Document:

Indenture dated as of October 25, 2006

 Exhibit 4.1 
  
  
  
  
 AGY HOLDING CORP. 
 AND EACH OF THE GUARANTORS PARTY HERETO 
 11%
SENIOR SECOND LIEN NOTES DUE 2014 
  
  
 INDENTURE 
 Dated as of October 25, 2006

  
  
 U.S. Bank National Association 
 Trustee

  
  
  
  

 CROSS REFERENCE TABLE* 
  

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	13.03
	       (c)
	  	13.03
	 313(a)
	  	7.06
	       (b)(1)
	  	10.05
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 13.02
	       (d)
	  	7.06
	 314(a)
	  	4.03; 13.02; 13.05
	       (b)
	  	N.A.
	       (c)(1)
	  	13.04
	       (c)(2)
	  	13.04
	       (c)(3)
	  	N.A.
	       (d)
	  	10.05
	       (e)
	  	13.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 13.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a) (last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.04
	 318(a)
	  	13.01
	       (b)
	  	N.A.
	       (c)
	  	13.01

 N.A. means not applicable. 
  

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	
	ARTICLE 1
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.01
	 	Definitions	  	1
	 Section 1.02
	 	Other Definitions	  	36
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	36
	 Section 1.04
	 	Rules of Construction	  	37
	
	ARTICLE 2
	
	THE NOTES
			
	 Section 2.01
	 	Form and Dating	  	38
	 Section 2.02
	 	Execution and Authentication	  	38
	 Section 2.03
	 	Registrar and Paying Agent	  	39
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	39
	 Section 2.05
	 	Holder Lists	  	40
	 Section 2.06
	 	Transfer and Exchange	  	40
	 Section 2.07
	 	Replacement Notes.	  	56
	 Section 2.08
	 	Outstanding Notes.	  	57
	 Section 2.09
	 	Treasury Notes.	  	57
	 Section 2.10
	 	Temporary Notes.	  	58
	 Section 2.11
	 	Cancellation.	  	58
	 Section 2.12
	 	Defaulted Interest.	  	58
	 Section 2.13
	 	Issuance of Additional Notes.	  	58
	 Section 2.14
	 	CUSIP Numbers.	  	59
	
	ARTICLE 3
	
	REDEMPTION AND PREPAYMENT
			
	 Section 3.01
	 	Notices to Trustee.	  	59
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased.	  	60
	 Section 3.03
	 	Notice of Redemption.	  	61
	 Section 3.04
	 	Effect of Notice of Redemption.	  	62
	 Section 3.05
	 	Deposit of Redemption or Purchase Price.	  	62
	 Section 3.06
	 	Notes Redeemed or Purchased in Part.	  	62
	 Section 3.07
	 	Optional Redemption.	  	63
	 Section 3.08
	 	Offer to Purchase by Application of Excess Proceeds.	  	64

  

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	ARTICLE 4
	
	COVENANTS
			
	 Section 4.01
	 	Payment of Notes.	  	66
	 Section 4.02
	 	Maintenance of Office or Agency.	  	67
	 Section 4.03
	 	Reports.	  	67
	 Section 4.04
	 	Compliance Certificate.	  	69
	 Section 4.05
	 	Taxes.	  	69
	 Section 4.06
	 	Stay, Extension and Usury Laws.	  	70
	 Section 4.07
	 	Restricted Payments.	  	70
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries.	  	74
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Preferred Stock.	  	77
	 Section 4.10
	 	Asset Sales.	  	82
	 Section 4.11
	 	Transactions with Affiliates.	  	84
	 Section 4.12
	 	Liens.	  	87
	 Section 4.13
	 	Business Activities.	  	87
	 Section 4.14
	 	Corporate Existence.	  	87
	 Section 4.15
	 	Offer to Repurchase Upon Change of Control.	  	87
	 Section 4.16
	 	Payments for Consent.	  	90
	 Section 4.17
	 	Additional Note Guarantees.	  	90
	 Section 4.18
	 	Designation of Restricted and Unrestricted Subsidiaries.	  	90
	
	ARTICLE 5
	
	SUCCESSORS
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets.	  	91
	 Section 5.02
	 	Successor Corporation Substituted.	  	92
	
	ARTICLE 6
	
	DEFAULTS AND REMEDIES
			
	 Section 6.01
	 	Events of Default.	  	93
	 Section 6.02
	 	Acceleration.	  	96
	 Section 6.03
	 	Other Remedies.	  	96
	 Section 6.04
	 	Waiver of Past Defaults.	  	96
	 Section 6.05
	 	Control by Majority.	  	97
	 Section 6.06
	 	Limitation on Suits.	  	97
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment.	  	98
	 Section 6.08
	 	Collection Suit by Trustee.	  	98
	 Section 6.09
	 	Trustee May File Proofs of Claim.	  	98
	 Section 6.10
	 	Priorities.	  	99
	 Section 6.11
	 	Undertaking for Costs.	  	99

  

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	ARTICLE 7
	
	TRUSTEE
			
	 Section 7.01
	 	Duties of Trustee.	  	99
	 Section 7.02
	 	Rights of Trustee.	  	101
	 Section 7.03
	 	Individual Rights of Trustee.	  	102
	 Section 7.04
	 	Trustee’s Disclaimer.	  	102
	 Section 7.05
	 	Notice of Defaults.	  	102
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes.	  	103
	 Section 7.07
	 	Compensation and Indemnity.	  	103
	 Section 7.08
	 	Replacement of Trustee.	  	104
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	105
	 Section 7.10
	 	Eligibility; Disqualification.	  	105
	 Section 7.11
	 	Preferential Collection of Claims Against Company.	  	106
	
	ARTICLE 8
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance.	  	106
	 Section 8.02
	 	Legal Defeasance and Discharge.	  	106
	 Section 8.03
	 	Covenant Defeasance.	  	107
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance.	  	108
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	109
	 Section 8.06
	 	Repayment to Company.	  	110
	 Section 8.07
	 	Reinstatement.	  	110
	
	ARTICLE 9
	
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.01
	 	Without Consent of Holders of Notes.	  	111
	 Section 9.02
	 	With Consent of Holders of Notes.	  	112
	 Section 9.03
	 	Compliance with Trust Indenture Act.	  	114
	 Section 9.04
	 	Revocation and Effect of Consents.	  	114
	 Section 9.05
	 	Notation on or Exchange of Notes.	  	114
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	115
	
	ARTICLE 10
	
	COLLATERAL AND SECURITY
			
	 Section 10.01
	 	Collateral and Security Documents	  	116
	 Section 10.02
	 	Equal and Ratable Sharing of Collateral by Holders of Parity Lien Debt	  	117
	 Section 10.03
	 	Ranking of Parity Liens	  	117

  

 iii 

					
	 Section 10.04
	 	Relative Rights	  	118
	 Section 10.05
	 	Recordings and Opinions; Compliance with TIA	  	118
	 Section 10.06
	 	Further Assurances; Insurance	  	119
	 Section 10.07
	 	Release of Collateral	  	120
	 Section 10.08
	 	Permitted Releases Not To Impair Lien; Trust Indenture Act Requirements	  	122
	 Section 10.09
	 	Certificates of the Trustee	  	122
	 Section 10.10
	 	Suits To Protect the Collateral	  	122
	 Section 10.11
	 	Authorization of Receipt of Funds by the Trustee Under the Security Documents	  	123
	 Section 10.12
	 	Purchaser Protected	  	123
	 Section 10.13
	 	Powers Exercisable by Receiver or Trustee	  	123
	 Section 10.14
	 	Release Upon Termination of the Company’s Obligations	  	123
	 Section 10.15
	 	Note Collateral Agent	  	124
	 Section 10.16
	 	Designations	  	125
	 Section 10.17
	 	Intercreditor Agreement Governs	  	125
	
	ARTICLE 11
	
	NOTE GUARANTEES
			
	 Section 11.01
	 	Guarantee.	  	125
	 Section 11.02
	 	Limitation on Guarantor Liability.	  	126
	 Section 11.03
	 	Guarantors May Consolidate, etc., on Certain Terms.	  	127
	 Section 11.04
	 	Releases.	  	128
	
	ARTICLE 12
	
	SATISFACTION AND DISCHARGE
			
	 Section 12.01
	 	Satisfaction and Discharge.	  	129
	 Section 12.02
	 	Application of Trust Money.	  	130
	
	ARTICLE 13
	
	MISCELLANEOUS
			
	 Section 13.01
	 	Trust Indenture Act Controls.	  	131
	 Section 13.02
	 	Notices.	  	131
	 Section 13.03
	 	Communication by Holders of Notes with Other Holders of Notes.	  	132
	 Section 13.04
	 	Certificate and Opinion as to Conditions Precedent.	  	132
	 Section 13.05
	 	Statements Required in Certificate or Opinion.	  	133
	 Section 13.06
	 	Rules by Trustee and Agents.	  	133
	 Section 13.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	134
	 Section 13.08
	 	Governing Law.	  	134
	 Section 13.09
	 	No Adverse Interpretation of Other Agreements.	  	134
	 Section 13.10
	 	Successors.	  	134
	 Section 13.11
	 	Severability.	  	134
	 Section 13.12
	 	Counterpart Originals.	  	134
	 Section 13.13
	 	Table of Contents, Headings, etc.	  	135

  

 iv 

			
	EXHIBITS
		
	 Exhibit A
	  	FORM OF NOTE
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE
	 Exhibit D
	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 Exhibit E
	  	FORM OF SUPPLEMENTAL INDENTURE

  

 v 

 INDENTURE, dated as of October 25, 2006, among AGY Holding Corp., a Delaware corporation (the
“Company”), the Guarantors (as defined herein) and U.S. Bank National Association, as Trustee (the “Trustee”). 
 The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of the 11% Senior Second Lien Notes due 2014 (the “Notes”):

 ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered
in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “ABL Revolving Facility” means that certain revolving credit and guaranty agreement, to be dated on or about the Issue Date, by and among the Company and certain Subsidiaries of the Company as
borrowers or guarantors, UBS Securities LLC, as book runner and arranger, UBS AG, as administrative agent, and the lenders from time to time party thereto, including any related Notes, guarantees, Security Documents, instruments and agreements
executed in connection therewith, and, in each case, as amended, supplemented, restated, modified, renewed, refunded, restructured, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt
securities to institutional investors) in whole or in part from time to time (including by increasing the amount of available borrowings thereunder or adding Subsidiaries of the Company as additional borrowers and/or guarantors thereunder) and
whether by the same or any other agent, lender or group of lenders. 
 “Acquired Debt” means, with respect to any specified
Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a
Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

 “Acquisition” means the transaction by which the Company was acquired by Holdings
pursuant to the terms of an agreement of merger dated February 23, 2006. 
 “Additional Interest” means Additional
Interest as defined in and determined in accordance with the terms of the Registration Rights Agreement, dated the Issue Date, among the Company, the Guarantors and the Initial Purchaser. 
 “Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance
with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership
of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.

 “Agent” means any Registrar, coregistrar, Paying Agent or additional paying agent. 
 “Applicable Premium” means, with respect to any Note on any redemption date, the greater of: 
 (1) 1.0% of the principal amount of the Note; or 
 (2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption price of the Note at November 15, 2010 (such redemption price being set forth in the table appearing in Section 3.07(d) hereof) plus (ii) all required
interest payments due on the Note through November 15, 2010 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 (b) the principal amount of the Note, if greater. 
  

 2 

 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 
 (1) the sale, lease (other than operating leases
entered into in the ordinary course of business), conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its
Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.15 hereof and/or the provisions of Section 5.01 hereof, and not by the provisions of Section 4.10 hereof; and 
 (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its
Restricted Subsidiaries (other than directors’ qualifying shares). 
 Notwithstanding the preceding, none of the following items will be
deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets having a Fair
Market Value of less than $3.0 million; 
 (2) a transfer of assets between or among the Company and its Restricted
Subsidiaries; 
 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a
Restricted Subsidiary of the Company; 
 (4) the sale, consignment, licensing or lease of inventory, products, intellectual
property services or accounts receivable or other assets in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 
 (5) the sale or other disposition of cash or Cash Equivalents; 
 (6) a Restricted Payment that does not violate Section 4.07 hereof or a Permitted Investment; 
  

 3 

 (7) sales of accounts receivable and related assets of the type specified in the
definition of Qualified Receivables Transaction to a Receivables Subsidiary for the Fair Market Value thereof, less amounts required to be established as reserves and customary discounts pursuant to contractual agreements with entities that are not
Affiliates of the Company entered into as part of a Qualified Receivables Transaction; 
 (8) transfers of accounts receivable
and related assets of the type specified in the definition of Qualified Receivables Transaction (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Transaction; 
 (9) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any
boot thereon) for use in a Permitted Business; and 
 (10) any issuance or sale of Equity Interests in, or Indebtedness or
other securities of, an Unrestricted Subsidiary provided that the Company and its Restricted Subsidiaries receive Fair Market Value for such issuance or sale as determined in good faith by the Company. 
 “Bank Collateral Agent” means UBS AG, Stamford Branch, and any successors under the ABL Revolving Facility, or if there is no ABL
Revolving Facility, the “Bank Collateral Agent” designated pursuant to the terms of the Priority Lien Obligations. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 
  

 4 

 (2) with respect to a partnership, the Board of Directors of the general partner of the
partnership; 
 (3) with respect to a limited liability company, the managing member or members or any controlling committee
of managing members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a
similar function. 
 “Borrowing Base” means the Borrowing Base as defined in and determined in accordance with the terms of
the ABL Revolving Facility as in effect on the Issue Date. 
 “Broker Dealer” has the meaning set forth in the Registration
Rights Agreement. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and 
 (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock. 
  

 5 

 “Cash Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States, Canada or any member of the European Union having maturities of
not more than twelve months from the date of acquisition; 
 (3) marketable direct obligations issued by any state of the
United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A1 from
S&P or at least P1 from Moody’s; 
 (4) certificates of deposit and eurodollar time deposits with maturities of one
year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding twelve months and overnight bank deposits, in each case, with any lender party to the ABL Revolving Facility or with any domestic commercial bank
having capital and surplus in excess of $100.0 million; 
 (5) repurchase obligations with a term of not more than seven days
for underlying securities of the types described in clauses (2), (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above; 
 (6) commercial paper having, at the time of acquisition, one of the two highest ratings obtainable from Moody’s or S&P, in each
case, maturing within twelve months after the date of acquisition; 
 (7) money market funds, substantially all of the assets
of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition; and 
 (8) instruments equivalent to those referred to in clauses (1) to (6) of this definition denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by
corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and not for speculative
purposes. 
 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than a
Principal or a Related Party of a Principal; 
  

 6 

 (2) the adoption of a plan relating to the liquidation or dissolution of the Company;

 (3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which
is that any “person” (as defined in clause 1 above), other than the Principals and their Related Parties or a Permitted Group, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company,
measured by voting power rather than number of shares; or 
 (4) after an initial public offering of Capital Stock of the
Company or any direct or indirect parent of the Company, the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
 “Clearstream” means Clearstream Banking, S.A. 
 “Collateral” means all the collateral from time to time described in the Security Documents. 
 “Commission” means the Securities and Exchange Commission. 
 “Company” has the meaning assigned
to it in the preamble to this Indenture. 
 “Consignment Agreement” means the Consignment Agreement, dated August 25,
2005, between Bank of America, N.A. (f/k/a Fleet Precious Metals Inc.) or its successors and AGY Holding Corp, and any amendment, restatement or replacement (including lease agreements relating to the lease of metal alloys or other agreements or
arrangements for the lease or purchase of metal alloys (provided that, to the extent such agreements or arrangements result in a purchase money Lien in favor of another party to such agreements or arrangements, the aggregate amount of alloy that may
be held by the Company under such agreements or arrangements at any time shall not exceed the maximum amount of alloy that could have been obtained under the terms of the Consignment Agreement as in effect on the date of the Indenture)) thereof to
the extent that the terms of any such amendment, restatement or replacement are not, taken as a whole, disadvantageous to the holders of the Notes in any material respect. 
  

