file with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
  

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 provided, however, that the Company shall not be so obligated to file such reports with the
SEC if the SEC does not permit such filing, in which event the Company shall put such information on its website, in addition to providing such information to the Trustee and the Holders, in each case within 15 days after the time the Company
would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. For avoidance of doubt, the obligations of the Company under this Section 4.02 shall commence with respect to the
Company’s first fiscal quarter that ends after the Issue Date. 
 In addition, to the extent not satisfied by the
foregoing, the Company shall, for so long as any Securities are outstanding, furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act. 
 Notwithstanding the foregoing, the Company will be deemed to have furnished such reports referred to
above to the Trustee and the Holders if it has filed such reports with the SEC via the EDGAR filing system (or any successor thereto) and such reports are publicly available. 

Notwithstanding the foregoing, the requirement to provide the information and reports referred to in clauses (a) and (b) above
shall be deemed satisfied prior to the commencement of the Registered Exchange Offer or the effectiveness of a Shelf Registration Statement relating to the registration of the Securities under the Securities Act by the filing (within the time
periods specified for such filings in the registration rights agreement) with the SEC of a registration statement, and any amendments thereto, with such financial information that satisfies Regulation S-X under the Securities Act. 

In the event that: 

(i)        the rules and regulations of the SEC permit the Company and any direct
or indirect parent company of the Company to report at such parent entity’s level on a consolidated basis and such parent entity of the Company is not engaged in any business in any material respect other than incidental to its ownership,
directly or indirectly, of the capital stock of the Company, or 

(ii)        any direct or indirect parent of the Company becomes a Guarantor of
the Securities, 
 such consolidated reporting at such parent entity’s level in a manner consistent with that described in this
Section 4.02 for the Company will satisfy this Section 4.02; provided that such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to
such direct or indirect parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information relating to the Company and its Subsidiaries on a stand alone basis, on the other hand. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice 
  

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of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively (subject to Article 7) on Officers’ Certificates). 
 SECTION
4.03.      Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a)      (i) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Company shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock;
provided, however, that the Company and any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each
case if the Fixed Charge Coverage Ratio of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or
such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the
Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided, further, that Restricted Subsidiaries of the
Company that are not Guarantors may not Incur Indebtedness or issue any shares of Disqualified Stock or Preferred Stock pursuant to this paragraph if, after giving pro forma effect to such Incurrence or issuance (including a pro forma application of
the net proceeds therefrom), more than an aggregate of $10 million of Indebtedness, Disqualified Stock and Preferred Stock of Restricted Subsidiaries that are not Guarantors would be outstanding pursuant to this paragraph. 

(b)      The limitations set forth in Section 4.03(a) shall not apply to (collectively,
“Permitted Debt”): 
 (i)       the Incurrence by the
Company or any of its Restricted Subsidiaries of Indebtedness under one or more Credit Facilities and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being
deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) up to an aggregate principal amount at any one time outstanding not to exceed the greater of (x) $200 million
and (y) the amount of the Borrowing Base, as of the date of such Incurrence; 

(ii)      the Incurrence by the Company and the Guarantors of Indebtedness represented by
the Original Securities and the Guarantees, as applicable (and any Exchange Securities and guarantees thereof); 

(iii)     Indebtedness existing on the Issue Date (other than Indebtedness described in
clauses (i) and (ii) of this Section 4.03(b)), including any Indebtedness being repaid with the proceeds of the offering as described in the Offering Memorandum; 

 

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 (iv)      Indebtedness (including Capitalized
Lease Obligations) Incurred by the Company or any of its Restricted Subsidiaries to finance the purchase, lease, design, construction, installation, repair, replacement or improvement of property (real or personal) or equipment (whether through the
direct purchase of assets or the Capital Stock of any Person owning such assets (but no other material assets)) and related financing costs in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness
then outstanding that was Incurred pursuant to this clause (iv), does not exceed $20 million at any one time outstanding; 

(v)       Indebtedness Incurred by the Company or any of its Restricted Subsidiaries
constituting reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including, without limitation, letters of credit in respect of workers’ compensation claims, health,
disability or other employee benefits (whether current or former) or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims;
provided, however, that upon the drawing of such letters of credit, such obligations are reimbursed within 30 days following such drawing; 

(vi)      Indebtedness arising from agreements of the Company or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the acquisition or the disposition of any business, assets or Subsidiary in accordance with the terms of this Indenture,
other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vii)     Indebtedness of the Company to a Restricted Subsidiary; provided that any
subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another
Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 

(viii)     shares of Preferred Stock of a Restricted Subsidiary issued to the Company or another
Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock; 

(ix)       Indebtedness of a Restricted Subsidiary to the Company or another
Restricted Subsidiary; provided that if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness must be subordinated in right of payment to the Guarantee of such Guarantor; provided,
further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary lending such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such
Indebtedness (except to the Company or another 
  

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Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 

(x)       Hedging Obligations that are Incurred in the ordinary course of business
(and not for speculative purposes): (1) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (2) for the purpose of fixing or hedging
currency exchange rate risk with respect to any currency exchanges; or (3) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases; 

(xi)      obligations (including reimbursement obligations with respect to letters of
credit and bank guarantees) in respect of performance, bid, appeal and surety bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 

(xii)      (A) any guarantee by the Company or a Restricted Subsidiary of Indebtedness or
other obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; provided
that if such Indebtedness is by its express terms subordinated in right of payment to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such Guarantor with respect to such Indebtedness shall be
subordinated in right of payment to the Securities or such Guarantor’s Guarantee with respect to the Securities substantially to the same extent as such Indebtedness is subordinated to the Securities or the Guarantee of such Restricted
Subsidiary, as applicable and (B) any “bad boy,” or springing recourse, guarantee by the Company or any Restricted Subsidiary that is the parent company of an MTBE Subsidiary or Permitted MTBE Joint Venture of Indebtedness of an MTBE
Subsidiary or Permitted MTBE Joint Venture so long as such Indebtedness (x) is incurred by such MTBE Subsidiary or Permitted MTBE Joint Venture in connection with its ownership, development, use or operation of its MTBE Assets and (y) such
Indebtedness is otherwise non-recourse to the Company and its Restricted Subsidiaries (other than any MTBE Subsidiary); 

(xiii)      the Incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness or Disqualified Stock or the issuance by any Restricted Subsidiary of any Preferred Stock which serves to refinance, refund, renew, replace, defease, discharge or otherwise retire for value, in whole or in part, any Indebtedness,
Disqualified Stock or Preferred Stock Incurred as permitted under Section 4.03(a) and clauses (ii), (iii), (iv) and (xiii) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so
refinance, refund, renew, replace, defease, discharge or otherwise retire for value, such Indebtedness, Disqualified Stock or Preferred Stock, including any Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums, fees and
expenses in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that: 

 

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 (1)      such Refinancing Indebtedness has a
Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness being refunded, refinanced, renewed, replaced, defeased, discharged or
retired; 
 (2)      such Refinancing Indebtedness has a Stated Maturity which is
no earlier than the Stated Maturity of the Indebtedness being refinanced, refunded, renewed, replaced, defeased, discharged or retired; 

(3)      to the extent such Refinancing Indebtedness refinances, refunds, renews,
replaces, defeases, discharges, or retires (x) Indebtedness junior to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, such Refinancing Indebtedness is junior to the Securities or the Guarantee of such Restricted
Subsidiary, as applicable or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 

(4)      the aggregate principal amount (or, in the case of Disqualified Stock, the amount
thereof as determined in accordance with the definition of Disqualified Stock) of such Refinancing Indebtedness is equal to or less than the aggregate principal amount (or in the case of Disqualified Stock, the amount thereof as determined in
accordance with the definition of Disqualified Stock) then outstanding of the Indebtedness or Disqualified Stock being refinanced, refunded, renewed, replaced, defeased, discharged or retired plus all accrued interest on the Indebtedness or accrued
dividends on the Disqualified Stock, as the case may be, being refinanced, refunded, renewed, replaced, defeased, discharged or retired and all premiums, expenses and fees incurred in connection with such refinancing; and 

(5)      such Refinancing Indebtedness shall not include (x) Indebtedness of a
Restricted Subsidiary that is not a Guarantor that refinances Indebtedness of the Company or a Guarantor, or (y) Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; 

(xiv)      Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xv)       Indebtedness of the Company or any Restricted Subsidiary supported by a
letter of credit or bank guarantee issued pursuant to a Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(xvi)      Indebtedness of the Company or any Restricted Subsidiary consisting of
(x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; and 
  

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 (xvii)      Indebtedness or Disqualified Stock
of the Company or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock
and Preferred Stock then outstanding and Incurred pursuant to this clause (xvii) does not exceed the greater of (x) $25.0 million and (y) 3.5% of Consolidated Net Tangible Assets at the time of Incurrence, at any one time outstanding
(which Indebtedness may be incurred, in whole or in part, under a Credit Facility). 

(c)         Notwithstanding the foregoing, neither the Company nor any Guarantor may Incur
any Indebtedness pursuant to Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to repay, prepay, redeem, defease, retire, refund or refinance any Subordinated Indebtedness unless such Indebtedness shall be subordinated
to the Securities or such Guarantor’s Guarantee, as applicable, to at least the same extent as such Subordinated Indebtedness. For purposes of determining compliance with this Section 4.03, in the event that an item of Indebtedness,
Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of Permitted Debt or is entitled to be Incurred pursuant to Section 4.03(a), the Company shall be permitted to divide or classify (or later divide,
classify or reclassify), in whole or in part in its sole discretion, such item of Indebtedness, Disqualified Stock or Preferred Stock in any manner that complies with this Section 4.03 and such item of Indebtedness, Disqualified Stock or
Preferred Stock shall be treated as having been Incurred pursuant to only one of the clauses in Section 4.03(b) or pursuant to Section 4.03(a); provided that all Indebtedness under the Credit Agreement outstanding on the Issue Date
shall be deemed to have been Incurred pursuant to clause (i) of Section 4.03(b) and the Company shall not be permitted to reclassify all or any portion of such Indebtedness. Accrual of interest, the accretion of accreted value, the
amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, the
accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness for purposes of this
Section 4.03. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which are otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such
amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

(d)          For purposes of determining compliance with any U.S. dollar-denominated
restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such 
  

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refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 

SECTION 4.04.        Limitation on Restricted Payments. 

(a)      The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (i)      declare or pay any dividend or make any distribution on
account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger or consolidation involving the Company (other than (A) dividends or distributions by the
Company payable solely in Equity Interests (other than Disqualified Stock) of the Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any
class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its
Equity Interests in such class or series of securities); 
 (ii)      purchase or
otherwise acquire or retire for value any Equity Interests of the Company or any Parent Company; 

(iii)     make any principal payment on, or redeem, repurchase, defease or otherwise acquire or
retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of Subordinated Indebtedness in anticipation
of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement; or 

(iv)      make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 

(1)      no Default or Event of Default shall have occurred and be continuing or would
occur as a consequence thereof; 
 (2)      immediately after giving effect to
such transaction on a pro forma basis, the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 

(3)      such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (i) of Section 4.04(b), but excluding all other Restricted Payments permitted by
Section 4.04(b)), is less than the sum of, without duplication, 
  

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 (A)      50% of the Consolidated Net Income
of the Company for the period (taken as one accounting period) from October 1, 2010 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted
Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit), plus 

(B)      100% of the aggregate net proceeds, including cash and the Fair Market Value (as
determined in accordance with the next succeeding sentence) of property other than cash, received by the Company after the Issue Date from the issue or sale of Equity Interests of the Company (excluding (without duplication) Refunding Capital Stock,
Designated Preferred Stock, Excluded Contributions and Disqualified Stock), including Equity Interests issued upon conversion of Indebtedness or upon exercise of warrants or options (other than an issuance or sale to a Subsidiary of the Company or
an employee stock ownership plan or trust established by the Company or any of its Subsidiaries), plus 

(C)      without duplication of any amount included in clause (B) above, 100% of the
aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value (as determined in accordance with the next succeeding sentence) of all property other than cash received by the Company as a contribution to
its capital after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock), plus 

(D)      the principal amount of any Indebtedness, or the liquidation preference or
maximum fixed repurchase price, as the case may be, of any Disqualified Stock, of the Company or any Restricted Subsidiary thereof issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which
has been converted into or exchanged for Equity Interests in the Company or such Restricted Subsidiary (other than Disqualified Stock), plus 

(E)      the amount equal to the net reduction in Investments (other than Permitted
Investments) made by the Company or any of its Restricted Subsidiaries in any Person resulting from, and without duplication, (I) repurchases or redemptions of such Investments by such Person, proceeds realized upon the sale of such Investment
to an unaffiliated purchaser and repayments of loans or advances or other transfers of assets by such Person to the Company or any Restricted Subsidiary (including by way of dividend or distribution) or (II) the redesignation of Unrestricted
Subsidiaries as Restricted Subsidiaries or the merger or consolidation of an Unrestricted Subsidiary with and into the Company or any Restricted Subsidiary (valued in each case as provided in the definition of “Investment”) not to exceed,
in the case of any Unrestricted Subsidiary, the amount of Investments previously made by the Company or any of its Restricted Subsidiaries in such 

 

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Unrestricted Subsidiary, which amount was included in the calculation of Restricted Payments. 

The Fair Market Value of property other than cash covered by clauses (3)(B), (C), (D) and (E) of this Section 4.04(a)
shall be determined in good faith by the Company and in the event of property with a Fair Market Value in excess of $10 million, shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Company.

 (b)      The provisions of Section 4.04(a) shall not prohibit: 

(i)      the payment of any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 

(ii)      (A) the redemption, repurchase, retirement or other acquisition of any
Equity Interests (“Retired Capital Stock”) of the Company, any Parent Company or any Guarantor or any Subordinated Indebtedness of the Company, any Parent Company or any Guarantor in exchange for, or out of the proceeds of the
substantially concurrent sale of, Equity Interests of the Company or any Parent Company or contributions to the equity capital of the Company or any Restricted Subsidiary (other than any Disqualified Stock or any Equity Interests sold to a
Subsidiary of the Company or to an employee stock ownership plan or any trust established by the Company or any of its Subsidiaries) (collectively, including any such contributions, “Refunding Capital Stock”); and (B) the
declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company or to an employee stock ownership plan or any trust established by the
Company or any of its Subsidiaries) of Refunding Capital Stock; 
 (iii)      the
redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Indebtedness of the Company or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent issuance of, new Indebtedness of the
Company or any Guarantor which is Incurred in accordance with Section 4.03 (with an Incurrence of such new Indebtedness being deemed substantially concurrent if such redemption, repurchase, defeasance, acquisition or retirement occurs not more
than 60 days after such Incurrence), so long as: 
 (A)      the principal amount
of such new Indebtedness does not exceed the principal amount of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired for value (plus all accrued and unpaid interest on such Subordinated Indebtedness and the
amount of any premiums required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired plus any fees and expenses incurred in connection therewith);

  

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 (B)      such Indebtedness is subordinated to
the Securities or the related Guarantee, as the case may be, at least to the same extent as such Subordinated Indebtedness so redeemed, repurchased, defeased, acquired or retired for value; 

(C)      such Indebtedness has a final scheduled maturity date equal to or later than the
earlier of: (A) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (B) 91 days following the last maturity date of any notes then outstanding; and

 (D)      such Indebtedness has a Weighted Average Life to Maturity equal to or
greater than the shorter of: (A) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (B) the Weighted Average Life to Maturity that would result
if all payments of principal on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is 91 days following the last maturity date of any notes then outstanding were instead
due on such date; 
 (iv)      the repurchase, retirement or other acquisition for
value of Equity Interests of the Company or any Parent Company held by any future, present or former employee, director or consultant of the Company, any Parent Company or any Subsidiary of the Company, and any dividend payment or other distribution
by the Company or a Restricted Subsidiary to any Parent Company the proceeds of which are utilized for the repurchase, retirement or other acquisition for value of Equity Interests such Parent Company held by any future, present or former employee,
director or consultant of the Company, any Parent Company or any Subsidiary of the Company, in each case pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement;
provided, however, that the aggregate amounts paid under this clause (iv) do not exceed $5 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over for the next calendar year);
provided further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A)      the cash proceeds received by the Company or any of its Restricted Subsidiaries
from the sale of Equity Interests (other than Disqualified Stock) of the Company and, to the extent contributed to the capital of the Company, the Equity Interests of any Parent Company, in each case to members of management, directors or
consultants of the Company, any Parent Company or any Restricted Subsidiary after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend shall not increase
the amount available for Restricted Payments under Section 4.04(a)(3)); plus 

(B)      the cash proceeds of key man life insurance policies received by the Company and
its Restricted Subsidiaries after the Issue Date 
  

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 (provided that the Company may elect to apply all or any portion of
the aggregate increase contemplated by clauses (A) and (B) above in any calendar year); 

(v)      the declaration and payment of dividends or distributions to holders of any class
or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03; 

(vi)      the declaration and payment of dividends or distributions to holders of any class
or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; provided, however, that (A) for the most recently ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions) on a pro forma basis, the Company would have had a Fixed Charge Coverage
Ratio of at least 2.00 to 1.00 and (B) the aggregate amount of dividends declared and paid pursuant to this clause (vi) does not exceed the net cash proceeds actually received by the Company from any such sale of Designated Preferred Stock
(other than Disqualified Stock) issued after the Issue Date; 

(vii)      Restricted Payments consisting of the funding of one or more dividends or
distributions to any Parent Company for the purpose of funding one or more dividends or distributions to, repurchases of Capital Stock held by, or other transactions effecting a return of capital to, the holders of such Parent Company’s Capital
Stock, in an aggregate amount not to exceed $131 million; 

(viii)      Investments that are made with Excluded Contributions; 

(ix)      the repurchase of Equity Interests deemed to occur upon the exercise of options,
rights or warrants to the extent such Equity Interests represent a portion of the exercise price of those options, rights or warrants; 

(x)      Permitted Parent Company Payments; 

(xi)      other Restricted Payments in an aggregate amount not to exceed $30 million at the
time of such Restricted Payment, at any one time outstanding; 
 (xii)      the
payment of dividends or distributions to any Parent Company for the purpose of funding the payment of dividends or distributions on such Parent Company’s common equity capital of up to $1 million per annum; and 

(xiii)      the payment, purchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar to those described under Section 4.06 and Section 4.08; provided
that, prior to such payment, purchase, redemption, defeasance or other acquisition or retirement for value, the Company (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer or Asset Sale Offer, as the case
may be, with respect to the Securities as a result of 
  

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such Change of Control or Asset Sale, as the case may be, and has repurchased all Securities validly tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale
Offer, as the case may be; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted
under clauses (xi), (xii) and (xiii) of this Section 4.04(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

(c)      As of the Issue Date, all of the Company’s Subsidiaries shall be Restricted Subsidiaries.
The Company shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary,
all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the
last sentence of the definition of “Investments.” Such designation shall only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. 
 SECTION 4.05.      Dividend and Other Payment Restrictions
Affecting Subsidiaries. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual
restriction on the ability of any Restricted Subsidiary to: 

(a)      (i) pay dividends or make any other distributions to the Company or any of
its Restricted Subsidiaries on its Capital Stock or (ii) pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; 

(b)      make loans or advances to the Company or any of its Restricted Subsidiaries; or

 (c)      sell, lease or transfer any of its properties or assets to the Company
or any of its Restricted Subsidiaries, 
 except in each case for such encumbrances or restrictions existing under or by reason of: 

(1)      contractual encumbrances or restrictions in effect or entered into on the Issue
Date, including pursuant to the Credit Agreement; 
 (2)      this Indenture, the
Securities (and any Exchange Securities and guarantees thereof), the Guarantees and the Security Documents; 

(3)      applicable law or any applicable rule, regulation, order, approval, license,
permit or similar restriction; 
  

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 (4)      any agreement or other instrument of
a Person acquired by the Company or any Restricted Subsidiary which was in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(5)      contracts or agreements for the sale of assets, including customary restrictions
with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary; 

(6)      Permitted Additional Pari Passu Obligations or any other Secured Indebtedness
otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(7)      restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business; 
 (8)      customary
provisions in joint venture agreements and other similar agreements entered into (x) in the ordinary course of business or (y) with the approval of the Company’s Board of Directors, which limitations are applicable only to the assets,
property or Capital Stock that are the subject of such agreements; 

(9)      purchase money obligations for property acquired, construction loans for property
constructed and Capitalized Lease Obligations that impose restrictions of the type described in clause (c) above on the property so acquired, constructed or leased; 

(10)      customary provisions contained in leases, licenses, contracts and other similar
agreements entered into in the ordinary course of business that impose restrictions of the type described in clause (c) above on the property subject to such lease; 

(11)      other Indebtedness, Disqualified Stock or Preferred Stock of any Restricted
Subsidiary that is Incurred subsequent to the Issue Date pursuant to Section 4.03; provided that such encumbrances and restrictions contained in any agreement or instrument will not materially affect the Company’s ability to make
anticipated principal or interest payment on the Securities (as determined by the Company in good faith); 

(12)      any Restricted Investment not prohibited by Section 4.04 and any Permitted
Investment; 
 (13)      customary provisions in agreements of the type described
in the definition of “Hedging Obligations” permitted under this Indenture and entered into in the ordinary course of business; 

(14)      encumbrances and restrictions contained in contracts entered into in the ordinary
course of business, not relating to any Indebtedness, and that do not, individually 
  

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or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary or the ability of the Company or such Restricted Subsidiary to realize such value, or
to make any distributions relating to such property or assets in each case in any material respect; and 

(15)      any encumbrances or restrictions of the type referred to in clauses (a),
(b) and (c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through
(14) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive as a whole
with respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

 For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on ordinary shares shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made
to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

SECTION 4.06.      Asset Sales. 

