Document:

First Amendment to Credit Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 FIRST AMENDMENT TO CREDIT AGREEMENT 

This First Amendment to Credit Agreement is dated as of January 31, 2011 (this “First Amendment”) among ALERIS
INTERNATIONAL, INC., a Delaware corporation (“Aleris”), the other borrowers party hereto (together with Aleris, the “Borrowers”), the Lenders party hereto (the “Lenders”) and BANK OF AMERICA, N.A.,
as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). 
 The Borrowers, the
lenders from time to time party thereto, the Administrative Agent, J.P. Morgan Securities Inc., as Syndication Agent, Barclays Capital, the investment banking division of Barclays Bank PLC, Deutsche Bank AG New York Branch and UBS Securities LLC, as
Co-Documentation Agents, RBS Business Capital, a division of RBS Asset Finance Inc., a subsidiary of RBS Citizens Bank, N.A. as Senior Managing Agent, and Bank of America, N.A., Deutsche Bank AG New York Branch and JPMorgan Chase Bank, N.A., as
Co-Collateral Agents, are parties to a Credit Agreement dated as of June 1, 2010 (the “Credit Agreement”). 
 Aleris has advised the Administrative Agent and Lenders of (i) the proposed issuance of new senior unsecured notes in an original principal amount of up to $500,000,000 pursuant to
Section 10.04(xxx)(B) of the Credit Agreement (the “New Senior Unsecured Notes”), and (ii) one or more proposed dividends (each such dividend, a “Proposed Dividend”) to its shareholders pursuant to
Section 10.03(viii) of the Credit Agreement, and in connection therewith, Aleris has requested that the Lenders agree to certain amendments to the Credit Agreement. 
 Each of the Lenders signatory hereto (which Lenders collectively constitute the Required Lenders referred to in the Credit Agreement), have agreed, subject to the terms and conditions set forth herein, to
amend the Credit Agreement as herein provided. Accordingly, the Borrowers, the Administrative Agent and the Lenders agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions. Unless otherwise defined herein, capitalized terms defined in the Credit Agreement have
the same meanings when used in this First Amendment. The following additional terms, as used herein, have the following respective meanings: 
 “Consenting Lender” means each Lender that consents to this First Amendment as evidenced by the receipt by Parker Hudson Rainer & Dobbs LLP, counsel to the Administrative Agent,
of an executed counterpart signature page (which may be delivered by facsimile or pdf or other similar electronic transmission) evidencing such Lender’s consent and agreement to this First Amendment from such Lender prior to 10:00 A.M. (local
time in New York City) on January 31, 2011. 
 “First Amendment Effective Date” means the date on which
the conditions precedent specified in Section 2.02 hereof are satisfied (or waived in writing by the Consenting Lenders). 
 ARTICLE II 
 AMENDMENTS TO THE CREDIT AGREEMENT 

Section 2.01 Amendments to the Credit Agreement. 

 (a) The Credit Agreement is hereby amended by deleting the definition of “Fixed Charge
Coverage Ratio” and by substituting in lieu thereof the following new definition of “Fixed Charge Coverage Ratio”: 
 ““Fixed Charge Coverage Ratio” shall mean and include, with respect to any Test Period, the ratio of (a) Consolidated EBITDA for such period minus Capital Expenditures
that are funded by Aleris and its Wholly-Owned Subsidiaries and that are not Excluded Capital Expenditures; minus, cash taxes of Aleris and its Subsidiaries on a consolidated basis paid during such period to (b) Fixed Charges for such
period. “Excluded Capital Expenditures” shall mean (i) Capital Expenditures by Aleris or its Subsidiaries made in China if at the time such Capital Expenditures are made Excess Availability is no less than $175,000,000;
provided that if such Capital Expenditures are specifically funded with the proceeds of Revolving Loans or Swingline Loans and after giving effect to such Borrowings, Excess Availability is less than $175,000,000, then an amount equal to the
difference between Excess Availability prior to giving effect to such Borrowing and $175,000,000 shall be considered Excluded Capital Expenditures; provided, further, that the amount of such Capital Expenditures shall not exceed
$75,000,000 in any Test Period; and (ii) Capital Expenditures that were specifically funded by (x) Indebtedness (other than a Revolving Loan or Swingline Loan), or (y) with respect to Capital Expenditures by Aleris or its Subsidiaries
made in China or by Aleris or its Subsidiaries organized under the Laws of Brazil made in Brazil, the proceeds from the sale of Equity Interests of Aleris (without duplication with any Cure Amount), or (z) with respect to all other Capital
Expenditures, the proceeds of up to $25,000,000 per Test Period from the sale of Equity Interests of Aleris (without duplication with any Cure Amount).” 
 (b) The Credit Agreement is hereby amended by deleting clause (viii) of Section 10.03 of the Credit Agreement and by substituting in lieu thereof the following new clause (viii): 

“(viii) Aleris may pay Dividends (including in cash), so long as (a) the Distribution Conditions are satisfied (both before and
after giving effect to any such Dividends), (b) such Dividends are made with the proceeds of any substantially contemporaneous issuance of Qualified Equity Interests by Aleris or any direct or indirect parent of Aleris to the extent such
proceeds shall have actually been received by Aleris, or (c) such Dividends are made with the proceeds of the substantially contemporaneous issuance of the New Senior Unsecured Notes (as defined in the First Amendment to the Credit Agreement),
in an aggregate amount of up to $500,000,000, to the extent such proceeds shall have actually been received by Aleris; provided, however, that if any portion of the amount permitted to be paid as a Dividend pursuant to clause
(c) above is not paid as a Dividend substantially contemporaneously with the issuance of such New Senior Unsecured Notes, such remaining amount shall only be permitted to be paid as a Dividend if the Distribution Conditions for such
remaining Dividend are satisfied (both before and after giving effect to any such remaining Dividend), provided, further, that, the amount of Dividends made under this clause (c) shall be excluded from the calculation of the Fixed Charge
Coverage Ratio for all purposes under this Agreement.” 
 Section 2.02 Conditions to Effectiveness of this
First Amendment. This First Amendment, and each of the amendments contained herein, shall become effective on the date (the “First Amendment Effective Date” when each of the following conditions precedent have been fulfilled
(or waived) to the reasonable satisfaction of the Administrative Agent: 
 (a) Execution and Delivery of this First
Amendment. The Administrative Agent shall have received counterparts of this First Amendment duly executed by the Borrowers and the Administrative Agent and duly consented to by the Required Lenders. 

  
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 (b) Acknowledgement. The Administrative Agent shall have received counterparts of an
Acknowledgement and Agreement, substantially in the form of Exhibit A hereto, duly executed by each of the Persons (other than Borrowers) who are or are required by the Credit Documents to be Credit Parties. 

(c) Payment of Fees. All costs, fees and expenses due to the Administrative Agent and the Lenders on or before the First Amendment
Effective Date pursuant to the Credit Documents shall have been paid. 
 (d) Counsel Fees. Parker Hudson
Rainer & Dobbs LLP (“Parker Hudson”) shall have received full payment from the Borrowers of the fees and expenses of Parker Hudson described in Section 4.05 of this First Amendment which are billed through the
First Amendment Effective Date. 
 (e) Other. The Administrative Agent shall have received such other documents,
instruments, agreements or information as may be reasonably requested by the Administrative Agent. All corporate and legal proceedings and all instruments and agreements relating to the transactions contemplated by this First Amendment or in any
other document delivered in connection herewith shall be reasonably satisfactory in form and substance to the Administrative Agent and Parker Hudson, and the Administrative Agent shall have received all information and copies of all documents and
papers, including records of corporate proceedings, governmental approvals, good standing certificates and bring-down telegrams, if any, which the Administrative Agent may reasonably have requested, such documents and papers where appropriate to be
certified by proper corporate or governmental authorities. The documents referred to in this Section 2.02(e) shall be delivered to the Administrative Agent no later than the First Amendment Effective Date. 

Section 2.03 Waiver and Effects of this First Amendment. 

(a) On the First Amendment Effective Date, the Credit Agreement will be automatically amended to reflect the amendments thereto provided
for in this First Amendment. The rights and obligations of the parties hereto shall be governed (i) prior to the First Amendment Effective Date, by the Credit Agreement and (ii) on and after the First Amendment Effective Date, by the
Credit Agreement as amended by this First Amendment. Once the First Amendment Effective Date has occurred, all references to the Credit Agreement in any document, instrument, agreement, or writing shall be deemed to refer to the Credit Agreement as
amended by this First Amendment. 
 (b) Other than as specifically provided herein, this First Amendment shall not operate as a
waiver or amendment of any right, power or privilege of the Administrative Agent or any Lender under the Credit Agreement or any other Credit Document or of any other term or condition of the Credit Agreement or any other Credit Document, nor shall
the entering into of this First Amendment preclude the Administrative Agent and/or any Lender from refusing to enter into any further waivers or amendments with respect thereto. This First Amendment is not intended by any of the parties hereto to be
interpreted as a course of dealing which would in any way impair the rights or remedies of the Administrative Agent or any Lender, and no Lender shall have any obligation to extend credit to the Borrowers other than pursuant to the strict terms of
the Credit Agreement and the other Credit Documents, as amended or supplemented to date (including by means of this First Amendment). 
 Section 2.04 Certifications Regarding Issuance of New Senior Unsecured Notes and Making of Proposed Dividend. The Borrowers acknowledge and agree that, (i) upon the issuance of
the New Senior Unsecured Notes, Aleris shall deliver to Administrative Agent a duly executed certificate demonstrating compliance with Section 10.04(xxx)(B), and (ii) upon the making of any Proposed Dividend, Aleris shall deliver to
Administrative Agent a duly executed certificate demonstrating the 

  
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Proposed Dividend’s compliance with Section 10.03(viii) of the Credit Agreement, as amended by this Amendment, in each case in form and substance reasonably satisfactory to
Administrative Agent. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.01 Representations
and Warranties. In order to induce the Consenting Lenders to consent to the amendments contained herein, each of the Borrowers represents and warrants as set forth below: 

(a) After giving effect to this First Amendment, the Credit Agreement, as amended, does not impair the validity, effectiveness or
priority of the Liens granted pursuant to the Collateral Documents, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred. The position of the Lenders with respect
to such Liens, the Collateral in which a security interest was granted pursuant to the Collateral Documents and the ability of the Administrative Agent to realize upon such Liens pursuant to the terms of the Collateral Documents have not been
adversely affected in any material respect by the amendments to the Credit Agreement effected pursuant to this First Amendment or by the execution, delivery, performance or effectiveness of this First Amendment. 

(b) Each Borrower reaffirms as of the date hereof and the First Amendment Effective Date its covenants and agreements contained in the
Credit Agreement and each Collateral Document and other Credit Document to which it is a party, including, in each case, as such covenants and agreements may be modified by this First Amendment on the First Amendment Effective Date. Each Borrower
further confirms that each Collateral Document and other Credit Document to which it is a party is, and shall continue to be, in full force and effect, and the same are hereby ratified, approved and confirmed in all respects, except as the Credit
Agreement may be amended by this First Amendment. 
 (c) This First Amendment constitutes the legal, valid and binding
obligation of each of the Borrowers enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (d) The parties signatory to the Acknowledgment and Agreement delivered pursuant to Section 2.02(b) of this First Amendment constitute all of the Persons who (together with the Borrowers) are
or are required under the terms of the Credit Documents to be Credit Parties. 
 (e) Each Borrower has all requisite corporate
power and authority to enter into this First Amendment and to carry out the transactions contemplated by, and perform its obligations under, this First Amendment and the Credit Agreement as amended by this First Amendment and has taken all necessary
corporate, partnership or limited or unlimited liability company action, as the case may be, to authorize the execution and delivery by it of this First Amendment. 
 (f) As of the First Amendment Effective Date (and giving effect to this First Amendment), no event has occurred and is continuing or will result from the consummation of the transactions contemplated by
this First Amendment or the Credit Agreement as amended by this First Amendment that would constitute an Event of Default or a Default. 

  
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 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.01 Headings. The various
headings of this First Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this First Amendment or any provisions hereof. 
 Section 4.02 Execution in Counterparts. This First Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement. A counterpart hereof executed and delivered by facsimile or pdf or other similar electronic transmission shall be effective as an original. 

Section 4.03 Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 Section 4.04 Entire Agreement. This First
Amendment constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

Section 4.05 Fees and Expenses. The Borrowers jointly and severally agree to pay all reasonable out-of-pocket
expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution, delivery and enforcement of this First Amendment and the other documents and instruments referred to herein or contemplated hereby, including,
but not limited to, the fees and disbursements of Parker Hudson, counsel to the Administrative Agent. 
 Section 4.06
Credit Document Pursuant to Credit Agreement. This First Amendment is a Credit Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of
the Credit Agreement (and, following the date hereof, the Credit Agreement, as amended hereby). 

  
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 IN WITNESS WHEREOF, the signatories hereto have caused this First Amendment to be executed
by their respective officers thereunto duly authorized as of the day and year first above written. 
  

