Document:

Exhibit 4.5
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FERROGLOBE FINANCE COMPANY, PLC
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as Issuer
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Ferroglobe PLC
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as Parent Guarantor
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and the Guarantors party hereto 
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9.0% Senior Secured Notes due 2025
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INDENTURE
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Dated as of May 17, 2021
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GLAS Trustees Limited,
as Trustee
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Global Loan Agency Services Limited,
as Paying Agent
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GLAS Americas LLC
as Registrar and Transfer Agent
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GLAS Trust Corporation Limited,
as Security Agent
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TABLE OF CONTENTS
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	Page

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	Article I Definitions
	1

	Section 1.01.
	Definitions
	1

	Section 1.02.
	Other Definitions
	43

	Section 1.03.
	Rules of Construction
	45

	Article II The Notes
	45

	Section 2.01.
	Issuable in Series
	45

	Section 2.02.
	Form and Dating
	46

	Section 2.03.
	Execution and Authentication
	47

	Section 2.04.
	Registrar and Paying Agent
	47

	Section 2.05.
	Paying Agent
	49

	Section 2.06.
	Holder Lists
	49

	Section 2.07.
	Transfer and Exchange
	49

	Section 2.08.
	Replacement Notes
	50

	Section 2.09.
	Outstanding Notes
	51

	Section 2.10.
	Temporary Notes
	51

	Section 2.11.
	Cancellation
	51

	Section 2.12.
	Common Code or ISIN Numbers
	52

	Section 2.13.
	Defaulted Interest
	52

	Section 2.14.
	Currency
	52

	Article III Redemption
	53

	Section 3.01.
	Notices to Trustee and Paying Agents
	53

	Section 3.02.
	Selection of Notes To Be Redeemed or Repurchased
	54

	Section 3.03.
	Notice of Redemption
	54

	Section 3.04.
	Effect of Notice of Redemption
	55

	Section 3.05.
	Deposit of Redemption Price
	56

	Section 3.06.
	Notes Redeemed in Part
	56

	Article IV Covenants
	56

	Section 4.01.
	Limitation on Indebtedness
	56

	Section 4.02.
	Limitation on Restricted Payments
	62

	Section 4.03.
	Limitation on Liens
	65

	Section 4.04.
	Limitation on Restrictions on Distributions from Restricted Subsidiaries
	65

	Section 4.05.
	Limitation on Sales of Assets and Subsidiary Stock
	68

	Section 4.06.
	Limitation on Affiliate Transactions
	70

	Section 4.07.
	Guarantor Coverage Test
	73

	Section 4.08.
	Additional Note Guarantees
	74

	Section 4.09.
	Reports
	75

	Section 4.10.
	Suspension of Covenants on Achievement of Investment Grade Status
	77

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	Section 4.11.
	Amendments to the Intercreditor Agreement, the ABL Intercreditor Agreement and Additional Intercreditor Agreements
	77

	Section 4.12.
	Payment of Notes
	79

	Section 4.13.
	Withholding Taxes
	79

	Section 4.14.
	Change of Control
	82

	Section 4.15.
	Impairment of Security Interest
	84

	Section 4.16.
	Compliance Certificate
	86

	Section 4.17.
	Listing
	86

	Section 4.18.
	Financial Calculations for Limited Condition Acquisitions
	86

	Section 4.19.
	Stay, Extension and Usury Laws
	86

	Section 4.20.
	Taxes
	87

	Section 4.21.
	Corporate Existence
	87

	Section 4.22.
	Center of Main Interests and Establishments
	87

	Section 4.23.
	Ratings. The Issuer and the Guarantors will use their commercially reasonable efforts to maintain an instrument rating from one of Moody’s, Fitch or S&P
	87

	Section 4.24.
	Use of Proceeds
	88

	Article V Successor Company
	88

	Section 5.01.
	Merger and Consolidation
	88

	Article VI Defaults And Remedies
	90

	Section 6.01.
	Events of Default
	90

	Section 6.02.
	Remedies Upon Event of Default
	93

	Section 6.03.
	Acceleration
	94

	Section 6.04.
	Other Remedies
	94

	Section 6.05.
	Waiver of Past Defaults
	94

	Section 6.06.
	Control by Majority
	95

	Section 6.07.
	Limitation on Suits
	95

	Section 6.08.
	Rights of Holders to Receive Payment
	95

	Section 6.09.
	Collection Suit by Trustee
	95

	Section 6.10.
	Trustee May File Proofs of Claim
	96

	Section 6.11.
	Priorities
	96

	Section 6.12.
	Undertaking for Costs
	97

	Section 6.13.
	Waiver of Stay or Extension Laws
	97

	Section 6.14.
	Restoration of Rights and Remedies
	97

	Section 6.15.
	Rights and Remedies Cumulative
	97

	Section 6.16.
	Delay or Omission Not Waiver
	97

	Section 6.17.
	Indemnification of Trustee
	98

	Article VII Trustee
	98

	Section 7.01.
	Duties of Trustee
	98

	Section 7.02.
	Rights of Trustee
	99

	Section 7.03.
	Individual Rights of Trustee
	103

	Section 7.04.
	Trustee’s Disclaimer
	103

	Section 7.05.
	Notice of Defaults
	104

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	Section 7.06.
	Compensation and Indemnity
	104

	Section 7.07.
	Replacement of Trustee
	105

	Section 7.08.
	Successor Trustee by Merger
	106

	Section 7.09.
	Certain Provisions
	107

	Section 7.10.
	Agents; General Provisions
	107

	Section 7.11.
	Eligibility; Disqualification
	109

	Article VIII Discharge of Indenture; Defeasance
	109

	Section 8.01.
	Discharge of Liability on Notes; Defeasance
	109

	Section 8.02.
	Conditions to Defeasance
	110

	Section 8.03.
	Deposited Money and U.S. dollar-denominated Government Obligations to be held in Trust
	111

	Section 8.04.
	Repayment to Issuer
	111

	Section 8.05.
	Indemnity for Government Obligations
	112

	Section 8.06.
	Reinstatement
	112

	Article IX Amendments and Waivers
	112

	Section 9.01.
	Without Consent of Holders
	112

	Section 9.02.
	With Consent of Holders
	113

	Section 9.03.
	Revocation and Effect of Consents and Waivers
	115

	Section 9.04.
	Notation on or Exchange of Notes
	116

	Section 9.05.
	Trustee and Security Agent to Sign Amendments
	116

	Article X Note Guarantees
	116

	Section 10.01.
	Note Guarantees
	116

	Section 10.02.
	Successors and Assigns
	118

	Section 10.03.
	No Waiver
	118

	Section 10.04.
	Modification
	118

	Section 10.05.
	Execution of Supplemental Indenture for Guarantors
	119

	Section 10.06.
	Release of the Note Guarantees
	119

	Section 10.07.
	Limitations on Obligations of Guarantors
	119

	Section 10.08.
	Local Law Limitations
	120

	Section 10.09.
	Non-Impairment
	122

	Article XI Collateral and Security
	122

	Section 11.01.
	Security Documents
	122

	Section 11.02.
	Release of Collateral
	123

	Section 11.03.
	Authorization of Actions to Be Taken by the Trustee Under the Security Documents
	123

	Section 11.04.
	Authorization of Receipt of Funds by the Trustee Under the Security Documents
	124

	Section 11.05.
	Termination of Security Interest; Activity with Respect to Collateral
	124

