Document:

Indenture dated as of February 15,2007

 EXHIBIT 4.1 
  

 INDENTURE 
 Dated as of February 15, 2007, 
 among 
 CLAYMONT STEEL, INC., 
 as Issuer, 
 THE GUARANTOR NAMED HEREIN, 
 as
Guarantor, 
 and 
 THE BANK OF
NEW YORK, 
 as Trustee 
 8.875% Senior Notes due 2015 
  

 CROSS-REFERENCE TABLE 
  

					
	 TIA
 Section
	 	 	  	 Indenture
 Section

	310(a)(1)	 		  	7.10(a)
	      (a)(2)	 		  	7.10(a)
	      (a)(3)	 		  	7.10(a)
	      (a)(4)	 		  	N.A.
	      (a)(5)	 		  	7.10(a)
	      (b)	 		  	7.03; 7.08; 7.10(a)
	      (c)	 		  	N.A.
	311(a)	 		  	7.03; 7.11
	      (b)	 		  	7.03; 7.11
	312(a)	 		  	2.05
	      (b)	 		  	7.07; 11.03
	      (c)	 		  	11.03
	313(a)	 		  	7.06
	      (b)	 		  	7.06
	      (c)	 		  	7.06
	      (d)	 		  	7.06
	314(a)	 		  	4.06; 4.18
	      (b)	 		  	N.A.
	      (c)(1)	 		  	4.06; 11.04
	      (c)(2)	 		  	11.04
	      (c)(3)	 		  	4.06
	      (d)	 		  	N.A.
	      (e)	 		  	11.05
	      (f)	 		  	N.A.
	315(a)	 		  	7.01(b)
	      (b)	 		  	7.05
	      (c)	 		  	7.01(a)
	      (d)	 		  	7.01(c)
	      (e)	 		  	6.11
	316(a)(last sentence)	 		  	2.09
	      (a)(1)(A)	 		  	6.05
	      (a)(1)(B)	 		  	6.04
	      (a)(2)	 		  	N.A.
	      (b)	 		  	6.07
	      (c)	 		  	9.04
	317(a)(1)	 		  	6.08
	      (a)(2)	 		  	6.09
	      (b)	 		  	2.04
	318(a)	 		  	11.01
	      (b)	 		  	N.A.
	      (c)	 		  	11.01

 N.A. means Not Applicable 
 NOTE: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture. 
  

 i 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
		
	 ARTICLE One    DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 Section 1.01.
	  	 Definitions
	  	1
			
	 Section 1.02.
	  	 Incorporation by Reference of Trust Indenture Act
	  	23
			
	 Section 1.03.
	  	 Rules of Construction
	  	23
		
	 ARTICLE Two    THE NOTES
	  	24
			
	 Section 2.01.
	  	 Form and Dating
	  	24
			
	 Section 2.02.
	  	 Execution and Authentication; Aggregate Principal Amount
	  	25
			
	 Section 2.03.
	  	 Registrar and Paying Agent
	  	26
			
	 Section 2.04.
	  	 Obligations of Paying Agent
	  	26
			
	 Section 2.05.
	  	 Holder Lists
	  	27
			
	 Section 2.06.
	  	 Transfer and Exchange
	  	27
			
	 Section 2.07.
	  	 Replacement Notes
	  	27
			
	 Section 2.08.
	  	 Outstanding Notes
	  	28
			
	 Section 2.09.
	  	 Treasury Notes; When Notes Are Disregarded
	  	28
			
	 Section 2.10.
	  	 Temporary Notes
	  	28
			
	 Section 2.11.
	  	 Cancellation
	  	28
			
	 Section 2.12.
	  	 CUSIP Numbers
	  	29
			
	 Section 2.13.
	  	 Deposit of Moneys
	  	29
			
	 Section 2.14.
	  	 Book-Entry Provisions for Global Notes
	  	29
			
	 Section 2.15.
	  	 Restrictive Legends
	  	30
			
	 Section 2.16.
	  	 Special Transfer Provisions
	  	30
			
	 Section 2.17.
	  	 Transfers of Global Notes and Physical Notes
	  	33
		
	 ARTICLE Three    REDEMPTION
	  	33
			
	 Section 3.01.
	  	 Optional Redemption
	  	33
			
	 Section 3.02.
	  	 Selection of Notes To Be Redeemed
	  	33
			
	 Section 3.03.
	  	 Notice of Redemption
	  	34
			
	 Section 3.04.
	  	 Effect of Notice of Redemption
	  	35
			
	 Section 3.05.
	  	 Deposit of Redemption Price
	  	35
			
	 Section 3.06.
	  	 Notes Redeemed in Part
	  	35
		
	 ARTICLE Four    COVENANTS
	  	35
			
	 Section 4.01.
	  	 Payment of Notes
	  	35
			
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	36

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	  	  	 	  	Page
			
	 Section 4.03.
	  	 Corporate Existence
	  	36
			
	 Section 4.04.
	  	 Payment of Taxes and Other Claims
	  	36
			
	 Section 4.05.
	  	 Maintenance of Properties and Insurance; Compliance with Laws
	  	36
			
	 Section 4.06.
	  	 Compliance Certificate; Notice of Default
	  	37
			
	 Section 4.07.
	  	 Waiver of Stay, Extension or Usury Laws
	  	38
			
	 Section 4.08.
	  	 Limitation on Incurrence of Additional Indebtedness
	  	38
			
	 Section 4.09.
	  	 Limitation on Restricted Payments
	  	38
			
	 Section 4.10.
	  	 Limitation on Asset Sales
	  	41
			
	 Section 4.11.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	43
			
	 Section 4.12.
	  	 Limitation on Issuances and Sales of Capital Stock of Subsidiaries
	  	44
			
	 Section 4.13.
	  	 Limitation on Liens
	  	45
			
	 Section 4.14.
	  	 Limitations on Transactions with Affiliates
	  	45
			
	 Section 4.15.
	  	 Additional Guarantees
	  	46
			
	 Section 4.16.
	  	 Conduct of Business
	  	46
			
	 Section 4.17.
	  	 Reports to Holders
	  	47
			
	 Section 4.18.
	  	 Payments for Consent
	  	48
			
	 Section 4.19.
	  	 Repurchase upon Change of Control
	  	48
			
	 Section 4.20.
	  	 Additional Interest
	  	49
		
	 ARTICLE Five    SUCCESSOR CORPORATION
	  	50
			
	 Section 5.01.
	  	 Merger, Consolidation and Sale of Assets
	  	50
			
	 Section 5.02.
	  	 Successor Entity Substituted
	  	51
		
	 ARTICLE Six    DEFAULT AND REMEDIES
	  	51
			
	 Section 6.01.
	  	 Events of Default
	  	51
			
	 Section 6.02.
	  	 Acceleration
	  	53
			
	 Section 6.03.
	  	 Other Remedies
	  	53
			
	 Section 6.04.
	  	 Waiver of Past Defaults
	  	54
			
	 Section 6.05.
	  	 Control by Majority
	  	54
			
	 Section 6.06.
	  	 Limitation on Suits
	  	54
			
	 Section 6.07.
	  	 Rights of Holders To Receive Payment
	  	54
			
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	55
			
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	55
			
	 Section 6.10.
	  	 Priorities
	  	55

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	  	  	 	  	Page
			
	 Section 6.11.
	  	 Undertaking for Costs
	  	56
			
	 Section 6.12.
	  	 Restoration of Rights and Remedies
	  	56
		
	 ARTICLE Seven    TRUSTEE
	  	56
			
	 Section 7.01.
	  	 Duties of Trustee
	  	56
			
	 Section 7.02.
	  	 Rights of Trustee
	  	57
			
	 Section 7.03.
	  	 Individual Rights of Trustee
	  	59
			
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	59
			
	 Section 7.05.
	  	 Notice of Default
	  	59
			
	 Section 7.06.
	  	 Reports by Trustee to Holders
	  	59
			
	 Section 7.07.
	  	 Compensation and Indemnity
	  	60
			
	 Section 7.08.
	  	 Replacement of Trustee
	  	61
			
	 Section 7.09.
	  	 Successor Trustee by Merger, Etc
	  	62
			
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	62
			
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	62
			
	 Section 7.12.
	  	 Trustee as Paying Agent
	  	63
			
	 Section 7.13.
	  	 Form of Documents Delivered to Trustee
	  	63
		
	 ARTICLE Eight    SATISFACTION AND DISCHARGE OF INDENTURE
	  	63
			
	 Section 8.01.
	  	 Legal Defeasance and Covenant Defeasance
	  	63
			
	 Section 8.02.
	  	 Satisfaction and Discharge
	  	65
			
	 Section 8.03.
	  	 Survival of Certain Obligations
	  	66
			
	 Section 8.04.
	  	 Acknowledgment of Discharge by Trustee
	  	66
			
	 Section 8.05.
	  	 Application of Trust Moneys
	  	66
			
	 Section 8.06.
	  	 Repayment to the Company; Unclaimed Money
	  	67
			
	 Section 8.07.
	  	 Reinstatement
	  	67
		
	 ARTICLE Nine    AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	67
			
	 Section 9.01.
	  	 Without Consent of Holders
	  	67
			
	 Section 9.02.
	  	 With Consent of Holders
	  	68
			
	 Section 9.03.
	  	 Compliance with TIA
	  	69
			
	 Section 9.04.
	  	 Revocation and Effect of Consents
	  	69
			
	 Section 9.05.
	  	 Notation on or Exchange of Notes
	  	70
			
	 Section 9.06.
	  	 Trustee to Sign Amendments, Etc
	  	70
			
	 Section 9.07.
	  	 Conformity with Trust Indenture Act
	  	70

  

 iv 

 TABLE OF CONTENTS 
 (continued) 
  

					
	  	  	 	  	Page
		
	 ARTICLE Ten    GUARANTEE
	  	71
			
	 Section 10.01.
	  	 Guarantee
	  	71
			
	 Section 10.02.
	  	 Release of a Guarantor
	  	72
			
	 Section 10.03.
	  	 Limitation of Guarantor’s Liability
	  	72
			
	 Section 10.04.
	  	 Guarantors May Consolidate, etc., on Certain Terms
	  	72
			
	 Section 10.05.
	  	 Contribution
	  	73
			
	 Section 10.06.
	  	 Waiver of Subrogation
	  	73
			
	 Section 10.07.
	  	 Waiver of Stay, Extension or Usury Laws
	  	73
		
	 ARTICLE Eleven    MISCELLANEOUS
	  	74
			
	 Section 11.01.
	  	 Trust Indenture Act Controls
	  	74
			
	 Section 11.02.
	  	 Notices
	  	74
			
	 Section 11.03.
	  	 Communications by Holders with Other Holders
	  	75
			
	 Section 11.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	75
			
	 Section 11.05.
	  	 Statements Required in Certificate or Opinion
	  	75
			
	 Section 11.06.
	  	 Rules by Trustee, Paying Agent, Registrar
	  	76
			
	 Section 11.07.
	  	 Governing Law
	  	76
			
	 Section 11.08.
	  	 No Adverse Interpretation of Other Agreements
	  	76
			
	 Section 11.09.
	  	 No Recourse Against Others
	  	76
			
	 Section 11.10.
	  	 Successors
	  	76
			
	 Section 11.11.
	  	 Duplicate Originals
	  	76
			
	 Section 11.12.
	  	 Severability
	  	76
			
	 Section 11.13.
	  	 Waiver of Jury Trial
	  	77
			
	 Section 11.14.
	  	 Force Majeure
	  	77

  

							
	 Exhibit A
	  	-	  	 Form of Initial Note
	  	A-1
				
	 Exhibit B
	  	-	  	 Form of Exchange Note
	  	B-1
				
	 Exhibit C
	  	-	  	 Form of Legend for Global Security
	  	C-1
				
	 Exhibit D
	  	-	  	 Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB Accredited Investors
	  	D-1
				
	 Exhibit E
	  	-	  	 Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S
	  	E-1
				
	 Exhibit F
	  	-	  	 Form of Guarantee
	  	F-1

 NOTE: This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture. 
  

 v 

 INDENTURE, dated as of February 15, 2007, among Claymont Steel, Inc., a Delaware corporation (the
“Company”), CitiSteel PA, a Pennsylvania corporation, and The Bank of New York, as trustee (in such capacity, the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Company has duly authorized the creation of the 8.875% Senior Notes due 2015 (the
“Notes”) and, to provide therefor, the Company and the Guarantor have duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to make the Notes, when duly issued and executed by the Company, as applicable, and authenticated and delivered hereunder, the valid and legally binding obligations of the Company and to
make this Indenture a valid and binding agreement of each of the Company and the Guarantor, have been done. 
 NOW, THEREFORE, each party
hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein): 
 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 “144A Global Notes” has the meaning set forth in Section 2.01. 
 “Acceleration
Notice” has the meaning set forth in Section 6.02. 
 “Acquired Indebtedness” means Indebtedness of a
Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its Restricted Subsidiaries or assumed in connection with
the acquisition of assets from such Person and in each case not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or
consolidation and which Indebtedness is without recourse to the Company or any of its Subsidiaries or to any of their respective properties or assets other than the Person or the assets to which such Indebtedness related prior to the time such
Person became a Restricted Subsidiary of the Company or the time of such acquisition, merger or consolidation. 
 “Acquisition” means 
 (1) an Investment by the Company or any Subsidiary of the Company in any other Person (other
than a Restricted Subsidiary of the Company) pursuant to which the Company or such Subsidiary acquires, whether directly or indirectly, the Capital Stock of such other Person or the right to acquire any such Capital Stock (including an Investment in
the Indebtedness of such other Person that is convertible into the Capital Stock of such other Person); or 
 (2) the acquisition by the
Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of 

  

 1 

 
the assets of such Person or comprise any division or line of business of such Person or other than in the ordinary course of business, any other assets of
such Person. 
 “Additional Interest” means all additional interest then owing pursuant to the Registration Rights
Agreement. 
 “Additional Notes” means all Notes issued after the Issue Date (other than pursuant to Sections 2.06,
2.07, 2.10 and 3.06 of this Indenture and other than Exchange Notes) from time to time in accordance with the terms of this Indenture, including, without limitation, the provisions of Section 2.02. 
 “Administrative Agent” has the meaning set forth in the definition of the term “Credit Agreement.” 
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; provided, that Beneficial Ownership of 10% or more of the Voting Stock of the Person shall be deemed to be control. The terms “controlling” and
“controlled” have meanings correlative of the foregoing. 
 “Affiliate Transaction” has the meaning set forth in
Section 4.14. 
 “Agent” means any Registrar, Paying Agent or co-Registrar. 
 “Agent Members” has the meaning set forth in Section 2.14 and means, with respect to DTC, Euroclear or Clearstream, a Person
who has an account with DTC, Euroclear or Clearstream, respectively (and with respect to DTC, shall include Euroclear and Clearstream). 
 “Applicable Indebtedness” means in respect of any asset, Indebtedness that is pari passu with the Notes. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange.

 “Asset Acquisition” means: 
 (1) an Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the
Company, or shall be merged with or into the Company or any Restricted Subsidiary of the Company; or 
 (2) the acquisition by
the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or comprise any division or line of
business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 
 “Asset
Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business), assignment or other transfer (other than a 

  

 2 

 
Lien in accordance with this Indenture) for value by (x) the Company or any of its Restricted Subsidiaries to any Person other than the Company or a
Guarantor or (y) a Foreign Restricted Subsidiary to any Person other than the Company or a Wholly-Owned Restricted Subsidiary of the Company of: 
 (1) any Capital Stock of any Restricted Subsidiary of the Company; or 
 (2) any other property or assets of
the Company or any Restricted Subsidiary of the Company other than in the ordinary course of business; provided, however, that Asset Sales shall not include: 
 (a) a transaction or series of related transactions for which the Company or its Restricted Subsidiaries receive aggregate consideration of less than $5.0 million; 
 (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted under
Section 5.01; 
 (c) any Restricted Payment permitted under Section 4.09, including a Permitted Investment;

 (d) the sale of Cash Equivalents; and 
 (e) the sale or other disposition of used, worn out, obsolete or surplus equipment. 
 “Authenticating Agent” has the meaning set forth in Section 2.02. 
 “Bankruptcy Code”
means the Bankruptcy Reform Act of 1978, as amended, and codified as 11 U.S.C.§§101 et seq. 
 “Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have meanings correlative to the foregoing. 
 “Board of Directors” means, as to any Person, the board of directors or similar governing body of such Person or any duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of
such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Borrowing Base” means, means, as of the date of determination, an amount equal to: 
 (1) 85% of the face amount of all accounts receivable owned by the Company and its Restricted Subsidiaries that were no more than 90 days past due; plus

 (2) 75% of the book value of all inventory, net of reserves, owned by the Company and its Restricted Subsidiaries. 
 “Business Day” means a day that is not a Legal Holiday. 
  

 3 

 “Capital Stock” means: 
 (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; 
 (2) with respect to any Person
that is not a corporation, any and all partnership, membership or other equity interests of such Person; and 
 (3) any warrants, rights or
options to purchase any of the instruments or interests referred to in clause (1) or (2) above. 
 “Capitalized Lease
Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such
obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 
 “Cash Equivalents” means: 
 (1) marketable direct obligations issued by, or unconditionally guaranteed by, the
United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 
 (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 
 (3) commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1
from S&P or at least P-1 from Moody’s; 
 (4) certificates of deposit or bankers’ acceptances maturing within one year from the
date of acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined net
capital and surplus of not less than $250.0 million; 
 (5) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
 (6) investments in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through (5) above. 
 “Change of Control” means the occurrence of one or more of the following events: 
 (1) any direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a
series of related transactions, of all or substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), other than a transaction in which the
transferee is controlled by one or more Permitted Holders; 
  

 4 

 (2) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Company, other than (A) a transaction in which the surviving or transferee Person is a Person that is controlled by the Permitted Holders or (B) any such transaction where the Voting Stock of the Company
outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Capital Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of
such surviving or transferee Person (immediately after giving effect to such issuance); 
 (3) the approval by the holders of Capital Stock
of the Company of any plan or proposal for the liquidation, winding up or dissolution of the Company; 
 (4) any Person or Group (other than
the Permitted Holders) is or becomes the Beneficial Owner, directly or indirectly, in the aggregate of more than 50% of the total voting power of the Voting Stock of the Company; or 
 (5) individuals who on the Issue Date constituted the Board of Directors of the Company (together with any new directors whose election by such Board of
Directors or whose nomination for election by the stockholders of the Company was approved pursuant to a vote of a majority of the directors then still in office who were either directors on the Issue Date or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office. 
 “Change of Control Offer” has its meaning set forth in Section 4.19. 
 “Change of Control
Payment Date” has its meaning set forth in Section 4.19. 
 “Clearstream” means Clearstream Banking,
societe anonyme, and its successors. 
 “Commodity Agreement” means any hedging agreement or other similar agreement
or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in commodity prices. 
 “Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether
outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common stock. 
 “Company” has the meaning set forth in the preamble to this Indenture or any successor under this Indenture. 
 “Consolidated EBITDA” means, with respect to any Person, for any period, the sum (without duplication) of: 
 (3) Consolidated Net Income; and 
 (4) to the extent Consolidated Net Income has been reduced thereby: 

(a) all income taxes of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period;

  

 5 

 (b) Consolidated Interest Expense, and interest attributable to write-offs of deferred
financing costs; and 
 (c) Consolidated Non-cash Charges less any non-cash items increasing Consolidated Net Income for such
period; 
 all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the
four consecutive full fiscal quarters (the “Four Quarter Period”) most recently ending on or prior to the date of the transaction or event giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which
financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four Quarter Period. 
 In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro
forma basis for the period of such calculation to: 
 (1) the incurrence or repayment of any Indebtedness of such Person or
any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the
incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter
Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
 (2) any Asset Sale or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such
calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of any such Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness
during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date), as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence, assumption or
liability for any such Indebtedness or Acquired Indebtedness and also including any Consolidated EBITDA associated with such Asset Acquisition) occurred on the first day of the Four Quarter Period; provided that the Consolidated EBITDA of any Person
acquired shall be included only to the extent includible pursuant to the definition of “Consolidated Net Income.” If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the
preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 
 Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this
“Consolidated Fixed Charge Coverage Ratio”: 
 (1) interest on outstanding Indebtedness determined on a fluctuating
basis as of the Transaction Date (including Indebtedness actually incurred on the Transaction Date) and which will continue to be so determined thereafter shall be deemed to have accrued at the average rate 

  

 6 

 
per annum on such Indebtedness during the period of four fiscal quarters ending on or most recently ended prior to the Transaction Date; provided that
interest on any Indebtedness actually incurred on the Transaction Date shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; and 
 (2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is
covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 
 (1) Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs); plus 
 (2) the product of (x) the amount of all dividend payments on any series of Preferred Stock of such Person (other than dividends paid
in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state
and local tax rate of such Person, expressed as a decimal. 
 Notwithstanding the foregoing, Consolidated Fixed Charges of a Person shall not
include amounts described in clause (1) or (2) of any other Person to the extent the net income of such Person is excluded from Consolidated Net Income by clause (3), (4) or (6) of the definition of Consolidated Net Income.

 “Consolidated Interest Expense” means, with respect to any Person for any period, the aggregate of the interest expense
of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, as determined in accordance with GAAP, and including, without duplication, (a) all amortization or accretion of original issue discount; (b) the
interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period; and (c) net cash costs under all Interest Swap Obligations (including
amortization of fees). 
 “Consolidated Net Income” means, with respect to any Person, for any period, the aggregate net
income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, however, that there shall be excluded therefrom: 
 (1) after-tax gains and losses from Asset Sales or abandonments or reserves relating thereto; 
 (2) after-tax items classified as extraordinary gains or losses; 
 (3) the net income (but not loss) of any Restricted Subsidiary of the referent Person to the extent that the declaration of dividends or
similar distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; 
 (4) the net income of any Person, other than the referent Person or a Restricted Subsidiary of the referent Person, except to the extent of cash dividends or distributions paid to the referent Person or to a Wholly-Owned Restricted
Subsidiary of the referent Person by such Person; 
  

 7 

 (5) any restoration to income of any material contingency reserve, except to the extent
that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 
 (6)
income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); 
 (7) all gains and losses realized on or because of the purchase or other acquisition by such Person or any of its Restricted Subsidiaries
of any securities of such Person or any of its Restricted Subsidiaries; 
 (8) the cumulative effect of a change in accounting
principles; 
 (9) interest expense attributable to dividends on Qualified Capital Stock pursuant to Statement of Financial
Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity;” 
 (10) non-cash charges resulting from the impairment of intangible assets; and 
 (11) in the
case of a successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 
 “Consolidated Net Worth” of any Person means the consolidated stockholders’ equity of the Person, determined on a consolidated
basis in accordance with GAAP, less (without duplication) amounts attributable to Disqualified Capital Stock of such Person. 
 “Consolidated Non-cash Charges” means, with respect to any Person, for any period, the aggregate depreciation, amortization and other non-cash items and expenses of such Person and its Restricted Subsidiaries to the extent
they reduce Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge
which requires an accrual of or a reserve for cash charges for any future period). 
 “Corporate Trust Office” shall be the
office at the address specified in Section 11.02 hereof, or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 
 “Covenant
Defeasance” has the meaning set forth in Section 8.01(c). 
 “Credit Agreement” means the Amended and
Restated Financing Agreement dated as of the Issue Date, among the Company, the Guarantor party thereto, the lenders party thereto (together with their successors and assigns, the “Lenders”) and U.S. Bank National Association, as
administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”), setting forth the terms and conditions of the new senior revolving credit facility, together with the related documents
thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended, supplemented or otherwise modified from time to time, including any agreement extending the maturity of,
refinancing, replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder (provided that such increase in borrowings is 

  

 8 

 
permitted under clause (2) of the definition of the term “Permitted Indebtedness”) or adding Subsidiaries of the Company as additional
borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to
protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 
 “CUSIP” has the
meaning set forth in Section 2.12. 
 “Custodian” means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Code. 
 “Default” means an event or condition the occurrence of which
is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
 “Depository” means DTC.

 “Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event that would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except in each case, upon the occurrence of a Change of Control) on or prior to the first anniversary of the final maturity date of the Notes for cash
or is convertible into or exchangeable for debt securities of the Company or its Subsidiaries at any time prior to such anniversary. 
 “Domestic Restricted Subsidiary” means, with respect to any Person, a Domestic Subsidiary of such Person that is a Restricted Subsidiary of such Person. 
 “Domestic Subsidiary” means, with respect to any Person, a Subsidiary of such Person that is not a Foreign Subsidiary of such Person.

 “DTC” means The Depository Trust Company, its nominees and successors. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 
 “Events of Default” has the meaning set forth in Section 6.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
 “Exchange Notes” means the Notes issued in exchange for a like principal amount of the Initial Notes or any Additional Notes pursuant to
the terms of the Registration Rights Agreement. 
 “Exchange Offer” means an exchange offer that may be made by the Company,
pursuant to the Registration Rights Agreement, to exchange for any and all the Notes a like aggregate principal amount of Exchange Notes registered under the Securities Act having substantially identical terms to the Notes. 
  

 9 

 “Fair Market Value” means, with respect to any asset or property, the price which could
be negotiated in an arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined
by the Board of Directors of the Company acting in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee; provided, however, that with respect to any price less than $3.0 million
only the good faith determination by the Company’s senior management shall be required. 
 “Foreign Restricted
Subsidiary” means any Restricted Subsidiary that is organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia. 
 “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is organized under the laws of any
jurisdiction other than the United States of America, any state thereof or the District of Columbia. 
 “GAAP” means
accounting principles generally accepted in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States. 
 “Global Notes” means, collectively, the 144A Global Notes, the IAI Global Notes and the Regulation S Global Notes, as applicable.

 “Group” has the meaning set forth in the definition of the term “Change of Control”. 
 “Guarantor” means (1) each of the Company’s Domestic Restricted Subsidiaries existing on the Issue Date and (2) each of
the Company’s Domestic Restricted Subsidiaries that in the future executes a supplemental indenture in which such Domestic Restricted Subsidiary agrees to be bound by the terms of the Indenture as a Guarantor; provided that any Person
constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of the Indenture. 
 “Guarantee” has the meaning set forth in Section 10.01. 
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 
 “Holdings” means Claymont Steel Holdings, Inc. 
 “IAI Global Notes” has the meaning set forth in
Section 2.01. 
 “incur” has the meaning set forth in Section 4.08. 
 “Indebtedness” means with respect to any Person, without duplication: 
 (1) all Obligations of such Person for borrowed money; 
 (2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such Person; 
  

 10 

 (4) all Obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations and all Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 180 days or
more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and any deferred purchase price represented by earn outs consistent with the Company’s past practice); 
 (5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction,
whether or not then due; 
 (6) guarantees and other contingent obligations in respect of Indebtedness referred to in clauses
(1) through (5) above and clause (8) below; 
 (7) all Obligations of any other Person of the type referred to
in clauses (1) through (6) which are secured by any Lien on any property or asset of such Person, the amount of any such Obligation being deemed to be the lesser of the Fair Market Value of the property or asset securing such Obligation or
the amount of such Obligation; 
 (8) all Interest Swap Obligations and all Obligations under Currency Agreements and
Commodity Agreements of such Person; and 
 (9) all Disqualified Capital Stock issued by such Person with the amount of
indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any. 
 Notwithstanding the foregoing, Indebtedness shall not include any Qualified Capital Stock. For purposes hereof, the “maximum fixed repurchase
price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on
which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Capital Stock, such Fair Market Value shall be determined reasonably and in
good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. 
 “Indemnified Party” has the
meaning set forth in Section 7.07. 
 “Indenture” means this Indenture, as amended or supplemented from time to
time in accordance with the terms hereof. 
 “Indenture Documents” means, collectively, this Indenture, the Notes and any
Guarantee. 
 “Independent Financial Advisor” means a nationally-recognized accounting, appraisal or investment banking
firm: (1) that does not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect financial interest in the Company; and (2) that, in the judgment of the Board of Directors of the Company, is otherwise
independent and qualified to perform the task for which it is to be engaged. 
 “Initial Notes” means the Notes issued on
the Issue Date. 
 “Initial Purchasers” means Jefferies & Company, Inc. and CIBC World Markets Corp. 
  

