Document:

EX-10.1

 Exhibit 10.1 
 REVEL AC, INC. 
 FOURTH AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 This FOURTH AMENDMENT TO TERM LOAN CREDIT AGREEMENT (this “Amendment”) is dated as of
March 13, 2013, and entered into among Revel AC, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”). Reference is made to the Credit Agreement, dated as of February 17, 2011 (as amended by that certain First Amendment to Credit Agreement, dated as of May 3, 2012, that certain Increase Joinder,
dated as of May 3, 2012, that certain Second Amendment to Credit Agreement, dated as of August 22, 2012, and that certain Third Amendment to Credit Agreement, dated as of December 20, 2012, as so amended, the “Credit
Agreement”), among the Borrower, the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the other parties thereto. Capitalized terms used herein without
definition shall have the same meanings as set forth in the Credit Agreement (as amended by this Amendment). 
 W I
T N E S S E T H : 
 WHEREAS, Borrower has requested certain amendments
to the Credit Agreement; and 
 WHEREAS, the Lenders that have signed this Amendment (constituting the Required Lenders) and the
Administrative Agent have consented and agreed to the modifications to the Credit Agreement and other related documents set forth in this Amendment, subject to the terms and conditions of this Amendment. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Amendments to the Credit Agreement. 

(A) The references to “Section 10.04(i)” in the definitions of “Eligible Assignee” and “Purchasing Borrower
Party Assignment and Assumption” that appear in Section 1.01 are hereby replaced with references to “Section 10.04(h)”. 
 (B) Section 1.01 is hereby further amended by inserting the following definitions in the appropriate alphabetical order: 
 ““Case” shall mean the bankruptcy case of the Borrower commenced under 11 U.S.C. Section 101 et seq. as contemplated by the Restructuring Support Agreement, dated as of
February 19, 2013, among the Loan Parties and the consenting debtholders party thereto.” 
 ““Competitor
Group” shall mean, with respect to any Competitor, such Competitor together with (a) each of its Affiliates, (b) each joint venture (or similar arrangement) in which any such Competitor or any of its Affiliates participates,
directly or indirectly, and (c) each other person that acts in a partnership, limited partnership, syndicate or other group with any such Competitor or any of its Affiliates for purposes of owning or controlling, directly or indirectly, any
Equity Interest in, or operating, any casino or convention, trade show or exhibition facility.” 

 (C) The first paragraph of Section 10.04(b) of the Credit Agreement is hereby deleted
in its entirety and the following inserted in lieu thereof: 
 “Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following
conditions:” 
 (D) Section 10.04(b) of the Credit Agreement is hereby further amended by deleting paragraph
(i) thereof in its entirety and inserting the following in lieu thereof: 
 “(i) except (x) in the case of any
assignment made in connection with the primary syndication of the Commitment and Loans by the Arranger to Persons identified by the Administrative Agent to the Borrower on or prior to the Closing Date and made within 30 days of the Closing Date,
(y) in the case of an assignment to a Lender, an Affiliate of the assigning Lender or an Approved Fund or (z) in connection with the Disqualification of a Lender, (A) the consent (not to be unreasonably withheld or delayed) of the
Administrative Agent and Borrower shall be required (provided that (i) no consent of the Borrower shall be required during the continuance of an Event of Default under Section 8.01(a), (b), (f) or
(h) and (ii) Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof and
(B) the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date)
shall not be less than $1,000,000;” 
 (E) Section 10.04 of the Credit Agreement is hereby further amended by
inserting the text of paragraph (c) thereof as a new paragraph at the end of paragraph (b) thereof, deleting paragraph (c) thereof in its entirety and re-numbering paragraphs (d) through (i) thereof as paragraphs
(c) through (h) thereof accordingly. 
 (F) The first two sentences of Section 10.04(d) of the Credit Agreement
(which, for the avoidance of doubt, was Section 10.04(e) of the Credit Agreement prior to the operation of Section 1(E) of this Amendment) are hereby deleted in their entirety and the following inserted in lieu thereof: 

“Any Lender may at any time, without the consent of, or notice to, Borrower or the Administrative Agent, sell participations to any
person (other than (i) unless the Case is pending, a Competitor; provided, that no single Competitor Group may own participations, at any time, in Loans in an aggregate amount in excess of 5% of the Loans outstanding as of such time,
(ii) a natural person, (iii) Borrower or (iv) any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. 