	Section 11.06.
	Security Agent
	126

	Article XII Miscellaneous
	126

	Section 12.01.
	Notices
	126

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	Section 12.02.
	Certificate and Opinion as to Conditions Precedent
	128

	Section 12.03.
	Statements Required in Certificate or Opinion
	128

	Section 12.04.
	When Notes are to be Disregarded
	129

	Section 12.05.
	Rules by Trustee, Paying Agent and Registrar
	129

	Section 12.06.
	Legal Holidays
	129

	Section 12.07.
	Governing Law
	129

	Section 12.08.
	Consent to Jurisdiction and Service
	129

	Section 12.09.
	No Recourse Against Others
	130

	Section 12.10.
	Successors
	130

	Section 12.11.
	Multiple Originals
	130

	Section 12.12.
	Table of Contents; Headings
	130

	Section 12.13.
	Prescription
	130

	Section 12.14.
	Severability
	130

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Exhibits
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Exhibit AProvisions Relating to the Notes 
Exhibit A-1Form of Note
Exhibit BForm of Supplemental Indenture 
Exhibit CForm of ABL Intercreditor Agreement
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Schedules
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Schedule 1Certain Existing Indebtedness 
Schedule 2Security Documents 
Schedule 3Agreed Security Principles
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INDENTURE dated as of May 17, 2021, among Ferroglobe Finance Company, PLC, a public limited company incorporated under the laws of England and Wales (the “Issuer”), Ferroglobe PLC, a public limited company incorporated under the laws of England and Wales as the parent guarantor (the “Parent”), the Guarantors (as defined herein) from time to time party hereto, and GLAS Trustees Limited, as trustee (in such capacity, the “Trustee”), GLAS Trust Corporation Limited as security agent (in such capacity, the “Security Agent”), Global Loan Agency Services Limited as paying agent (in such capacity, the “Paying Agent”) and GLAS Americas LLC as registrar (in such capacity, the “Registrar”) and transfer agent (in such capacity, the “Transfer Agent”).
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Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of (a) the Issuer’s U.S. dollar-denominated 9.0% Senior Secured Notes due 2025 issued on the Issue Date (the “Initial Notes”) and (b) additional securities having identical terms and conditions as the Notes that may be issued on any later issue date subject to the conditions and in compliance with the covenants set forth herein (the “Additional Notes”). Unless the context otherwise requires, in this Indenture references to the “Notes” include the Initial Notes and any Additional Notes that are actually issued.
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ARTICLE I
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DEFINITIONS
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Section 1.01. Definitions.
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“ABL Intercreditor Agreement” means the intercreditor agreement to be entered into after the Issue Date, among, inter alios, the Trustee, the Security Agent, the Parent, the Issuer, and the Guarantors party thereto, in the form attached to this Indenture as Exhibit C, as amended from time to time.
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“ABL Guarantors” means the Guarantors party to the ABL Intercreditor Agreement.
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“ABL Priority Collateral” has the meaning given to it under the ABL Intercreditor Agreement.
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“ABL Priority Obligations” has the meaning given to it under the ABL Intercreditor Agreement.
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“ABL Facility” means an asset-based lending facility designated by the Issuer as an “ABL Facility” by written notice to the Trustee and which will be subject to the terms of the ABL Intercreditor Agreement.
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“Acquired Indebtedness” means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary or such acquisition or (3) of a Person at the time such Person merges with or into or consolidates or otherwise combines with the Parent or any Restricted Subsidiary. Acquired Indebtedness shall be
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deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets and, with respect to clause (3) of the preceding sentence, on the date of the relevant merger, consolidation or other combination.
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“Additional Notes Offer Condition” means, in connection with the Incurrence of Indebtedness represented by Additional Notes under Section 4.01(b)(iv)(A), the Issuer shall have made an offer in good faith prior to the Transaction Effective Date to holders of Existing Notes to issue Notes in an aggregate principal amount equal to the full amount of Notes permitted to be Incurred under Section 4.01(b)(iv)(A) to such holders (calculated based on the percentage such holders’ aggregate principal amount of Existing Notes represents to the aggregate principal amount of all Existing Notes then outstanding), subject to any rounding and minimum denomination required to be exempt from Regulation (EU) 2017/1129, as amended.
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“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 the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
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“Agent” means any Registrar, co-registrar, Transfer Agent, Paying Agent or additional paying agent.
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“Agreed Security Principles” means the agreed security principles set out in Schedule 3 hereto.
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“Asset Disposition” means any direct or indirect sale, lease (other than an operating lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales, leases (other than operating leases entered into in the ordinary course of business), transfers, issuances or dispositions that are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property or other assets (each referred to for the purposes of this definition as a “disposition”) by the Parent or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction. Notwithstanding the preceding provisions of this definition, the following items shall not be deemed to be Asset Dispositions:
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		(1)
	a disposition by a Restricted Subsidiary to the Parent or by the Parent or a Restricted Subsidiary to a Restricted Subsidiary, provided that any Restricted Subsidiary that is not a Guarantor to which Collateral is disposed of (other than by way of an Investment pursuant to clause (1) of the definition of “Permitted Investment” by the Issuer or any Guarantor in a Restricted Subsidiary that is not a Guarantor) shall grant or maintain the Lien on such Collateral securing the Notes;

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		(2)
	a disposition of cash, Cash Equivalents, Temporary Cash Investments or Investment Grade Securities;

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		(3)
	a disposition of inventory, trading stock, security equipment or other equipment or assets in the ordinary course of business;

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		(4)
	a disposition of obsolete, damaged, retired, surplus or worn out equipment or assets or equipment, facilities or other assets that are no longer useful in the conduct of the business of the Parent and its Restricted Subsidiaries and any transfer, termination, unwinding or other disposition of hedging instruments or arrangements not for speculative purposes;

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		(5)
	transactions permitted under Section 5.01 or a transaction that constitutes a Change of Control;

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		(6)
	an issuance of Capital Stock by a Restricted Subsidiary to the Parent or to another Restricted Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors or the issuance of directors’ qualifying shares and shares issued to individuals as required by applicable law;

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		(7)
	any dispositions of Capital Stock, properties or assets in a single transaction or series of related transactions with a fair market value (as determined in good faith by the Board of Directors or an Officer of the Parent) of less than

$10.0 million;
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		(8)
	any Restricted Payment that is permitted to be made, and is made, under Section 4.02, and the making of any Permitted Payment or Permitted Investment;

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		(9)
	the granting of Liens not prohibited by Section 4.03;

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		(10)
	dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements or any sale of assets received by the Parent or a Restricted Subsidiary upon the foreclosure of a Lien granted in favor of the Parent or any Restricted Subsidiary;

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		(11)
	the licensing or sub-licensing of intellectual property or other general intangibles and licenses, sub-licenses, leases or subleases of other property, in each case, in the ordinary course of business;

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		(12)
	foreclosure, condemnation, taking by eminent domain or any similar action with respect to any property or other assets;

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		(13)
	the sale or discount (with or without recourse, and on customary or commercially reasonable terms) of accounts receivable or notes receivable arising in the ordinary course of business, or the conversion or exchange of accounts receivable for notes receivable;

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		(14)
	sales or dispositions of receivables in connection with any factoring, receivables or securitization financing, including any Qualified Securitization Financing, or in the ordinary course of business;