					
	ALERIS INTERNATIONAL, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	ALERIS ROLLED PRODUCTS, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS ROLLED PRODUCTS, LLC,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS ROLLED PRODUCTS SALES CORPORATION,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	IMCO RECYCLING OF OHIO, LLC,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President

  
 S-3

 
					
	ALERIS RECYCLING, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS SPECIFICATION ALLOYS, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS SPECIALTY PRODUCTS, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS RECYCLING BENS RUN, LLC,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ETS SCHAEFER, LLC,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS OHIO MANAGEMENT, INC.,
	as a Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President

  
 S-3

 
					
	ALERIS SPECIFICATION ALLOY PRODUCTS CANADA COMPANY,
	as Canadian Borrower
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	ALERIS SWITZERLAND GMBH,
	 as European Borrower

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Managing Director

  
 S-3

											
	ADMINISTRATIVE AGENT:	 		 	 BANK OF AMERICA, N.A.,
as Administrative Agent and Co-Collateral Agent

					
		 		 		 	By:	 	/s/ John Yankauskas
		 		 		 		 	Name:	 	John Yankauskas
		 		 		 		 	Title:	 	Sr. Vice President
			
	REQUIRED LENDERS:	 		 	 BANK OF AMERICA, N.A., as a Lender

					
		 		 		 	By:	 	/s/ John Yankauskas
		 		 		 		 	Name:	 	John Yankauskas
		 		 		 		 	Title:	 	Sr. Vice President
			
		 		 	 BANK OF AMERICA, N.A. (ACTING THROUGH ITS CANADA BRANCH), as a Canadian Lender

					
		 		 		 	By:	 	/s/ Clara McGibbon
		 		 		 		 	Name:	 	Clara McGibbon
		 		 		 		 	Title:	 	Assistant
			
		 		 	 JPMORGAN CHASE BANK, N.A.,
as Co-Collateral Agent and a Lender

					
		 		 		 	By:	 	/s/ Katherine Cliffel
		 		 		 		 	Name:	 	Katherine Cliffel
		 		 		 		 	Title:	 	Vice President
			
		 		 	 JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Lender

					
		 		 		 	By:	 	/s/ Auggie Marchetti
		 		 		 		 	Name:	 	Auggie Marchetti
		 		 		 		 	Title:	 	Sr. Vice President & Region Manager
			
		 		 	 JPMORGAN CHASE BANK, N.A. (LONDON BRANCH), as a Lender

					
		 		 		 	By:	 	/s/ Tim Jacob
		 		 		 		 	Name:	 	Tim Jacob
		 		 		 		 	Title:	 	Sr. Vice President

  
 S-3

 
					
	 DEUTSCHE BANK AG NEW YORK BRANCH, as Co-Collateral Agent, Documentation Agent, and a
Lender

		
	By:	 	/s/ Enrique Landaeta
		 	Name:	 	Enrique Landaeta
		 	Title:	 	Vice President
	
	BARCLAYS BANK, PLC,
	 through its division Barclays Capital, as a Documentation Agent and a Lender

		
	By:	 	/s/ Michael J. Mozer
		 	Name:	 	Michael J. Mozer
		 	Title:	 	Assistant Vice President
	
	 UBS AG, STAMFORD BRANCH , as a Lender

		
	By:	 	/s/ Mary E. Evans
		 	Name:	 	Mary E. Evans
		 	Title:	 	Associate Director
	
	 UBS SECURITIES LLC , as Documentation Agent

		
	By:	 	/s/ Irja R. Otsa
		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director
	
	 UBS AG CANADA BRANCH , as a Canadian Lender

		
	By:	 	/s/ Mary E. Evans
		 	Name:	 	Mary E. Evans
		 	Title:	 	Associate Director
	
	 KEYBANK NATIONAL ASSOCIATION,
as a Lender

		
	By:	 	/s/ Timothy W. Kenealy
		 	Name:	 	Timothy W. Kenealy
		 	Title:	 	Vice President

  
 S-3

 
					
	 PNC BANK, NATIONAL ASSOCIATION,
as a Lender

		
	By:	 	/s/ Gregory J. Hall
		 	Name:	 	Gregory J. Hall
		 	Title:	 	Vice President
	
	 PNC BANK CANADA BRANCH,
as a Canadian Lender

		
	By:	 	/s/ Mike Danby
		 	Name:	 	Mike Danby
		 	Title:	 	Assistant Vice President

  
 S-3

 EXHIBIT A 
 ACKNOWLEDGEMENT AND AGREEMENT 
 Each Credit Party listed below
hereby acknowledges that it has reviewed the First Amendment to the Credit Agreement dated as of January 31, 2011 to which this Acknowledgement and Agreement is attached as an exhibit (the “Amendment”) and hereby consents to
the execution, delivery and performance thereof by the Borrowers. Each Credit Party hereby confirms its obligation under each Credit Document to which it is a party and agrees that, after giving effect to the Amendment, neither the modification of
the Credit Agreement or any other Credit Document effected pursuant to the Amendment, nor the execution, delivery, performance or effectiveness of the Amendment or any other Credit Document impairs the validity or effectiveness of any Credit
Document to which it is a party or impairs the validity, effectiveness or priority of the Liens granted pursuant to any other Credit Document to which it is a party or by which it is otherwise bound. 

 

					
	DUTCH ALUMINUM C.V., as a Guarantor
		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	 ALERIS RECYCLING HOLDING B.V., as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Managing Director
	
	 ALERIS ALUMINUM SALES EUROPE
 GMBH, as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Managing Director
	
	 ALERIS ALUMINUM UK LIMITED, as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Director

 
					
	 ALERIS ALUMINUM FRANCE SAS, as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	President
	
	 ALERIS ALUMINUM BELGIUM BVBA, as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Manager
	
	 ALERIS ALUMINUM DENMARK APS, as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Manager
	
	 ALERIS RECYCLING (SWANSEA) LIMITED,
 as a Guarantor

		
	By:	 	/s/ Sean M. Stack
		 	Name:	 	Sean M. Stack
		 	Title:	 	Director

  
 -2-U.S. Security Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
  
  

 
 U.S. SECURITY AGREEMENT

 among 

ALERIS INTERNATIONAL, INC., and 
 CERTAIN SUBSIDIARIES OF ALERIS INTERNATIONAL, INC., 
 as ASSIGNORS 

and 
 BANK OF
AMERICA, N.A., 
 as ADMINISTRATIVE AGENT 
  

 
 Dated as of
June 1, 2010 
  
  

 
  

 

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	Page	 
	 ARTICLE I SECURITY INTERESTS
	  	 	3	  
	 1.1.
	  	 Grant of Security Interest
	  	 	3	  
	 1.2.
	  	 Power of Attorney
	  	 	4	  
		
	 ARTICLE II GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	4	  
	 2.1.
	  	 Necessary Filings
	  	 	5	  
	 2.2.
	  	 No Liens
	  	 	5	  
	 2.3.
	  	 Other Financing Statements
	  	 	5	  
	 2.4.
	  	 Chief Executive Office, Location of Inventory
	  	 	5	  
	 2.5.
	  	 Legal Names; Type of Organization (and Whether a Registered Organization and/or a Transmitting Utility); Jurisdiction of
Organization; Location; Organizational Identification Numbers; Changes Thereto; etc.
	  	 	5	  
	 2.6.
	  	 Certain Significant Transactions
	  	 	6	  
	 2.7.
	  	 Reserved
	  	 	6	  
	 2.8.
	  	 Collateral in the Possession of a Bailee
	  	 	6	  
	 2.9.
	  	 Recourse
	  	 	6	  
		
	 ARTICLE III SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER
COLLATERAL
	  	 	7	  
	 3.1.
	  	 Additional Representations and Warranties
	  	 	7	  
	 3.2.
	  	 Maintenance of Records
	  	 	7	  
	 3.3.
	  	 Direction to Account Debtors; Contracting Parties; etc.
	  	 	7	  
	 3.4.
	  	 Modification of Terms; etc.
	  	 	8	  
	 3.5.
	  	 Collection
	  	 	8	  
	 3.6.
	  	 Instruments
	  	 	9	  
	 3.7.
	  	 Assignors Remain Liable Under Accounts
	  	 	9	  
	 3.8.
	  	 Assignors Remain Liable Under Contracts
	  	 	9	  
	 3.9.
	  	 Deposit Accounts; Etc.
	  	 	9	  
	 3.10.
	  	 Letter-of-Credit Rights
	  	 	10	  
	 3.11.
	  	 Reserved
	  	 	10	  
	 3.12.
	  	 Chattel Paper
	  	 	10	  
	 3.13.
	  	 Further Actions
	  	 	10	  
	 3.14.
	  	 Account Verification
	  	 	11	  
		
	 ARTICLE IV PROVISIONS CONCERNING ALL COLLATERAL
	  	 	11	  
	 4.1.
	  	 Protection of Administrative Agent’s Security
	  	 	11	  
	 4.2.
	  	 Warehouse Receipts Non-Negotiable
	  	 	11	  
	 4.3.
	  	 Additional Information
	  	 	11	  
	 4.4.
	  	 Further Actions
	  	 	11	  
	 4.5.
	  	 Financing Statements
	  	 	12	  
		
	 ARTICLE V REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT
	  	 	12	  
	 5.1.
	  	 Remedies; Obtaining the Collateral Upon Default
	  	 	12	  
	 5.2.
	  	 Remedies; Disposition of the Collateral
	  	 	13	  

  
 - i -

							
	 5.3.
	  	 Waiver of Claims
	  	 	14	  
	 5.4.
	  	 Application of Proceeds
	  	 	15	  
	 5.5.
	  	 Remedies Cumulative
	  	 	16	  
	 5.6.
	  	 Discontinuance of Proceedings
	  	 	16	  
		
	 ARTICLE VI INDEMNITY
	  	 	16	  
	 6.1.
	  	 Indemnity
	  	 	16	  
	 6.2.
	  	 Indemnity Obligations Secured by Collateral; Survival
	  	 	18	  
		
	 ARTICLE VII DEFINITIONS
	  	 	18	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	23	  
	 8.1.
	  	 Notices
	  	 	23	  
	 8.2.
	  	 Waiver; Amendment
	  	 	24	  
	 8.3.
	  	 Obligations Absolute
	  	 	24	  
	 8.4.
	  	 Successors and Assigns
	  	 	24	  
	 8.5.
	  	 Headings Descriptive
	  	 	25	  
	 8.6.
	  	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	 	25	  
	 8.7.
	  	 Assignors’ Duties
	  	 	26	  
	 8.8.
	  	 Termination; Release
	  	 	26	  
	 8.9.
	  	 Counterparts
	  	 	27	  
	 8.10.
	  	 Severability
	  	 	27	  
	 8.11.
	  	 The Administrative Agent and the other Secured Creditors
	  	 	28	  
	 8.12.
	  	 Additional Assignors
	  	 	28	  
	 8.13.
	  	 Calculation of Obligations under Secured Hedging Agreements
	  	 	28	  

  
 - ii -

			
	 ANNEX A
	  	Schedule of Chief Executive Offices; Inventory and Equipment Locations
		
	 ANNEX B
	  	Schedule of Legal Names, Type of Organization (And Whether A Registered Organization And/Or A Transmitting Utility), Jurisdiction of Organization, Location and Organizational
Identification Numbers
		
	 ANNEX C
	  	Schedule of Deposit Accounts
		
	 ANNEX D
	  	The Administrative Agent

  
 - iii -

 U.S. SECURITY AGREEMENT 

THIS SECURITY AGREEMENT, is dated as of June 1, 2010, and made by each of the undersigned assignors (each, an
“Assignor” and, together with any other entity that becomes an assignor hereunder pursuant to Section 8.12 hereof, the “Assignors”) in favor of BANK OF AMERICA, N.A., as administrative agent and
collateral agent (together with any successor administrative and collateral agent, the “Administrative Agent”), for the benefit of the Secured Creditors (as defined below). Certain capitalized terms as used herein are defined in
Article VII hereof. Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 

W I T N E S S E T H: 

WHEREAS, Aleris International, Inc., a Delaware corporation formerly known as AHC Intermediate Co. (“Aleris”), each
other Subsidiary of Aleris party thereto from time to time (collectively, the “Borrowers”), the lenders party thereto from time to time, (the “Lenders”), and the Administrative Agent and other agents provided for
therein (Lenders, each Issuing Lender, the Administrative Agent and such other agents are herein called the “Lender Creditors”) have entered into a Credit Agreement, dated as of June 1, 2010, providing for the making of Loans
to the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Borrowers, all as contemplated therein (as used herein, the term “Credit Agreement” means the Credit Agreement described above in
this paragraph, as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and including any agreement extending the maturity of, or refinancing or restructuring (including, but not
limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed) all or any portion of, the indebtedness under such agreement or any successor agreement, whether or not with the same agent, trustee,
representative, lenders or holders; provided that, with respect to any agreement providing for the refinancing or replacement of indebtedness under the Credit Agreement, such agreement shall only be treated as, or as part of, the
Credit Agreement hereunder if either (A) all obligations under the Credit Agreement being refinanced or replaced shall be paid in full at the time of such refinancing or replacement, and all commitments and letters of credit issued pursuant to
the refinanced or replaced Credit Agreement shall have terminated in accordance with their terms or, with respect to certain Letters of Credit, been continued, with the consent of the respective issuer thereof, under such refinancing or replacement
indebtedness or (B) the Required Lenders shall have consented in writing to the refinancing or replacement indebtedness being treated as indebtedness pursuant to the Credit Agreement; 

WHEREAS, each Borrower and/or one or more of its respective subsidiaries may at any time and from time to time, to the extent permitted
under the Credit Agreement, enter into one or more Secured Hedging Agreements with one or more Lenders or Affiliates thereof (each such Lender or Affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement
for any reason, together with such Lenders’ or Affiliates’ permitted successors and assigns, and any Specified Creditors); 
 WHEREAS, each Borrower, one or more of their respective Subsidiaries and any Lender (and/or one or more of its banking affiliates) reasonably acceptable to the Administrative