(a)      The Company shall not, and shall not permit any of its Restricted Subsidiaries to consummate an
Asset Sale, unless: 
 (1)      the Company or any of its Restricted Subsidiary,
as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company) of the assets sold or otherwise disposed of; 

(2)      except in the case of a Permitted Asset Swap, at least 75% of the consideration
therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(i)      any liabilities (as shown on the Company’s or any Restricted
Subsidiary’s most recent balance sheet or in the notes thereto) of the Company or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Securities) that are assumed by the transferee of any such assets,

 (ii)      any notes or other obligations or other securities or assets
received by the Company or any Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of the receipt thereof (to the extent of the cash or Cash
Equivalents received), 
  

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 (iii)      accounts receivable of a business
retained by the Company or any of its Restricted Subsidiaries, as the case may be, following the sale of such business, provided that such accounts receivable (i) are not past due more than 90 days and (ii) do not have a payment
date greater than 120 days from the date of the invoices creating such accounts receivable; and 

(iv)      any Designated Non-cash Consideration received by the Company or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iv) that is at that time outstanding, not to exceed the greater
of (x) $15.0 million and (y) 2.5% of Consolidated Net Tangible Assets at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the
time received and without giving effect to subsequent changes in value) 
 shall each be deemed to be Cash Equivalents for the
purposes of this Section 4.06(a). 
 (3)      if such Asset Sale involves the
disposition of Collateral, the Company or such Restricted Subsidiary has complied with the provisions of this Indenture and the Security Documents; and 

(4)      if such Asset Sale involves the disposition of Notes Priority Collateral or, after
the Discharge of ABL Obligations, the disposition of ABL Priority Collateral, the Net Cash Proceeds thereof shall be delivered to the Collateral Agent for deposit into the Collateral Account, and, if any property other than cash or Cash Equivalents
is included in such Net Cash Proceeds, such property shall be made subject to the Note Liens. 

(b)      Within 365 days after the Company’s or any Restricted Subsidiary’s receipt of the
Net Cash Proceeds of any Asset Sale or Casualty or Condemnation Event, the Company or such Restricted Subsidiary may apply the Net Cash Proceeds from such Asset Sale or Casualty or Condemnation Event, at its option: 

(i)      to the extent such Net Cash Proceeds constitute proceeds from the sale of ABL
Priority Collateral, to repay Indebtedness under the Credit Agreement secured by such ABL Priority Collateral; 

(ii)      to the extent such Net Cash Proceeds constitute proceeds from the sale of Notes
Priority Collateral, to permanently repay, equally and ratably, the Securities and any Permitted Additional Pari Passu Obligations; 

(iii)      to permanently reduce Obligations under other Secured Indebtedness
(provided that if the Company or any Guarantor shall so reduce such Obligations, the Company shall equally and ratably reduce Obligations under the Securities and any Permitted Additional Pari Passu Obligations if the Securities and Permitted
Additional Pari Passu Obligations are then prepayable or, if the Securities may not then be prepaid, by 
  

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making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest, if any, the pro rata principal amount of Securities that would otherwise be prepaid) or Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each case other than Indebtedness owed to the Company or an
Affiliate of the Company; 
 (iv)      to make an investment in any one or more
businesses, properties or assets (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Company), or to make capital
expenditures, in each case used or useful in a Similar Business; and/or 

(v)      to make an Investment in any one or more businesses, properties or assets
(provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Company), that replace the properties and assets that are the
subject of such Asset Sale or Casualty or Condemnation Event; provided that with respect to the replacement or restoration of any property, equipment or assets of the Company that is the subject of a Casualty or Condemnation Event, if the
Company or the applicable Guarantor commences replacement or restoration of such property, equipment or assets of the Company within 365 days after receipt of the Net Cash Proceeds from such Casualty or Condemnation Event, the 365 day period shall
be extended for so long as the Company or the applicable Guarantor is diligently pursuing such replacement or restoration, subject to any force majeure event; provided, however, that if such Net Cash Proceeds are received in respect of Notes
Priority Collateral, such assets constitute Notes Priority Collateral. 
 In the case of clauses (iv) and (v) above, a binding
commitment shall be treated as a permitted application of the Net Cash Proceeds from the date of such commitment, provided that, in the event such binding commitment is later canceled or terminated for any reason before such Net Cash Proceeds
are so applied, the Company or such Restricted Subsidiary enters into another binding commitment within 180 days of such cancellation or termination of the prior binding commitment. 

Pending the final application of any such Net Cash Proceeds, the Company or the applicable Restricted Subsidiary may temporarily reduce
Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Cash Proceeds in Cash Equivalents or Investment Grade Securities. Any Net Cash Proceeds from any Asset Sale or Casualty or Condemnation Event that are not applied
as provided and within the time period set forth in this Section 4.06(b) shall be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10 million, the Company shall make an offer
(an “Asset Sale Offer”) to all Holders of Securities and (x) in the case of Net Cash Proceeds from Notes Priority Collateral, to the holders of any other Permitted Additional Pari Passu Obligations containing provisions similar
to those set forth in this Indenture with respect to Asset Sales or Casualty or Condemnation Event or (y) in the case of any other Net Cash Proceeds, to all holders of other Pari Passu Indebtedness

  

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containing provisions similar to those set forth in this Indenture with respect to Assets Sales or Casualty or Condemnation Event, to purchase the maximum principal amount of such Securities and
Permitted Additional Pari Passu Obligations or Pari Passu Indebtedness, as appropriate, that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or such lesser price, if
any, as may be provided by the terms of such other Indebtedness), plus accrued and unpaid interest and Additional Interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this
Section 4.06 and, in the case of Securities, is an integral multiple of $2,000. The Company shall commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $10 million by
mailing the notice required pursuant to the terms of Section 4.06(f), with a copy to the Trustee and the Registrar. To the extent that the aggregate amount of Securities and such other Indebtedness tendered pursuant to an Asset Sale Offer is
less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Securities and Permitted Additional Pari Passu Obligations or Pari Passu Indebtedness, as
appropriate, surrendered by holders thereof exceeds the amount of Excess Proceeds, the Registrar shall select the Securities and such other Indebtedness to be purchased in the manner described in Section 4.06(e). Upon completion of any such
Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (c)      The Company
shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Securities pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue thereof. 
 (d)      Not later than the date
upon which written notice of an Asset Sale Offer is delivered to the Trustee and the Registrar as provided above, the Company shall deliver to the Trustee and the Registrar an Officers’ Certificate as to (i) the amount of the Excess
Proceeds, (ii) the allocation of the Net Cash Proceeds from the Asset Sales or Casualty or Condemnation Event pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of
Section 4.06(b). Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Company shall deliver to the Registrar for cancellation the Securities or portions thereof that have been
properly tendered to and are to be accepted by the Company. The Paying Agent shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the purchase price. In the event that the Excess Proceeds delivered by the
Company to the Paying Agent is greater than the purchase price of the Securities tendered, the Paying Agent shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with
Section 4.06. 
 (e)      Holders electing to have a Security purchased shall be required to
surrender the Security, with an appropriate form duly completed, to the Company at the address specified 
  

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in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Registrar or the Company receives not later than two Business
Days prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered by the Holder for purchase and a statement that such Holder is
withdrawing his election to have such Security purchased. If at the end of the Offer Period more Securities are tendered pursuant to an Asset Sale Offer than the Company is required to purchase, selection of such Securities for purchase shall be
made by the Registrar in compliance with the requirements of the principal national securities exchange, if any, on which such Securities are listed, or if such Securities are not listed by lot or such other method as the Registrar shall deem fair
and appropriate (and in such manner as complies with applicable legal requirements); provided that, to the extent practicable, the Registrar shall not select Securities for purchase which would result in a Holder with a principal amount of
Securities less than the minimum denomination. 
 (f)        Notices of an Asset Sale
Offer shall be mailed by first class mail, postage prepaid, at least 30 but not more than 60 days before the purchase date to each Holder of Securities at such Holder’s registered address. If any Security is to be purchased in part only,
any notice of purchase that relates to such Security shall state the portion of the principal amount thereof that has been or is to be purchased. 

(g)        A new Security in principal amount equal to the unpurchased portion of any Security
purchased in part shall be issued in the name of the Holder thereof upon cancellation of the original Security. On and after the purchase date, unless the Company defaults in payment of the purchase price, interest shall cease to accrue on
Securities or portions thereof purchased. 
 SECTION 4.07.    Transactions with Affiliates.

 (a)        The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of
transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”), unless: 

(i)        such Affiliate Transaction is on terms that are not materially less
favorable to the Company or the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person or, if in the good faith judgment of the
Company’s Board of Directors, no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from a financial point of
view; 
 (ii)        with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate consideration in excess of $15 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of

  

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Directors of the Company approving such Affiliate Transaction and either attached to or set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with
clause (i) above; and 
 (iii)      with respect to any Affiliate Transaction
or series of related Affiliate Transactions involving aggregate consideration in excess of $30 million, the Company delivers to the Trustee (x) a resolution adopted in good faith by the majority of the Board of Directors of the Company,
approving such Affiliate Transaction and either attached to or set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (i) above and (y) a written opinion of an Independent Financial
Advisor stating such Affiliate Transaction complies with clause (i) above. 

(b)      The provisions of Section 4.07(a) shall not apply to the following:

 (i)        transactions between or among the Company and/or any of
its Restricted Subsidiaries; 
 (ii)       (x) Restricted Payments permitted
by Section 4.04 and (y) Permitted Investments; 
 (iii)      the payment
of customary compensation to, and the provision of customary indemnity and other benefits on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary or any Parent Company; 

(iv)      payments or loans (or cancellation of loans) to employees or consultants in the
ordinary course of business not to exceed $3.0 million in the aggregate at any one time outstanding; 

(v)      any agreement as in effect as of the Issue Date or any amendment thereto (so long
as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Holders of the Securities in any material respect than the original agreement as in effect on the Issue Date) or any transaction
contemplated thereby; 
 (vi)      (A) transactions with customers, clients,
suppliers or purchasers or sellers of goods or services, or lessors or lessees of property, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its
Restricted Subsidiaries in the reasonable determination of the Board of Directors or any executive officer of the Company, and are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or
(B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business; 

(vii)        any contribution to the capital of the Company or any issuance of
Capital Stock of the Company; 
  

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 (viii)        the issuance of Equity
Interests (other than Disqualified Stock) of the Company to any Person; 

(ix)        the entering into of any tax sharing agreement or arrangement that
complies with Section 4.04(b)(x); 
 (x)        transactions
entered into by a Person prior to the time such Person becomes a Restricted Subsidiary or is merged or consolidated into the Company or a Restricted Subsidiary, so long as such transaction is not entered into in contemplation of such event;

 (xi)        any transaction in which the Company or any of its
Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or that such
transaction meets the requirements of Section 4.07(a)(i); 

(xii)        transactions permitted by, and complying with, the provisions of
Section 5.01; 
 (xiii)        transactions between the Company or
any of its Restricted Subsidiaries and any Person, a director of which is also a director of the Company; provided, however, that such director abstains from voting as a director of the Company on any matter involving such other
Person; 
 (xiv)        (a) guarantees by the Company or any of its
Restricted Subsidiaries of performance of obligations of any Unrestricted Subsidiary in the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed money, (b) pledges of Equity Interests in Unrestricted
Subsidiaries and (c) guarantees of the type referred to in Section 4.03(b)(xii)(B); 

(xv)        advances to or reimbursements of employees for moving, entertainment
and travel expenses, drawing accounts and similar expenditures in the ordinary course of business; 

(xvi)        any employment agreements entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business; 

(xvii)        the issuances of securities or other payments, awards or grants in
cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or of a Restricted Subsidiary, as
appropriate, in good faith; and 
 (xviii)        Permitted Liens of the
type described in clause (6)(B) of the definition thereof granted in favor of an MTBE Subsidiary or Permitted MTBE Joint Venture. 
  

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 SECTION 4.08.        Change of Control.

 (a)        Upon a Change of Control, each Holder shall have the right to require the
Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence
of a Change of Control, the Company shall not be obligated to purchase any Securities pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Securities in accordance with Article 3 of this Indenture.

 In the event that at the time of any Change of Control the terms of the Credit Agreement restrict or prohibit the
repurchase of Securities pursuant to this Section 4.08, then prior to the mailing of the notice to the Holders provided for in Section 4.08(b), but in any event within 30 days following such Change of Control, the Company shall
(i) repay in full the Credit Agreement, or (ii) obtain the requisite consent, if required, under the Credit Agreement to permit the repurchase of the Securities as provided for in Section 4.08(b). 

(b)        Within 30 days following any Change of Control, except to the extent that the
Company has exercised its right to redeem the Securities in accordance with Article 3 of this Indenture, the Company shall mail a notice (a “Change of Control Offer”) to each Holder, with a copy to the Trustee and the Registrar,
stating: 
 (i)        that a Change of Control has occurred and that
such Holder has the right to require the Company to purchase all or a portion of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if
any, to the date of purchase (subject to the right of the Holders of record on a record date to receive interest on the relevant interest payment date); 

(ii)        the circumstances and relevant facts and financial information
regarding such Change of Control; 
 (iii)        the repurchase date
(which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 

(iv)        the instructions determined by the Company, consistent with this
Section 4.08, that a Holder must follow in order to have its Securities purchased. 

(c)        Holders electing to have a Security purchased shall be required to surrender the
Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be entitled to withdraw their election if the Registrar or the
Company receives not later than two Business Days prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for

  

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purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new
Securities equal in principal amount to the unpurchased portion of the Securities surrendered. 

(d)        On the purchase date, all Securities purchased by the Company under this Section
shall be delivered to the Registrar for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 

(e)        Notwithstanding the foregoing provisions of this Section 4.08, the Company shall
not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in Section 4.08(b) applicable
to a Change of Control Offer made by the Company and such third party purchases all Securities validly tendered and not withdrawn under such Change of Control Offer. 

(f)        At the time the Company delivers Securities to the Registrar which are to be accepted
for purchase, the Company shall also deliver an Officers’ Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.08. A Security shall be deemed to have been
accepted for purchase at the time the Paying Agent, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 

(g)        Prior to any Change of Control Offer, the Company shall deliver to the Trustee and
the Registrar an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 

(h)        The Company shall comply, to the extent applicable, with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict
with provisions of this Section 4.08, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 

(i)        A Change of Control Offer may be made in advance of a Change of Control, and
conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

SECTION 4.09.        Compliance Certificate. The Company shall deliver to the Trustee
within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any
Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. From the
date on which this Indenture is qualified under the TIA, the Company also shall comply with Section 314(a)(4) of the TIA. 
  

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 SECTION 4.10.    Further Assurances, Instruments and Acts.

 (a)        Upon request of the Trustee, the Company shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

(b)        The Company shall, and shall cause each of its existing and future Material Domestic
Subsidiaries to, execute and deliver such additional instruments, certificates or documents, and take all such actions as may be reasonably required from time to time in order to: 

(1)        carry out more effectively the purposes of the Security Documents;

 (2)        create, grant, perfect and maintain the validity,
effectiveness and priority of any of the Security Documents and the Liens created, or intended to be created, by the Security Documents; and 

(3)        ensure the protection and enforcement of any of the rights granted or
intended to be granted to the Trustee under any other instrument executed in connection therewith. 
 SECTION
4.11.    Future Guarantors.    After the Issue Date, the Company shall cause each Restricted Subsidiary that is a Material Domestic Subsidiary (unless such Subsidiary is already a Guarantor) that
guarantees any Indebtedness of the Company or any of its Domestic Subsidiaries (i) to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary shall guarantee payment of the Securities and (ii) to
become party to the Security Documents and comply with the provisions of Section 4.10(b) to the extent any such compliance is required by the terms of the Security Documents. 

SECTION 4.12.    Liens. 

(a)        The Company shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, create, Incur or suffer to exist any Lien (other than Permitted Liens) on any asset or property of the Company or such Restricted Subsidiary that secures any Indebtedness of the Company or such Restricted Subsidiary or any related
guarantees, except that the Company and the Restricted Subsidiaries may Incur or suffer to exist Liens on assets not constituting Collateral, so long as the Company or such Restricted Subsidiary effectively provides that the Securities or the
applicable Guarantee, as the case may be, shall be equally and ratably secured with (or on a senior basis to, in the case such Lien secures any Subordinated Indebtedness) the Indebtedness or related guarantees secured by such Lien. 

(b)        Section 4.12(a) shall not require the Company or any Restricted Subsidiary to secure
the Securities if the relevant Lien consists of a Permitted Lien. Any Lien which is granted to secure the Securities or such Guarantee under Section 4.12(a) shall be automatically released and discharged at the same time as the release of the
Lien that gave rise to the obligation to secure the Securities or such Guarantee under Section 4.12(a). 
  