  
 -2-

 Any agreement or instrument pursuant to which a Lender sells such a participation shall
(x) contain a representation and covenant from such participant that it either (A) is not a Competitor or (B) if it is a Competitor, that it, together with its Competitor Group, does not and will not own participations, at any time,
in Loans in an aggregate amount in excess of 5% of the Loans outstanding as of such time and (y) provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any
provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clause (i), (ii) or
(iii) of the first proviso to Section 10.02(b) that affects such Participant.” 
 (G)
Section 10.12(h) of the Credit Agreement is hereby deleted in its entirety and the following inserted in lieu thereof: 

“(h) (x)subject to an agreement containing provisions substantially the same as those of this Section 10.12, to
(I) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement (other than any Competitor unless (A) such Information is not MNPI, (B) the Case is pending
and (C) such Competitor is a Participant or a prospective Participant), (II) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and its obligations (other than any Competitor) or
(III) any rating agency for the purpose of obtaining a credit rating applicable to any Lender or (y) with the consent of Borrower” 
 2. Conditions to Effectiveness. This Amendment shall not become effective unless and until the conditions precedent set forth below have been satisfied or the satisfaction thereof has been waived
in writing by the Required Lenders (the date of such effectiveness, the “Fourth Amendment Effective Date”): 

(A) Amendment. Receipt by the Administrative Agent of counterparts of this Amendment, duly executed and delivered by the
Administrative Agent, the Borrower and the Required Lenders (and by executing and delivering a counterpart hereto, each such Person confirms it consents to the amendments to the Credit Agreement and the other provisions set forth herein).

 (B) Consents. All necessary consents to the effectiveness of this Amendment, including any approval of any Gaming
Authority required in accordance with any Gaming Law, shall have been obtained and shall be in full force and effect. 
 3.
Reference to and Effect on the Credit Agreement. On and after the Fourth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of
like import referring to the Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be
a reference to the Credit Agreement as amended hereby. The Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the
generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents. The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as an amendment or waiver of any right, power or remedy of any Lender or Agent under any of the Loan Documents, nor constitute an amendment or waiver of any provision of any of
the Loan Documents. 

  
 -3-

 4. Representations and Warranties. The Borrower hereby represents and warrants as of
the Fourth Amendment Effective Date that, (a) immediately before and after giving effect to this Amendment, no Event of Default or Default has occurred and is continuing, except as a direct result of the Borrower’s failure to pay the
regularly scheduled interest payment under the Credit Agreement on February 19, 2013 (the “Interest Default”) and (b) immediately before and after giving effect to this Amendment, each of the representations and warranties
made by the Loan Parties in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except for representations and warranties expressly stated to relate to a
specific earlier date, except (i) for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects only as of such
earlier date or (ii) to the extent such representation or warranty is untrue or incorrect solely as a direct result of the Interest Default. 
 5. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in
interpreting, this Amendment. 
 6. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 7. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery
of a manually executed counterpart of this Amendment. 
 [Signatures on Next Page] 

  
 -4-

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

					
	 REVEL AC, INC.,
 as
Borrower

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL AC, LLC,
 as
Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL ATLANTIC CITY, LLC,
 as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL ENTERTAINMENT GROUP, LLC,
 as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 NB ACQUISITION, LLC,

as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent and a Lender

		
	By:	 	 /s/ Susan E. Atkins

		 	Name:	 	Susan E. Atkins
		 	Title:	 	Managing Director

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 AMERICAN HIGH-INCOME TRUST
 as a Lender

		
	By:	 	Capital Research and Management Company, for and on behalf of American High-Income Trust
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 AMERICAN FUNDS INSURANCE SERIES, HIGH-INCOME BOND FUND
 as a Lender

	
	Capital Research and Management Company, for and on behalf of American Funds Insurance Series, High-Income Bond Fund
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 AMERICAN FUNDS INSURANCE SERIES – ASSET ALLOCATION FUND
 as a Lender