 7 

 “Consolidated Amortization Expense” means, with respect to any specified Person for any
period, the amortization expense of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Cash Flow” means, with respect to any specified Person for any period, Consolidated Net Income of such Person for such period, adjusted by (x) adding thereto, in each case
only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income and without duplication (and with respect to the portion of Consolidated Net Income attributable to any Restricted Subsidiary of Company only if a
corresponding amount would be permitted at the date of determination to be distributed to Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its organizational documents and all
agreements, instruments and requirements of law applicable to such Restricted Subsidiaries): 
 (1) Fixed Charges for such
period; 
 (2) Consolidated Amortization Expense for such period; 
 (3) Consolidated Depreciation Expense for such period; 
 (4) Consolidated Tax Expense for such period; 
 (5) depletion expense in respect of alloy metals (net of recovery of precious metals); 
 (6) any signing bonuses payable to members of the Company’s unions in connection with ratification of the collective bargaining
agreements, not to exceed $1,000,000 in the aggregate; 
 (7) the aggregate amount of all other non-cash charges reducing
Consolidated Net Income (excluding any non-cash charge that results in an accrual of a reserve for cash charges in any future period) for such period; 
 (8) management fees incurred by the Company with respect to such period pursuant to the Management Agreement; 
 (9) non-recurring costs incurred prior to the Issue Date, (a) not to exceed $2.9 million in the aggregate, paid in connection with (i) actual variable compensation paid in excess of budget variable
compensation for fiscal year ending 2005, (ii) additional costs 

  

 8 

 
paid for product line scale ups and plant efficiency improvements and (iii) temporarily excessive natural gas costs stemming from the impact of
Hurricane Katrina and (b) in connection with the 2004 Management Stock Incentive Plan and certain management compensation expenses related to the Acquisition; 
 (10) any other non-recurring fees, charges or other expenses made or incurred in connection with any acquisition, investment, issuance of
Equity Interest or incurrence or refinancing of Indebtedness prior to or after the Issue Date and any restructurings charges or reserves (which, for the avoidance of doubt, shall include retention, severance, systems establishment cost, contract
termination costs, including future lease commitments, and costs to consolidate facilities and relocate employees); provided that the aggregate amount of such fees, charges or other expenses may not exceed (a) $7.5 million in any
twelve-month period and (b) $20.0 million in the aggregate; and 
 (11) any gain (or loss), together with any related
provisions for taxes on any such gain (or the tax effect of any such loss), realized during such period by such Person or any of its Restricted Subsidiaries upon any Asset Sale (other than any dispositions in the ordinary course of business), or any
extraordinary losses, together with any related provisions for taxes on any such loss; 
 (y) subtracting therefrom to the extent
added in computing Consolidated Net Income for such period, (i) extraordinary gains and gains from Asset Sales and (ii) the net income of any Restricted Subsidiary of Company during such period to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary of that income is not permitted by operation of the terms of its organizational documents or any agreement, instrument or requirement of law applicable to that Restricted Subsidiary during
such period, except that Company’s equity in net loss of any such Restricted Subsidiary for such period shall be included in determining Consolidated Net Income. 
 “Consolidated Depreciation Expense” means, with respect to any specified Person for any period, the depreciation expense of such Person and its Restricted Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any specified Person for any
period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
 (1) the Net Income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be
included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person (and if such Net Income is a loss it will be included only to the extent that such loss has
been funded with cash by the specified Person or a Restricted Subsidiary of the specified Person); 
  

 9 

 (2) solely for the purpose of determining the amount available for Restricted Payments
under Section 4.07(a)(3)(A), the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of
determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement (other than Credit Facilities whose sole restriction on such
declaration or payment occurs only upon the occurrence of or during the existence or continuance of a default or event of default), instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided, however, that Consolidated Net Income will be increased by the amount of
dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Company or a Restricted Subsidiary in such period, to the extent not already included therein; 
 (3) the cumulative effect of a change in accounting principles will be excluded; and 
 (4) notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary will be excluded, whether or not distributed to
the specified Person or one of its Subsidiaries. 
 In addition, Consolidated Net Income shall be reduced by the amount of any Permitted Tax
Distributions to the extent Consolidated Net Income is not already reduced thereby. 
 “Consolidated Tax Expense” means,
with respect to any specified Person for any period, Permitted Tax Distributions and taxes paid and provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such Permitted Tax
Distributions and taxes or provision for taxes was deducted in computing such Consolidated Net Income. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: 
 (1)
was a member of such Board of Directors on the Issue Date; or 
  

 10 

 (2) was nominated for election or elected to such Board of Directors by the Principals or
a Related Party of the Principals or with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 13.02 or such other address as
to which the Trustee may give notice to the Company. 
 “Credit Facilities” means one or more debt facilities (including,
without limitation, the ABL Revolving Facility) or commercial paper facilities, in each case, with banks or other lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such
lenders or to special purpose entities formed to borrow from such lenders against such receivables), bankers’ acceptances or letters of credit, in each case, as amended, supplemented, restated, modified, renewed, refunded, restructured,
replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
 “Custodian” means the Trustee, as custodian with respect to the Global Notes, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified
in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holder of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of 

  

 11 

 
control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum
amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of
the United States or the District of Columbia. 
 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means an offering or sale of Equity Interests (other than Disqualified Stock) of the Company or Parent (whether offered or sold independently or as part of an offering or sale of units). 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f). 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the ABL Revolving
Facility) in existence on the Issue Date, until such amounts are repaid. 
 “Fair Market Value” means the value that would
be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, and, in the case of any transaction involving aggregate consideration in excess of $10.0 million, as determined in
good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture). 
  

 12 

 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period,
the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays,
repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings unless such Indebtedness has been permanently repaid and has not been replaced) or issues, repurchases or redeems preferred stock
subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance,
repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or
consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X under the Securities Act), as if they had
occurred on the first day of the four-quarter reference period; 
 (2) the Consolidated Cash Flow attributable to discontinued
operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date; and 
 (4) if any Indebtedness bears a floating rate of interest, the interest
expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness). 
  

 13 

 “Fixed Charges” means, with respect to any specified Person for any period, the total
cash consolidated interest expense of such Person and its Restricted Subsidiaries paid during such period determined on a consolidated basis in accordance with GAAP, plus, without duplication: 
 (1) imputed interest on Capital Lease Obligations of Company and its Restricted Subsidiaries for such period; 
 (2) commissions, discounts and other fees and charges owed by Company or any of its Restricted Subsidiaries with respect to letters of
credit securing financial obligations, bankers’ acceptance financing and receivables financings for such period; 
 (3)
amortization of debt issuance costs, debt discount or premium and other financing fees and expenses incurred by Company or any of its Restricted Subsidiaries for such period; 
 (4) cash contributions to any employee stock ownership plan or similar trust made by Company or any of its Restricted Subsidiaries to the
extent such contributions are used by such plan or trust to pay interest or fees to any person (other than Company or a Subsidiary) in connection with Indebtedness incurred by such plan or trust for such period; 
 (5) all interest paid or payable with respect to discontinued operations of Company or any of its Restricted Subsidiaries for such period;

 (6) the interest portion of any deferred payment obligations of Company or any of its Restricted Subsidiaries for such
period; 
 (7) all interest on any Indebtedness of Company or any of its Restricted Subsidiaries; and 
 (8) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such
Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, times (b) a
fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in
accordance with GAAP; 
  

 14 

 provided that (a) to the extent directly related to the Transactions, debt issuance costs,
debt discount or premium and other financing fees and expenses shall be excluded from the calculation of Fixed Charges and (b) Fixed Charges shall be calculated after giving effect to interest rate swap agreements (whether from fixed to
floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements (including associated costs), but excluding unrealized gains and losses with respect to Hedging Obligations related to interest rates. 

“Foreign Subsidiary” means any Restricted Subsidiary of the Company that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession, as of the Issue Date. 
 “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof,
which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d) hereof. 
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America (including any agency or
instrumentality thereof) and the payment for which the United States pledges its full faith and credit. 
 “Guarantee” or
“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner including, without limitation, by way of a pledge of assets or
through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to take or pay or to maintain financial statement conditions or otherwise). 
  

 15 

 “Guarantors” means: 
 (1) each Domestic Subsidiary of the Company on the Issue Date, other than any Immaterial Subsidiary; and 
 (2) any other Restricted Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture,

 and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of
this Indenture. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under:

 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements
and interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest
rate risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates or commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 
 “Holdings” means KAGY Holding Company, Inc. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in
the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors. 
 “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that date, are less than $100,000 and
whose total revenues for the most recent twelve-month period do not exceed $100,000; provided that a Restricted Subsidiary will not be considered an Immaterial Subsidiary if it, as of any date, together with all other Immaterial Subsidiaries,
has net assets as of such date in excess of $500,000 or has total revenues for the most recent twelve-month period in excess of $500,000. 
  

 16 

 “Indebtedness” means, with respect to any specified Person, any indebtedness of such
Person (excluding accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money;

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3) in respect of banker’s acceptances; 
 (4) representing Capital Lease Obligations; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any Hedging Obligations, 
 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. Notwithstanding the foregoing, the term “Indebtedness” shall not include any obligations of the Company under the
Consignment Agreement. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the first $175,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

  

 17 

 “Initial Purchaser” means UBS Securities LLC. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act, who are not also QIBs. 
 “Intercreditor Agreement” means the intercreditor
agreement among the Bank Collateral Agent, the trustee, Holdings, the Company and each Guarantor, as it may be amended from time to time in accordance with the Indenture. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other
obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.07 hereof. The
acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value
of the Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 4.07 hereof. Except as otherwise provided in this Indenture, the amount of an Investment will be
determined at the time the Investment is made and without giving effect to subsequent changes in value. 
 “Issue Date”
means the date on which the Initial Notes are originally issued. 
 “Legal Holiday” means a Saturday, a Sunday or a day on
which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Lenders” means the agents, lenders or holders of Indebtedness incurred under the ABL Credit Facility. 
  

 18 

 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company
and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
 “Lien” means, with
respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction. 
 “Management Agreement” means the Management Agreement, dated as of April 7, 2006,
among the Company, Holdings and Kohlberg & Company, L.L.C. on terms substantially similar to the terms described in the Offering Memorandum or pursuant to any amendment, restatement or replacement thereof to the extent that the terms of any
such amendment, restatement or replacement are not, taken as a whole, disadvantageous to the Holders of the Notes in any material respect. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Income” means, with respect to
any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (1) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any asset
sale or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 
 (2) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss. 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset
Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits
or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the
sale price of such asset or assets established in accordance with GAAP. 
  

 19 

 “Non-Recourse Debt” means Indebtedness: 
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender, except, in each case, to the extent constituting (i) a
Restricted Payment that does not violate Section 4.07 hereof or (ii) a Permitted Investment; 
 (2) no default with
respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the
Credit Facilities) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or
any of its Restricted Subsidiaries. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Note Collateral Agent” means the Trustee, as collateral agent for the Holders of the Notes, and its successors and assigns. 

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed
pursuant to the provisions of this Indenture. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture.
The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

 “Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under any such proceeding or under applicable state, federal or foreign law),
penalties, fees, 

  

 20 

 
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other
liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the Offering Memorandum, dated October 20, 2006, with respect to the offer and sale of the Initial
Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President of such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by one Officer of the Company whom must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 13.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel that is reasonably acceptable to the Trustee and meets the requirements of
Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Parent” means any direct or indirect parent company of the Company. 
 “Parity Lien” means a Lien
granted by a Security Document to the Notes Collateral Agent, at any time, upon any property of the Company, Holdings or any Guarantor to secure Parity Lien Debt. 
 “Parity Lien Debt” means any Additional Notes and any other Indebtedness having substantially identical terms as the Initial Notes (other than issue price, interest rate, yield and redemption terms)
and issued under an indenture substantially identical to the Indenture and any Indebtedness that refinances or refunds (or successive refinancing and refunding) any Initial Notes or Additional Notes and all Obligations with respect to such
Indebtedness; provided, however, that such Indebtedness may (a) have a Stated Maturity date that is equal to or longer than the Notes, (b) contain terms and covenants that are less restrictive than the terms and covenants under the Notes
and (c) contain terms and covenants that are more restrictive than the terms and covenants under the Notes so long as prior to or substantially simultaneously with the issuance of any such Indebtedness, the Notes and the Indenture are amended
to contain any such more restrictive terms and covenants. 
 “Parity Lien Representative” means: 
 (1) in the case of the Notes, the Trustee; or 
  

 21 

 (2) in the case of such Series of Parity Lien Debt, the Person that maintains the transfer register for
such Series of Parity Lien Debt and (a) is appointed as a Parity Lien Representative (for purposes related to the administration of the Security Documents) pursuant to the Indenture, credit agreement or other agreement governing such Series of
Parity Lien Debt, together with its successors in such capacity, and (b) has become a party to the Intercreditor Agreement pursuant to such documents or agreements (including amendments or supplements to the Intercreditor Agreement) as the Note
Collateral Agent shall reasonably request and in form and substance reasonably acceptable to the Note Collateral Agent. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and
Clearstream). 
 “Permitted Business” means any business conducted by the Company and its Restricted Subsidiaries on the
Issue Date and any business reasonably related, ancillary or complimentary to, or reasonable extensions of, the business of the Company or any of its Restricted Subsidiaries on the Issue Date. 
 “Permitted Group” means any group of investors that is deemed to be a “person” (as that term is used in Section 13(d)(3)
of the Exchange Act), by virtue of the Stockholders Agreement, as the same may be amended, modified or supplemented from time to time; provided that no single Person (other than the Principals and their Related Parties) Beneficially Owns
(together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by the Principals and their Related Parties in the aggregate. 
 “Permitted Investments” means: 
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 
 (2) any
Investment in Cash Equivalents; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person,
if as a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of the Company; or 
  