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 SECTION 4.13.    Maintenance of Office or Agency. 

(a)        The Company shall maintain in the United States, an office or agency (which may be an
office of the Trustee or an affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02. 

(b)        The Company may also from time to time designate one or more other offices or
agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of
any change in the location of any such other office or agency. 
 (c)        The
Company hereby designates the corporate trust office of the Trustee or its agent, as such office or agency of the Company in accordance with Section 2.04. 

SECTION 4.14.    Insurance. 

(a)        The Company will at all times maintain and will cause its Subsidiaries to maintain,
insurance with responsible carriers against such risks and in such amounts, and with such deductibles, retentions, self-insurance amounts and co-insurance provisions, as are, in the Company’s reasonable judgment, customarily carried by similar
businesses of similar size, including liability, property and casualty loss, workers’ compensation and interruption of business insurance. 

(b)        The Company and Guarantors will 

(i)        cause any property and casualty insurance policies with respect to the
Mortgaged Property to be endorsed or otherwise amended to include a lender’s loss payable endorsement and cause all property policies and casualty insurance policies to name the Collateral Agent as loss payee; and such other provisions as may
be customary with companies in the same or similar businesses to protect their interests; deliver original or certified copies of all such policies or a certificate of an insurance broker to the Collateral Agent; cause each such policy to provide
that it shall not be canceled or not renewed upon less than 30 days’ prior written notice thereof by the insurer to the Collateral Agent; deliver to the Collateral Agent, prior to the cancellation or nonrenewal of any such policy of insurance,
a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Collateral Agent), or insurance certificate with respect thereto, together with evidence of payment of the premium therefor; 

 

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 (ii)        if the area in which any
Building (as defined in Section 339.2 of the Federal Deposit Insurance Corporation Regulations and being codified to 12 CFR §339.2) is located on any Mortgaged Property is designated a “special flood hazard area” in any Flood
Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), as determined by a Federal Emergency Management Agency Standard Flood Hazard Determination, the Company or its applicable Subsidiary shall maintain
flood insurance, as required in order to comply with the Flood Insurance Laws, with respect to such portion of the Mortgaged Property and naming the Collateral Agent for its benefit and the benefit of the Trustee and the Secured Creditors as
mortgagee/loss payee; 
 (iii)        with respect to all Mortgaged
Property, carry and maintain comprehensive liability insurance and coverage on a claims made basis against claims made for personal injury (including bodily injury, death and property damage) and umbrella liability insurance against any and all
claims, in each case in amounts and against such risks as are customarily maintained by companies engaged in the same or similar industry operating in the same or similar locations naming the Collateral Agent as an additional insured; and

 (iv)        notify the Collateral Agent promptly whenever any
separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 4.14 is taken out by Company or any of the Guarantors; and promptly deliver to the Collateral Agent a duplicate
original copy of such policy or policies, or an insurance certificate with respect thereto. 

(c)        In connection with the covenants set forth in this Section 4.14, it is
understood and agreed that: 
 (i)        none of the Trustee, the
Collateral Agent nor their respective agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 4.14, it being understood that (A) the Company and Guarantors
shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Trustee, the
Collateral Agent or their agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against such parties, as required above, then each of Company, and the Guarantors hereby agree, to the extent permitted by
law, to waive, its right of recovery, if any, against the Trustee, the Collateral Agent and the Secured Parties and their agents and employees; and 

(ii)        the acceptance of any form, type or amount of insurance coverage by
the Trustee or Collateral Agent under this Section 4.14 shall in no event be deemed a representation, warranty or advice by the Trustee or Collateral Agent that such insurance is adequate for the purposes of the business of Company and the
Guarantors or the protection of their properties. 
 SECTION 4.15.    Maintenance of
Properties.  Subject to, and in compliance with, the provisions of Article 11 and the provisions of the applicable Security Documents, the 

 

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Company shall cause all material properties used in the conduct of its business or the business of any of the Guarantors to be maintained and kept in good operating condition and working order
(ordinary wear and tear and casualty loss excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereto; provided that (i) the Company
shall not be obligated to make such repairs, renewals, replacements, betterments and improvements if the failure to do so would not result (individually or in the aggregate) in a material adverse effect on the business of the Company and the
Guarantors, (ii) subject to Section 4.06, nothing in this Section 4.15 shall prevent the Company from discontinuing the use, operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance or
disposal is, in the judgment of the Board of Directors of the Company desirable in the conduct of the business of the Company, and if such discontinuance or disposal is not adverse in any material respect to the Holders and (iii) subject to
Section 4.06, nothing in this Section 4.15 shall prevent the Company from discontinuing or disposing of any properties to the extent otherwise permitted by this Indenture. 

SECTION 4.16.    Real Property.  The Company shall notify the Collateral Agent within thirty
(30) days after the acquisition of any real property owned by the Company or any Guarantor that has a fair market value in excess of $2,000,000 that is not subject to the existing Mortgages (the “After-Acquired Real Property”),
and, within one hundred eighty (180) days after the acquisition of such owned real property, as such date may be extended by the Collateral Agent in its reasonable discretion, deliver to the Collateral Agent, with respect to such owned real
property, each of the documents described in Section 4.17 hereof (but excluding the documents described in paragraph (i) thereof) and such other documents as may be reasonably requested by the Collateral Agent to evidence the
Liens contemplated by this Indenture and the Mortgages; provided that, for so long as the Credit Agreement is in effect, the Company shall not be required to deliver the documents described in Section 4.17 hereof with respect to
the After-Acquired Real Property in the event that the Company is not required to grant a Lien in such After-Acquired Real Property to the ABL Facility Collateral Agent pursuant to the Credit Agreement or the ABL Security Documents. 

SECTION 4.17.    Post-Closing Collateral.  The Company or the applicable Guarantor shall deliver to
the Collateral Agent within one hundred eighty (180) days after the date hereof, to the extent not previously provided, each of the following documents, which shall be reasonably satisfactory in form and substance to the Collateral Agent, the
Trustee and each of their respective counsel, as appropriate: 

(a)      Mortgages.  With respect to each Mortgaged Property, counterparts of a Mortgage,
together with the assignments of leases and rents referred to therein, in proper form for recording in the appropriate recording office of the political subdivision where such Mortgaged Property is located, duly executed and acknowledged by the
Company or the applicable Guarantor effective to create a valid and enforceable first-priority (with respect to Notes Priority Collateral) mortgage Lien, subject to no Liens other than Permitted Liens, on such Mortgaged Property in favor of the
Collateral Agent for the benefit of the Secured Parties, securing the Secured Obligations, and such financing statements in respect of such Mortgage and any other instruments necessary to grant the interests purported to be granted by such Mortgage
(and to 
  

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record such Mortgage in the appropriate recording offices) under the laws of any applicable jurisdiction. 

(b)        Title Insurance.  With respect to each Mortgage encumbering any
Mortgaged Property, a policy or policies of title insurance in an amount equal to the lesser of (i) the then-outstanding principal amount of all Securities and any additional Permitted Additional Pari Passu Obligations (the “Maximum
Title Policy Amount”) or (ii) the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Company (such policies collectively, the “Mortgage Policies”) issued by Chicago Title
Insurance Company through its agent Charter Title Company or another title insurance company reasonably acceptable to the Collateral Agent (the “Title Company”), insuring that such Mortgage constitutes a valid and enforceable
first-priority (with respect to Notes Priority Collateral) mortgage Lien on the respective Mortgaged Property, free and clear of all Liens other than Permitted Liens, which Mortgage Policies shall (A) be endorsed by the following endorsements
(or other similar endorsement): T-14 First Loss Endorsement, T-16 Aggregation Endorsement and T-23 Access Endorsement, T-25 Contiguity Endorsement, T-33 Adjustable Mortgage Loan Endorsement, T-35 Revolving Endorsement, (B) not include an
exception for mechanics’ liens and (C) provide for such affirmative insurance as is substantially similar to the coverage provided with respect to the Initial Mortgaged Properties and which is available in the applicable jurisdiction at
commercially reasonable rates. Notwithstanding the foregoing, the Collateral Agent acknowledges that (w) no T-19 Endorsement shall be required, and (x) a survey exception may be included in each Mortgage Policy, (y) in no event shall
the Company be required to obtain Mortgage Policies in excess of the Maximum Title Policy Amount in the aggregate with respect to all Mortgaged Properties and (z) the amounts of the Mortgage Policies to be obtained with respect to the Initial
Mortgaged Property in accordance with this Section 4.17(b) shall be the amounts set forth on Schedule 1 attached hereto. 

(c)        Surveys.  With respect to each Mortgaged Property, the Company shall
deliver a copy of the most recent survey in its possession. 

(d)        Consents.  With respect to each Mortgaged Property, such consents,
approvals, amendments, supplements, estoppels, tenant subordination agreements or other instruments as may be necessary in order for the Company or the applicable Guarantor to grant the Lien contemplated by the Mortgage with respect thereto.

 (e)        Fixture Filings.  With respect to each Mortgaged
Property, to the extent the Mortgages are not sufficient to qualify as a fixture filing under applicable laws of the jurisdiction or as reasonably requested by the Collateral Agent, a completed UCC-1 for filing in the jurisdiction in which such
Mortgaged Property is located in order to perfect the Lien on and security interest in the fixtures encumbered by the applicable Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties. 

(f)        Flood Hazard Determinations and Insurance.  With respect to each
Mortgaged Property, a “Life-of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination, a notice with respect to special flood hazard area status, duly executed by

  

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the Company or the applicable Guarantor and, to the extent required pursuant to Section 4.14(b)(ii), evidence of flood insurance as required therein. 

(g)        Title Insurance Documents.  With respect to each Mortgaged Property,
such affidavits, certificates, information and instruments as shall be reasonably and customarily required to induce the Title Company to issue the Mortgage Policy (including to cover any gap period) and endorsements required pursuant to clause
(b) above. 
 (h)        Collateral Fees and
Expenses.  Evidence reasonably acceptable to the Collateral Agent of payment by the Company of all search and examination charges, escrow charges and related charges, filing, documentary, stamp, intangible and mortgage recording taxes,
fees, charges, costs and expenses required for the recording of the Mortgages, fixture filings and issuance of the Mortgage Policies and endorsements required pursuant to clause (b) above. 

(i)        Amendments to Existing Mortgages.  An amendment to or
amendment and restatement of the existing deed of trust encumbering each Mortgaged Property and securing the Credit Agreement (each, an “Existing Mortgage”), effective to, among other things, (i) evidence the release of the
lien of such Existing Mortgage to the extent such lien applies to the term loan refinanced with the proceeds of the Original Securities and (ii) subordinate the lien of such Existing Mortgage (as so amended or amended and restated) to the lien
of the Mortgage. 
 (j)        Real Estate Opinion Letter.  An
opinion, dated as of the date of the Mortgages and addressed to the Representative of the Initial Purchasers, the Trustee and the Collateral Agent, of Bracewell & Giuliani LLP, special collateral counsel for the Company, substantially in
the form of Exhibit B to the Purchase Agreement, but only to the extent that such opinions contained in such form of opinion relate to the Mortgages. 

SECTION 4.18.    Notification.  In the event that any Permitted Additional Pari Passu Obligations
are incurred following the date hereof, the Company shall notify the Collateral Agent thereof in writing and take all such action as may be reasonably required to amend each then existing Mortgage and endorse each then existing Mortgage Policy (to
the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates) in order to appropriately ensure that such Permitted Additional Pari Passu Obligations are secured equally and ratably with the Secured
Obligations, including delivering such opinions of local counsel in each jurisdiction in which any Mortgaged Property is located as Collateral Agent reasonably requests substantially in the form of Exhibit B to the Purchase Agreement related to the
Initial Securities, covering the mortgages as amended. 
 SECTION 4.19.    Payment of
Charges.  Unless and to the extent contested by the Company (or the applicable Subsidiary) in accordance with the provisions of this Indenture and any Additional Pari Passu Agreement or to the extent it would constitute a Permitted
Lien pursuant to clause (3) of the definition thereof, Company shall pay and discharge, or cause to be paid and discharged, from time to time prior to same becoming delinquent, all Charges. The Company shall, upon Collateral Agent’s
request, deliver to Collateral Agent receipts evidencing the payment of all such Charges. “Charges” means any and all present and future real estate, property and other taxes, assessments and special assessments, levies, fees,
all water and sewer 
  

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rents and charges and all other governmental charges imposed upon or assessed against, and all claims (including, without limitation, claims for landlords’, carriers’, mechanics’,
workmen’s, repairmen’s, laborer’s, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law) judgments or demands against, all or any portion of any Mortgaged Property or other
amounts of any nature which, if unpaid, might result in or permit the creation of, a Lien on such Mortgaged Property or which might result in foreclosure of all or any portion of such Mortgaged Property. 

ARTICLE 5 

SUCCESSOR COMPANY 

SECTION 5.01.    When Company May Merge or Transfer Assets. 

(a)        The Company shall not consolidate or merge with or into or wind up into (whether or
not the Company is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i)        the Company is the surviving Person or the Person formed by or
surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or
existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor Company”); 

(ii)        the Successor Company (if other than the Company) expressly assumes
all the obligations of the Company under this Indenture and the Securities pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; 

(iii)        immediately after giving effect to such transaction (and treating
any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such
transaction), no Default or Event of Default shall have occurred and be continuing; 

(iv)        immediately after giving pro forma effect to such transaction, as if
such transaction had occurred at the beginning of the applicable four-quarter period, either 

(A)        the Successor Company would be permitted to Incur at least $1.00 of
additional Indebtedness pursuant to Section 4.03(a); or 
  

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 (B)        the Fixed Charge
Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; 

(v)        if the Successor Company is other than the Company, each Guarantor,
unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; 

(vi)        the Successor Company (if other than the Company) shall have
delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or disposition and such supplemental indenture
(if any) comply with this Indenture; 
 (vii)        the Successor
Company causes such amendments, supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on
the Collateral owned by or transferred to the Successor Company; 

(viii)        the Collateral owned by or transferred to the Successor Company
shall (x) continue to constitute Collateral under this Indenture and the Security Documents, (y) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the holders of the Securities, and
(z) not be subject to any Lien other than Permitted Liens; and 

(ix)        the property and assets of the Person which is merged or consolidated
with or into the Successor Company, to the extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Successor Company shall take such
action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture. 

The Successor Company (if other than the Company) shall succeed to, and be substituted for, the Company under this Indenture and the
Securities, and the Company shall automatically be released and discharged from its obligations under this Indenture and the Securities. Notwithstanding Section 5.01(a), (a) the Company or any Restricted Subsidiary may consolidate with,
merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets, to the Company or to another Restricted Subsidiary, (ii) the Company may merge or consolidate with an Affiliate incorporated
or organized solely for the purpose of reincorporating or reorganizing the Company in another state of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the Company and its
Restricted Subsidiaries is not increased thereby, and (iii) the Company may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of
organization of such Company. 
  

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 (b)        Subject to the provisions of
Section 10.02(b) (which govern the release of a Guarantee upon the sale or disposition of a Restricted Subsidiary of the Company that is a Guarantor), each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate or
merge with or into or wind up into (whether or not such Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to,
any Person unless: 
 (i)        either (x) such Guarantor is the
surviving Person or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation,
partnership or limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the
“Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture
or other documents or instruments in form reasonably satisfactory to the Trustee or (y) such sale or disposition or consolidation or merger is not in violation of Section 4.06; 

(ii)        immediately after giving effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such
transaction) no Default or Event of Default shall have occurred and be continuing; 

(iii)        the Successor Guarantor (if other than such Guarantor) shall have
delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or disposition and such supplemental indenture
(if any) comply with this Indenture; 
 (iv)        the Successor
Guarantor causes such amendments, supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on
the Collateral owned by or transferred to the Successor Guarantor; 

(v)        the Collateral owned by or transferred to the Successor Guarantor
shall (a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the holders of the Securities, and
(c) not be subject to any Lien other than Permitted Liens; and 

(vi)        the property and assets of the Person which is merged or consolidated
with or into the Successor Guarantor, to the extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Successor Guarantor shall take such
action as may be reasonably 
  

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necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture. 

The Successor Guarantor (if other than such Guarantor) shall succeed to, and be substituted for, such Guarantor under this Indenture and
such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge or
consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing such Guarantor in another state of the United States, the District of Columbia or any territory of the United States, so long as the
amount of Indebtedness of the Guarantor is not increased thereby, (2) a Guarantor may merge or consolidate with, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all or part of its properties or assets to,
another Guarantor or the Company, and (3) a Guarantor may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such
Guarantor. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

SECTION 6.01.        Events of Default.  An “Event of Default”
occurs if: 
 (a)        the Company defaults in any payment of interest
on any Security when the same becomes due and payable, and such default continues for a period of 30 days, 

(b)        the Company defaults in the payment of principal or premium, if any,
of any Security when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, 

(c)        the Company fails to comply with its obligations under
Section 5.01, 
 (d)        the Company or any of its Restricted
Subsidiaries fails to comply with any of its obligations under the covenants set forth in Sections 4.08 (other than a failure to purchase Securities when required under Section 4.08) and such failure continues for 30 days after receipt of
a related Notice of Default as specified below, 
 (e)        the
Company or any of its Restricted Subsidiaries fails to comply with any of its covenants or agreements in the Securities or this Indenture (other than those referred to in (a), (b), (c), or (d) above) and such failure continues for 60 days
after receipt of a related Notice of Default as specified below, 

(f)        the Company or any Significant Subsidiary fails to pay any
Indebtedness for money borrowed (other than Indebtedness owing to the Company or a Restricted Subsidiary of the Company) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof
because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $15 million, 
  

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 (g)        the Company or any
Significant Subsidiary of the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i)        commences a voluntary case; 

(ii)        consents to the entry of an order for relief against it in an
involuntary case; 
 (iii)        consents to the appointment of a
Custodian of it or for any substantial part of its property; or 

(iv)        makes a general assignment for the benefit of its creditors or takes
any equivalent action under any foreign laws relating to insolvency, 

(h)        a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (i)        is for relief against the Company or
any Significant Subsidiary of the Company in an involuntary case; 

(ii)        appoints a Custodian of the Company or any Significant Subsidiary of
the Company or for all or substantially all of its property; or 

(iii)        orders the winding up or liquidation of the Company or any
Significant Subsidiary of the Company; 
 or any similar relief is granted under any foreign laws and any such order or decree
described in this clause (h) remains unstayed and in effect for 90 days, 

(i)        the Company or any Significant Subsidiary fails to pay final and
non-appealable judgments aggregating in excess of $15 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or
stayed for a period of 60 days following the entry thereof, 

(j)        the Guarantee of a Significant Subsidiary ceases to be in full force
and effect (except as contemplated by the terms thereof) or any Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under this Indenture or any Guarantee and such Default continues for 10 days after receipt of a related
Notice of Default as specified below, or 
 (k)        unless all of the
Collateral has been released from the Note Liens in accordance with the provisions of the Security Documents, the Company or any Guarantor defaults in the performance of the Security Documents which adversely affects in any material respect the
enforceability, validity, perfection or priority of the Note Liens on a material portion of the Collateral, the repudiation or disaffirmation by the Company or 

 

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any Guarantor of its material obligations under the Security Documents or the determination in a judicial proceeding that the Security Documents are unenforceable or invalid against the Company
or any Guarantor party thereto for any reason with respect to a material portion of the Collateral, which default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such authority pursuant to the
Security Documents or otherwise cured within 60 days after receipt of a related Notice of Default as specified below. 
 The
foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11,
United States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default under clause (c), (d), (e), (i) or (k) above shall not constitute an Event of Default until the Trustee
notifies the Company in writing or the Holders of at least 25% in principal amount of the outstanding Securities notify the Company and the Trustee in writing of the Default and the Company does not cure such Default within the time specified in
clauses (c), (d), (e), (i) or (k) above after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Company shall deliver to
the Trustee, within thirty (30) days after the occurrence thereof, written notice of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Company is
taking or proposes to take with respect thereto. 
 SECTION
6.02.        Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(g) or (h) with respect to the Company) occurs and is continuing, the Trustee by
written notice to the Company or the Holders of at least 25% in principal amount of outstanding Securities by written notice to the Company and the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the
Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(g) or (h) with respect to the Company occurs, the principal of,
premium, if any, and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the
Securities by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or
interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

In the event of any Event of Default specified in Section 6.01(f), such Event of Default and all consequences thereof shall be
annulled, waived and rescinded, automatically and 
  

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 without any action by the Trustee or the Holders of the Securities, if within 20 days after such Event
of Default arose the Company delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or
waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the
principal amount of the Securities as described above be annulled, waived or rescinded upon the happening of any such events. 