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		(15)
	[Reserved];

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		(16)
	any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Parent or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

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		(17)
	any surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

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		(18)
	any disposition of assets to a Person who is providing services related to such assets, the provision of which have been or are to be outsourced by the Parent or any Restricted Subsidiary to such Person; provided, however, that the Board of Directors shall certify that in the opinion of the Board of Directors, the outsourcing transaction will be economically beneficial to the Parent and its Restricted Subsidiaries (considered as a whole); provided further that the fair market value of the assets disposed of, when taken together with all other dispositions made pursuant to this clause (18), does not exceed $25.0 million;

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		(19)
	an issuance of Capital Stock by a Restricted Subsidiary to the Parent or to another Restricted Subsidiary, an issuance or sale by a Restricted Subsidiary of Preferred Stock or redeemable Capital Stock that is permitted by Section

4.01 or an issuance of Capital Stock by the Parent pursuant to an equity incentive or compensation plan approved by the Board of Directors;
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		(20)
	sales, transfers or other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding agreements; provided that any cash or Cash Equivalents received in such sale, transfer or disposition is applied in accordance with Section 4.05;

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		(21)
	any disposition with respect to property built, owned or otherwise acquired by the Parent or any Restricted Subsidiary pursuant to customary sale and lease-back transactions, asset securitizations and other similar financings permitted by this Indenture; and

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		(22)
	any disposition of Capital Stock, properties or assets of Ferroatlántica de Venezuela (Ferroven), S.A. and Cuarzos Industriales de Venezuela, S.A.

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“Associate” means (i) any Person engaged in a Similar Business of which the Parent or its Restricted Subsidiaries are the legal and beneficial owners of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture entered into by the Parent or any Restricted Subsidiary.
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“Bankruptcy Law” means (a) the United States Bankruptcy Code of 1978, as amended, or any similar U.S. federal or state law for the relief of debtors and (b) any other bankruptcy, insolvency, liquidation or similar laws of any relevant jurisdiction that are of general application (including, without limitation, the laws of England and Wales relating to moratorium, bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors), and in each case, any amendment to, succession to or change in any such law.
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“Board of Directors” means (1) with respect to the Issuer or any corporation or other body corporate, the board of directors or managers, as applicable, of the corporation or other body corporate, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership or any duly authorized committee thereof; and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function. Whenever any provision of this Indenture requires any action or determination to be made by, or any approval of, a Board of Directors, such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors (excluding employee representatives, if any) on any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a formal board approval). The obligations of the “Board of Directors” of the Issuer under this Indenture may be exercised by the Board of Directors of a Restricted Subsidiary or a Parent Holdco pursuant to a delegation of powers of the Board of Directors of the Issuer.
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“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in London, United Kingdom, New York, United States, Madrid, Spain, Amsterdam, the Netherlands or Dublin, Ireland are authorized or required by law to close.
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“Capital Stock” of any Person means any and all shares of, rights to purchase, warrants or options for, or other equivalents of or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.
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“Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes on the basis of IFRS (as in effect on the Issue Date for purposes of determining whether a lease is a capitalized lease). The amount of Indebtedness will be, at the time any determination is to be made, the amount of such obligation required to be capitalized on a balance sheet (excluding any notes thereto) prepared in accordance with IFRS, and the stated maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty.
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“Cash Equivalents” means:
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		(1)
	securities issued or directly and fully Guaranteed or insured by the United States or Canadian governments, a Permissible Jurisdiction, Switzerland or Norway or, in each case, any agency or instrumentality thereof (provided that the full faith and credit of such country or such member state is pledged in support thereof), having maturities of not more than two years from the date of acquisition;

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		(2)
	certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof (a “Deposit”) or cash in credit balance or deposit which are freely transferable or convertible within 90 days issued or held by any lender party to any ABL Facility or by any bank or trust company (a) if at any time since January 1, 2007 the Parent or any of its Subsidiaries held Deposits with such bank or trust company (or any branch or subsidiary thereof), (b) whose commercial paper is rated at least “A-3” or the equivalent thereof by S&P or at least “P-3” or the equivalent thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (c) (in the event that the bank or trust company does not have commercial paper which is rated) having combined capital and surplus in excess of $250 million;

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		(3)
	repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (1) and (2) entered into with any bank meeting the qualifications specified in clause (2) above;

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		(4)
	commercial paper rated at the time of acquisition thereof at least “A-3” or the equivalent thereof by S&P or “P-3” or the equivalent thereof by Moody’s or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition thereof;

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		(5)
	readily marketable direct obligations issued by any state of the United States of America, any province or territory of Canada, a Permissible Jurisdiction, Switzerland or Norway or any political subdivision thereof, in each case, having one of the two highest rating categories obtainable from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition;

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		(6)
	Indebtedness or preferred stock issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another

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Nationally Recognized Statistical Rating Organization) with maturities of 12 months or less from the date of acquisition;
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		(7)
	bills of exchange issued in the United States, Canada, a Permissible Jurisdiction, Switzerland, Norway or Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);

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		(8)
	interests in investment funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (7) of this definition; and

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		(9)
	for purposes of clause (2) of the definition of “Asset Disposition”, the marketable securities portfolio owned by the Parent and its Subsidiaries on the Issue Date.

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“Change of Control” means the occurrence of any of the following:
​
		(1)
	the Parent becoming aware that (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date), directly or indirectly, of 35% or more of the total voting power of the Voting Stock of the Parent and the Permitted Holders “beneficially own” directly or indirectly in the aggregate the same or a lesser percentage of the total voting power of the Voting Stock of the Parent than such other “person” or “group” of related persons; provided that for the purposes of this clause, (x) no Change of Control shall be deemed to occur by reason of the Parent becoming a Subsidiary of a Successor Parent; and (y) any Voting Stock of which any Permitted Holder is the “beneficial owner” (as so defined) shall not be included in any Voting Stock of which any such “person” or “group of related persons” is the “beneficial owner” (as so defined), unless such Permitted Holder is controlled by such “person” or “group” of related persons;

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		(2)
	the sale, lease, transfer, conveyance or other disposition (other than by way of merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially all of the assets of the Parent and its Restricted Subsidiaries taken as a whole to a Person, other than a Restricted Subsidiary or one or more Permitted Holders;

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		(3)
	the Parent ceases to directly or indirectly hold 100% of the Capital Stock of the Issuer; or

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		(4)
	the shareholders of the Parent or the Issuer approve any plan of liquidation or dissolution of the Parent or the Issuer.