 11 

 “Institutional Accredited Investor” means an institution that is an “accredited
investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Interest
Payment Date” means February 15 and August 15 of each year, commencing August 15, 2007. 
 “Interest Swap
Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a
floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without
limitation, interest rate swaps, caps, floors, collars and similar agreements. 
 “Investment” in any Person means any
direct or indirect advance, loan (other than (x) advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender and (y) payments to vendors in the ordinary course of
business that are recorded as prepaid expenses on the balance sheet of the lender) or other extensions of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to
others or any payment for property or services for the account or use of others), or any purchase or acquisition for value of Capital Stock, Indebtedness or other similar instruments issued by such Person. If the Company or any Restricted Subsidiary
issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted Subsidiary
in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. The acquisition by the Company or any Restricted Subsidiary of a Person that holds an investment in a third Person will be deemed to be an
Investment by the Company or such Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving
effect to subsequent changes in value. 
 For purposes of the definition of “Unrestricted Subsidiary”, the definition of
“Restricted Payment” and Section 4.09: 
 (1) “Investment” shall include the portion
(proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of any 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 
 (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. 
 “IRC” shall mean the Internal Revenue Code of 1986, as amended. 
 “Issue Date” means
February 15, 2007. 
 “Legal Defeasance” has the meaning set forth in Section 8.01. 
  

 12 

 “Legal Holiday” shall mean, with respect to a particular place of payment, a Saturday, a
Sunday or a day on which banking institutions in New York, New York, or at such place of payment are not required to be open. If a payment date is a Legal Holiday at such place, payment may be made at such place on the next succeeding day that is
not a Legal Holiday, and no interest or Additional Interest, if applicable, shall accrue for the intervening period. 
 “Lenders” has the meaning set forth in the definition of the term “Credit Agreement.” 
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any
agreement to give any security interest). 
 “Maturity Date” means February 15, 2015. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form
of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of: 
 (1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and
investment banking fees and sales commissions); 
 (2) all taxes and other costs and expenses actually paid or estimated by
the Company (in good faith) to be payable in cash in connection with such Asset Sale; 
 (3) repayment of Indebtedness that is
secured by the property or assets that are the subject of such Asset Sale and is required to be repaid in connection with such Asset Sale; and 
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by
the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, 
 provided, however, that if, after the payment of all taxes with respect to such Asset Sale,
the amount of estimated taxes, if any, pursuant to clause (2) above exceeded the tax amount actually paid in cash in respect of such Asset Sale, the aggregate amount of such excess shall, at such time, constitute Net Cash Proceeds. 

“Net Proceeds Offer” has the meaning set forth in Section 4.10. 
 “Net Proceeds Offer Amount” has the meaning set forth in Section 4.10. 
 “Net Proceeds Offer Payment Date” has the meaning set forth in Section 4.10. 
 “Net Proceeds Offer Trigger Date” has the meaning set forth in Section 4.10. 
  

 13 

 “Non-U.S. Person” means a Person who is not a U.S. person, as defined in Regulation S.

 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes, the Additional Notes and the
Exchange Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes, Additional Notes and the Exchange Notes. 
 “Obligations” means all obligations for principal, premium, interest, Additional Interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offering”
means the offering of the Notes hereunder. 
 “Offering Circular” means the offering circular of the Company dated
February 5, 2007. 
 “Officer” means the Executive Chairman, the President, the Chief Financial Officer or any Vice
President of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers of the Company, at
least one of whom shall be the principal financial officer of the Company, and delivered to the Trustee. 
 “Opinion of
Counsel” means a written opinion of counsel who shall be reasonably acceptable to the Trustee. 
 “Paying Agent”
has the meaning set forth in Section 2.03. 
 “Permitted Business” means any business that is the same as or
similar, reasonably related, complementary or incidental to the business in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
 “Permitted Holders” means H.I.G. Capital LLC, a Delaware limited liability company and its Affiliates. 
 “Permitted Indebtedness” means, without duplication, each of the following: 
 (1) Indebtedness under the Notes issued in the Offering or in the Exchange Offer and the related Guarantees; 
 (2)
Indebtedness incurred pursuant to the Credit Agreement in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $80.0 million or (y) the Borrowing Base as of the date of such incurrence, in each case, as
such amount may be reduced from time to time as a result of permanent reductions of the revolving commitments thereunder as provided in Section 4.10; 
 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date; 
 (4) Interest Swap Obligations of the Company or any Restricted Subsidiary of the Company covering Indebtedness of the Company or any of
its Restricted Subsidiaries; provided, however, that such Interest Swap Obligations are entered into for the purpose of fixing or hedging interest rates with respect to any fixed or variable rate Indebtedness that is permitted by this 

  

 14 

 
Indenture to be outstanding to the extent that the notional amount of any such Interest Swap Obligation does not exceed the principal amount of Indebtedness
to which such Interest Swap Obligation relates; 
 (5) Indebtedness under Currency Agreements, in each case arising in the
ordinary course of business of the Company and its Restricted Subsidiaries; provided that in the case of Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted
Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
 (6) intercompany Indebtedness of the Company or a Restricted Subsidiary for so long as such Indebtedness is held by the Company or a
Restricted Subsidiary; provided that if as of any date any Person other than the Company or a Restricted Subsidiary owns or holds any such indebtedness or holds a Lien (other than a Permitted Lien) in respect of such indebtedness, such date shall be
deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (6) by the issuer of such Indebtedness; 
 (7) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in
the ordinary course of business; provided, however, that such Indebtedness is extinguished within three Business Days of incurrence; 
 (8) Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit for the account of the Company or such Restricted Subsidiary, as the case may be, in order to provide security for workers’
compensation claims, payment obligations in connection with self-insurance or similar requirements, trade obligations or similar obligations, in each case to the extent incurred in the ordinary course of business; 
 (9) Obligations in respect of performance, bid and surety bonds and completion guarantees provided by the Company or any Restricted
Subsidiary in the ordinary course of business; 
 (10) Indebtedness represented by Capitalized Lease Obligations and Purchase
Money Indebtedness of the Company and its Restricted Subsidiaries incurred in the ordinary course of business (including Refinancings thereof that do not result in an increase in the aggregate principal amount of Indebtedness of such Person as of
the date of such proposed Refinancing (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such
Refinancing)) not to exceed $5.0 million at any time outstanding; 
 (11) Refinancing Indebtedness; 
 (12) Indebtedness represented by guarantees by the Company or a Restricted Subsidiary of Indebtedness incurred by the Company or a
Restricted Subsidiary so long as the incurrence of such Indebtedness by the Company or any such Restricted Subsidiary is otherwise permitted by the terms of this Indenture; 
 (13) Indebtedness arising from agreements of the Company or a Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, incurred in connection with the disposition of any business, assets or Subsidiary, other than guarantees of 

  

 15 

 
Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition;
provided that the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Company and the Subsidiary in connection with such disposition; 
 (14) Indebtedness of the Company or any of its Restricted Subsidiaries to the extent the net proceeds thereof are promptly used to redeem
the Notes in full or deposited to defease or discharge the Notes, in each case, in accordance with this Indenture; and 
 (15)
additional Indebtedness of the Company and its Restricted Subsidiaries in an aggregate principal amount not to exceed $5.0 million at any time outstanding. 
 For purposes of determining compliance with Section 4.08, (a) the outstanding principal amount of any item of Indebtedness shall be counted only once and (b) in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (15) above or is entitled to be incurred pursuant to the Consolidated Fixed Charge Coverage Ratio provisions of
Section 4.08, the Company shall, in its sole discretion, classify (or later reclassify) such item of Indebtedness in any manner that complies with Section 4.08. Indebtedness under the Company’s new senior secured
revolving credit and term facility, which is governed by the Credit Agreement, outstanding on the Issue Date will initially be deemed to have been incurred on such date in reliance on the exception provided by clause (2) of the definition of
Permitted Indebtedness. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified
Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Capital Stock for purposes of Section 4.08. 

“Permitted Investments” means: 
 (1) Investments by the Company or any Restricted Subsidiary of the Company in any Person that is or will become immediately after such Investment a Restricted Subsidiary or that will merge or consolidate with or into
the Company or a Restricted Subsidiary, or that transfers or conveys all or substantially all of its assets to the Company or a Restricted Subsidiary; 
 (2) Investments in the Company by any Restricted Subsidiary of the Company; provided that any Indebtedness evidencing such Investment is unsecured and subordinated, pursuant to a written agreement, to the
Company’s Obligations under the Notes and this Indenture; 
 (3) Investments in cash and Cash Equivalents; 
 (4) Currency Agreements and Interest Swap Obligations, in each case, entered into (a) in the ordinary course of the Company’s or
its Restricted Subsidiaries’ businesses, (b) not for speculative purposes and (c) otherwise in compliance with this Indenture; 
 (5) Investments in the Notes; 
 (6) Investments in securities of trade creditors or customers
received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers in exchange for claims against such trade creditors or customers; 
  

 16 

 (7) Investments made by the Company or its Restricted Subsidiaries as a result of
consideration received in connection with an Asset Sale made in compliance with Section 4.10; 
 (8) Investments
in existence on the Issue Date; 
 (9) loans and advances, including advances for travel and moving expenses, to employees,
officers and directors of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $250,000 at any one time outstanding; 
 (10) advances to suppliers and customers in the ordinary course of business; 
 (11) prepaid expenses and deposits in the ordinary course of business for a bona fide business purpose not in excess of $500,000 at any
time outstanding; and 
 (12) additional Investments in an aggregate amount not to exceed $1.0 million at any time
outstanding. 
 “Permitted Liens” means the following types of Liens: 
 (1) Liens for taxes, assessments or governmental charges or claims either (a) not delinquent or (b) contested in good faith by
appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to GAAP; 
 (2) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed
by law or pursuant to customary reservations or retentions of title incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be
required by GAAP shall have been made in respect thereof; 
 (3) Liens incurred or deposits made in the ordinary course of
business in connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection
therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of
borrowed money); 
 (4) any judgment Lien not giving rise to an Event of Default; 
 (5) easements, rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in
any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
 (6)
any interest or title of a lessor under any Capitalized Lease Obligation permitted pursuant to clause (10) of the definition of “Permitted Indebtedness;” provided that such Liens do not extend to any property or assets which are not
leased property subject to such Capitalized Lease Obligation; 
  

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 (7) Liens securing Purchase Money Indebtedness permitted pursuant to clause (10) of
the definition of “Permitted Indebtedness;” provided, however, that (a) the Indebtedness shall not exceed the cost of the property or assets acquired, together, in the case of real property, with the cost of the construction thereof
and improvements thereto, and shall not be secured by a Lien on any property or assets of the Company or any Restricted Subsidiary of the Company other than such property or assets so acquired or constructed and improvements thereto and (b) the
Lien securing such Indebtedness shall be created within 180 days of such acquisition or construction or, in the case of a refinancing of any Purchase Money Indebtedness, within 180 days of such refinancing; 
 (8) Liens upon 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; 
 (9) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property
relating to such letters of credit and products and proceeds thereof; 
 (10) Liens encumbering deposits made to secure
obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and set-off; 
 (11) Liens securing Interest Swap Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under
this Indenture; 
 (12) Liens securing Indebtedness under Currency Agreements that are permitted under this Indenture;

 (13) Liens securing Acquired Indebtedness incurred in accordance with Section 4.08; provided that: 

(a) such Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness by the
Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company; and 
 (b) such Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the
property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the
Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company; 
 (14) Liens existing as of the Issue Date and securing Indebtedness permitted to be outstanding under clause (3) of the definition of the term “Permitted Indebtedness” to the extent and in the manner
such Liens are in effect on the Issue Date; 
  

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 (15) Liens securing Indebtedness under the Credit Agreement to the extent such
Indebtedness is permitted under clause (2) of the definition of the term “Permitted Indebtedness”; and 
 (16)
Liens securing Refinancing Indebtedness which is incurred to Refinance any Indebtedness which has been secured by a Lien permitted under this paragraph and which has been incurred in accordance with Section 4.08; provided, however, that
such Liens: (i) are no less favorable to the Holders and are not more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property
or assets of the Company or any of its Restricted Subsidiaries not securing the Indebtedness so Refinanced. 
 “Permitted Payments to
Holdings” means, without duplication as to amounts: 
 (1) payments to Holdings to permit Holdings to pay reasonable
accounting, legal and administrative expenses of Holdings when due, in an aggregate amount not to exceed $1.0 million per annum; and 
 (2) payments to Holdings pursuant to the tax sharing agreement, dated July 6, 2006, between the Company and Holdings. 
 “Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 “Physical Notes” has the meaning set forth in Section 2.14(b). 
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such
Person with respect to dividends or redemptions or upon liquidation. 
 “Public Equity Offering” means an offer and sale of
Capital Stock (other than Disqualified Stock) of the Company pursuant to a registration statement that has been declared effective by the SEC pursuant to the Securities Act (other than a registration statement on Form S-8 or otherwise relating to
equity securities issuable under any employee benefit plan of the Company). 
 “Private Placement Legend” means the legend
set forth on the Initial Notes in the form set forth in Exhibit A. 
 “Purchase Money Indebtedness” means
Indebtedness of the Company and its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or improvement, of property or equipment, provided that the aggregate
principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified Capital
Stock” means any Capital Stock that is not Disqualified Capital Stock. 
 “Record Date” means any of the Record
Dates specified in the Notes, whether or not a Legal Holiday. 
  

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 “Redemption Date” means, when used with respect to any Note to be redeemed, the date
fixed for redemption pursuant to this Indenture and the Notes. 
 “Redemption Price” means, when used with respect to any
Note to be redeemed, the price fixed for redemption pursuant to this Indenture and the Notes. 
 “Reference Date” has the
meaning set forth in Section 4.09. 
 “Refinance” means, in respect of any security or Indebtedness, to
refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing”
shall have correlative meanings. 
 “Refinancing Indebtedness” means any Refinancing by the Company or any Restricted
Subsidiary of the Company of Indebtedness incurred in accordance with Section 4.08 (other than pursuant to Permitted Indebtedness) or clauses (1), (3) or (11) of the definition of Permitted Indebtedness, in each case that does
not: 
 (1) have an aggregate principal amount (or, if such Indebtedness is issued with original issue discount, an aggregate
offering price) greater than the sum of (x) the aggregate principal amount of the Indebtedness being Refinanced (or, if such Indebtedness being Refinanced is issued with original issue discount, the aggregate accreted value) as of the date of
such proposed Refinancing plus (y) the amount of fees, expenses, premium, defeasance costs and accrued but unpaid interest relating to the Refinancing of such Indebtedness being Refinanced; 
 (2) create Indebtedness with: (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; or 
 (3) affect the security, if any, for such Refinancing Indebtedness (except to the extent that less security is granted to holders of such Refinancing Indebtedness). 
 If such Indebtedness being Refinanced is subordinate or junior by its terms to the Notes, then such Refinancing Indebtedness shall be subordinate by its
terms to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
 “Register” is
defined in Section 2.03. 
 “Registrar” has the meaning set forth in Section 2.03. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Issue Date, among the Company, the Guarantor
party thereto and the Initial Purchasers, as the same may be amended or modified from time to time in accordance with the terms thereof and, with respect to any Additional Notes, one or more registration rights agreements between the Company and the
other parties thereto, as such agreement(s) may be amended or modified from time to time, relating to the rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 
 “Regulation S” means Regulation S under the Securities Act. 
  

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 “Regulation S Global Note” means a Global Note deposited with or on behalf of and
registered in the name of the Depository or its nominee, issued in a denomination equal to the outstanding principal amount of the Initial Notes or any Additional Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Restricted Payment” has the meaning set forth in Section 4.09. 
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
 “Restricted Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act; provided that the Trustee shall
be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security. 
 “Restricted Subsidiary” of any Person means any Subsidiary of such Person which at the time of determination is not an Unrestricted Subsidiary. 
 “Rule 144A” means Rule 144A under the Securities Act. 
 “S&P” means
Standard & Poor’s Ratings Group. 
 “SEC” has the meaning set forth in Section 4.17. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute or statutes thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Significant Subsidiary” with respect to any Person, means any Restricted
Subsidiary of such Person that satisfies the criteria for a “significant subsidiary” set forth in clause (1) or (2) of Rule 1-02(w) of Regulation S-X under the Exchange Act. 
 “Subsidiary” with respect to any Person, means: 
 (1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election of
directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
 (2) any other
Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or indirectly, owned by such Person. 
 “Surviving Entity” has the meaning set forth in Section 5.01. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. SS 77aaa-77bbbb) as amended, as in effect on the date of this Indenture. 
 “Transaction Date” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.” 
 “Trustee” has the meaning set forth in the preamble to this Indenture and any successor under this Indenture. 
 “Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions 

  

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similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of
such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Unrestricted Subsidiary” of any Person means: 
 (1) any Subsidiary of such
Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Company may designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock 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 that: 
 (1) the Company certifies to the Trustee in an Officers’ Certificate that such designation complies with Section 4.09;
and 
 (2) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted
Subsidiaries. 
 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if:

 (1) immediately after giving effect to such designation, the Company is able to incur at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.08; and 
 (2) immediately before
and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. 
 Any such
designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied
with the foregoing provisions. 
 “U.S. Government Obligations” means direct obligations of, and obligations guaranteed by,
the United States of America for the payment of which the full faith and credit of the United States of America is pledged. 
 “U.S.
Legal Tender” means such coin or currency of the United States which, as at the time of payment, shall be immediately available legal tender for the payment of public and private debts. 
 “Voting Stock” means, with respect to any Person, securities of any class or classes of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

 

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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date,
the number of years obtained by dividing (1) the then outstanding aggregate principal amount of such Indebtedness into (2) the sum of the total of the products obtained by multiplying: 
 (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final
maturity, in respect thereof, by 
 (b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and
the making of such payment. 
 “Wholly-Owned Restricted Subsidiary” of any Person means any Restricted Subsidiary of such
Person of which all the outstanding Capital Stock (other than in the case of a Foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are owned by
such Person or any Wholly-Owned Restricted Subsidiary of such Person. 
 Section 1.02. Incorporation by Reference of Trust Indenture
Act. 
 Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference in, and made a part of,
this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means
the Notes. 
 “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 or any other obligor on the Notes. 
 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 and not otherwise defined herein have the meanings assigned to them therein. 
 Section 1.03. Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular; 
  

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 (5) “herein”, “hereof” and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (6) when the words
“includes” or “including” are used herein, they shall be deemed to be followed by the words “without limitation”; and 
 (7) all references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated. 
 ARTICLE TWO 
 THE NOTES 
 Section 2.01. Form and Dating. 
 The
Initial Notes and any Additional Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A hereto. The Exchange Notes and the Trustee’s certificate of authentication thereon shall
be substantially in the form of Exhibit B hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or DTC rule or usage. The Company and the Trustee shall approve the form of the Notes and any
notation, legend or endorsement on them. Each Note shall be dated the date of its issuance and shall show the date of its authentication. 
 The terms and provisions contained in the forms of the Notes annexed hereto as Exhibit A and Exhibit B, shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company, the
Guarantor party hereto and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby upon authentication thereof pursuant to this Indenture. 
 Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more permanent global notes in registered form,
substantially in the form set forth in Exhibit A (the “144A Global Notes”), deposited with the Trustee, as custodian for DTC, and registered in the name of DTC or the nominee of DTC, duly executed by the Company and
authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
 Notes offered and sold
to Institutional Accredited Investors in reliance on Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall be issued initially in the form of one or more permanent global notes in registered form, substantially in the form set
forth in Exhibit A (the “IAI Global Notes”), deposited with the Trustee, as custodian for DTC, and registered in the name of DTC or the nominee of DTC, duly executed by the Company and authenticated by the Trustee as
hereinafter provided and shall bear the legend set forth in Exhibit C. 
 Notes offered and sold in offshore transactions in
reliance on Regulation S shall be issued initially in the form of one or more notes in registered, global form without interest coupons, substantially in the form set forth in Exhibit A (the “Regulation S Global Notes”),
deposited with the Trustee, as custodian for the Depository, and registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the
Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. During the Restricted Period, beneficial interests in the Regulation S Global Notes may be held only through Euroclear and
Clearstream (as indirect participants in DTC), unless transferred to a Person that takes delivery through a Rule 144A Global Note in accordance with the certification requirements set forth in Section 2.16. 
  

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 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and
Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global
Notes that are held by participants through Euroclear or Clearstream. 
 Exchange Notes issued in exchange for a like principal amount of
Initial Notes shall be issued initially in the form of one or more Global Notes, substantially in the form set forth in Exhibit B, deposited with the Trustee, as custodian for the Depository, and registered in the name of the Depository or
the nominee of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
 The aggregate principal amount of any Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as
custodian for DTC, as hereinafter provided. 
 The definitive Notes shall be typed, printed, lithographed or engraved or produced by any
combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, all as determined by the Officer executing such Notes, as evidenced by their execution of such
Notes. 
 Section 2.02. Execution and Authentication; Aggregate Principal Amount. 
 An Officer (who shall have been duly authorized by all requisite corporate actions) shall sign the Notes for the Company by manual or facsimile
signature. 
 If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office or
position at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 
 A Note shall not be valid until an
authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount not to exceed $105,000,000,
(ii) Exchange Notes from time to time after the Issue Date for issue only in exchange for a like principal amount of Initial Notes or Additional Notes, and (iii) subject to compliance with Section 4.08, one or more series of
Additional Notes in an unlimited amount, in each case, upon written orders of the Company in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Exchange Notes, certify that such issuance
is pursuant to and in compliance with the Registration Rights Agreement and, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with Section 4.08, and receipt of an Opinion of Counsel addressed
to the Trustee covering such matters as the Trustee reasonably requests, including an opinion relating to the validity and enforceability of the Indenture Documents against the Company and the Guarantors, as applicable. In addition, each
Officers’ Certificate shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated and whether the Notes are to be Initial Notes, Exchange Notes or Additional Notes. All Notes issued under this
Indenture shall vote and consent together on all matters as one class and no series of Notes shall have the right to vote or consent as a separate class on any matter. 
  

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 The Trustee may appoint an authenticating agent (the “Authenticating Agent”) reasonably
acceptable to the Company to authenticate the Notes. Unless otherwise provided in the appointment, an Authenticating Agent may authenticate the Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with the Company and Affiliates of the Company. 
 The Notes shall be issuable in fully registered form only, without coupons, in denominations of $1,000 in principal amount and any integral multiple thereof. 
 Section 2.03. Registrar and Paying Agent. 
 The Company shall maintain (or appoint any Person to so maintain on its behalf) an office or agency which shall initially be the Corporate Trust Office, where (a) Notes may be presented or surrendered for registration of transfer or
for exchange (the “Registrar”), (b) Notes may be presented or surrendered for payment (the “Paying Agent”) and (c) notices and demands to or upon the Company in respect of the Notes and this Indenture may
be served. The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Register”). The Company may have one or more co-Registrars and one or more additional Paying Agents reasonably acceptable to the
Trustee. The term “Paying Agent” or “Registrar” includes any additional Paying Agent or Registrar, as the case may be. The Company and any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall incorporate the
provisions of the TIA and implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee in writing, in advance, of the name and address of any such Agent. If the Company fails to maintain a Registrar
or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such. 
 The Company initially appoints the Trustee, as
Registrar, Paying Agent and agent for service of demands and notices in connection with the Notes and agent to so maintain the office or agency described under the first paragraph of this Section 2.03, until such time as the Trustee has
resigned or a successor has been appointed. The Paying Agent or Registrar may resign upon thirty (30) days’ written notice to the Company. The Company may change any Paying Agent or Registrar without notice to the Holders. 
 Section 2.04. Obligations of Paying Agent. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust separate and apart from, and not commingle with any other properties, for the benefit of the Holders or the
Trustee, all assets held by the Paying Agent for the payment of principal of, or interest or Additional Interest, if any, on, the Notes (whether such assets have been distributed to it by the Company or any other obligor on the Notes), and the
Company and the Paying Agent shall notify the Trustee of any Default by the Company (or any other obligor on the Notes) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee
and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account
for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets. 
  

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 Section 2.05. Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the
Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish or cause the Registrar to furnish to the Trustee before each Record Date and at such other times as the Trustee may
request in writing a list as of such date and in such form as the Trustee may reasonably require of the names and addresses of the Holders, which list may be conclusively relied upon by the Trustee. 
 Section 2.06. Transfer and Exchange. 
 Subject to the provisions of Sections 2.14 and 2.15, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of
Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested; provided, however, that the Notes presented or surrendered for registration of transfer or exchange shall be duly
endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing and such other documents as the
Registrar or co-Registrar may reasonably require. To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s or co-Registrar’s written request. 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 or similar governmental charge payable in connection therewith (other than any such transfer taxes
or similar governmental charge payable upon exchanges or transfers pursuant to Section 2.10, 3.06, 4.10 or 4.22, in which event the Company shall be responsible for the payment of such taxes). 
 The Registrar or co-Registrar shall not be required to register the transfer or exchange of any Note (i) during a period beginning at the opening of
business on the day which is fifteen (15) days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing and (ii) selected for redemption in whole or in part pursuant to Article
Three, except the unredeemed portion of any Note being redeemed in part. 
 Any Holder of a beneficial interest in a Global Note shall,
by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through DTC, in accordance with this Indenture and the Applicable Procedures. 
 Section 2.07. Replacement Notes. 
 If
a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims in writing that the Note has been lost, destroyed or wrongfully taken, then, in the absence of written notice to the Company upon its request or the Trustee that such
Note has been acquired by a protected purchaser, the Company shall issue and the Trustee shall authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding if the Trustee’s
requirements are met. Except with respect to mutilated Notes, if required by the Trustee or the Company, such Holder must provide an affidavit of lost certificate and an indemnity bond or other indemnity, sufficient in the judgment of both the
Company and the Trustee, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Note is replaced. The Company may charge such Holder for its reasonable out-of-pocket expenses in replacing a Note, including
reasonable fees and expenses of its counsel and of the Trustee and its counsel. In case any mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such 

  

 27 

 
Note instead of issuing a new Note in replacement thereof. Every replacement Note shall constitute an obligation of the Company, entitled to the benefits of
this Indenture. 
 Section 2.08. Outstanding Notes. 
 Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as
not outstanding. Subject to the provisions of Section 2.09, a Note does not cease to be outstanding because the Company or any of its Affiliates holds the Note. 
 If a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless
the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

 If on a Redemption Date or the Maturity Date the Paying Agent holds U.S. Legal Tender or U.S. Government Obligations sufficient to pay all
of the principal and interest and Additional Interest, if any, due on the Notes payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such Notes
cease to be outstanding and interest and Additional Interest, if applicable, on them ceases to accrue. 
 Section 2.09. Treasury Notes;
When Notes Are Disregarded. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver, consent or notice, Notes owned by the Company or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Notes which the Trustee actually knows are so owned shall be so considered. Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. The Company shall notify the Trustee, in
writing (which notice shall constitute actual notice for purposes of the foregoing sentence), when it or, to its knowledge, any of its Affiliates repurchases or otherwise acquires Notes, of the aggregate principal amount of such Notes so repurchased
or otherwise acquired. 
 Section 2.10. Temporary Notes. 
 Until definitive Notes are ready for delivery, the Company may prepare and execute and the Trustee shall authenticate temporary Notes upon receipt of a
written order of the Company in the form of an Officers’ Certificate. The Officers’ Certificate shall specify the amount of temporary Notes to be authenticated and the date on which the temporary Notes are to be authenticated. Temporary
Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate upon receipt of
a written order of the Company pursuant to Section 2.02 definitive Notes in exchange for temporary Notes. Until so exchanged, the temporary Notes shall be entitled to the same benefits under this Indenture as definitive Notes.