SECTION 6.03.        Other Remedies.  If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities, this Indenture or the Security
Documents. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any
of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 SECTION
6.04.        Waiver of Past Defaults.  Provided the Securities are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of the
Securities by notice to the Trustee may waive an existing Default or Event of Default and its consequences except (a) a Default or Event of Default in the payment of the principal of or interest on a Security or (b) a Default or Event of
Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When a Default is waived, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

SECTION 6.05.        Control by Majority.  Subject to the terms of the Security
Documents, the Holders of a majority in principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would
involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the
Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

 

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 SECTION 6.06.        Limitation on Suits.

 (a)        Except to enforce the right to receive payment of principal, premium, if
any, or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Securities unless: 

(i)        the Holder gives to the Trustee written notice stating that an Event
of Default is continuing; 
 (ii)        the Holders of at least 25% in
principal amount of the Securities then outstanding make a written request to the Trustee to pursue the remedy; 

(iii)        such Holder or Holders offer to the Trustee security or indemnity
reasonably satisfactory to it against any loss, liability or expense; 

(iv)        the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity; and 

(v)        the Holders of a majority in principal amount of the Securities do not
give the Trustee a direction inconsistent with the request during such 60-day period. 

(b)        A Holder may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over another Holder. 
 SECTION 6.07.        Rights
of the Holders to Receive Payment.  Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due
dates expressed or provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08.        Collection Suit by Trustee.  If an Event of Default
specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Securities for the whole amount then due and
owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Securities) and the amounts provided for in Section 7.07. 

SECTION 6.09.        Trustee May File Proofs of Claim.  The Trustee may file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel,
accountants, experts or such other professionals as the Trustee deems reasonably necessary, advisable or appropriate)) and the Holders allowed in any judicial proceedings relative to the Company or any Guarantor, their creditors or their property,
shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a
trustee in bankruptcy or other 
  

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Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the
Trustee under Section 7.07. 
 SECTION
6.10.        Priorities.  Subject to the terms of the Security Documents, if the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in
the following order: 
 FIRST: to the Trustee, Collateral Agent, Paying Agent, Registrar and Authentication
Agent for amounts due under Section 7.07; 
 SECOND: to Holders for amounts due and unpaid on the
Securities for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 

THIRD: to the Company or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 

The Trustee, upon prior written notice to the Company and the Guarantors, may fix a record date and payment date for any payment to the
Holders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall send to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11.        Undertaking for Costs.  In any suit for the enforcement of
any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Securities then outstanding. 

SECTION 6.12.        Waiver of Stay or Extension Laws.  Neither the Company nor
any Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede
the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  

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 ARTICLE 7 

TRUSTEE 

SECTION 7.01.        Duties of Trustee. 

(a)        If an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b)        Except during the continuance of an Event of Default: 

(i)        the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)        in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or
opinions required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c)        The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 

(i)        this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (ii)        the Trustee shall not be liable for
any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)        the Trustee shall not be liable with respect to any action it takes
or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(iv)        no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d)        Every provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b) and (c) of this Section 7.01. 
  

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 (e)        The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Company. 

(f)        Money held in trust by the Trustee need not be segregated from other funds except to
the extent required by law. 
 (g)        Every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01 and, from the date on which this Indenture is qualified under the TIA, to the provisions of the TIA.

 SECTION 7.02.        Rights of Trustee. 

(a)        The Trustee may conclusively rely on any document believed by it to be genuine and to
have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b)        Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c)        The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d)        The Trustee shall not be
liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or
negligence. 
 (e)        The Trustee may consult with counsel of its own selection and
the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel. 

(f)        The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a
majority in principal amount of the Securities at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or
investigation. 
 (g)        The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to 

 

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this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses, losses and liabilities which might be incurred
by it in compliance with such request or direction. 
 (h)        The rights,
privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, Deutsche Bank Trust Company Americas in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder. 
 (i)        In the event the
Company is required to pay Additional Interest, the Company will provide written notice to the Trustee of the Company’s obligation to pay Additional Interest no later than 15 days prior to the next interest payment date, which notice shall set
forth the amount of the Additional Interest to be paid by the Company. The Trustee shall not at any time be under any duty or responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof. 

SECTION 7.03.      Individual Rights of Trustee.  The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION
7.04.      Trustee’s Disclaimer.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, any Guarantee or the Securities, it shall
not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any document issued in connection with the sale of the
Securities or in the Securities other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (f), (i), (j) or (k) or of
the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received notice thereof in accordance with Section 13.02 from the Company, any Guarantor or
any Holder. 
 SECTION 7.05.      Notice of Defaults.  If a Default occurs and
is continuing and if it is actually known to a Trust Officer, the Trustee shall send to each Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written
notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good
faith determines that withholding the notice is in the interests of the Holders. 
 SECTION
7.06.      Reports by Trustee to the Holders.  From the date on which this Indenture is qualified under the TIA, as promptly as practicable after each June 30 beginning with the June 30
following the date of this Indenture, and in any event within 12 months of the last such report, the Trustee shall send to each Holder a brief report dated as of such June 30 that complies with Section 313(a) of the TIA if and to the
extent required thereby. From the date on 
  

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which this Indenture is qualified under the TIA, the Trustee shall also comply with Section 313(b)(2) of the TIA. 

A copy of each report at the time of its delivery to the Holders shall be filed with the SEC and each stock exchange (if any) on which
the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 

SECTION 7.07.      Compensation and Indemnity. The Company shall pay to Deutsche Bank Trust Company
Americas, in each of its capacities, and through Deutsche Bank Trust Company Americas to Trustee from time to time reasonable compensation for its and Trustee’s services (it being understood all amounts set forth in the fee letter dated
September 24, 2010 between the Company and Deutsche Bank Trust Company Americas shall be deemed reasonable). The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee, Paying Agent, Registrar and Authentication Agent upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in the performance of services rendered under this Indenture, any
Security Document and any related document to which it is a party, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s, Paying
Agent’s, Registrar’s and Authentication Agent’s agents, counsel, accountants and experts. The Company and each Guarantor, jointly and severally shall indemnify the Trustee against any and all loss, liability, claim, damage or expense
(including reasonable attorneys’ fees and expenses) incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or
Guarantee against the Company or a Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Company, any Guarantor, any Holder or any other Person). The Trustee shall notify the
Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Company shall not relieve the Company or any Guarantor of its indemnity
obligations hereunder. The Company shall defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified parties may have separate counsel and the Company and the
Guarantors, as applicable shall pay the fees and expenses of such counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest between the Company and the Guarantors, as applicable, and such parties in connection with such defense. The Company need not reimburse any expense or indemnify against
any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 

To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior
to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 

 

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 The Company’s and the Guarantors’ payment obligations pursuant to this
Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to
the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(g) or (h) with respect to the Company, the expenses are intended to constitute expenses of administration under
the Bankruptcy Law. 
 SECTION 7.08.      Replacement of Trustee. 

(a)      The Trustee may resign at any time by so notifying the Company. The Holders of a majority in
principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company may remove the Trustee if: 

(i)       the Trustee fails to comply with Section 7.10; 

(ii)      the Trustee is adjudged bankrupt or insolvent; 

(iii)     a receiver or other public officer takes charge of the Trustee or its property; or

 (iv)     the Trustee otherwise becomes incapable of acting. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 

(b)      If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal
amount of the Securities and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Company shall promptly appoint a successor Trustee. 
 (c)      A successor Trustee shall deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in
Section 7.07. 
 (d)      If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee.

  

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 (e)      If the Trustee fails to comply with
Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. 

(f)      Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION
7.09.      Successor Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

SECTION 7.10.      Eligibility; Disqualification.  The Trustee shall at all times satisfy
the requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with
Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of
Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. 
 SECTION
7.11.      Preferential Collection of Claims Against Company.  The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA.
A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated. 

ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01.      Discharge of Liability on Securities; Defeasance.  This Indenture
shall be discharged and shall cease to be of further effect (except as to surviving rights of registration or transfer or exchange of Securities, as expressly provided for in this Indenture) as to all outstanding Securities when: 

(a)        (i) all the Securities theretofore authenticated and delivered
(other than mutilated, lost, stolen or destroyed Securities which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust) have been delivered to the Registrar for cancellation or (ii) all of the Securities (a) have become due and payable, (b) will become due and payable at their stated maturity within one year or
(c) if redeemable at the option of the Company, are to be 
  

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called for redemption within one year under arrangements satisfactory to the Registrar for the giving of notice of redemption by the Registrar in the name, and at the expense, of the Company, and
the Company has irrevocably deposited or caused to be deposited with the Paying Agent funds in cash in U.S. Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient in the written opinion of a investment banking firm,
appraisal firm or firm of independent public accountants delivered to the Trustee and Registrar (which delivery shall only be required if U.S. Government Obligations have been so deposited) to pay and discharge the entire Indebtedness on the
Securities not theretofore delivered to the Registrar for cancellation, for principal of, premium, if any, and interest on the Securities to the date of deposit together with irrevocable instructions from the Company directing the Paying Agent to
apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(b)      the Company and/or the Guarantors have paid all other sums payable under this
Indenture; and 
 (c)      the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its obligations under the Securities
and this Indenture (with respect to such Securities) (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10, 4.11, 4.12, 4.14 and 4.15 and the operation of
Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e) (with respect to any Default under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 4.11, 4.12, 4.14 and 4.15), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries of the Company
only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i), 6.01(j) and 6.01(k) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of
its covenant defeasance option. In the event that the Company terminates all of its obligations under the Securities and this Indenture (with respect to such Securities) by exercising its legal defeasance option or its covenant defeasance option,
the obligations of each Guarantor under its Guarantee of such Securities shall be terminated simultaneously with the termination of such obligations. 

If the Company exercises its legal defeasance option, payment of the Securities so defeased may not be accelerated because of an Event
of Default. If the Company exercises its covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (with respect to
Significant Subsidiaries of the Company only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i), 6.01(j) or 6.01(k) or because of the failure of the Company to comply with Section 5.01. 

Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates. 
  

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 (d)      Notwithstanding clauses (a) and (b) above,
the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08, 11.07(e), 11.12 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections
7.07, 8.05, 8.06 and 11.12 shall survive such satisfaction and discharge. 
 SECTION
8.02.      Conditions to Defeasance. 
 (a)      The Company
may exercise its legal defeasance option or its covenant defeasance option only if: 

(i)       the Company irrevocably deposits in trust with the Paying Agent cash in U.S.
Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient, in the opinion of a nationally recognized investment banking firm, appraisal firm or firm of independent public accountants, to pay the principal of, and premium
(if any) and interest on the applicable Securities when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 

(ii)      91 days pass after the deposit is made and during the 91-day period no
Default specified in Section 6.01(g) or (h) with respect to the Company occurs which is continuing at the end of the period; 

(iii)      the deposit does not constitute a default under any other material agreement
binding on the Company; 
 (iv)     the Company delivers to the Trustee an Opinion of
Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

(v)      in the case of the legal defeasance option, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that (1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable
Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(vi)     in the case of the covenant defeasance option, the Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
  

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 (vii)     the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8 have been complied with.

 Notwithstanding the foregoing, the Opinion of Counsel required by the clause (vi) above need not be delivered if all Securities not
theretofore delivered to the Registrar for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company. 
 (b)      Before or
after a deposit, the Company may make arrangements satisfactory to the Trustee and Paying Agent for the redemption of such Securities at a future date in accordance with Article 3. 

SECTION 8.03.      Application of Trust Money.  The Paying Agent shall hold in trust
money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations in accordance with this Indenture to the payment
of principal of and interest on the Securities so discharged or defeased. 
 SECTION
8.04.      Repayment to Company.  Each of the Trustee and each Paying Agent shall promptly turn over to the Company upon request any money or U.S. Government Obligations held by it as provided in this
Article 8 which are, in the opinion of a nationally recognized investment banking firm, appraisal firm or firm of independent public accountants, in excess of the amount thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article 8. 
 Subject to any applicable abandoned property law, the Paying
Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general
creditors, and the Paying Agent shall have no further liability with respect to such monies. 
 SECTION
8.05.      Indemnity for U.S. Government Obligations.  The Company shall pay and shall indemnify the Paying Agent against any tax, fee or other charge imposed on or assessed against deposited U.S.
Government Obligations or the principal and interest received on such U.S. Government Obligations. 
 SECTION
8.06.      Reinstatement.  If the Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities so discharged or defeased shall be revived and reinstated as
though no deposit had occurred pursuant to this Article 8 until such time as the Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8;

  

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provided, however, that, if the Company has made any payment of principal of or interest on, any such Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Paying Agent. 

ARTICLE 9 

AMENDMENTS AND WAIVERS 

SECTION 9.01.      Without Consent of the Holders.  The Company and the Trustee,
Collateral Agent, Paying Agent, Registrar and Authentication Agent may amend this Indenture, the Securities or the Security Documents without notice to or consent of any Holder: 

    (i)      to cure any ambiguity, omission, defect or inconsistency;

    (ii)      to comply with Article 5; 

   (iii)      to provide for uncertificated Securities in addition to or in
place of certificated Securities; provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described
in Section 163(f)(2)(B) of the Code; 
   (iv)      to add
additional Guarantees with respect to the Securities or to secure the Securities or to evidence the release of any Guarantor from its Guarantee and under the Security Documents as provided in this Indenture; 

   (v)      to further secure the Securities; 

  (vi)      to add to the covenants of the Company for the benefit of the Holders
or to surrender any right or power herein conferred upon the Company; 

  (vii)      to make any change that does not adversely affect the rights of any
Holder; 
  (viii)      to comply with any requirement of the SEC in
connection with qualifying or maintaining the qualification of, this Indenture under the TIA; 

  (ix)      to evidence or provide for the acceptance of appointment under this
Indenture of a successor trustee; 
    (x)      to conform the
text of this Indenture, the Securities or the Guarantees to any provision of the “Description of Notes” in the Offering Memorandum; 

  (xi)      to provide for the issuance of the Exchange Securities or Additional
Securities, which shall have terms substantially identical in all material respects to the Initial Securities, and which shall be treated, together with any outstanding Initial Securities, as a single issue of securities; 

 

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   (xii)      to provide for the
release of Collateral from the Liens of this Indenture and the Security Documents when permitted or required by the Security Documents, the Intercreditor Agreement or this Indenture; or 

(xiii)      to secure any Permitted Additional Pari Passu Obligations under the Security
Documents and to appropriately include the same in the Intercreditor Agreement. 
 Upon the request of the Company and the
Guarantors accompanied by a resolution of the Board of Directors of each of the Company and the Guarantors authorizing the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver, and upon receipt by
the Trustee of the documents described in Section 9.06, the Trustee, Collateral Agent, Paying Agent, Registrar and Authentication Agent shall join with the Company and the Guarantors in the execution of such supplemental indenture. After an
amendment under this Section 9.01 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.01. 
 SECTION 9.02.      With Consent of the
Holders. 
 (a)      The Company and the Trustee, Collateral Agent, Paying Agent, Registrar
and Authentication Agent may amend this Indenture or the Securities with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for Securities) and any past default or compliance with any provision of this Indenture, the Securities, the Guarantees or the Security Documents may be waived with the consent of the Holders of
a majority in principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange for, the Securities). However, without the consent of each Holder of an
outstanding Security affected, an amendment may not: 

  (i)      reduce the amount of Securities whose Holders must consent to an
amendment; 
  (ii)      reduce the rate of or extend the time for payment of
interest on any Security; 
 (iii)      reduce the principal of or change the
Stated Maturity of any Security; 
 (iv)      reduce the premium payable upon the
redemption of any Security or change the time at which any Security may be redeemed in accordance with Article 3; 

 (v)      make any Security payable in money other than that stated in such Security;

 (vi)      impair the right of any Holder to receive payment of, principal of,
premium, if any, and interest on such Holder’s Securities on or after the date due or to institute 
  

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suit for the enforcement of any payment on or with respect to such Holder’s Securities; 

(vii)        make any change in Section 6.04 or 6.07 or the second sentence of
this Section 9.02(a); 
 (viii)       expressly subordinate the Securities or
any Guarantee or otherwise modify the ranking thereof to any other Indebtedness of the Company or any Guarantor; 

(ix)        modify the Guarantees in any manner adverse to the Holders; or 

(x)         make any change in the provisions in the Intercreditor Agreement or
this Indenture dealing with the application of proceeds of Collateral that would adversely affect the Holder of the Securities. 
 It shall not
be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

(b)         Notwithstanding the requirements of Sections 9.02(a) and (b), any amendment to, or
waiver of, the provisions of this Indenture, any Security Document or any other indenture governing Permitted Additional Pari Passu Obligations that has the effect of releasing all or substantially all of the Collateral from the Liens securing the
Securities or otherwise modifies the Intercreditor Agreement or other Security Documents in any manner adverse in any material respect to the Holders of the Securities will require the consent of the Holders of at least
66 2/3% in aggregate principal amount of the
Securities and any Permitted Additional Pari Passu Obligations then outstanding. 

(c)         After an amendment under this Section 9.02 becomes effective, the Company shall
mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 

SECTION 9.03.       Compliance with Trust Indenture Act.  From the date on which this
Indenture is qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Securities shall comply with the TIA as then in effect. 

SECTION 9.04.       Revocation and Effect of Consents and Waivers. 

(a)         A consent to an amendment or a waiver by a Holder of a Security shall bind the
Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or
subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the
Company certifying that the requisite principal amount of Securities have consented. 
  

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After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Company or the Trustee of consents by the
Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such
amendment or waiver (or supplemental indenture) by the Company and the Trustee. 