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Notwithstanding the foregoing, no “Change of Control” shall occur or deemed to occur by reason of:
​
		(1)
	any enforcement of rights or exercise of remedies under the GVM Share Pledge, including any sale, transfer or other disposal or disposition of the shares in the Parent in connection therewith;

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		(2)
	any disposal by GVM of its shares in the Parent where the purpose of that transaction is to facilitate the repayment or discharge (in full or in part) of the GVM Loan and the proceeds of sale are promptly applied towards such repayment or discharge; or

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		(3)
	any mandatory offer (or analogous offer) required under the City Code on Takeovers and Mergers or any analogous regulation applied in any jurisdiction as a consequence of a transaction under limbs (1) or (2) above,

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provided that, if any transaction under paragraphs (1) to (3) above occurs which, but for such paragraph(s), would be a “Change of Control” as a consequence of any Person or Persons (other than Tyrus) (x) acquiring any Voting Stock of the Parent or (y) being or becoming the “beneficial owner” of the voting power of any Voting Stock of the Parent (such Person(s), the “Controlling Shareholder”) either:
​
(A)the Controlling Shareholder has, within 60 days of that transaction, and at its election:
​
(x)paid to the Holders, on a pro rata basis, a fee in an aggregate amount equal to the product of (i) the aggregate principal amount outstanding of the Notes then outstanding, (ii) 0.02 and (iii) the number of years (or part- thereof, with any part of a year calculated on the basis of the number of days divided by 360) from the payment date of such fee to June 30, 2025; or
​
(y)made an offer to all Holders to purchase one-third of the outstanding principal amount of the Notes then outstanding on a pro rata basis at a price equal to (A) in the first fifteen months after the Issue Date, 100% of the principal amount of such Notes plus accrued and unpaid interest to the date of such purchase or (B) at any time after the first fifteen months following the Issue Date, 101% of the principal amount of such Notes plus accrued and unpaid interest to the date of such purchase; or
​
(B)the Issuer, within 60 days of that transaction, has made an offer to all Holders to repurchase or purchase (as applicable), or has otherwise redeemed, one-third of the outstanding principal amount of the Notes then outstanding on a pro rata basis at a price equal to (A)in the first fifteen months after the Issue Date, 100% of the principal amount of such Notes plus accrued and unpaid interest to the date of such repurchase, purchase or redemption or (B) at any time after the fifteen months following the Issue Date, 101% of the principal amount of such Notes plus accrued and unpaid interest to the date of such repurchase, purchase or redemption, resulting in such repurchased, purchased or redeemed Notes being cancelled,
​
​

- 8 -

​
and provided further that, the Controlling Shareholder is not a Restricted Person.
​
“Clearstream” means Clearstream Banking, S.A., as currently in effect or any successor securities clearing agency.
​
“Collateral” means (a) the collateral that secures the Notes and the obligations under this Indenture pursuant to the Security Documents set forth in Schedule 2 to this Indenture and (b) any other collateral that secures the Notes and the obligations under this Indenture from time to time.
​
“Commodity Hedging Agreements” means, in respect of a Person, any commodity purchase contract, commodity futures or forward contract, commodities option contract or other similar contract (including commodities derivative agreements or arrangements), to which such Person is a party or a beneficiary.
​
“Consolidated EBITDA” for the period of the four most recent fiscal quarters ending prior to the relevant date of measurement for which internal consolidated financial statements are available, means, without duplication, the Consolidated Net Income for such period, plus the following to the extent deducted in calculating such Consolidated Net Income:
​
		(1)
	Consolidated Interest Expense;

​
		(2)
	Consolidated Income Taxes;

​
		(3)
	consolidated depreciation expense;

​
		(4)
	consolidated amortization or impairment expense;

​
		(5)
	any expenses, charges or other costs related to any issuance of Capital Stock, listing of Capital Stock, Investment, acquisition (including amounts paid in connection with the acquisition or retention of one or more individuals comprising part of a management team retained to manage the acquired business and any expenses, charges or other costs related to deferred or contingent payments), disposition, recapitalization or the Incurrence, issuance, redemption or refinancing of any Indebtedness permitted by this Indenture or any amendment, waiver, consent or modification to any document governing any such Indebtedness (whether or not successful), in each case, as determined in good faith by the Board of Directors or an Officer of the Parent;

​
		(6)
	any minority interest expense (whether paid or not) consisting of income attributable to minority equity interests of third parties in such period or any prior period or any net earnings, income or share of profit of any Associates, associated company or undertaking;

​
		(7)
	other non-cash charges, write-downs or items reducing Consolidated Net Income (excluding any such non-cash charge, write-down or item to the extent it represents an accrual of or reserve for cash charges expected to be

​
​

- 9 -

​
paid in any future period) or other items classified by the Parent as special, extraordinary, exceptional, unusual or nonrecurring items less other non- cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of cash expected to be paid in any future period);
​
		(8)
	the proceeds of any business interruption insurance received or that become receivable during such period to the extent the associated losses arising out of the event that resulted in the payment of such business interruption insurance proceeds were included in computing Consolidated Net Income;

​
		(9)
	payments received or that become receivable with respect to, expenses that are covered by the indemnification provisions in any agreement entered into by such Person in connection with an acquisition to the extent such expenses were included in computing Consolidated Net Income;

​
		(10)
	any Securitization Fees and discounts on the sale of accounts receivables in connection with any Qualified Securitization Financing representing, in the Parent’s reasonable determination, the implied interest component of such discount for such period, and any gains (or losses) on the sale of accounts receivables, Securitization Assets and related assets in connection with a Qualified Securitization Financing;

​
		(11)
	any extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense or charge, including any charges or reserves in respect of any restructuring, redundancy, relocation, refinancing, integration or severance or other post-employment arrangements, signing, retention or completion bonuses, transaction costs (including costs related to any investments), acquisition costs, business optimization, system establishment, software or information technology implementation or development, costs related to governmental investigations and curtailments or modifications to pension or post-retirement benefits schemes, litigation or any asset impairment charges or the financial impacts of natural disasters (including fire, flood and storm and related events); and

​
		(12)
	any one-time non-cash charges or any amortization or depreciation, in each case to the extent related to any acquisition of another Person or business or resulting from any reorganization or restructuring or Incurrence of Indebtedness involving the Parent or its Restricted Subsidiaries.

​
Unless otherwise specified, Consolidated EBITDA shall be determined on a pro forma basis, including the pro forma application of proceeds of Indebtedness being Incurred in connection with such determination, as per the most recent four fiscal quarters for which financial statements are available immediately preceding such determination.
​
​

- 10 -

​
“Consolidated Income Taxes” means taxes or other payments, including deferred Taxes, based on income, profits or capital of any of the Parent and its Restricted Subsidiaries whether or not paid, estimated, accrued or required to be remitted to any governmental authority.
​
“Consolidated Interest Expense” means, for any period (in each case, determined on the basis of IFRS), the consolidated net interest income/expense of the Parent and its Restricted Subsidiaries under IFRS, whether paid or accrued, plus or including (without duplication) any interest, costs and charges consisting of:
​
		(1)
	interest expense attributable to Capitalized Lease Obligations;

​
		(2)
	amortization of original issue discount but excluding amortization of debt issuance costs, fees and expenses and the expensing of any finance costs;

​
		(3)
	non-cash interest expense;

​
		(4)
	costs associated with Hedging Obligations (excluding amortization of fees or any non-cash interest expense attributable to the movement in mark-to- market valuation of such obligations);

​
		(5)
	the product of (a) all dividends or other distributions in respect of all Disqualified Stock of the Parent and all Preferred Stock of any Restricted Subsidiary, to the extent held by Persons other than the Parent or a subsidiary of the Parent, multiplied by (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined national, state and local statutory tax rate of such Person, expressed as a decimal, as estimated in good faith by a responsible accounting or financial officer of the Parent;

​
		(6)
	the consolidated interest expense that was capitalized during such period; and

​
		(7)
	interest actually paid by the Parent or any Restricted Subsidiary under any Guarantee of Indebtedness or other obligation of any other Person,