 Section 2.11. Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or 

  

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payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel all Notes surrendered for
transfer, exchange, payment or cancellation. Subject to Section 2.07, the Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Company shall acquire any of the Notes, such
acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11. The Trustee shall
dispose of all cancelled Notes in accordance with customary procedures or, subject to the requirements of law, at the written request of the Company, shall return the same to the Company. 
 Section 2.12. CUSIP Numbers. 
 A
“CUSIP” number shall be printed on the Notes, and the Trustee shall use the CUSIP number in notices of redemption, purchase or exchange as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing
of any change in any CUSIP number relating to the Notes. 
 Section 2.13. Deposit of Moneys. 
 Prior to 11:00 a.m. New York City time on each Interest Payment Date and the Maturity Date, the Company shall deposit with the Paying Agent in
immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or the Maturity Date, as the case may be. To the extent that such deposit is insufficient to make such cash payments, the Company shall
provide the Trustee an Officers’ Certificate instructing the Trustee as to the amount and recipient of payments pursuant to Section 4.01 as to which the Trustee shall be entitled to rely solely thereupon without further
investigation. 
 Section 2.14. Book-Entry Provisions for Global Notes. 
 (a) The Global Notes initially shall (i) be registered in the name of DTC or the nominee of DTC, (ii) be delivered to the Trustee as custodian
for DTC and (iii) bear legends as set forth in Exhibit C. 
 Members of, or participants in, DTC (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC, or the Trustee as its custodian, or under any Global Note, and DTC may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to
any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note. 
 (b) Transfers of the Global Notes shall be limited to transfers in whole, but not in part, to DTC, its successors or their respective nominees. Interests
of beneficial owners in the Global Notes may be transferred or exchanged in accordance with the Applicable Procedures of DTC and the provisions of Section 2.17; provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Global Notes 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). In addition, Notes in the form of certificated Notes in registered
form in substantially the form set forth in Exhibit A hereto (the “Physical Notes”) shall be transferred to all beneficial owners in exchange for their beneficial interests in the Global Notes if (i) DTC notifies
the Company that it is unwilling or unable to continue as depository for the Global Notes 

  

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and a successor depository is not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default has occurred and is
continuing and the Registrar has received a request from DTC to issue Physical Notes; provided that a beneficial interest in the Regulation S Global Note may not be exchanged for a Physical Note or transferred to a Person who takes delivery thereof
in the form of a Physical Note prior to the expiration of the Restricted Period. 
 (c) Any beneficial interest in one of the Global Notes
that is transferred to a person who takes delivery in the form of an interest in another Global Note shall, upon transfer, cease to be an interest in such Global Note and become a beneficial interest in such other Global Note and, accordingly, shall
thereafter be subject to all transfer restrictions, if any, and other procedures applicable to a beneficial interest in such other Global Notes for as long as it remains such an interest. 
 (d) In connection with any transfer or exchange of a portion of the beneficial interest in the Global Note to beneficial owners pursuant to paragraph
(b) of this Section 2.14, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes of like tenor and aggregate principal amount. 
 (e) In connection with the transfer of an entire Global Note to beneficial owners pursuant to clause (b) of this Section 2.14,
the Global Notes shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by DTC in exchange for its beneficial interest in
the Global Notes, an equal aggregate principal amount of Physical Notes of authorized denominations. 
 (f) Any Physical Note constituting a
Restricted Security delivered in exchange for an interest in the Global Note pursuant to clause (b) or (c) shall, except as otherwise provided by clauses (a)(i)(x) and (c) of Section 2.16, bear
the legend regarding transfer restrictions applicable to the Physical Notes set forth in Exhibit A. 
 (g) The Holder of a Global Note
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 Notes. 
 Section 2.15. Restrictive Legends. 
 Each Global Note and each physical Note that is a Restricted Security shall bear the Private Placement Legend on the face thereof until after the second anniversary of the later of the Issue Date and the last date in which the Company or
any Affiliate of the Company was the owner of such Note. 
 Section 2.16. Special Transfer Provisions. 
 (a) Transfers to Non-QIB Institutional Accredited Investors and Non-U.S. Persons. The following provisions shall apply with respect to the
registration of any proposed transfer of a Note constituting a Restricted Security (or a beneficial interest therein) to any Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person: 
 (i) the Registrar shall register the transfer of any Physical Note constituting a Restricted Security, whether or not such Note bears the
Private Placement Legend, if (x) the requested transfer is after February 15, 2009 or (y) (1) in the case of a transfer to an Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons), the proposed
transferee 

  

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has delivered to the Registrar a certificate substantially in the form of Exhibit D hereto or (2) in the case of a transfer to a Non-U.S. Person,
the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit E hereto, whereupon the Registrar shall reflect on its books and records the date and the Company shall execute and the Trustee shall
authenticate and deliver one or more Physical Notes of like tenor and principal amount; or 
 (ii) if the proposed transferor
is an Agent Member holding a beneficial interest in a Global Note and the proposed transferee is an Agent Member who will hold a beneficial interest in a Global Note, the Registrar shall register such transfer upon receipt of (x) the
certificate, if any, required by clause (i) above and (y) instructions given in accordance with the Applicable Procedures and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date
and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred and a corresponding increase in the Global Note to which such beneficial interest is
transferred; or 
 (iii) if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note and the
proposed transferee’s interest will be evidenced by a Physical Note, the Registrar shall register such transfer upon receipt of (x) the certificate, if any, required by clause (i) above and (y) instructions given in
accordance with the Applicable Procedures and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal
amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount or 
 (iv) if the proposed transferee is an Agent Member and the Notes to be transferred consist of Physical Notes which after transfer are to
be evidenced by an interest in a Global Note, the Registrar shall register such transfer upon receipt of (x) the certificate, if any, required by clause (i) above and (y) instructions given in accordance with the Applicable Procedures
and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date and an increase in the principal amount of such Global Note in an amount equal to the principal amount of the Physical Notes to be
transferred and the Trustee shall cancel the Physical Notes so transferred. 
 (b) Transfers to QIBs. The following provisions shall
apply with respect to the registration of any proposed transfer of a Note constituting a Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): 
 (i) The Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for
on the form of Note stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of
Note stating, or has otherwise advised the Company and the Registrar in writing, that it is purchasing the Note 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 QIB
within the meaning of Rule 144A, 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 it 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 its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

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 (ii) Subject to compliance with clause (i), if the proposed transferee is an Agent
Member, and the Notes to be transferred consist of Physical Notes which after transfer are to be evidenced by an interest in the Global Note, upon receipt by the Registrar of instructions given in accordance with the Applicable Procedures and the
Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note in an amount equal to the principal amount of the Physical Notes to be transferred, and the Trustee
shall cancel the Physical Notes so transferred. 
 (iii) Subject to compliance with clause (i), if the Notes to be transferred
consist of Physical Notes, the Registrar shall reflect on its books and records the date and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount. 
 (iv) Subject to compliance with clause (i), if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note
and the proposed transferee is an Agent Member who will hold a beneficial interest in a Global Note, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred and a corresponding increase in the Global Note to which such beneficial interest is transferred. 
 (v) Subject to compliance with clause (i), if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note
and the proposed transferee’s interest will be evidenced by a Physical Note, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of
the beneficial interest in the Global Note to be transferred, and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount. 
 (c) Private Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall
deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) the
circumstance contemplated by clause (a)(i)(x) of this Section 2.16 exists or (ii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the
related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. The Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such
Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its acceptance of the Notes to furnish the Registrar or 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 a transaction not subject to, the registration requirements of the Securities Act; provided that the Registrar shall not be required to determine (but
may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions or other information. 
 (d) General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and
agrees that it shall transfer such Note only as provided in this Indenture. 
  

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 The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to Section 2.14 or this Section 2.16. The Company 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
written notice to the Registrar. 
 The Trustee 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 Note (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note)
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. 
 Neither the Trustee nor any Agent shall have any responsibility for any
actions taken or not taken by DTC. 
 Section 2.17. Transfers of Global Notes and Physical Notes. 
 A transfer of a Global Note or a Physical Note (including the right to receive principal and interest payable thereon) may be made only by the
Registrar’s entering the transfer in the Register. Prior to such entry, the Company shall treat the person in whose name such Note is registered as the owner of the Note for all purposes. 
 ARTICLE THREE 
 REDEMPTION 
 Section 3.01. Optional Redemption. 
 The Company may, at its option, redeem the Notes, in whole or in part, at specified times and under specified conditions, as set forth in Section 6 of the Notes. If the Company elects to redeem Notes pursuant to Section 6 of the
Notes, it shall, at least forty-five (45) days (or such shorter period as the Trustee may agree) before the Redemption Date, furnish to the Trustee and Paying Agent an Officers’ Certificate setting forth the Redemption Date and the
principal amount of the Notes to be redeemed and the Section of this Indenture or the Section of Notes pursuant to which the redemption shall occur. 
 Each Officers’ Certificate provided for in this Section 3.01 shall be accompanied by an Opinion of Counsel stating that such redemption complies with the conditions contained herein and in the Notes.

 Section 3.02. Selection of Notes To Be Redeemed. 
 If fewer than all of the Notes are to be redeemed pursuant to Section 6 of the Notes, the selection of the Notes for redemption will be made by the Trustee either: 
 (1) in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed or

 (2) if such Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by such
method as the Trustee may reasonably determine is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note not redeemed to less than $1,000. 
  

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 The Trustee shall make the selection from the Notes outstanding and not previously called for redemption
and shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount at maturity thereof, to be redeemed. Notes in denominations of $1,000 in
principal amount at maturity may be redeemed only in whole. The Trustee may select for redemption portions (equal to $1,000 in principal amount at maturity or any integral multiple thereof) of the principal of Notes that have denominations larger
than $1,000. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
 Section 3.03. Notice of Redemption. 
 At least thirty (30) days but not more than sixty (60) days before a
Redemption Date, the Company shall mail or cause to be mailed a notice of redemption by first class mail, postage prepaid, to each Holder whose Notes are to be redeemed at its registered address, with a copy to the Trustee and any Paying Agent. At
the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. Failure to give notice of redemption, or any defect therein to any Holder of any Note selected for
redemption shall not impair or affect the validity of the redemption of any other Note. 
 Each notice of redemption shall identify the Notes
to be redeemed and shall state: 
 (1) the Redemption Date; 
 (2) the Redemption Price and the amount of accrued interest and Additional Interest, if any, to be paid; 
 (3) the name and address of the Paying Agent; 
 (4) the CUSIP number; 
 (5) the subsection of the Notes pursuant to which such redemption is being made; 
 (6) the place where such Notes
called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest and Additional Interest, if any; 
 (7) that, unless the Company defaults in making the redemption payment, interest and Additional Interest, if any, on Notes called for redemption ceases to accrue on and after the Redemption Date in accordance with
Section 3.05, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price plus accrued interest and Additional Interest, if any, upon surrender to the Paying Agent of the Notes redeemed;

 (8) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the Redemption Date, and upon surrender of such Note, a new Note or Notes in the aggregate principal amount equal to the unredeemed portion thereof shall be issued; and 
  

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 (9) if fewer than all the Notes are to be redeemed, the identification of the particular
Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption. 
 If any of the Notes to be redeemed is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the
procedures of DTC applicable to redemption. 
 Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03, Notes or portions thereof called for redemption shall become irrevocably
due and payable on the Redemption Date and at the Redemption Price plus accrued interest and Additional Interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes or portions thereof called for redemption shall be paid at the
Redemption Price plus accrued interest and Additional Interest, if any, thereon to the Redemption Date, but installments of interest and Additional Interest, if applicable, the maturity of which is on or prior to the Redemption Date, shall be
payable to Holders of record at the close of business on the relevant Record Dates referred to in the Notes. 
 Section 3.05. Deposit of
Redemption Price. 
 On or before the Redemption Date and in accordance with Section 2.14, the Company shall deposit with the
Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price of, plus accrued interest and Additional Interest, if any, on all Notes or portions thereof to be redeemed on that date. 
 The Paying Agent shall promptly return to the Company any U.S. Legal Tender so deposited which is not required for that purpose, except with respect to
monies owed as obligations to the Trustee pursuant to Article Seven. 
 Unless the Company fails to comply with the preceding
paragraph and defaults in the payment of such Redemption Price plus accrued interest and Additional Interest, if any, interest on the Notes to be redeemed shall cease to accrue on and after the applicable Redemption Date, whether or not such Notes
are presented for payment. 
 Section 3.06. Notes Redeemed in Part. 
 Upon surrender of a Note that is to be redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder a new Note or Notes
equal in principal amount to the unredeemed portion of the Note surrendered. 
 ARTICLE FOUR 
 COVENANTS 
 Section 4.01. Payment
of Notes. 
 The Company shall pay the principal of, premium, if any, and interest, and Additional Interest, if any, on the Notes on the
dates and in the manner provided in the Notes and in this Indenture. An installment of principal of, premium, if any, and interest and Additional Interest, if any, on the Notes shall 

  

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be considered paid on the date it is due if the Trustee or Paying Agent (other than the Company or an Affiliate of the Company) holds on that date U.S. Legal
Tender designated for and sufficient to pay the installment in full. The Company shall pay interest on overdue principal at 1% per annum in excess of the rate per annum set forth in the Notes, and it shall pay interest on overdue installments
of interest and Additional Interest, if any, at the same rate to the extent lawful. 
 Notwithstanding anything to the contrary contained in
this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States from principal or interest payments hereunder. 
 Section 4.02. Maintenance of Office or Agency. 
 The Company shall maintain (or appoint any Person to so maintain on its behalf) the office or agency required under Section 2.03. The Company shall give prior 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 and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 Section 4.03. Corporate Existence. 
 Except as otherwise permitted by Article Four, Article Five and Article Ten, the Company shall do or cause to be done, at its own cost and expense, all things necessary to preserve and keep in full force and effect its
corporate existence and the limited liability company, partnership or corporate existence of each of the Restricted Subsidiaries in accordance with the respective organizational documents of each such Restricted Subsidiary and the material rights
(charter and statutory) and franchises of the Company and each such Restricted Subsidiary; provided, however, that the Company shall not be required to preserve, with respect to any Restricted Subsidiary, any such existence, material right or
franchise, if the Board of Directors of the Company shall determine in good faith as evidence by a Board Resolution, that the preservation thereof is not material to and no longer desirable in the conduct of the business of the Company and its
Restricted Subsidiaries, taken as a whole. 
 Section 4.04. Payment of Taxes and Other Claims. 
 The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments
and governmental charges (including withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or any of the Restricted Subsidiaries or its properties or any of the Restricted Subsidiaries’ properties and
(ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon its properties or any of its Restricted Subsidiaries’ properties; provided, however, that the Company shall not be required
to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being or shall be contested in good faith by appropriate negotiations or proceedings properly instituted and
diligently conducted for which adequate reserves, to the extent required under GAAP, have been taken. 
 Section 4.05. Maintenance of
Properties and Insurance; Compliance with Laws. 
 (a) The Company shall, and shall cause each of its Restricted Subsidiaries to,
maintain in good working order and condition in all material respects (subject to ordinary wear and tear) its properties that are used or useful in the conduct of its business and that are material to the conduct of such business, 

  

 36 

 
and make all necessary repairs, renewals, replacements, additions, betterments and improvements thereto and actively conduct and carry on its business;
provided, however, that nothing in this Section 4.05 shall prevent the Company or any of the Restricted Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the good faith
judgment of the Board of Directors or other governing body of the Company or the Restricted Subsidiary concerned, as the case may be, desirable in the conduct of its businesses and would not reasonably be expected to have a material adverse effect
on the business operations, assets or financial condition of the Company and its Subsidiaries, taken as a whole. 
 (b) The Company shall
maintain insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the good faith judgment of the Company, is adequate and appropriate for the conduct of the business of the Company and the Restricted Subsidiaries
in a prudent manner, with reputable insurers or with the government of the United States or an agency or instrumentality thereof. 
 (c) The
Company shall, and shall cause each of its Subsidiaries to, comply with all applicable statutes, rules, regulations, orders and restrictions of the United States, all states and municipalities thereof, and of any governmental department, commission,
board, regulatory authority, bureau, agency and instrumentality of the foregoing, in respect of the conduct of its businesses and the ownership of its properties, except for such noncompliances as are not in the aggregate reasonably likely to have a
material adverse effect on the financial condition or results of operations of the Company and its Subsidiaries, taken as a whole or the ability of the Company to perform its obligations hereunder. 
 Section 4.06. Compliance Certificate; Notice of Default. 
 (a) The Company shall deliver to the Trustee, within ninety (90) days after the end of the Company’s fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its
Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers (one of the signatories thereto being the principal executive officer, principal financial officer or principal accounting officer)
with a view to determining whether they have kept, observed, performed and fulfilled their obligations under this Indenture and the other Indenture Documents and further stating, as to each such Officer signing such certificate, to the best of such
Officer’s actual knowledge the Company and its Restricted Subsidiaries during such preceding fiscal year kept, observed, performed and fulfilled each and every condition and covenant under this Indenture and the other Indenture Documents in all
material respects and at the date of such certificate there is no Default or Event of Default that has occurred and is continuing or, if such signers do know of such Default or Event of Default, the certificate shall describe the Default or Event of
Default and its status with particularity. 
 (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the annual financial statements delivered pursuant to Section 4.17 shall be accompanied by a written report of the Company’s independent accountants (who shall be a firm of established national
reputation) stating whether, in conducting their audit of such financial statements, any Default or Event of Default as they relate to accounting matters has come to their attention or, if they believe that any such violation has occurred,
specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 
 (c) The Company shall, so long as any Notes are outstanding, upon any Officer of the Company becoming aware of any Default or Event of Default, deliver
to the Trustee an Officers’ Certificate specifying such Default or Event of Default within five (5) Business Days of such Officer becoming aware of such occurrence. 
  

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 Section 4.07. Waiver of Stay, Extension or Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, or interest or Additional Interest, if any, on
the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives all
benefit or advantage of any such law, and covenant that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as
though no such law had been enacted. 
 Section 4.08. Limitation on Incurrence of Additional Indebtedness. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, acquire,
become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness); provided, however, that if no Default or Event of
Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any of its Restricted Subsidiaries that is or, upon such incurrence, becomes a Guarantor may incur
Indebtedness (including, without limitation, Acquired Indebtedness) if on the date of the incurrence of such Indebtedness the Consolidated Fixed Charge Coverage Ratio of the Company will be, after giving effect to the incurrence thereof, greater
than 2.0 to 1.0. 
 (b) The Company will not, and will not permit any of its Domestic Restricted Subsidiaries to, directly or indirectly,
incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is subordinated to any other Indebtedness of the Company or such Domestic Restricted Subsidiary unless such Indebtedness is also by its terms
(or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Obligations of the Company or such Domestic Restricted Subsidiary under (i) in the case of the Company, the Notes and the Indenture or (ii) in
the case of such Domestic Restricted Subsidiary, its Guarantee and the Indenture, in each case, to the same extent and in the same manner as such Indebtedness is subordinated pursuant to subordination provisions that are most favorable to the
holders of any other Indebtedness of the Company or such Domestic Restricted Subsidiary. 
 Section 4.09. Limitation on Restricted
Payments. 
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly:

 (1) declare or pay any dividend or make any distribution (other than dividends or distributions payable in Qualified
Capital Stock of the Company and dividends and distributions payable to the Company or another Restricted Subsidiary of the Company) on or in respect of shares of Capital Stock of the Company or its Restricted Subsidiaries to holders of such Capital
Stock; 
 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or its Restricted
Subsidiaries (other than any such Capital Stock held by the Company or any Restricted Subsidiary); 
  

 38 

 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness of the Company or any Guarantor that is subordinate or junior in right of payment to the Notes or a
Guarantee; or 
 (4) make any Investment (other than Permitted Investments), 
 (each of the foregoing actions set forth in clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”), if at the time of such
Restricted Payment or immediately after giving effect thereto: 
 (i) a Default or an Event of Default shall have occurred and
be continuing; 
 (ii) the Company is not able to incur at least $1.00 of additional Indebtedness (other than Permitted
Indebtedness) in compliance Section 4.08 or 
 (iii) the aggregate amount of Restricted Payments (including such
proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the Fair Market Value of such property at the time of the making thereof) shall exceed the sum of: 
 (A) 50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income is a loss, minus 100% of such loss) of the
Company earned during the period beginning on January 1, 2007 and ending on the last day of the Company’s most recent fiscal quarter ending prior to the date the Restricted Payment occurs for which financial statements are available (the
“Reference Date”) (treating such period as a single accounting period); plus 
 (B) 100% of the aggregate net
cash proceeds received by the Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to the Issue Date of Qualified Capital Stock of the Company; plus 
 (C) without duplication of any amounts included in clause (iii)(B) above, 100% of the aggregate net cash proceeds of any equity
contribution received by the Company from a holder of the Company’s Capital Stock subsequent to the Issue Date; plus 
 (D) 100% of the aggregate net cash proceeds received from the issuance of Indebtedness or shares of Disqualified Capital Stock of the Company that have been converted into or exchanged for Qualified Capital Stock of the Company subsequent
to the Issue Date; plus 
 (E) an amount equal to the sum of (i) the net reduction in the Investments (other than
Permitted Investments) made by the Company or any of its Restricted Subsidiaries in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on the sale of such Investment and proceeds
representing the return of capital (excluding dividends and distributions), in each case received by the Company or any of its Restricted Subsidiaries, and (ii) to the extent such Person is an Unrestricted Subsidiary, the portion (proportionate
to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however, that the
foregoing sum shall not exceed, in the 

  

 39 

 
case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted
Payment) by the Company or any of its Restricted Subsidiaries in such Person or Unrestricted Subsidiary. 
 In the case of clauses (iii)(B)
and (C) above, any net cash proceeds from issuances and sales of Qualified Capital Stock of the Company financed directly or indirectly using funds borrowed from the Company or any Subsidiary of the Company, shall be excluded until and to the
extent such borrowing is repaid. 
 Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph do not
prohibit: 
 (1) the payment of any dividend or other distribution or redemption within 60 days after the date of declaration
of such dividend or call for redemption if such payment would have been permitted on the date of declaration or call for redemption; 
 (2) the acquisition of any shares of Qualified Capital Stock of the Company, either (i) solely in exchange for other shares of Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a sale for
cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company within 60 days after such sale; 
 (3) the acquisition of any Indebtedness of the Company or the Guarantors that is subordinate or junior in right of payment to the Notes and Guarantees either (i) solely in exchange for shares of Qualified Capital Stock of the Company,
or (ii) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Company) within 60 days after such sale of (a) shares of Qualified Capital Stock of the Company or (b) if no Default or Event of
Default would exist after giving effect thereto, Refinancing Indebtedness; 
 (4) an Investment either (i) solely in
exchange for shares of Qualified Capital Stock of the Company or (ii) through the application of the net proceeds of a sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company within 60 days
after such sale; 
 (5) the repurchase or other acquisition of shares of Capital Stock of the Company from employees, former
employees, directors or former directors of the Company (or permitted transferees of such employees, former employees, directors or former directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments
thereto) approved by the Board of Directors of the Company under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the aggregate amount of such repurchases
and other acquisitions in any calendar year shall not exceed $1.0 million, provided, further, however, that the Company may carry forward and make in a subsequent calendar year, in addition to the amounts permitted for such calendar year, the amount
of such redemption or other acquisition permitted to have been made but not made in any preceding calendar year up to a maximum of $2.0 million in any calendar year; 
 (6) repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock
represents a portion of the exercise price (and related withholding tax) of such options, warrants or other similar rights; 
  

 40 

 (7) payments or distributions to dissenting stockholders of Capital Stock of the Company
pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the
property and assets of the Company or any of its Restricted Subsidiaries; 
 (8) the application of the proceeds from the
issuance of the Notes on the Issue Date as described under the “Use of Proceeds” section of the Offering Circular; 
 (9) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after the date of the
Indenture in compliance with the Consolidated Fixed Charge Coverage Ratio test described in Section 4.08; 
 (10)
Permitted Payments to Holdings; and 
 (11) other Restricted Payments in an aggregate amount not to exceed $5.0 million.

 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in accordance with clause (iii) of this
Section 4.09 amounts expended pursuant to clauses (1), (2)(ii), 3(ii)(a) and (4)(ii) shall be included in such calculation. In the event that a Restricted Payment meets the criteria of more than one of the types of Restricted
Payments described in the above clauses, including the first paragraph of this Section 4.09, the Company, in its sole discretion, may order and classify, and from time to time may reclassify, such Restricted Payments if it would have
been permitted at the time such Restricted Payment was made and at the time of such reclassification. 
 Section 4.10. Limitation on Asset
Sales. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1) the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value of the assets sold or otherwise disposed; 
 (2) at least 75% of the consideration
received by the Company or the Restricted Subsidiary, as the case may be, from such Asset Sale is in the form of cash or Cash Equivalents and is received at the time of such disposition; provided that the amount of any liabilities (as shown on the
most recent applicable balance sheet) of the Company or such Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets shall be deemed to be cash for
purposes of this provision so long as the documents governing such liabilities provide that there is no further recourse to the Company or any of its Subsidiaries with respect to such liabilities; and 
 (3) the Company shall apply, or cause such Restricted Subsidiary to apply, the Net Cash Proceeds relating to such Asset Sale within 360
days of receipt thereof either: 
 (a) to repay Indebtedness under the Credit Agreement and permanently reduce the commitments
thereunder; 
  

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 (b) to make (or enter into a definitive agreement committing to do so not later than 180
days after the date that is 360 days following the date of receipt of such Net Cash Proceeds) an investment in property, plant, equipment or other non-current assets that replace the properties and assets that were the subject of such Asset Sale
(including the repayment of indebtedness incurred in advance to replace such properties or assets) or that will be used or useful in a Permitted Business (including expenditures for maintenance, repair or improvement of existing properties and
assets) or the acquisition of all of the Capital Stock of a Person engaged in a Permitted Business; provided that such definitive agreement will be treated as a permitted application of the Net Cash Proceeds from the date of such agreement until and
only until the earlier of (x) the date on which such investment or acquisition, as applicable, is consummated and (y) the 180th day following the expiration of the aforementioned 360-day period. If the investment or acquisition, as
applicable, contemplated by such definitive agreement is not consummated on or before such 180th day and the Company or such Restricted Subsidiary will not have applied such Net Cash Proceeds pursuant to clause (a) of this paragraph on or
before such 180th day, such definitive agreement will be deemed not to have been a permitted application of Net Cash Proceeds; or 
 (c) a combination of repayment and investment permitted by the foregoing clauses (3)(a) and (3)(b). 
 Pending the final
application of Net Cash Proceeds, the Company may temporarily reduce revolving credit borrowings or invest such Net Cash Proceeds in Cash Equivalents. On the 361st day after an Asset Sale or such earlier date, if any, as the Board of Directors of
the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (3)(a), (3)(b) and (3)(c) of the preceding paragraph (each, a “Net
Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a), (3)(b) and (3)(c) of the preceding paragraph
(each a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on a date (the “Net Proceeds Offer Payment
Date”) not less than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, from all Holders and all holders of other Applicable Indebtedness (other and Indebtedness under the Credit Agreement) containing
provisions similar to those set forth in this Section 4.10 on a pro rata basis, the maximum principal amount of Notes and such other Applicable Indebtedness that may be purchased with the Net Proceeds Offer Amount at a price equal to
100% of the principal amount thereof (or if such Indebtedness was issued with original issue discount, 100% of the accreted value), plus accrued and unpaid interest and Additional Interest thereon, if any, to the date of purchase. 
 The Company may defer any Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $10.0 million
resulting from one or more Asset Sales in which case the accumulation of such amount shall constitute a Net Proceeds Offer Trigger Date (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $10.0
million, shall be applied as required pursuant to the immediately preceding paragraph). Upon the completion of each Net Proceeds Offer, the Net Proceeds Offer Amount will be reset at zero. 
 In the event of the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries as an entirety
to a Person in a transaction permitted under Section 5.01 which transaction does not constitute a Change of Control, the successor entity shall be deemed to have sold the properties and assets of the Company and its Restricted
Subsidiaries not so transferred for purposes of this Section 4.10, and shall comply with the provisions of this Section 4.10 with respect to such deemed sale as if it constituted an Asset Sale. In addition, the Fair Market
Value of such properties and assets of the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10. 
  