(b)         The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05.       Notation on or Exchange of Securities.  If an amendment, supplement
or waiver changes the terms of a Security, the Company may require the Holder of the Security to deliver it to the Registrar. The Registrar may place an appropriate notation on the Security regarding the changed terms and return it to the Holder.
Alternatively, if the Company or the Registrar so determines, the Company in exchange for the Security shall issue and the Authentication Agent shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate
notation or to issue a new Security shall not affect the validity of such amendment, supplement or waiver. 
 SECTION
9.06.       Trustee to Sign Amendments.  The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to
Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement
or waiver is the legal, valid and binding obligation of the Company and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03).

 SECTION 9.07.       Payment for Consent.  Neither the Company nor any
Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Securities unless such consideration is offered to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement. 
 SECTION 9.08.       Additional Voting Terms; Calculation of Principal
Amount.  Except as provided in the proviso to the first sentence of Section 9.02(a), all Securities issued 
  

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under this Indenture shall vote and consent together on all matters (as to which any of such Securities may vote) as one class and no series of Securities will have the right to vote or consent
as a separate class on any matter. Determinations as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver or consent shall be made in accordance with this Article 9 and
Section 2.14. 
 ARTICLE 10 

GUARANTEES 

SECTION 10.01.        Guarantees. 

(a)         Each Guarantor hereby jointly and severally, irrevocably and unconditionally
guarantees, as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise,
of all obligations of the Company under this Indenture (including obligations to the Trustee, Collateral Agent, Paying Agent, Registrar and Authentication Agent) and the Securities, whether for payment of principal of, premium, if any, or interest
on in respect of the Securities and all other monetary obligations of the Company under this Indenture and the Securities and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company whether
for fees, expenses, indemnification or otherwise under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any
Guaranteed Obligation. 
 (b)         Each Guarantor waives presentation to, demand of
payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of each
Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other
agreement or otherwise; (ii) any extension or renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or
any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor
of the Guaranteed Obligations; or (vi) any change in the ownership of such Guarantor, except as provided in Section 10.02(b). 

(c)         Each Guarantor hereby waives any right to which it may be entitled to have its
obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be
used and depleted as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed 

 

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from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated against such
Guarantor. 
 (d)         Each Guarantor further agrees that its Guarantee herein
constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed
Obligations. 
 (e)         Except as expressly set forth in Sections 8.01(b),
10.02 and 10.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not
be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other
agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might
in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 

(f)         Except as set forth in Sections 8.01 and 10.02, each Guarantor agrees that its
Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Except as set forth in Sections 8.01 and 10.02, each Guarantor further agrees that its Guarantee herein shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Company or otherwise. 
 (g)         In furtherance of the foregoing and not in
limitation of any other right which any Holder or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall
become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or
cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent
not prohibited by applicable law) and (iii) all other monetary obligations of the Company to the Holders and the Trustee in respect of the Guaranteed Obligations. 

(h)         Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, 

 

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on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the
purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of
such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 10.01. 

(i)         Each Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

(j)         Upon request of the Trustee, each Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

(k)         Any Guarantee given by any direct or indirect parent of the Company may be released
and discharged from all obligations under this Article 10 at any time upon written notice to the Trustee from such direct or indirect parent of the Company. 

SECTION 10.02.     Limitation on Liability. 

(a)         Any term or provision of this Indenture to the contrary notwithstanding, the maximum
aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture or the Guarantee, as each relates to such Guarantor, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

(b)         A Guarantee as to any Guarantor shall automatically terminate and be of no further
force or effect and such Guarantor shall be deemed to be released and discharged from all obligations under this Article 10 upon: 

(i)         the sale, disposition or other transfer (including through merger or
consolidation) of all of the Capital Stock of such Guarantor, all or substantially all the assets of such Guarantor or a portion of the Capital Stock of such Guarantor if as a result thereof such Guarantor is no longer a Restricted Subsidiary, in
each case if such sale, disposition or other transfer is made in compliance with this Indenture; 

(ii)        the Company designating such Guarantor to be an Unrestricted Subsidiary in
accordance with the provisions set forth in Section 4.04 and the definition of “Unrestricted Subsidiary”; 

(iii)       in the case of any Restricted Subsidiary which after the Issue Date is required
to guarantee the notes pursuant to Section 4.11, the release or discharge of the guarantee by such Restricted Subsidiary of the Indebtedness of the Company or its 

 

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Domestic Subsidiary which resulted in the obligation to guarantee the Securities or the repayment of the Indebtedness of the Company or its Domestic Subsidiary which resulted in the obligation to
guarantee the Securities; 
 (iv)        the Company’s exercise of its
legal defeasance option or covenant defeasance option as described under Section 8.01 or if the Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture; or 

(v)         upon the liquidation or dissolution of such Guarantor,
provided no Default or Event of Default has occurred or is continuing. 

(c)         A Guarantee also shall be automatically released upon the applicable Subsidiary
ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Credit Agreement or other exercise of remedies in respect thereof. 

SECTION 10.03.     Successors and Assigns.  This Article 10 shall be binding upon each
Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges
conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 10.04.     No Waiver.  Neither a failure nor a delay on the part of either the Trustee or
the Holders in exercising any right, power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights,
remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise.

 SECTION 10.05.     Modification.  No modification, amendment or waiver of any provision
of this Article 10, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.06.     Execution of Supplemental Indenture for Future Guarantors.  Each Subsidiary and
other Person which is required to become a Guarantor pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary or other
Person shall become a Guarantor under this Article 10 and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel
and an Officers’ Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium,
fraudulent conveyance or 
  

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transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such
Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 

SECTION 10.07.     Non-Impairment.  The failure to endorse a Guarantee on any Security shall not
affect or impair the validity thereof. 
 ARTICLE 11 

SECURITY 

SECTION 11.01.     Security Documents; Additional Collateral; Intercreditor Agreement. 

(a)         Security Documents.  In order to secure the due and punctual
payment of the Note Obligations and any Permitted Additional Pari Passu Obligations, the Company, the Guarantors, the Collateral Agent and the other parties thereto have simultaneously with the execution of this Indenture entered or, in accordance
with the provisions of Section 4.10, Section 4.11, Section 4.17 and this Article 11, will enter into the Security Documents. In the event of a conflict or inconsistency between the terms of this Indenture and the Security Documents,
the Security Documents shall control. 
 The Company shall, and shall cause each Restricted Subsidiary to, and each Restricted
Subsidiaries shall, make all filings (including filings of continuation statements and amendments to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) and take all other actions as are
reasonably necessary or required by the Security Documents to maintain (at the sole cost and expense of the Company and its Restricted Subsidiaries) the security interest created by the Security Documents in the Collateral (other than with respect
to any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected first priority security interest subject only to Permitted Liens. 

(b)         Additional Collateral.  With respect to assets acquired after the
Issue Date, the applicable Company or Guarantor will take the actions required by the Security Agreement or Section 4.16 of this Indenture. 

(c)         Intercreditor Agreement.  The Security Documents, the Trustee, the
Collateral Agent and the Holders are bound by the terms of the Intercreditor Agreement and each Holder of a Security, by accepting such Security, agrees to all the terms and provisions of the Intercreditor Agreement and the other Security Documents.
Notwithstanding anything to the contrary, (i) the liens and security interests granted to the Collateral Agent pursuant to the Security Documents and all rights and obligations of the Trustee and Collateral Agent hereunder are expressly subject
to the Intercreditor Agreement and (ii) the exercise of any right or remedy by the Trustee hereunder is subject to the limitation and provisions of the Intercreditor Agreement. 

 

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In the event of any conflict or inconsistency between the terms of the Intercreditor Agreement and the terms of this Indenture, the terms of the Intercreditor Agreement, shall govern. 

SECTION 11.02.     Recording, Registration and Opinions.  The Company and the Guarantors shall
furnish to the Trustee and the Collateral Agent at least thirty (30) days prior to the anniversary of the Issue Date in each year an Opinion of Counsel, dated as of such date, either (i) stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording, and refiling of this Indenture or the Security Documents, as applicable, as are necessary to maintain the perfected Liens of the applicable Security Documents securing the
Note Obligations under applicable law to the extent required by the Security Documents other than any action as described therein to be taken and such opinion may refer to prior Opinions of Counsel and contain customary assumptions, qualifications
and exceptions and may rely on an Officers’ Certificate of the Company or (ii) stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens or security interests. 

SECTION 11.03.     Releases of Collateral.  The Liens securing the Securities and the Guarantees
will, automatically and without the need for any further action by any Person be released: 

(1)         in whole or in part, as applicable, as to all or any the portion of
property subject to such Liens which has been taken by eminent domain, condemnation or other similar circumstances in accordance with the terms of Section 4.06; 

(2)         in whole upon: 

(a)         payment in full of the principal of, together with accrued and
unpaid interest (including Additional Interest, if any) on, the Securities and all other Obligations under this Indenture, the Guarantees and the Security Documents that are due and payable at or prior to the time such principal, together with
accrued and unpaid interest (including Additional Interest, if any), are paid; 

(b)         satisfaction and discharge of this Indenture as set forth under
Article 8; or 
 (c)         a legal defeasance or covenant defeasance
of this Indenture as set forth under Article 8; 
 (3)         in part,
as to any property that (a) is sold, transferred or otherwise disposed of by the Company or any Guarantor (other than to the Company or another Guarantor) in a transaction not prohibited by this Indenture at the time of such transfer or
disposition, including, without limitation, as a result of a transaction of the type permitted under Sections 4.06 and 5.01 or (b) is owned or at any time acquired by a Guarantor that has been released from its Guarantee, concurrently with the
release of such Guarantee; 
  

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 (4)         as to property that
constitutes all or substantially all of the Collateral securing the Securities, with the consent of each Holder of the Securities and each holder of any Permitted Additional Pari Passu Obligations outstanding; 

(5)         as to property that constitutes less than all or substantially all of
the Collateral securing the Securities, with the consent of the Holders of at least
66 2/3% of the aggregate principal amount of
Securities and any Permitted Additional Pari Passu Obligations outstanding; 

(6)         as to any MTBE Assets (including the Capital Stock of any Permitted
MTBE Joint Venture) subject to a security interest granted under a mortgage, security agreement or other security interest in favor of the Collateral Agent, upon the earlier of (a) the Company’s written request and (b) the disposition
of such MTBE Asset; 
 (7)         as to (A) any Capital Stock of
an Unrestricted Subsidiary or any MTBE Subsidiary that is a Restricted Subsidiary or (B) the real property upon which the MTBE Assets are situated, upon (i) the release of such Capital Stock or real property, as applicable, from the
security interest granted pursuant to the ABL Security Documents, in each case other than in connection with a Discharge of ABL Obligations and (ii) solely with respect to such real property, the Collateral Agent’s receipt from the Company
of an Officers’ Certificate certifying that the release of such real property does not materially adversely affect or impair (1) the business operations of the Company and its Restricted Subsidiaries as a whole or (2) the validity or
priority of the Lien of the Security Documents on the balance of the Mortgaged Property; and 

(8)         in part or in whole, in accordance with the applicable provisions of
the Security Documents and the Intercreditor Agreement. 
 In addition, to the extent necessary and for so long as required for such Guarantor
not to be subject to any requirement pursuant to Rule 3-16 of Regulation S-X under the Securities Act to file separate financial statements with the SEC (or any other governmental agency), the Capital Stock and other securities of any Guarantor
shall not be included in the Collateral with respect to the Securities (or any Permitted Additional Pari Passu Obligations outstanding) so affected and shall not be subject to the Liens securing such Securities and any Permitted Additional Pari
Passu Obligations. Upon receipt of an Officers’ Certificate from the Company as described in Section 11.04 below, and any necessary or proper instruments of termination, satisfaction or release prepared by the Company, the Collateral Agent
shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the Intercreditor Agreement. 

SECTION 11.04.     Form and Sufficiency of Release.  In the event that either the Company or any
Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the Company or any
Guarantor, and the Company or such Guarantor requests the Trustee to furnish a written disclaimer, release or quitclaim of any interest in such property under this Indenture, the applicable Guarantee and the

  

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Security Documents, upon receipt of an Officers’ Certificate and Opinion of Counsel to the effect that such release complies with Section 11.03 and specifying the provision in
Section 11.03 pursuant to which such release is being made (upon which the Trustee may exclusively and conclusively rely), the Trustee shall execute, acknowledge and deliver to the Company or such Guarantor (or instruct the Collateral Agent to
do the same) such an instrument in the form provided by the Company, and providing for release without recourse and shall take such other action as the Company or such Guarantor may reasonably request and as necessary to effect such release.

 SECTION 11.05.     Possession and Use of Collateral.  Subject to the provisions of the
Security Documents, the Company and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than Trust Monies held by the Collateral Agent, other
monies or U.S. Government Obligations deposited pursuant to Article 8, and other than as set forth in the Security Documents and this Indenture), to freely operate, manage, develop, lease, use, consume and enjoy the Collateral (other than Trust
Monies held by the Collateral Agent, other monies and U.S. Government Obligations deposited pursuant to Article 8 and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such
alterations and repairs do not impair the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income
thereof and to effect transactions permitted under Sections 4.06 and 5.01. 
 SECTION 11.06.     Reports
and Certificates Relating to Collateral. 
 (a)         From the date on which this
Indenture is qualified under the TIA, to the extent applicable, the Company shall cause Section 313(b)(1) of the TIA, relating to reports, and Section 314(d) of the TIA, relating to the release of property or securities subject to the Lien
of the Security Documents, to be complied with. 
 (b)         Any release of
Collateral permitted by Section 11.03 shall be deemed not to impair the Liens under this Indenture and the Security Agreement and the other Security Documents in contravention thereof. From the date on which this Indenture is qualified under
the TIA, any certificate or opinion required under Section 314(d) of the TIA may be made by an officer or legal counsel, as applicable, of the Company except in cases where Section 314(d) of the TIA requires that such certificate or
opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected by the Company. 

(c)         From the date on which this Indenture is qualified under the TIA, notwithstanding
anything to the contrary in this Section 11.06, the Company and the Guarantors shall not be required to comply with all or any portion of Section 314(d) of the TIA if they reasonably determine that under the terms of Section 314(d) of
the TIA or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or any portion of Section 314(d) of the TIA is inapplicable to any release or series
of releases of Collateral. 
  

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 SECTION 11.07.  Collateral Agent. 

(a)        The Trustee and each of the Holders by acceptance of the Securities hereby
acknowledge the Company’s appointment of the Collateral Agent as the Trustee’s collateral agent under this Indenture and the Security Documents and the Trustee and each of the Holders by acceptance of the Securities hereby irrevocably
authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture and the Security Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms
of this Indenture and the Security Documents, together with such powers as are reasonably incidental thereto. The Collateral Agent agrees to act as such on the express conditions contained in this Section 11.07. The provisions of this
Section 11.07 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor the Company or any of the Guarantors shall have any rights as a third party beneficiary of any of the provisions contained herein
other than as expressly provided in Section 11.03. Notwithstanding any provision to the contrary contained elsewhere in this Indenture and the Security Documents, the Collateral Agent shall not have any duties or responsibilities, except those
expressly set forth herein or in the Security Documents, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with the Trustee, any Holder or the Company or any Guarantor, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” in this Indenture with reference to the Collateral Agent shall not be construed to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Except as expressly otherwise provided in this Indenture and the Security Documents, the
Collateral Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions which the Collateral Agent is expressly entitled to take or
assert under this Indenture and the Security Documents, including the exercise of remedies pursuant to Article Six, and any action so taken or not taken shall be deemed consented to by the Trustee and the Holders. 

(b)        The Collateral Agent may execute any of its duties under this Indenture and the
Security Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of
any agent, employee or attorney-in-fact that it selects as long as such selection was made without negligence or willful misconduct. 

(c)        None of the Collateral Agent or any of its agents or employees shall (i) be
liable for any action taken or omitted to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own negligence or willful misconduct) or under or in connection with any Security
Document or the transactions contemplated thereby (except for its own negligence or willful misconduct), or (ii) be responsible in any manner to the Trustee or any Holder for any recital, statement, representation, warranty, covenant or

  

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agreement made by the Company or any Guarantor, contained in this Indenture or any indenture, or in any certificate, report, statement or other document referred to or provided for in, or
received by the Collateral Agent under or in connection with, this Indenture or any other indenture, the Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture or any other indenture or the
Security Documents, or for any failure of the Company or any Guarantor or any other party to this Indenture or the Security Documents to perform its obligations hereunder or thereunder. None of the Collateral Agent or any of its agents or employees
shall be under any obligation to the Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Indenture or any other indenture or the Security Documents or to
inspect the properties, books or records of the Company or any Guarantor. 

(d)        The Collateral Agent shall not be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default, unless the Collateral Agent shall have received written notice from the Trustee or the Company referring to this Indenture, describing such Default or Event of Default and stating that such notice is a
“notice of default.” The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article Six (subject to this Section 11.07); provided,
however, that unless and until the Collateral Agent has received any such request, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as
it shall deem advisable. 
 (e)        A resignation or removal of the Collateral Agent
and appointment of a successor Collateral Agent shall become effective only upon the successor Collateral Agent’s acceptance of appointment as provided in this Section 11.07(e). The Collateral Agent may resign in writing at any time by so
notifying the Company, the Trustee and each trustee, agent or representative of holders of Permitted Additional Pari Passu Obligations at least 30 days prior to the proposed date of resignation. The Company may remove the Collateral Agent if:
(i) the Collateral Agent (x) fails to meet the requirements for being a Trustee under Section 7.10 (prior to the discharge or defeasance of this Indenture) and (y) following the discharge or defeasance of this Indenture, fails to
meet the requirements for being the trustee, agent or representative of holders of any extant Permitted Additional Pari Passu Obligations; (ii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Collateral Agent under any Bankruptcy Law; (iii) a custodian or public officer takes charge of the Collateral Agent or its property; or (iv) the Collateral Agent becomes incapable of acting. If the Collateral Agent resigns
or is removed or if a vacancy exists in the office of Collateral Agent for any reason, the Company shall promptly appoint a successor Collateral Agent which complies with the eligibility requirements contained in this Indenture and each indenture,
credit agreement or other agreements which any Permitted Additional Pari Passu Obligations (other than Additional Securities) are incurred. If a successor Collateral Agent does not take office within 10 days after the retiring Collateral Agent
resigns or is removed, the retiring Collateral Agent, the Company or the holders of at least 10% in principal amount of the then outstanding principal amount of (x) the Securities (other than any Additional Securities except to the extent
constituting Permitted Additional Pari Passu Obligations) and (y) Permitted Additional Pari Passu Obligations (to the extent the trustee, agent or representative of holders of such Permitted Additional Pari Passu

  

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Obligations executed a joinder to the Security Agreement) may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent. A successor Collateral Agent shall
deliver a written acceptance of its appointment to the retiring Collateral Agent and to the Company. Thereupon, the resignation or removal of the retiring Collateral Agent shall become effective, and the successor Collateral Agent shall have all the
rights, powers and the duties of the Collateral Agent under this Indenture and the Security Documents. The successor Collateral Agent shall mail a notice of its succession to the Trustee and each trustee, agent or representative of holders of
Permitted Additional Pari Passu Obligations. The retiring Collateral Agent shall promptly transfer all property held by it as Collateral Agent to the successor Collateral Agent, provided that all sums owing to the Collateral Agent hereunder
have been paid. Notwithstanding replacement of the Collateral Agent pursuant to this Section 11.07(e), the Company’s obligations under this Section 11.07 and Section 11.12 shall continue for the benefit of the retiring Collateral
Agent. 
 (f)        Except as otherwise explicitly provided herein or in the Security
Documents, neither the Collateral Agent nor any of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to
sell or otherwise dispose of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The Collateral Agent shall be accountable only for amounts that it actually
receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its own willful misconduct, gross
negligence or bad faith. 
 (g)        The Trustee is authorized and directed by the
Holders and the Holders by acquiring the Securities and deemed to have authorized the Trustee, as applicable, to (i) enter into the Security Documents, (ii) bind the Holders on the terms as set forth in the Security Documents and
(iii) perform and observe its obligations under the Security Documents. The Collateral Agent is authorize and directed by the Trustee and the Holders and the Holders by acquiring the Securities and deemed to have authorized the Collateral Agent
to (i) enter into the Security Documents, (ii) bind the Trustee and the Holders on the terms as set forth in the Security Documents and (iii) perform and observe its obligations under the Security Documents. 