	
	Capital Research and Management Company, for and on behalf of American Funds Insurance Series – Asset Allocation Fund
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 THE BOND FUND OF AMERICA
 as a Lender

	
	Capital Research and Management Company, for and on behalf of The Bond Fund of America
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 CAPITAL INCOME BUILDER
 as a Lender

	
	Capital Research and Management Company, for and on behalf of Capital Income Builder
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 THE INCOME FUND OF AMERICA
 as a Lender

	
	Capital Research and Management Company, for and on behalf of The Income Fund of America
		
	By:	 	 /s/ Kristine M. Nishiyama

		 	Name:	 	Kristine M. Nishiyama
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 AAI Canyon Fund plc, solely in respect of Canyon Reflection Fund,

as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon Capital Arbitrage Master Fund, Ltd.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon Balance Master Fund, Ltd.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon Distressed Opportunity Master Fund, L.P.,

as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 The Canyon Value Realization Master Fund, L.P.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon-GRF Master Fund, L.P.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 Canyon-GRF Master Fund II, L.P.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon-TCDRS Fund, LLC,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon Value Realization Fund, L.P.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Permal Cauyon Fund Ltd.,
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Canyon Value Realization MAC 18 Ltd.
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory
	
	 Citi Canyon Ltd.
 as a Lender

	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

		 	Name:	 	Jonathan M. Kaplan
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 J.P. MORGAN WHITEFRIARS INC.,
 as a Lender

		
	By:	 	 /s/ Virginia R. Conway

		 	Name:	 	Virginia R. Conway
		 	Title:	 	Attorney-in-Fact

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 CHATHAM ASSET HIGH YIELD MASTER FUND, LTD.,
 as a Lender

	
	 By: Chatham Asset Management, LLC,
 Investor Advisor

		
	By:	 	 /s/ James Ruggerio, Jr.

		 	Name:	 	James Ruggerio, Jr.
		 	Title:	 	Member and CFO

  
 [Signature
Page to Fourth Amendment to Credit Agreement] 

 
					
	 CHATHAM EUREKA FUND, L.P.,
 as a Lender

	
	 By: Chatham Asset Management, LLC,
 Investor Advisor

		
	By:	 	 /s/ James Ruggerio, Jr.

		 	Name:	 	James Ruggerio, Jr.
		 	Title:	 	Member and CFO

  
 [Signature
Page to Fourth Amendment to Credit Agreement]EX-10.9

 Exhibit 10.9 
 AMENDED AND RESTATED 
 TAX AGREEMENT 

Between 

CONTRAN CORPORATION 
 and 
 VALHI, INC. 

AMENDED AND RESTATED TAX AGREEMENT (the “Agreement”) dated as of December 1, 2012 by and among Contran Corporation
(“Contran”), a Delaware corporation having its principal executive offices at Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, TX 75240 and Valhi, Inc. (“VHI”), a Delaware corporation having its principal executive
offices at Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, TX 75240. 
 WHEREAS, Contran and VHI file
consolidated returns of federal income taxes and, subject to certain jurisdictional limitations, are subject to combined state and local tax reporting; 
 WHEREAS, this Agreement supercedes and amends and restates all prior Tax Agreements previously entered into between Contran and VHI; 

WHEREAS, Contran and VHI wish to provide for the allocation of liabilities, and procedures to be followed, with respect to federal
income taxes of VHI and any subsidiaries of VHI and with respect to certain combined state and local taxes on the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the promises and agreements herein contained, the parties hereto agree as follows: 

 

	1.	Definitions. As used in this Agreement, the following terms have the meanings set forth below: 

(a) Code: The Internal Revenue Code of 1986, as amended, and with respect to any section thereof any successor provisions
under such Code or any successor Code. 
 (b) Combined Foreign, State and Local Taxes: For a taxable period, and
with respect to a specified group of entities, the amount of all Foreign, State and Local Taxes, for which liability is computed on the basis of a combined, unitary or consolidated return (whether at the initiative of the tax authority or of the
taxpayer). 
 (c) Contran Corporation: A Delaware corporation that is the common parent of a group of
corporations, which group of corporations includes the VHI Group, electing to file a consolidated federal income tax return. 
 (d) Federal Taxes: All federal income taxes, together with all interest and penalties with respect thereto. 