 
Agent and designated to the Administrative Agent in writing by Aleris as a provider of Treasury Services (as defined below), (collectively, the “Treasury Services Creditors” and,
together with the Lender Creditors and the Specified Creditors, the “Secured Creditors”) currently or in the future may enter into, credit arrangements providing for treasury, depositary or cash management services (including
without limitation, overnight overdraft services) to Aleris and its Subsidiaries by the Treasury Services Creditors, and automated clearinghouse transfers of funds to the Treasury Services Creditors, in each case pursuant to uncommitted lines of
credit (collectively, “Treasury Services,” and with any written agreement evidencing such credit arrangements (to the extent expressly stated therein that the liabilities and indebtedness thereunder are “Obligations” for
the purposes of this Agreement (or, more generally, for purposes of the various agreements guaranteeing or securing the Credit Agreement)), as amended, modified, supplemented, replaced or refinanced from time to time, herein called the
“Treasury Services Agreements”); 
 WHEREAS, pursuant to the Credit Agreement, each of the U.S. Borrowers has
guaranteed to the Secured Creditors the payment when due of all of its Relevant Guaranteed Obligations as described therein; 

WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each U.S. Subsidiary Guarantor has jointly and severally guaranteed to the Secured
Creditors the payment when due of all Guaranteed Obligations (as defined in the U.S. Subsidiaries Guaranty); 
 WHEREAS, it is a
condition precedent to (i) the making of Loans to the Borrowers, and the issuance of, and participation in, Letters of Credit for the respective accounts of the Borrowers under the Credit Agreement, (ii) the Specified Creditors entering
into Secured Hedging Agreements and (iii) the extension of the Treasury Services by Treasury Services Creditors, that each Assignor shall have executed and delivered to the Administrative Agent this Agreement; and 

WHEREAS, each Assignor will obtain benefits from the incurrence of Loans by the Borrowers, and the issuance of, and participation in,
Letters of Credit for the respective accounts of, the Borrowers under the Credit Agreement, the entering into by the Borrowers and/or one or more of their respective Subsidiaries of Secured Hedging Agreements and the extension of Treasury Services
to Aleris and its Subsidiaries, and, accordingly, each Assignor desires to enter into this Agreement in order to (i) satisfy the condition described in the preceding paragraph and (ii) induce (x) the Lenders to make Loans to the
Borrowers and issue, and/or participate in, Letters of Credit for the respective accounts of the Borrowers, (y) the Specified Creditors to enter into Secured Hedging Agreements with the Borrowers and/or one or more of their respective
Subsidiaries and (z) the Treasury Services Creditors to enter into Treasury Services Agreements; 
 NOW, THEREFORE, in
consideration of the benefits accruing to each Assignor, the receipt and sufficiency of which are hereby acknowledged, each Assignor hereby makes the following representations and warranties to the Administrative Agent for the benefit of the Secured
Creditors and hereby covenants and agrees with the Administrative Agent for the benefit of the Secured Creditors as follows: 

  
 2 

 ARTICLE I 
 SECURITY INTERESTS 
 1.1. Grant of Security Interest. (a) As security
for the prompt and complete payment and performance when due of all of its Obligations, each Assignor does hereby assign and transfer unto the Administrative Agent, and does hereby pledge and grant to the Administrative Agent, for the benefit of the
Secured Creditors, a continuing security interest in all of the right, title and interest of such Assignor in, to and under all of the following personal property (and all rights therein) of such Assignor, or in which or to which such Assignor has
any rights, in each case whether now existing or hereafter from time to time acquired: 
 (i) each and every
Account (other than Accounts for Equipment sold or leased); 
 (ii) all Inventory; 

(iii) to the extent evidencing or governing any of the items referred to in clauses (i) and (ii) of this
Section 1.1, General Intangibles, Documents, Contract Rights, Chattel Paper (including, without limitation, Tangible Chattel Paper and Electronic Chattel Paper) and Instruments (including promissory notes); 

(iv) to the extent relating to any of the items referred to in clauses (i) through (iii) of this
Section 1.1, guarantees, letters of credit, security and other credit enhancements, Letter-of-Credit Rights and Supporting Obligations; 
 (v) cash and cash equivalents from whatever source derived, all lockboxes, Deposit Accounts and, to the extent constituting cash or Cash Equivalents or representing a claim to Cash Equivalents, securities
accounts as original collateral; 
 (vi) all intercompany loans and advances among such Assignor and the Credit
Parties and their Subsidiaries; 
 (vii) to the extent relating to any of the items referred to in the preceding
clauses, books and Records; and 
 (viii) all Proceeds and products of any and all of the foregoing (all of the
above, the “Collateral”); 
 provided that the Collateral shall exclude (i) motor vehicles or other movable
goods the perfection of which would require notation upon or delivery of a certificate of title or similar documentation or registration, (ii) Commercial Tort Claims, (iii) intellectual property (but only to the extent not affixed to,
embedded in or used in connection with the manufacture or distribution of Inventory or the administration of Accounts and Inventory), (iv) any rights or interests in any contract, lease, permit, license, charter or license agreement, covering
real or personal property, as such, if under the terms of such agreement, or applicable law with respect thereto, the valid grant of a security interest or lien therein to the Administrative Agent is

  
 3 

 
prohibited and such prohibition has not been or is not waived or the consent of the other party to such contract or lease has not been or is not otherwise obtained or under applicable law such
prohibition cannot be waived, provided that the foregoing exclusion shall not apply if any such prohibition is ineffective or unenforceable under Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code or other applicable law or so as
to limit, impair or otherwise affect the Administrative Agent’s unconditional continuing security interests in and liens upon any rights or interests of the Assignors in or to monies due or to become due under any such contract or lease
(including any accounts), (v) those assets as to which the Co-Collateral Agents and Aleris agree, on or prior to the Closing Date and from time to time thereafter, that the costs of obtaining such a security interest or perfection thereof are
excessive in relation to the value of the Lenders of the security afforded thereby or the increase of the Borrowing Base resulting therefrom, (vi) all Excluded Accounts and all assets held in or credited to any Excluded Account,
(vii) investment property (including stock of Subsidiaries), (viii) Equipment (including all machinery or manufacturing Equipment), (ix) Real Property, (x) insurance (other than insurance constituting proceeds of Collateral), and
(xi) assets of such Assignor located outside of the United States to the extent a Lien on such assets cannot be created and perfected under United States federal or state law and (xii) proceeds of any of the foregoing except to the extent
that any such proceeds is included in items (i) through (viii) of the definition of Collateral (the assets referred to in the following clauses (i) through (xii), collectively, the “Excluded Assets”). 

(c) The security interest of the Administrative Agent under this Agreement extends to all Collateral which any Assignor may acquire, or
with respect to which any Assignor may obtain rights, at any time during the term of this Agreement. 
 (d) Notwithstanding
anything to the contrary contained in this Section 1.1 or elsewhere in this Agreement, each Assignor and the Administrative Agent (on behalf of the Secured Creditors) acknowledges and agrees that the security interest granted pursuant to
this Agreement (including pursuant to this Section 1.1) to the Administrative Agent for the benefit of the Secured Creditors in the Collateral, shall be a First Priority Lien. 

1.2. Power of Attorney. Each Assignor hereby constitutes and appoints the Administrative Agent its true and lawful attorney,
irrevocably, with full power after the occurrence of and during the continuance of an Event of Default (in the name of such Assignor or otherwise) to act, require, demand, receive, compound and give acquittance for any and all moneys and claims for
moneys due or to become due to such Assignor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the
Administrative Agent may deem to be necessary or advisable to protect the interests of the Secured Creditors, which appointment as attorney is coupled with an interest. 
 ARTICLE II 
 GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS 

Each Assignor represents, warrants and covenants, which representations, warranties and covenants shall survive execution and delivery of this Agreement,
as follows: 

  
 4 

 2.1. Necessary Filings. All filings, registrations, recordings and other actions
necessary or appropriate to create, preserve and perfect the security interest granted by such Assignor to the Administrative Agent hereby in respect of the Collateral have been accomplished, in each case, within the time frames required by this
Agreement, and the security interest granted to the Administrative Agent pursuant to this Agreement in and to the Collateral creates a valid and, together with all such filings, registrations, recordings and other actions, a perfected security
interest therein prior to the rights of all other Persons therein and subject to no other Liens (other than Permitted Liens) and is entitled to all the rights, priorities and benefits afforded by the Uniform Commercial Code or other relevant law as
enacted in any relevant jurisdiction to perfected security interests, in each case to the extent that the Collateral consists of the type of property in which a security interest may be perfected by possession or control (within the meaning of the
UCC as in effect on the Closing Date in the State of New York), or by filing a financing statement under the Uniform Commercial Code as enacted in any relevant jurisdiction. Upon the actions taken under this Section 2.1, such security
interest shall constitute a First Priority Lien and shall be enforceable as such as against all other Persons. 
 2.2. No
Liens. Such Assignor is, and as to all Collateral acquired by it from time to time after the Closing Date such Assignor will be, the owner of all Collateral free from any Lien or other right, title or interest of any Person (other than Permitted
Liens), and such Assignor shall defend the Collateral against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to the interests of the Administrative Agent. 

2.3. Other Financing Statements. As of the Closing Date, there is no financing statement (or similar statement or instrument of
registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral (other than financing statements filed in respect of Permitted Liens), and so long as the Termination Date has not occurred,
such Assignor will not execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction) or statements relating to the Collateral, except financing
statements filed or to be filed in respect of and covering the security interests granted hereby by such Assignor or in connection with Permitted Liens. 
 2.4. Chief Executive Office, Location of Inventory. On the Closing Date, and during the four calendar month period preceding this Agreement, no Assignor has maintained its chief executive office or
held Inventory in any location other than as provided in Annex A hereto. 
 2.5. Legal Names; Type of Organization
(and Whether a Registered Organization and/or a Transmitting Utility); Jurisdiction of Organization; Location; Organizational Identification Numbers; Changes Thereto; etc. The exact legal name of each Assignor, the type of organization of such
Assignor, whether or not such Assignor is a Registered Organization, the jurisdiction of organization of such Assignor, such Assignor’s Location, the organizational identification number (if any) of such Assignor, and whether or not such
Assignor is a Transmitting Utility, is listed on Annex B hereto for such Assignor. Such Assignor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered
Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, 

  
 5 

 
its Location, or its organizational identification number (if any) from that used on Annex B hereto, except that any such changes shall be permitted (so long as not in violation of
the applicable requirements of the Secured Debt Agreements and so long as same do not involve such Assignor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or
Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Administrative Agent not less than fifteen (15) days’ prior written notice of each change to the information listed on
Annex B (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Annex B which shall correct all information contained therein for such Assignor, and
(ii) in connection with the respective such change or changes, it shall have taken all action requested by the Administrative Agent to maintain the security interests of the Administrative Agent in the Collateral at all times fully perfected
and in full force and effect. In addition, to the extent that such Assignor does not have an organizational identification number on the Closing Date and later obtains one, such Assignor shall promptly thereafter notify the Administrative Agent of
such organizational identification number and shall take all actions reasonably satisfactory to the Administrative Agent to the extent necessary to maintain the security interest of the Administrative Agent in the Collateral intended to be granted
hereby fully perfected and in full force and effect. 
 2.6. Certain Significant Transactions. During the one year period
preceding the Closing Date, no Person shall have merged or consolidated with or into any Assignor, and no Person shall have liquidated into, or transferred all or substantially all of its assets to, any Assignor, in each case except as described in
the Plan and the Transactions contemplated therein. 
 2.7. Reserved. 

2.8. Collateral in the Possession of a Bailee. If any Inventory is at any time in the possession of a bailee (other than pursuant
to tolling arrangements entered into in the ordinary course of business) such Assignor shall promptly notify the Administrative Agent thereof and, if requested by the Administrative Agent, shall use its reasonable best efforts to promptly obtain an
acknowledgment from such bailee, in form and substance reasonably satisfactory to the Administrative Agent, that the bailee holds such Collateral for the benefit of the Administrative Agent and shall act upon the instructions of the Administrative
Agent, without the further consent of such Assignor. The Administrative Agent agrees with such Assignor that the Administrative Agent shall not give any such instructions unless an Event of Default has occurred and is continuing or would occur after
taking into account any action by the respective Assignor with respect to any such bailee. 
 2.9. Recourse. This
Agreement is made with full recourse to each Assignor and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Assignor contained herein, in the other Secured Debt Agreements and otherwise in writing
in connection herewith or therewith. 

  
 6 

 ARTICLE III 
 SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; 
 INSTRUMENTS; CHATTEL
PAPER AND CERTAIN OTHER COLLATERAL 
 3.1. Additional Representations and Warranties. As of the time when each of its
Accounts constituting Collateral arises, each Assignor shall be deemed to have represented and warranted that each such Account, and all records, papers and documents relating thereto (if any) are genuine and what they purport to be, and that all
papers and documents (if any) relating thereto (i) will, to the knowledge of such Assignor, represent the genuine, legal, valid and binding obligation of the account debtor evidencing indebtedness unpaid and owed by the respective account
debtor arising out of the performance of labor or services or the sale or lease and delivery of the merchandise listed therein, or both, (ii) will be the only original writings evidencing and embodying such obligation of the account debtor
named therein (other than copies created for general accounting purposes), (iii) will, to the knowledge of such Assignor, evidence true and valid obligations, enforceable in accordance with their respective terms, and (iv) will be in
compliance and will conform in all material respects with all applicable federal, state and local laws and applicable laws of any relevant foreign jurisdiction. 
 3.2. Maintenance of Records. Each Assignor will keep and maintain at its own cost and expense accurate records of its Accounts and Contracts, in each case constituting Collateral, including, but
not limited to, originals of all documentation (including each Contract) with respect thereto, records of all payments received, all credits granted thereon, all merchandise returned and all other dealings therewith, and such Assignor will make the
same available on such Assignor’s premises to the Administrative Agent for inspection, at such Assignor’s own cost and expense, at any and all reasonable times upon prior notice to such Assignor and otherwise in accordance with the Credit
Agreement. Upon the occurrence and during the continuance of an Event of Default under Section 11.01 or 11.05 of the Credit Agreement (or any other Event of Default in respect of which the Administrative Agent has given Aleris notice) and at
the request of the Administrative Agent, such Assignor shall, at its own cost and expense, deliver all tangible evidence of its Accounts and Contract Rights constituting Collateral (including, without limitation, all documents evidencing the
Accounts and such Contracts) and such books and records to the Administrative Agent or to its representatives (copies of which evidence and books and records may be retained by such Assignor). Upon the occurrence and during the continuance of an
Event of Default under Section 11.01 or 11.05 of the Credit Agreement (or any other Event of Default in respect of which the Administrative Agent has given Aleris notice) and if the Administrative Agent so directs, such Assignor shall legend,
in form and manner satisfactory to the Administrative Agent, the Accounts and the Contracts, in each case constituting Collateral as well as books, records and documents (if any) of such Assignor evidencing or pertaining to such Accounts and
Contracts with an appropriate reference to the fact that such Accounts and Contracts have been assigned to the Administrative Agent and that the Administrative Agent has a security interest therein. 