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 Each notice of a Net Proceeds Offer shall be mailed first class, postage prepaid, to the record Holders
as shown on the register of Holders within 20 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving notice of the Net Proceeds Offer, Holders
may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender Notes in an amount exceeding the Net Proceeds Offer Amount, Notes of tendering Holders will be purchased
on a pro rata basis (based on amounts tendered). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the
repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 
 Section 4.11.
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
 The Company will not, and will not cause
or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to: 
 (1) pay dividends or make any other distributions on or in respect of its Capital Stock; 
 (2) make loans or advances or to pay any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary of the
Company; or 
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary of the Company,
except for such encumbrances or restrictions existing under or by reason of: 
 (a) applicable law, rule or regulation;

 (b) this Indenture; 
 (c) customary non-assignment provisions of any lease or license of any Restricted Subsidiary of the Company to the extent such provisions restrict the transfer of the lease or license or the property leased or
licensed thereunder; 
 (d) any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 
 (e) the Credit Agreement (and all replacements or substitutions thereof on terms no more adverse to the Holders and no less favorable or more onerous to the Company and its Restricted Subsidiaries); 
  

 43 

 (f) agreements existing on the Issue Date to the extent and in the manner such agreements
are in effect on the Issue Date (and all replacements or substitutions thereof on terms no more adverse to the Holders and no less favorable or more onerous to the Company and its Restricted Subsidiaries); 
 (g) restrictions on the transfer of assets subject to any Lien permitted under this Indenture; 
 (h) restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending the closing
of such sale; 
 (i) provisions in joint venture agreements and other similar agreements (in each case relating solely to the
respective joint venture or similar entity or the equity interests therein) entered into in the ordinary course of business; 
 (j) restrictions contained in the terms of the Purchase Money Indebtedness or Capitalized Lease Obligations not incurred in violation of this Indenture; provided, that such restrictions relate only to the assets financed with such
Indebtedness; 
 (k) restrictions in other Indebtedness incurred in compliance with Section 4.08; provided that
such restrictions, taken as a whole, are, in the good faith judgment of the Company’s Board of Directors, no more materially restrictive with respect to such encumbrances and restrictions than those contained in the existing agreements
referenced in clauses (b), (e) and (f) above; 
 (l) restrictions on cash or other deposits imposed by customers
under contracts or other arrangements entered into or agreed to in the ordinary course of business; 
 (m) restrictions on the
ability of any Foreign Restricted Subsidiary to make dividends or other distributions resulting from the operation of covenants contained in documentation governing Indebtedness of such Subsidiary permitted under this Indenture; or 
 (n) an agreement governing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred pursuant to an agreement
referred to in clause (b), (d), (e) or (f) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness are no less favorable to the Company in any material respect as
determined by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clause (b), (d), (e) or (f). 

Section 4.12. Limitation on Issuances and Sales of Capital Stock of Subsidiaries. 
 The Company will not permit or cause any of its Restricted Subsidiaries to issue or sell any Capital Stock (other than to the Company or to a
Wholly-Owned Restricted Subsidiary of the Company) or permit any Person (other than the Company or a Wholly-Owned Restricted Subsidiary of the Company) to own or hold any Capital Stock of any Restricted Subsidiary of the Company or any Lien or
security interest therein (other than as required by applicable law); provided, however, that this provision shall not prohibit (1) any issuance or sale if, immediately after giving effect thereto, such Restricted Subsidiary would no longer
constitute a Restricted Subsidiary and any Investment in such Person remaining after giving effect to such issuance or sale would have been permitted to be made under 

  

 44 

 
Section 4.09 if made on the date of such issuance or sale or (2) the sale of all of the Capital Stock of a Restricted Subsidiary in
compliance with the provisions of Section 4.10. 
 Section 4.13. Limitation on Liens. 
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or
suffer to exist any Liens (other than Permitted Liens) of any kind against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, or any proceeds
therefrom, or assign or otherwise convey any right to receive income or profits therefrom. 
 Section 4.14. Limitations on Transactions
with Affiliates. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter
into or permit to exist any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each
an “Affiliate Transaction”), other than: 
 (x) Affiliate Transactions permitted under clause (b) below,
and 
 (y) Affiliate Transactions on terms that are no less favorable than those that might reasonably have been obtained in a
comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary. 
 With respect to all Affiliate Transactions that involve a Fair Market Value in excess of $1.0 million but less than $5.0 million (other than those listed in clause (b) below), the Company shall deliver an
Officers’ Certificate to the Trustee certifying that such transactions are in compliance with clause (a)(y) of the preceding paragraph. With respect to all Affiliate Transactions (and each series of related Affiliate Transactions which
are similar or part of a common plan) involving aggregate payments or other property with a Fair Market Value in excess of $5.0 million but less than $10.0 million the Company shall either (x) obtain the approval of a majority of the members of
the Board of Directors of the Company (including a majority of the disinterested members thereof), as the case may be, and such approval shall be evidenced by a Board Resolution stating that such Board of Directors has determined that such
transaction complies with the foregoing provisions or (y) obtain a favorable opinion as to the fairness of the financial terms of such transaction or series of related transactions to the Company or the relevant Restricted Subsidiary, as the
case may be, from an Independent Financial Advisor and file the same with the Trustee. If the Company or any Restricted Subsidiary of the Company enters into an Affiliate Transaction (or a series of related Affiliate Transactions related to a common
plan) that involves an aggregate Fair Market Value of more than $10.0 million, the Company shall, prior to the consummation thereof, obtain a favorable opinion as to the fairness of the financial terms of such transaction or series of related
transactions to the Company or the relevant Restricted Subsidiary, as the case may be, from an Independent Financial Advisor and file the same with the Trustee. 
 (b) The restrictions set forth in clause (a) of this Section 4.14 shall not apply to: 
 (1) reasonable fees and compensation paid to, advances to and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary of the Company as determined in
good faith by the Company’s Board of Directors or senior management; 
  

 45 

 (2) transactions exclusively between or among the Company and any of its Restricted
Subsidiaries or exclusively between or among such Restricted Subsidiaries, provided such transactions are not otherwise prohibited by this Indenture; 
 (3) any agreement as in effect as of the Issue Date or any transaction contemplated thereby and any amendment thereto or any replacement agreement thereto so long as any such amendment or replacement agreement is not
more disadvantageous to the Holders in any material respect than the original agreement as in effect on the Issue Date; 
 (4)
Permitted Investments of the type described under clauses (8), (9) and (11) thereof and Restricted Payments permitted by this Indenture; 
 (5) any merger or other transaction with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction or creating a holding company of the Company; and 
 (6) any employment, stock option, stock repurchase, employee benefit compensation, business expense reimbursement, severance, termination
or other employment-related agreements, arrangements or plans entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business. 
 Section 4.15. Additional Guarantees. 
 If the Company or any of its Restricted Subsidiaries acquires
or creates another Domestic Restricted Subsidiary after the Issue Date (other than an Unrestricted Subsidiary), then the Company shall cause such Domestic Restricted Subsidiary to: 
 (1) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such
Domestic Restricted Subsidiary shall unconditionally guarantee on a senior basis all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; 
 (2) take such further action and execute and deliver such other documents specified in this Indenture or otherwise reasonably requested by
the Trustee to effectuate the foregoing; and 
 (3) deliver to the Trustee an Opinion of Counsel that such supplemental
indenture and any other documents required to be delivered have been duly authorized, executed and delivered by such Domestic Restricted Subsidiary and constitute legal, valid, binding and enforceable obligations of such Domestic Restricted
Subsidiary and such other opinions regarding the perfection of such Liens in the assets of such Domestic Restricted Subsidiary as provided for in this Indenture. 
 Thereafter, such Domestic Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 
 Section 4.16. Conduct of Business. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, engage
in any businesses other than Permitted Businesses. 
  

 46 

 Section 4.17. Reports to Holders. Whether or not required by the rules and regulations of the
Securities and Exchange Commission (the “SEC”), so long as any Notes are outstanding, the Company will furnish to the Trustee and, upon request, to the Holders unless otherwise filed with the SEC via EDGAR: 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and
its consolidated Subsidiaries (showing in reasonable detail, either on the face of the financial statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the financial
condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company, if any) and, with respect to the annual information
only, a report thereon by the Company’s certified independent accountants; and 
 (2) all current reports that would be
required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 in each case within the time periods specified in the
SEC’s rules and regulations, provided that any breach of this covenant shall be cured upon the furnishing of such late report. 
 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 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 on Officers’ Certificates). 
 Notwithstanding the foregoing, the Company may satisfy such requirements prior to the effectiveness of the registration statement contemplated by the
Registration Rights Agreement by filing with the SEC such registration statement within the time period required for such filing as specified in the Registration Rights Agreement, to the extent that any such registration statement contains
substantially the same information as would be required to be filed by the Company if it were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, and by providing the Trustee and Holders with such Registration
Statement (and any amendments thereto) promptly following the filing thereof. 
 In addition, following the consummation of the Exchange
Offer, whether or not required by the rules and regulations of the SEC, the Company will file a copy of all such information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations
(unless the SEC will not accept such a filing). In addition, the Company has agreed that, prior to the consummation of the Exchange Offer, for so long as any Notes remain outstanding, it will furnish to the Holders upon their request, the
information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act. 
  

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 Section 4.18. Payments for Consent. The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of 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
Notes, unless such consideration is offered to be paid or is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.19. Repurchase upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, each Holder will have the right to require that the Company purchase all or a portion (in integral multiples of $1,000) of such Holder’s Notes using immediately
available funds pursuant to the requirements described in clause (b) below (the “Change of Control Offer”), at a purchase price in cash equal to 101% of the principal amount of such Holder’s tendered Notes on the
date of purchase, plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase. 
 (b) Within 30 days following
the date upon which the Change of Control occurred, the Company shall send, by registered first-class mail, an offer to each record Holder as shown on the register of Holders, with a copy to the Trustee, which offer shall govern the terms of the
Change of Control Offer. The offer to the Holders shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer. Such offer shall state: 
 (1) that the Change of Control Offer is being made pursuant to this Section 4.19 and that, to the extent lawful, all Notes
tendered and not withdrawn shall be accepted for payment; 
 (2) the purchase price (including the amount of accrued interest
and Additional Interest, if any) and the purchase date (which unless otherwise required by law shall be no earlier than thirty (30) days nor later than sixty (60) days from the date such notice is mailed) (the “Change of Control
Payment Date”); 
 (3) that any Note not tendered shall continue to accrue interest and Additional Interest, if
applicable; 
 (4) that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest and Additional Interest, if applicable, after the Change of Control Payment Date; 
 (5) Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to surrender its Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the
Note completed, to the Paying Agent at the address specified in the offer (or otherwise comply with applicable DTC procedures) prior to the close of business on the third Business Day prior to the Change of Control Payment Date. If only a portion of
a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate
adjustments to the amount and beneficial interests in a Global Note will be made). Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and cannot be reissued; 
 (6) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than five (5) Business Days
prior to the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is
withdrawing its election to have such Notes purchased; 
  

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 (7) that Holders whose Notes are purchased only in part shall be issued new Notes in a
principal amount equal to the unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in an original principal amount of $1,000 or integral multiples thereof; and 
 (8) the circumstances and relevant facts regarding such Change of Control. 
 If any of the Notes subject to the Change of Control Offer is in the form of a Global Note, then the Company shall modify such notice to the extent
necessary to comply with the procedures of the Depository applicable to purchases. 
 On or before the Change of Control Payment Date, the
Company shall, to the extent lawful (i) accept for payment Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the purchase price plus
of, accrued interest and Additional Interest, if any, on all Notes or portions thereof so tendered and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent shall promptly mail to the Holders of Notes so tendered the purchase price for such Notes and the Company shall promptly issue and the Trustee shall
promptly (but in any case not later than five days after the Change of Control Payment Date) authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered; provided that each such new Note shall be in a principal amount of $1,000 or an integral multiple thereof. Any Notes not so accepted shall be promptly mailed by the Company to the Holders thereof. For purposes of this
Section 4.19, the Trustee shall act as the Paying Agent. 
 Any amounts remaining after the purchase of Notes pursuant to a
Change of Control Offer shall be returned by the Paying Agent to the Company. 
 Neither the Board of Directors of the Company nor the
Trustee may waive the Company’s obligation to offer to purchase the Notes pursuant to this Section 4.19. 
 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 of this Section 4.19 and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 The Company will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with this Section 4.19, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.19 by virtue thereof. 
 Section 4.20. Additional Interest. 
 If Additional Interest becomes payable by the Company pursuant to the Registration Rights Agreement, the Company shall deliver to the Trustee an
Officers’ Certificate stating (i) the amount of 

  

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Additional Interest due and payable, (ii) the Section of the Registration Rights Agreement pursuant to which Additional Interest is due and payable and
(iii) the date on which Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives such an Officers’ Certificate, the Trustee may assume without inquiry that no Additional Interest is payable; provided,
that the failure of the Company to deliver to the Trustee such Officers’ Certificate shall not relieve the Company of its obligation to pay any such Additional Interest when due and payable. 
 ARTICLE FIVE 
 SUCCESSOR CORPORATION

 Section 5.01. Merger, Consolidation and Sale of Assets. 
 The Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer,
lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated
basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
 (1) either: 
 (a) the Company shall be the surviving or continuing corporation; or

 (b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person
which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

 (x) shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the
District of Columbia; and 
 (y) shall expressly assume, by supplemental indenture (in form and substance reasonably
satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest and Additional Interest, if any, on all of the Notes and the performance of every covenant of the
Notes, this Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed thereunder; 
 (2) immediately after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in
connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with
Section 4.08; 
 (3) immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(b)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of
Default shall have occurred or be continuing; and 
  

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 (4) the Company or the Surviving Entity shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction,
such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of
all or substantially all of the properties and assets of the Company. 
 Any merger or consolidation of (i) a Guarantor with and into
the Company (with the Company being the surviving entity) or another Guarantor or (ii) a Guarantor or the Company with an Affiliate organized solely for the purpose of reincorporating such Guarantor or the Company in another jurisdiction in the
United States or any state thereof or the District of Columbia need only comply with: 
 (A) in the case of a merger or
consolidation described in clause (ii), clause (4) of the first paragraph of this Section 5.01; and 
 (B) (x) clause 1(b)(y) of the first paragraph of this Section 5.01 and (y) clause (2) of this Section 5.01. 
 Section 5.02. Successor Entity Substituted. 
 Upon any consolidation, combination or merger or any
transfer of all or substantially all of the assets of the Company in accordance with the foregoing, in which the Company is not the surviving or continuing corporation, the successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such surviving entity had
been named as such. Upon such substitution the Company and any Guarantors that remain Subsidiaries of the Company shall be released from their obligations under this Indenture and the Guarantees. 
 ARTICLE SIX 
 DEFAULT AND REMEDIES

 Section 6.01. Events of Default. The following events are defined as “Events of Default”: 
 (1) the failure to pay interest and Additional Interest, if any, on any Notes or any other amount (other than principal for the Notes)
when the same becomes due and payable and the default continues for a period of 30 days; 
 (2) the failure to pay the
principal of or premium, if any, on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net
Proceeds Offer); 
  

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 (3) a default in the observance or performance of Section 4.17 which default
continues for a period of 75 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes;

 (4) a default in the observance or performance of any other covenant or agreement contained in this Indenture (other than
as described in clause (3) above and the payment of the principal of, or premium, if any, or interest and Additional Interest, if any, on any Note) which default continues for a period of 30 days after the Company receives written notice
specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to Section 5.01 or
Section 10.04, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
 (5) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company,
or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates
$5.0 million or more at any time; 
 (6) one or more judgments in an aggregate amount in excess of $5.0 million shall have
been rendered against the Company or any of its Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted full coverage) and such judgments remain undischarged, unpaid or unstayed for a
period of 60 days after such judgment or judgments become final and non-appealable; 
 (7) the Company or any Significant
Subsidiary (A) commences a voluntary case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy Code, (C) consents to
the appointment of a Custodian of it or for substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the foregoing; 
 (8) a court of competent jurisdiction enters an order or decree that (A) is an order for relief in respect of the Company or any
Significant Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant Subsidiary or for substantially all of its property or (C) orders the winding-up or liquidation of its
affairs; and such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; or 
 (9) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be
invalid or any Guarantor denies its liability under its Guarantee (other than by reason of release of a Guarantor in accordance with the terms of this Indenture). 
  

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 Section 6.02. Acceleration. 
 (a) If an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8) with respect to the Company) shall
occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of and premium, if any, accrued interest and Additional Interest, if any, on all the Notes
to be due and payable by notice in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same shall become immediately due and
payable. 
 (b) If an Event of Default specified Section 6.01(7) or (8) above with respect to the Company occurs and
is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder. 
 (c) At any time after an Acceleration Notice has been provided with respect to the
Notes as described in Section 6.02(a) and (b), the Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 
 (1) if the rescission would not conflict with any judgment or decree; 
 (2) if all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, interest or Additional
Interest, if any, that has become due solely because of the acceleration; 
 (3) to the extent the payment of such interest is
lawful, interest on overdue installments of interest and overdue principal and premium, if any, and Additional Interest, if any, which has become due otherwise than by such declaration of acceleration, has been paid; and 
 (4) in the event of the cure or waiver of an Event of Default of the type described in Section 6.01(7) or (8), the
Trustee shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
 (d) No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 Section 6.03. Other
Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in
equity to collect the payment of principal of, premium, if any, or interest or Additional Interest, if any, on the Notes or, to enforce the performance of any provision of the Notes, this Indenture or any of the other Indenture Documents.

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder 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. 
  

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 Section 6.04. Waiver of Past Defaults. 
 Subject to Sections 2.09, 6.02, 6.07 and 9.02, the Holders of a majority in principal amount of the Notes may waive any
existing Default or Event of Default and its consequences, except (other than as provided in Section 6.02(c)) a default in the payment of the principal of or premium, if any, interest or Additional Interest, if any, on any Notes. When a
Default or Event of Default is waived, it is cured and ceases to exist. 
 Section 6.05. Control by Majority. 
 Subject to Section 2.09 and any applicable law, the Holders of a majority in principal amount of the outstanding Notes may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, including, without limitation, any remedies provided for in Section 6.03. Subject
to Section 7.01 and 7.02(f), however, the Trustee may refuse to follow any request, order or direction (which request, order or direction, if sent to the Trustee shall be in writing) that the Trustee reasonably believes conflicts
with any applicable law, the Indenture Documents, that the Trustee determines may be unduly prejudicial to the rights of another Holder, and unless the Holders have offered the Trustee reasonable indemnity in respect thereof; provided that the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction (which direction, if sent to the Trustee shall be in writing). 
 Section 6.06. Limitation on Suits. 
 No Holder of any Notes shall have any right to institute any proceeding with respect to this Indenture or the Notes or any remedy hereunder unless: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default; 
 (2) subject to Section 2.09, Holders of at least 25% in principal amount of the outstanding Notes make a written request to the
Trustee to institute proceedings in respect of that Event of Default; 
 (3) such Holders offer to the Trustee indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request; 
 (4) the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity; and 
 (5) during such sixty (60) day period the Holders of a majority in principal amount of the outstanding Notes do not give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with
the request. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such
other Holder. 
 Section 6.07. Rights of Holders To Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and interest and
Additional Interest, if any, on a Note, on or after the respective due dates expressed in such Note, 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. 
  

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 Section 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment (i) in
its own name and (ii)(x), as trustee of an express trust against the Company or any other obligor on the Notes for the whole amount of principal of, premium, if any, and accrued interest and Additional Interest, if any, remaining unpaid on, the
Notes, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest and Additional Interest, if any, at the rate set forth in Section 4.01 and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its respective agents and counsel and any other amounts due any such
Person under Section 7.07. 
 Section 6.09. Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Company or any other obligor upon the
Notes, any of their respective creditors or any of their respective property and, shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any
Custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, taxes, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due any such Person under Section 7.07. The Company’s payment obligations
under this Section 6.09 shall be secured in accordance with the provisions of Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. 
 If the
Trustee collects any money or property pursuant to this Article Six, it shall pay out the money in the following order: 
 First: to the Trustee, the Paying Agent and the Registrar for amounts due under Section 7.07 (including payment of all compensation expense, all liabilities incurred and all advances made by the Trustee and the costs and
expenses of collection); 
 Second: if the Holders are forced to proceed against the Company directly without the Trustee, to
Holders for their collection costs; 
 Third: to Holders of the Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest and Additional Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest and Additional Interest, if any,
respectively; 
 Fourth: to the Company or any other obligor on the Notes, as their interests may appear, or as a court of
competent jurisdiction may direct. 
  

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 The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any
payment to Holders pursuant to this Section 6.10. 
 Section 6.11. Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder by its acceptance of its Note shall be deemed to have agreed, that 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 a Holder or Holders of more than 10% in principal amount of the outstanding Notes.

 Section 6.12. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceedings to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 
 ARTICLE SEVEN

 TRUSTEE 
 Section
7.01. Duties of Trustee. 
 The duties and responsibilities of the Trustee shall be as provided by the TIA and as set forth herein.

 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the TIA and the Trustee need perform only those duties as are specifically set forth in this Indenture and no
covenants or obligations shall be implied in or read into this Indenture against the Trustee; and 
 (2) 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; provided, however, in case of any such certificates or opinions furnished to the Trustee which by the provisions hereof are furnished to the Trustee, the Trustee shall examine the certificates and 

  

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opinions to determine whether or not they conform to the requirements of this Indenture (but the Trustee need not conform or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) Notwithstanding anything to the contrary herein contained, 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: 
 (1) this clause (c) does not limit the effect of clause (b) of this Section 7.01; 
 (2) 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; and 
 (3) 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. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur any liability (financial or otherwise). The Trustee shall be under no obligation to exercise any of its rights or powers under the Indenture Documents at the request, order or direction of any Holders unless such Holders
have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee against the costs and expenses which may be incurred by it (including repayment of its own funds) in compliance with such request, order or direction.

 (e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
clauses (a), (b), (c) and (d) of this Section 7.01. 
 (f) The Trustee shall not be liable
for interest on any money or assets received by it except as the Trustee may agree in writing with the Company. Money and assets held in trust by the Trustee need not be segregated from other funds or assets held by the Trustee except to the extent
required by law. 
 Section 7.02. Rights of Trustee. 
 Subject to Section 7.01: 
 (a) The Trustee may conclusively rely and shall be
fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
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 consult with counsel of its selection and may require an Officers’
Certificate or an Opinion of Counsel, or both, which shall conform to Sections 11.04 and 11.05. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or
Opinion of Counsel. The advice of the Trustee’s counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by the Trustee hereunder in good faith
and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. 
  

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 (d) The Trustee shall not be liable for any action that it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or powers under this Indenture. 
 (e) The Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall
be entitled, upon reasonable notice to the Company, to examine the books, records and premises of the Company, personally or by agent or attorney and to consult with the officers and representatives of the Company, including the Company’s
accountants and attorneys and the Trustee shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (f) The Trustee shall not be required to give any bond or surety in respect of the performance or exercise of its powers or duties hereunder. 
 (g) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company and any resolution of the Board of Directors shall be sufficient if evidenced by a copy of such resolution certified by an Officer of the Company to have been duly adopted and in full force and
effect on the date hereof. 
 (h) The Trustee shall not be deemed to have notice or be charged with knowledge of any Default
or Event of Default unless a Trust Officer of the Trustee shall have received from the Company, any Guarantor or any other obligor upon the Notes or from any Holder written notice thereof at its address set forth in Section 11.02 hereof,
and such notice references the Notes and this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default of Event of Default exists. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Indenture Documents, including the Trustee’s officers, directors, agents and employees and each agent, custodian and other
Person employed to act hereunder or thereunder. Such rights, privileges, protections, immunities and benefits, including, without limitation, the right to indemnification, together with the Trustee’s right to compensation and reimbursement
expenses, shall survive the Trustee’s resignation or removal and final payment of the Notes. 
 (j) The Trustee may
request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be
signed by any persons authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (k) The permissive right of the Trustee to take any action under the Indenture Documents shall not be construed as a duty to so act.

 (l) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of
Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, the Trustee, in its sole discretion, may determine what action, if any, shall be taken. 
  

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 (m) Whenever in the administration of this Indenture the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an
Officers’ Certificate. 
 (n) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 7.03. Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company, any Subsidiary of the Company or its respective Affiliates with the same rights it would have if it were
not Trustee or serving in any other such capacity. The Trustee in its individual or any other capacity may also engage in or be interested in any financial or other transaction with the Company, any Subsidiary of the Company or its respective
Affiliates and may act as depository, trustee or agent for any committee of Holders of Notes secured hereby or other obligations of the Company as freely as if it were not Trustee or serving in any other such capacity. Any Agent may do the same with
like rights. However, the Trustee must comply with Sections 7.10 and 7.11 of this Indenture, and the Trustee is subject to TIA Sections 310(b) and 311. 
 Section 7.04. Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity,
adequacy or sufficiency of this Indenture, the Notes, or any Guarantee, and it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture,
the Notes, or any other documents in connection with the issuance of the Notes, other than the Trustee’s certificate of authentication, which shall be taken as the statement of the Company, and the Trustee assumes no responsibility for their
correctness. 
 Section 7.05. Notice of Default. 
 If a Default or an Event of Default occurs and is continuing and if a Trust Officer has actual knowledge or has received written notice from the Company or any Holder, the Trustee shall mail to each Holder, with a
copy to the Company, notice of the Default or Event of Default within thirty (30) days thereof. Except in the case of a Default or an Event of Default in payment of principal of, premium, if any, or interest and Additional Interest, if any, on,
any Note, including an accelerated payment and the failure to make payment on the Change of Control Payment Date pursuant to a Change of Control Offer and, except in the case of a failure to comply with Article Five, the Trustee may withhold
the notice if and so long as its Board of Directors, the executive committee of its Board of Directors or a committee of its directors and/or Trust Officers in good faith determines that withholding the notice is in the interest of the Holders.