 (e) Foreign, State and Local Taxes: All foreign, state and local taxes,
including franchise and similar taxes, together with all interest and penalties with respect thereto. 
 (f)
Contran Group: Contran and each of its direct and indirect subsidiaries which would be a member of an affiliated group, within the meaning of section 1504(a) of the Code, and eligible to file a combined, unitary or consolidated return of which
Contran is the common parent (the “Contran Tax Group”), as such Contran Group is constituted from time to time. For purposes of this Agreement (to the extent related to the determination of Combined Foreign, State and Local Taxes for the
Contran Group), the term “Contran Group” shall include all direct and indirect subsidiaries of Contran with reference to which Combined Foreign, State and Local Taxes are determined. 

(g) VHI Group: VHI and each of its direct or indirect subsidiaries which would be a member of an affiliated group, within
the meaning of section 1504(a) of the Code, and eligible to file a combined, unitary or consolidated return of which Contran was the common parent, as such VHI Group is constituted from time to time. For purposes of this Agreement (to the extent
related to the determination of Combined Foreign, State and Local Taxes for the VHI Group) , the term “VHI Group” shall include all direct and indirect subsidiaries of VHI with reference to which Combined, Foreign, State and Local taxes
are determined. 
 (h) VHI Group Tax Liability: For a taxable period, the liability for Federal Taxes and
Combined Foreign, State and Local taxes, as applicable, that the VHI Group would have had if it were not a member of the Contran Group or Contran Tax Group during such taxable period (or during any taxable period prior thereto, and instead filed a
separate consolidated or combined return, as applicable, for such taxable period); provided, however, that for purposes of determining such liability for a taxable period all tax elections shall be consistent with the tax elections made by Contran
for such period. In making such tax elections it is understood Contran will make those tax elections which are beneficial to the Contran Tax Group on a consolidated basis. Nevertheless, Contran will use its best efforts in the case of those
elections which affect the computation of the VHI Group Tax Liability, to make elections in a reasonable manner so as to minimize the VHI Group Tax Liability. For purposes of this Agreement, in determining the Combined Foreign, State and Local Taxes
for the VHI Group, such determination shall be made based on a separate Foreign, State and Local Tax Calculation as if the VHI Group were a separate unitary filer with respect to states and other jurisdictions in which Contran is required to file on
a unitary or combined basis. 
 (i) Foreign, State and Local Tax Calculation: For each reporting period, the Tax
Calculation will be based on the estimated taxable income of the VHI Group for the taxable period that includes such reporting period, applied to current year tax rates and using the VHI Group’s applicable apportionment factors and state, local
or other applicable adjustments, in each case based on the applicable combined or unitary return most recently-filed as of each reporting period by the Contran Tax Group for each applicable tax jurisdiction (as modified for extraordinary, one-time
event adjustments or tax law changes, if any, impacting the unitary calculation for the VHI Group). 

 2. Contran as Agent. Contran shall be the sole agent for the VHI Group in all matters
relating to the VHI Group Tax Liability. The VHI Group shall not (a) terminate such agency or (b) without the consent of Contran, participate, or attempt to participate, in any matters related to the VHI Group Tax Liability, including, but
not limited to, preparation or filing of, or resolution of disputes, protests or audits with the Internal Revenue Service, state or local taxing authorities concerning, the Contran Tax Group’s consolidated returns of Federal Taxes, returns of
Combined Foreign, State and Local Taxes. The VHI Group shall cooperate fully in providing Contran with all information and documents necessary or desirable to enable Contran to perform its obligations under this Section, including completion of
Internal Revenue Service and state or local tax audits in connection with such VHI Group Tax Liability and determination of the proper liability for such VHI Group Tax Liability. 

3. Liability for Taxes; Refunds. 
 (a) Contran, as the common parent of the VHI Group, shall be responsible for, and shall pay to the applicable taxing authority the consolidated tax liability for Federal Taxes and Combined Foreign, State
and Local Taxes for the Contran Group and has the sole right to any refunds received from such taxing authority, as applicable, subject to the provisions of Sections 5 and 6 of this Agreement. 