3.3. Direction to Account Debtors; Contracting Parties; etc. Each Assignor agrees to cause all payments on account of the Accounts
and Contracts constituting Collateral to be made to the Deposit Accounts of the applicable Assignor in accordance with the terms of Section 5.03 of the Credit Agreement, and upon the occurrence of an Event of Default, or at any

  
 7 

 
other time as may be provided for under the Credit Agreement, (x) the Administrative Agent may, at its option, directly notify the obligors with respect to such Accounts and/or under such
Contracts to make payments with respect thereto as provided in Section 5.03 of the Credit Agreement, and the (y) Administrative Agent may enforce collection of any such Accounts and Contracts and may adjust, settle or compromise the amount
of payment thereof, in the same manner and to the same extent as such Assignor. Without notice to or assent by any Assignor, the Administrative Agent may, in accordance with the terms of Section 5.03 of the Credit Agreement, apply any or all
amounts then in, or thereafter deposited in, the applicable Deposit Accounts toward the payment of the Obligations in the manner provided in Section 5.03 of the Credit Agreement. The reasonable costs and expenses of collection (including
reasonable attorneys’ fees), whether incurred by an Assignor or the Administrative Agent, shall be borne by the relevant Assignor. The Administrative Agent shall deliver a copy of each notice referred to in the preceding clause (x) to the
relevant Assignor, provided, that, (A) the failure by the Administrative Agent to so notify such Assignor shall not affect the effectiveness of such notice or the other rights of the Administrative Agent created by this Section,
and no such notice shall be required if an Event of Default of the type described in Section 11.05 of the Credit Agreement has occurred and is continuing. 
 3.4. Modification of Terms; etc. Except in accordance with such Assignor’s ordinary course of business and consistent with reasonable business judgment or as permitted by
Section 3.5, no Assignor shall rescind or cancel any indebtedness evidenced by any Account constituting Collateral, or under any Contract constituting Collateral, or modify any material term thereof or make any material adjustment with
respect thereto, or extend or renew the same, or compromise or settle any material dispute, claim, suit or legal proceeding relating thereto, or sell any Account or Contract constituting Collateral, or interest therein, without the prior written
consent of the Administrative Agent. No Assignor will do anything to impair the rights of the Administrative Agent in the Accounts or Contracts constituting Collateral. 
 3.5. Collection. Each Assignor shall endeavor in accordance with reasonable business practices to cause to be collected from the account debtor named in each of its Accounts constituting Collateral
or obligor under any Contract constituting Collateral, as and when due (including, without limitation, amounts which are delinquent, such amounts to be collected in accordance with generally accepted lawful collection procedures) any and all amounts
owing under or on account of such Account or Contract, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Account or under such Contract constituting Collateral. Except as otherwise
directed by the Administrative Agent after the occurrence and during the continuation of an Event of Default, any Assignor may allow in the ordinary course of business as adjustments to amounts owing under its Accounts and Contracts (i) an
extension or renewal of the time or times of payment, or settlement for less than the total unpaid balance, which such Assignor finds appropriate in accordance with reasonable business judgment and (ii) a refund or credit due as a result of
returned or damaged merchandise or improperly performed services or for other reasons which such Assignor finds appropriate in accordance with reasonable business judgment. The reasonable costs and expenses (including, without limitation, reasonable
attorneys’ fees) of collection, whether incurred by an Assignor or the Administrative Agent, shall be borne by the relevant Assignor. 

  
 8 

 3.6. Instruments. If any Assignor owns or acquires any Instrument in excess of
$1,000,000 constituting Collateral (other than checks and other payment instruments received and collected in the ordinary course of business), such Assignor will within twenty (20) Business Days notify the Administrative Agent thereof, and
upon request by the Administrative Agent will promptly deliver such Instrument to the Administrative Agent appropriately endorsed to the order of the Administrative Agent. 
 3.7. Assignors Remain Liable Under Accounts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable under each of the Accounts constituting Collateral to observe and
perform all of the conditions and obligations to be observed and performed by them thereunder, all in accordance with the terms of any agreement giving rise to such Accounts. Neither the Administrative Agent nor any other Secured Creditor shall have
any obligation or liability under any Account constituting Collateral (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any other Secured Creditor of any payment
relating to such Account pursuant hereto, nor shall the Administrative Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor under or pursuant to any Account (or any agreement giving rise
thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present or
file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 

3.8. Assignors Remain Liable Under Contracts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable
under each of the Contracts constituting Collateral to observe and perform all of the conditions and obligations to be observed and performed by them thereunder, all in accordance with and pursuant to the terms and provisions of each such Contract.
Neither the Administrative Agent nor any other Secured Creditor shall have any obligation or liability under any Contract constituting Collateral by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any other
Secured Creditor of any payment relating to such Contract pursuant hereto, nor shall the Administrative Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor under or pursuant to any
Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any performance by any party under any Contract, to present or file any claim, to take any action to enforce any performance or to collect the payment of any
amounts which may have been assigned to them or to which they may be entitled at any time or times. 
 3.9. Deposit Accounts;
Etc. (a) Annex C hereto accurately sets forth, as of the Closing Date, for each Assignor, each Deposit Account maintained by such Assignor (including a description thereof and the respective account number), the name of the
respective bank with which such Deposit Account is maintained, and the jurisdiction of the respective bank with respect to such Deposit Account. For each Deposit Account (other than (i) Exempted Deposit Accounts and (ii) Exempted
Disbursement Accounts) the respective Assignor shall cause the bank with which the Deposit Account is maintained to execute and deliver to the Administrative Agent, on the Closing Date or, if later, at the time of the establishment of the respective
Deposit 

  
 9 

 
Account, a Cash Management Control Agreement in accordance with the provisions of Section 10.13 of the Credit Agreement. 

(b) After the date of this Agreement, no Assignor shall establish any new demand, time, savings, passbook or similar account, except for
Deposit Accounts established and maintained with banks and meeting the requirements of preceding clause (a). At the time any such Deposit Account is established, the appropriate Cash Management Control Agreement shall be entered into in
accordance with the requirements of Section 10.13 of the Credit Agreement and the respective Assignor shall furnish to the Administrative Agent a supplement to Annex C hereto containing the relevant information with respect to the
respective Deposit Account and the bank with which same is established. 
 3.10. Letter-of-Credit Rights. With respect to
any Letter of Credit Rights constituting Collateral, if any Assignor is at any time a beneficiary under a letter of credit with a stated amount of $5,000,000 or more, such Assignor shall promptly notify the Administrative Agent thereof and, at the
request of the Administrative Agent, such Assignor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, use its reasonable best efforts to (i) arrange for the issuer and any confirmer of
such letter of credit to consent to an assignment to the Administrative Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Administrative Agent, to become the transferee beneficiary of such letter of
credit, with the Administrative Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as provided in this Agreement after the occurrence and during the continuance of an Event of Default.

 3.11. Reserved. 
 3.12. Chattel Paper. Upon the reasonable request of the Administrative Agent made at any time or from time to time, each Assignor shall promptly furnish to the Administrative Agent a list of all
Electronic Chattel Paper constituting Collateral held or owned by such Assignor. Furthermore, if requested by the Administrative Agent, each Assignor shall promptly take all actions which are reasonably practicable so that the Administrative Agent,
has “control” of all Electronic Chattel Paper constituting Collateral in accordance with the requirements of Section 9-105 of the UCC. Each Assignor will promptly (and in any event within ten (10) days) following any request
by the Administrative Agent during the occurrence of any Event of Default, deliver all of its Tangible Chattel Paper constituting Collateral to the Administrative Agent. 
 3.13. Further Actions. Each Assignor will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the Administrative Agent from time to time such vouchers, invoices,
schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments and take such further steps, including any and all actions as may be necessary or required under
the Federal Assignment of Claims Act, relating to its Accounts, Contracts, Instruments and other property or rights covered by the security interest hereby granted, as the Administrative Agent may reasonably require. 

  
 10 

 3.14. Account Verification. Whether or not an Event of Default exists, the
Administrative Agent shall have the right at any time, in the name of Administrative Agent, any designee of the Administrative Agent or any Assignor, to verify the validity, amount or any other matter relating to any Accounts of Assignors by mail,
telephone or otherwise. Assignors shall cooperate fully with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process. 
 ARTICLE IV 
 PROVISIONS CONCERNING ALL COLLATERAL 

4.1. Protection of Administrative Agent’s Security. Except as otherwise permitted by the Secured Debt Agreements, each
Assignor will do nothing to impair the rights of the Administrative Agent in the Collateral. Each Assignor will at all times maintain insurance, at such Assignor’s own expense to the extent and in the manner provided in Section 9.09 of the
Credit Agreement. Except to the extent otherwise permitted to be retained by such Assignor or applied by such Assignor pursuant to the terms of the Secured Debt Agreements, the Administrative Agent shall at the time any proceeds of such insurance
with respect to the Collateral are distributed to the Secured Creditors, apply such proceeds in accordance with Section 5.02 of the Credit Agreement and Section 5.4 hereof. Each Assignor assumes all liability and responsibility in
connection with the Collateral acquired by it and the liability of such Assignor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason
whatsoever unavailable to such Assignor. 
 4.2. Warehouse Receipts Non-Negotiable. To the extent practicable, each
Assignor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt is issued with respect to any of its Inventory, such Assignor shall request that such warehouse receipt or receipt in the nature thereof shall not be
“negotiable” (as such term is used in Section 7-104 of the Uniform Commercial Code as in effect in any relevant jurisdiction or under other relevant law). 
 4.3. Additional Information. Each Assignor will furnish to the Administrative Agent such information with respect to the Collateral as may be requested by Administrative Agent from time to time in
accordance with the terms of the Credit Agreement. Without limiting the foregoing, each Assignor agrees that it shall promptly (and in any event within thirty (30) days after its receipt of the respective request) furnish to the Administrative
Agent such updated Annexes hereto as may from time to time be reasonably requested by the Administrative Agent. 
 4.4.
Further Actions. Each Assignor will, at its own expense and upon the reasonable request of the Administrative Agent, make, execute, endorse, acknowledge, file and/or deliver to the Administrative Agent from time to time such lists,
descriptions and designations of its Collateral, warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements,
transfer endorsements, certificates, reports and other 

  
 11 

 
assurances or instruments and take such further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, which the Administrative Agent deems
reasonably appropriate or advisable to perfect, preserve or protect its security interest in the Collateral. 
 4.5.
Financing Statements. Each Assignor agrees to execute and deliver to the Administrative Agent such financing statements, in form reasonably acceptable to the Administrative Agent, as the Administrative Agent may from time to time reasonably
request or as are reasonably necessary or desirable in the opinion of the Administrative Agent to establish and maintain a valid, enforceable, perfected security interest in the Collateral as provided herein and the other rights and security
contemplated hereby. Each Assignor will pay any applicable filing fees, recordation taxes and related expenses relating to its Collateral. Each Assignor hereby authorizes the Administrative Agent to file any such financing statements without the
signature of such Assignor where permitted by law (and such authorization shall describe the Collateral in substantially the same manner as set forth in Section 1.1). 