 Section 7.06. Reports by Trustee to Holders. 
 Within sixty (60) days after each March 1, beginning with March 1, 2007, the Trustee shall, to the extent that any of the events described in TIA Section 313(a) occurred within the previous twelve
months, 

  

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but not otherwise, mail to each Holder a brief report dated as of such date that complies with TIA Section 313(a). The Trustee also shall comply with
TIA Sections 313(b) and (c). 
 A copy of each report at the time of its mailing to Holders shall be mailed to the Company and filed by
the Company with the SEC and each stock exchange or market, if any, on which the Notes are listed or quoted. 
 The Company shall promptly
notify the Trustee in writing if the Notes become listed or quoted on any stock exchange or market and the Trustee shall comply with TIA Section 313(d) and any delisting thereof. 
 Section 7.07. Compensation and Indemnity. 
 The Company shall pay to the Trustee, the Paying Agent and the Registrar (each an “Indemnified Party”) from time to time compensation for their respective services as Trustee, Paying Agent or Registrar, as the case may be,
as agreed in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse each Indemnified Party upon request for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by it in connection with the performance of its duties under, as the case may be, the Indenture Documents. Such expenses shall include the reasonable fees and expenses of each of such Indemnified
Party’s agents and counsel. 
 The Company and the Guarantors, jointly and severally, hereby indemnify each Indemnified Party and its
agents, employees, stockholders and directors and officers for, and holds each of them harmless against, any loss, cost, claim, damage, liability or expense (including taxes) incurred by any of them except for such actions to the extent caused by
any gross negligence or willful misconduct on the part of such Indemnified Party, arising out of or in connection with the Indenture Documents or the administration of this trust, including the reasonable costs and expenses of enforcing this
Indenture or the other Indenture Documents against the Company or any Guarantor (including this Section 7.07) and defending themselves against any claim or liability in connection with the exercise or performance of any of their rights,
powers or duties hereunder or thereunder (including the reasonable fees and expenses of counsel). An Indemnified Party shall notify the Company promptly of any claim asserted against such Indemnified Party for which such Indemnified Party has
advised the Trustee that it may seek indemnity hereunder or under the other Indenture Documents. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. At the Indemnified Party’s sole
discretion, the Company shall defend the claim and the Indemnified Party shall cooperate and may participate in the defense; provided that any settlement of a claim shall be approved in writing by the Indemnified Party. Alternatively, the
Indemnified Party may at its option have separate counsel of its own choosing and the Company shall pay the reasonable fees and expenses of such counsel; provided that the Company shall not be required to pay such fees and expenses if it assumes the
Indemnified Party’s defense and there is no conflict of interest between or alternative defenses between the Company and the Indemnified Party in connection with such defense as reasonably determined by the Indemnified Party. The Company need
not pay for any settlement made without its written consent, which consent shall not be unreasonably withheld. 
 To secure the
Company’s and each Guarantor’s payment obligations in this Section 7.07, each Indemnified Party shall have a lien prior to the Notes on all monies and property held or collected by the Trustee, in its capacity as Trustee,
except assets or money held in trust to pay principal of or interest and Additional Interest, if any, on particular Notes which have been called for redemption. 
  

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 When an Indemnified Party incurs expenses or renders services after an Event of Default specified in
Section 6.01(6) or (7) occurs, such expenses (including the reasonable fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any Bankruptcy Code.

 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the
other Indenture Documents or the resignation or removal of the Trustee, Paying Agent or the Registrar. 
 The Trustee shall comply with the
provisions of TIA Section 312(b)(2) to the extent applicable. 
 “Trustee” for purposes of this
Section 7.07 shall include any predecessor Trustee; provided, however, that the bad faith, gross negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 Section 7.08. Replacement of Trustee. 
 The Trustee may resign at any time by so notifying the Company. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a
successor Trustee. The Company, by a Board Resolution, may remove the Trustee if: 
 (1) the Trustee fails to comply with
Section 7.10; 
 (2) the Trustee is adjudged bankrupt or insolvent; 
 (3) a receiver or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting with respect to the Notes. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall notify each Holder in writing of
such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the outstanding Notes may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, trusts, duties
and obligations of the retiring Trustee and shall such retiring Trustee duly assign, transfer and deliver to such successor Trustee all property and money held by such Trustee so ceasing to act hereunder subject nevertheless to its lien, if any,
provided for in Section 7.07. Upon written request of the Company or the successor Trustee, such retiring Trustee shall at the expense of the Company and upon payment of the charges of the Trustee then unpaid, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 If a successor Trustee does not take office within thirty (30) days after the retiring Trustee resigns or is removed, the retiring
Trustee, at the Company’s expense, the Company or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

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 If the Trustee fails to comply with Section 7.10, any Holder who satisfies the requirements
of TIA Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 The Company shall give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders in writing. Each notice shall include the name of the successor Trustee and
the address of its Corporate Trust Office and its notice address for purposes of Section 11.02. 
 Notwithstanding any
resignation or replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by Merger, Etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the resulting, surviving or transferee Person without any further
act shall, if such resulting, surviving or transferee Person is otherwise eligible hereunder, be the successor Trustee; provided, however, that such Person shall be otherwise qualified and eligible under this Article Seven. 
 In case any Notes have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 
 Section 7.10. Eligibility; Disqualification. 
 (a) This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2), (3) and (5). The Trustee (or, in the case of a corporation included in a bank holding company system, the related bank
holding company) shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. In addition, if the Trustee is a corporation included in a bank holding company system, the
Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2). The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA
Section 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Company are outstanding if the requirements for such exclusion set forth in TIA
Section 310(b)(1) are met. The provisions of TIA Section 310 shall apply to the Company, as obligor of the Notes. 
 (b) If the
Trustee has or acquires 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.

 Section 7.11. Preferential Collection of Claims Against Company. 
 The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
  

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 Section 7.12. Trustee as Paying Agent. 
 References to the Trustee in Sections 7.01, 7.02, 7.03, 7.04, 7.07 and 7.08 and the first paragraph of
Section 7.09 shall include the Trustee in its role as Paying Agent and as Registrar. 
 Section 7.13. Form of Documents
Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to
some matters and one or more other Persons as to other matters and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion, or representation by, counsel, unless such Officer knows, or in the exercise
of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel or representation by counsel may
be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company,
unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 ARTICLE EIGHT 
 SATISFACTION AND
DISCHARGE OF INDENTURE 
 Section 8.01. Legal Defeasance and Covenant Defeasance. 
 (a) The Company may, at its option and at any time, elect to have either clause (b) or clause (c) below be applied to the
outstanding Notes upon compliance with the applicable conditions set forth in clause (d). 
 (b) Upon the Company’s exercise
under clause (a) of the option applicable to this clause (b), the Company and the Guarantors shall be deemed to have been released and discharged from their obligations with respect to the outstanding Notes and the Guarantees on
the date the applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of the Sections and matters under this Indenture referred to in clause (i) and (ii) below, and the
Company and the Guarantors shall be deemed to have satisfied all their other obligations under such Notes and this Indenture and the Guarantees, except for the following which shall survive until otherwise terminated or discharged hereunder:
(i) the rights of Holders of outstanding Notes to receive solely from the trust fund described in clause (d) below and as more fully set forth in such clause, payments in respect of the principal of, and premium, if any, interest
and Additional Interest, if any, on such Notes when such payments are due, (ii) obligations listed in Section 8.03, subject to compliance with this Section 8.01, (iii)

  

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the Legal Defeasance provisions of this Section 8.01 and (iv) the rights, powers, trusts, duties and immunities of the Trustee and the
Company’s obligations in connection therewith. The Company may exercise its option under this clause (b) notwithstanding the prior exercise of its option under clause (c) below with respect to the Notes. 
 (c) Upon the Company’s exercise under clause (a) of the option applicable to this clause (c), the Company and its Restricted
Subsidiaries shall be released and discharged from their obligations under any covenant contained in Section 4.05 (other than clause (c) thereof), Sections 4.08 through 4.17, Sections 4.19 and
Section 5.01(2), with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed to be not
“outstanding” for the purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under clause (a) hereof of the option applicable to this clause (c), subject to the satisfaction of the conditions set forth in clause
(d) below, Sections 6.01(3), (4), (5), (6), and (9) shall not constitute Events of Default. 
 (d) The following shall be the conditions to application of either clause (b) or clause (c) above to the outstanding Notes: 
 (1) The Company shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in
form and substance reasonably satisfactory to the Trustee, U.S. Legal Tender or non-callable U.S. Government Obligations or a combination thereof, in such amounts and at such times as are sufficient, in the opinion of a nationally-recognized firm of
independent public accountants, to pay the principal of, and premium, if any, interest and Additional Interest, if any, on the outstanding Notes on the stated dates for payment or redemption, as the case may be; provided, however, that the Trustee
(or other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such U.S. Legal Tender or the proceeds of such U.S. Government Obligations to said
payments with respect to the Notes to maturity or redemption; 
 (2) No
Default or Event of Default shall have occurred and be continuing on the date of such deposit pursuant to clause (1) of this clause (d) (except such Default or Event of Default resulting from the failure to comply with
Section 4.08 as a result of the borrowing of funds required to effect such deposit) or insofar as Defaults or Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of such deposit; 
 (3) Such Legal Defeasance or Covenant Defeasance shall not result in a breach of, or constitute a default here under or any other material
agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  

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 (4) (i) In the event the Company elects clause (b) above, the Company shall
deliver to the Trustee an Opinion of Counsel in the United States of America, in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the Issue Date, 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 state that, Holders shall not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance contemplated hereby and shall be subject to federal income tax in the same amounts, in the same manner and at the same times as would have been the case if
such Legal Defeasance had not occurred or (ii) in the event the Company elects clause (c) above, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, in form and substance reasonably satisfactory to
the Trustee, to the effect that Holders shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance contemplated hereby and shall be subject to federal income tax in the same amounts, in the same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (5) The Company
shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) of this clause (d) was not made by the Company with the intent of preferring the Holders over any other creditors of
the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
 (6) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or Covenant Defeasance, as the case may
be, have been complied with; and 
 (7) The Company shall have delivered to the Trustee an Opinion of Counsel (subject to
customary qualifications and exclusions) to the effect that the trust resulting from the deposit under clause (1) of this clause (d) does not constitute, or is qualified as, a regulated investment company under the Investment
Company Act of 1940. 
 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.01(d)(4)(i) above with
respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable on the maturity date within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 In the event all or any portion of the Notes are to be redeemed through such irrevocable trust, the Company must make arrangements reasonably satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such
redemption or redemptions by the Trustee in the name and at the expense of the Company. 
 Section 8.02. Satisfaction and Discharge.

 In addition to the Company’s rights under Section 8.01, the Company may terminate all of its obligations under this
Indenture (subject to Section 8.03), the Notes, the Subsidiary Guarantees, and all Liens created thereunder, shall be discharged and shall cease to be in effect when: 
 (1) either: 
 (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has 

  

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theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have
been delivered to the Trustee for cancellation; or 
 (b) all Notes not theretofore delivered to the Trustee for cancellation
(i) have become due and payable, (ii) shall become due and payable at their stated maturity within one year or (iii) are to be called for redemption within one year under arrangements reasonably satisfactory to the Trustee, and the
Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of,
premium, if any, interest and Additional Interest, if any, on the Notes to the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the
case may be; 
 (2) the Company has paid all other sums payable under this Indenture; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Section 8.03. Survival of
Certain Obligations. 
 Notwithstanding the satisfaction and discharge of this Indenture and of the Notes referred to in
Section 8.01 or 8.02, the respective obligations of the Company and the Trustee under Sections 2.03, 2.04, 2.05, 2.06, 2.07 and 2.08, Sections 7.07 and 7.08 and Sections
8.05, 8.06 and 8.07 shall survive until the Notes are no longer outstanding, and thereafter the obligations of the Company and the Trustee under Sections 7.07, 8.04, 8.05 and 8.06 and 8.07 shall
survive such satisfaction and discharge. 
 Section 8.04. Acknowledgment of Discharge by Trustee. 
 Subject to Section 8.07, after (i) the conditions of Section 8.01 or 8.02 have been satisfied, (ii) the Company
has paid or caused to be paid all other sums payable hereunder by the Company and (iii) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent referred to in
clause (i) above relating to the satisfaction and discharge of this Indenture have been complied with, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under this Indenture
except for those surviving obligations specified in Section 8.03. 
 Section 8.05. Application of Trust Moneys.

 The Trustee shall hold any U.S. Legal Tender or U.S. Government Obligations deposited with it in the irrevocable trust established
pursuant to Section 8.01. The Trustee shall apply the deposited U.S. Legal Tender or the U.S. Government obligations, together with earnings thereon, through the Paying Agent, in accordance with this Indenture and the terms of the
irrevocable trust agreement established pursuant to Section 8.01, to the payment of principal of, premium, if any, and interest, and Additional Interest, if any, on the Notes. Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s request any U.S. Legal Tender or U.S. Government Obligations held by it as provided in Section 8.01(d) which, in the opinion of a
nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 
  

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 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the U.S. Government Obligations deposited pursuant to Section 8.01 or 8.02 or the principal, premium, if any, and interest and Additional Interest, if any, received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of outstanding Notes. 
 Section 8.06. Repayment to the Company; Unclaimed
Money. 
 Subject to Sections 7.07, 8.01 and 8.02, the Trustee and the Paying Agent shall promptly pay to the
Company upon written request from the Company any excess U.S. Legal Tender or U.S. Government Obligations held by them at any time. The Trustee and the Paying Agent shall pay to the Company, upon receipt by the Trustee or the Paying Agent, as the
case may be, of a written request from the Company any money held by it for the payment of principal, premium, if any, or interest and Additional Interest, if any, that remains unclaimed for two years after payment to the Holders is required,
without interest thereon; provided, however, that the Trustee and the Paying Agent before being required to make any payment may, but need not, at the expense of the Company cause to be published once in a newspaper of general circulation in the
City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least thirty (30) days from the date of such publication or mailing, any
unclaimed balance of such money then remaining shall be repaid to the Company, without interest thereon. After payment to the Company, Holders entitled to money must look solely to the Company for payment as general creditors unless an applicable
abandoned property law designated another Person, and all liability of the Trustee or Paying Agent with respect to such money shall thereupon cease. 
 Section 8.07. Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. Legal
Tender or U.S. Government Obligations in accordance with Section 8.01 or 8.02 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 and each Guarantors’ obligations under this Indenture and each other Indenture Document to which such person is a party shall be revived and reinstated as though no deposit had occurred pursuant
to Section 8.01 or 8.02 until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender or U.S. Government Obligations in accordance with Section 8.01 or 8.02; provided, however,
that if the Company has made any payment of premium, if any, or interest and Additional Interest, if any, on or principal of any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE NINE

 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 9.01. Without Consent of Holders. 
 From time to time, the Company, the Guarantors, and the
Trustee, without the consent of the Holders, may amend, modify or supplement the Indenture, the Notes and the Guarantees: 
 (1) to cure any ambiguity, defect or inconsistency contained therein; 
  

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 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes;

 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders in accordance with
Section 5.01; 
 (4) to make any change that would provide any additional rights or benefits to the Holders or that
does not adversely affect the legal rights of any such Holder under this Indenture, the Notes or the Guarantees; 
 (5) to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (6)
to conform the text of the Indenture, the Notes or the Guarantees, to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” section of
the Offering Circular was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Guarantees; 
 (7) to allow any Subsidiary or any other Person to guarantee the Notes; or 
 (8) to release a Guarantor as permitted
by this Indenture and the relevant Guarantee, 
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee, adversely
affect the rights of any of the Holders in any material respect. In formulating its opinion on such matters, the Trustee will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of
Counsel. 
 After an amendment, modification, waiver or supplement under this Section 9.01 becomes effective, the Company shall
mail to the Holders affected thereby a notice briefly describing the amendment, modification, waiver or supplement. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such amendment, modification, waiver or supplement. 
 Section 9.02. With Consent of Holders. 
 The Company and the Guarantors, when authorized by a Board Resolution, and the Trustee, together, with the written consent of the Holder or Holders of at
least a majority in aggregate principal amount of the outstanding Notes, may amend or supplement this Indenture, the Notes, the Registration Rights Agreement, the Guarantees without notice to any other Holders. The Holder or Holders of a majority in
aggregate principal amount of the outstanding Notes may waive compliance by the Company with any provision of this Indenture or the Notes without notice to any other Holder. However, no amendment, supplement or waiver, including a waiver pursuant to
Section 6.04, shall without the consent of each Holder of each Note affected thereby: 
 (1) reduce the amount of
Notes whose Holders must consent to an amendment, supplement or waiver of any provision of this Indenture or the Notes; 
 (2)
reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest, or Additional Interest on any Notes; 
  

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 (3) reduce the principal of or change or have the effect of changing the fixed maturity
of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 
 (4) make any Notes payable in money other than that stated in the Notes; 
 (5) make any change in provisions of this
Indenture protecting the right of each Holder to receive payment of principal of, premium, if any, interest and Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting
Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
 (6) amend, change or modify in
any material respect the obligation of the Company to make and consummate a Change of Control Offer after the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or,
modify any of the provisions or definitions with respect thereto; 
 (7) subordinate the Notes in right of payment to any
other Indebtedness of the Company or any Guarantor; 
 (8) release any Guarantor from any of its obligations under its
Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture; or 
 (9) make any change to
Section 9.01 or this Section 9.02. 
 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, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

 Section 9.03. Compliance with TIA. 
 Every amendment, waiver or supplement of this Indenture, the Notes or the Guarantees shall comply with the TIA as then in effect; provided, however, that this Section 9.03 shall not of itself require that
this Indenture or the Trustees be qualified under the TIA or constitute any admission or acknowledgment by any party hereto that any such qualification is required prior to the time this Indenture and the Trustee are required by the TIA to be so
qualified. 
 Section 9.04. Revocation and Effect of Consents. 
 Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. Subject to the following paragraph, any such Holder or subsequent Holder may revoke the
consent as to such Holder’s Note or portion of such Note by written notice to the Trustee and the Company received before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders of the requisite
principal amount of Notes have consented (and not theretofore revoked such 

  

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consent) to the amendment, supplement or waiver. An amendment, waiver or supplement shall become effective upon receipt by the Trustee of written consents
from the Holders of the requisite percentage in principal amount of the outstanding Notes or such Officers’ Certificate, whichever first occurs, and the execution thereof by the Trustee. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of 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 revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than ninety (90) days after such record date. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses
(1) through (10) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, premium, if any, and interest and Additional Interest, if any, on a
Note, on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 
 Section 9.05. Notation on or Exchange of Notes. 
 If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder of the Note to deliver the Note to the Trustee. The Trustee at the written direction of the Company may place an
appropriate notation on the Note about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Note thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in
exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make an appropriate notation, or issue a new Note, shall not affect the validity and effect of such amendment, supplement or
waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 Section 9.06. Trustee to Sign Amendments, Etc. 
 The Trustee shall execute any amendment, supplement
or waiver authorized pursuant to this Article Nine; provided that the Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the rights, duties or immunities of the Trustee under this
Indenture. The Trustee shall be provided with, and shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this
Article Nine is authorized or permitted by this Indenture. Such Opinion of Counsel shall also state that the amendment or supplement is a valid and enforceable obligation of the Company. Such Opinion of Counsel shall not be an expense of the
Trustee and shall be paid for by the Company. 
 Section 9.07. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the TIA as then in effect. 
  

 70 

 ARTICLE TEN 
 GUARANTEE 
 Section 10.01. Guarantee. 
 The Guarantor party hereto hereby fully, irrevocably and unconditionally, jointly and severally, guarantees (such guarantee to be referred to herein as
the “Guarantee”), to each of the Holders, the Trustee and its respective successors and assigns that (i) the principal of, premium, if any and interest, and Additional Interest, if any, on the Notes shall be promptly paid in
full when due, subject to any applicable grace period, whether upon redemption pursuant to the terms of the Notes, by acceleration or otherwise, and interest on the overdue principal, if any, and interest on any interest and Additional Interest, if
any, to the extent lawful, of the Notes and all other obligations of the Company to the Holders and the Trustee hereunder, thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof, thereof; and (ii) in
case of any extension of time of payment or renewal of any of the Notes or of any such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any
applicable grace period, whether at stated maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.03. The Guarantee of each
Guarantor shall rank senior in right of payment to all subordinated Indebtedness of such Guarantor and equal in right of payment with all other senior obligations of such Guarantor. The Guarantor party hereto hereby agrees that its obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any of the Holders with respect to any provisions
hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. The Guarantor party hereto hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and in this Guarantee. The obligations of each Guarantor
are limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor and, to the extent permitted by applicable law, after giving effect to any collections from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, shall result in the obligations of such Guarantor under the Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under federal or state law. The net worth of any Guarantor for such purpose shall include any claim of such Guarantor against the Company for reimbursement and any claim against any other Guarantor for
contribution. Each Guarantor may consolidate with or merge into or sell its assets to the Company or another Guarantor without limitation in accordance with Sections 5.01, 4.10 and 10.04. If any Holder or the Trustee is required
by any court or otherwise to return to the Company, any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by the Company or any Guarantor to the Trustee or
such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Guarantee notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purpose of this Guarantee. 
  

 71 

 Section 10.02. Release of a Guarantor. 
 Notwithstanding the foregoing, a Guarantor will be automatically and unconditionally released from its Guarantee without any action required on the part
of the Trustee or any Holder: 
 (1) if (a) all of the Capital Stock issued by such Guarantor or all or substantially all
of the assets of such Guarantor are sold or otherwise disposed of (including by way of merger or consolidation) to a Person other than the Company or any of its Domestic Restricted Subsidiaries or (b) such Guarantor ceases to be a Restricted
Subsidiary, and the Company otherwise complies, to the extent applicable, with Section 4.10; 
 (2) if the Company
designates such Guarantor as an Unrestricted Subsidiary in accordance with Section 4.09; 
 (3) if the Company
exercises its legal defeasance option or its covenant defeasance option as described in Section 8.01; or 
 (4)
upon satisfaction and discharge of this Indenture in accordance with Section 8.02 or payment in full in cash of the principal of, and premium, if any, accrued and unpaid interest and Additional Interest, if any, on, the Notes and all
other Obligations that are then due and payable. 
 At the Company’s request and expense, the Trustee shall promptly execute and deliver
an appropriate instrument provided to it evidencing such release upon receipt of a request by the Company accompanied by an Officers’ Certificate certifying as to the compliance with this Section 10.02. Any Subsidiary Guarantor not
so released remains liable for the full amount of its Subsidiary Guarantee as provided in this Article Ten. 
 Section 10.03.
Limitation of Guarantor’s Liability. 
 Each Guarantor and, by its acceptance hereof, each of the Holders hereby confirms that it
is the intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, the Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under the Guarantee shall be limited to the maximum amount as
shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and, to the extent permitted by applicable law, after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Guarantee or pursuant to Section 10.05, result in the obligations of such Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance. 
 Section 10.04. Guarantors May Consolidate, etc., on Certain Terms. 
 Each Guarantor (other than any Guarantor whose Guarantee is to be released in accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with this
Section 10.04 and Section 4.10) will not, and the Company will not cause or permit any Guarantor to, consolidate with or merge with or into any Person or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of such Guarantors’ assets to any Person, other than the Company or any other Guarantor unless: 
 (1)
the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation or limited liability company
organized and existing under the laws of the United States, any State thereof or the District of Columbia; 
  

 72 

 (2) such entity assumes by supplemental indenture (in form and substance reasonably
satisfactory to the Trustee), executed and delivered to the Trustee, all of the obligations of the Guarantor under the Guarantee and the performance of every covenant of the Guarantee, this Indenture and the Registration Rights Agreement;

 (3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; and 
 (4) the Guarantor or the Surviving Entity shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 
 Any merger or consolidation of (i) a Guarantor with and into the Company (with the Company being the surviving entity) or another Guarantor or (ii) a Guarantor or the Company with an Affiliate organized
solely for the purpose of reincorporating such Guarantor or the Company in another jurisdiction in the United States or any state thereof or the District of Columbia need only comply with: 
 (A) in the case of a merger or consolidation described in clause (ii), clause (4) of the first paragraph of Section 5.01;
and 
 (B) (x) clause 1(b)(y) of the first paragraph of Section 5.01 and (y) clause (2) of
Section 5.01. 
 Section 10.05. Contribution. 
 In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that each Guarantor that makes a payment or
distribution under a Guarantee shall be entitled to a pro rata contribution from each other Guarantor hereunder based on the net assets of each other Guarantor. The preceding sentence shall in no way affect the rights of the Holders of Notes
to the benefits of this Indenture, the Notes or the Guarantees. 
 Section 10.06. Waiver of Subrogation. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. 
 Section 10.07. Waiver of Stay, Extension or Usury Laws.

 Each Guarantor covenants to the extent permitted by law that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive such Guarantor from performing its Guarantee as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the 

  

 73 

 
covenants or the performance of this Guarantee; and each Guarantor hereby expressly waives to the extent permitted by law all benefit or advantage of any
such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE ELEVEN 
 MISCELLANEOUS

 Section 11.01. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. Any provision of the TIA
which is required to be included in a qualified Indenture, but not expressly included herein, shall be deemed to be included by this reference. 
 Section 11.02. Notices. 
 Any notices or other communications required or permitted hereunder shall be in writing, and shall
be sufficiently given if made by hand delivery, by telex, by telecopier or first-class mail, or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
 if to the Company: 
 Claymont Steel, Inc.

 4001 Philadelphia Pike 
 Claymont, Delaware 19703 
 Attention: Allen Egner, Vice President, Finance 
 Facsimile Number: (302) 792-1195 
 if to
the Trustee: 
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286 
 Attn: Corporate Trust Administration 
 Facsimile Number: (212) 815-5707 
 Each of the Company and the Trustee by written notice to each other may designate
additional or different addresses for notices to such Person. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed;
when receipt is acknowledged, if faxed; and five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address or a notice sent by mail to the Trustee shall not be deemed to
have been given until actually received by the addressee). 
 Any notice or communication mailed to a Holder shall be mailed to such Holder
by first class mail or other equivalent means at such Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given to such Holder if so mailed within the time prescribed. 
  

 74 

 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. 
 Section 11.03. Communications by Holders with Other Holders. 
 Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture, any Guarantee or the Notes. The Company, the Trustee, the Registrar and any other
Person shall have the protection of TIA Section 312(c). 
 Section 11.04. Certificate and Opinion as to Conditions Precedent.

 Upon any request or application by the Company or any Guarantor to the Trustee to take any action under this Indenture or any other
Indenture Document, the Company shall furnish to the Trustee upon request: 
 (1) an Officers’ Certificate, in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent to be performed by the Company or the applicable Guarantor (as the case may be), if any, provided for in this Indenture or any
other Indenture Document relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent to be performed by the Company or the applicable Guarantor (as the case may be), if any, provided for in this Indenture or any other Indenture Document relating to the proposed
action have been complied with. 
 Section 11.05. Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or any other Indenture Document other
than the Officers’ Certificate required by Section 4.06, shall include: 
 (1) a statement that the Person
making such certificate or opinion has read such covenant or condition; 
 (2) 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; 
 (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied
with; and 
 (4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been
complied with; provided, however, that with respect to such matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials and provided, further, that an Opinion of Counsel may have qualifications
for opinions of the type required. 
  

 75 

 Section 11.06. Rules by Trustee, Paying Agent, Registrar. 
 The Trustee may make reasonable rules in accordance with the Trustee’s customary practices for action by or at a meeting of Holders. The Paying
Agent or Registrar may make reasonable rules for its functions. 
 Section 11.07. Governing Law. 
 THIS INDENTURE, THE NOTES AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE. 
 Section 11.08. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any of its Subsidiaries. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture. 
 Section 11.09. No Recourse Against Others. 
 No past, present or future director, officer, employee, stockholder or incorporator of the Company, a Guarantor or of the Trustee shall have any
liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
 Section 11.10.
Successors. 
 All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successors. 
 Section 11.11. Duplicate Originals. 
 All parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together shall represent the same
agreement. 
 Section 11.12. Severability. 
 In case any one or more of the provisions in this Indenture, the Notes or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

 

 76 

 Section 11.13. Waiver of Jury Trial. 
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR IN CONNECTION WITH THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE. 
 Section 11.14.
Force Majeure. 
 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and loss
of utilities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under such circumstances. 
  