​
minus (i) accretion or accrual of discounted liabilities other than Indebtedness, (ii) any expense resulting from the discounting of any Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (iii) interest with respect to Indebtedness of any Holding Company of such Person appearing upon the balance sheet of such Person solely by reason of push-down accounting under IFRS and (iv) any Additional Amounts with respect to the Notes included in interest expense under IFRS or other similar tax gross up on any Indebtedness included in interest expense under IFRS; and excluding amortization of debt discount, premium, issuance costs, commissions, fees and expenses, any commissions, discounts, yield or other fees and charges related to any Qualified Securitization Financing or other factoring, receivables or securitization financings that are non-recourse to the Parent or its Restricted Subsidiaries.
​
​

- 11 -

​
“Consolidated Net Income” means, for any period, the net income (loss) of the Parent and its Restricted Subsidiaries determined on a consolidated basis on the basis of IFRS; provided, however, that there will not be included in such Consolidated Net Income:
​
		(1)
	subject to the limitations contained in clause (3) below, any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that the Parent’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to the Parent or a Restricted Subsidiary as a dividend or other distribution or return on investment or could have been distributed, as reasonably determined by an Officer (subject, in the case of a dividend or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below);

​
		(2)
	[Reserved];

​
		(3)
	any net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Parent or any Restricted Subsidiaries (including pursuant to any sale/leaseback transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer or the Board of Directors of the Parent);

​
		(4)
	[Reserved];

​
		(5)
	the cumulative effect of a change in accounting principles;

​
		(6)
	any non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards, any non-cash deemed finance charges in respect of any pension liabilities or other provisions, any non-cash net after tax gains or losses attributable to the termination or modification of any employee pension benefit plan and any charge or expense relating to any payment made to holders of equity based securities or rights in respect of any dividend sharing provisions of such securities or rights to the extent such payment was made pursuant to Section 4.02;

​
		(7)
	all deferred financing costs written off and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness or Hedging Obligations and any net gain (loss) from any write-off or forgiveness of Indebtedness;

​
		(8)
	any unrealized gains or losses in respect of Hedging Obligations or other financial instruments or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value or changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations;

​
​

- 12 -

​
		(9)
	any unrealized foreign currency transaction gains or losses in respect of Indebtedness or other obligations of the Parent or any Restricted Subsidiary denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses resulting from re- measuring assets and liabilities denominated in foreign currencies;

​
		(10)
	any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of the Parent or any Restricted Subsidiary owing to the Parent or any Restricted Subsidiary;

​
		(11)
	any one-time non-cash charges or any amortization or depreciation, in each case to the extent related to any acquisition of another Person or business; and

​
		(12)
	any goodwill or other intangible asset impairment charge or write-off or write-down.

​
“Consolidated Net Leverage” means the aggregate outstanding Indebtedness of the Parent and its Restricted Subsidiaries (excluding Hedging Obligations) as of the relevant date of calculation minus cash and cash equivalents at such date, in each case on a consolidated basis and in accordance with IFRS.
​
“Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Leverage at such date to (y) the aggregate amount of Consolidated EBITDA for the period of the four most recent fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Parent are available.
​
In addition, for purposes of calculating the Consolidated Net Leverage Ratio:
​
		(1)
	acquisitions and Investments (each, a “Purchase”) that have been made by the Parent or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Subsidiaries which are Restricted Subsidiaries acquired by the Parent or any of its Restricted Subsidiaries, and including all related financing transactions and including increases in ownership of Subsidiaries which are Restricted Subsidiaries, during the reference period or subsequent to such reference period and on or prior to the date on which the calculation of the Consolidated Net Leverage Ratio is made (the “Calculation Date”), or that are to be made on the Calculation Date, will be given pro forma effect (as determined in good faith by a responsible accounting or financial officer of the Parent) as if they had occurred on the first day of the reference period; provided that if definitive documentation has been entered into with respect to a Purchase that is part of the transaction causing a calculation to be made hereunder, Consolidated EBITDA for such period will be calculated after giving pro forma effect to such Purchase as if such Purchase had occurred on the first day of such period, even if the Purchase has not yet been consummated as of the date of determination;

​
​

- 13 -

​
		(2)
	the Consolidated EBITDA (whether positive or negative) attributable to discontinued operations, as determined in accordance with IFRS, and operations, businesses or group of assets constituting a business or operating unit (and ownership interests therein) disposed of during the reference period or subsequent to such reference period and prior to the Calculation Date, will be excluded on a pro forma basis as if such disposition occurred on the first day of such period;

​
		(3)
	the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with IFRS, and operations, businesses or group of assets constituting a business or operating unit (and ownership interests therein) disposed of during the reference period or subsequent to such reference period and prior to the Calculation Date, will be excluded on a pro forma basis as if such disposition occurred on the first day of such period, but only to the extent that the obligations giving rise to such Consolidated Interest Expense will not be obligations of the Parent or any of its Restricted Subsidiaries following the Calculation Date;

​
		(4)
	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such reference period;

​
		(5)
	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such reference period; and

​
		(6)
	if any Indebtedness is not denominated in the Parent’s functional currency, that Indebtedness for purposes of the calculation of Consolidated Net Leverage shall be treated in accordance with IFRS.

​
For the purposes of the definitions of Consolidated EBITDA, Consolidated Income Taxes, Consolidated Interest Expense and Consolidated Net Income, calculations will be determined in accordance with the terms set forth above.
​
“Consolidated Net Tangible Assets” means, as of any date of determination, the total amount of assets of the Parent on a consolidated basis (including deferred pension cost and deferred tax assets (without reducing such deferred tax assets by deferred tax liabilities), and less applicable reserves and other properly deductible items), after deducting therefrom:
​
		(1)
	all current liabilities (excluding any Indebtedness or obligations under capital leases classified as a current liability); and

​
		(2)
	all goodwill, trade names, trademarks, patents, unamortized debt discount and financing costs and all similar intangible assets,

​
all as set forth in the Parent’s most recent consolidated balance sheet internally available (but, in any event, as of a date within 150 days of the date of determination) and computed in accordance with IFRS.
​
​

- 14 -

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“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:
​
		(1)
	to purchase any such primary obligation or any property constituting direct or indirect security therefor;

​
		(2)
	to advance or supply funds:

​
		(A)
	for the purchase or payment of any such primary obligation; or

​
		(B)
	to maintain the working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or

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

​
“Credit Facility” means, with respect to the Parent or any of its Subsidiaries, one or more debt facilities, arrangements, instruments or indentures (including any ABL Facility or commercial paper facilities and overdraft facilities) with banks, institutions or investors providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against such receivables), notes, letters of credit or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another administrative agent or agents or other banks, institutions or investors and whether provided under any ABL Facility or one or more other credit or other agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Parent as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.
​
“Currency Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency futures contract, currency option contract, currency derivative or other similar agreement to which such Person is a party or beneficiary.
​
​

- 15 -

​
“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.
​
“Designated Non-Cash Consideration” means the fair market value (as determined in good faith by the Board of Directors or an Officer of the Parent) of non-cash consideration received by the Parent or one of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash, Cash Equivalents or Temporary Cash Investments received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 4.05.
​
“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, in each case on or prior to the date that is 90 days after the earlier of (a) the Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Disposition will not constitute Disqualified Stock if the terms of such Capital Stock provide that the issuer thereof may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.02. For purposes hereof, the amount of Disqualified Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock, such fair market value to be determined as set forth herein. Only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock.
​
“Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S. dollars, at any time of determination thereof by the Parent, the amount of U.S. dollars obtained by converting such currency other than U.S. dollars involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable currency other than U.S. dollars as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Board of Directors or an Officer of the Parent) on the date of such determination.
​
“EBITDA” for a Person for the period of the four most recent fiscal quarters ending prior to the relevant date of measurement for which internal consolidated financial statements are
​
​