ARTICLE V 

REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT 
 5.1. Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, the Administrative
Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured creditor under any UCC, and such additional rights and remedies to which a secured
creditor is entitled under the laws in effect in all relevant jurisdictions and, may: 
 (i) personally, or by
agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or any other Person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon
such Assignor’s premises where any of the Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of such Assignor; 

(ii) subject to Section 3.3, instruct the obligor or obligors on any agreement, instrument or other obligation
(including, without limitation, the Accounts and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Administrative Agent and may exercise any and all
remedies of such Assignor in respect of such Collateral; 
 (iii) instruct all banks which have entered into a
Cash Management Control Agreement with the Administrative Agent to transfer all monies, securities and instruments held by such depositary bank to a Cash Collateral Account, or otherwise as designated under the Credit Agreement; 

  
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 (iv) sell, assign or otherwise liquidate any or all of the Collateral or any
part thereof in accordance with Section 5.2 hereof, or direct such Assignor to sell, assign or otherwise liquidate any or all of the Collateral or any part thereof, and, in each case, take possession of the proceeds of any such sale or
liquidation; 
 (v) take possession of the Collateral or any part thereof, by directing such Assignor in writing
to deliver the same to the Administrative Agent at any reasonable place or places designated by the Administrative Agent, in which event such Assignor shall at its own expense: 

(x) forthwith cause the same to be moved to the place or places so designated by the Administrative Agent and there
delivered to the Administrative Agent; 
 (y) store and keep any Collateral so delivered to the Administrative
Agent at such place or places pending further action by the Administrative Agent as provided in Section 5.2 hereof; and 
 (z) while the Collateral shall be so stored and kept, provide such security and maintenance services as shall be reasonably necessary to protect the same and to preserve and maintain it in good condition;

 (vi) apply any monies constituting Collateral or proceeds thereof in accordance with the provisions of
Section 5.4; and 
 (vii) take any other action as specified in clauses (1) through (5),
inclusive, of Section 9-607 of the UCC; 
 it being understood that each Assignor’s obligation so to deliver the Collateral is of the
essence of this Agreement and that, accordingly, upon application to a court of equity having jurisdiction, the Administrative Agent shall be entitled to a decree requiring specific performance by such Assignor of said obligation. Upon the
occurrence of an Event of Default, the Administrative Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license, or sub-license (without payment of royalty or other compensation to any Person) any and all
trademarks and tradenames, brochures, customer lists, promotional and advertising materials, labels, packaging materials of Assignors for purposes of selling any Collateral. Each Assignor’s rights and interests under any such intellectual
property shall inure to Administrative Agent’s benefit. By accepting the benefits of this Agreement and each other Security Document, the Secured Creditors expressly acknowledge and agree that this Agreement and each other Security Document may
be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Secured Creditors and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to
realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Secured Creditors upon the terms of this Agreement and the other
Security Documents. 
 5.2. Remedies; Disposition of the Collateral. If any Event of Default shall have occurred and be
continuing, then any Collateral repossessed by the Administrative Agent 

  
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under or pursuant to Section 5.1 hereof and any other Collateral whether or not so repossessed by the Administrative Agent, may be sold, assigned, leased or otherwise disposed of
under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Administrative
Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of such Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed when taken by the
Administrative Agent or after any overhaul or repair at the expense of the relevant Assignor which the Administrative Agent shall determine to be commercially reasonable. Any such sale, lease or other disposition may be effected by means of a public
disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 through 9-613 of the UCC and/or such other mandatory requirements of applicable law as
may apply to the respective disposition. The Administrative Agent may, without notice or publication, adjourn any public or private disposition or cause the same to be adjourned from time to time by announcement at the time and place fixed for the
disposition, and such disposition may be made at any time or place to which the disposition may be so adjourned. To the extent permitted by any such requirement of law, the Administrative Agent may bid for and become the purchaser (and may pay all
or any portion of the purchase price by crediting Obligations against the purchase price) of the Collateral or any item thereof, offered for disposition in accordance with this Section 5.2 without accountability to the relevant Assignor.
If, under applicable law, the Administrative Agent shall be permitted to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Administrative
Agent need give such Assignor only such notice of disposition as shall be required by such applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such disposition or
dispositions of all or any portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental
instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor’s expense. 

5.3. Waiver of Claims. Except as otherwise provided in this Agreement, EACH ASSIGNOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE ADMINISTRATIVE AGENT’S TAKING POSSESSION OR THE ADMINISTRATIVE AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND
HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Assignor hereby further waives, to the extent permitted by law: 
 (i) all damages occasioned by such taking of possession or any such disposition except any damages which are the direct result of the Administrative Agent’s gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable decision); 

  
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 (ii) all other requirements as to the time, place and terms of sale or other
requirements with respect to the enforcement of the Administrative Agent’s rights hereunder; and 
 (iii)
all rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any applicable law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion
thereof, and each Assignor, for itself and all who may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the benefit of all such laws. 
 Any sale of, or the grant of options to purchase, or any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the
relevant Assignor therein and thereto, and shall be a perpetual bar both at law and in equity against such Assignor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any part
thereof, from, through and under such Assignor. 
 5.4. Application of Proceeds. (a) All moneys collected by the
Administrative Agent upon any sale or other disposition of the Collateral, together with all other moneys received by the Administrative Agent hereunder shall be applied in accordance with the provisions of Section 5.03(d) of the Credit
Agreement. 
 (b) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the other Security Documents,
agrees and acknowledges that if the Lender Creditors receive a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all Loans and Unpaid Drawings have been paid
in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Lender Creditors, as cash security for the repayment of Obligations owing to the Lender Creditors as
such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit Agreement, and after the application of all such cash security to the
repayment of all Obligations owing to the Lender Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such excess cash shall be remitted to the Administrative Agent for distribution in
accordance with Section 5.4(a) hereof. 
 (c) All payments required to be made hereunder shall be made to the
Administrative Agent for the account of the Lender Creditors, the Specified Creditors or the Treasury Services Creditors, as applicable. 
 (d) For purposes of applying payments received in accordance with this Section 5.4, the Administrative Agent shall be entitled to rely upon the Specified Creditors and the Treasury Services
Creditors, as applicable, for a determination (which the Administrative Agent, the Specified Creditors and the Treasury Services Creditors agree (or shall agree) to provide upon request of the Administrative Agent) of the outstanding Obligations
(and Dollar Equivalents thereof) owed to the Lender Creditors, the Specified Creditors or the Treasury Services Creditors as the case may be. 

  
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 (e) It is understood that the Assignors shall remain jointly and severally
liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the aggregate amount of the Obligations. 
 5.5. Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Administrative Agent shall be in addition to every other right, power and remedy specifically given
to the Administrative Agent under this Agreement, the other Secured Debt Agreements or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may
be exercised from time to time or simultaneously and as often and in such order as may be deemed expedient by the Administrative Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one
shall not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Administrative Agent in the exercise of any such right, power or remedy and no renewal or extension of any of the Obligations shall impair any
such right, power or remedy or shall be construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any Assignor in any case shall entitle it to any other or further notice or demand in similar
or other circumstances or constitute a waiver of any of the rights of the Administrative Agent to any other or further action in any circumstances without notice or demand. In the event that the Administrative Agent shall bring any suit to enforce
any of its rights hereunder and shall be entitled to judgment, then in such suit the Administrative Agent may recover reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment.

 5.6. Discontinuance of Proceedings. In case the Administrative Agent shall have instituted any proceeding to enforce
any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Administrative Agent, then and in
every such case the relevant Assignor, the Administrative Agent and each holder of any of the Obligations shall be restored to their former positions and rights hereunder with respect to the Collateral subject to the security interest created under
this Agreement, and all rights, remedies and powers of the Administrative Agent shall continue as if no such proceeding had been instituted. 
 ARTICLE VI 
 INDEMNITY 

6.1. Indemnity. (a) Each Assignor jointly and severally agrees to indemnify and hold the Administrative Agent, each other
Secured Creditor and their respective successors, assigns, employees, affiliates and agents (hereinafter in this Section 6.1 referred to individually as “Indemnitee,” and collectively as “Indemnitees”)
harmless from any and all liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, judgments and any and all costs, expenses or disbursements (including reasonable attorneys’ fees and expenses) (for the purposes
of this Section 6.1 the foregoing are collectively called “expenses”) of whatsoever kind and nature imposed on, asserted against or incurred by any of the Indemnitees in any way

  
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relating to or arising out of this Agreement, any other Secured Debt Agreement or any other document executed in connection herewith or therewith or in any other way connected with the
administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the preservation of any rights under any thereof, or in any way relating to or arising out of the manufacture, ownership, ordering,
purchase, delivery, control, acceptance, lease, financing, possession, operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not discoverable), the
violation of the laws of any country, state or other governmental body or unit, any tort (including, without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the death of any Person
(including any Indemnitee), or property damage), or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 6.1 (a) for losses, claims, damages, expenses or liabilities to the extent
(w) caused by the gross negligence, bad faith or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision), (x) brought solely by an Affiliate of such Indemnitee,
(y) resulting from a breach of this Agreement or any other Secured Credit Documents by such Indemnitee, or (z) relating solely to disputes among Indemnitees and not involving the Sponsors, the Grantors, or any of their Affiliates (unless
caused by or relating to a breach caused by the Sponsors, the Grantors, or any of their Affiliates); provided, further, that the Assignors shall not be required to reimburse the legal fees and expenses of more than one outside counsel
(in addition to any necessary or advisable special counsel and up to one local counsel in each applicable local jurisdiction) for all Indemnitees unless, in the written opinion of outside counsel reasonably satisfactory to the Assignors and the
Administrative Agent, representation of all such Indemnitees would be inappropriate due to the existence of an actual or potential conflict of interest. Each Assignor agrees that upon written notice by any Indemnitee of the assertion of such a
liability, obligation, damage, injury, penalty, claim, demand, action, suit or judgment, the relevant Assignor shall assume full responsibility for the defense thereof. Each Indemnitee agrees to use its best efforts to promptly notify the relevant
Assignor of any such assertion of which such Indemnitee has knowledge. 
 (b) Without limiting the application of
Section 6.1(a) hereof, each Assignor agrees, jointly and severally, to pay or reimburse the Administrative Agent for any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation,
preservation or protection of the Administrative Agent’s Liens on, and security interest in, the Collateral, including, without limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public
offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for insurance with respect to the Collateral and all other fees, costs and expenses in connection with protecting, maintaining or preserving the
Collateral and the Administrative Agent’s interest therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral. 

(c) If and to the extent that the obligations of any Assignor under this Section 6.1 are unenforceable for any reason, such
Assignor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 

  
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 6.2. Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any
Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Obligations secured by the Collateral. The indemnity obligations of each Assignor contained in this Article VI shall continue in full force and effect
notwithstanding the full payment of all of the other Obligations and notwithstanding the full payment of all the Notes issued, and Loans made, under the Credit Agreement, the termination of all Letters of Credit (and the full payment of all Unpaid
Drawings) issued under the Credit Agreement, the termination of all Secured Hedging Agreements entered into with the Specified Creditors, the termination of all Treasury Services Agreements entered into with the Treasury Services Creditors and the
payment of all other Obligations and notwithstanding the discharge thereof and the occurrence of the Termination Date. 
 ARTICLE
VII 
 DEFINITIONS 
 The following terms shall have the meanings herein specified. Such definitions shall be equally applicable to the singular and plural forms of the terms defined. 

“Account” shall mean any “account” as such term is defined in the Uniform Commercial Code as in effect on the
Closing Date in the State of New York, and in any event shall include but shall not be limited to, all rights to payment of any monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy
provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in
a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State. 

“Administrative Agent” shall have the meaning provided in the first paragraph of this Agreement. 

“Agreement” shall mean this U.S. Security Agreement, as the same may be amended, modified, restated and/or supplemented
from time to time in accordance with its terms. 
 “Aleris” shall have the meaning provided in the recitals of
this Agreement. 
 “Assignor” shall have the meaning provided in the first paragraph of this Agreement.

 “Borrowers” shall have the meaning provided in the recitals to this Agreement. 

“Cash Collateral Account” shall mean a non-interest bearing cash collateral account maintained with, and in the sole
dominion and control of, the Administrative Agent for the benefit of the Secured Creditors. 

  
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 “Chattel Paper” shall mean “chattel paper” as such term is
defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York. Without limiting the foregoing, the term “Chattel Paper” shall in any event include all Tangible Chattel Paper and all Electronic Chattel
Paper. 
 “Collateral” shall have the meaning provided in Section 1.1 (a) of this Agreement.

 “Commercial Tort Claims” shall mean “commercial tort claims” as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Contract Rights” shall
mean all rights of any Assignor under each Contract, including, without limitation, (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or
all Contracts and (iii) any and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts. 
 “Contracts” shall mean all contracts between any Assignor and one or more additional parties (including, without limitation, any Secured Hedging Agreements, Treasury Services Agreements,
licensing agreements and any partnership agreements, joint venture agreements and limited liability company agreements). 

“Credit Agreement” shall have the meaning provided in the recitals of this Agreement. 

“Credit Document Obligations” shall mean the full and prompt payment when due (whether at stated maturity, by
acceleration or otherwise) of all Obligations, liabilities and indebtedness (including, without limitation, unpaid principal, premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Assignor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such
proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Assignor to the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and
the other Credit Documents to which such Assignor is a party (including, without limitation, in the event such Assignor is a Guarantor, all such obligations, liabilities and indebtedness of such Assignor under its Guaranty) and the due performance
and compliance by such Assignor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit Documents, except to the extent consisting of Obligations or indebtedness with respect to Secured Hedging
Agreements and Treasury Services Obligations. 
 “Deposit Accounts” shall mean all “deposit accounts”
as such term is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York. 

“Documents” shall mean “documents” as such term is defined in the Uniform Commercial Code as in effect on the
Closing Date in the State of New York. 

  
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 “Electronic Chattel Paper” shall mean “electronic chattel paper”
as such term is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York. 

“Equipment” shall mean any “equipment” as such term is defined in the Uniform Commercial Code as in effect on
the Closing Date in the State of New York, and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by any Assignor and any and all additions, substitutions and
replacements of any of the foregoing and all accessions thereto, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“Excluded Accounts” shall mean Exempted Deposit Accounts and Exempted Disbursement Accounts. 

“Event of Default” shall mean (i) at any time when any Credit Document Obligations are outstanding or any
Commitments under the Credit Agreement exist, any Event of Default under, and as defined in, the Credit Agreement, and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments under the Credit
Agreement have been terminated and no further Commitments may be provided thereunder, any payment default or any of the Obligations after the expiration of any applicable grace period. 

“General Intangibles” shall mean “general intangibles” as such term is defined in the Uniform Commercial Code
as in effect on the Closing Date in the State of New York. 
 “Indemnitee” shall have the meaning provided in
Section 6.1(a) of this Agreement. 
 “Instrument” shall mean “instruments” as such term
is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York. 

“Inventory” shall mean merchandise, inventory and goods, and all additions, substitutions and replacements thereof and
all accessions thereto, wherever located, together with all goods, supplies, incidentals, packaging materials, labels, materials and any other items used or usable in manufacturing, processing, packaging or shipping same, in all stages of production
from raw materials through work in process to finished goods, and all products and proceeds of whatever sort and wherever located any portion thereof which may be returned, rejected, reclaimed or repossessed by the Administrative Agent from any
Assignor’s customers, and shall specifically include all “inventory” as such term is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York. 

“Lender Creditors” shall have the meaning provided in the recitals of this Agreement. 

“Lenders” shall have the meaning provided in the recitals of this Agreement. 