 77 

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

			
	CLAYMONT STEEL, INC.
		
	By:	 	/s/ Jeff Bradley
	Name: Jeff Bradley
	Title: Chief Executive Officer
	
	CITISTEEL PA, INC.
		
	By:	 	/s/ Jeff Bradley
	Name: Jeff Bradley
	Title: President

			
	 THE BANK OF NEW YORK,
 as
Trustee

		
	By:	 	/s/ Carlos R. Luciano
	Name: Carlos R. Luciano
	Title: Vice-President

 EXHIBIT A 
 [FORM OF INITIAL NOTE] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PURCHASER AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS (OR SUCH OTHER PERIOD THAT MAY BE HEREAFTER PROVIDED UNDER RULE 144(K) UNDER THE SECURITIES ACT PERMITTING RESALES OF RESTRICTED SECURITIES BY
NON-AFFILIATES WITHOUT RESTRICTION); OR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY (AS HEREINAFTER DEFINED) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS 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 SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S, OR TRANSFER AGENT’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE 

 
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH
OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR TRANSFER AGENT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  

 A-2 

 CLAYMONT STEEL, INC. 
 8.875% SENIOR NOTES DUE 2015 
 CUSIP No. 

	 No. 
	 $[                ] 

 Claymont Steel, Inc., a Delaware corporation, for value received promises to pay to ________________________, or registered assigns, the principal sum of
_______________ DOLLARS ($[            ]) on February 15, 2015. 
 Interest
Rate: 8.875% 
  

			
	Interest Payment Dates:	  	February 15 and August 15, commencing
		  	August 15, 2007

 Record Dates:   February 1 and August 1 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this
place. 
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer.

  

			
	CLAYMONT STEEL, INC.
		
	By:	 	  
		 	Name:
		 	Title:

 Dated:                                 
  

 A-3 

 TRUSTEE CERTIFICATE OF AUTHENTICATION 
 This is one of the 8.875% Senior Notes due 2015 referred to in the within-mentioned Indenture. 
  

									
		 		 	THE BANK OF NEW YORK, as Trustee
				
	Date of Authentication:
                                        
                    	 		 	By:	 	  
		 		 		 		 	Authorized Signatory

  

 A-4 

 8.875% Senior Notes due 2015 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. 
 Claymont Steel, Inc.
(the “Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount of this Note at the rate per annum described below. Interest on this Note will be due and payable semiannually in cash on
each February 15 and August 15, commencing on August 15, 2007. Interest on this Note will accrue, with respect to the period from and including the Issue Date to but excluding the first interest payment date after the Issue Date and
each successive six-month period from and including each interest payment date to but excluding the following interest payment date (each, an “Interest Accrual Period”), at a rate of 8.875% per annum. 
 2. Method of Payment. 
 The Company
shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of
transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may
deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
 3. Paying Agent and
Registrar. 
 Initially, The Bank of New York Association (the “Trustee”) will act as Paying Agent and Registrar. The
Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company and any of its Subsidiaries may act as Paying Agent or Registrar. If the Trustee acquires any conflicting interest as described in the TIA, it
must eliminate such conflict or resign. 
 4. Indenture, 
 The Notes were issued under an Indenture, dated as of February 15, 2007 (the “Indenture”), by and among the Company, Claymont
Steel, Inc. and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as in effect on the date of the
Indenture (the “TIA”). Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior
obligations of the Company. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture and the Registration Rights Agreement. Any conflict between this Note and the Indenture will be governed by the
Indenture. 
  

 A-5 

 5. Guarantees. 
 Payment of principal and premium, if any, interest and Additional Interest, if any, on the Notes, is unconditionally guaranteed, jointly and severally, by each of the Guarantors. 
 6. Redemption. 
 (a)
Optional Redemption on or after February 15, 2011. At any time on or after February 15, 2011, the Company may redeem the Notes, at its option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the
following redemption prices (expressed as percentages of the principal amount thereof) plus accrued and unpaid interest and Additional Interest, if any, if redeemed during the twelve-month period commencing on February 15 of the year set forth
below: 
  

				
	 Year
	  	Percentage	 
	 2011
	  	104.438	%
	 2012
	  	102.219	%
	 2013
	  	100.000	%

 (b) Optional Redemption prior to February 15, 2010. At any time prior
to February 15, 2010, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of notes issued under the Indenture at a redemption price of 108.875% of the principal amount, plus accrued and unpaid
interest and Additional Interest, if any, to the Redemption Date, with the net cash proceeds of one or more Public Equity Offerings or a contribution to the Company’s common equity capital made with the net cash proceeds of a concurrent
offering of common stock of Holdings; provided that: 
 i. at least 65% of the aggregate principal amount of notes originally
issued under the Indenture (excluding notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 ii. the redemption occurs within 45 days of the date of the closing of such Public Equity Offering. 
 (c) 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 the Holders of the Notes to be redeemed at such Holder’s registered address. If fewer than all of the Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee either in
compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee may reasonably determine
is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note not redeemed to a denomination of less than $1,000. Notes in denominations of $1,000 or more may be redeemed in part in multiples of
$1,000 only. 
  

 A-6 

 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such redemption date sufficient to pay such redemption price plus accrued and unpaid interest and Additional Interest, if any, the Notes called for redemption will cease to bear
interest from and after such redemption date, and the only remaining right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date
upon surrender to the Paying Agent of the Notes redeemed. 
 7. Offers to Purchase. 
 Sections 4.10 and 4.19 of the Indenture provide that after certain Asset Sales or upon the occurrence of a Change of Control and subject to further
limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the Indenture. 
 8. Registration Rights, 
 Pursuant to the Registration Rights Agreement, the Company will be
obligated to use its reasonable best efforts to file a registration statement with respect to a registered offer to exchange the Initial Notes for 8.875% Senior Notes due 2015 having substantially identical terms as the Notes and to cause that
registration statement to be declared effective within specified time periods. The Holders of the Initial Notes shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon certain
other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
 9. Denominations; Transfer;
Exchange. 
 The Notes are in registered form, without coupons, in denominations of $1,000 and any integral multiples thereof. A Holder
shall register the transfer of or exchange of the Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes, fees or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer of or exchange of the Notes or portions thereof selected for redemption. 
 10. Persons Deemed Owners. 
 The
registered Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
 11. Unclaimed
Money. 
 If money for the payment of principal or interest remains unclaimed for one year, the Trustee and the Paying Agent shall pay
the money without interest thereon back to the Company upon written request by the Company. After any such payment, Holders entitled to the money shall look only to the Company and not the Trustee for payment. 
  

 A-7 

 12. Discharge Prior to Redemption or Maturity. 
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the principal of and interest on
the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, except for the rights
of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
 13. Amendment; Supplement; Waiver. 
 The Company, the Guarantors and the Trustee, without the consent of the Holders, may amend, modify or supplement the Indenture and the Notes: 
 (1) to cure any ambiguity, defect or inconsistency contained therein; 
 (2) to provide for uncertificated
Notes in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s
obligations to Holders in accordance with Section 5.01 of the Indenture; 
 (4) to make any change that would provide any
additional rights or benefits to the Holders or that does not adversely affect the legal rights of any such Holder under the Indenture and the Notes; 
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; 
 (6) to conform the text of the Indenture and the Notes to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the
Notes” section of the Offering Circular was intended to be a verbatim recitation of a provision of the Indenture and the Notes; 
 (7) to
allow any Subsidiary or any other Person to guarantee the Notes; or 
 (8) to release a Guarantor as permitted by the Indenture and the
relevant Guarantee, 
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee, adversely affect the
rights of any of the Holders in any material respect. In formulating its opinion on such matters, the Trustee will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of Counsel. Other
amendments of, modifications to and supplements to the Indenture, the Notes and the Registration Rights Agreement may be made with the consent of the Holders of a majority in principal amount of the then outstanding Notes issued under the Indenture,
which may include consents obtained in connection with a tender offer or an exchange offer, except that, without the consent of each Holder affected thereby, no amendment may: 
 (1) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver of any provision of the Indenture or the Notes;

  

 A-8 

 (2) reduce the rate of or change or have the effect of changing the time for payment of interest,
including defaulted interest, or Additional Interest on any Notes; 
 (3) reduce the principal of or change or have the effect of changing the
fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 
 (4) make any Notes payable in money other than that stated in the Notes; 
 (5) make any change in provisions of the Indenture
protecting the right of each Holder to receive payment of principal of, premium, if any, interest and Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a
majority in principal amount of Notes to waive Defaults or Events of Default; 
 (6) amend, change or modify in any material respect the
obligation of the Company to make and consummate a Change of Control Offer after the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, modify any of the
provisions or definitions with respect thereto; 
 (7) subordinate the Notes in right of payment to any other Indebtedness of the Company or
any Guarantor; 
 (8) release any Guarantor from any of its obligations under its Guarantee or the Indenture otherwise than in accordance with
the terms of the Indenture; or 
 (9) make any changes to Sections 9.01 or 9.02 of the Indenture. 
 14. Restrictive Covenants. 
 The
Indenture imposes certain limitations on the ability of the Company and the Restricted Subsidiaries to, among other things, incur additional Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter
into transactions with Affiliates, create dividend or other payment restrictions affecting Subsidiaries, merge or consolidate with any other Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets
or adopt a plan of liquidation. Such limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 
  

 A-9 

 15. Successors, 
 When a successor assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes, the Guarantees and the Indenture, the predecessor will be released from those obligations.

 16. Defaults and Remedies. 
 The following events are defined as Events of Default: 
 (1) the failure to pay interest and Additional Interest, if any, on any
Notes or any other amount (other than principal for the Notes) when the same becomes due and payable and the default continues for a period of 30 days; 
 (2) the failure to pay the principal of or premium, if any, on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase
Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
 (3) a default in the observance or performance of
Section 4.17 of the Indenture which default continues for a period of 75 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the
outstanding principal amount of the Notes; 
 (4) a default in the observance or performance of any other covenant or agreement contained in
the Indenture (other than as described in clause (3) above and the payment of the principal of, or premium, if any, or interest and Additional Interest, if any, on any Note) which default continues for a period of 30 days after the Company
receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to
Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
 (5) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company,
or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates
$5.0 million or more at any time; 
 (6) one or more judgments in an aggregate amount in excess of $5.0 million shall have been rendered
against the Company or any of its Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted coverage) and such judgments remain undischarged, unpaid or unstayed for a period of 60 days
after such judgment or judgments become final and non-appealable; 
  

 A-10 

 (7) the Company or any Significant Subsidiary (A) commences a voluntary case or proceeding under any
Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy Code, (C) consents to the appointment of a Custodian of it or for substantially all of its
property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the foregoing; 
 (8) a court of competent jurisdiction enters an order or decree that (A) is an order for relief in respect of the Company or any Significant Subsidiary in an involuntary case under any Bankruptcy Code,
(B) appoints a Custodian of the Company or any Significant Subsidiary or for substantially all of its property or (C) orders the winding-up or liquidation of its affairs; and such order or decree shall remain unstayed and in effect for a
period of sixty (60) consecutive days; or 
 (9) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any
Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor denies its liability under its Guarantee (other than by reason of release of
such Guarantor in accordance with the terms of the Indenture). 
 If an Event of Default (other than an Event of Default specified in clauses
(7) and (8) above with respect to the Company) shall occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes, may declare the principal of and premium, if any,
accrued interest and Additional Interest, if any, on all the Notes to be due and payable in the manner, at the time and with the effect provided in the Indenture. Holders of Notes may not enforce the Indenture except as provided in the Indenture.
The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in principal amount of the Notes
outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a Default in payment of principal or interest, including Additional
Interest) if it determines that withholding notice is in their interest. 
 17. Trustee Dealings with Company. 
 Subject to the terms of the TIA and the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company, any Subsidiaries of the Company or its respective Affiliates as if it were not the Trustee. 
  

 A-11 

 18. No Recourse Against Others. 
 A past, present or future director, officer, employee, stockholder or incorporator, as such, of the Company, a Guarantor or of the Trustee shall not have
any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
 19. Registration
Rights Agreement. 
 Each Holder, by its acceptance of its Note, agrees to be bound by the terms of the Registration Rights Agreement,
and all such replacement thereof, and each of the Holders hereby authorize the Trustee and the Collateral Agent to bind the Holders to the extent provided in the Indenture. 
 20. Authentication. 
 This Note shall
not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on this Note. 
 21. Governing
Law. 
 THIS NOTE, THE INDENTURE AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 
 22. Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO AND THE HOLDERS (BY THEIR ACCEPTANCE OF A NOTE) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT
TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, THE INDENTURE, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED BY THIS NOTE. 
 23. Abbreviations and Defined Terms. 
 Customary abbreviations may be used in the name of a Holder of
a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 The Company will furnish to any Holder of a Note upon written request and without charge a copy of the Indenture. Requests may be made to:
Claymont Steel, Inc., 4001 Philadelphia Pike, Claymont, Delaware 19703. 
  

 A-12 

 ASSIGNMENT FORM 
 If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 
 I or we assign and
transfer this Note to: 
  

	
	
	  
	
	  
	 (Print or type name, address and zip code and
 social security or tax ID number of assignee)

	
	and irrevocably appoint ____________________________________________________________________________________
	agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

  

									
	Dated:	 	  	 		 	Signed:	 	  
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

									
					
	Signature Guarantee:	 	  	 		 		 	

 In connection with any transfer of this Note occurring prior to the date which is the earlier of
(i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have
been suspended or terminated at the date of the transfer) and (ii) August 25, 2007, the undersigned confirms that it has not utilized any general solicitation or general advertising in connection with the transfer and that this Note is
being transferred: 
 [Check One] 
  

					
	 (1)
	 	________	  	to the Company or a subsidiary thereof; or
			
	 (2)
	 	________	  	pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	 (3)
	 	________	  	to an institutional “accredited investor” (as defined in Rule 501(a)(l), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing
certain representations and agreements (the form of which letter can be obtained from the Trustee); or
			
	 (4)
	 	________	  	outside the United States to a person other than a “U.S. person” in compliance with Rule 904 of Regulation S under the Securities Act; or
			
	 (5)
	 	________	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or
			
	 (6)
	 	________	  	pursuant to an effective registration statement under the Securities Act.

  

 A-13 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in
the name of any person other than the registered Holder thereof; provided that if box (3), (4) or (5) is checked, the Company or the Trustee may require, prior to registering any such transfer of the Notes, in its sole discretion,
such legal opinions, certifications (including an investment letter in the case of box (3) or (4)) and other information as the Trustee or 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. 
 If none of the foregoing boxes is
checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.15 of
the Indenture shall have been satisfied. 
  

									
	Dated:	 	  	 		 	Signed:	 	  
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

									
					
	Signature Guarantee:	 	  	 		 		 	

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 
 The undersigned represents and warrants that it is purchasing this Note 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 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

  

 A-14 

 [OPTION OF HOLDER TO ELECT PURCHASE] 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 and 4.19 of the Indenture, check the appropriate box:

 Section 4.10 [            ] 
 Section 4.19 [            ] 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or 4.19 of the Indenture, state the amount you
elect to have purchased: 
  

									
		 		 	$	 	  

									
				
	Dated:	 	  	 		 	  
		 		 		 	NOTICE:	 	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever and
be guaranteed by the endorser’s bank or broker.
			
		 		 	 Signature Guarantee: _________________________

  

 A-15 

 EXHIBIT B 
 [FORM OF EXCHANGE NOTE] 
 CLAYMONT STEEL, INC. 
 8.875% SENIOR NOTES DUE 2015 
 CUSIP No. 

	 No. 
	 $[                    ]

 Claymont Steel, Inc., a Delaware corporation, for value received promises to pay to ________________________, or
registered assigns, the principal sum of _______________ DOLLARS ($[            ]) on February 15, 2015. 
 Interest Rate: 8.875% 
  

			
	Interest Payment Dates:	  	February 15 and August 15, commencing
		  	August 15, 2007

 Record Dates:   February 1 and August 1 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set
forth at this place. 
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized
officer. 
  

			
	CLAYMONT STEEL, INC.
		
	By:	 	  
		 	Name:
		 	Title:

 Dated: ____________________ 

 TRUSTEE CERTIFICATE OF AUTHENTICATION 
 This is one of the 8.875% Senior Notes due 2015 referred to in the within-mentioned Indenture. 
  

									
		 		 	THE BANK OF NEW YORK, as Trustee
					
	Date of Authentication:	 	  	 		 	By:	 	  
		 		 		 		 	Authorized Signatory

  

 B-2 

 8.875% Senior Notes due 2015 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. 
 Claymont Steel, Inc.
(the “Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount of this Note at the rate per annum described below. Interest on this Note will be due and payable semiannually in cash on
each February 15 and August 15, commencing on August 15, 2007. Interest on this Note will accrue, with respect to the period from and including the Issue Date to but excluding the first interest payment date after the Issue Date and
each successive six-month period from and including each interest payment date to but excluding the following interest payment date (each, an “Interest Accrual Period”), at a rate of 8.875% per annum. 
 2. Method of Payment. 
 The Company
shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of
transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may
deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
 3. Paying Agent and
Registrar. 
 Initially, The Bank of New York (the “Trustee”) will act as Paying Agent and Registrar. The Company may
change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company and any of its Subsidiaries may act as Paying Agent or Registrar. If the Trustee acquires any conflicting interest as described in the TIA, it must
eliminate such conflict or resign. 
 4. Indenture. 
 The Notes were issued under an Indenture, dated as of February 15, 2007 (the “Indenture”), by and among the Company, CitiSteel PA, Inc. and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as in effect on the date of the Indenture (the “TIA”). Notwithstanding anything
to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior secured obligations of the Company. Each Holder, by accepting a Note,
agrees to be bound by all of the terms and provisions of the Indenture and the Registration Rights Agreement. Any conflict between this Note and the Indenture will be governed by the Indenture. 
  

 B-3 

 5. Guarantees. 
 Payment of principal and premium, if any, interest and Additional Interest, if any, on the Notes, is unconditionally guaranteed, jointly and severally, by each of the Guarantors. 
 6. Redemption. 
 (a)
Optional Redemption on or after February 15, 2011. At any time on or after February 15, 2011, the Company may redeem the Notes, at its option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the
following redemption prices (expressed as percentages of the principal amount thereof) plus accrued and unpaid interest and Additional Interest, if any, if redeemed during the twelve-month period commencing on February 15 of the year set forth
below: 
  

				
	 Year
	  	Percentage	 
	 2011
	  	104.438	%
	 2012
	  	102.219	%
	 2013
	  	100.000	%

 (b) Optional Redemption prior to February 15. 2010. At any time prior
to February 15, 2010, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of notes issued under the Indenture at a redemption price of 108.875% of the principal amount, plus accrued and unpaid
interest and Additional Interest, if any, to the Redemption Date, with the net cash proceeds of on or more Public Equity Offerings or a contribution to the Company’s common equity capital made with the net case proceeds of a concurrent offering
of common stock of Holdings; provided that: 
 i. at least 65% of the aggregate principal amount of notes originally issued
under the Indenture (excluding notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 ii. the redemption occurs within 45 days of the date of the closing of such Public Equity Offering. 
 (c) 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 Notes to be redeemed at such Holder’s registered address.
If fewer than all of the Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee either in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are
listed, or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee may reasonably determine is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note
not redeemed to a denomination of less than $1,000. Notes in denominations of $1,000 or more may be redeemed in part in multiples of $1,000 only. 
  

 B-4 

 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such redemption date sufficient to pay such redemption price plus accrued and unpaid interest and Additional Interest, if any, the Notes called for redemption will cease to bear
interest from and after such redemption date, and the only remaining right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date
upon surrender to the Paying Agent of the Notes redeemed. 
 7. Offers to Purchase, 
 Sections 4.10 and 4.19 of the Indenture provide that after certain Asset Sales, upon the occurrence of a Change of Control and subject to further
limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the Indenture. 
 8. Registration Rights. 
 Pursuant to the Registration Rights Agreement, the Company will be obligated
to use its reasonable best efforts to file a registration statement with respect to a registered offer to exchange the Initial Notes for 8.875% Senior Notes due 2015 having substantially identical terms as the Notes and to cause that registration
statement to be declared effective within specified time periods. The Holders of the Initial Notes shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon certain other
conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
 9. Denominations; Transfer;
Exchange. 
 The Notes are in registered form, without coupons, in denominations of $1,000 and any integral multiples thereof. A Holder
shall register the transfer of or exchange of Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes, fees or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Notes or portions thereof selected for redemption. 
 10. Persons Deemed Owners. 
 The
registered Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
 11. Unclaimed
Money. 
 If money for the payment of principal or interest remains unclaimed for one year, the Trustee and the Paying Agent shall pay the
money without interest thereon back to the Company upon written request by the Company. After any such payment, Holders entitled to the money shall look only to the Company and not to the Trustee for payment. 
  

 B-5 

 12. Discharge Prior to Redemption or Maturity. 
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the principal of and interest on
the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, except for the rights
of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
 13. Amendment: Supplement: Waiver. 
 The Company, the Guarantors and the Trustee, without the consent of the Holders, may amend, modify or supplement the Indenture and the Notes: 
 (1) to cure any ambiguity, defect or inconsistency contained therein; 
 (2) to provide for uncertificated
Notes in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s
obligations to Holders in accordance with Section 5.01 of the Indenture; 
 (4) to make any change that would provide any
additional rights or benefits to the Holders or that does not adversely affect the legal rights of any such Holder under the Indenture and the Notes; 
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; 
 (6) to conform the text of the Indenture and the Notes to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the
Notes” section of the Offering Circular was intended to be a verbatim recitation of a provision of the Indenture and the Notes; 
 (7) to
allow any Subsidiary or any other Person to guarantee the Notes; 
 (8) to release a Guarantor as permitted by the Indenture and the relevant
Guarantee; or 
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee, adversely affect the rights of
any of the Holders in any material respect. In formulating its opinion on such matters, the Trustee will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of Counsel. Other amendments
of, modifications to and supplements to the Indenture, the Notes and the Registration Rights Agreement may be made with the consent of the Holders of a majority in principal amount of the then outstanding Notes issued under the Indenture, which may
include consents obtained in connection with a tender offer or an exchange offer, except that, without the consent of each Holder affected thereby, no amendment may: 
  

 B-6 

 (1) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver of any
provision of the Indenture or the Notes; 
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest,
including defaulted interest, or Additional Interest on any Notes; 
 (3) reduce the principal of or change or have the effect of changing the
fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 
 (4) make any Notes payable in money other than that stated in the Notes; 
 (5) make any change in provisions of the Indenture
protecting the right of each Holder to receive payment of principal of, premium, if any, interest and Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a
majority in principal amount of Notes to waive Defaults or Events of Default; 
 (6) amend, change or modify in any material respect the
obligation of the Company to make and consummate a Change of Control Offer after the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, modify any of the
provisions or definitions with respect thereto; 
 (7) subordinate the Notes in right of payment to any other Indebtedness of the Company or
any Guarantor; 
 (8) release any Guarantor from any of its obligations under its Guarantee or the Indenture otherwise than in accordance with
the terms of the Indenture; or 
 (9) make any changes to Sections 9.01 or 9.02 of the Indenture. 
 14. Restrictive Covenants. 
 The
Indenture imposes certain limitations on the ability of the Company and the Restricted Subsidiaries to, among other things, incur additional Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter
into transactions with Affiliates, create dividend or other payment restrictions affecting Subsidiaries, merge or consolidate with any other Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets
or adopt a plan of liquidation. Such limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 
  

 B-7 

 15. Successors, 
 When a successor assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes, the Guarantees and the Indenture, the predecessor will be released from those obligations.

 16. Defaults and Remedies. 
 The following events are defined as Events of Default: 
 (1) the failure to pay interest and Additional Interest, if any, on any
Notes or any other amount (other than principal for the Notes) when the same becomes due and payable and the default continues for a period of 30 days; 
 (2) the failure to pay the principal of or premium, if any, on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase
Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
 (3) a default in the observance or performance of
Section 4.17 of the Indenture which default continues for a period of 75 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the
outstanding principal amount of the Notes; 
 (4) a default in the observance or performance of any other covenant or agreement contained in
the Indenture (other than as described in clause (3) above and the payment of the principal of, or premium, if any, or interest and Additional Interest, if any, on any Note) or any Collateral Agreement which default continues for a period of 30
days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default
with respect to Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
 (5) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company,
or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates
$5.0 million or more at any time; 
  

 B-8 

 (6) one or more judgments in an aggregate amount in excess of $5.0 million shall have been rendered
against the Company or any of its Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted coverage) and such judgments remain undischarged, unpaid or unstayed for a period of 60 days
after such judgment or judgments become final and non-appealable; 
 (7) the Company or any Significant Subsidiary (A) commences a
voluntary case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy Code, (C) consents to the appointment of a Custodian of
it or for substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the foregoing; 
 (8) a court of competent jurisdiction enters an order or decree that (A) is an order for relief in respect of the Company or any Significant
Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant Subsidiary or for substantially all of its property or (C) orders the winding-up or liquidation of its affairs; and
such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; or 
 (9) any Guarantee of a
Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor denies
its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the Indenture). 
 If an
Event of Default (other than an Event of Default specified in clauses (7) and (8) above with respect to the Company) shall occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of
outstanding Notes, may declare the principal of and premium, if any, accrued interest and Additional Interest, if any, on all the Notes to be due and payable in the manner, at the time and with the effect provided in the Indenture. Holders of Notes
may not enforce the Indenture except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in principal amount of the Notes outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal or interest, including Additional Interest) if it determines that withholding notice is in their interest. 
 17. Trustee Dealings with Company. 
 Subject to the terms of the TIA and the Indenture, the Trustee under the Indenture, in
its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company, any Subsidiaries of the Company or its respective Affiliates as if it were not the Trustee. 
  

 B-9 

 18. No Recourse Against Others. 
 A past, present or future director, officer, employee, stockholder or incorporator, as such, of the Company, a Guarantor or of the Trustee shall not have
any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
 19. Registration
Rights Agreement. 
 Each Holder, by its acceptance of its Note, agrees to be bound by the terms of the Registration Rights Agreement, and
all such replacement thereof, and each of the Holders hereby authorize the Trustee to bind the Holders to the extent provided in the Indenture. 
 20. Authentication. 
 This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate
of authentication on this Note. 
 21. Governing Law. 
 THIS NOTE, THE INDENTURE AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 
 22. Waiver of Jury Trial. 
 EACH OF
THE PARTIES HERETO AND THE HOLDERS (BY THEIR ACCEPTANCE OF A NOTE) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, THE
INDENTURE, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED BY THIS NOTE. 
 23. Abbreviations and Defined Terms. 
 Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  

 B-10 

 The Company will furnish to any Holder of a Note upon written request and without charge a copy of the
Indenture. Requests may be made to: Claymont Steel, Inc., 4001 Philadelphia Pike, Claymont, Delaware 19703. 
  