(h)        The Collateral Agent shall have no obligation whatsoever to the Trustee or any of the
Holders to assure that the Collateral exists or is owned by the Company and the Guarantors or is cared for, protected or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully
created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all of the Grantor’s property constituting collateral intended to be subject to the Lien and security interest of the
Security Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of
care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent pursuant to this Indenture or any Security Document, it being understood and agreed that in respect of
the Collateral, or any act, omission or event related thereto, the Collateral Agent may act 
  

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in any manner it may deem appropriate, in its sole discretion given the Collateral Agent’s own interest in the Collateral, and that the Collateral Agent shall have no other duty or liability
whatsoever to the Trustee or any Holder as to any of the foregoing. 
 (i)        The
Collateral Agent (i) shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers, or for any error of judgment made in good faith by an authorized
officer, unless it is proved that the Collateral Agent was negligent in ascertaining the pertinent facts, (ii) shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing with the Company
(and money held in trust by the Collateral Agent need not be segregated from other funds except to the extent required by law), and (iii) may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law
shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it in good faith and in accordance with the advice or opinion of such counsel. The grant of permissive rights or powers to
the Collateral Agent shall not be construed to impose duties to act. 

(j)        Notwithstanding anything to the contrary in this Indenure (including this Article
11), in the event of a foreclosure on the Mortgaged Property and/or the exercise of its remedies under the Security Documents, the Trustee and Collateral Agent agree that they shall not take any action that results in the disturbance, extinguishment
or termination of any Permitted Liens granted pursuant to clause 6(B) of the definition thereof. Upon the request of the Company, the Collateral Agent shall enter into (x) in the case of any such Permitted Lien that is a lease, a subordination
non-disturbance and attornment agreement and (y) in the case of any such other Permitted Lien, a nondisturbance agreement, consent or such other agreement which, in each case, confirms that in the event of a foreclosure on the Mortgaged
Property and/or exercise of remedies under the Security Documents, the Collateral Agent (and its successors and assigns) will not disturb, extinguish or terminate any such Permitted Liens (or the rights thereunder). Any request by the Company
pursuant to the preceding sentence shall be evidenced by a certificate from an officer of the Company which certificate shall certify that (1) the Permitted Liens in question do not materially adversely affect or impair (A) the business
operations of the Company and its Restricted Subsidiaries as a whole or (B) the validity or priority of the Lien of the Mortgages on the balance of the Mortgaged Property and (2) the applicable non-disturbance agreement, consent or other
agreement provides that the Permitted Liens in question are subordinate to the Lien in favor of the Collateral Agent on the Mortgaged Property. 

SECTION 11.08.    Purchaser Protected.  No purchaser or grantee of any property or rights
purporting to be released shall be bound to ascertain the authority of the Collateral Agent or Trustee to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority so long as the
conditions set forth in Section 11.04 have been satisfied. 
 SECTION 11.09.    Authorization of
Actions to Be Taken by the Collateral Agent Under the Security Documents.  The Holders of Securities agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits
provided to the Collateral Agent by the Security Documents. Furthermore, each holder of a Security, by 
  

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accepting such Security, consents to the terms of and authorizes and directs the Trustee (in each of its capacities) and the Collateral Agent to enter into and perform the Security Documents in
each of its capacities thereunder. 
 SECTION 11.10.    Authorization of Receipt of Funds by the Trustee
Under the Security Agreement.  The Trustee is authorized to receive any funds for the benefit of Holders distributed under the Security Documents to the Trustee, to apply such funds as provided in Section 6.10. 

SECTION 11.11.    Powers Exercisable by Receiver or Collateral Agent.  In case the Collateral shall
be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 11 upon the Company or any Guarantor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by
such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions
of this Article 11. 
 SECTION 11.12.    Compensation and Indemnification.  The Collateral
Agent shall be entitled to the compensation and indemnification set forth in Section 7.07 (with the references to the Trustee therein being deemed to refer to the Collateral Agent). 

ARTICLE 12 

APPLICATION OF TRUST MONIES 

SECTION 12.01.    Collateral Account.  All Trust Monies received by the Paying Agent or the
Collateral Agent shall be maintained with the Collateral Agent in the Collateral Account. The Collateral Account shall be established and maintained by the Collateral Agent at the office of the Collateral Agent or as a deposit account or securities
account subject to a control agreement in favor of the Collateral Agent. 
 SECTION 12.02.    Withdrawal
of Net Cash Proceeds to Fund an Asset Sale Offer.  To the extent that any Trust Monies consist of Net Cash Proceeds received by the Collateral Agent pursuant to the provisions of Section 4.06 and an Asset Sale Offer has been made
in accordance therewith, such Trust Monies may be withdrawn by the Company and shall be paid by the Trustee to the Paying Agent for application in accordance with Section 4.06 upon written notice by the Company to the Trustee and upon receipt
by the Trustee and the Collateral Agent of an Officers’ Certificate, dated not more than 10 days prior to the date of purchase, stating: 

(1)        that no Event of Default shall have occurred and be continuing; 

(2)        (x) that such Trust Monies constitute Net Cash Proceeds or
(y) that pursuant to and in accordance with Section 4.06, the Company has made an Asset Sale Offer and (z) the amount of Excess Proceeds to be applied to the repurchase of the Securities and Permitted Additional Pari Passu Obligations
pursuant to the Asset Sale Offer; 
  

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 (3)         the date of purchase;
and 
 (4)         that all conditions precedent and covenants herein
provided for relating to such application of Trust Monies have been complied with. 
 Upon compliance with the foregoing
provisions of this Section 12.02, the Paying Agent shall apply the Trust Monies as directed and specified by the Company. 

SECTION 12.03.     Withdrawal of Trust Monies for Investment in Replacement Assets.  In the event
the Company intends to reinvest Net Cash Proceeds of an Asset Sale or Casualty or Condemnation Event in assets in compliance with Section 4.06 (“Replacement Assets”), such Net Cash Proceeds constituting Trust Monies (the
“Released Trust Monies”) may be withdrawn by the Company and shall be paid by the Collateral Agent to the Company upon receipt by the Trustee and the Collateral Agent of a notice from the Company (i) referring to this
Section 12.03, (ii) describing with particularity the Released Trust Monies, (iii) describing the intended use of the Released Trust Monies and stating that such use shall comply with Section 4.06, (iv) stating that the
release of the Released Trust Monies shall not result in a Event of Default hereunder and (v) stating that all conditions precedent herein to such release have been complied with. Upon compliance with the foregoing provisions, the Paying Agent
shall apply the Released Trust Monies as directed and specified by the Company. 
 SECTION 12.04.    
Investment of Trust Monies.  So long as no Event of Default shall have occurred and be continuing, all or any part of any Trust Monies held by (or held in account subject to the sole control of) the Collateral Agent shall from time
to time be invested or reinvested by the Collateral Agent in any Cash Equivalents pursuant to a written request by the Company in the form of an Officers’ Certificate, which shall specify the Cash Equivalents in which such Trust Monies shall be
invested and shall certify that such investments constitute Cash Equivalents; and the Collateral Agent shall sell any such Cash Equivalent only upon receipt of such a written request by the Company specifying the particular Cash Equivalent to be
sold. So long as no Event of Default occurs and is continuing, any interest or dividends accrued, earned or paid on such Cash Equivalents (in excess of any accrued interest or dividends paid at the time of purchase) that may be received by the
Collateral Agent shall be forthwith paid to the Company. Such Cash Equivalents shall be held by the Collateral Agent as a part of the Collateral, subject to the same provisions hereof as the cash used by it to purchase such Cash Equivalents.

 The Trustee and Collateral Agent shall not be liable or responsible for any loss resulting from such investments or sales
except only for its own negligent action, its own negligent failure to act or its own willful misconduct in complying with this Section 12.04. 

SECTION 12.05.     Use of Trust Monies; Retirement of Securities.  The Paying Agent shall apply
Trust Monies not reinvested pursuant to Section 12.04, not required to be applied to fund an Asset Sale Offer or required to be held pending application to the acquisition of Replacement Assets from time to time to the payment of the principal
of, premium, and interest on, any Securities and any Permitted Additional Pari Passu Obligations by lot or by such other method as the Registrar shall deem to be fair and appropriate (in such manner as complies with applicable legal requirements and
provided that the Registrar shall not select Securities or such 
  

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other Permitted Additional Pari Passu Obligations for purchase which would result in a Holder with a principal amount of Securities or such other Permitted Additional Pari Passu Obligations less
than the applicable minimum denomination to the extent practicable), on any redemption date or the maturity date or to the redemption thereof or the purchase thereof upon tender or in the open market or at private sale or upon any exchange or in any
one or more of such ways, including, without limitation, pursuant to a Change of Control Offer or an Asset Sale Offer, as the Company shall request in writing, upon receipt by the Trustee and the Paying Agent of the following: 

(a)         an Officers’ Certificate, dated not more than 10 days prior to
the date of the relevant application, stating: 
 (1)         that no
Event of Default exists unless such Event of Default would be cured thereby; and 

(2)         that all conditions precedent and covenants herein provided for
relating to such application of Trust Monies have been complied with; and 

(b)         an Opinion of Counsel stating that all conditions precedent herein
provided for relating to such application of Trust Monies have been complied with. Such Opinion of Counsel may rely on an Officers’ Certificate of the Company. 

Upon compliance with the foregoing provisions of this Section 12.05, the Paying Agent shall apply Trust Monies as directed and
specified by the Officers’ Certificate. 
 SECTION 12.06.     Disposition of Securities
Retired.  All Securities received by the Trustee and for whose purchase Trust Monies are applied under Section 12.05, if not otherwise cancelled, shall be promptly delivered to the Registrar for cancellation and destruction in
accordance with the Registrar’s customary procedures. 
 ARTICLE 13 

MISCELLANEOUS 

SECTION 13.01.     Trust Indenture Act Controls.  From the date on which this Indenture is
qualified under the TIA, if and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by
operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall control. 

SECTION 13.02.     Notices. 

(a)         Any notice or communication required or permitted hereunder shall be in writing and
delivered in person, via facsimile or mailed by first-class mail addressed as follows: 
  

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 if to the Company or a Guarantor: 

TPC Group LLC 

5151 San Felipe, Suite 800 

Houston, Texas 77056 

Atn: Legal 

Facsimile: (713) 475-5221 

if to the Trustee: 

Wilmington Trust Company 

Rodney Square North 

1100 N. Market Street 

Wilmington, DE 19890-0001 

Attn: Corporate Capital Markets 

Facsimile: (302) 636-4145 

If to the Paying Agent, Registrar or Collateral Agent 

Deutsche Bank Trust Company Americas 

60 Wall Street,
27th Floor MS-NYC60-2710 

New York, NY 10005 

Facsimile: (732) 578-4635 

The Company, Deutsche Bank in any of its capacities, or the Trustee by notice to the other parties hereto may designate additional or different addresses
for subsequent notices or communications. 
 (b)         Any notice or communication
mailed to a Holder shall be mailed, first class mail, to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c)         Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received.

 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for
notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depository for such Security (or its designee), pursuant to the
customary procedures of such Depository. 
 SECTION 13.03.     Communication by the Holders with Other
Holders.  The Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect 

 

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to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 

SECTION 13.04.     Certificate and Opinion as to Conditions Precedent.  Upon any request or
application by the Company to the Trustee, the Registrar or the Paying Agent to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee, Registrar or Paying Agent, as applicable, at the request of the
such party: 
 (a)         an Officers’ Certificate in form
reasonably satisfactory to the requesting party stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)         an Opinion of Counsel in form reasonably satisfactory to the
requesting party stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

SECTION 13.05.     Statements Required in Certificate or Opinion.  Each certificate or opinion with
respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a)         a statement that the individual making such certificate or opinion
has read such covenant or condition; 
 (b)         a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c)         a statement that, in the opinion of such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)         a statement as to whether or not, in the opinion of such individual,
such covenant or condition has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

SECTION 13.06.     When Securities Disregarded.  In determining whether the Holders of the required
principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company, any Guarantor or by any Affiliate of the Company or any Guarantor shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination. 
  

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 SECTION 13.07.    Rules by Trustee, Paying Agent and
Registrar.  The Trustee may make reasonable rules for action by or a meeting of the Holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 

SECTION 13.08.    Legal Holidays.  If a payment date is not a Business Day, payment shall be made
on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular record date is not a
Business Day, the record date shall not be affected. 
 SECTION 13.09.     Governing
Law.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 13.10.     No Recourse Against Others.  No past, present or future director, officer,
partner, employee, incorporator, manager or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under
the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release
contained in this Section 13.10 are part of the consideration for issuance of the Securities. 
 SECTION
13.11.     Successors.  All agreements of the Company and each Guarantor in this Indenture and the Securities shall bind its successors. All agreements of the Trustee, the Collateral Agent, Paying Agent,
Registrar and Authentication Agent in this Indenture shall bind its successors. 
 SECTION 13.12.    
Multiple Originals.  The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture.

 SECTION 13.13.     Table of Contents; Headings.  The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 SECTION 13.14.     Indenture Controls.  If and to the extent that any provision of the
Securities limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 

SECTION 13.15.     Severability.  In case any provision in this Indenture shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
  

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 SECTION 13.16.     Waiver of Jury Trial.  EACH OF THE
COMPANY, THE GUARANTORS, THE TRUSTEE, THE PAYING AGENT, THE REGISTRAR, THE TRANSFER AGENT AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION
13.17.     Patriot Act.  The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified
or supplemented from time to time, the “USA Patriot Act”), the Trustee, the Paying Agent, the Authentication Agent and the Registrar, like all financial institutions, are required to obtain, verify and record information that identifies
each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee, the Paying Agent, the Authentication Agent, and the Registrar with such information as the Trustee, the Paying Agent, the
Authentication Agent and the Registrar may reasonably request in order for the Trustee, the Paying Agent, the Authentication Agent and the Registrar to satisfy the requirements of the USA Patriot Act. 

 

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

					
	TPC GROUP LLC
		
	By:	    	 /s/ Christopher A. Artzer

		    	Name:	    	Christopher A. Artzer
		    	Title:	    	Vice President & General Counsel

  

 S-1 

					
	GUARANTORS:
	
	TP CAPITAL CORP
		
	By:	  	 /s/ Christopher A. Artzer

		  	Name:	  	Christopher A. Artzer
		  	Title:	  	Vice President & General Counsel
	
	PORT NECHES FUELS, LLC
		
	By:	  	 /s/ Christopher A. Artzer

		  	Name:	  	Christopher A. Artzer
		  	Title:	  	Vice President & General Counsel
	
	TEXAS BUTYLENE CHEMICAL CORPORATION
		
	By:	  	 /s/ Christopher A. Artzer

		  	Name:	  	Christopher A. Artzer
		  	Title:	  	Vice President & General Counsel
	
	 TEXAS OLEFINS DOMESTIC

INTERNATIONAL SALES CORPORATION

		
	By:	  	 /s/ Christopher A. Artzer

		  	Name:	  	Christopher A. Artzer
		  	Title:	  	Vice President & General Counsel

  

 S-2 

					
	WILMINGTON TRUST COMPANY, as Trustee
		
	By:	 	 /s/ Michael G. Oller, Jr.

		 	Name:	 	Michael G. Oller, Jr.
		 	Title:	 	Assistant Vice President

  

 S-3 

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Registrar, Paying Agent, Authentication Agent
		
	By:	  	 /s/ Annie Jaghatspanyan

		  	Name:	  	Annie Jaghatspanyan
		  	Title:	  	Vice President
		
	By:	  	 /s/ Carol Ng

		  	Name:	  	Carol Ng
		  	Title:	  	Vice President

  

 S-4 

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	  	 /s/ Annie Jaghatspanyan

		  	Name:	  	Annie Jaghatspanyan
		  	Title:	  	Vice President
		
	By:	  	 /s/ Carol Ng

		  	Name:	  	Carol Ng
		  	Title:	  	Vice President

  

 S-5 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL SECURITIES, ADDITIONAL SECURITIES AND EXCHANGE SECURITIES 

1.        Definitions. 

1.1      Definitions. 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency.

 “Definitive Security” means a certificated Initial Security or Exchange Security (bearing the Restricted
Securities Legend if the transfer of such Security is restricted by applicable law) that does not include the Global Securities Legend. 

“Depository” means, with respect to the Securities, The Depository Trust Company, its nominees and their respective
successors. 
 “Euroclear” means the Euroclear Clearance System or any successor securities clearing agency.

 “Global Securities Legend” means the legend set forth under that caption in the applicable Exhibit to this
Indenture. 
 “IAI” means an institutional “accredited investor” as described in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial Purchasers” means
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Oppenheimer & Co. Inc., Macquarie Capital (USA) Inc. and such other initial purchasers party to the purchase agreement or future purchase agreements entered into in connection with
an offer and sale of Securities. 
 “Purchase Agreement” means (a) the Purchase Agreement dated
September 29, 2010, among the Company, the Guarantors and the Initial Purchasers and (b) any other similar Purchase Agreement relating to Additional Securities. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Registered Exchange Offer” means the offer by the Company, pursuant to the Registration Rights Agreement, to certain
Holders of Initial Securities, to issue and deliver to such Holders, in exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

 “Registration Rights Agreement” means (a) the Registration Rights
Agreement dated as of October 5, 2010 among the Company, the Guarantors and the Initial Purchasers relating to the Securities and (b) any other similar Registration Rights Agreement relating to Additional Securities. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Securities” means all Initial Securities offered and sold outside the United States in reliance on
Regulation S. 
 “Restricted Period,” with respect to any Securities, means the period of 40 consecutive
days beginning on and including the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day
shall be promptly given by the Company to the Trustee and the Registrar, and (b) the Issue Date, and with respect to any Additional Securities that are Transfer Restricted Definitive Securities, it means the comparable period of 40 consecutive
days. 
 “Restricted Securities Legend” means the legend set forth in Section 2.2(f)(i) herein.

 “Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Securities” means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository) or any
successor person thereto, who shall initially be the Registrar. 
 “Shelf Registration Statement” means a
registration statement filed by the Company in connection with the offer and sale of Initial Securities pursuant to the Registration Rights Agreement. 