  
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 “Letter-of-Credit Rights” shall mean “letter-of-credit rights” as
such term is defined in the Uniform Commercial Code as in effect on the Closing Date hereof in the State of New York. 

“Location” of any Assignor, shall mean such Assignor’s “location” as determined pursuant to
Section 9-307 of the UCC. 
 “Person” shall mean any individual, partnership, joint venture, firm,
corporation, association, limited liability company, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Proceeds” shall mean all “proceeds” as such term is defined in the Uniform Commercial Code as in effect in the State of New York on the Closing Date and, in any event, shall
also include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Administrative Agent or any Assignor from time to time with respect to any of the Collateral, (ii) any and all
payments (in any form whatsoever) made or due and payable to any Assignor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or
any person acting under color of governmental authority) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Records” shall mean any “record” as such term is defined in the Uniform Commercial Code as in effect on the
Closing Date in the State of New York. 
 “Registered Organization” shall have the meaning provided in the
Uniform Commercial Code as in effect in the State of New York. 
 “Required Secured Creditors” shall mean
(i) at any time when any Credit Document Obligations are outstanding or any Commitments under the Credit Agreement exist, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the
Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated and no further Commitments may be provided thereunder, the holders of a
majority of the Other Obligations and Treasury Services Obligations (taken as a whole). 
 “Secured Creditors”
shall have the meaning provided in the recitals of this Agreement. 
 “Secured Debt Agreements” shall mean and
include this Agreement, the other Credit Documents, the Secured Hedging Agreements entered into with a Specified Creditor, the Treasury Services Agreements entered into with a Treasury Services Creditor and any intercreditor agreement entered into
by the Administrative Agent with a Specified Creditor. 
 “Specified Creditors” shall have the meaning provided
in the recitals of this Agreement. 

  
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 “Subsidiary” shall mean, as to any Person, (i) any corporation more
than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation
shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint
venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity interest at the time. 
 “Supporting Obligations” shall mean any “supporting obligation” as such term is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of New York,
now or hereafter owned by any Assignor, or in which any Assignor has any rights, and, in any event, shall include, but shall not be limited to all of such Assignor’s rights in any Letter-of-Credit Right or secondary obligation that supports the
payment or performance of, and all security for, any Collateral consisting of Accounts, Chattel Paper, Documents, General Intangibles, Instruments or Investment Properties. 
 “Tangible Chattel Paper” shall mean “tangible chattel paper” as such term is defined in the Uniform Commercial Code as in effect on the Closing Date in the State of
New York. 
 “Termination Date” shall have the meaning provided in Section 8.8(a) of this
Agreement. 
 “Transmitting Utility” shall have the meaning given such term in Section 9-102(a)(80) of the
UCC. 
 “Treasury Services” shall have the meaning provided in the recitals of this Agreement. 

“Treasury Services Agreement” shall have the meaning provided in the recitals of this Agreement. 

“Treasury Services Creditors” shall have the meaning provided in the recitals of this Agreement. 

“Treasury Services Obligations” shall mean all obligations, liabilities and indebtedness (including, without limitation,
all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding at the rate provided for in the respective documentation, whether or not such
interest is allowed in any such proceeding) owing by Aleris or any of its Subsidiaries to each Treasury Services Creditor with respect to Treasury Services, whether now in existence or hereafter arising in each case under any Treasury Services
Agreement. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to
time; provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the Closing
Date; provided, further, 

  
 22 

 
that if by reason of mandatory provisions of law, the perfection, the effect of perfection or non-perfection or the priority of the Liens of the Administrative Agent in any Collateral is governed
by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority. 
 ARTICLE VIII 

MISCELLANEOUS 

8.1. Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the
respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be
effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Administrative Agent or any Assignor
shall not be effective until received by the Administrative Agent or such Assignor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 

(a) if to any Assignor, c/o: 
 Aleris International, Inc. 
 25825 Science Park Drive, Suite 400 

Beachwood, OH 44122 
 Attention: General Counsel 
 Telephone No.: (216) 910-3400 

Telecopier No.: (216) 910-3650 
 (b) if to the Administrative Agent or the Administrative Agent, at: 
 Bank of
America, N.A. 
 300 Galleria Parkway Suite 800 
 Atlanta, Georgia 30339 
 Attention: Loan Administration Manager 

Telephone No.: (404) 607-3234 
 Telecopier No.: (404) 607-3277 
 (c) if to any Lender Creditor
other than the Administrative Agent, at such address as such Lender Creditor shall have specified in the Credit Agreement; 
 (d) if to any Specified Creditor, at such address as such Specified Creditor shall have specified in writing to Aleris and the Administrative Agent; 

  
 23 

 (e) if to any Treasury Services Creditor, at such address as such Treasury
Services Creditor shall have specified in writing to Aleris and the Administrative Agent; 
 or at such other address or addressed to such other
individual as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 
 8.2. Waiver; Amendment. None of the terms and conditions of this Agreement (or, to the extent any other Security Document requires waivers or amendments thereunder to occur in accordance with the
provisions of this Agreement, such other Security Document) may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Assignor (or, to the extent any other Security Document requires waivers or
amendments thereunder to occur in accordance with the provisions of this Agreement, the pledgor, transferor, mortgagor or other corresponding party under such other Security Document) directly affected thereby and the Administrative Agent (or, to
the extent any other Security Document requires waivers or amendments thereunder to occur in accordance with the provisions of this Agreement, the collateral agent or mortgagee under such other Security Document) (with the written consent of the
Required Secured Creditors); provided, that, (x) additional Assignors may be added as parties hereto from time to time in accordance with Section 8.12 (or the corresponding section in such other Security Document)
without the consent of any other Assignor or of the Secured Creditors, and (y) Assignors may be removed as parties hereto from time to time in accordance with Section 8.13 (or the corresponding section in such other Security
Document), without the consent of any other Assignor or of the Secured Creditors. 
 8.3. Obligations Absolute. The
obligations of each Assignor hereunder shall remain in full force and effect without regard to, and shall not be impaired by, (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of
such Assignor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege under or in respect of this Agreement or any other Secured Debt Agreement; or (c) any amendment to or modification of any Secured Debt
Agreement or any security for any of the Obligations (in each case), whether or not such Assignor shall have notice or knowledge of any of the foregoing. 
 8.4. Successors and Assigns. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination
as set forth in Section 8.8, (ii) be binding upon each Assignor, its successors and assigns, provided however, that no Assignor shall assign any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent, the other Secured
Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each Assignor herein or in any certificate or other instrument delivered by such Assignor or on its behalf under
this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors
or on their behalf. 

  
 24 

 8.5. Headings Descriptive. The headings of the several sections of this Agreement are
inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

8.6. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH ASSIGNOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH ASSIGNOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH ASSIGNOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH ASSIGNOR. EACH ASSIGNOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT 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 ANY SUCH ASSIGNOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 8.1 ABOVE, SUCH
SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING
COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY ASSIGNOR IN ANY OTHER JURISDICTION. 
 (b) EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, 

  
 25 

 
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

8.7. Assignors’ Duties. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Assignor
shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Administrative Agent shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this
Agreement, nor shall the Administrative Agent be required or obligated in any manner to perform or fulfill any of the obligations of any Assignor under or with respect to any Collateral. 

8.8. Termination; Release. (a) After the Termination Date, this Agreement (or, to the extent any other Security Document
requires termination or releases thereunder to occur in accordance with the provisions of this Agreement, such other Security Document) shall terminate (provided, that all indemnities set forth herein including, without limitation in
Section 8.1 hereof, shall survive such termination) and the Administrative Agent (or, to the extent any other Security Document requires termination or releases thereunder to occur in accordance with the provisions of this Agreement, the
collateral agent or mortgagee under such other Security Document), at the request and expense of the respective Assignor (or, to the extent any other Security Document requires termination or releases thereunder to occur in accordance with the
provisions of this Agreement, the pledgor, transferor, mortgagor or other corresponding party under such other Security Document), will promptly execute and deliver to such Assignor a proper instrument or instruments (including Uniform Commercial
Code termination statements on form UCC-3) acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty) such of the
Collateral as may be in the possession of the Administrative Agent or any of its sub-agents hereunder and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. As used in this Agreement, “Termination
Date” shall mean the date upon which the Total Commitment under the Credit Agreement has been terminated, no Letter of Credit or Note (as defined in the Credit Agreement) is outstanding (and all Loans and Unpaid Drawings have been paid in
full), all Letters of Credit have been terminated, all Obligations under Secured Hedging Agreements and Treasury Services Agreements and all other Obligations (other than indemnities under the Debt Agreements which are not then due and payable) have
been paid in full and all Secured Hedging Agreements have been terminated. 
 (b) In the event that any part of the Collateral
(as defined in the Credit Agreement) is directly or indirectly sold or otherwise disposed of (to a Person other than a U.S. Credit Party) (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and all
Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or disposition permitted by Section 8.02 of the Credit Agreement or is otherwise released at the direction of the Required
Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), and the
proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Administrative Agent,
at the request and expense of Aleris, 

  
 26 

 
will duly release from the security interest created hereby (or, to the extent any other Security Document requires releases thereunder to occur in accordance with the provisions of this
Agreement, from the security interest created by such other Security Document) (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and
deliver to Aleris, on behalf of the applicable Assignor, (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or otherwise disposed of, or released, and as may be in the
possession of the Administrative Agent (or any of its sub-agents hereunder) and has not theretofore been released pursuant to this Agreement. Furthermore, upon the release of any Guarantor from any Guaranty in accordance with the provisions thereof
or in accordance with Section 13.12(b) of the Credit Agreement, such Assignor (or, to the extent any other Security Document requires releases thereunder to occur in accordance with the provisions of this Agreement, the assignor, grantor
or pledgor under such other Security Document) (and the Collateral at such time assigned by the respective Assignor, grantor, pledgor or assignor pursuant hereto or pursuant to such other Security Document) shall be released from this Agreement (or,
to the extent any other Security Document requires releases thereunder to occur in accordance with the provisions of this Agreement, from such other Security Document). 
 (c) At any time that an Assignor desires that the Administrative Agent take any action to acknowledge or give effect to any release of Collateral pursuant to the foregoing Section 8.8(a) or
(b), such Assignor shall deliver to the Administrative Agent (and the relevant sub-agent, if any, designated hereunder) a certificate signed by a principal executive officer of such Assignor stating that the release of the respective Collateral
is permitted pursuant to such Section 8.8(a) or (b). At any time that any U.S. Borrower or the respective Assignor desires that a Subsidiary of such U.S. Borrower which has been released from the U.S. Subsidiaries Guaranty be released
hereunder as provided in the penultimate sentence of Section 8.8(b), it shall deliver to the Administrative Agent a certificate signed by a principal executive officer of such U.S. Borrower and the respective Assignor stating that the
release of the respective Assignor (and its Collateral) is permitted pursuant to such Section 8.8(b). 
 (d) The
Administrative Agent shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with, or which the Administrative Agent believes to be in accordance with, this
Section 8.8. 
 8.9. Counterparts. This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto
shall be lodged with the Borrower and the Administrative Agent. 
 8.10. Severability. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 27 

 8.11. The Administrative Agent and the other Secured Creditors. The Administrative
Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Administrative Agent as holder of the Collateral and interests
therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement. The Administrative Agent shall act hereunder on the terms and conditions set forth herein and in
Annex D hereto, the terms of which shall be deemed incorporated herein by reference as fully as if same were set forth herein in their entirety. 
 8.12. Additional Assignors. It is understood and agreed that any Subsidiary Guarantor that desires to become an Assignor hereunder, or is required to execute a counterpart of this Agreement after
the Closing Date pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become an Assignor hereunder by executing a counterpart hereof and delivering same to the Administrative Agent, or by executing a joinder
agreement in form and substance satisfactory to the Administrative Agent, (y) delivering supplements to Annexes A through D hereto as are necessary to cause such Annexes to be complete and accurate with respect to such
additional Assignor on such date and (z) taking all actions as specified in this Agreement as would have been taken by such Assignor had it been an original party to this Agreement, in each case with all documents required above to be delivered
to the Administrative Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Administrative Agent. 
 8.13. Calculation of Obligations under Secured Hedging Agreements. Any calculation of obligations outstanding under a Secured Hedging Agreement for purposes of this Agreement or any other Security
Document shall be (i) for purposes of the definition of Required Secured Creditors (x) if prior to the termination of such Secured Hedging Agreement, the maximum aggregate amount (giving effect to any netting agreements) that Aleris and
the Assignors would be required to pay if such Secured Hedging Agreement were terminated at such time, and (y) if after the termination of such Secured Hedging Agreements, the amount which is actually due and payable by Aleris and the Assignors
under such Secured Hedging Agreement at such time and (ii) for purposes of Section 5 of this Agreement, the amount which is actually due and payable by Aleris and the Assignors under such Secured Hedging Agreement at such time.