- 16 -

​
available, means, without duplication earnings before interest, tax, depreciation and amortization, calculated on a basis consistent with Consolidated EBITDA.
​
“Equity Offering” means (x) a sale of Capital Stock of a Parent Holdco, the Parent or a Restricted Subsidiary (other than Disqualified Stock and other than offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions and other than offerings to the Parent or any Restricted Subsidiary), or (y) the sale of Capital Stock or other securities by any Person (other than to the Parent or a Restricted Subsidiary), the proceeds of which are contributed to the equity (other than through the issuance of Disqualified Stock) of the Parent or any of its Restricted Subsidiaries.
​
“Escrowed Proceeds” means the proceeds from the offering of any debt securities or other Indebtedness paid into escrow accounts with an independent escrow agent on the date of the applicable offering or Incurrence pursuant to escrow arrangements that permit the release of amounts on deposit in such escrow accounts upon satisfaction of certain conditions or the occurrence of certain events. The term “Escrowed Proceeds” shall include any interest earned on the amounts held in escrow.
​
“Euroclear” means Euroclear Bank S.A./N.V.
​
“European Union” means all members of the European Union as of January 1, 2021.
​
“Excess ABL Debt” has the meaning given to it under the ABL Intercreditor Agreement.
​
“Excess Junior Note Debt” has the meaning given to it under the ABL Intercreditor Agreement. 
​
“Excess Senior Note Debt” has the meaning given to it under the ABL Intercreditor Agreement. 
​
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder, as amended.
​
“Existing A/R Facility” means the facilities available under two Factoring Agreements dated as of October 2, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among, inter alios, Ferropem SAS, Grupo Ferroatlantica S.A, and La Banque Postale Leasing & Factoring.
​
“Existing Notes” means the $350.0 million aggregate principal amount 93/8% Senior Notes due 2022, issued on February 15, 2017.
​
“fair market value” wherever such term is used in this Indenture (except as otherwise specifically provided in this Indenture), may be conclusively established by means of an Officer’s Certificate or a resolution of the Board of Directors of the Parent setting out such fair market value as determined by such Officer or such Board of Directors in good faith.
​
​

- 17 -

​
“Fairness Opinion” means a written opinion of an accounting, appraisal, or investment banking firm of international standing, or other recognized independent expert with experience appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is required, stating that such transaction or series of related transactions is on terms not less favorable than might have been obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate.
​
“Fitch” means Fitch Ratings, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Ratings Organization.
​
“Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the four most recent fiscal quarters prior to the date of such determination for which internal consolidated financial statements are available to (y) the Fixed Charges of such Person for such four fiscal quarters.
​
In the event that the specified Person or any of its Restricted Subsidiaries Incurs, assumes, guarantees, repays, repurchases, redeems, defeases, retires, extinguishes or otherwise discharges any Indebtedness (other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the four-quarter 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 (as determined in good faith by a responsible accounting or financial officer of such Person) to such Incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance, retirement, extinguishment or other discharge of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter period; provided, however, that the pro forma calculation of Fixed Charges shall not give effect to (i) any Indebtedness Incurred on the Calculation Date pursuant to the provisions described in Section 4.01(b) or (ii) the discharge on the Calculation Date of any Indebtedness to the extent that such discharge results from the proceeds of Indebtedness Incurred pursuant to the provisions described in Section 4.01(b).
​
In addition, for purposes of calculating the Fixed Charge Coverage Ratio:
​
		(1)
	Purchases that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, or by any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Subsidiaries which are Restricted Subsidiaries, and including all 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, or that are to be made on the Calculation Date, will be given pro forma effect (as determined in good faith by a responsible accounting or financial officer of such Person) as if they had occurred on

​
​

- 18 -

​
the first day of the four-quarter reference period; provided that, if definitive documentation has been entered into with respect to a Purchase that is part of the transaction causing a calculation to be made hereunder, Consolidated EBITDA for such period will be calculated after giving pro forma effect to such Purchase as if such Purchase had occurred on the first day of such period, even if the Purchase has not yet been consummated as of the date of determination;
​
		(2)
	the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with IFRS, 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 IFRS, 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;

​
		(4)
	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four- quarter period;

​
		(5)
	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period;

​
		(6)
	if any Indebtedness bears a floating rate of interest and is being given pro forma effect, 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 if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months, or, if shorter, at least equal to the remaining term of such Indebtedness); and

​
		(7)
	Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Parent to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with IFRS.

​
“Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of:
​
		(1)
	the Consolidated Interest Expense of such Person for such period; plus

​
		(2)
	all dividends, whether paid or accrued and whether or not in cash, on or in respect of all Disqualified Stock of the Parent or any series of Preferred

​
​

- 19 -

​
Stock of any Restricted Subsidiary, other than dividends on equity interests payable to the Parent or a Restricted Subsidiary.
​
“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person:
​
		(1)
	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (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); or

​
		(2)
	entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),

​
provided, however, that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.
​
“Government Loan” means a loan granted by the government or any department, division, agency or any other instrumentality of a government.
​
“Government Obligations” means any security that is (1) a direct obligation of the United States government, for the payment of which the full faith and credit of the United States government is pledged or (2) an obligation of a person controlled or supervised by and acting as an agency or instrumentality of the United States government the payment of which is unconditionally Guaranteed as a full faith and credit obligation by the United States, which, in either case under the preceding clause (1) or (2), is not callable or redeemable at the option of the issuer thereof.
​
“Guarantor” means any Person that executes a Note Guarantee in accordance with the provisions of this Indenture from time to time, 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.
​
“GVM” means Grupo Villar Mir S.A.U. and its successors or assigns.
​
“GVM Share Pledge” means any share pledge or charge or other similar security over the shares in the Parent held by GVM granted by GVM in support of or as collateral for its obligations under any GVM Loan from time to time.
​
“GVM Loan” means any financing provided by Tyrus to GVM or owing by GVM to Tyrus, from time to time.
​
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“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Hedging Agreement.
​
“Holder” means each Person in whose name the Notes are registered on the Registrar’s books.
​
“Holding Company” means, in relation to any Person, any other Person in respect of which it is a Subsidiary.
​
“IFRS” means International Financial Reporting Standards (formerly International Accounting Standards) endorsed from time to time by the European Union or any variation thereof with which the Parent or its Restricted Subsidiaries are, or may be, required to comply. All ratios and calculations contained in this Indenture shall be computed in accordance with IFRS.
​
“Incur” means issue, create, assume, enter into any Guarantee of, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant to any revolving credit or similar facility shall only be “Incurred” at the time any funds are borrowed thereunder.
​
“Indebtedness” means, with respect to any Person on any date of determination (without duplication):
​
		(1)
	the principal of indebtedness of such Person for borrowed money;

​
		(2)
	the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

​
		(3)
	all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have been reimbursed) (except to the extent such reimbursement obligations relate to trade payables or other obligations not constituting Indebtedness and such obligations are satisfied within 30 days of Incurrence), in each case only to the extent that the underlying obligation in respect of which the instrument was issued would be treated as Indebtedness;

​
		(4)
	the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except trade payables), where the deferred payment is arranged primarily as a means of raising finance, which purchase price is due more than one year after the date of placing such property in service or taking final delivery and title thereto;

​
​

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		(5)
	Capitalized Lease Obligations of such Person;

​
		(6)
	the principal component of all obligations, or liquidation preference, of such Person with respect to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends);

​
		(7)
	the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined in good faith by the Board of Directors or an Officer of the Parent) and (b) the amount of such Indebtedness of such other Persons;

​
		(8)
	Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person; and

​
		(9)
	to the extent not otherwise included in this definition, net obligations of such Person under Currency Agreements, Interest Rate Agreements and Commodity Hedging Agreements (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time).