 22 

 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof; 
 (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of
the Company or of Parent; 
 (6) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade
creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 
 (7)
Investments represented by Hedging Obligations; 
 (8) loans or advances to directors, officers and employees of the Company
and its Restricted Subsidiaries (a) made in the ordinary course of business of the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $1.0 million at any one time outstanding or (b) to
finance the purchase by such Person of Capital Stock of the Company or any of its Restricted Subsidiaries; provided that the aggregate amount of loans or advances made pursuant to clause (b) shall not exceed $4.0 million at any time
outstanding; 
 (9) receivables owing to the Company or any Restricted Subsidiary, if created or acquired in the ordinary
course of business; 
 (10) payroll, travel and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (11) guarantees otherwise permitted by the terms of this Indenture; 
 (12) Investments existing on the Issue Date;

 (13) repurchases of the Notes and Exchange Notes; 
  

 23 

 (14) the acquisition by a Receivables Subsidiary in connection with a Qualified
Receivables Transaction of Equity Interests of a trust or other Person established by such Receivables Subsidiary to effect such Qualified Receivables Transaction; and any other Investment by the Company or a Subsidiary of the Company in a
Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Transaction customary for such transactions; and 
 (15) other Investments in any Person other than an Affiliate (other than such Persons that are Affiliates of the Company solely by virtue
of the Company’s Investments in such Persons) of the Company having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (15) that are at the time outstanding not to exceed the greater of (a) $15.0 million or (b) 5% of Total Assets. 
 The amount of Investments outstanding at any time pursuant to clause (15) above shall be reduced by (A) the net reduction after the Issue Date in Investments made after the Issue Date pursuant such clause
resulting from dividends, repayments of loans or advances or other transfers of property, proceeds realized on the sale of any such Investment and proceeds representing the return of the capital, in each case to the Company or any Restricted
Subsidiary in respect of any such Investment, less the cost of the disposition of any such Investment, and (B) the portion (proportionate to the Company’s equity interest in such Unrestricted Subsidiary) of the Fair Market Value of the net
assets of an Unrestricted Subsidiary that was designated after the Issue Date as an Unrestricted Subsidiary pursuant to clause (15) at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however,
that the foregoing sum shall not exceed, in the case of any Person, the amount of Investments previously made by the Company or any Restricted Subsidiary pursuant to clause (15). 
 “Permitted Liens” means: 
 (1) Liens on assets of the Company and any Restricted Subsidiary (A) created by the Indenture and the Security Documents securing the Initial Notes and the Note Guarantees or by the ABL Revolving Facility or
(B) to refinance amounts outstanding under the Initial Notes, the Note Guarantees and the ABL Revolving Facility; 
 (2)
Liens in favor of the Company or the Guarantors; 
 (3) Liens on property of a Person existing at the time such Person is
merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than
those of the Person merged into or consolidated with the Company or the Subsidiary; 
  

 24 

 (4) Liens on property (including Capital Stock) existing at the time of acquisition of
the property by the Company or any Restricted Subsidiary of the Company (including after-acquired property of the same type); provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such
acquisition; 
 (5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or
other obligations of a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including
Capital Lease Obligations) permitted by Section 4.09(b)(4) hereof covering only the assets acquired with or financed by such Indebtedness; 
 (7) Liens existing on the Issue Date; 
 (8) Liens for taxes, assessments or governmental
charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as is required in
conformity with GAAP has been made therefor; 
 (9) Liens imposed by law, such as carriers’, warehousemen’s,
landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 
 (10) survey
exceptions, easements or reservations of, or rights-of-others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were
not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (11) Liens arising by reward of any judgment, decree or order of any court but not giving rise to an Event of Default so long as such
Liens are adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated
shall not have expired; 
 (12) Liens upon specific items of inventory or other goods and proceeds of the Company or any of
its Restricted Subsidiaries securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

  

 25 

 (13) Liens securing Hedging Obligations incurred pursuant to Section 4.09(b)(8)
hereof; 
 (15) any provision for the retention of title to an asset by the vendor or transferor of such asset which asset is
acquired by the Company or any Restricted Subsidiary of the Company in a transaction entered into in the ordinary course of business of the Company or such Restricted Subsidiary; 
 (16) any extension, renewal or replacement, in whole or in part, of any Lien described in clauses (3), (4), (6) or (7) of this
definition; provided that any such extension, renewal or replacement is no more restrictive in any material respect than the Lien so extended, renewed or replaced and does not extend to any additional property or assets; 
 (17) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided,
however, that: 
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or,
under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 
 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal
amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or
discharge; 
 (18) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business that do not
(x) interfere in any material respect with the business of the Company or any of its Restricted Subsidiaries or (y) secure any Indebtedness; 
 (19) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) in favor of a banking institution arising as a matter of law
encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (20) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
  

 26 

 (21) Liens on property or shares of stock of a Person (including after-acquired property
of the same type) at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted
Subsidiary; provided, further, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (22) Liens securing Indebtedness incurred by the Company or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business, including
without limitation letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to
reimbursement-type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days
following such drawing or incurrence; 
 (23) Liens solely on any cash earnest money deposits made by the Company or any of
its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture; 
 (24) Liens incurred in connection with a Qualified Receivables Transaction (which, in the case of the Company and its Restricted Subsidiaries (other than Receivables Subsidiaries) shall be limited to receivables and related assets referred
to in the definition of “Qualified Receivables Transaction”); 
 (25) Liens securing obligations under the
Consignment Agreement; and 
 (26) Liens incurred in the ordinary course of business of the Company or any Subsidiary of the
Company with respect to obligations that do not exceed $20.0 million at any one time outstanding. 
 “Permitted Payments to
Parent” means, without duplication as to amounts: 
 (1) payments to the Parent to permit the Parent to pay general
corporate operating and overhead costs of the Parent, including reasonable accounting, legal and administrative expenses, fees, other expenses and indemnification claims made by directors and officers, and costs with respect to filing with the
Commission, to the extent such expenses are attributable to the ownership and operation of the Company and its Subsidiaries; provided that payments pursuant to this clause (1) shall not exceed $3.0 million in any fiscal year; 

 

 27 

 (2) payment of management fees pursuant to the Management Agreement; 
 (3) (A) for any period in which the Company is treated as a partnership or similar “pass-through” entity for US federal income
tax purposes, Permitted Tax Distributions or (B) for any period in which the Company is treated as a corporation for US federal income tax purposes and the Company is a member of a group filing consolidated, combined or unitary income tax
returns with the Parent, payments to the Parent in respect of an allocable portion of the income tax liabilities of such group that is attributable to the Company and its Subsidiaries (this clause (B) being referred to as “Tax
Payments”). The Tax Payments shall not exceed the lesser of (i) the amount of the relevant income tax that the Company would owe if the Company were filing a separate income tax return (or a separate consolidated or combined return
with its Subsidiaries that are members of the consolidated or combined group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of the Company and such Subsidiaries from other taxable years, less any
income tax payments made directly by the Company or its Subsidiaries and (ii) the net amount of the relevant income tax that the Parent actually owes to the appropriate taxing authority. Any Tax Payments received from the Company shall be paid
over to the appropriate taxing authority within 60 days of the Parent’s receipt of such Tax Payments or refunded to the Company; and 
 (4) payments to the Parent to permit the Parent to pay the costs of any unsuccessful equity or debt offerings of the Parent; provided that the aggregate amount of such payments shall not exceed $2.0 million.

 “Permitted Prior Liens” means Liens that are permitted by the terms of the ABL Revolving Facility and the Security
Documents to be prior to the Liens securing the Company’s Obligations under the ABL Revolving Facility and any other Priority Lien Obligations. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund,
refinance, replace, defease or discharge, other Indebtedness of the Company or any of its Restricted Subsidiaries (other than inter-company Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in
connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
  

 28 

 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation
governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4) such Indebtedness
is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Permitted Tax Distributions” means, for any period during which the Company is treated as a partnership or similar pass-through entity
for federal, state and/or local income tax purposes, to the extent relating to the income tax liability for such period, the payment of distributions in respect of direct and indirect members’ income tax liabilities with respect to the Company
solely as a result of the Company being treated as a partnership or similar pass-through entity for federal, state and/or local income tax purposes, in an aggregate amount not to exceed the taxable income, calculated in accordance with applicable
law, of the Company multiplied by the highest combined published federal, state and/or local income tax rate applicable to individuals as long as at least one direct or indirect member is an individual or otherwise to corporations, which rate shall
be based upon the rate certified to the Trustee on an annual basis (or more frequently if the tax rate changes during any annual period) by the chief financial officer of the Company. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 
 “Pledgors” means the Company, Holdings, the
Guarantors and any other Person (if any) that provides collateral security for any Secured Obligations. 
 “preferred stock”
means with respect to any Person, any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions upon liquidation. 
 “Principals” means (i) Kohlberg & Company, L.L.C. and its Affiliates (including, without limitation, any investment
partnership under common control with Kohlberg & Company), (ii) any officer, director, employee, partner, member or stockholder of the manager or general partner of the foregoing Persons and (iii) any Related Parties with respect
to any of the foregoing Persons. 
  

 29 

 “Priority Lien Obligations” means (i) all Secured Bank Indebtedness, (ii) all
other Obligations of the Company, Holdings and the Guarantors (not constituting Indebtedness) under agreements governing Secured Bank Indebtedness, (iii) Hedging Obligations of the Company, Holdings and the Guarantors owed to Lenders and
Affiliates of Lenders in respect of Hedging Obligations or in respect of cash management services or automated clearinghouse transfer of funds in connection with Obligations described in clause (i) or Obligations described in clause (ii).

 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “pro forma basis” shall mean
on a basis in accordance with GAAP and Regulation S-X under the Securities Act and otherwise reasonably satisfactory to the Trustee. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified Receivables
Transaction” means any transaction or series of transactions entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries sells, conveys or otherwise transfers, or grants a security
interest, to: 
 (1) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries, which
transfer may be effected through the Company or one or more of its Subsidiaries); and 
 (2) if applicable, any other Person
(in the case of a transfer by a Receivables Subsidiary), 
 in each case, in any accounts receivable, instruments, chattel paper, general intangibles and
similar assets (whether now existing or arising in the future, the “Receivables”) of the Company or any of its Subsidiaries, and any assets related thereto, including, without limitation, all collateral securing such Receivables,
all contracts, contract rights and all guarantees or other obligations in respect of such Receivables, proceeds of such Receivables and any other assets, which are customarily transferred or in respect of which security interests are customarily
granted in connection with receivables financings and asset securitization transactions of such type, together with any related transactions customarily entered into in a receivables financings and asset securitizations, including servicing
arrangements. 
  

 30 

 “Receivables Subsidiary” means a Subsidiary of the Company which engages in no
activities other than in connection with the financing of accounts receivable and in businesses related or ancillary thereto and that is designated by the Board of Directors of the Company (as provided below) as a Receivables Subsidiary 

(A) no portion of the Indebtedness or any other Obligations (contingent or otherwise) of which: 
 (1) is guaranteed by the Company or any Subsidiary of the Company (excluding guarantees of Obligations (other than the principal of, and
interest on, Indebtedness) pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables Transaction); 
 (2) is recourse to or obligates the Company or any Subsidiary of the Company in any way other than pursuant to representations,
warranties, covenants and indemnities customarily entered into in connection with a Qualified Receivables Transaction; or 
 (3) subjects any property or asset of the Company or any Subsidiary of the Company (other than accounts receivable and related assets as provided in the definition of “Qualified Receivables Transaction”), directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties, covenants and indemnities customarily entered into in connection with a Qualified Receivables Transaction; and 
 (B) with which neither the Company nor any Subsidiary of the Company has any material contract, agreement, arrangement or understanding
other than on terms no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company, other than as may be customary in a Qualified Receivables Transaction including
for fees payable in the ordinary course of business in connection with servicing accounts receivable; and 
 (C) with which
neither the Company nor any Subsidiary of the Company has any obligation to maintain or preserve such Subsidiary’s financial condition or cause such Subsidiary to achieve certain levels of operating results. 
 Any such designation by the Board of Directors of the Company will be evidenced to the Trustee by filing with the Trustee a certified copy of the
resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 
  

 31 

 “Registration Rights Agreement” means the Registration Rights Agreement, dated the Issue
Date, among the Company, the Guarantors and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration
rights agreements among the Company, the Guarantors and the other parties thereto, as such agreements may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to
register such Additional Notes under the Securities Act. 
 “Regulation S” means Regulation S promulgated under the
Securities Act. 
 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on
Rule 903 of Regulation S. 
 “Related Party” means: 
 (1) any controlling stockholder, 80% (or more) owned Subsidiary, or immediate family member (in the case of an individual) of any
Principal; or 
 (2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries,
stockholders, partners, members, owners or Persons beneficially holding an 80% or more controlling interest of which consist of any one or more Principals and/or such other Persons referred to in the immediately preceding clause (1). 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any
successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  

 32 

 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “S&P” means Standard & Poor’s Ratings Group. 
 “Secured Bank Indebtedness” means any Indebtedness in respect of the ABL Revolving Facility that is secured by a Permitted Lien incurred
or deemed incurred pursuant to clause (1) of the definition of Permitted Liens. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Security Documents” means the security agreements, pledge agreements, mortgages,
collateral assignments and related agreements, including the Intercreditor Agreement, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security
interests in the Collateral as contemplated by the Indenture. 
 “Series of Parity Lien Debt” means, severally, the Notes
and each other issue or series of Parity Lien Debt for which a single transfer register is maintained. 
 “Series of Priority Lien
Debt” means, severally, the Indebtedness outstanding under the ABL Revolving Facility and any Credit Facility that constitutes Priority Lien Debt. 
 “Series of Secured Debt” means each Series of Parity Lien Debt and each Series of Priority Lien Debt. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as
such Regulation is in effect on the Issue Date. 
 “Stated Maturity” means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to 

  

 33 

 
be paid in the documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof. 
 “Stockholders Agreement” means that certain
stockholders agreement, dated as of April 7, 2006, by and among the Company, Holdings and certain of Holdings’ stockholders, as the same may be amended, modified or supplemented from time to time. 
 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the
corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Total
Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries as set forth on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries. 
 “Transactions” means the transactions contemplated by the Acquisition, the borrowings under the ABL Revolving Facility, the offering of
the Notes and the application of the proceeds therefrom and the other related transactions described in the Offering Memorandum. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve
Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most
nearly equal to the period from the redemption date to November 15, 2010; provided, however, that if the period from the redemption date to November 15, 2010 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used. 
  

 34 

 “Trustee” means the party named as such in the preamble to this Indenture until a
successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an
Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by Section 4.11 hereof, is not
party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such
Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; and 
 (3) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

  

 35 

 (1) the sum of the products obtained by multiplying (a) the amount of each then
remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness.

 Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined
in Section
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	3.08
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.08
	 “Offer Period”
	  	3.08
	 “Parity Lien Documents”
	  	10.06
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Permitted Debt”
	  	4.09
	 “Purchase Date”
	  	3.08
	 “Redemption Date”
	  	3.07
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Secured Obligations”
	  	10.01

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
  

 36 

 “indenture security Holder” means a Holder of a Note; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule under the
TIA have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; and 
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or
rules adopted by the Commission from time to time. 
  