 B-11 

 ASSIGNMENT FORM 
 If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 
 I or we assign and transfer this Note to; 
  

  

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

  

									
					
	Dated:	 	  	 		 	Signed:	 	  
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

 Signature Guarantee: ______________________________ 
  

 B-12 

 [OPTION OF HOLDER TO ELECT PURCHASE] 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.19 of the Indenture, check the appropriate box:

  

			
	Section 4.10 [            ]	  	
		
	Section 4.19 [            ]	  	
		
		  	If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or 4.19 of the Indenture, state the amount you elect to have
purchased

 $ __________________________________________ 
  

					
	 Dated:                                     
           
	  	  
		  	NOTICE:	  	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever and
be guaranteed by the endorser’s bank or broker.

 Signature Guarantee: ___________________________ 
  

 B-13 

 EXHIBIT C 
 FORM OF LEGEND FOR GLOBAL SECURITY 
 Any Global Security authenticated and delivered hereunder shall
bear a legend (which would be in addition to any other legends required in the case of a Restricted Security) in substantially the following form: 
 THIS
SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“PTC”), 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 IN 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. 

 EXHIBIT D 
 Form of Certificate To Be 
 Delivered in Connection with 
 Transfers to Non-QIB Accredited Investors 
                     ,          
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286 
  

	 	Re:	8.875% Senior Notes due 2015 (the “Notes”) of Claymont Steel Inc. a 

 Delaware corporation (the “Company”) 
 Ladies and Gentlemen: 
 In connection with our proposed purchase of
$                     aggregate principal amount of the Notes, we confirm that: 
 1. We are an institutional “Accredited Investor” within the meaning of Rule 501(a)(l), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”). And 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 Notes, and we and any accountants for which we
are acting are each able to bear the economic risk of our or their investment, as the case may be. 
 2. Any purchase of the Notes by us will
be for our own account or the account of one or more other Accredited Investors as to which we exercise sole investment discretion. 
 3.
Either (1) we are not, and will not transfer the Notes, to an entity holding “plan assets,” within the meaning of 29 C.F.R. 2510.3-101, of any “employee benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Security Act of 1974, as amended (“ERISA”), or any “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or (2) our purchase and holding of the
Notes will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code (or any substantially similar applicable law). 
 4. We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of purchasing the Notes, and we and any accounts for which we are acting are able to
bear the economic risks of an entire loss of our or their investment in the Notes. 
 5. We are not acquiring the Notes with a view to any
distribution thereof in a transaction that would violate the Securities Act or the securities laws of any state of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any
accounts for which we are acting as fiduciary shall remain at all times within our and their control. 

 6. We have received a copy of the Offering Circular dated February 5, 2007 (the “Offering
Circular”) and acknowledge that we have had access to such financial and other information, and have been afforded the opportunity to ask such questions of representatives of the Company and receive answers thereto, as we deem necessary to
verify the information contained in the Offering Circular; and 
 7. We acknowledge that the Notes have not been registered under the
Securities Act and that the notes may not be offered or sold within the United States or to, or for the benefit of, U.S. persons except as set forth below. 
 We agree, on our own behalf and on behalf of each account for which we acquire any notes, that, for a period of two years after the later of the date of (x) original issuance of the notes and (y) the last
date on which the notes or any part thereof were owned by the Company or an affiliate of the Company, such notes may be offered, resold, pledged or otherwise transferred only (i) to the Company or its subsidiaries, (ii) pursuant to a
registration statement which has been declared effective under the Securities Act, (iii) inside the United States to a person that we reasonably believe to be a “Qualified Institutional Buyer” (as defined in Rule 144A under the
Securities Act) in compliance with Rule 144A, (iv) outside the United States to persons other than U.S. persons in transactions that occur outside the United States within the meaning of Regulation S under the Securities Act, (v) inside
the United States to a person we reasonably believe to be an Accredited Investor that, prior to such transfer, furnishes to the trustee under the Indenture relating to the Notes (the “Trustee”) a signed letter containing certain
representations and agreements (a form of which can be obtained from the Trustee), (vi) pursuant to any other available exemption from the registration requirements of the Securities Act (if available), and in each case, in accordance with any
applicable laws of any state of the United States or any other applicable jurisdiction. 
 We understand that the Trustee will not be
required to accept for registration for transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further understand
that the Notes purchased by us will bear a legend reflecting the substance of this paragraph. We further agree to provide to any person acquiring any of the notes from us a notice advising such person that resales of the Notes are restricted as
stated herein and that certificates representing the notes will bear a legend to that effect. 
 We acknowledge that you, the Company, the
Trustee and others will rely upon our acknowledgements, representations and agreements set forth herein, and we agree to notify you promptly in writing if any of our acknowledgements, representations and agreements herein cease to be accurate and
complete. 
 We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own
behalf or on behalf of any investor account for which we are acting as a fiduciary or agent. 
  

 D-2 

 As used herein, the terms “offshore transaction,” “United States” and “U.S.
person” have the respective meanings given to them in Regulation S under the Securities Act. 
 THIS LETTER SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

			
	[NAME OF ACCREDITED INVESTOR]
		
	By:	 	  
		 	Authorized Signature

  

 D-3 

 EXHIBIT E 
 Form of Certificate To Be 
 Delivered in Connection with 
 Transfers Pursuant to Regulation S 
 The Bank of New
York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286

  

	 	Re:	8.875% Senior Notes due 2015 (the “Notes”) of  

 Claymont Steel, Inc. (the “Company”) 
 Ladies and Gentlemen: 
 In connection with our proposed sale of
$                     aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
  

	 	1.	the offer of the Notes was not made to a person in the United States; 

  

	 	2.	either (a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been
pre-arranged with a buyer in the United States; 

  

	 	3.	no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

  

	 	4.	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

  

	 	5.	we have advised the transferee of the transfer restrictions applicable to the Notes. 

 You, the Company and counsel for the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 
  

			
	Very truly yours,
	
	[Name of Transferee]
		
	By:	 	  
		 	Authorized Signature

 EXHIBIT F 
 [FORM OF GUARANTEE] 
 The undersigned and its successors under the Indenture has irrevocably and
unconditionally guaranteed, on a senior basis to the extent set forth in the Indenture, dated as of February 15, 2007, by and among Claymont Steel, Inc. (the “Company”), the Guarantor and Bank of New York, as Trustee (the
“Indenture”), (i) the due and punctual payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue
principal of (including interest accruing at the then applicable rate provided in the Indenture, the Notes or the Guarantees after the occurrence of any Event of Default set forth in Section 6.01(7) or (8) of the Indenture,
whether or not a claim for post-filing or post-petition interest is allowed under applicable law following the institution of a proceeding under bankruptcy, insolvency or similar law) and interest on the Notes, to the extent lawful, and the due and
punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article Ten of the Indenture and (ii) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Capitalized terms used herein
have the meanings assigned to them in the Indenture unless otherwise indicated. 
 THE OBLIGATIONS OF THE UNDERSIGNED TO HOLDERS OF THE NOTES
AND TO THE TRUSTEE PURSUANT TO THIS NOTATION OF GUARANTEE (THE “GUARANTEE”) AND THE INDENTURE ARE EXPRESSLY SET FORTH IN ARTICLE TEN OF THE INDENTURE AND REFERENCE IS HEREBY MADE TO THE INDENTURE FOR THE PRECISE TERMS OF THE GUARANTEE AND
ALL OTHER PROVISIONS OF THE INDENTURE TO WHICH THE GUARANTEE RELATES. EACH HOLDER OF A NOTE, BY ACCEPTING THE SAME, (A) AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS AND (B) APPOINTS THE TRUSTEE ATTORNEY-IN-FACT FOR SUCH HOLDER FOR SUCH
PURPOSES. 
 This Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 
  

			
	GUARANTOR:
	
	CITISTEEL PA, INC.
		
	By:	 	  
		 	Name: Jeff Bradley
		 	Title: President

  

 F-2Registration Rights Agreement

 EXHIBIT 4.3 
 $105,000,000 
 CLAYMONT STEEL, INC. 
 8.875% Senior Notes due 2015 
 REGISTRATION RIGHTS AGREEMENT 

February 15, 2007 
 JEFFERIES & COMPANY, INC.

 520 Madison Avenue 
 12th Floor 
 New York, New York 10022 
 CIBC World Markets Corp. 
 300 Madison Avenue, 4th Floor 
 New York, New York 10017 
 Ladies and Gentlemen: 
 Claymont Steel, Inc., a Delaware corporation (the “Company”), is
issuing and selling to Jefferies & Company, Inc. and CIBC World Markets Corp. (the “Initial Purchasers”), upon the terms set forth in the Purchase Agreement, dated February 5, 2007, by and among the Company, the
Initial Purchasers and CitiSteel PA, Inc., a Pennsylvania corporation (the “Purchase Agreement”), $105,000,000 aggregate principal amount of 8.875% Senior Notes due 2015 issued by the Company (each, together with the related
guarantees, a “Note” and collectively, the “Notes”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and CitiSteel PA, Inc. agree with the Initial Purchasers, for the
benefit of the Holders (as defined below) of the Notes (including, without limitation, the Initial Purchasers), as follows: 
  

	1.	Definitions 

 Capitalized terms that are used
herein without definition and are defined in the Purchase Agreement shall have the respective meanings ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 Additional Interest: See Section 4(a). 
 Advice: See Section 6(v). 
 affiliate: Has the meaning set forth in Rule 405 of
the Securities Act. 
 Agreement: This Registration Rights Agreement, dated as of the Closing Date, among the Company, the Guarantor
party hereto and the Initial Purchasers. 
 Applicable Period: See Section 2(e). 

 Blackout Period: See Section 3(e). 
 Business Day: A day that is not a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized or required by
law or executive order to be closed. 
 Closing Date: February 15, 2007. 
 Company: Claymont Steel, Inc., a Delaware corporation. 
 Effectiveness Date: The 270th day after the Issue Date. 
 Effectiveness
Period: See Section 3(a). 
 Event Date: See Section 4(b). 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Exchange Notes: Senior Notes due 2015 of the Company registered under the Securities Act, identical in all material respects to the Notes,
including the guarantee endorsed thereon, except for restrictive legends and additional interest provisions. 
 Exchange Offer: See
Section 2(a). 
 Exchange Registration Statement: See Section 2(a). 
 Filing Date: The 180th day after the Issue Date. 
 Guarantors:
CitiSteel PA, Inc., a Pennsylvania corporation, and each future subsidiary of the Company that guarantees the obligations of the Company under the Notes and the Indenture. 
 Holder: Any registered holder of Registrable Notes. 
 Indemnified Party: See Section 8(c). 
 Indemnifying Party: See
Section 8(c). 
 Indenture: The Indenture, dated as of February 15, 2007, among the Company, the Guarantor party
thereto and The Bank of New York, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms hereof. 
 Initial Purchasers: See the introductory paragraph to this Agreement. 
 Initial Shelf Registration Statement: See Section 3(a). 
 Inspectors: See Section 6(o). 
  

 2 

 Issue Date: February 15, 2007. 
 Losses: See Section 8(a). 
 Maximum Contribution Amount: See Section 8(d). 
 NASD: National Association of Securities Dealers, Inc.

 Notes: See the introductory paragraph to this Agreement. 
 Participating Broker-Dealer: See Section 2(e). 
 Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated association, union, business association, firm, government or agency or political
subdivision thereof, or other legal entity. 
 Private Exchange: See Section 2(f). 
 Private Exchange Notes: See Section 2(f). 
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by such
Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraph to this Agreement. 
 Records: See Section 6(o). 
 Registrable Notes: Notes, Private Exchange Notes and Exchange Notes received in the Exchange Offer, in each case, that may not be sold or transferred (i) without restriction under federal or state securities laws or
(ii) pursuant to paragraph (k) of Rule 144. 
 Registration Statement: Any registration statement of the Company and the
Guarantors filed with the SEC under the Securities Act (including, but not limited to, the Exchange Registration Statement, the Shelf Registration Statement and any Subsequent Shelf Registration Statement) that covers any of the Registrable Notes
pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement. 
 Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in 

  

 3 

 
offers and sales by subsequent holders that are not affiliates of an issuer or such securities being free of the registration and prospectus delivery
requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from
time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 
 Rule 415: Rule 415 promulgated
under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 Rule 430A: Rule 430A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 SEC: The Securities and Exchange Commission. 
 Securities: The Notes, the Exchange Notes and the Private Exchange Notes. 
 Securities Act: The Securities Act of
1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Shelf Notice: See Section 2(i).

 Shelf Registration Statement: See Section 3(b). 
 Subsequent Shelf Registration Statement: See Section 3(b). 
 TIA: The Trust Indenture Act of 1939, as amended. 
 Trustee: The trustee under the Indenture and, if existent, the trustee under any indenture governing the Exchange Notes and Private Exchange Notes (if any). 
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to
the public. 
  

	2.	Exchange Offer 

  

	 	(a)	 Unless the Exchange Offer would not be permitted by applicable laws or a policy of the SEC, the Company shall (and shall cause each Guarantor to) use its reasonable
best efforts to: (i) prepare and file with the SEC promptly after the date hereof, but in no event later than the Filing Date, a registration statement (the “Exchange Registration Statement”) on an appropriate form under the
Securities Act with respect to an offer (the “Exchange Offer”) to the Holders of Notes to issue and deliver to such Holders, in exchange for the Notes, a like principal amount of Exchange Notes, (ii) cause the Exchange
Registration Statement to become effective by the Effectiveness Date, (iii) keep the Exchange Registration Statement effective until the consummation of the Exchange Offer in accordance with its terms, and (iv) commence the Exchange Offer
and issue on or prior to 30 Business Days after the Effectiveness Date, Exchange Notes in exchange for all 

  

 4 

	 	 
Notes tendered prior thereto in the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not
violate applicable law or any applicable interpretation of the staff of the SEC. 

  

	 	(b)	The Exchange Notes and the Private Exchange Notes shall be issued under, and entitled to the benefits of the Indenture or a trust indenture that is identical to the Indenture (other
than such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualifications thereof under the TIA) which in either case will provide that (i) the Exchange Notes will not be subject to the transfer
restrictions or additional interest provisions set forth in the Indenture, (ii) the Private Exchange Notes will be subject to the transfer restrictions set forth in the Indenture and (iii) the Exchange Notes, the Private Exchange Notes and
the Notes, if any, will be deemed one class of security (subject to the provisions of the Indenture) and entitled to participate in any Guarantee (as such terms are defined in the Indenture) on an equal and ratable basis. 

 

	 	(c)	Interest on the Exchange Notes and Private Exchange Notes will accrue from (i) the later of (x) the last interest payment date on which interest was paid on the Notes
surrendered in exchange therefor or (y) if the Note is surrendered for exchange on a date in a period which includes the record date for an interest payment date to occur on or after the date of such exchange and as to which interest will be
paid, the date of such interest payment date or (ii) if no interest has been paid on the Notes, from the Issue Date. Each Exchange Note and Private Exchange Note shall bear interest at the rate set forth thereon; provided, that interest
with respect to the period prior to the issuance thereof shall accrue at the rate or rates borne by the Notes from time to time during such period. 

  

	 	(d)	The Company may require each Holder as a condition to participation in the Exchange Offer to represent to the Company that (i) any Exchange Notes received by such Holder will
be acquired in the ordinary course of its business, (ii) at the time of commencement and consummation of the Exchange Offer such Holder has not entered into any arrangement and has no understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) such Holder is not an affiliate of the Company or if such Holder 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 Notes
and (v) if such Holder is a Participating Broker-Dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, that it will deliver a Prospectus in
connection with any resale of the Exchange Notes. 

  

	 	(e)	 The Company shall (and shall cause each Guarantor to) include within the Prospectus contained in the Exchange Registration Statement a section entitled “Plan
of Distribution” reasonably acceptable to the Initial Purchasers which shall 

  

 5 

	 	 
contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of
any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer for its own account in exchange for Notes that were acquired by it as a result of
market-making activities or other trading activities (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the
prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also allow, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus
delivery requirements of the Securities Act, including, to the extent so permitted, all Participating Broker-Dealers, and include a statement describing the manner in which Participating Broker-Dealers may resell the Exchange Notes. The Company
shall use its reasonable best efforts to keep the Exchange Registration Statement effective and to amend and supplement the Prospectus contained therein, in order to permit such Prospectus to be lawfully delivered by all Persons subject to the
prospectus delivery requirements of the Securities Act for such period of time as such Persons must comply with such requirements in order to resell the Exchange Notes (the “Applicable Period”). 

  

	 	(f)	If, upon consummation of the Exchange Offer, the Initial Purchasers holds any Notes acquired by it and having the status of an unsold allotment in the initial distribution, the
Company (upon the written request from the Initial Purchasers) shall, simultaneously with the delivery of the Exchange Notes pursuant to the Exchange Offer, issue and deliver to the Initial Purchasers in exchange (the “Private
Exchange”) for the Notes held by such Initial Purchasers, a like principal amount of notes that are identical to the Exchange Notes except for the existence of restrictions on transfer thereof under the Securities Act and securities laws of
the several states of the United States (the “Private Exchange Notes”). The Private Exchange Notes shall bear the same CUSIP number as the Exchange Notes. 

  

	 	(g)	In connection with the Exchange Offer, the Company shall (and shall cause each Guarantor to): 

  

	 	(i)	mail to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement, together with an appropriate letter of transmittal (substantially in the form
attached as an exhibit to the Exchange Registration Statement) and any related documents; 

  

	 	(ii)	keep the 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;

  

 6 

	 	(iii)	utilize the services of a depository for the Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate thereof;

  

	 	(iv)	permit Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain
open; and 

  

	 	(v)	otherwise comply in all material respects with all applicable laws. 

  

	 	(h)	As soon as practicable after the expiration of the Exchange Offer or the Private Exchange, as the case may be, the Company shall (and shall cause each Guarantor to):

  

	 	(i)	accept for exchange all Registrable Notes validly tendered and not withdrawn pursuant to the Exchange Offer or the Private Exchange, as the case may be; 

  

	 	(ii)	deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 

  

	 	(iii)	cause the Trustee to authenticate and deliver promptly to each Holder tendering such Registrable Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in
principal amount to the Notes of such Holder so accepted for exchange provided that, in the case of any Notes held in global form by a depositary, authentication and delivery to such depositary of one or more replacement Notes in global form in an
equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement. 

  

	 	(i)	If, (i) any change in law or in applicable interpretations thereof by the staff of the SEC would not permit the consummation of the Exchange Offer, (ii) the Exchange Offer
is not consummated within 30 Business Days after the Effectiveness Date, (iii) subsequent to the consummation of the Private Exchange, any Holder of Private Exchange Notes so requests, or (iv) in the case of (A) any Holder not
permitted to participate in the Exchange Offer, (B) any Holder participating in the Exchange Offer that receives Exchange Notes that may not be sold or transferred without restriction under state and federal securities laws (other than due
solely to the status of such Holder as an affiliate of the Company) or (C) any Broker-Dealer holds Notes acquired directly from the Company or one of its affiliates and, in each case contemplated by this clause (iv), such Holder notifies the
Company within six months of consummation of the Exchange Offer, then, in each case, the Company shall promptly (and in any event within five Business Days of such notification) deliver to the Holders and the Trustee notice thereof (the
“Shelf Notice”) and shall as promptly as practicable and at its sole expense thereafter use its reasonable best efforts to file an Initial Shelf Registration Statement pursuant to Section 3. 

  

 7 

	3.	Shelf Registration 

 If a Shelf Notice is
delivered pursuant to Section 2(i), then this Section 3 shall apply to all Registrable Notes. Otherwise, upon consummation of the Exchange Offer in accordance with Section 2, the provisions of this
Section 3 shall apply solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer, (ii) Private Exchange Notes, and (iii) Exchange Notes that are not freely tradeable as
contemplated by Section 2(i)(iv) hereof. 
  

	 	(a)	Initial Shelf Registration. The Company shall (and shall cause each Guarantor to), use its reasonable best efforts to, as promptly as practicable file with the SEC a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration Statement”) within 30 days of the delivery of the Shelf Notice and
shall (and shall cause each Guarantor to) use its reasonable best efforts to cause such Initial Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable thereafter (but in no event more than 90 days
after delivery of the Shelf Notice); provided, however, that if the Company (and each Guarantor) has not yet filed an Exchange Registration Statement, the Company shall use its reasonable best efforts to file (and shall cause each
Guarantor to file) with the SEC the Initial Shelf Registration Statement on or prior to the Filing Date and shall use its reasonable best efforts to cause such Initial Shelf Registration Statement to be declared effective under the Securities Act on
or prior to the Effectiveness Date. The Initial Shelf Registration Statement shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners reasonably designated by
them (including, without limitation, one or more underwritten offerings). The Company and Guarantors shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration Statement. The Company shall (and shall
cause each Guarantor to) use its reasonable best efforts to keep the Initial Shelf Registration Statement continuously effective under the Securities Act until the date which is two years from the Issue Date (subject to extension pursuant to
Section 5(v) hereof) (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the Initial Shelf Registration Statement have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration Statement, (ii) a Subsequent Shelf Registration Statement (as defined below) covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or an
earlier Subsequent Shelf Registration Statement has been declared effective under the Securities Act or (iii) there cease to be any outstanding Registrable Notes. 

  

	 	(b)	 Subsequent Shelf Registrations. If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any
reason at any time during the Effectiveness Period (other than during any Blackout Period or because of the sale of all of the securities registered thereunder), the Company 

  

 8 

	 	 
shall (and shall cause each Guarantor to) use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof,
and in any event shall within 30 days of such cessation of effectiveness amend such Shelf Registration Statement in a manner designed to obtain the withdrawal of the order suspending the effectiveness thereof, or file (and cause each Guarantor to
file) an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or any earlier Registration Statement (a
“Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall (and shall cause each Guarantor to) use its reasonable best efforts to cause the Subsequent Shelf Registration
Statement to be declared effective as soon as practicable after such filing and to keep such Subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate
number of days during which the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement was previously continuously effective. As used herein the term “Shelf Registration Statement” means the Initial
Shelf Registration Statement and any Subsequent Shelf Registration Statements. 

  

	 	(c)	Supplements and Amendments. The Company shall promptly amend any Shelf Registration Statement and/or amend or supplement the Prospectus constituting a part thereof if
required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested in writing by the Holders of two-thirds in aggregate
principal amount of the Registrable Notes covered by such Shelf Registration Statement or by any underwriter of such Registrable Notes. 

  

	 	(d)	Provision of Information. No Holder shall be entitled to include any of its Registrable Notes in any Shelf Registration Statement pursuant to this Agreement unless such
Holder furnishes to the Company and the Trustee in writing, within 20 days after receipt of a written request therefor, such information as the Company and the Trustee, after conferring with counsel with regard to information relating to Holders
that would be required by the SEC to be included in such Shelf Registration Statement or Prospectus included therein, may reasonably request for inclusion in any Shelf Registration Statement or Prospectus included therein, and no such Holder shall
be entitled to Additional Interest pursuant to Section 4 hereof unless and until such Holder shall have provided such information. 

  

	 	(e)	 Notwithstanding anything to the contrary in this Agreement, upon notice to the Holders of Registrable Notes, the Company may suspend for a period of time (a
“Blackout Period”) not to exceed an aggregate of 60 days in any 12-month period the use of the Prospectus included in any Shelf Registration Statement in the event that the Company’s Board of Directors determines, in good
faith, that (i) the disclosure of an event, occurrence or other item at such time could reasonably be expected to have a material adverse effect on the Company’s business, operations or prospects, or (ii) the disclosure otherwise
relates to a material business 

  

 9 

	 	 
transaction which has not been publicly disclosed, and the Company’s Board of Directors also determines, in good faith, that any disclosure thereof
would jeopardize the success of the transaction or that disclosure of the transaction is prohibited pursuant to the terms thereof. 

  

	4.	Additional Interest 

  

	 	(a)	The Company and the Guarantor party hereto acknowledge and agree that the Holders of Registrable Notes will suffer damages if the Company or any Guarantor fails to fulfill its
material obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Company and the Guarantor party hereto agree to pay
additional cash interest on the Notes (“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall be given independent effect): 

  

	 	(i)	if (A) neither the Exchange Registration Statement nor the Initial Shelf Registration Statement has been filed with the SEC on or prior to the Filing Date or
(B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration Statement and such Shelf Registration Statement is not filed on or prior to the date required by
this Agreement, then, commencing on the day after either such required filing date, Additional Interest shall accrue on the Notes over and above any stated interest at a rate of 0.25% per annum of the principal amount of such Notes for the
first 90 days immediately following such filing date, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period, subject to the provisos in the last sentence of this paragraph;

  

	 	 (ii)
	 if (A) neither the Exchange Registration Statement nor the Initial Shelf Registration Statement is declared
effective by the SEC on or prior to the Effectiveness Date, or (B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration Statement and such Shelf Registration
Statement is not declared effective by the SEC on or prior to the 90th day following the date such Shelf
Registration Statement was filed, then, commencing on the day after either such required effective date, Additional Interest shall accrue on the Notes over and above any stated interest at a rate of 0.25% per annum of the principal amount of
such Notes for the first 90 days immediately following such effective date, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period, subject to the provisos in the last
sentence of this paragraph; 

  

	 	(iii)	 if (A) the Company (and any Guarantor) has not exchanged Exchange Notes for all Notes validly tendered and not withdrawn in accordance with 

  

 10 

	 	 
the terms of the Exchange Offer on or prior to 30 Business Days after the Effectiveness Date, (B) the Exchange Registration Statement ceases to be
effective at any time prior to the consummation of the Exchange Offer, (C) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time prior to the second
anniversary of the Issue Date (other than during a Blackout Period or after such time as all Notes have been disposed of thereunder) or (D) the Company issues a valid notice to suspend the use of the Prospectus included in any Shelf
Registration Statement and such suspension, when taken together with all other suspensions, if any, (but solely to the extent not concurrent), during any 12 month period exceeds 60 days, then, in each case, Additional Interest shall accrue on the
Notes affected thereby over and above any stated interest at a rate of 0.25% per annum of the principal amount of such Notes for the first 90 days commencing on (x) the 31st Business Day after the Effectiveness Date, in the case of clauses (A) above, (y) the day such Exchange Registration Statement or Shelf Registration
Statement, as the case may be, ceases to be effective, in the case of clauses (B) and (C) above, or (z) the day the Prospectus in any Shelf Registration Statement ceases to be useable (in the case of clause (D) above), such
Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period, subject to the provisos in the last sentence of this paragraph; 

 provided, however, that Additional Interest will not accrue under more than one of the foregoing clauses (i) through (iii) at any one
time; provided further, however, that the amount of Additional Interest accruing on the Notes shall not exceed at any one time in the aggregate 1.0% per annum; and provided further, however, that (1) upon the filing of the
Exchange Registration Statement or Shelf Registration Statement (in the case of clause (i) above), (2) upon the effectiveness of the Exchange Registration Statement or Initial Shelf Registration Statement (in the case of clause
(ii) above), or (3) upon the exchange of Exchange Notes for all Notes tendered (in the case of clause (iii)(A) above), or upon the effectiveness of the Exchange Registration Statement or Shelf Registration Statement, as the case may be,
which had ceased to remain effective (in the case of clause (iii)(B) or (iii)(C) above), or (4) upon the day the Prospectus in any Shelf Registration Statement the use of which was previously suspended may be used again (in the case of clauses
(iii)(D) above) Additional Interest on the Notes as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 
  

	 	(b)	 The Company shall notify the Trustee within 5 Business Days after each and every date on which an event occurs in respect of which Additional Interest is required
to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to clause (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash, on the dates and in the manner
provided in the Indenture commencing with the first such interest payment date occurring after any such Additional Interest 

  

 11 

	 	 
commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of
the Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a
partial month, the actual number of days elapsed), and the denominator of which is 360. 