(b) Notwithstanding any other provision of this Agreement, VHI and each subsidiary of VHI which is a member of the VHI
Group shall be severally liable to Contran for the VHI Group Tax Liability. 
 (c) Contran shall indemnify VHI
and hold it and the VHI Group harmless from and against any Federal Taxes and Combined Foreign, State and Local Taxes attributable to the Contran Group or any other member of the Contran Tax Group, other than the VHI Group, as such taxes are
determined under this and other tax sharing agreements. 
 4. Tax Returns. Contran shall file on behalf of the VHI Group
any and all federal, foreign, state and local tax returns that are required as they pertain to the VHI Group Tax Liability. The VHI Group, at Contran’s request, shall join in any applicable consolidated returns of Federal Taxes and any returns
of Combined Foreign, State and Local Taxes (for which returns have not been theretofore filed) and execute its consent, if such consent has not previously been executed, to each such filing on any form as may be prescribed for such consent if such
consent is required. The decision of Contran’s Vice President and Tax Director (or any other officer so designated by Contran) with responsibility for tax matters shall, subject to the provisions of this Agreement, be binding in any dispute
between Contran and the VHI Group as to what tax position should be taken with respect to any item or transaction of the VHI Group. The preceding sentence is limited to the tax positions that affect the VHI Group Tax Liability and the combined VHI
Group and Contran Tax Group. In addition, Contran and members of the Contran Group, including VHI and members of the VHI Group, shall provide each other with such cooperation, 

 
assistance and information as each of them may request of the other with respect to the filing of any tax return, amended return, claim for refund or other document with any taxing authority. VHI
shall be solely responsible for all taxes due for the VHI Group with respect to tax returns filed by VHI or a member of the VHI Group that are required to be filed on a separate company basis, independent of Contran. 

5. Payment of VHI Group Tax Liability for Federal Taxes and Foreign, State and Local Taxes. On or before each date, as determined
under section 6655 of the Code (with respect to Federal Taxes) and the applicable tax provisions with respect to any Foreign, State and Local Taxes due pursuant to this Agreement, for payment of an installment of estimated Federal Taxes or any
Foreign, State and Local Taxes, VHI shall pay to Contran an amount equal to the installment which the VHI Group would have been required to pay as an estimated payment of Federal Taxes to the Internal Revenue Service or any Foreign, State and Local
Taxes to the applicable taxing authority if it were filing a separate consolidated, combined or unitary return in respect of the VHI Group Tax Liability. Any balance owed with respect to the VHI Group Tax Liability for such taxable period shall be
paid to Contran on or before the 15th day of the third month after the close of such taxable period. If it is not possible to determine the amount of such balance on or before such day, (a) a reasonable estimate thereof shall be paid on or
before such day, (b) the amount of such balance shall be finally determined on or before the earlier of; (i) the 15th day of the ninth month after the close of such taxable period (or the applicable due date for the Contran foreign, state
or local combined or unitary return) and (ii) the date on which the Contran Group consolidated tax return for such period is filed with the Internal Revenue Service or the applicable tax authority, and (c) any difference between the amount
so determined and the estimated amount paid shall; (i) in the case of an underpayment, be promptly paid to Contran and (ii) in the case of an overpayment, be promptly refunded or applied against the estimated VHI Group Tax Liability for
the immediately following tax period, at the option of Contran. If the overpayment is not applied to the immediately following tax period, such overpayment shall be promptly refunded to the VHI Group. As between the parties to this Agreement, the
VHI Group shall be solely responsible for the VHI Group Tax Liability and shall have no responsibility for Federal Taxes of the Contran Group other than payment of the VHI Group Tax Liability in accordance with the terms of this Agreement.
Notwithstanding the foregoing, Contran at its option may extend the payment due date for any of the payments referenced above. 