 37 

 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage, provided that any such notation, legend, or endorsement is in a form acceptable to the Company or as
provided herein. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. 
 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Euroclear and Clearstream
Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and Authentication. 
 At least
one Officer must sign the Notes for the Company by manual or facsimile signature. 
  

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 If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee.
The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a
written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of
Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 

Section 2.03 Registrar and Paying Agent. 
 The
Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”).
The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more coregistrars and one or more additional paying agents. The term “Registrar” includes any coregistrar and the term
“Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held 

  

 39 

 
by the Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest on the Notes, and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists. 
 The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the
Trustee at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the
Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
 Section 2.06 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable
to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the
Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be
exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and
is continuing a Default or Event of Default with respect to the Notes. 
  

 40 

 Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or
in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another
Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will
be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend;
provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the
Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: 
 (A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
  

 41 

 (ii) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase; or 
 (B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above. 
 Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this
Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial
interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transferee
will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
  

 42 

 (C) if the transferee will take delivery in the form of a beneficial interest in the IAI
Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule
144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
 (ii) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  

 43 

 
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraphs (B) or
(D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraphs (B) or (D) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
 (A) if the Holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  

 44 

 (E) if such beneficial interest is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such
beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if: 
  

 45 

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer,
(ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
 (ii) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case
set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial interest in
an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company will execute and the

  

 46 

 
Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (d) Transfer
and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests
in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the
certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B)

  

 47 

 
through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any
of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(c) thereof, 
 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other
cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note only if: 
  

 48 

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon
satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted 

  

 49 

 
Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and
increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
 If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), 2(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance
with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any
additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted
Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  

 50 

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the
Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (ii) if the
Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  

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 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights
Agreement, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by
Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the
Company; and 
 (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the
Restricted Definitive Notes accepted for exchange in the Exchange Offer. 
 Concurrently with the issuance of such Notes, the Trustee will
cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so
accepted Unrestricted Definitive Notes in the appropriate principal amount. 
 (g) Legends. The following legends will appear on the
face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the
following form: 
 “THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE
EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE 

  

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SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT
OF THE ISSUER THAT (A) SUCH NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(A) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT),
PURCHASING FOR ITS OWN ACCOUNT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES TO A FOREIGN
PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT (AN
“INSTITUTIONAL ACCREDITED INVESTOR”) THAT IS PURCHASING AT LEAST $100,000 OF NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF AN INSTITUTIONAL ACCREDITED INVESTOR OR (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT; PROVIDED THAT IN THE CASE OF A TRANSFER UNDER CLAUSE (E) SUCH TRANSFER IS SUBJECT TO THE RECEIPT BY THE TRUSTEE OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER
IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES OR (3) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND THE INDENTURE GOVERNING THE NOTES AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE
RESTRICTIONS SET FORTH IN (A) ABOVE. IF ANY RESALE OR OTHER TRANSFER OF ANY NOTE IS PROPOSED TO BE MADE UNDER CLAUSE (A)(1)(D) ABOVE WHILE THESE TRANSFER RESTRICTIONS ARE IN FORCE THEN THE TRANSFEROR SHALL DELIVER A LETTER FROM THE TRANSFEREE
TO 
  

 53 

 THE TRUSTEE WHICH SHALL PROVIDE, AMONG OTHER THINGS, THAT THE TRANSFEREE IS AN INSTITUTIONAL ACCREDITED
INVESTOR AND THAT IT IS ACQUIRING THE SECURITIES FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT.” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued
in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 
 (2) Global Note Legend.
Each Global Note will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN
THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, 

  

 54 

 
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (h) Cancellation and/or Adjustment of Global Notes. At
such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.08, 4.10,
4.15 and 9.05 hereof). 
 (3) The Registrar will not be required to register the transfer of or exchange of any Note selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  

 55 

 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration
of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary. 
 (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Company, an indemnity bond must be supplied by the Holder of Notes that is sufficient in the 

  

 56 

 
judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer
if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of
the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not
outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; provided, however, Notes held by the Company or a Subsidiary of
the Company shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof. 
 If a Note is replaced pursuant to
Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor, will be
considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded.

  

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 Section 2.10 Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially
in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will
authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this
Indenture. 
 Section 2.11 Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one
else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes (subject to the record retention requirement of the Exchange Act). Certification of the
destruction of all canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 
 If the Company
defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in
each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will
fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special
record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and
the amount of such interest to be paid. 
 Section 2.13 Issuance of Additional Notes. 
 The Company shall be entitled, subject to its compliance with the conditions and covenants provided for in this Indenture, to issue Additional Notes under
this Indenture which shall have identical terms as the Initial Notes issued on the Issue Date, other than with respect to 

  

 58 

 
the date of issuance and issue price. The Initial Notes issued on the Issue Date, any Additional Notes issued in exchange therefor shall be treated as a
single class for all purposes under this Indenture, including without limitation, waiver, amendments, redemptions and offers to purchase. 
 With respect to any Additional Notes, the Company shall set forth in a resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: 
 (a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (b) the issue price, the issue date and the CUSIP number of such Additional Notes; and 
 (c) whether such Additional Notes shall be transfer restricted Notes and issued in the form of Initial Notes as set forth in Section 2.02 this
Indenture. 
 Section 2.14 CUSIP Numbers. 
 The Company, in issuing the Notes, shall use “CUSIP” numbers, and the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. 
 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to
Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must
furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 
 (1) the clause of this Indenture pursuant to which the redemption shall occur; 
  

 59 

 (2) the redemption date; 
 (3) the principal amount of Notes to be redeemed; and 
 (4) the redemption price. 
 Any redemption referenced in such Officers’ Certificate may be cancelled by the Company at any time prior to notice of redemption being mailed to any Holder of Notes and thereafter shall be null and void. 
 If the Company is required to redeem the Notes pursuant to paragraph 6 of the Notes, the Company shall notify the Trustee in writing of the redemption
date, the redemption price and the principal amount of Notes to be redeemed. In the case of a redemption pursuant to paragraph 6 of the Notes, the Company shall give notices to the Trustee provided for in this Section promptly after the occurrence
of the event triggering the requirement to redeem the Notes. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or
purchase on a pro rata basis except: 
 (1) if the Notes are listed on any national securities exchange, in compliance with
the requirements of the principal national securities exchange on which the Notes are listed; or 
 (2) if otherwise required
by law, 
 as the Company shall advise the Trustee by written notice. 
 No Notes of $2,000 or less can be redeemed in part. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less
than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
 The Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be
redeemed or purchased. Notes and portions of Notes selected 

  

 60 

 
will be in amounts of $2,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also
apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption. 
 Subject to the provisions of Section 3.08 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause
to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof. 
 The
notice will identify the Notes (including the CUSIP number) to be redeemed and will state: 
 (1) the redemption date;

 (2) the redemption price; 
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal
to the unredeemed portion will be issued upon cancellation of the original Note; 
 (4) the name and address of the Paying
Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (6) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; and 
  

 61 

 (8) that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee will give the notice of redemption in
the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of Redemption.

 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
 Section 3.05 Deposit of Redemption or
Purchase Price. 
 Prior to 11:00 a.m. (New York time) on the redemption or purchase date, the Company will deposit with the Trustee or
with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly
return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest and Additional Interest, if any, on, all
Notes to be redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or
purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then
any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase
because of the failure of the Company to comply with the preceding paragraph, interest shall accrue on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent permitted by applicable law on any
interest accrued through the date of redemption but not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or
purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder of Notes at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion
of the Note surrendered. 
  

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 Section 3.07 Optional Redemption. 
 (a) At any time prior to November 15, 2009, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture at a redemption price of 111% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings or a
contribution to the Company’s common equity capital made with the net cash proceeds of a concurrent offering of Equity Interests (other than Disqualified Stock) of Parent (whether offered or sold independently or as part of an offering or sale
of units); provided that: 
 (1) at least 65% of the aggregate principal amount of Notes originally issued under this
Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the redemption occurs within 90 days of the date of the closing of such Equity Offering or contribution. 
 (b) At any time prior to November 15, 2010, the Company may also redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at
a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the date of redemption (the “Redemption Date”), subject to the rights of Holders of
Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (c) Except pursuant to the preceding
paragraphs, the Notes will not be redeemable at the Company’s option prior to November 15, 2010. 
 (d) On or after
November 15, 2010, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on November 15 of the years indicated below, subject to the rights of Holders of such Notes
on the relevant record date to receive interest on the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2010
	  	105.50	%
	 2011
	  	102.75	%
	 2012 and thereafter
	  	100.000	%

  

 63 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable redemption date. 
 (e) Any redemption pursuant to this Section 3.07
shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Offer to Purchase by Application of Excess Proceeds.

 In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an offer to all Holders to purchase Notes
(an “Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders
and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer
will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than
five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu
Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same
manner as interest payments are made. 
 If the Purchase Date is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest and Additional Interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who
tender Notes pursuant to the Asset Sale Offer. 
 Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a
notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. At the Company’s request, the
Trustee shall give notice of the Asset Sale Offer in the Company’s name and at the Company’s expense. The notice, which will govern the terms of the Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 3.08 and Section 4.10 hereof and the length of time the
Asset Sale Offer will remain open; 
  

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 (2) the Offer Amount, the purchase price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer
may elect to have Notes purchased in integral multiples of $1,000 only; 
 (6) that Holders electing to have Notes purchased
pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by bookentry transfer, to the Company, a Depositary, if
appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or
letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by Holders thereof exceeds the
Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as
may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000, will be purchased); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by bookentry transfer). 
  

 65 

 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro
rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.08. The Company, the Depositary
or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes tendered by such Holder
and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset
Sale Offer on the Purchase Date if required to do so by law. 
 Other than as specifically provided in this Section 3.08, any purchase
pursuant to this Section 3.08 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payment of Notes.

 The Company will pay or cause to be paid the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes
on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as
of 11:00 a.m. (New York time) on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and accrued and unpaid interest then due. The Company will pay all
Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
 The
Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 2% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful.

  

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 Section 4.02 Maintenance of Office or Agency. 
 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may
also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates the
Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03
Reports. 
 (a) Whether or not required by the rules and regulations of the Commission, so long as any Notes are outstanding the Company
will furnish to the Holders of Notes or cause the Trustee to furnish to the Holders of Notes: 
 (1) within the time period
specified in the Commission’s rules and regulations for filing of annual reports for each fiscal year, audited year-end consolidated financial statements of the Company and its Subsidiaries (including a balance sheet, statement of operations
and statement of cash flows) prepared in accordance with GAAP, including a “Management’s Discussion and Analysis of Financial Condition and Result of Operations” for such fiscal year; 
 (2) within the time period specified in the Commission’s rules and regulations for filing of quarterly reports for each fiscal
quarter, unaudited quarterly consolidated financial statements of the Company and its Subsidiaries (including a balance sheet, statement of operations and statement of cash flows) prepared in accordance with GAAP, including a
“Management’s Discussion and Analysis of Financial Condition and Results  

  

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of Operations” for such fiscal quarter, subject to normal year-end adjustments and the absence of footnotes, provided that the financial
information for the fiscal quarter ended September 30, 2006 shall be required to be furnished to later than January 15, 2007; and 
 (3) promptly from time to time after the occurrence of an event required to be therein reported, such other reports containing substantially the same information required to be contained in a Current Report on Form
8-K under the Exchange Act; provided, however, that no such report shall be required to be furnished if the Company determines in its good faith judgment that such event is not material to the Holders of the Notes or the business, assets,
operations, financial positions or prospects of the Company and its Restricted Subsidiaries, taken as a whole. 
 Following the consummation
of the exchange offer contemplated by the Registration Rights Agreement, the Company will file a copy of each of the reports referred to in paragraph (a) of this Section 4.03 with the Commission for public availability within the time
periods specified in the rules and regulations applicable to such reports (unless the Commission will not accept such a filing). 
 If, at
any time after consummation of the exchange offer or the effectiveness of the shelf registration statement contemplated by the Registration Rights Agreement, the Company is no longer subject to the periodic reporting requirements of the Exchange Act
for any reason, the Company will nevertheless continue filing the reports specified in paragraph (a) of this Section 4.03 with the Commission within the time periods specified above unless the Commission will not accept such a filing. The
Company will not take any action for the purpose of causing the Commission not to accept any such filings. If, notwithstanding the foregoing, the Commission will not accept the Company’s filings for any reason, the Company will post the reports
referred to in paragraph (a) of this Section 4.03 on its website within the time periods that would apply if the Company were required to file those reports with the Commission. 
 The Company has agreed that, for so long as any Notes remain outstanding, it will furnish to the Holders of the Notes and to securities analysts and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. The Company may satisfy its obligation to furnish such information to the Trustee and Holders of the Notes at
any time by filing such information with the Commission. 
 (b) If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by paragraph (a) of this Section 4.03 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto,
and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results
of operations of the Unrestricted Subsidiaries of the Company. 
  