  

	5.	Hold-Back Agreements 

 The Company agrees
that it will not effect any public or private sale or distribution (including a sale pursuant to Regulation D under the Securities Act) of any securities the same as or similar to those covered by a Registration Statement filed pursuant to
Section 2 or 3 hereof (other than Additional Notes (as defined in the Indenture) issued under the Indenture), or any securities convertible into or exchangeable or exercisable for such securities, during the 10 days prior to, and during the
90-day period beginning on, the effective date of any Registration Statement filed pursuant to Sections 2 and 3 hereof unless the Holders of a majority in the aggregate principal amount of the Registrable Notes to be included in such Registration
Statement consent, if the managing underwriter thereof so requests in writing. 
  

	6.	Registration Procedures 

 In connection with
the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Company shall (and shall cause each Guarantor to) effect such registrations to permit the sale of such securities covered thereby in accordance with the intended
method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Company hereunder, the Company shall (and shall cause each Guarantor to): 
  

	 	(a)	 Prepare and file with the SEC on or prior to the Filing Date, the Exchange Registration Statement or if the Exchange Registration Statement is not filed because of
the circumstances contemplated by Section 2(i), a Shelf Registration Statement as prescribed by Section 3, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided
herein; provided that, if (1) a Shelf Registration Statement is filed pursuant to Section 3 or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, before filing any Registration Statement or Prospectus or any amendments or supplements thereto the Company shall (and shall cause
each Guarantor to), if requested, furnish at no charge to the Holders of the Registrable Notes to be registered pursuant to such Shelf Registration Statement, each Participating Broker-Dealer, the managing underwriters, if any, and each of their
respective counsel, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least 3 Business Days
prior to such filing). The Company and the Guarantor party hereto shall not (and shall not allow any of the other Guarantors to) file any such 

  

 12 

	 	 
Registration Statement or Prospectus or any amendments or supplements thereto in respect of which the Holders must provide information for the inclusion
therein if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, or the managing underwriters, if any, or any of their
respective counsel shall reasonably object in writing on a timely basis. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed,
contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or fails to comply with the applicable requirements of the Securities Act. 

  

	 	(b)	Provide an indenture trustee for the Registrable Notes, the Exchange Notes or the Private Exchange Notes, as the case may be, and cause the Indenture (or other indenture relating to
the Registrable Notes) to be qualified under the TIA not later than the effective date of the first Registration Statement; and in connection therewith, to effect such changes to such indenture as may be required for such indenture to be so
qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed
with the SEC to enable such indenture to be so qualified in a timely manner. 

  

	 	(c)	Prepare and file with the SEC such pre-effective amendments and post-effective amendments to each Shelf Registration Statement or Exchange Registration Statement, as the case may
be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by
applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to them with
respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer
covered by any such Prospectus. The Company and the Guarantor party hereto shall not (and shall not allow any other Guarantor to), during the Applicable Period, voluntarily take any action that would result in selling Holders of the Registrable
Notes covered by a Registration Statement or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period, unless such action is required by applicable law, rule
or regulation or permitted by this Agreement. 

  

	 	(d)	 Furnish to such selling Holders and Participating Broker-Dealers who so request in writing (i) upon the Company’s receipt, a copy of the order of the SEC
declaring such Registration Statement and any post effective amendment thereto effective, (ii) such reasonable number of copies of the Prospectus included in such 

  

 13 

	 	 
Registration Statement (including each preliminary Prospectus) and each amendment and supplement thereto, and such reasonable number of copies of the final
Prospectus as filed by the Company and each Guarantor pursuant to Rule 424(b) under the Securities Act, in conformity with the requirements of the Securities Act and each amendment and supplement thereto, and (iii) such other documents
(including any amendments required to be filed pursuant to clause (c) of this Section 6), as any such Person may reasonably request in writing. The Company and the Guarantor party hereto hereby consent to the use of the Prospectus by each
of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or
the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 

  

	 	(e)	 If (1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, the Company shall notify in writing the selling
Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, and the managing underwriters, if any, and each of their respective counsel promptly (but in any event within 2 Business Days) (i) when a Prospectus or
any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the SEC of any stop order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any Prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable Notes the representations and warranties of the Company and any Guarantor contained in any agreement (including any underwriting agreement) contemplated by Section 6(n)
hereof cease to be true and correct, (iv) of the receipt by the Company or any Guarantor of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the
Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence
of any condition of any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in, or amendments or supplements to, such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement and the Prospectus, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not 

  

 14 

	 	 
misleading, (vi) of any reasonable determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement would be
appropriate and (vii) of any request by the SEC for amendments to the Registration Statement or supplements to the Prospectus or for additional information relating thereto. 

  

	 	(f)	Use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a
Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use
its reasonable best efforts to obtain the withdrawal of any such order at the earliest possible date. 

  

	 	(g)	If (A) a Shelf Registration Statement is filed pursuant to Section 3, (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period or (C) reasonably requested in writing by the managing underwriters, if any, or
the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information or
revisions to information therein relating to such underwriters or selling Holders as the managing underwriters, if any, or such Holders or any of their respective counsel reasonably request in writing to be included or made therein and
(ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplements or post-effective
amendment. 

  

	 	(h)	 Prior to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Registration Statement by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case
may be, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer or any managing underwriter or underwriters, if any, reasonably request in writing; provided that
where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the Company and the Guarantor party hereto agree to cause its counsel to perform Blue Sky investigations and use
its reasonable best efforts to file any registrations and qualifications required to be filed pursuant to this Section 6(h), use its reasonable best efforts to keep each such registration or qualification (or 

  

 15 

	 	 
exemption therefrom) effective during the period such Registration Statement is required to be kept effective (other than during Blackout Periods) and use
its reasonable best efforts to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the Registrable Notes covered by the
applicable Registration Statement; provided that neither the Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

  

	 	(i)	If (A) a Shelf Registration Statement is filed pursuant to Section 3 or (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is requested to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, cooperate in all reasonable respects with the selling Holders of Registrable Notes
and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form
eligible for deposit with The Depository Trust Company, and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request in writing.

  

	 	(j)	Use its reasonable best efforts to cause the Registrable Notes covered by any Registration Statement to be registered with or approved by such governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the underwriter, if any, to consummate the disposition of such Registrable Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business,
in which case the Company shall (and shall cause each Guarantor to) cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals; provided that neither the Company nor any Guarantor
shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any jurisdiction where it is not then so subject or
(C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

  

	 	(k)	 If (1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 6(e)(v)
or 6(e)(vi) hereof, as promptly as practicable, prepare and file with the SEC, at the expense of the Company and the Guarantors, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any

  

 16 

	 	 
document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the
Purchasers of the Registrable Notes being sold thereunder or to the Purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, such Prospectus will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, if the Registration Statement is subject to SEC review, use
its reasonable best efforts to cause such post-effective amendment to be declared effective as soon as possible. 

  

	 	(l)	Use its reasonable best efforts to cause the Registrable Notes covered by a Registration Statement to be rated with such appropriate rating agencies, if so requested in writing by
the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or the managing underwriter or underwriters, if any. 

  

	 	(m)	Prior to the initial issuance of the Exchange Notes, (i) provide the Trustee with one or more certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Exchange Notes. 

  

	 	(n)	 If a Shelf Registration Statement is filed pursuant to Section 3, enter into such agreements (including an underwriting agreement in form, scope and substance
as is customary in underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances) and take all such other actions in connection therewith (including those reasonably requested in writing by the managing
underwriters, if any, or the Holders of a majority in aggregate principal amount of the Registrable Notes being sold) in order to expedite or facilitate the registration or the disposition of such Registrable Notes, and in such connection, whether
or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, (i) make such representations and warranties to the Holders and the underwriters, if any, with respect to the business of the
Company and its subsidiaries as then conducted, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and confirm the same if and when reasonably required; (ii) use reasonable best efforts to obtain an opinion
of counsel to the Company and the Guarantors and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the Holders of a majority in aggregate principal
amount of the Registrable Notes being sold), addressed to each selling Holder and each of the underwriters, if any, covering the matters customarily covered in opinions of counsel to the Company and the Guarantors requested in underwritten offerings
of debt securities similar to the Notes, as may be appropriate in the circumstances; (iii) use reasonable best efforts 

  

 17 

	 	 
to obtain “cold comfort” letters and updates thereof (which letters and updates (in form, scope and substance) shall be reasonably satisfactory to
the managing underwriters) from the independent certified public accountants of the Company and the Guarantors (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the
Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily
covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and such other matters as reasonably requested in writing by the underwriters;
and (iv) deliver such documents and certificates as may be reasonably requested in writing by the Holders of a majority in aggregate principal amount of the Registrable Notes being sold and the managing underwriters, if any, to evidence the
continued validity of the representations and warranties of the Company and its subsidiaries made pursuant to clause (i) above and to evidence compliance with any conditions contained in the underwriting agreement or other similar agreement
entered into by the Company or any Guarantor. 

  

	 	(o)	 If (1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable
Notes being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or
each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours and in a manner so as not to be materially disruptive
to the business or operations of the Company or the Guarantor party hereto, all financial and other records and pertinent corporate documents of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably
necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested in writing by any such Inspector
in connection with such Registration Statement. Each Inspector shall agree in writing, in a form reasonably acceptable to the Company, that it will keep the Records confidential and not disclose any of the Records unless (i) the disclosure of
such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) the
Inspector can show that the information in such Records is public or has been made generally available to the public other than as a result of a disclosure or failure to safeguard by such Inspector or (iv) disclosure of such information is, in
the reasonable written opinion of counsel for any Inspector, necessary or advisable in connection with any action, claim, suit or proceeding, directly or 

  

 18 

	 	 
indirectly, involving or potentially involving such Inspector and arising out of, based upon, related to, or involving this Agreement, or any transaction
contemplated hereby or arising hereunder. Each selling Holder of such Registrable Notes and each such Participating Broker-Dealer will be required to agree that information obtained by it as a result of such inspections shall be deemed confidential
and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such information is made generally available to the public. Each Inspector, each selling Holder of such Registrable Notes and each
such Participating Broker-Dealer will be required to further agree that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and, to the extent practicable, use its
reasonable best efforts to allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential. 

  

	 	(p)	Comply with all applicable rules and regulations of the SEC and make generally available to the security holders of the Company with regard to any applicable Registration Statement
earning statements satisfying the provisions of section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or reasonable best efforts underwritten offering and
(ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month period.

  

	 	(q)	Upon consummation of an Exchange Offer or Private Exchange, use reasonable best efforts to obtain an opinion of counsel to the Company and the Guarantors (in form, scope and
substance reasonably satisfactory to the Initial Purchasers), addressed to the Trustee for the benefit of all Holders participating in the Exchange Offer or Private Exchange, as the case may be, to the effect that (i) the Company and the
Guarantors have duly authorized, executed and delivered the Exchange Notes or the Private Exchange Notes, as the case may be, and the Indenture and (ii) the Exchange Notes or the Private Exchange Notes, as the case may be, and the Indenture
constitute legal, valid and binding obligations of the Company and the Guarantors, enforceable against the Company and the Guarantors in accordance with their respective terms, except as such enforcement may be subject to customary United States and
foreign exceptions. 

  

	 	(r)	 If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by the Holders to the Company and the Guarantors (or to
such other Person as directed by the Company and the Guarantors) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Company and the Guarantors shall mark, or cause to be marked, on such Registrable Notes that
the Exchange Notes or the Private Exchange Notes, as the 

  

 19 

	 	 
case may be, are being issued as substitute evidence of the indebtedness originally evidenced by the Registrable Notes; provided that in no event
shall such Registrable Notes be marked as paid or otherwise satisfied. 

  

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

  

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

  

	 	(u)	The Company may require each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being effected to furnish to the Company such information
regarding such seller or Participating Broker-Dealer and the distribution of such Registrable Notes as the Company may, from time to time, reasonably request in writing. The Company may exclude from such registration the Registrable Notes of any
seller who fails to furnish such information within a reasonable time (which time in no event shall exceed 30 days) after receiving such request. Each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being
effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished by such seller not materially misleading. 

  

	 	(v)	 Each Holder of Registrable Notes and each Participating Broker-Dealer agree by acquisition of such Registrable Notes or Exchange Notes to be sold by such
Participating Broker-Dealer, as the case may be, that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 6(e)(2)(ii), 6(e)(2)(iv), 6(e)(2)(v), 6(e)(2)(vi) or the commencement of a
Blackout Period, such Holder will forthwith discontinue disposition of such Registrable Notes covered by a Registration Statement and such Participating Broker-Dealer will forthwith discontinue disposition of such Exchange Notes pursuant to any
Prospectus and, in each case, forthwith discontinue dissemination of such Prospectus until such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(k), or
until it is advised in writing (the “Advice”) by the Company and the Guarantors that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto and, if so directed by the
Company and the Guarantors, such Holder or Participating Broker-Dealer, as the case may be, will deliver to the Company all copies, other than permanent file copies, then in such Holder’s or Participating Broker-Dealer’s possession, of the
Prospectus covering such Registrable Notes current at the time of the receipt of such notice. In the event the Company and the Guarantors shall give any such notice, the Applicable Period shall be extended by the number of days during such periods
from and including the date of the giving of such notice to and including the date 

  

 20 

	 	 
when each Participating Broker-Dealer shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 6(k) or
(y) the Advice. 

  

	7.	Registration Expenses 

  

	 	(a)	All fees and expenses incident to the performance of or compliance with this Agreement by the Company and the Guarantors shall be borne by the Company and the Guarantors, whether or
not the Exchange Offer or a Shelf Registration Statement is filed or becomes effective, including, without limitation, (i) all registration and filing fees, including, without limitation, (A) fees with respect to filings required to be
made with the NASD in connection with any underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws as provided in Section 6(h) hereof (including, without limitation, reasonable fees and
disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions
(x) where the Holders are located, in the case of the Exchange Notes, or (y) as provided in Section 6(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period),
(ii) printing expenses, including, without limitation, expenses of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal
amount of the Registrable Notes included in any Registration Statement or by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses incurred in connection with the
performance of their obligations hereunder, (iv) fees and disbursements of counsel for the Company, the Guarantors and, subject to Section 7(b), the Holders, (v) fees and disbursements of all independent certified public accountants
referred to in Section 6 (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees and the fees and expenses incurred in
connection with the listing of the Securities to be registered on any securities exchange, (vii) Securities Act liability insurance, if the Company and the Guarantors desire such insurance, (viii) fees and expenses of all other Persons
retained by the Company and the Guarantors, (ix) fees and expenses of any “qualified independent underwriter” or other independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the bylaws of the
NASD, but only where the need for such a “qualified independent underwriter” arises due to a relationship with the Company and the Guarantors, (x) internal expenses of the Company and the Guarantors (including, without limitation, all
salaries and expenses of officers and employees of the Company or the Guarantors performing legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees and expenses of the Trustee and the Exchange Agent and
(xiii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to comply with this Agreement.

  

 21 

	 	(b)	The Company and the Guarantor party hereto shall (and shall cause other Guarantors to) reimburse the Holders for the reasonable fees and disbursements of not more than one counsel
chosen by the Holders of a majority in aggregate principal amount of the Registrable Notes to be included in any Registration Statement. The Company and the Guarantor party hereto shall (and shall cause other Guarantors to) pay all documentary,
stamp, transfer or other transactional taxes attributable to the issuance or delivery of the Exchange Notes or Private Exchange Notes in exchange for the Notes; provided that the Company shall not be required to pay taxes payable in respect
of any transfer involved in the issuance or delivery of any Exchange Note or Private Exchange Note in a name other than that of the Holder of the Note in respect of which such Exchange Note or Private Exchange Note is being issued. The Company and
the Guarantor party hereto shall (and shall cause other Guarantors to) reimburse the Holders for fees and expenses (including reasonable fees and expenses of counsel to the Holders) relating to any enforcement of any rights of the Holders under this
Agreement. 

  

	8.	Indemnification 

  

	 	(a)	 Indemnification by the Company and the Guarantors. The Company and the Guarantors jointly and severally agree to indemnify and hold harmless each Holder of
Registrable Notes, Exchange Notes or Private Exchange Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls each such Holder (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and partners of each such Holder, Participating Broker-Dealer and controlling person, to the fullest extent lawful, from and against any and all losses, claims,
damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees as provided in this Section 8) and expenses (including, without limitation, reasonable costs and expenses incurred
in connection with investigating, preparing, pursuing or defending against any of the foregoing) (collectively, “Losses”), as incurred, in so far as such Losses arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus, or in any amendment or supplement thereto, or in any preliminary prospectus, or any omission or alleged omission to state therein a 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, except insofar as such Losses are primarily based upon information relating to such Holder or
Participating Broker-Dealer and furnished in writing to the Company and the Guarantors (or reviewed and approved in writing) by such Holder or Participating Broker-Dealer or their counsel expressly for use therein; provided, however,
that the Company and the Guarantors will not be liable to any Indemnified Party (as defined below) under this Section 8 to the extent Losses were primarily caused by an untrue statement or omission or alleged untrue statement or omission that
was contained or made in any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto if (i) the Prospectus does not contain any other untrue statement or omission or alleged 

  

 22 

	 	 
untrue statement or omission of a material fact that was the subject matter of the related proceedings, (ii) any such Losses resulted from an action,
claim or suit by any Person who purchased Registrable Notes or Exchange Notes which are the subject thereof from such Indemnified Party and (iii) it is established in the related proceeding that such Indemnified Party failed to deliver or
provide a copy of the Prospectus (as amended or supplemented) to such Person with or prior to the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by applicable law, unless such failure to deliver
or provide a copy of the Prospectus (as amended or supplemented) was a result of noncompliance by the Company with Section 6 of this Agreement. The Company and the Guarantors also agree to indemnify underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the distribution, their officers, directors, agents and employees and each Person who controls such Persons (within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders or the Participating Broker-Dealer. 

  

	 	(b)	Indemnification by Holder. In connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or any preliminary prospectus
in which a Holder is participating, such Holder shall furnish to the Company and the Guarantors in writing such information as the Company and the Guarantors reasonably request for use in connection with any Registration Statement, Prospectus or
form of prospectus, any amendment or supplement thereto, or any preliminary prospectus and shall indemnify and hold harmless the Company, the Guarantors, their respective directors and each Person, if any, who controls the Company and the Guarantors
(within the meaning of Section 15 of the Securities Act and Section 20(a) of the Exchange Act), and the directors, officers and partners of such controlling persons, to the fullest extent lawful, from and against all Losses arising out of
or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading to the extent, but only to the extent, that
such losses are finally judicially determined by a court of competent jurisdiction in a final, unappealable order to have resulted primarily from an untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a
material fact contained in or omitted from any information so furnished in writing by such Holder to the Company and the Guarantors expressly for use therein. Notwithstanding the foregoing, in no event shall the liability of any selling Holder be
greater in amount than such Holder’s Maximum Contribution Amount (as defined below). 

  

	 	(c)	 Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the party or parties from 

  

 23 

	 	 
which such indemnity is sought (the “Indemnifying Party” or “Indemnifying Parties”, as applicable) in writing;
provided, that the failure to so notify the Indemnifying Parties shall not relieve the Indemnifying Parties from any obligation or liability except to the extent (but only to the extent) that it shall be finally determined by a court of
competent jurisdiction (which determination is not subject to appeal) that the Indemnifying Parties have been prejudiced materially by such failure. 

 The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party, within 20 Business Days after receipt of written notice from such Indemnified Party of such proceeding, to
assume, at its expense, the defense of any such proceeding, provided, that an Indemnified Party shall have the right to employ separate counsel in any such proceeding and to participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Party or parties unless: (1) the Indemnifying Party has agreed to pay such fees and expenses; or (2) the Indemnifying Party shall have failed promptly to assume the defense of such
proceeding or shall have failed to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party or any of its affiliates or controlling persons, and such Indemnified Party shall have been advised by counsel that there may be one or more defenses available to such Indemnified Party that are in addition to, or in conflict with, those
defenses available to the Indemnifying Party or such affiliate or controlling person (in which case, if such Indemnified Party notifies the Indemnifying Parties in writing that it elects to employ separate counsel at the expense of the Indemnifying
Parties, the Indemnifying Parties shall not have the right to assume the defense and the reasonable fees and expenses of such counsel shall be at the expense of the Indemnifying Party; it being understood, however, that, the Indemnifying Party shall
not, in connection with any one such proceeding or separate but substantially similar or related proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one
separate firm of attorneys (together with appropriate local counsel) at any time for such Indemnified Party). 
 No Indemnifying Party shall
be liable for any settlement of any such proceeding effected without its written consent, which shall not be unreasonably withheld, but if settled with its written consent, or if there be a final judgment for the plaintiff in any such proceeding,
each Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set forth above, to indemnify and hold harmless each Indemnified Party from and against any and all Losses by reason of such settlement or judgment. The
Indemnifying Party shall not consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of a release, in form and
substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such proceeding for which such Indemnified Party would be entitled to indemnification hereunder (whether or not any Indemnified Party is a party thereto).

  

	 	(d)	 Contribution. If the indemnification provided for in this Section 8 is unavailable to an Indemnified Party or is insufficient to hold such Indemnified
Party harmless for any Losses in respect of which this Section 8 would otherwise apply by its terms (other than by reason of exceptions provided in this Section 8), then each 

  

 24 

	 	 
applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall have a joint and several obligation to contribute to the amount paid or
payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the
actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by
reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such Indemnifying Party or Indemnified Party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such statement or omission. The amount paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal
or other fees or expenses incurred by such party in connection with any proceeding, to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in Section 8(a) or 8(b) was available to such
party. 

 The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 8(d) were determined by pro rata allocation or by another method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 8(d), a selling Holder shall not be required to contribute, in the aggregate, any amount in excess of such Holder’s Maximum Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the
excess of (i) the aggregate proceeds received by such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of the Registrable Securities held by each Holder hereunder and
not joint. The Company’s and Guarantors’ obligations to contribute pursuant to this Section 8(d) are joint and several. 
 The
indemnity and contribution agreements contained in this Section 8 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 
  

	9.	Rules 144 and 144A 

 The Company covenants
that it shall (a) file the reports required to be filed by it (if so required) 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 written
request of any Holder of Registrable Notes, make publicly available other information necessary to permit sales pursuant to Rule 144 and 144A and (b) take such further action as any Holder may reasonably request in writing, all to the extent
required from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act pursuant to the exemptions 

  

 25 

 
provided by Rule 144 and Rule 144A. Upon the written request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has
complied with such information and requirements. 
  

	10.	Underwritten Registrations of Registrable Notes 

 If any of the Registrable Notes covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by
the Holders of a majority in aggregate principal amount of such Registrable Notes to be included in such offering; provided, however, that such investment banker or investment bankers and manager or managers must be reasonably
acceptable to the Company. 
 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder
(a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  

	11.	Miscellaneous 

  

	 	(a)	Remedies. In the event of a breach by either the Company or any of the Guarantors of any of their respective obligations under this Agreement, each Holder, in addition to
being entitled to exercise all rights provided herein, in the Indenture or, in the case of the Initial Purchasers, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company and the Guarantors agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by either the Company or any of the Guarantors of any of the provisions of this Agreement
and hereby further agree to the fullest extent legally enforceable that, in the event of any action for specific performance in respect of such breach, the Company shall (and shall cause each Guarantor to) waive the defense that a remedy at law
would be adequate. 

  

	 	(b)	No Inconsistent Agreements. The Company and each of the Guarantors have not entered, as of the date hereof, and the Company and each of the Guarantors shall not enter, after
the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Securities in this Agreement or otherwise conflicts with the provisions hereof. The Company and each
of the Guarantors have not entered and will not enter into any agreement with respect to any of its securities that will grant to any Person piggy-back rights with respect to a Registration Statement. 

  

	 	(c)	Adjustments Affecting Registrable Notes. The Company shall not, directly or indirectly, take any action with respect to the Registrable Notes as a class that would adversely
affect the ability of the Holders to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

  

 26 

	 	(d)	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may
not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes in circumstances that would adversely affect any Holders of Registrable
Notes; provided, however, that Section 8 and this Section 11(d) may not be amended, modified or supplemented without the prior written consent of each Holder. Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being tendered pursuant to the Exchange Offer or sold pursuant to a Notes Registration Statement and that does
not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being tendered or being sold by
such Holders pursuant to such Notes Registration Statement. 

  

	 	(e)	Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, next-day air courier
or telecopier: 

  

	 	(i)	if to a Holder of Securities or to any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the
records of the registrar of the Notes, with a copy in like manner to the Initial Purchasers as follows: 

 Jefferies &
Company, Inc. 
 520 Madison Avenue 
 12th Floor 
 New York, New York 10022 
 Facsimile No.: (212) 284-2280 
 Attention: Lloyd Feller, Esq. 
 CIBC World Markets Corp. 
 300 Madison Avenue, 4th Floor 
 New York, New York 10017 
 Facsimile No. (212) 667-8366 
 Attention: Office of the General Counsel 
 CIBC World Markets Corp. 
 300 Madison Avenue, 4th Floor 
 New York, New York 10017 
 Facsimile No. (212) 885-4936 
 Attention: Frank Benevento 
  

 27 

 with a copy to: 
 Mayer, Brown, Rowe & Maw LLP 
 1675 Broadway New York, 
 New York 10019 
 Facsimile No.:
(212) 262-1910 
 Attention: Ronald S. Brody, Esq. 
  

	 	(ii)	if to the Initial Purchasers, at the address specified in Section 11(e)(i); 

  

	 	(iii)	if to the Company or any Guarantor, as follows: 

 Claymont
Steel, Inc. 
 4001 Philadelphia Pike 
 Claymont, Delaware 19703 
 Attention: Allen Egner 
 with a copy to: 
 Morgan, Lewis & Bockius LLP 
 One Oxford Centre 
 301 Grant Street, 32nd Floor 
 Pittsburgh, Pennsylvania 15219 
 Attention:
Kimberly Taylor, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally
delivered; five Business Days after being deposited in the United States mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier guaranteeing overnight delivery; and when receipt is acknowledged by
the addressee, if telecopied. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee under the Indenture at the address specified in such Indenture. 
  

	 	(f)	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without
limitation and without the need for an express assignment, subsequent Holders of Securities. 

  

	 	(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. 

  

 28 

	 	(i)	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAW. EACH OF THE COMPANY AND THE GUARANTORS HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY AND THE GUARANTORS IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE COMPANY AND THE GUARANTORS IRREVOCABLY
CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, TO THE COMPANY AND THE GUARANTORS AT THEIR SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR THE GUARANTORS IN ANY OTHER JURISDICTION. 

  

	 	(j)	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to
find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  

 29 

	 	(k)	Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Securities is required hereunder, Securities held
by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  

	 	(l)	Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced by such
Persons. 

  

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

 [Remainder of page intentionally left blank.]

  

 30 

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

			
	CLAYMONT STEEL, INC.
		
	By:	 	/s/ Jeff Bradley
		 	Name: Jeff Bradley
		 	Title:   Chief Executive Officer
	
	CITISTEEL PA, INC.
		
	By:	 	/s/ Jeff Bradley
		 	Name: Jeff Bradley
		 	Title:   President

 Registration Rights Agreement 

			
	ACCEPTED AND AGREED TO:
	
	JEFFERIES & COMPANY, INC.
		
	By:	 	/s/ Peter J. Scott
	Name:	 	Peter J. Scott
	Title:	 	Managing Director

 Registration Rights Agreement 

			
	CIBC WORLD MARKETS CORP.
		
	By:	 	/s/ Brian S. Perman
	Name:	 	Brian S. Perman
	Title:	 	Managing Director

 Registration Rights Agreement

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