“Transfer Restricted Definitive Securities” means Definitive Securities and any other Securities that bear or are
required to bear or are subject to the Restricted Securities Legend. 
 “Transfer Restricted Global
Securities” means Global Securities bearing the Restricted Securities Legend. 
 “Unrestricted Definitive
Security” means Definitive Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities Legend. 
  

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 “Unrestricted Global Security” means a Global Security that does not bear
the Restricted Securities Legend. 
 1.2      Other Definitions. 

 

			
	Term:	  	Defined in Section:
		
	 “Agent Members”
	  	2.1(b)
	 “Global Securities”
	  	2.1(b)
	 “Regulation S Global Securities”
	  	2.1(b)
	 “Rule 144A Global Securities”
	  	2.1(b)

2.        The Securities. 

2.1      Form and Dating; Global Securities. 

(a)       The Initial Securities issued on the date hereof will be (i) offered and sold by the
Company pursuant to the Purchase Agreement and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial
Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after the date hereof may be offered and
sold by the Company from time to time pursuant to one or more Purchase Agreements in accordance with applicable law. 

(b)       Global Securities. (i) Rule 144A Securities initially shall be represented by
one or more Securities in fully registered, global form without interest coupons (collectively, the “Rule 144A Global Securities”). Regulation S Securities initially shall be represented by one or more Securities in fully
registered, global form without interest coupons (collectively, the “Regulation S Global Securities”). The term “Global Securities” means, collectively, the Rule 144A Global Securities and the Regulation S Global
Securities. The Global Securities shall bear the Global Security Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent
Member, (ii) be delivered to the Registrar as custodian for such Depository and (iii) bear the Restricted Securities Legend. 

Members of, or direct or indirect participants in, the Depository, Euroclear or Clearstream (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Security held on their behalf by the Depository or under the Global Securities. The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as
the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Registrar or any agent of the Company or the Registrar from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair, as between the Depository, Euroclear or Clearstream, as the case may be, and their respective Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Security. 
  

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 (ii)       Transfers of Global Securities shall be
limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance with
the applicable rules and procedures of the Depository, Euroclear or Clearstream, as the case may be, and the provisions of Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (i) the Depository
(x) notifies the Company that it is unwilling or unable to continue as depository for such Global Security and the Company thereupon fails to appoint a successor depository or (y) has ceased to be a clearing agency registered under the
Exchange Act, or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Security. In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall
be registered in the names, and issued in any approved denominations, requested in writing by or on behalf of the Depository, in accordance with its customary procedures. 

(iii)      In connection with the transfer of a Global Security as an entirety to beneficial owners
pursuant to subsection (i) of this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Registrar for cancellation, and the Company shall execute, and the Authentication Agent shall authenticate and make available
for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. 

(iv)      Any Transfer Restricted Definitive Security delivered in exchange for an interest in a Global
Security pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Securities Legend. 

(v)       Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such
Regulation S Global Security may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi)      The Holder of any Global Security may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

2.2      Transfer and Exchange. 

(a)       Transfer and Exchange of Global Securities.  A Global Security may not be
transferred as a whole except as set forth in Section 2.1(b). Global Securities will not be exchanged by the Company for Definitive Securities except under the circumstances described in Section 2.1(b)(ii). Global Securities also
may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 

(b)       Transfer and Exchange of Beneficial Interests in Global Securities.  The
transfer and exchange of beneficial interests in the Global Securities shall be effected through the 
  

 -4- 

 
Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Securities shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph
(i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i)         Transfer of Beneficial Interests in the Same Global
Security.  Beneficial interests in any Transfer Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Security in accordance with
the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial interest in an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

(ii)         All Other Transfers and Exchanges of Beneficial Interests in
Global Securities.  In connection with all transfers and exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar
(1) a written order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global
Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account
to be credited with such increase; provided that in no event shall a beneficial interest in a Global Security be credited, or an Unrestricted Definitive Security be issued, to a Person who is an affiliate (as defined in Rule 144) of the
Company. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Registrar shall adjust
the principal amount of the relevant Global Security pursuant to Section 2.2(g). 

(iii)        Transfer of Beneficial Interests to Another Transfer Restricted
Global Security.  A beneficial interest in a Transfer Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Security if the
transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 

(A)        if the transferee will take delivery in the form of a beneficial
interest in a Rule 144A Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security; and 
  

 -5- 

 (B)        if the transferee will
take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security. 

(iv)       Transfer and Exchange of Beneficial Interests in a Transfer Restricted
Global Security for Beneficial Interests in an Unrestricted Global Security.  A beneficial interest in a Transfer Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global
Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar
receives the following: 
 (A)        if the holder of such beneficial
interest in a Transfer Restricted Global Security proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security; or

 (B)        if the holder of such beneficial interest in a Transfer
Restricted Global Security proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the
applicable Security, 
 and, in each such case, if the Registrar so requests or if the applicable rules and
procedures of the Depository, Euroclear or Clearstream, as applicable, so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph
(iv) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an Officers’ Certificate in accordance with Section 2.01, the
Authentication Agent shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv).

 (v)        Transfer and Exchange of Beneficial Interests in an
Unrestricted Global Security for Beneficial Interests in a Transfer Restricted Global Security.  Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Transfer Restricted Global Security. 

(c)        Transfer and Exchange of Beneficial Interests in Global Securities for Definitive
Securities.  A beneficial interest in a Global Security may not be exchanged for a Definitive Security except under the circumstances described in Section 2.1(b)(ii). A beneficial interest

  

 -6- 

 
in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security except under the circumstances described in Section 2.1(b)(ii).

 (d)        Transfer and Exchange of Definitive Securities for Beneficial
Interests in Global Securities.  Transfers and exchanges of beneficial interests in the Global Securities shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

(i)        Transfer Restricted Definitive Securities to Beneficial Interests
in Transfer Restricted Global Securities.  If any Holder of a Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for a beneficial interest in a Transfer Restricted Global Security
or to transfer such Transfer Restricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in a Transfer Restricted Global Security, then, upon receipt by the Registrar of the following documentation:

 (A)        if the Holder of such Transfer Restricted Definitive
Security proposes to exchange such Transfer Restricted Definitive Security for a beneficial interest in a Transfer Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security; 

(B)        if such Transfer Restricted Definitive Security is being transferred
to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(C)        if such Transfer Restricted Definitive Security is being transferred
to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(D)        if such Transfer Restricted Definitive Security is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(E)        if such Transfer Restricted Definitive Security is being transferred
to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form attached to the applicable Security,
including the certifications, certificates and Opinion of Counsel, if applicable; or 

(F)        if such Transfer Restricted Definitive Security is being transferred
to the Company or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Security; 
  

 -7- 

 the Registrar shall cancel the Transfer Restricted Definitive Security, and increase or
cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Security. 

(ii)        Transfer Restricted Definitive Securities to Beneficial Interests
in Unrestricted Global Securities.  A Holder of a Transfer Restricted Definitive Security may exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Transfer
Restricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar receives the following: 

(A)        if the Holder of such Transfer Restricted Definitive Security
proposes to exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or 

(B)        if the Holder of such Transfer Restricted Definitive Securities
proposes to transfer such Transfer Restricted Definitive Security to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the
applicable Security, 
 and, in each such case, if the Registrar so requests or if the applicable rules and procedures of the
Depository, Euroclear or Clearstream, as applicable, so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Registrar shall cancel the Transfer
Restricted Definitive Securities and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an
Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an Officers’ Certificate, the Authentication Agent shall authenticate one or more Unrestricted
Global Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Definitive Securities transferred or exchanged pursuant to this subparagraph (ii). 

(iii)        Unrestricted Definitive Securities to Beneficial Interests in
Unrestricted Global Securities.  A Holder of an Unrestricted Definitive Security may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Unrestricted Definitive
Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Registrar shall cancel the applicable Unrestricted
Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities. If any such transfer or 

 

 -8- 

 
exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an written order
of the Company in the form of an Officers’ Certificate, the Authentication Agent shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive
Securities transferred or exchanged pursuant to this subparagraph (iii). 

(iv)        Unrestricted Definitive Securities to Beneficial Interests in
Transfer Restricted Global Securities.  An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Security.

 (e)        Transfer and Exchange of Definitive Securities for Definitive
Securities.  Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to
such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.2(e). 
 (i)        Transfer Restricted Definitive
Securities to Transfer Restricted Definitive Securities.  A Transfer Restricted Definitive Security may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive
Security if the Registrar receives the following: 
 (A)        if the
transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security; 

(B)        if the transfer will be made pursuant to Rule 903 or Rule 904 under
the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security; 

(C)        if the transfer will be made pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security; 

(D)        if the transfer will be made to an IAI in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Security; and 

(E)        if such transfer will be made to the Company or a Subsidiary thereof,
a certificate in the form attached to the applicable Security. 
  

 -9- 

 (ii)        Transfer Restricted
Definitive Securities to Unrestricted Definitive Securities.  Any Transfer Restricted Definitive Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Security if the Registrar receives the following: 

(1)        if the Holder of such Transfer Restricted Definitive Security
proposes to exchange such Transfer Restricted Definitive Security for an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or 

(2)        if the Holder of such Transfer Restricted Definitive Security
proposes to transfer such Securities to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security, 

and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act.

 (iii)        Unrestricted Definitive Securities to Unrestricted
Definitive Securities.  A Holder of an Unrestricted Definitive Security may transfer such Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at any time. Upon
receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof. 

(iv)        Unrestricted Definitive Securities to Transfer Restricted
Definitive Securities.  An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Security. 

At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular
Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Registrar in accordance with Section 2.11. At any time prior to such
cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal
amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depository, at the direction of the Registrar to reflect such reduction; and if
the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global 

 

 -10- 

 
Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depository, at the direction of the Registrar to reflect such increase.

 (f)        Legend. 

(i)        Except as permitted by the following paragraphs (ii), (iii) or (iv), each
Security certificate evidencing the Global Securities and the Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend
being defined as such for purposes of the legend only): 
   THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF,
THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
(B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(l), (2), (3), OR (7) UNDER THE
SECURITIES ACT) (AN “ACCREDITED INVESTOR”) THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKERDEALER) TO THE REGISTRAR A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE REGISTRAR FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT,
(E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF
COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE REGISTRAR

  

 -11- 

 
AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER
THE SECURITIES ACT. 
       Each Regulation S Security that is a Temporary Security issued
pursuant to Section 2.10 shall bear a legend in substantially in the following form: 
 “THE RIGHTS ATTACHING TO THIS
REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 

Each Definitive Security shall bear the following additional legends: 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii)        Upon any sale or transfer of a Transfer Restricted Definitive Security that is a
Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Definitive Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such
Transfer Restricted Definitive Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial
Security). 
 (iii)        After a transfer of any Initial Securities during the period
of the effectiveness of a Shelf Registration Statement with respect to such Initial Securities, all requirements pertaining to the Restricted Securities Legend on such Initial Securities shall cease to apply and the requirements that any such
Initial Securities be issued in global form shall continue to apply. 

(iv)        Upon the consummation of a Registered Exchange Offer with respect to the Initial
Securities pursuant to which Holders of such Initial Securities are offered Exchange Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall
continue to apply, and Exchange Securities in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

(v)        Upon a sale or transfer after the expiration of the Restricted Period of any Initial
Security acquired pursuant to Regulation S, all requirements that such Initial Security bear 
  

 -12- 

 
the Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Security be issued in global form shall continue to apply. 

(vi)        Any Additional Securities sold in a registered offering shall not be required to
bear the Restricted Securities Legend. 
 (g)        Cancellation or Adjustment of
Global Security.  At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in
part, each such Global Security shall be returned to or retained and canceled by the Registrar in accordance with Section 2.11 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be
reduced accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depository, at the direction of the Registrar to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to
a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Registrar or by the
Depository, at the direction of the Registrar to reflect such increase. 

(h)        Obligations with Respect to Transfers and Exchanges of Securities. 

(i)        To permit registrations of transfers and exchanges, the Company shall execute and the
Authentication Agent shall authenticate, Definitive Securities and Global Securities at the Registrar’s request. 

(ii)        No service charge shall be made for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon
exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 

(iii)        Prior to the due presentation for registration of transfer of any Security, the
Company, the Trustee, a Paying Agent or the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Security and
for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv)        All Securities issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 

 

 -13- 

 (i)        No Obligation of the Trustee or the
Registrar. 
 (i)        Neither the Trustee nor the Registrar shall have no
responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or
repurchase) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Securities shall be given or made only to the
registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures
of the Depository. The Trustee and the Registrar may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 

(ii)        Neither the Trustee nor the Registrar shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository
participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(j)        [INTENTIONALLY OMITTED]. 

(k)        Transfers of Securities Held by Affiliates.  Notwithstanding
anything to the contrary in this Section 2.2 any certificate (i) evidencing a Security that has been transferred to an affiliate (as defined in Rule 405 of the Securities Act) of the Company, as evidenced by a notation on the certificate
of transfer or certificate of exchange for such transfer or in the representation letter delivered in respect thereof, or (ii) evidencing a Security that has been acquired from an affiliate (other than by an affiliate) in a transaction or a
chain of transactions not involving any public offering, as evidenced by a notation on the certificate of transfer or certificate of exchange for such transfer or in the representation letter delivered in respect thereof, shall, until one year after
the last date on which either the Company or any affiliate of the Company was an owner of such Security, in each case, be in the form of a permanent Definitive Security and bear the Restricted Securities Legend subject to the restrictions in this
Section 2.2. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.2(k). The Company, at its sole cost and expense, shall have the right to inspect and make copies of
all such letters, notices or other written communications at any reasonable time upon the giving of reasonable advance written notice to the Registrar. 
  

 -14- 

 EXHIBIT A 

[FORM OF FACE OF INITIAL SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Securities Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (2) AGREES THAT IT
WILL NOT WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(l), (2), (3), OR (7) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”) THAT, PRIOR TO SUCH
TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKERDEALER) TO THE REGISTRAR A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER

 
OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE REGISTRAR FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER,
FURNISH TO THE REGISTRAR AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 [Temporary Regulation S Security Legend] 

THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS
EXCHANGE FOR DEFINITIVE SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 Each Definitive Security shall bear
the following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 

 -2- 

 [FORM OF INITIAL SECURITY] 

 

			
	No.	  	$                        

8 
1/4% Senior Secured Note due 2017 

CUSIP No. [144A: 87263G AA1 / Reg S: U8925VAA1] 

ISIN No. [144A: US87263GAA13/ Reg S: USU8925VAA18] 

TPC GROUP LLC, a Texas limited liability company, promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] Dollars [or such greater or lesser amount as is indicated on the Schedule of Increases or Decreases in Global Security
attached hereto]* on October 1, 2017. 
 Interest Payment Dates: April 1 and October 1. 

Record Dates: March 15 and September 15. 

Additional provisions of this Security are set forth on the other side of this Security. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	TPC GROUP LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

AUTHENTICATION AGENT’S CERTIFICATE OF 

  AUTHENTICATION 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS, 
   as Authentication Agent, certifies that this is 

  one of the Securities referred to 

  in the Indenture. 
  

			
		
	By:	 	  

		 	Authorized Signatory

  

 -3- 

	*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL
SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 -4- 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

8 
1/4% Senior Secured Note due 2017 
  

	1.	Interest 

(a)        TPC GROUP LLC, a Texas limited liability company (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company shall pay
interest semiannually on April 1 and October 1 of each year, commencing April 1, 2011. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been
paid or duly provided for, from October 5,
2010a
 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by
the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 

(b)        Registration Rights Agreement.  The Holder of this Security is
entitled to the benefits of a Registration Rights Agreement, dated as of October 5, 2010, among the Company, the Guarantors and the Initial Purchasers. 
  

	2.	Method of Payment 

 The
Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the March 15 or September 15 next preceding the interest payment date even if Securities are
canceled after the record date and on or before the interest payment date (whether or not a Business Day). The Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and
interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any,
and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all payments in respect of a certificated Security (including
principal, premium, if any, and interest), at the office of each Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written notice to the Paying Agent to such effect designating such account no later than 
  

 
  

	a
	 With respect to Securities issued on the Issue Date. 

  

 -5- 

 30 days immediately preceding the relevant due date for payment (or such other date as the Paying Agent
may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

Initially, Deutsche Bank Trust Company Americas will act as Paying Agent and Registrar. The Company may appoint and change any Paying
Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Company
issued the Securities under an Indenture dated as of October 5, 2010 (the “Indenture”), among the Company, the Guarantors, the Paying Agent and Wilmington Trust Company as the trustee (the “Trustee”). The terms
of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the
“TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the
Indenture and the TIA for a statement of such terms and provisions. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Securities are senior secured obligations of the Company. This Security is one of the Initial Securities referred to in the
Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and any Exchange Securities are treated as a single class of securities
under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur
Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted Subsidiaries, enter into or permit
certain transactions with Affiliates, create or incur Liens and make asset sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or
lease all or substantially all of its property. 
 To guarantee the due and punctual payment of the principal and interest, on
the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the
Indenture, the Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture. 

 

 -6- 

	5.	Optional Redemption 

Except as set forth in the following three paragraphs, the Securities shall not be redeemable at the option of the Company prior to
October 1, 2013. Thereafter, the Securities shall be redeemable at the option of the Company, in whole at any time or in part from time to time, upon on not less than 30 nor more than 60 days’ prior notice, at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on
the relevant interest payment date), if redeemed during the 12-month period commencing on October 1 of the years set forth below: 
  

			
	 Year
	  	Redemption Price
		  	
	 2013
	  	106.188%
	 2014
	  	104.125%
	 2015
	  	102.063%
	 2016 and thereafter
	  	100.00%

 In addition, at
any time prior to October 1, 2013, the Company may redeem the Securities at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of
the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, the applicable redemption date (subject to the right of the Holders of record on the relevant
record date to receive interest due on the relevant interest payment date). 
 In addition, at any time and from time to time
prior to October 1, 2013, the Company may redeem in the aggregate up to 10.0% of the original aggregate principal amount of the Securities in any twelve-month period at a redemption price of 103%, plus accrued and unpaid interest and Additional
Interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

Notwithstanding the foregoing, at any time and from time to time on or prior to October 1, 2013, the Company may redeem in the
aggregate up to 35% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) with the net cash proceeds of one or more Equity Offerings by the Company or a
contribution to the capital of the Company from the net proceeds of one or more Equity Offerings by a Parent Company, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 108.25% plus, accrued and unpaid
interest and Additional Interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at
least 65% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such
redemption shall occur within 120 days after the date on which any such 
  

 -7- 

 
Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set
forth in the Indenture. 
 In connection with any redemption of Securities (including with the net cash proceeds of an Equity
Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including any related Equity Offering. 

In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe
each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 
  

	6.	Sinking Fund 

 The
Securities are not subject to any sinking fund. 
  

	7.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
to each Holder of Securities to be redeemed at his, her or its registered address or otherwise in accordance with the procedures of The Depository Trust Company. Securities in denominations larger than $2,000 may be redeemed in part but only in
whole multiples of $1,000 to the extent practicable. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on
or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

 

	8.	Repurchase of Securities at the Option of Holders upon Change of Control and Asset Sales 

Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture,
to cause the Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right
of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence
of certain events. 
  