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 (c) If at any time Parent becomes a Guarantor (there being no obligation of Parent to do so), and Parent
holds no material assets other than cash, Cash Equivalents and the Capital Stock of the Company or any direct or indirect parent of the Company (and performs the related incidental activities associated with such ownership) and complies with the
requirements of Rule 3-10 of Regulation S-X promulgated by the Commission (or any successor provision), the reports, information and other documents required to be filed and furnished to Holders of the Notes pursuant to this Section 4.03 may,
at the option of the Company, be filed by and be those of Parent rather than the Company. 
 Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04 Compliance Certificate. 
 (a) The Company and each Guarantor (to the extent that such Guarantor is so
required under the TIA) shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has
been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and
conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto)
and that to his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and
what action the Company is taking or proposes to take with respect thereto. 
 (b) So long as any of the Notes are outstanding, the Company
will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto. 
 Section 4.05 Taxes. 
 The Company will pay, and will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or
where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
  

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 Section 4.06 Stay, Extension and Usury Laws. 
 The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of
the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07 Restricted
Payments. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or
any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or distributions payable
to the Company or a Restricted Subsidiary of the Company); 
 (2) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than any such Equity Interest owned by the Company or
any Restricted Subsidiary of the Company); 
 (3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value, any Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among the Company and any of its
Restricted Subsidiaries), except (x) a payment of interest or principal, in each case, at the Stated Maturity thereof or (y) the purchase, redemption, defeasance or other acquisition or retirement of any such subordinated Indebtedness in
anticipation of satisfying a sinking fund obligation, principal installment or payment at final maturity, in each case due within one year; or 
  

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 (4) make any Restricted Investment (all such payments and other actions set forth in
clauses (1) through (4) above being collectively referred to as “Restricted Payments”); 
 unless, at the time of and immediately
after giving effect to such Restricted Payment: 
 (1) no Default or Event of Default has occurred and is continuing or would
occur as a consequence of such Restricted Payment; 
 (2) the Company would, at the time of such Restricted Payment and after
giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a); and 
 (3) such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by the Company and its Restricted Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), (9), (10) and (11) of paragraph (b) of this
Section 4.07), is less than the sum, without duplication, of: 
 (A) 50% of the Consolidated Net Income of the Company
for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available
at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 
 (B) 100% of the aggregate net cash proceeds, and the Fair Market Value of any property other than cash, received by the Company since the Issue Date as a contribution to its common equity capital or from the issue or
sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or
exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus 
  

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 (C) to the extent that any Restricted Investment that was made after the Issue Date is
sold for cash or otherwise liquidated or repaid for cash, the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any); plus 
 (D) to the extent that any Unrestricted Subsidiary of the Company designated as such after the Issue Date is redesignated as a Restricted
Subsidiary after the Issue Date, the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation; plus 
 (E) any dividends or other distributions received by the Company or a Restricted Subsidiary of the Company that is a Guarantor after the
Issue Date from an Unrestricted Subsidiary of the Company or any Restricted Investment made after the Issue Date, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Company for such period and were
not used to reduce Investments made pursuant to clause (15) of the definition of “Permitted Investments”; 
 provided, however,
that the sum of clauses (C), (D) and (E) above shall not exceed the aggregate amount of all such Investments made subsequent to the Issue Date. 
 (b) The provisions of Section 4.07(a) hereof will not prohibit: 
 (1) the payment of any
dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption
payment would have complied with the provisions of this Indenture; 
 (2) the making of any Restricted Payment in exchange
for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common
equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (3)(B) of Section 4.07(a) hereof; 
 (3) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Guarantor
that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 
  

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 (4) the payment of any dividend (or, in the case of any partnership or limited liability
company, any similar distribution) by a Restricted Subsidiary of the Company to the holders of any class of its Equity Interests on a pro rata basis; 
 (5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted
Subsidiary of the Company or any distribution, loan or advance to Parent for the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Parent, in each case held by any current or former officer, director or
employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or other agreement; provided that the aggregate price paid for all such
repurchased, redeemed, acquired or retired Equity Interests may not exceed $4.0 million in any twelve-month period (plus the proceeds from the issuance of Equity Interests to officers, directors or employees); provided, further, that
the Company may carry over and make in the two immediately subsequent twelve-month periods, in addition to the amounts permitted for any such twelve-month period, the amount of such repurchases, redemptions or other acquisitions or retirements for
value permitted to have been made, but not made in the two immediately preceding twelve-month periods; it being understood that the cancellation of Indebtedness owed by management to the Company in connection with such repurchase or redemption will
not be deemed to be a Restricted Payment; provided, further, that any Equity Interests repurchased, redeemed, acquired or retired from the proceeds of Indebtedness issued pursuant to clause (13) in Section 4.09(b) hereof will be a
Restricted Payment under this clause (5) only upon the repayment of principal of such Indebtedness; 
 (6) the repurchase
of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 
 (7) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the
Company or any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with the Fixed Charge Coverage Ratio test described in Section 4.09(a) hereof; 
 (8) Permitted Payments to Parent; 
 (9) the repayment or repurchase of Indebtedness that is subordinated in right of payment to the Notes or the Note Guarantees upon an Asset Sale or Change of Control if and to the extent that such repayment or
repurchase was required by the provisions of such Indebtedness; provided that, prior to such repayment or repurchase, the Company shall have made the Asset Sale Offer or Change of Control Offer, as applicable, with respect to the Notes as
required by this Indenture, and the Company shall have repurchased all Notes validly tendered for payment and not validly withdrawn in connection with such Asset Sale Offer or Change of Control Offer, as applicable; 
  

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 (10) the payment of dividends on common stock of the Company or any Parent following the
first bona fide underwritten public offering of common stock of the Company or any Parent after the Issue Date of up to 6% per annum of the net proceeds received from all public offerings; provided, however, that the
aggregate amount of all such dividends shall not exceed the aggregate amount of net proceeds received by the Company (or contributed to the Company as a capital contribution) from all public offerings; 
 (11) the distribution, dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary by Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); and 
 (12) other Restricted Payments in an aggregate amount not to exceed $15.0 million since the Issue Date, 
 provided
that, in the case of Restricted Payments pursuant to clauses (5), (7), (9), (10), (11) and (12) above, no Default has occurred and is continuing or would be caused as a consequence of such payment. 
 The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section 4.07
will be determined by the Board of Directors of the Company whose resolution with respect thereto will be delivered to the Trustee. The Board of Directors’ determination must be based upon an opinion or appraisal issued by an accounting,
appraisal or investment banking firm of national standing if the Fair Market Value exceeds $15.0 million. 
 Section 4.08 Dividend and Other Payment
Restrictions Affecting Subsidiaries. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or
pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
  

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

 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of:

 (1) agreements governing Existing Indebtedness as in effect on the Issue Date and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially
more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the Issue Date; 
 (2) the ABL Revolving Facility and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and
other payment restrictions than those contained in those agreements on the Issue Date; 
 (3) this Indenture, the Notes, the
Note Guarantees and the Security Documents; 
 (4) applicable law, rule, regulation or order; 
 (5) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in
effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

  

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 (6) customary non-assignment provisions in contracts, leases or licenses entered into in
the ordinary course of business; 
 (7) purchase money obligations for property, including alloy metals, acquired in the
ordinary course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof; 
 (8) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary
pending the sale or other disposition; 
 (9) Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (10) Liens permitted to be incurred under the provisions of Section 4.12 hereof and restrictions in the agreements relating thereto
that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (11) provisions limiting the disposition
or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Company’s Board of Directors, which
limitation is applicable only to the assets that are the subject of such agreements; 
 (12) restrictions on cash or other
deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (13) any
encumbrance or restriction in connection with an acquisition of property, so long as such encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition;

 (14) provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions
with respect to any class of Capital Stock of a Person other than on a pro rata basis with respect to that class of Capital Stock; 
 (15) restrictions on the transfer of assets imposed under any agreement to sell such assets permitted under this Indenture to any Person pending the closing of such sale; 
  

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 (16) customary provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of assets of, or ownership interests in, such partnership, limited liability company, joint venture or similar Person; 

(17) Indebtedness or other contractual requirements of a Receivables Subsidiary in connection with a Qualified Receivables Transaction;
provided that such restrictions apply only to such Receivables Subsidiary; 
 (18) restrictions on the ability of any
Foreign Subsidiary to make dividends or other distributions resulting from the operation of payment defaults and reasonable financial covenants contained in documentation governing Indebtedness of such Foreign Subsidiary permitted to be incurred
under the Indenture provided that such encumbrances or restrictions will not materially affect the Company’s ability to make anticipated principal and interest payments on the Notes (as determined in good faith by the Board of Directors of the
Company); and 
 (19) any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (18) above permitted to be incurred subsequent to the Issue Date; provided that the
encumbrances or restrictions in such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, in the good faith judgment of the Board of Directors of the
Company, taken as a whole, than the encumbrances or restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 
 (a) The Company will
not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively,
“incur”) any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided,
however, that the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for the
Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is
issued, as the case may be, would have been at least 2.0 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or preferred stock had been issued, as the case may be, and the proceeds thereof applied at the beginning of such four-quarter period. 
  

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 (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) (a) the incurrence by the Company
and any Restricted Subsidiary of Indebtedness and letters of credit and bankers’ acceptances under a Credit Facility in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to
have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the greater of (x) $40.0 million and (y) the amount of the Borrowing Base as of the date of such
incurrence; 
 (2) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 
 (3) the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees and the
Exchange Notes and the related Note Guarantees to be issued pursuant to the registration rights agreement in an aggregate principal amount not to exceed the amount outstanding on the Issue Date; 
 (4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of
the Company or any of its Restricted Subsidiaries, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this
clause (4), not to exceed $10.0 million at any time outstanding; 
 (5) the incurrence by the Company or any of its Restricted
Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this
Indenture to be incurred under Section 4.09(a) hereof or clause (2), (3) or (5) of this Section 4.09(b); 
 (6) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; and 
  

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 (B) (i) any subsequent issuance or transfer of Equity Interests that results in any such
Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the
Company (in either case, other than to a holder of a Lien permitted under this Indenture) will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause (6); 
 (7) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to
any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 
 (A) any subsequent
issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 
 (B) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the
Company 
 (in either case, other than to a holder of a Lien permitted under this Indenture) will be deemed, in each case, to constitute an issuance of such
preferred stock by such Restricted Subsidiary that was not permitted by this clause (7); 
 (8) the incurrence by the Company
or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business; 
 (9) the guarantee by the
Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company or by a Restricted Subsidiary of the Company that is not a Guarantor of Indebtedness of a Restricted Subsidiary that is not a Guarantor, in
each case that was permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee shall be subordinated or
pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
  

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 (10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, letters of credit, performance, appeal and surety bonds in the ordinary course of business; 
 (11) Indebtedness arising from agreements of the Company or a Restricted Subsidiary of the Company providing for indemnification,
adjustment of purchase price, earn-out or other similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition of any business, assets or a Restricted Subsidiary of the Company, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition; provided that the maximum assumable liability in respect of all such
Indebtedness in the case of a disposition shall at no time exceed the gross proceeds actually received by the Company and its Restricted Subsidiaries in connection with such disposition; 
 (12) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 
 (13) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in connection with the purchase, redemption or
other acquisition or retirement of Equity Interests held by any current or former officer, director or employee of Parent, the Company or any of its Restricted Subsidiaries; provided that such repurchase, redemption or other acquisition or
retirement is permitted by clause (5) of Section 4.07(b); provided, further, that such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes;

 (14) Indebtedness or Disqualified Stock of the Company and Indebtedness or preferred stock of any Restricted Subsidiary in
an aggregate amount since the Issue Date equal to 100% of the net cash proceeds received by the Company since immediately after the Issue Date from the issue or sale of Equity Interests of the Company or cash contributed to the common equity capital
of the Company as determined in accordance with clause (3)(B) of Section 4.07(a) hereof to the extent such net cash proceeds or cash have not been applied pursuant to such clause to make Restricted Payments or to make other Investments,
payments or exchanges pursuant to Section 4.07(b) hereof or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition thereof); 
 (15) Indebtedness, Disqualified Stock or preferred stock of Persons that are acquired by the Company or any Restricted Subsidiary thereof
but do not become Guarantors or merged into a Restricted Subsidiary of the Company that is not a Guarantor 

  

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in accordance with the terms of this Indenture; provided that such Indebtedness, Disqualified Stock or preferred stock is not incurred in
contemplation of such acquisition or merger; provided, further, that after giving effect to such acquisition or merger, the Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a) hereof; 
 (16) Indebtedness of the Company’s Foreign Subsidiaries
in an aggregate principal amount not to exceed $5.0 million at any time outstanding pursuant to this clause (16); 
 (17) the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness (which additional Indebtedness may be incurred, in whole or in part, under a Credit Facility) in an aggregate principal amount (or accreted value, as
applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (17), not to exceed $20.0 million.

 The Company will not incur, and will not permit any Restricted Subsidiary to incur, any Indebtedness (including Permitted Debt) that is
contractually subordinated in right of payment to any other Indebtedness of the Company or such Restricted Subsidiary unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on
substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on
a first or junior Lien basis. 
 For purposes of determining compliance with this Section 4.09, in the event that an item of proposed
Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (17) above, or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be permitted to
classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09. Indebtedness under the ABL Revolving Facility outstanding
on the date on which Notes are first issued and authenticated under this Indenture will be deemed to have been incurred on such date in reliance on the exception provided by clause (1) of the definition of Permitted Debt. 
 The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified
Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09; provided, in each such case, that the amount of any such accrual, accretion or payment is included in
Fixed Charges of 

  

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the Company as accrued. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted
Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
 The amount of any Indebtedness outstanding as of any date will be: 
 (1) the accreted value
of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
 (2) the principal amount of the
Indebtedness, in the case of any other Indebtedness; and 
 (3) in respect of Indebtedness of another Person secured by a Lien
on the assets of the specified Person, the lesser of: 
 (A) the Fair Market Value of such assets at the date of
determination; and 
 (B) the amount of the Indebtedness of the other Person. 
 Section 4.10 Asset Sales. 
 The Company will not,
and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the
Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash. For
purposes of this provision, each of the following will be deemed to be cash: 
 (A) Cash Equivalents; 
 (B) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted Subsidiary
(other 

  

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than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of
any such assets pursuant to a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability; and 
 (C) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are, within 90 days following the Asset Sale, converted by the Company or such
Restricted Subsidiary into cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received in that conversion. 
 Within 365
days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds at its option: 
 (1) to repay Priority Lien Obligations; 
 (2) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a
Restricted Subsidiary of the Company or is merged with and into the Company or a Restricted Subsidiary; 
 (3) to make a
capital expenditure; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used
or useful in a Permitted Business. 
 Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving credit
borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 
 Any Net Proceeds from Asset Sales
that are not applied or invested as provided in the third paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0 million, within 15 days thereof, the Company
will make an Asset Sale Offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with
the proceeds of sales of assets in accordance with Section 3.08 hereof to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, and will be payable in cash. If any 

  

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Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other pari passu Indebtedness
to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes
pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of Section 3.08 hereof or this Section 4.10, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Asset Sale provisions of Section 3.08 hereof or this Section 4.10 by virtue of such compliance. 
 Section 4.11 Transactions with Affiliates. 
 (a)
The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make
or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate consideration in excess of $2.0 million on or after the Issue Date (each, an
“Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are no less favorable to
the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $5.0 million, a resolution of the Board of Directors of the Company set forth in
an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (1) of this Section 4.11(a) and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of
Directors of the Company; and 
  

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 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $10.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm
of national standing. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the
provisions of Section 4.11(a) hereof: 
 (1) any employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto; 
 (2) transactions between or among the Company and/or its Restricted Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because
the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 
 (4) payment
of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company; 
 (5) any issuance of Equity
Interests (other than Disqualified Stock) of the Company to Affiliates of the Company and the granting of registration rights in connection therewith; 
 (6) Restricted Payments that do not violate Section 4.07 hereof; 
 (7) Permitted
Investments; 
 (8) any transaction pursuant to any agreement in existence on the Issue Date or any amendment or replacement
thereof that, taken in its entirety, is no less favorable to the Company than the agreement as in effect on the Issue Date; 
 (9) the payment of indemnities provided for by the Company’s charter, by-laws and written agreements and reasonable fees to directors of the Company, Parent and the Restricted Subsidiaries who are not employees of the Company, Parent
or the Restricted Subsidiaries; 
  