 [Remainder of this page intentionally left blank; signature pages follow] 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered by their duly authorized officers as of the date first above written. 
 Each Assignor’s address is as listed 

on Annex B attached hereto 
  

			
	ALERIS INTERNATIONAL, INC., a Delaware corporation (formerly known as AHC Intermediate Co.), as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, Executive Vice President
	
	ALERIS ROLLED PRODUCTS, INC., a Delaware corporation (formerly known as RLD Acquisition Co.), as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	ALERIS ROLLED PRODUCTS, LLC, a Delaware limited liability company, as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	ALERIS ROLLED PRODUCTS SALES CORPORATION, a Delaware corporation, as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	IMCO RECYCLING OF OHIO, LLC, a Delaware limited liability company, as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President

[Signatures continue on the following page.] 
 U. S. Security Agreement (Aleris) 

 
			
	ALERIS RECYCLING, INC., a Delaware corporation (formerly known as RCY Acquisition Co.), as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	ALERIS SPECIFICATION ALLOYS, INC., a Delaware corporation (formerly known as SPEC A Acquisition Co.), as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	ALERIS SPECIALTY PRODUCTS, INC., a Delaware corporation (formerly known as SPEC P Acquisition Co.), as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	 ALERIS RECYCLING BENS RUN, LLC,
 a Delaware limited liability company (formerly known as ARBR Acquisition, LLC), as an Assignor

		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President
	
	ETS SCHAEFER, LLC, an Ohio limited liability company, as an Assignor
		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President

[Signatures continue on the following page.] 
 U. S. Security Agreement (Aleris) 

 
			
	 ALERIS OHIO MANAGEMENT, INC.,
 a Delaware corporation (formerly known as HQ1 Acquisition Co.), as an Assignor

		
	By:	 	/s/ Sean M. Stack
		 	Sean M. Stack, President

[Signatures continue on the following page.] 
 U. S. Security Agreement (Aleris) 

					
	Accepted and Agreed to:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ John Yankauskas
		 	Name:	 	John Yankauskas
		 	Title:	 	Senior Vice President

 U. S. Security Agreement (Aleris)

 ANNEX A 
 to 
 SECURITY AGREEMENT 

SCHEDULE OF CHIEF EXECUTIVE OFFICES; INVENTORY AND EQUIPMENT 

LOCATIONS  
 Chief
Executive Offices 
 The Executive Offices of the Assignors are located at the following address: 

25825 Science Park Drive 
 Suite 400 

Beachwood, Ohio 44122 
 Inventory and
Equipment Locations 
  

			
	 Entity
	  	 Inventory and Equipment Locations

	 Aleris International, Inc.
	  	 5525 North MacArthur Blvd., Suite 300
 Irving, TX 75038

		
	 Aleris International, Inc.
	  	 25825 Science Park Drive

Beachwood, OH 44122-7392

		
	 Aleris International, Inc.
	  	 1700 Eastpoint Parkway

Suite 200
 Louisville, KY
40223

		
	 Aleris International, Inc.
	  	 1372 State Road 1957

Lewisport, KY 42351

		
	 Aleris Recycling, Inc.
	  	 1942 Mooretown Road

Morgantown, KY 42261

		
	 Aleris Recycling, Inc.
	  	 609 Gardner Camp Road

Highway 1468
 Morgantown, KY
42261

		
	 Aleris Recycling, Inc.
	  	 1508 North 8th Street

Highway 97 North
 Sapulpa, OK
74066

		
	 Aleris Recycling, Inc.
	  	 397 Blackhollow Road

Rockwood, TN 37854

		
	 Aleris Recycling, Inc.
	  	 388 Williamson Drive

Loudon, TN 37774

		
	 Aleris Recycling, Inc.
	  	 305 Dimension Avenue

Wabash, IN 46992

		
	 Aleris Recycling, Inc.
	  	 109 Dimension Avenue

Wabash, IN 46992

		
	 Aleris Recycling, Inc.
	  	 3816 South State Route 2

Friendly, WV 26146

		
	 Aleris Rolled Products, Inc.
	  	 Precision Strip, Inc.
 315
Park Avenue
 Tipp City, OH 45371

		
	 Aleris Rolled Products, Inc.
	  	 Precision Strip, Inc.

 ANNEX A 
 Page 2 
  

			
	 Entity
	  	 Inventory and Equipment Locations

		  	 86 South Ohio St.
 Minster,
OH 45865

		
	 Aleris Rolled Products, Inc.
	  	 Chemcoaters, LLC
 700 Chase
St.
 Gary, IN 46404

		
	 Aleris Rolled Products, Inc.
	  	 Main Steel Polishing Co., Inc.
 5821 Randolph St.
 Los Angeles, CA 90040

		
	 Aleris Rolled Products, Inc.
	  	 Main Steel Polishing Co., Inc.
 571 South Wheeling Rd.
 Wheeling, IL 60090

		
	 Aleris Rolled Products, Inc.
	  	 101 Ventura Way
 Secaucus,
NJ 07094

		
	 Aleris Rolled Products, Inc.
	  	 838 North Delsea Drive

Clayton, NJ 08312

		
	 Aleris Rolled Products, Inc.
	  	 2 Moore Ave.
 Buckhannon, WV
26201

		
	 Aleris Rolled Products, Inc.
	  	 220 Horizon Dr., Suite 218

Raleigh, NC 27615

		
	 Aleris Rolled Products, Inc.
	  	 1 Reynolds Road
 Ashville,
OH 43103-9595

		
	 Aleris Rolled Products, Inc.
	  	 1801 Reymet Road
 Richmond,
VA 23237
  
 1701 Reymet Road

Richmond, VA 23237
  
 1601 Reymet Road
 Richmond, VA 23237

		
	 Aleris Rolled Products, Inc.
	  	 3321 Durham Road
 Roxboro,
NC 27573

		
	 Aleris Rolled Products, Inc.
	  	 118 Commerce Drive
 Roxboro,
NC 27573

		
	 Aleris Rolled Products, Inc.
	  	 2473 Durham Road
 Roxboro,
NC 27573

		
	 Aleris Rolled Products, Inc.
	  	 601 Henry Avenue
 Beloit, WI
53511

		
	 Aleris Rolled Products, Inc.
	  	 County Road 50 West

Rockport, IN 47635

		
	 Aleris Rolled Products, Inc.
	  	 12651 Highway 431 South

Livia, KY 42376

		
	 Aleris Rolled Products, Inc.
	  	 1881 Underwood Road
 Olaton,
KY 42361

		
	 Aleris Rolled Products, Inc.
	  	 7319 Newport Road, S.E.

Uhrichsville, OH 44683

		
	 Aleris Rolled Products, Inc.
	  	 A.E. Service PO Box 2409

Buckhannon, WV 26201

		
	 Aleris Rolled Products, Inc.
	  	 Centria Coating Services

 ANNEX A 
 Page 3 
  

			
	 Entity
	  	 Inventory and Equipment Locations

		  	 530 North 2nd Street

Cambridge, OH 43725

		
	 Aleris Rolled Products, Inc.
	  	 Precoat Jackson
 1095
Mendell Davis Drive
 Jackson, MS 39212

		
	 Aleris Rolled Products, Inc.
	  	 Precoat St. Louis
 4301
South Spring
 St. Louis, MO 63116

		
	 Aleris Rolled Products, Inc.
	  	 Precoat MMC
 #9 Kozen
Court
 Granite City, IL 62040

		
	 Aleris Rolled Products, Inc.
	  	 Owensboro Riverport
 1771
River Road
 Owensboro, KY 42301

		
	 Aleris Rolled Products, Inc.
	  	 Century Aluminum
 PO Box
500
 Hawesville, KY 42348

		
	 Aleris Rolled Products, Inc.
	  	 Precision Strip – Bowling Green
 4466 Hardison Road
 Woodburn, KY 42170

		
	 Aleris Rolled Products, Inc.
	  	 Kinder Morgan
 7550 Terminal
Road
 Maceo, KY 42355

		
	 Aleris Rolled Products, Inc.
	  	 C.M.I. Freight Trans, Inc.

1050 77th Avenue
 Oakland, CA
94621

		
	 Aleris Rolled Products, Inc.
	  	 Kinder Morgan
 OGT
East
 1900 Highway 271 North

Hawesville, KY 42348

		
	 Aleris Rolled Products, Inc.
	  	 Clarion Warehouse Company

465 West 3rd Street
 Dover, OH
44622

		
	 Aleris Rolled Products, Inc.
	  	 C.M.I. Freight-Trans, Inc.

8462 S. 190th Street
 Kent, WA
98031

		
	 Aleris Rolled Products, Inc.
	  	 International Metals Processing
 3131 Franklin Rd.
 Indianapolis, IN 46226

		
	 Aleris Rolled Products, Inc.
	  	 C.M.I. Freight-Trans, Inc.

4900 S. Boyle
 Vernon, CA
90058

		
	 Aleris Rolled Products, Inc.
	  	 Main Steel Polishing
 5821
Randolph Street
 Commerce, CA 90040

		
	 Aleris Rolled Products, Inc.
	  	 Leveltek Processing LLC
 748
McMechen Street
 Benwood, WV 26031

 Annex A 
 Page 4 
  

			
	 Entity
	  	 Inventory and Equipment Locations

	 Aleris Rolled Products, Inc.
	  	 20415
72nd Ave. S. Ste 230

Kent, WA 98032

		
	 Aleris Specialty Products, Inc.
	  	 4181 Bradley Road

Cleveland, OH 44109

		
	 Aleris Specification Alloys, Inc.
	  	 Metro Int’l Trae Services LLC
 6850 Middlebelt Road
 Romulus, MI 48174

		
	 Aleris Specification Alloys, Inc.
	  	 2600 Nodular Drive
 Saginaw,
MI 48601

		
	 Aleris Specification Alloys, Inc.
	  	 430 West Garfield Avenue

Coldwater, MI 49036

		
	 Aleris Specification Alloys, Inc.
	  	 514 Butters Avenue

Coldwater, MI 49036

		
	 Aleris Specification Alloys, Inc.
	  	 425 Jay Street
 Coldwater,
MI 49036

		
	 Aleris Specification Alloys, Inc.
	  	 368 West Garfield Avenue

Coldwater, MI 49036

		
	 IMCO Recycling of Ohio, LLC
	  	 Precision Strip, Inc.
 86
South Ohio St.
 Minster, OH 45865

		
	 IMCO Recycling of Ohio, LLC
	  	 Precision Strip, Inc.
 315
Park Avenue
 Tipp City, OH 45371

		
	 IMCO Recycling of Ohio, LLC
	  	 Main Steel Polishing Co., Inc.
 5821 Randolph St.
 Los Angeles, CA 90040

		
	 IMCO Recycling of Ohio, LLC
	  	 Chemcoaters, LLC
 700 Chase
St.
 Gary, IN 46404

		
	 IMCO Recycling of Ohio, LLC
	  	 Main Steel Polishing Co., Inc.
 571 South Wheeling Rd.
 Wheeling, IL 60090

		
	 Aleris Specialty Products, Inc.
	  	 6340 Indianapolis Blvd.

Hammond, IN 46320

		
	 Aleris Recycling, Inc.
	  	 16168 West Prairie Avenue

Post Falls, ID 83854

		
	 Aleris Recycling, Inc.
	  	 400 East Lincoln Highway

Chicago Heights, IL 60411

		
	 Aleris Recycling, Inc.
	  	 267 North Fillmore Road

Coldwater, MI 49036

		
	 Aleris Specialty Products, Inc.
	  	 4203 South State Route 2

Friendly, WV 26146

		
	 Aleris Specialty Products, Inc.
	  	 2639 East Water Street
 Rock
Creek, OH 44084

		
	 Aleris Specialty Products, Inc.
	  	 320 Huron Street
 Elyria, OH
44035

		
	 Aleris Specialty Products, Inc.
	  	 Performix Technologies
 8151
South Range Road

 Annex A 
 Page 5 
  

			
	 Entity
	  	 Inventory and Equipment Locations

		  	Kingsford Heights, IN 46346
		
	 Aleris Specialty Products, Inc.
	  	 Performix Technologies
 101
Tidewater Rd N.E.
 Warren, OH 44483

		
	 Aleris Specialty Products, Inc.
	  	 Brown, Inc.
 720 West U.S.
Highway 20
 Michigan City, IN 46360

		
	 Aleris Specialty Products, Inc.
	  	 The Timken Company
 16th and
Dueber Ave SW
 Canton, OH 44711

		
	 Aleris Specialty Products, Inc.
	  	 Western Iron Works
 3360
Davey Allison Blvd
 Hueytown, AL 35023

		
	 Aleris Specialty Products, Inc.
	  	 Alfred Muchin Co.
 1600
South 26th Street
 Manitowoc, WI 54220

		
	 Aleris Specification Alloys, Inc.
	  	 47 Brogdon Road
 Steele, AL
35987

		
	 Aleris Specification Alloys, Inc.
	  	 4525 West Old 24
 Wabash, IN
46992

		
	 IMCO Recycling of Ohio, LLC
	  	 7335 Newport Road, S.E.