 -8- 

	9.	Denominations; Transfer; Exchange 

The Securities are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess
thereof. A Holder shall register the transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security
to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 

 

	10.	Persons Deemed Owners 

The registered Holder of this Security shall be treated as the owner of it for all purposes. 

 

	11.	Unclaimed Money 

 If
money for the payment of principal or interest remains unclaimed for two years, the Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After any such payment, the
Holders entitled to the money must look to the Company for payment as general creditors and the Paying Agent shall have no further liability with respect to such monies. 

 

	12.	Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the
Indenture if the Company deposits with the Paying Agent money or U.S. Government Obligations for the payment of principal of, and interest on the Securities to redemption, or maturity, as the case may be. 

 

	13.	Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written
consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and (ii) any past default or compliance with any provisions may be waived with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities
(i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided,
however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; (iv) to
add additional Guarantees with respect to the Securities or to secure the Securities or to evidence 
  

 -9- 

 
the release of any Guarantor from its Guarantee and under the Security Documents as provided in the Indenture; (v) to further secure the Securities; (vi) to add to the covenants of the
Company for the benefit of the Holders or to surrender any right or power conferred upon the Company in the Indenture; (vii) to comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, the
Indenture under the TIA; (viii) to evidence or provide for the acceptance of appointment under the Indenture of a successor trustee; (ix) to conform the text of the Indenture, the Securities or the Guarantees to any provision of the
“Description of Notes” in the Offering Memorandum; (x) to provide for the issuance of the Exchange Securities or Additional Securities, which shall have terms substantially identical in all material respects to the Initial Securities,
and which shall be treated, together with any outstanding Initial Securities, as a single issue of securities; (xi) to provide for the release of Collateral from the Liens of the Indenture and the Security Documents when permitted or required
by the Security Documents, the Intercreditor Agreement or the Indenture; or (xii) to secure any Permitted Additional Pari Passu Obligations under the Security Documents and to appropriately include the same in the Intercreditor Agreement.

  

	14.	Defaults and Remedies 

If an Event of Default occurs (other than an Event of Default of the Company under Section 6.01(g) or (h)) occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to
be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities
and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise
any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has
previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders
have offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity
and (v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in
principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.

  

 -10- 

 
The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that
would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not
taking such action. 
  

	15.	Security Documents and Intercreditor Agreement 

The obligations of the Company and the Guarantors under the Indenture, the Securities and the Guarantees by the Guarantors are secured
by a Lien on the Collateral pursuant to the Security Documents. The provisions of the Indenture and the Security Documents are subject to the Intercreditor Agreement. 
  

	16.	Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

  

	17.	No Recourse Against Others 

No director, officer, employee, incorporator or holder of any equity interests in the Company or any Guarantor, as such, shall have any
liability for any obligations of the Company or any Guarantor under the Securities, the Indenture or the Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by
accepting a Security waives and releases all such liability. 
  

	18.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Authentication Agent manually signs the certificate of authentication on the other side of this Security. 

 

	19.	Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by
the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 -11- 

	21.	CUSIP Numbers, ISINs and Common Codes 

The Company has caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Registrar to use CUSIP numbers and
ISINs. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture
which has in it the text of this Security. 
  

 -12- 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to: 
  

 
 (Print or type assignee’s
name, address and zip code) 
  
  

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                    agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

 
  

									
	Date:	 	  
	  		  	Your Signature:	 	  

 
  

Sign exactly as your name appears on the other side of this Security. 

Signature Guarantee: 
  

							
	Date:	  	  
	  		  	  

		  	 Signature must be guaranteed by a

participant in a recognized signature
 guaranty
medallion program or other
 signature guarantor program reasonably

acceptable to the Trustee
	  		  	Signature of Signature Guarantee

  

 -13- 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 

This certificate relates to $                 principal amount of
Securities held in (check applicable space)          book-entry or          definitive form by the undersigned. 

The undersigned: 
  

							
	 ̈	  	has requested the Registrar by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in
definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); and
			
		  		    	check the following, if applicable:
				
		  		    	 ̈	    	is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture; or
				
		  		    	 ̈	    	is exchanging this Security in connection with an expected transfer to an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the
Indenture.
		
	 ̈	  	has requested the Registrar by written order to exchange or register the transfer of a Security or Securities; and
			
		  		    	check the following, if applicable:
				
		  		    	 ̈	    	is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture; or
				
		  		    	 ̈	    	the transferee is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture.
	
	In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144 under
the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms:
	
	CHECK ONE BOX BELOW
				
		  	(1)	    	 ̈	    	to the Company; or
				
		  	(2)	    	 ̈	    	to the Registrar for registration in the name of the Holder, without transfer; or
				
		  	(3)	    	 ̈	    	pursuant to an effective registration statement under the Securities Act of 1933; or

  

 -14- 

							
		  	(4)	    	 ̈	    	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or
for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933;
or
				
		  	(5)	    	 ̈	    	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of
1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
				
		  	(6)	    	 ̈	    	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Registrar a signed
letter containing certain representations and agreements; or
				
		  	(7)	    	 ̈	    	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

Unless one of the boxes is checked, the Registrar will refuse to register any of the Securities evidenced by this certificate in the name
of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Registrar may require, prior to registering any such transfer of the Securities, such legal opinions,
certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

  

							
	Date:    	 	  
	 		  	  

		 		 		  	Your Signature

 Signature Guarantee: 

 

							
	Date:	 	  
	 		  	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		  	Signature of Signature Guarantee

  

 
 TO BE COMPLETED BY PURCHASER IF
(4) ABOVE IS CHECKED. 
  

 -15- 

 The undersigned represents and warrants that it is purchasing this Security for its own
account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

							
	Dated:	 	  
	 		  	  

		 		 		  	 NOTICE: To be executed by an executive

     officer

 

 -16- 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is set forth on the face hereof. The following increases or decreases in this
Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of decrease

in Principal Amount

of this Global

Security
	 	 Amount of increase in
Principal Amount of

this Global Security
	 	Principal amount of this
Global Security following
such decrease or increase	 	Signature of authorized
signatory of Authentication
Agent or Securities
Custodian

 
  

 -17- 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of
Control) of the Indenture, check the box: 
  

													
		 	Asset Sale	  	 ̈	  		  	Change of Control	  	 ̈	  	

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 

$ 
  

									
	Date:	 	  
	 		  	Your Signature:	  	  

		 		 		  		  	(Sign exactly as your name appears on the other side of this Security)

  

					
	Signature Guarantee:	 	  
	 	

 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program
or other signature guarantor program reasonably acceptable to the Trustee 
  

 -18- 

 EXHIBIT B 

[FORM OF FACE OF EXCHANGE SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	No.	  	$                    

8 
1/4% Senior Secured Note due 2017 

CUSIP No.                    

 ISIN
No.                         

TPC GROUP LLC, a Texas limited liability company, promises to pay to
[                    ], or registered assigns, the principal sum of [            ]
Dollars [or such greater or lesser amount as is indicated on the Schedule of Increases or Decreases in Global Security attached hereto]* on October 1, 2017. 

Interest Payment Dates: April 1 and October 1. 

Record Dates: March 15 and September 15. 

Additional provisions of this Security are set forth on the other side of this Security. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	TPC GROUP LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

AUTHENTICATION AGENT’S CERTIFICATE OF 

  AUTHENTICATION 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS, 
   as Authentication Agent, certifies that this is 

  one of the Securities referred to 

  in the Indenture. 
  

			
		
	 By:
	 	  

		 	    Authorized Signatory

  

 
  

 -2- 

	*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL
SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 -3- 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 

8 
1/4% Senior Secured Note due 2017 
  

	1.	Interest 

 TPC GROUP
LLC, a Texas limited liability company (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this
Security at the rate per annum shown above. The Company shall pay interest semiannually on April 1 and October 1 of each year, commencing April 1, 2011. Interest on the Securities shall accrue from the most recent date to which
interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from October 5,
2010a
 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by
the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The
Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the March 15 or September 15 next preceding the interest payment date even if Securities are
canceled after the record date and on or before the interest payment date (whether or not a Business Day). The Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and
interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all payments in respect of a certificated Security (including
principal, premium, if any, and interest), at the office of a Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written notice to the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other
date as the Paying Agent may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

  

 

	a
	 With respect to Securities issued on the Issue Date. 

  

 -4- 

 Initially, Deutsche Bank Trust Company Americas will act as Paying Agent and Registrar. The
Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	Indenture 

 The Company
issued the Securities under an Indenture dated as of October 5, 2010 (the “Indenture”), among the Company, the Guarantors, the Paying Agent and Wilmington Trust Company, as trustee (the “Trustee”). The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”).
Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a
statement of such terms and provisions. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Securities are senior secured obligations of the Company. This Security is one of the Exchange Securities referred to in the
Indenture. The Securities include the Initial Securities, the Additional Securities and any Exchange Securities issued in exchange for the Initial Securities pursuant to the Indenture. The Initial Securities and Exchange Securities are treated as a
single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and
other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any
other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual
payment of the principal and interest, if any, on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture. 

 

	5.	Optional Redemption 

Except as set forth in the following three paragraphs, the Securities shall not be redeemable at the option of the Company prior to
October 1, 2013. Thereafter, the Securities shall be redeemable at the option of the Company, in whole at any time or in part from time to time, upon on not less than 30 nor more than 60 days’ prior notice, at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and 
  

 -5- 

 
Additional Interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if
redeemed during the 12-month period commencing on October 1 of the years set forth below: 
  

			
	 Year
	  	Redemption Price
		
	 2013
	  	106.188%
	 2014
	  	104.125%
	 2015
	  	102.063%
	 2016 and thereafter
	  	100.00%

 In addition, at
any time prior to October 1, 2013, the Company may redeem the Securities at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of
the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, the applicable redemption date (subject to the right of the Holders of record on the relevant
record date to receive interest due on the relevant interest payment date). 
 In addition, at any time and from time to time
prior to October 1, 2013, the Company may redeem in the aggregate up to 10.0% of the original aggregate principal amount of the Securities in any twelve-month period at a redemption price of 103%, plus accrued and unpaid interest and Additional
Interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

Notwithstanding the foregoing, at any time and from time to time on or prior to October 1, 2013, the Company may redeem in the
aggregate up to 35% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) with the net cash proceeds of one or more Equity Offerings by the Company or a
contribution to the capital of the Company from the net proceeds of one or more Equity Offerings by a Parent Company, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 108.25% plus, accrued and unpaid
interest and Additional Interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at
least 65% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such
redemption shall occur within 120 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the
procedures set forth in the Indenture. 
 In connection with any redemption of Securities (including with the net cash proceeds
of an Equity Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including any related Equity Offering. 
  

 -6- 

 In addition, if such redemption is subject to satisfaction of one or more conditions
precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or
such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 

 

	6.	Sinking Fund 

 The
Securities are not subject to any sinking fund. 
  

	7.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to
each Holder of Securities to be redeemed at his, her or its registered address or otherwise in accordance with the procedures of The Depository Trust Company. Securities in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000 to the extent practicable. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or
before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

 

	8.	Repurchase of Securities at the Option of the Holders upon Change of Control and Asset Sales 

Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture,
to cause the Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right
of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence
of certain events. 
  

	9.	Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
A Holder shall register the transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the 
  

 -7- 

 
Security not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 

 

	10.	Persons Deemed Owners 

The registered Holder of this Security shall be treated as the owner of it for all purposes. 

 

	11.	Unclaimed Money 

 If
money for the payment of principal or interest remains unclaimed for two years, the Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After any such payment, the
Holders entitled to the money must look to the Company for payment as general creditors and the Paying Agent shall have no further liability with respect to such monies. 

 

	12.	Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the
Indenture if the Company deposits with the Paying Agent money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption, or maturity, as the case may be. 

 

	13.	Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written
consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and (ii) any past default or compliance with any provisions may be waived with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities
(i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided,
however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; (iv) to
add additional Guarantees with respect to the Securities or to secure the Securities or to evidence the release of any Guarantor from its Guarantee and under the Security Documents as provided in the Indenture; (v) to further secure the
Securities; (vi) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power conferred upon the Company in the Indenture; (vii) to comply with any requirement of the SEC in connection with
qualifying, or maintaining the qualification of, the Indenture under the TIA; (viii) to evidence or provide for the acceptance of appointment under the Indenture of a successor trustee; (ix) to conform the text of the Indenture, the
Securities or the Guarantees to any provision of the “Description of Notes” in the Offering Memorandum; (x) to provide for the issuance of the Exchange Securities or Additional Securities, which shall have terms substantially
identical in all material respects to the 
  

 -8- 

 
Initial Securities, and which shall be treated, together with any outstanding Initial Securities, as a single issue of securities; (xi) to provide for the release of Collateral from the
Liens of the Indenture and the Security Documents when permitted or required by the Security Documents, the Intercreditor Agreement or the Indenture; or (xii) to secure any Permitted Additional Pari Passu Obligations under the Security
Documents and to appropriately include the same in the Intercreditor Agreement. 
  

	14.	Defaults and Remedies 

If an Event of Default occurs (other than an Event of Default of the Company under Section 6.01(g) or (h)) and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and
payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its
consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of
the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions
are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has previously given
the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have offered the
Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the
Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount
of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may
refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under
the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

 

	15.	Security Documents and Intercreditor Agreement 

The obligations of the Company and the Guarantors under the Indenture, the Securities and the Guarantees by the Guarantors are secured
by a Lien on the Collateral pursuant to 
  

 -9- 

 
the Security Documents. The provisions of the Indenture and the Security Documents are subject to the Intercreditor Agreement. 

 

	16.	Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

  

	17.	No Recourse Against Others 

No director, officer, employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the Securities, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Securities by accepting a Security waives and releases all such liability. 
  

	18.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Authentication Agent (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

 

	19.	Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by
the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	21.	CUSIP Numbers, ISINs and Common Codes 

The Company has caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Registrar to use CUSIP numbers and
ISINs. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

 -10- 

 The Company will furnish to any Holder of Securities upon written request and without
charge to the Holder a copy of the Indenture which has in it the text of this Security. 
  

 -11- 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to: 
  

 
  

(Print or type assignee’s name, address and zip code) 

 
  
  

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                      agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

 
  
  

					
	Date:                             
 	 	Your Signature:	 	  

		 		 	Sign exactly as your name appears on the other side of this Security.

  

							
	Signature Guarantee:	  		  	
	Date:	 	  
	  		  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	  		  	Signature of Signature Guarantee

  

 -12- 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Sale) and 4.08 (Change of
Control) of the Indenture, check the box: 
 Asset
Sale   ̈              Change of Control   ̈ 

If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.06 (Asset Sale) and
4.08 (Change of Control) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 
 $ 

 

							
	Date:                             
             	 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the other side of this Security)

 

			
	Signature Guarantee:	    	  

		    	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee.

  

 -13- 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is set forth on the face hereof. The following increases or decreases in this
Global Security have been made: 
  

									
	 Date of

Exchange
	  	 Amount of decrease

in Principal Amount

of this Global

Security
	  	 Amount of increase in Principal Amount of

this Global Security
	  	Principal amount of this Global Security following
such decrease or increase	  	Signature of authorized signatory of Authentication Agent or Securities Custodian

 
  

 -14- 

 EXHIBIT C 

Form of 

Transferee Letter of Representation 

TPC Group LLC 
 c/o Deutsche Bank Trust Company
Americas 
 60 Wall Street 
 New York,
NY 10005 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[            ]
principal amount of the 8 1/4% Senior Secured Notes
due 2017 (the “Securities”) of TPC GROUP LLC (the “Company”). 
 Upon transfer, the
Securities would be registered in the name of the new beneficial owner as follows: 

Name:                        
                 

Address:                       
              
 Taxpayer ID
Number:                 
 The
undersigned represents and warrants to you that: 
 1.        We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an
institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.
We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course
of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

2.        We understand that the Securities have not been registered under the Securities Act
and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities
prior to the date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (a) to the Company, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying

 
with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a
“QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United
States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own
account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Securities of $250,000, or (f) pursuant to any other available exemption from the registration requirements of
the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (e) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company, the Registrar and the Trustee, which shall provide, among other things, that the
transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Securities for investment purposes and not for distribution in
violation of the Securities Act. Each purchaser acknowledges that the Company, the Registrar and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to
clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company, the Registrar and the Trustee. 

 

									
	Dated:	 	  
	 		  	TRANSFEREE:
                                    ,
				
		 		 		  	        by                 
                                         
          

  

 -2- 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[            ], among [GUARANTOR] (the “New Guarantor”), a subsidiary of TPC GROUP LLC (or its successor), a Texas limited liability company (the
“Company”), WILMINGTON TRUST COMPANY, as trustee under the indenture referred to below (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity, the “Collateral
Agent”), paying agent, registrar and authentication agent. 
 W I T N E S S E T H : 

WHEREAS the Company and the existing Guarantors have heretofore executed and delivered to the Trustee an Indenture (as amended,
supplemented or otherwise modified, the “Indenture”) dated as of October 5, 2010, providing for the issuance of the Company’s
8 1/4% Senior Secured Notes due 2017 (the
“Securities”), initially in the aggregate principal amount of $350,000,000; 
 WHEREAS
Section 4.11 of the Indenture provides that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally
guarantee all the Company’s obligations under the Securities pursuant to a Guarantee on the terms and conditions set forth herein; and 

WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Collateral Agent, Paying Agent, Registrar, Authentication
Agent, the Company and the existing Guarantors are authorized to execute and deliver this Supplemental Indenture; 
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company, the Trustee, the Collateral Agent, Paying Agent, Registrar and Authentication
Agent mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows: 

1.        Defined Terms.  As used in this Supplemental Indenture, terms defined
in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee
acting on behalf of and for the benefit of such Holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole
and not to any particular section hereof. 
 2.        Agreement to
Guarantee.  The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee the Company’s obligations under the Securities on the terms and subject to the conditions set
forth in Article 10 of 

 
the Indenture and to be bound by all other applicable provisions of the Indenture and the Securities and to perform all of the obligations and agreements of a Guarantor under the Indenture.

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

4.        Notices.  All notices or other communications to the New Guarantor
shall be given as provided in Section 13.02 of the Indenture. 

5.        Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

6.        Trustee Makes No Representation.  The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture. 

7.        Counterparts.  The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

8.        Effect of Headings.  The Section headings herein are for convenience
only and shall not affect the construction thereof. 
  

 -2- 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	TPC GROUP LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST COMPANY, AS

TRUSTEE

		
	By:	 	  

		 	Name:
		 	Title:
	
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Registrar, Paying Agent,

Authentication Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

 -3- 

			
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

 -4- 

 Schedule 1 

Title Insurance Coverage Amounts 
  

			
	 Mortgage Policy

 
	  	
Title Insurance

Coverage Amount
  

	Mortgage Policy with respect to the Deed of Trust,
Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of October 5, 2010 by Company, as Grantor, in favor of James A. Johnson, as Trustee for the benefit of Collateral Agent to be recorded in the Official Public Records
of Real Property, Harris County, Texas	  	$19,728,480
	Mortgage Policy with respect to the Deed of Trust,
Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of October 5, 2010 by Company, as Grantor, in favor of James A. Johnson, as Trustee for the benefit of Collateral Agent, to be recorded in the Official Public
Records of Real Property, Jefferson County, Texas	  	$22,140,000

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