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 (10) loans or advances to officers, directors and employees of the Company and its
Restricted Subsidiaries not to exceed $1.0 million in the aggregate at any one time outstanding provided, however, the Company may loan officers, directors and employees an amount not to exceed $4.0 million at any time outstanding to finance the
purchase of Capital Stock of the Company or any of its Restricted Subsidiaries; 
 (11) any tax sharing agreement or
arrangement and payments pursuant thereto among the Company and its Subsidiaries and any other Person with which the Company or its Subsidiaries is required or permitted to file a consolidated, combined or unitary tax return or with which the
Company or any of its Restricted Subsidiaries is or could be part of a consolidated, combined or unitary group for tax purposes in amounts not otherwise prohibited by this Indenture; 
 (12) transactions with a joint venture engaged in a Permitted Business; provided that all the outstanding ownership interests of
such joint venture are owned only by the Company, its Restricted Subsidiaries and Persons who are not Affiliates of the Company; 
 (13) transactions with customers, clients, suppliers or purchasers or sellers of goods, in each case in the ordinary course of business; 
 (14) transactions which have been approved by a majority of the disinterested members of the Board of Directors and with respect to which an independent financial advisor has delivered an opinion as to the fairness to
the Company or such Restricted Subsidiary of such transaction from a financial point of view; 
 (15) transactions pursuant to
the Management Agreement; 
 (16) any agreement between any Person and an Affiliate of such Person existing at the time such
Person is acquired by or merged into the Company or a Restricted Subsidiary of the Company; provided that such agreement was not entered into contemplation of such acquisition or merger, or any amendment thereto (so long as any such amendment
is not disadvantageous to the Holders of the Notes when taken as a whole as compared to the applicable agreement as in effect on the date of such acquisition or merger); 
 (17) any loans, advances or transfers to AGY Europe SARL not to exceed $2.0 million in the aggregate at any one time; and 
  

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 (18) any Qualified Receivables Transaction. 
 Section 4.12 Liens. 
 (a) The Company will not,
and will not permit any Guarantor to, create, incur, assume or otherwise cause or suffer to exist or become effective, any Lien of any kind (other than Permitted Liens) securing Indebtedness upon any of their property or assets, now owned or
hereafter acquired. 
 Section 4.13 Business Activities. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted
Subsidiaries taken as a whole. 
 Section 4.14 Corporate Existence. 
 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
 (1) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (2) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; 
 provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.15 Offer to Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part (equal to 

  

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$2,000 and integral multiples of $1,000) of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Additional Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment
date the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder of Notes describing the transaction or transactions that constitute the Change of Control and
stating: 
 (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered
will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no
later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that
any Note not tendered will continue to accrue interest; 
 (4) that, unless the Company defaults in the payment of the Change
of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by bookentry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying
Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder of Notes is withdrawing his election to have the Notes purchased; and 
 (7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount and
an integral multiples of $1,000. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations 

  

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are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.15, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15 by virtue of such
compliance. 
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 The Paying
Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by bookentry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 and integral multiples of $1,000. The Company will publicly announce the results of the Change
of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) Notwithstanding anything to the contrary in
this Section 4.15, the Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.15 and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until
there is a default in payment of the applicable redemption price. 
 (d) Notwithstanding anything to the contrary herein, a Change of Control
Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of the making of the Change of Control Offer. 
  

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 Section 4.16 Payments for Consent. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or
for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the
Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.17 Additional Note Guarantees. 
 If the Company or any of its Restricted Subsidiaries acquires or creates
another Domestic Subsidiary (other than a Receivables Subsidiary) on or after the Issue Date and such Domestic Subsidiary guarantees or otherwise provides direct credit support for any Indebtedness of the Company or any Restricted Subsidiary, then
that newly acquired or created Domestic Subsidiary will become a Guarantor and execute a supplemental indenture and deliver an opinion of counsel satisfactory to the Trustee within 10 Business Days of the date on which it was acquired, created or
provided such direct credit support; provided that any Domestic Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary. 
 Section 4.18 Designation of Restricted and Unrestricted Subsidiaries. 
 The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be deemed to be an Investment made as of the time of the designation
and will be treated as a Restricted Payment under Section 4.07 hereof or a Permitted Investment under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the
Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary
if that redesignation would not cause a Default. 
 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be
evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding
conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for
purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a 

  

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Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof
the Company will be in default of such covenant. 
 The Board of Directors of the Company may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted
Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter
reference period; and (2) no Default or Event of Default would be in existence following such designation. 
 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or
Sale of Assets. 
 (a) The Company shall not, directly or indirectly (i) consolidate or merge with or into another Person (whether or
not the Company is the surviving corporation); or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more
related transactions, to another Person, unless: 
 (1) either: 
 (A) the Company is the surviving corporation; or 
 (B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing under the laws of the United States, any state of the United States or the District of Columbia
(provided that if such Person is not a corporation, such Person shall be required to cause a Subsidiary of such Person that is a corporation to be a co-obligor under the Notes); 
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale,
assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee;

  

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 (3) immediately after such transaction, no Default or Event of Default exists; and

 (4) the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, conveyance or other disposition has been made, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of
the applicable four-quarter period, either 
 (A) would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof, or 
 (B) would have a Fixed Charge
Coverage Ratio greater than the Fixed Charge Coverage Ratio of the Company immediately prior to such transaction. 
 In addition, the Company
will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 This Section 5.01 will not apply to: 
 (1) a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; 
 (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the
Company and its Restricted Subsidiaries; or 
 (3) transfers of accounts receivable and related assets of the type specified
in the definition of Qualified Receivables Transaction (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Transaction. 
 Section 5.02 Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or 

  

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to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and
may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the
obligation to pay the principal of and interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the Company’s assets in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 
 Each of the following is an “Event of Default”: 
 (1) default for 30 days in the payment when due of interest on, or Additional Interest, if any, with respect to the Notes; 
 (2) default in the payment when due (at maturity, upon redemption or otherwise of the principal of, or premium, if any, on, the Notes;

 (3) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 4.10, 4.15
or 5.01 hereof; 
 (4) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after
the Issue Date, if that default: 
 (A) is caused by a failure to pay any such Indebtedness at its final Stated Maturity
(after giving effect to any applicable grace periods) (a “Payment Default”); or 
  

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 (B) results in the acceleration of such Indebtedness prior to its final Stated Maturity,

 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has
been a Payment Default or the maturity of which has been so accelerated, aggregates $15.0 million or more; 
 (6) failure by
the Company or any of its Significant Subsidiaries to pay final and nonappealable judgments entered by a court or courts of competent jurisdiction aggregating in excess of $15.0 million, which judgments are not paid, discharged or stayed for a
period of 60 days, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 
 (7) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary
case, 
 (C) consents to the appointment of a custodian of it or for all or substantially all of its property, or 

(D) makes a general assignment for the benefit of its creditors; 
 (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
  

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 (B) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; 
 (9) except as permitted by this Indenture, the Note Guarantee of any Significant Subsidiary is held in any judicial proceeding to be
unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor that is a Significant Subsidiary, or any Person acting on behalf of any Guarantor that is a Significant Subsidiary, denies or disaffirms its
obligations under its Note Guarantee; and 
 (10) the occurrence of any of the following: 
 (A) except as permitted by the Indenture, any Security Document ceases for any reason to be fully enforceable; provided, that it will not
be an Event of Default under this clause (10)(a) if the sole result of the failure of one or more Security Documents to be fully enforceable is that any Parity Lien purported to be granted under such Security Documents on Collateral,
individually or in the aggregate, having a Fair Market Value of not more than $10.0 million ceases to be an enforceable and perfected second-priority Lien, subject only to Permitted Prior Liens; 
 (B) any Parity Lien purported to be granted under any Security Document on Collateral, individually or in the aggregate, having a Fair
Market Value in excess of $10.0 million ceases to be an enforceable and perfected second-priority Lien, subject only to Permitted Prior Liens; or 
  

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 (C) the Company or any other Pledgor, or any Person acting on behalf of any of them,
denies or disaffirms, in writing, any obligation of the Company or any other Pledgor set forth in or arising under any Security Document. 
 Section 6.02 Acceleration. 
 In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof with respect to the Company, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 
 Upon any such
declaration, the Notes shall become due and payable immediately. 
 The Holders of a majority in aggregate principal amount of the then
outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of
Default in the payment of interest or premium or Additional Interest, if any, on, or the principal of, the Notes. 
 Section 6.03 Other Remedies.

 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal,
premium and Additional Interest, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of Notes in exercising any right or remedy accruing upon
an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law; provided that there shall be no duplication of any
recovery provided by such remedies. 
 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of
all of the Notes, waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and Additional Interest, if any, or interest on, the Notes
(including in connection with an offer to purchase); provided, however, 

  

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that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 

 A Holder of Notes may pursue a remedy with respect to this Indenture or the Notes only if: 
 (1) such Holder of Notes gives to the Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue
the remedy; 
 (3) such Holder or Holders of Notes offer the Trustee security or indemnity reasonably satisfactory to the
Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in
aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 
 A Holder of a
Note may not use this Indenture to prejudice the rights of another Holder of Notes or to obtain a preference or priority over another Holder of Notes. 
  

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 Section 6.07 Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Additional Interest,
if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not
be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder of Notes to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder of Notes any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder of Notes, or to authorize the Trustee to vote in respect of the claim
of any Holder of Notes in any such proceeding. 
  

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 Section 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee
and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for
principal, premium and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Additional Interest, if any and interest,
respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct.

 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 
 In any suit
for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of Notes pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then
outstanding Notes. 
 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph
(b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b) and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own
funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder of Notes, unless such Holder has offered to the Trustee reasonable indemnity or security
against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

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 Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due
care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or
within the rights or powers conferred upon it by this Indenture; provided, that the Trustee’s conduct does not constitute willful misconduct, bad faith or negligence. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by
an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. 
 (g) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (h) The Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under Section 6.01(1) or
(2) hereof) unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

  

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 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities (including those of Note Collateral Agent) hereunder (and under the Security Documents), and each agent, custodian and other
Person employed to act hereunder. 
 (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 7.03 Individual Rights of Trustee. 

 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to
continue as Trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The
Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or
upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or
recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and
if it is known to the Trustee pursuant to Section 7.02(h) hereof, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment of principal of, premium or Additional Interest, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the
interests of the Holders of the Notes. 
  

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 Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each May 15 beginning with May 15, 2007, and for so long as Notes remain outstanding, the Trustee will mail to the
Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be
transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the Commission and each stock exchange on which the Notes are
listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes are listed on or delisted from any stock exchange. 
 Section 7.07 Compensation and Indemnity. 
 (a) The Company will pay to the Trustee from time to time such compensation
for its acceptance of this Indenture and services hereunder as shall be agreed to in writing between the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The
Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee against any and all
losses, liabilities, damages, claims or expenses, including taxes (other than those based upon, measured by or determined by the income of the Trustee) and the reasonable out-of-pocket fees and expenses of counsel, incurred by it arising out of or
in connection with the acceptance or administration of its duties under this Indenture, including the reasonable out-of-pocket costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07)
and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder of Notes or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the
extent any such loss, liability or expense may be attributable to its willful misconduct, negligence or bad faith. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company
will pay the reasonable out-of-pocket fees and expenses of such counsel; provided, that the Company shall not be required to pay such fees and expenses if it assumes the Trustee’s defense and there is no conflict of interest between the
Company and the Trustee in connection with such defense. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
  

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 (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive the
satisfaction and discharge of this Indenture, final payment in full of the Notes and the resignation or removal of the Trustee. 
 (d) To
secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal
and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to
the extent applicable. 
 Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders
of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
  

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 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction at the expense of the Company in the case of the Trustee for the appointment of a successor Trustee.

 (e) If the Trustee, after written request by any Holder of Notes who has been a Holder of Notes for at least six months, fails to comply
with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee
to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 
 Section 7.09 Successor Trustee by
Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or banking association, the successor corporation or banking association without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities
and that, together with its affiliates, has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
  

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 This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11 Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or
Covenant Defeasance. 
 The Company may at any time, at the option of the Board of Directors evidenced by a resolution set forth in an
Officer’s Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes and Note Guarantees upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other obligations under such Notes, the Note
Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged
hereunder: 
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest
or premium and Additional Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
  

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 (2) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and the
Company’s and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03 through 4.18 hereof and clause (4) of Section 5.01 hereof
with respect to the outstanding Notes and the operation of Section 6.01(4) (with respect to Sections 4.03 through 4.18 hereof), Section 6.01(5), Section 6.01(6), Section 6.01(7) and Section 6.01(8) hereof (with respect to
any Restricted Subsidiaries) shall terminate on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the
Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(6) and 6.01(9) hereof will not constitute Events of Default. 
  

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 Section 8.04 Conditions to Legal or Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants, to pay the principal of, or interest and premium and Additional Interest, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must
specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the
case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) since the Issue Date, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or
loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 (3) in the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and
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borrowing) and the deposit will not result in a breach or violation of, or constitute a default under, any Credit Facility or other material instrument to
which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (5) such Legal Defeasance
or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound; 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that
the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 
 (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been
complied with. 
 The Collateral will be released from the Lien securing the Notes, as provided in Section 10.06 hereof, upon a Legal
Defeasance or Covenant Defeasance in accordance with the provisions of this Article 8. 
 Section 8.05 Deposited Money and Government Securities to
be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes
will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable 

  

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Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Additional
Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the
Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture
and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium or Additional Interest, if any, or interest on, any Note following the reinstatement of its
obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee (and in the case of clauses (3) or (8) below, the affected
Guarantors) may amend or supplement this Indenture, the Notes or the Note Guarantees without the consent of any Holder of Notes: 
 (1) to cure any ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in
place of certificated Notes; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to
Holders of Notes and Note Guarantees by a successor to the Company or such Guarantor pursuant to Article 5 or Article 11 hereof; 
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 
 (5) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA;

 (6) to conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of
notes” section of the Offering Memorandum to the extent that such provision in that “Description of notes” section was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees;

 (7) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of
the Issue Date; 
 (8) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the
Notes; or 
 (9) to enter into additional or supplemental Security Documents. 
  

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 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders
of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture
(including, without limitation, Sections 3.08, 4.10 and 4.15 hereof), the Notes, the Note Guarantees and the Security Documents with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
(including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or a purchase of, the Notes), and, subject to Sections 6.04
and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or Additional Interest, if any, or interest on, the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Note Guarantees or the Security Documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of
the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into
such amended or supplemental Indenture. 
 It is not be necessary for the Holders of Notes under this Section 9.02 to approve the
particular form of any proposed amendment, supplement or waiver, but it is sufficient if the requisite Holders approve the substance thereof. However, no amendment to or waiver of this sentence or the subordination provisions of this Indenture (or
the component definitions used therein) may be made without the consent of the holders of a majority in outstanding principal amount of each class of Designated Senior Debt of the Company and the Guarantors (or their respective Representative).

  

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 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will
mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any
such amended or supplemental indenture or waiver. Without the consent of each Holder of Notes affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the Stated Maturity of any Note or alter or waive any of the provisions with respect to the
redemption prices of the Notes (except as provided above with respect to Sections 3.08, 4.10 and 4.15 hereof); 
 (3) reduce
the rate of or change the time for payment of interest, including default interest, on any Note; 
 (4) waive a Default or
Event of Default in the payment of principal of, or premium, or Additional Interest, if any, or interest on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (5) make any Note payable in
money other than that stated in the Notes; 
 (6) make any change in Section 6.04 or 6.07 hereof; 
 (7) waive a redemption payment with respect to any Note (other than a payment required by Sections 3.08, 4.10 or 4.15 hereof); 

(8) release any Guarantor that is a Significant Subsidiary from any of its obligations under its Note Guarantee or this Indenture,
except in accordance with the terms of this Indenture; or 
 (9) make any change in the preceding amendment and waiver
provisions. 
  