Uhrichsville, OH 44683

		
	 ETS Schaefer, LLC
	  	 8050 Highland Pointe Parkway

Macedonia, OH 44056

 ANNEX B 
 to 
 SECURITY AGREEMENT 

SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 
 (AND WHETHER A REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY),
JURISDICTION OF ORGANIZATION,  
 LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS 

 

															
	 Exact Legal Name of Assignor
	  	Type of
Organization
(or, if the
Assignor is an
Individual, so
indicate)	  	Registered
Organization
(Yes/No)
	  	Jurisdiction
of
Organization	  	Assignor’s
Location
(for
purposes of
NY UCC
§ 9-307)	  	Assignor’s
Organization
Identification
Number (or, if it
has none,
so
indicate)	  	Federal Tax
Employee
Identification
Number	  	Transmitting
Utility
(Yes/No)
	 Aleris International, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	3857932	  	27-1539680	  	No
	 Aleris Rolled Products, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	4766959	  	27-1539745	  	No
	 Aleris Rolled Products, LLC
	  	Limited
Liability
Company	  	Yes	  	Delaware	  	Delaware	  	3296864	  	61-1378491	  	No
	 Aleris Rolled Products Sales Corporation
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	2319325	  	95-1398512	  	No
	 IMCO Recycling of Ohio, LLC
	  	Limited
Liability
Company	  	Yes	  	Delaware	  	Delaware	  	2288463	  	75-2421405	  	No
	 Aleris Recycling, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	4766963	  	27-1539798	  	No
	 Aleris Specification Alloys, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	4766966	  	27-1539849	  	No
	 Aleris Specialty Products, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	4766974	  	27-1539911	  	No
	 Aleris Recycling Bens Run, LLC
	  	Limited
Liability
Company	  	Yes	  	Delaware	  	Delaware	  	4810533	  	27-2383083	  	No
	 ETS Schaefer, LLC
	  	Limited	  	Yes	  	Ohio	  	Ohio	  	869059	  	34-1769350	  	No

 ANNEX B 
 Page 2 
  

															
	 Exact Legal Name of Assignor
	  	Type of
Organization
(or, if the
Assignor is an
Individual, so
indicate)	  	Registered
Organization
(Yes/No)
	  	Jurisdiction
of
Organization	  	Assignor’s
Location
(for
purposes of
NY UCC
§ 9-307)	  	Assignor’s
Organization
Identification
Number (or, if it
has none,
so
indicate)	  	Federal Tax
Employee
Identification
Number	  	Transmitting
Utility
(Yes/No)
		  	Liability
Company	  		  		  		  		  		  	
	 Aleris Ohio Management, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  	3940449	  	27-1539961	  	No

 ANNEX C 
 to 
 SECURITY AGREEMENT 

DEPOSIT ACCOUNTS 
  

	A.	Core Concentration Accounts and Collection Accounts 

 CORE U.S. CONCENTRATION ACCOUNTS 
  

							
	 Account Holder
	  	 Account Bank
	  	 Account
Number
	  	 Jurisdiction of
Account

	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416024	  	Illinois
	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	730132800	  	Illinois

 U.S. COLLECTION
ACCOUNTS 
  

							
	 Account Holder
	  	 Account Bank
	  	 Account
Number
	  	 Jurisdiction of
Account

	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416032	  	Illinois
	 Aleris Rolled Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416065	  	Illinois
	 ETS Schaefer, LLC
	  	JPMorgan Chase Bank, N.A.	  	786417451	  	Illinois
	 Aleris Rolled Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	730132727	  	Illinois
	 Aleris Specialty Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786417477	  	Illinois

  

	B.	Disbursement Accounts 

U.S. DISBURSEMENT ACCOUNTS 
  

							
	 Account Holder
	  	 Account Bank
	  	 Account
Number
	  	 Jurisdiction of
Account

	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416040	  	Ohio
	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416057	  	Ohio
	 Aleris Rolled Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786416073	  	Ohio
	 ETS Schaefer, LLC
	  	JPMorgan Chase Bank, N.A.	  	786417444	  	Ohio
	 Aleris Rolled Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	730132735	  	Ohio
	 Aleris Specialty Products, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786417469	  	Ohio

  

	C.	Exempted Disbursement Accounts and Exempted Deposit Accounts 

 EXEMPTED U.S. DISBURSEMENT ACCOUNTS 
 None 

EXEMPTED U.S. DEPOSIT ACCOUNTS 
  

							
	 Account Holder
	  	 Account Bank
	  	 Account
Number
	  	 Jurisdiction of
Account

	 Aleris International, Inc.
	  	JPMorgan Chase Bank, N.A.	  	786417329	  	Illinois

 ANNEX D 
 to 
 U.S. SECURITY AGREEMENT 

THE ADMINISTRATIVE AGENT 

Appointment. The Secured Creditors, by their acceptance of the benefits of the U.S. Security Agreement to which this Annex D is
attached (the “U.S. Security Agreement”) hereby irrevocably designate BANK OF AMERICA, N.A. (“BANA”) (and any successor Administrative Agent) to act as specified herein and therein. Unless otherwise defined herein,
all capitalized terms used herein (x) and defined in the U.S. Security Agreement, are used herein as therein defined and (y) not defined in the U.S. Security Agreement, are used herein as defined in the Credit Agreement
referenced in the U.S. Security Agreement. Each Secured Creditor hereby irrevocably authorizes, and each holder of any Obligation by the acceptance of such Obligation and by the acceptance of the benefits of the U.S. Security Agreement and
the other Security Documents shall be deemed irrevocably to authorize, the Administrative Agent to take such action on its behalf under the provisions of the U.S. Security Agreement and the other Security Documents and any instruments and
agreements referred to therein and to exercise such powers and to perform such duties thereunder as are specifically delegated to or required of the Administrative Agent by the terms thereof and such other powers as are reasonably incidental
thereto. The Administrative Agent may perform any of its duties hereunder or thereunder by or through its authorized agents, sub-agents or employees. 
 Nature of Duties. (a) The Administrative Agent shall have no duties or responsibilities except those expressly set forth herein or in the U.S. Security Agreement and the other Security
Documents. The duties of the Administrative Agent shall be mechanical and administrative in nature; the Administrative Agent shall not have by reason of this Agreement, any other Credit Document or any other Secured Debt Agreement a fiduciary
relationship in respect of any Secured Creditor; and nothing in this Agreement, any other Credit Document or any other Secured Debt Agreement, expressed or implied, is intended to or shall be so construed as to impose upon the Administrative Agent
any obligations in respect of the U.S. Security Agreement or any other Security Document or any Secured Debt except as expressly set forth herein and therein. 
 (b) The Administrative Agent shall not be responsible for insuring the Collateral or for the payment of taxes, charges or assessments or discharging of Liens upon the collateral or otherwise as to the
maintenance of the Collateral. 
 (c) The Administrative Agent shall not be required to ascertain or inquire as to the
performance by any Assignor of any of the covenants or agreements contained in the Security Agreement, any other Credit Document or any other Secured Debt Agreement. 
 (d) The Administrative Agent shall be under no obligation or duty to take any action under, or with respect to, the U.S. Security Agreement or any other Security Document if taking such action
(i) would subject the Administrative Agent to a tax in any jurisdiction where it is not then subject to a tax or (ii) would require the Administrative Agent to qualify to do business, or obtain any license, in any jurisdiction where it is
not then so qualified or licensed or 

 Annex D 
 Page 2 
 (iii) would subject the Administrative Agent to in personam jurisdiction in any
locations where it is not then so subject. 
 (e) Notwithstanding any other provision of this Annex D, neither the
Administrative Agent nor any of its officers, directors, employees, affiliates or agents shall, in its individual capacity, be personally liable for any action taken or omitted to be taken by it in accordance with, or pursuant to this
Annex D or the U.S. Security Agreement or, any other Security Document or any Secured Debt Agreement except for its own gross negligence or willful misconduct (as determined in a final, non-appealable decision by a court of
competent jurisdiction). 
 Lack of Reliance on the Administrative Agent. Independently and without reliance upon the Administrative
Agent, each Secured Creditor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of each Assignor and its Subsidiaries in connection with the
making and the continuance of the Obligations and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of each Assignor and its Subsidiaries, and the Administrative Agent shall have
no duty or responsibility, either initially or on a continuing basis, to provide any Secured Creditor with any credit or other information with respect thereto, whether coming into its possession before the extension of any Obligations or the
purchase of any notes or at any time or times thereafter. The Administrative Agent shall not be responsible in any manner whatsoever to any Secured Creditor for the correctness of any recitals, statements, information, representations or warranties
herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or sufficiency of the U.S. Security Agreement
or any other Security Document or the security interests granted hereunder or the financial condition of any Assignor or any Subsidiary of any Assignor or be required to make any inquiry concerning either the performance or observance of any of the
terms, provisions or conditions of the U.S. Security Agreement or any other Security Document, or the financial condition of any Assignor or any Subsidiary of any Assignor, or the existence or possible existence of any default or event of default.
The Administrative Agent makes no representations as to the value or condition of the Collateral or any part thereof, or as to the title of any Assignor thereto or as to the security afforded by the U.S. Security Agreement or any other Security
Document. 
 Certain Rights of the Administrative Agent. (a) No Secured Creditor shall have the right to cause the Administrative
Agent to take any action with respect to the Collateral, with only the Required Secured Creditors having the right to direct the Administrative Agent to take any such action. If the Administrative Agent shall request instructions from the Required
Secured Creditors, with respect to any act or action (including failure to act) in connection with the U.S. Security Agreement or any other Security Document, the Administrative Agent shall be entitled to refrain from such act or taking such action
unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate indemnification in respect of actions to be taken, and the Administrative Agent shall not incur liability to any Person
by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative 

 Annex D 
 Page 3 
 Agent acting or refraining from acting hereunder in accordance with the instructions of
the Required Secured Creditors. 
 (b) Notwithstanding anything to the contrary contained herein, the Administrative Agent is
authorized, but not obligated, (i) to take any action reasonably required to perfect or continue the perfection of the liens on the Collateral for the benefit of the Secured Creditors and (ii) when instructions from the Required Secured
Creditors have been requested by the Administrative Agent but have not yet been received, to take any action which the Administrative Agent, in good faith, believes to be reasonably required to promote and protect the interests of the Secured
Creditors in the Collateral; provided that once instructions have been received, the actions of the Administrative Agent shall be governed thereby and the Administrative Agent shall not take any further action which would be contrary
thereto. 
 (c) Notwithstanding anything to the contrary contained herein or in the U.S. Security Agreement, any other
Security Document or any Secured Debt Agreement, the Administrative Agent shall not be required to take any action that exposes or, in the good faith judgment of the Administrative Agent may expose, the Administrative Agent or its officers,
directors, agents or employees to personal liability, unless the Administrative Agent shall be adequately indemnified as provided herein, or that is, or in the good faith judgment of the Administrative Agent may be, contrary to the U.S. Security
Agreement, any other Security Document, any Secured Debt Agreement or applicable law. 
 Reliance. The Administrative Agent shall be
entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or telescopes message, cablegram, radiogram, order or other document or telephone message signed, sent or
made by the proper Person or entity, and, with respect to all legal matters pertaining hereto or to the U.S. Security Agreement, any other Security Document and any Secured Debt Agreement and its duties thereunder and hereunder, upon advice of
counsel selected by it. 
 Indemnification. To the extent the Administrative Agent is not reimbursed and indemnified by the Assignors
under the U.S. Security Agreement or any other Secured Debt Agreement, the Secured Creditors will reimburse and indemnify the Administrative Agent, in proportion to their respective outstanding principal amounts (including, for this purpose, the
Stated Amount of outstanding Letters of Credit, as outstanding principal) of Obligations, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in performing its duties hereunder, or in any way relating to or arising out of its actions as Administrative Agent in respect of the U.S. Security
Agreement, any other Security Document and any Secured Debt Agreement except for those resulting solely from the Administrative Agent’s own gross negligence or willful misconduct (as determined in a final, non-appealable decision by a court of
competent jurisdiction). The indemnities set forth in this Section 6 shall survive the repayment of all Obligations, with the respective indemnification at such time to be based upon the outstanding principal amounts (determined as
described above) of Obligations at the time of the respective occurrence upon which the claim against the Administrative Agent is based or, if same is not reasonably 

 Annex D 
 Page 4 
 determinable, based upon the outstanding principal amounts (determined as described
above) of Obligations as in effect immediately prior to the termination of the U.S. Security Agreement and the other Security Documents. The indemnities set forth in this Section 6 are in addition to any indemnities provided by the
Lenders to the Administrative Agent pursuant to the Credit Agreement, with the effect being that the Lenders shall be responsible for indemnifying the Administrative Agent to the extent the Administrative Agent does not receive payments pursuant to
this Section 6 from the Secured Creditors (although in such event, and upon the payment in full of all such amounts owing to the Administrative Agent by the Lenders, the Lenders shall be subrogated to any rights of the Administrative
Agent to receive payment from the Secured Creditors). 
 The Administrative Agent in its Individual Capacity. With respect to its
obligations as a lender under the Credit Agreement and any other Credit Documents to which the Administrative Agent is a party, and to act as agent under one or more of such Credit Documents, the Administrative Agent shall have the rights and powers
specified therein and herein for a “Lender”, or an “Administrative Agent”, as the case may be, and may exercise the same rights and powers as though it were not performing the duties specified herein; and the terms
“Lenders,” “Required Lenders,” “Required Secured Creditors,” “holders of Notes,” or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent and its affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, investment banking, trust or other business with any Assignor or any Affiliate or Subsidiary of any Assignor
as if it were not performing the duties specified herein or in the other Credit Documents, and may accept fees and other consideration from the Assignors for services in connection with the Credit Agreement, the other Credit Documents and otherwise
without having to account for the same to the Secured Creditors. 
 Holders. The Administrative Agent may deem and treat the payee of any
note as the owner thereof for all purposes hereof unless and until written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Administrative Agent. Any request, authority or consent of any
person or entity who, at the time of making such request or giving such authority or consent, is the holder of any note, shall be final and conclusive and binding on any subsequent holder, transferee, assignee or endorsee, as the case may be, of
such note or of any note or notes issued in exchange therefor. 
 Resignation by the Administrative Agent. (a) The Administrative
Agent may resign from the performance of all of its functions and duties hereunder and under the U.S. Security Agreement and the other Security Documents and Secured Debt Agreements at any time by giving fifteen (15) Business Days’ prior
or written notice to the Borrower and the Secured Creditors. Such resignation shall take effect upon the appointment of a successor Administrative Agent pursuant to clause (b) or (c) below. 

(b) If a successor Administrative Agent shall not have been appointed within said fifteen (15) Business Day period by the Required
Secured Creditors, the Administrative Agent, with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed, shall then appoint a successor Administrative Agent who shall serve as Administrative

 Annex D 
 Page 5 
 Agent hereunder or thereunder until such time, if any, as the Required Secured Creditors
appoint a successor Administrative Agent as provided above. 
 (c) If no successor Administrative Agent has
been appointed pursuant to clause (b) above by the
45th Business Day after the date of such notice of
resignation was given by the Administrative Agent, as a, result of a failure by the Borrower to consent to the appointment of such a successor Administrative Agent, the Required Secured Creditors shall then appoint a successor Administrative Agent
who shall serve as Administrative Agent hereunder or thereunder until such time, if any, as the Required Secured Creditors appoint a successor Administrative Agent as provided above.

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