6. Refunds for VHI Group Losses and Credits for Federal Taxes. If the calculation with respect to the VHI Group Tax Liability for
Federal Taxes results in a net operating loss (“NOL”) for the current tax period that, in the absence of a Code Section 172(b)(3) election made by Contran, is carried back under Code Sections 172 and 1502 to a prior taxable period or
periods of the VHI Group with respect to which the VHI Group previously made payments to Contran, then, in that event, Contran shall pay (or credit) VHI an amount equal to the tax refund to which the VHI Group would have been entitled had the VHI
Group filed a separate consolidated federal income tax return for such year (but not in excess of the net aggregate amount of the VHI Group Tax Liability paid to Contran with respect to the preceding two taxable periods). If the calculation with
respect to the VHI Group Tax Liability results in an NOL for the current tax period, that subject to the Code Section 172(b)(3) election made by Contran, is not carried back under Code Sections 172 and 1502 to a prior taxable period or periods
of the VHI Group with respect to which VHI made payments to Contran or is not carried 

 
back because the Contran Tax Group does not have a consolidated net operating loss for the current tax period, then, in that event such NOL shall be an NOL carryover to be used in computing the
VHI Group Tax Liability for future taxable periods, under the law applicable to NOL carryovers in general, as such law applies to the relevant taxable period. Payments made pursuant to this Section 6 shall be made on the date that Contran (or
any successor common parent of a tax group to which the VHI Group is a member) files its consolidated federal income tax return for the taxable period involved. Principles similar to those discussed in this Section 6 shall apply in the case of
the utilization of all VHI Group loss and credit carrybacks and carryovers. 
 7. Refunds for VHI Group Combined or Unitary
Foreign, State and Local Losses and Credits . The foregoing principles contained in Section 6 shall apply in similar fashion to any consolidated, unitary or combined foreign, state or other local income tax returns, containing any member of
the VHI Group, which may be filed based on the VHI Group Tax Liability for Foreign, State and Local Taxes. 
 8. Subsequent
Adjustments. If any settlement with the Internal Revenue Service, foreign, state or local tax authority or court decision which has become final results in any adjustment to any item of income, deduction, loss or credit to the Contran Group in
respect of any taxable period subject to this Agreement, which, in any such case, affects or relates to any member of the VHI Group as constituted during such taxable period, the VHI Tax Group Liability shall be redetermined to give effect to such
adjustment as if it had been made as part of or reflected in the original computation of the VHI Tax Group Liability and proper adjustment of amounts paid or owing hereunder in respect of such liability and allocation shall be promptly made in light
thereof. 
 9. Amendments. This Agreement may be amended, modified, superseded or cancelled, and any of the terms,
covenants, or conditions hereof may be waived, only by a written instrument specifically referring to this Agreement and executed by all parties (or, in the case of a waiver, by or on behalf of the party waiving compliance). The failure of any party
at any time or times to require performance of any provision of this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term or covenant, contained in
this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach, or a waiver of any other condition or of any breach of any other term or covenant. 

10. Retention of Records. Contran shall retain all tax returns, tax reports, related workpapers and all schedules (along with all
documents that pertain to any such tax returns, reports or workpapers) that relate to a taxable period in which the VHI Group is included in a consolidated or combined tax return with Contran. Contran shall make such documents available to VHI at
VHI’s request. Contran shall not dispose of such documents without the permission of VHI. 
 11. Headings. The
headings of this Agreement are for convenience of reference only, and shall not in any way affect the meaning or interpretation of this Agreement. 

 12. Governing Law. This Agreement shall be construed and enforced in accordance with
the laws of the State of Delaware without regard to conflicts of laws provisions. 
 13. Counterparts. This Agreement may
be executed in multiple counterparts, each of which shall be an original, but all of which shall constitute but one agreement. 

14. Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
subsidiaries, and their respective successors and assigns. 
 15. Effective Date. This Agreement shall be effective as of
December 1, 2012. 

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

			
	CONTRAN CORPORATION
		
	By:	 	/s/ Gregory M. Swalwell
		 	Gregory M. Swalwell
		 	Vice President and Controller
	
	VALHI, INC.
		
	By:	 	/s/ Kelly D. Luttmer
		 	Kelly D. Luttmer
		 	Vice President and Tax Director

 :

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