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 In addition, any amendment to, or waiver of, the provisions of Article 10 or Section 11.02 that
adversely affects the rights of the Holders of the Notes will require the consent of the Holders of at least 75% in aggregate principal amount of Notes then outstanding. 
 Section 9.03 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this
Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04
Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is
a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such
Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons, who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such
action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such
amendment, supplement or waiver. 
  

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 Section 9.06 Trustee to Sign Amendments, etc. 
 The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will
be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  

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 ARTICLE 10 
 COLLATERAL AND SECURITY 
 Section 10.01 Collateral and Security Documents. The due and punctual payment of the
principal of and interest (including Additional Interest, if any) on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the
overdue principal of and interest on the Notes and performance of all other Obligations of the Company and the Guarantors to the Holders, the Trustee or the Note Collateral Agent under this Indenture, the Notes, the Note Guarantees and the Security
Documents, according to the terms hereunder or thereunder (the “Secured Obligations”), shall be secured as provided in the Security Documents, which define the terms of the Liens that secure the Secured Obligations, subject to the terms of
the Intercreditor Agreement. The Trustee and the Company hereby acknowledge and agree that the Trustee or the Note Collateral Agent, as the case may be, holds the Collateral in trust for the benefit of the Trustee and the Holders, in each case
pursuant to the terms of the Security Documents. Each Holder, by accepting a Security, consents and agrees to the terms of the Security Documents (including the provisions providing for the possession, use, release and foreclosure of Collateral) as
the same may be in effect or may be amended from time to time in accordance with their terms and this Indenture, and authorizes and directs the Note Collateral Agent and, as applicable, the Trustee to enter into the Security Documents and to perform
its obligations and exercise its rights thereunder in accordance therewith; provided, however, that if any of the provisions of the Security Documents limit, qualify or conflict with the duties imposed by the provisions of the TIA that
have been incorporated by reference in and made part of this Indenture pursuant to Section 1.03, such provisions of the TIA shall control. The Company shall deliver to the Trustee (if it is not itself then the Note Collateral Agent) copies of
all documents delivered to the Note Collateral Agent pursuant to the Security Documents, and will do or cause to be done all such acts and things as may be reasonably required by the next sentence of this Section 10.01, to assure and confirm to
the Trustee and the Note Collateral Agent the security interest in the Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit
of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Company shall take, and shall cause Holdings and the Subsidiaries of the Company to take, any and all actions reasonably required to cause
the Security Documents to create and maintain, as security for the Obligations of the Company and the Guarantors hereunder, a valid and enforceable perfected Lien and security interest in and on all of the Collateral (subject to the terms of the
Intercreditor Agreement), in favor of the Note Collateral Agent for the benefit of the Trustee and the Holders under the Security Documents. Notwithstanding the foregoing, the Security Documents may be amended from time to time to add other parties
holding Parity Lien Debt and (in the case of the Intercreditor Agreement) other Priority Lien Obligations, in each case to the extent permitted to be incurred under Sections 4.09 and 4.12 of this Indenture. 
  

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 Section 10.02 Equal and Ratable Sharing of Collateral by Holders of Parity Lien Debt. 
 Notwithstanding: (1) anything to the contrary contained in the Security Documents; (2) the time of incurrence of any Series of Parity Lien Debt;
(3) the order or method of attachment or perfection of any Liens securing any Series of Parity Lien Debt; (4) the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any
Lien upon any Collateral; (5) the time of taking possession or control over any Collateral; (6) that any Parity Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other
Lien; or (7) the rules for determining priority under any law governing relative priorities of Liens: 
 (a) all Parity Liens granted at
any time by the Company or any other Pledgor will secure, equally and ratably, all present and future Parity Lien Debt; and 
 (b) all
proceeds of all Parity Liens granted at any time by the Company or any other Pledgor will be allocated and distributed equally and ratably on account of the Parity Lien Debt. 
 This Section 10.02 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Parity
Lien Debt, each present and future Parity Lien Representative and the Note Collateral Agent as holder of Parity Liens. 
 Section 10.03 Ranking of
Parity Liens. 
 Notwithstanding: (1) anything to the contrary contained in the Security Documents; (2) the time of incurrence
of any Series of Secured Debt; (3) the order or method of attachment or perfection of any Liens securing any Series of Secured Debt; (4) the time or order of filing or recording of financing statements, mortgages or other documents filed
or recorded to perfect any Lien upon any Collateral; (5) the time of taking possession or control over any Collateral; (6) that any Lien securing Priority Lien Obligations may not have been perfected or may be or have become subordinated,
by equitable subordination or otherwise, to any other Lien; or (7) the rules for determining priority under any law governing relative priorities of Liens, all Parity Liens at any time granted by the Company or any other Pledgor will be subject
and subordinate to all Liens securing Priority Lien Obligations. 
 This Section 10.03 is intended for the benefit of, and will be
enforceable as a third party beneficiary by, each present and future holder of Priority Lien Obligations, each present and future Priority Lien Representatives and the Priority Lien Collateral Agent as holder of the Liens securing the Priority Lien
Obligations. No other Person will be entitled to rely on, have the benefit of or enforce those provisions. 
 In addition, this
Section 10.03 is intended solely to set forth the relative ranking, as Liens, of the Liens securing Parity Lien Debt as against the Liens securing Priority Lien Obligations. Neither the Notes, nor any other Parity Lien Debt nor the exercise or
enforcement of any right or remedy for the payment or collection thereof are intended to be, or will ever be by reason of the foregoing provision, in any respect subordinated, deferred, postponed, restricted or prejudiced. 
  

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 Section 10.04 Relative Rights. 
 Nothing in the Indenture, the Notes or the Security Documents will: 
 (a) impair, as between the Company and
the Holders of the Notes, the obligation of the Company to pay principal of, premium and interest and Additional Interest, if any, on the Notes in accordance with their terms or any other obligation of the Company or any other Pledgor; 

(b) affect the relative rights of Holders of Notes as against any other creditors of the Company or any other Pledgor (other than holders of Liens
securing Priority Lien Obligations, Permitted Prior Liens or other Parity Liens); 
 (c) restrict the right of any Holder of Notes to sue for
payments that are then due and owing (but not enforce any judgment in respect thereof against any Collateral to the extent specifically prohibited under the Intercreditor Agreement); 
 (d) restrict or prevent any Holder of Notes or any other Parity Lien Debt, the Collateral Agent or any Parity Lien Representative from exercising any of
its rights or remedies upon a Default or Event of Default not specifically restricted or prohibited by the Intercreditor Agreement; or 
 (e)
restrict or prevent any Holder of Notes or any other Parity Lien Debt, the Collateral Agent or any Parity Lien Representative from taking any lawful action in an insolvency or liquidation proceeding not specifically restricted or prohibited by the
Intercreditor Agreement. 
 Section 10.05 Recordings and Opinions; Compliance with TIA. 
 (a) The Company will comply with the provisions of TIA §314(b). 
 (b) To the extent applicable, the Company will cause TIA §313(b), relating to reports, and TIA §314(d), relating to the release of property or securities subject to the Lien of the Security Documents, to be
complied with. Any certificate or opinion required by TIA §314(d) may be made by an Officer of the Company except in cases where TIA §314(d) requires that such certificate or opinion be made by an independent Person, which Person will be
an independent engineer, appraiser or other expert selected by or reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this paragraph, the Company will not be 

  

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required to comply with all or any portion of TIA §314(d) if it determines, in good faith based on advice of counsel, that under the terms of TIA
§314(d) and/or any interpretation or guidance as to the meaning thereof of the Commission and its staff, including “no action” letters or exemptive orders, all or any portion of TIA §314(d) is inapplicable to one or a series of
released Collateral. 
 Section 10.06 Further Assurances; Insurance. 
 (a) The Company and each of the other Pledgors will do or cause to be done all acts and things that may be required, or that the Note Collateral Agent
from time to time may reasonably request, to assure and confirm that the Note Collateral Agent holds, for the benefit of the Holders and the holders of Parity Lien Debt, duly created and enforceable and perfected Liens upon the Collateral (including
any property or assets that are acquired or otherwise become Collateral after the Notes are issued), in each case, as contemplated by, and with the Lien priority required under, (i) the Indenture, the Notes and the Security Documents and
(ii) the indenture, credit agreement or other agreement governing each other Series of Parity Lien Debt and the Security Documents (other than any Security Documents that do not secure Parity Lien Debt)(collectively, the “Parity Lien
Documents”). 
 Upon the reasonable request of the Note Collateral Agent or any Parity Lien Representative at any time and from time
to time, the Company and each of the other Pledgors will promptly execute, acknowledge and deliver such Security Documents, instruments, certificates, notices and other documents, and take such other actions as will be reasonably required, or that
the Note Collateral Agent may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Parity Lien Documents for the benefit of the holders of Parity Lien
Debt. 
 (b) The Company and the other Pledgors will: 
 (1) keep their properties adequately insured at all times by financially sound and reputable insurers; 
 (2) maintain such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), including
fire and other risks insured against by extended coverage and coverage for acts of terrorism, as is customary with companies in the same or similar businesses operating in the same or similar locations, including public liability insurance against
claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by them; 
 (3) maintain such other insurance as may be required by law; and 
  

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 (4) maintain such other insurance as may be required by the Security Documents.

 (c) Upon the request of the Note Collateral Agent, the Company and the other Pledgors will furnish to the Note Collateral Agent full
information as to their property and liability insurance carriers. The Company will cause the Holders and the holders of Parity Lien Debt, as a class, to be named as additional insureds, with a waiver of subrogation, on all insurance policies of the
Company and the other Pledgors and the Note Collateral Agent to be named as loss payee, with 30 days’ notice of cancellation or material change (except 10 days in case of non-payment), on all property and casualty insurance policies of the
Company and the other Pledgors. 
 Section 10.07 Release of Collateral. (a) Subject to subsections (b) and (c) of this
Section 10.07, Collateral may be released from the Lien and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents or as provided hereby. Upon the request
of the Company pursuant to an Officers’ Certificate certifying that all conditions precedent hereunder have been met, the Company, Parent and the Subsidiary Guarantors will be entitled to a release of property and assets included in the
Collateral from the Liens securing the Notes, and the Trustee shall release, or instruct the Note Collateral Agent to release, as applicable, the same from such Liens at the Company’s sole cost and expense, under one or more of the following
circumstances (whether prior to or after the discharge of the Priority Lien Obligations): 
 (1) to enable the Company to
consummate the disposition of such property or assets to the extent not prohibited under Section 4.10; 
 (2) if a
Guarantor is released from a Note Guarantee, the release of the property and assets of such Guarantor; 
 (3) pursuant to an
amendment or waiver in accordance with Article 9 of this Indenture; or 
 (4) upon defeasance of the Notes pursuant to Article
8. 
 The Lien on the Collateral securing the Notes will terminate and be released automatically if the Liens on the Collateral securing
Priority Lien Obligations are released by the Bank Collateral Agent (unless, at the time of such release of such first-priority Liens, a Default shall have occurred and be continuing under this Indenture). Notwithstanding the existence of a Default,
the Lien on the Collateral securing the Notes shall also terminate and be released automatically to the extent the Liens on the Collateral securing Priority Lien Obligations are released by the Bank Collateral Agent in connection with a sale,
transfer or disposition of Collateral that is either (i) not prohibited under this Indenture or (ii) occurs in connection with 

  

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the foreclosure of, or other exercise of remedies with respect to, such Collateral by the Bank Collateral Agent (a “Foreclosure Release”), in
either case except with respect to any proceeds of such sale, transfer or disposition that remain after satisfaction in full of the Priority Lien Obligations. The Liens on the Collateral securing the Notes that otherwise would have been released
pursuant to the first sentence of this paragraph will be released when such Default and all other Defaults under this Indenture cease to exist. 
 Upon receipt of an Officers’ Certificate and an Opinion of Counsel certifying that all conditions precedent under this Indenture and the Security Documents, if any, to such release have been met and any necessary or proper instruments
of termination, discharge, satisfaction or release prepared by the Company, the Note Collateral Agent shall execute, deliver or acknowledge (at the Company’s expense) such instruments or releases to evidence the release of any Collateral
permitted to be released pursuant to this Indenture or the Security Documents. Notwithstanding the foregoing, the Note Collateral Agent may execute, deliver and acknowledge any such acknowledgement or release without previously receiving an
Officers’ Certificate or an Opinion of Counsel in connection with a Foreclosure Release. 
 (b) At any time when a Default has occurred
and is continuing and the maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee (if not then the Note Collateral Agent) has delivered a notice of acceleration to the Note Collateral Agent, no release of
Collateral pursuant to the provisions of this Indenture or the Security Documents will be effective as against the Holders, except as otherwise provided in the Intercreditor Agreement or as otherwise contemplated under this Indenture. 
  

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 Section 10.08 Permitted Releases Not To Impair Lien; Trust Indenture Act Requirements. The release of any
Collateral from the terms hereof and of the Security Documents or the release of, in whole or in part, the Liens created by the Security Documents, will not be deemed to impair the security under this Indenture in contravention of the provisions
hereof if and to the extent the Collateral or Liens are released pursuant to the applicable Security Documents and the terms of this Article 10. The Trustee and each of the Holders acknowledge that a release of Collateral or a Lien strictly in
accordance with the terms of the Security Documents and of this Article 10 will not be deemed for any purpose to be in contravention of the terms of this Indenture. 
 Section 10.09 Certificates of the Trustee. In the event that the Company wishes to release Collateral in accordance with this Indenture and the Security Documents at a time when the Trustee is not itself
also the Note Collateral Agent and the Company has delivered the certificates and documents required by the Security Documents and Section 10.05, the Trustee will deliver a certificate to the Note Collateral Agent confirming such delivery. The
Trustee, however, shall have no duty to confirm the legality or validity of such documents, its sole duty being to confirm the delivery of such documents which, on their face, conform to the requirements of this Indenture and the provisions of the
TIA. 
 Section 10.10 Suits To Protect the Collateral. Subject to the provisions of Article 7 hereof and the Intercreditor Agreement, the Trustee
in its sole discretion and without the consent of the Holders, on behalf of the Holders, may or may direct the Note Collateral Agent to take all actions it deems necessary or appropriate in order to: 
 (a) enforce any of the terms of the Security Documents; and 
 (b) collect and receive any and all amounts payable in respect of the Secured Obligations of the Company, Holdings and each Guarantor under this Indenture and the Security Documents. 
 Subject to the provisions of the Security Documents, the Trustee shall have power to institute and to maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of any of the Security Documents or this Indenture, and such suits and proceedings as the Trustee, in its sole discretion, may deem expedient to
preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Lien on the Collateral or be prejudicial to the interests of the Holders or the Trustee).

  

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 Section 10.11 Authorization of Receipt of Funds by the Trustee Under the Security Documents. Subject to the
provisions of the Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the
provisions of this Indenture. 
 Section 10.12 Purchaser Protected. In no event shall any purchaser in good faith of any property purported to be
released hereunder be bound to ascertain the authority of the Note Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or
to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this Article 10 to be sold be under any obligation to ascertain or inquire
into the authority of the Company, Holdings or the applicable Guarantor to make any such sale or other transfer. 
 Section 10.13 Powers Exercisable
by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 10 upon the Company, Holdings or any Guarantor with respect to the release, sale or
other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company, Holdings or any Guarantor or of any
officer or officers thereof required by the provisions of this Article 10; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture (including in its capacity as the Note Collateral Agent), then such
powers may be exercised by the Trustee. 
 Section 10.14 Release Upon Termination of the Company’s Obligations. In the event that the
Company delivers to the Trustee, in form and substance reasonably acceptable to it, an Officers’ Certificate certifying that all the obligations under this Indenture, the Notes and the Security Documents have been satisfied and discharged by
complying with the provisions of Article 8 and Section 7.07 or by payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other Obligations under this Indenture and the Note Guaranties under this
Indenture and the Security Documents that are due and payable and all such obligations have been so satisfied and discharged, the Trustee shall deliver to the Company and the Note Collateral Agent a notice stating that the Trustee, on behalf of the
Holders, disclaims and gives up any and all rights it has in or to the Collateral (other than with respect to funds held by the Trustee pursuant to Article 8), and any rights it has under the Security Documents, and upon receipt by the Note
Collateral Agent of such notice, the Note Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be done all acts reasonably necessary to release such Lien as soon as is reasonably
practicable. 
  

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 Section 10.15 Note Collateral Agent. (a) The Trustee shall initially act as Note Collateral Agent and
shall be authorized to appoint co-Note Collateral Agents as necessary in its sole discretion. In the event the Trustee and the Note Collateral Agent shall at any time not be the same Person, the Note Collateral Agent shall take such actions under
the Security Documents as are requested by the Trustee and as are not inconsistent with or contrary to the provisions of any Security Document. Except as otherwise explicitly provided herein or in the Security Documents, neither the Note Collateral
Agent nor any of its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The Note Collateral Agent shall be accountable only for amounts that it actually receives as a result of
the exercise of such powers, and neither the Note Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its own willful misconduct, negligence or bad faith.

 (b) The Trustee, as Note Collateral Agent, is authorized and directed to (i) enter into the Security Documents, (ii) bind the
Holders on the terms as set forth in the Security Documents and (iii) perform and observe its obligations under the Security Documents. 
 (c) If the Company, Holdings or any Guarantor (i) Incurs Priority Lien Obligations at any time when no intercreditor agreement is in effect or at any time when Indebtedness constituting Priority Lien Obligations entitled to the benefit
of an existing Intercreditor Agreement is concurrently retired, and (ii) delivers to the Note Collateral Agent an Officers’ Certificate so stating and requesting the Note Collateral Agent to enter into an intercreditor agreement (on
substantially the same terms as the Intercreditor Agreement in effect on the Issue Date) in favor of a designated agent or representative for the holders of the Priority Lien Obligations so Incurred, the Note Collateral Agent shall (and is hereby
authorized and directed to) enter into such intercreditor agreement, bind the Holders on the terms set forth therein and perform and observe its obligations thereunder. 
  

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 Section 10.16 Designations. Except as provided in the next sentence, for purposes of the provisions hereof
and the Intercreditor Agreement requiring the Company to designate Indebtedness for the purposes of the terms “Priority Lien Obligations” and “Parity Lien Debt” or any other such designations hereunder or under the Intercreditor
Agreement, any such designation shall be sufficient if the relevant designation is set forth in an Officers’ Certificate and delivered to the Trustee, the Note Collateral Agent and the Bank Collateral Agent. For all purposes hereof and the
Intercreditor Agreement, the Company hereby designates the Obligations pursuant to the ABL Revolving Facility as in effect on the Issue Date as “Priority Lien Obligations.” 
 Section 10.17 Intercreditor Agreement Governs. Reference is made to the Intercreditor Agreement dated as of October 25, 2006, among UBS AG, Stamford Branch, as Collateral Agent for the Credit Facility
Secured Parties referred to therein, U.S. Bank National Association, as Trustee and as Noteholder Collateral Agent, KAGY Holding Company, Inc., AGY Holding Corp. and the subsidiaries of AGY Holding Corp. named therein (the “Intercreditor
Agreement”). Each Holder, by its acceptance of a Note, (a) consents to the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that it will be bound by and will take no actions contrary to the provisions of
the Intercreditor Agreement and (c) authorizes and instructs the Trustee to enter into the Intercreditor Agreement as Trustee and on behalf of such Holder. 
 ARTICLE 11 
 NOTE GUARANTEES 
 Section 11.01 Guarantee. 
 (a) Subject to this Article 11, each of the Guarantors hereby, jointly
and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the
obligations of the Company hereunder or thereunder, that: 
 (1) the principal of, premium and Additional Interest, if any,
and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the
Company to the Holders of Notes or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  

 125 

 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. To the extent permitted by applicable law, each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims
with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder of Notes or the Trustee is required
by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder,
this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it
will not be entitled to any right of subrogation in relation to the Holders of Notes in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof,
such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any nonpaying Guarantor so long as the
exercise of such right does not impair the rights of the Holders of Notes under the Note Guarantee. 
 Section 11.02 Limitation on Guarantor
Liability. 
 Each Guarantor, and by its acceptance of Notes, each Holder of Notes, hereby confirms that it is the intention of all such
parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to
the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the 

  

 126 

 
Holders of Notes and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws (including, but not limited to, all Senior Debt of such Guarantor), and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not
constituting a fraudulent transfer or conveyance. 
 Section 11.03 Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in Section 11.04 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
 (2) either: 
 (a) subject to
Section 11.04 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture, its Note Guarantee
and the Registration Rights Agreement pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; or 
 (b) the Net Proceeds of such sale or other disposition are applied in accordance with (and to the extent required by) the applicable provisions of this Indenture and the Security Documents. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such
successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon
all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the
Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  

 127 

 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and (b) above,
nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor. 
 Section 11.04 Releases. 
 (a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, then such
Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Guarantor) will be automatically released and relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such sale or other disposition are applied in accordance with (and
to the extent required by) the applicable provisions of this Indenture, including without limitation the first paragraph of Section 4.10 hereof; provided, further, that the failure to apply the Net Proceeds of such sale or other
disposition in accordance with the applicable provisions of this Indenture will constitute an Event of Default, but will not result in the reinstatement of any Note Guarantee released in accordance with the provisions of this Section 11.04.
Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without
limitation Section 4.10 hereof, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
 (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be automatically
released and relieved of any obligations under its Note Guarantee. 
 (c) In the event any Guarantor is released from its Guarantee of all
other Indebtedness of the Company or any Restricted Subsidiary of the Company, then such Guarantor will be automatically released and relieved of any obligations under its Note Guarantee; provided that if such Guarantor shall guarantee or
otherwise provide direct credit support for any Indebtedness of the Company or any Restricted Subsidiary of the Company at a later date, then such Guarantor will again become a Guarantor and execute a supplemental indenture and deliver an opinion of
counsel satisfactory to the Trustee within 10 Business Days of the date on which it provided such Guarantee or direct credit support. 
  

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 (d) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this
Indenture in accordance with Article 12 hereof, each Guarantor will be released and relieved of any obligations under its Note Guarantee. 
 Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 11.04 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other
obligations of any Guarantor under this Indenture as provided in this Article 11. 
 ARTICLE 12 
 SATISFACTION AND DISCHARGE 
 Section 12.01
Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder,
when: 
 (1) either: 
 (a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company,
have been delivered to the Trustee for cancellation; or 
 (b) all Notes that have not been delivered to the Trustee for
cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders of Notes, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be
sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest
to the date of maturity or redemption; 
 (2) no Default or Event of Default has occurred and is continuing on the date of the
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant on any Lien securing such borrowing) and the deposit will not result in a breach or violation of, or constitute a
default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
  

 129 

 (3) the Company or any Guarantor has paid or caused to be paid all sums payable by it
under this Indenture; and 
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the
Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 The Collateral will be released from the Lien securing the Notes, as provided in Section 10.06 hereof, upon a satisfaction and discharge in
accordance with the provisions described above. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been
deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those
provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application
of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to
Section 12.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the
extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 12.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or
interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

  

 130 

 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control.

 Section 13.02 Notices. 
 Any
notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight
air courier guaranteeing next day delivery, to the others’ address: 
 The Company, any Guarantor or the Trustee, by notice to the
others, may designate additional or different addresses for subsequent notices or communications. 
 If to the Company and/or any Guarantor:

 AGY Holding Corp. 
 2558
Wagener Road 
 Aiken, SC 29801 
 Facsimile: 
 Attention: 
 In each case, with a copy to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, MA 02110

 Facsimile: (671) 951-0750 
 Attention: Joel Freedman, Esq. 
 If to the Trustee: 
 U.S. Bank National Association 
 60 Livingston Avenue 
 EP-MN-WS3C 
 St. Paul, MN 55107-2292

 Facsimile: (651) 495-8097 
 Attention: Richard Prokosch 
  

 131 

 All notices and communications (other than those sent to Holders) will be deemed to have been duly given:
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder of Notes will be mailed
by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any
Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder of Notes or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 Section 13.03 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 13.04 Certificate and Opinion as to Conditions
Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee (provided that such Opinion and Officers’ Certificate shall not be given in connection with the original issuance of the Initial Notes): 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  

 132 

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 13.06 Rules by Trustee and Agents. 
 The
Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  

 133 

 Section 13.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for
any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 13.08 Governing Law. 
 THE INTERNAL LAWS
OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 
 Section 13.09 No Adverse
Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.10 Successors. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 
 Section 13.11 Severability. 
 In case any
provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 13.12 Counterpart Originals. 
 The
parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 
  

 134 

 Section 13.13 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 135 

 SIGNATURES 
 Dated as of October 25, 2006 
  

			
	AGY HOLDING CORP.
		
	By:	 	 /s/ Catherine A. Cuisson

	Name:	 	Catherine A. Cuisson
	Title:	 	Vice President, Chief Financial Officer
	
	AGY AIKEN LLC
		
	By:	 	 /s/ Catherine A. Cuisson

	Name:	 	Catherine A. Cuisson
	Title:	 	Vice President, Chief Financial Officer
	
	AGY HUNTINGDON LLC
		
	By:	 	 /s/ Catherine A. Cuisson

	Name:	 	Catherine A. Cuisson
	Title:	 	Vice President, Chief Financial Officer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President

  

 136First Supplemental Indenture dated March 28, 2008

 Exhibit 4.2 
 FIRST SUPPLEMENTAL INDENTURE 
 This Supplemental Indenture, dated as of March 28, 2008 (this
“Supplemental Indenture”), is entered into by and among AGY Holding Corp. (together with its successors and assigns, the “Company”), the Guarantors under (and as defined in) the Indenture referred to below and U.S.
Bank National Association, as Trustee under the Indenture referred to below (the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Company, the Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of October 25, 2006 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), pursuant to which an aggregate principal amount of $175.0 million of 11% Senior Second Lien Notes due 2014 of the Company (the “Securities”) were issued
and are outstanding; 
 WHEREAS, Section 9.02 of the Indenture provides that the Company, the Guarantors and the Trustee may amend or
supplement the Indenture, subject to certain exceptions, with the consent of the Holders (as defined in the Indenture) of at least a majority in aggregate principal amount of the Securities then outstanding; 
 WHEREAS, the Company distributed a Consent Solicitation Statement dated March 18, 2008 (the “Statement”) in order to, among other
things, solicit consents from the Holders to certain amendments to the Indenture (the “Amendments”); 
 WHEREAS, Holders of
at least a majority in principal amount of the Securities outstanding have given and, as of the date hereof, have not withdrawn, their consent to the Amendments; and 
 WHEREAS, this Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the Company and the Guarantors. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Company, the Guarantors and the Trustee mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of
similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

 ARTICLE II 
 AMENDMENTS 
 SECTION 2.1. Amendment to Section 1.01. The definition of “Consignment
Agreement” in Section 1.01 of the Indenture is hereby deleted and replaced in its entirety with the following: 
 ““Consignment Agreement” means the Consignment Agreement, dated August 25, 2005, between The Bank of Nova Scotia (as successor to Bank of America, N.A., f/k/a Fleet Precious Metals Inc.) or its successors and AGY Holding
Corp., and any amendment, restatement or replacement (including lease agreements relating to the lease of metal alloys or other agreements or arrangements for the lease or purchase of metal alloys (provided that, to the extent such agreements or
arrangements result in a purchase money Lien in favor of another party to such agreements or arrangements, the aggregate amount of alloy (in ounces) that may be held by the Company under such agreements or arrangements at any time shall not exceed
the maximum amount of alloy (in ounces) that could have been obtained under the terms of the Consignment Agreement as in effect on October 25, 2006)) thereof to the extent that the terms of any such amendment, restatement or replacement are
not, taken as a whole, disadvantageous to the holders of the Notes in any material respect.” 
 ARTICLE III 
 MISCELLANEOUS 
 SECTION 3.1. Effectiveness
of Supplemental Indenture. Upon the execution and delivery of this Supplemental Indenture by the Company, each of the Guarantors and the Trustee, the Indenture shall be supplemented in accordance herewith, and this Supplemental Indenture shall
form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby; provided, that the amendments to the Indenture set forth in Article II of this
Supplemental Indenture shall not become operative, and shall not have the effect of amending or otherwise modifying the terms of the Indenture in any way, unless and until the conditions to the solicitation of Holders to the Amendment set forth in
the Statement are satisfied or waived. 
 SECTION 3.2. Trust Indenture Act Controls. If and to the extent that any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Supplemental Indenture by the TIA, the provision required by the TIA shall control. Each Guarantor, in addition to performing its
obligations under its Guaranty, shall perform such other obligations as may be imposed upon it with respect to this Supplemental Indenture under the TIA. 
 SECTION 3.3. Successors. All agreements of the Company and each Guarantor in this Supplemental Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this
Supplemental Indenture shall bind its successors. 

 SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended or shall be construed to
give any Person, firm or corporation, other than the Holders from time to time and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein
contained. 
 SECTION 3.5. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws
of the State of New York. 
 SECTION 3.6. Severability Clause. In case any provision in this Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 SECTION 3.7. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed, and all the terms, conditions and provisions thereof shall remain in full force and effect without offset, defense on counterclaim. This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or
with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 
 SECTION 3.8.
Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
 SECTION 3.9. Headings. The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference only and
shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 SECTION 3.10. Trustee. The Trustee
makes no representations as to the validity or sufficiency of this supplemental Indenture. The recitals and statements herein are deemed to be those of the Company and the Guarantors and not of the Trustee. 
 [Signature page follows] 

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

			
	AGY HOLDING CORP.
		
	By:	 	 /s/ Wayne Byrne

	Name:	 	Wayne Byrne
	Title:	 	Chief Financial Officer
	
	AGY AIKEN LLC
		
	By:	 	 /s/ Wayne Byrne

	Name:	 	Wayne Byrne
	Title:	 	Chief Financial Officer
	
	AGY HUNTINGDON LLC
		
	By:	 	 /s/ Wayne Byrne

	Name:	 	Wayne Byrne
	Title:	 	Chief Financial Officer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]