​
The term “Indebtedness” shall not include (i) any lease, concession or license of property (or Guarantee thereof) which would be considered an operating lease under IFRS as in effect on the Issue Date, (ii) prepayments of deposits received from clients or customers in the ordinary course of business, (iii) obligations under any license, permit or other approval (or Guarantees given in respect of such obligations) Incurred prior to the Issue Date or in the ordinary course of business, (iv) any asset retirement obligations, or (v) obligations under or in respect of Qualified Securitization Financings.
​
The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amounts of funds borrowed and then outstanding. The amount of Indebtedness of any Person at any date shall be determined as set forth above or otherwise provided in this Indenture, and (other than with respect to letters of credit or Guarantees or Indebtedness specified in clause (7) or (8) above) shall equal the amount thereof that would appear on a balance sheet of such Person (excluding any notes thereto) prepared on the basis of IFRS.
​
Notwithstanding the above provisions, in no event shall the following constitute Indebtedness:
​
(i)Contingent Obligations Incurred in the ordinary course of business and accrued liabilities Incurred in the ordinary course of business that are not more than 90 days past due;
​
(ii)in connection with the purchase by the Parent or any Restricted Subsidiary of any business, any post-closing payment adjustments to which the
​
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​
seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter;
​
(iii)for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes;
​
(iv)any “parallel debt” obligations (including any Guarantees with respect thereof); or
​
(v)any Subordinated Shareholder Funding.
​
“Independent Financial Advisor” means an investment banking or accounting firm of international standing or any third party appraiser of international standing; provided, however, that such firm or appraiser is not an Affiliate of the Parent.
​
“Initial Notes Reduction Amount” means the aggregate principal amount of the Additional Notes issued on the Issue Date in excess of $20.0 million.
​
“Intercreditor Agreement” means the Intercreditor Agreement dated on or about the Issue Date, among, inter alios, the Trustee, the Security Agent, the Parent, the Issuer, and the Guarantors, as amended from time to time.
​
“Interest Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement to which such Person is party or a beneficiary.
​
“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any advance, loan or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person in the ordinary course of business, and excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or would be classified as investments on a balance sheet (excluding any notes thereto) prepared on the basis of IFRS; provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment. If the Parent or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Parent or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new
​
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Investment equal to the fair market value of the Capital Stock of such Subsidiary not sold or disposed of in an amount determined as provided in Section 4.02(d).
​
The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced (at the Parent’s option) by any dividend, distribution, interest payment, return of capital, repayment or other amount or value received in respect of such Investment.
​
“Investment Grade Securities” means:
​
		(1)
	securities issued or directly and fully Guaranteed or insured by the United States or Canadian government or any agency or instrumentality thereof (other than Cash Equivalents);

​
		(2)
	securities issued or directly and fully guaranteed or insured by a Permissible Jurisdiction, Switzerland or Norway or any agency or instrumentality thereof (other than Cash Equivalents);

​
		(3)
	debt securities or debt instruments with a rating of “BBB-” or higher from S&P or “Baa3” or higher by Moody’s or the equivalent of such rating by such rating organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization, but excluding any debt securities or instruments constituting loans or advances among the Parent and its Subsidiaries;

​
		(4)
	investments in any fund that invests exclusively in investments of the type described in clauses (1), (2) and (3) above which fund may also hold cash and Cash Equivalents pending investment or distribution; and

​
		(5)
	any investment in repurchase obligations with respect to any securities of the type described in clauses (1), (2) and (3) above which are collateralized at par or over.

​
“Investment Grade Status” shall occur when all of the Notes receive both of the following:
​
		(1)
	a rating of “BBB-” or higher from Fitch; and

​
		(2)
	a rating of “Baa3” or higher from Moody’s,

​
or the equivalent of such rating by either such rating organization or, if no rating of
Moody’s or Fitch then exists, the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization.
​
“Issue Date” means May 17, 2021.
​
“Issuer” means Ferroglobe Finance Company, PLC.
​
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“Junior Note Obligations” has the meaning given to it under the ABL Intercreditor Agreement.
“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof).
“Limited Condition Acquisition” means any acquisition, including by way of merger, amalgamation or consolidation, by the Parent or one or more of its Restricted Subsidiaries the consummation of which is not conditioned upon the availability of, or on obtaining, third-party financing; provided that Consolidated EBITDA, other than for purposes of calculating any ratios in connection with the Limited Condition Acquisition and the related transactions, shall not include any Consolidated EBITDA of or attributable to the target company or assets involved in any such Limited Condition Acquisition unless and until the closing of such Limited Condition Acquisition shall have actually occurred.
“Lock-Up Agreement” means the lock-up agreement dated March 27, 2021 (as amended, extended, renewed, restated, supplemented, modified or replaced), between, among others, the Parent and the Original Consenting Noteholders (as defined therein), to facilitate the restructuring of the Parent and its subsidiaries.
“Management Advances” means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of any Parent Holdco, the Parent or any Restricted Subsidiary:
		(1)
	(a) in respect of travel, entertainment or moving related expenses incurred in the ordinary course of business or (b) for purposes of funding any such person’s purchase of Capital Stock of the Parent, its Subsidiaries or any Parent Holdco with (in the case of this sub-clause (b)) the approval of the Board of Directors; or

		(2)
	in respect of moving related expenses incurred in connection with any closing or consolidation of any facility or office.

“Material Company” means the Parent and any Restricted Subsidiary whose total assets, sales or EBITDA on a standalone basis represents 5% of consolidated total assets, consolidated sales or Consolidated EBITDA (excluding intra-group items and investments in Subsidiaries) as of the relevant test date under Section 4.07(c).
“Moody’s” means Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.
“Nationally Recognized Statistical Rating Organization” means a nationally recognized statistical rating organization within the meaning of Section 3(a)(62) under the Exchange Act.
“Net Available Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note
​

- 25 -

​
or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:
		(1)
	all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses incurred, and all Taxes paid or required to be paid or accrued as a liability under IFRS (after taking into account any available tax credits or deductions and any Tax Sharing Agreements), as a consequence of such Asset Disposition;

		(2)
	all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition;

		(3)
	all distributions and other payments required to be made to minority interest holders (other than any Parent Holdco, the Parent or any of their respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition; and

		(4)
	the deduction of appropriate amounts required to be provided by the seller as a reserve, on the basis of IFRS, against any liabilities associated with the assets disposed of in such Asset Disposition and retained by the Parent or any Restricted Subsidiary after such Asset Disposition.

“Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any Tax Sharing Agreements).
“Note Guarantee” means the Guarantee by any Guarantor of the Issuer’s obligations under this Indenture and the Notes.
“Note Priority Collateral” has the meaning given to it under the ABL Intercreditor Agreement.
“Notes Documents” means the Notes (including Additional Notes), this Indenture, the Security Documents, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreements.
“Officer” means, with respect to any Person, (1) any member of the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary (a) of such Person or (b) if such Person is owned or
​
​

- 26 -

​
managed by a single entity, of such entity, or (2) any other individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of such Person. The obligations of an “Officer of the Parent” may be exercised by the Officer of any Restricted Subsidiary who has been delegated such authority by the Board of Directors of the Parent.
“Officer’s Certificate” means, with respect to any Person, a certificate signed by one Officer of such Person.
“Opinion of Counsel” means a written opinion from legal counsel reasonably satisfactory to the Trustee. The counsel may be an employee of or counsel to the Parent or its Subsidiaries.
“Parent” means Ferroglobe PLC or any other Successor Company in accordance with this Indenture.
“Parent Holdco” means any Person of which the Parent at any time is or becomes a Subsidiary after the Issue Date and any holding companies established by any Permitted Holder for purposes of holding its investment in the Parent.
“Pari Passu Indebtedness” means Indebtedness of the Issuer or any Guarantor which does not constitute Subordinated Indebtedness.
“Paying Agent” means any Person authorized by the Parent to pay the principal of (and premium, if any) or interest on any Note on behalf of the Parent, which shall include the Paying Agent.
“Permissible Jurisdiction” means any member state of the European Union (excluding Greece) and the United Kingdom.
“Permitted Collateral Liens” means:
		(1)
	Liens on the Collateral to secure the Reinstated Notes, including any Guarantee of such Reinstated Notes, and any Refinancing Indebtedness in respect thereof (and any Refinancing Indebtedness in respect of Refinancing Indebtedness); provided that each of the parties thereto will have entered into the Intercreditor Agreement, the ABL Intercreditor Agreement or an Additional Intercreditor Agreement;

		(2)
	Liens on the Collateral that are described in one or more of clauses (2), (3), (4), (5), (6), (8), (9), (10), (11), (12), (13), (15), (17), (18), (19), (20), (21), (22), (24), (27), (28) and (29), of the definition of “Permitted Liens”;

		(3)
	Liens on the Collateral to secure any Indebtedness (including any Additional Notes) that is permitted to be Incurred under (x) Section 4.01(a), and (y) Section 4.01(b)(xi) and any Refinancing Indebtedness in respect of any of the foregoing (and any Refinancing Indebtedness in respect of Refinancing Indebtedness);

​
​

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		(4)
	Liens on the Collateral to secure any Indebtedness that is permitted to be Incurred under clauses (i), (ii) (in the case of clause (ii), to the extent such Guarantee is in respect of Indebtedness otherwise permitted to be secured and specified in clause (3) and this clause (4) of the definition of “Permitted Collateral Liens”), (iv)(A), (vi), (vii) and (xiii) of Section 4.01(b) and any Refinancing Indebtedness in respect of any of the foregoing (and any Refinancing Indebtedness in respect of Refinancing Indebtedness); and

		(5)
	any Lien securing Indebtedness (including any Guarantee thereof) on a basis junior to the Notes,

provided, however, in the case of clauses (3), (4) and (5) above, that:
		(A)
	any such Indebtedness is subject to the Intercreditor Agreement or to an Additional Intercreditor Agreement and, if incurred under any ABL Facility, is subject to the ABL Intercreditor Agreement or to an Additional Intercreditor Agreement with respect to such ABL Facility; and

		(B)
	the Collateral securing such Indebtedness shall also secure the Notes or the Note Guarantees on a senior or pari passu basis; provided that (I) Indebtedness that is Incurred under clauses (i) (to the extent such Indebtedness does not constitute an ABL Facility) and (iv)(A) (and any refinancing and subsequent refinancings thereof covered under (iv)(D)) of Section 4.01(b) may receive priority with respect to distributions of proceeds of any enforcement of Collateral, in which case such Indebtedness shall constitute “Super Senior Liabilities” under the Intercreditor Agreement and (II) Indebtedness incurred under Section 4.01(b)(i) (to the extent such Indebtedness constitutes an ABL Facility) shall constitute “ABL Obligations” under the ABL Intercreditor Agreement.

For purposes of determining compliance with this definition, in the event that a Permitted Collateral Lien meets the criteria of one or more of the categories of Permitted Collateral Liens described above, the Issuer will be permitted to classify such Permitted Collateral Lien on the date of its Incurrence and reclassify such Permitted Collateral Lien at any time and in any manner that complies with this definition.
“Permitted Holders” means, collectively, (i) Grupo Villar Mir, S.A.U., (ii) members of the senior management team of the Parent as of the Issue Date, (iii) Alan Kestenbaum and (iv) any Related Person of any Persons specified in clause (i) to (iii). Any person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.
“Permitted Investment” means (in each case, by the Parent or any of its Restricted Subsidiaries):
		(1)
	Investments in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary) or the Parent or (b) a Person that is engaged in any

​

- 28 -

​
Similar Business (including the Capital Stock of any such Person) and such Person will, upon the making of such Investment, become a Restricted Subsidiary; provided that the aggregate of Investments in Restricted Subsidiaries that are not Guarantors made pursuant to this clause (1) and clause (2) of this definition by the Issuer and the Guarantors shall not exceed $10.0 million outstanding at any one time;
		(2)
	Investments in another Person if such Person is engaged in any Similar Business and as a result of such Investment such other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all its assets to, the Parent or a Restricted Subsidiary; provided that the aggregate of Investments in Restricted Subsidiaries that are not Guarantors made pursuant to this clause (2) and clause (1) of this definition by the Issuer and the Guarantors shall not exceed $10.0 million outstanding at any one time;

		(3)
	Investments in cash, Cash Equivalents, Temporary Cash Investments or Investment Grade Securities;

		(4)
	Investments in receivables owing to the Parent or any Restricted Subsidiary created or acquired in the ordinary course of business;

		(5)
	Investments in payroll, travel, relocation, entertainment 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;

		(6)
	Management Advances and any advances or loans not to exceed $10.0 million at any one time outstanding to any management equity plan or stock option plan or any other management or employee benefit or incentive plan or unit trust or the trustees of any such plan or trust to pay for the purchase or other acquisition for value of Capital Stock (other than Disqualified Stock) of the Parent or a Parent Holdco;

		(7)
	Investments in Capital Stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Parent or any Restricted Subsidiary, or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor;

		(8)
	Investments made as a result of the receipt of non-cash consideration from a sale or other disposition of property or assets, including an Asset Disposition, in each case, that was made in compliance with Section 4.05;

		(9)
	Investments in existence on, or made pursuant to legally binding commitments in existence on, the Issue Date, and any extension, modification or renewal of any such Investment; provided that the amount

​

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​
of the Investment may be increased (a) as required by the terms of the Investment as in existence on the Issue Date or (b) as otherwise permitted under this Indenture;
		(10)
	Currency Agreements, Interest Rate Agreements and related Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 4.01;

		(11)
	[Reserved];

		(12)
	pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 4.03;

		(13)
	any Investment to the extent made using Capital Stock of the Parent (other than Disqualified Stock), or Capital Stock of any Parent Holdco as consideration;

		(14)
	any transaction to the extent constituting an Investment that is permitted and made in accordance with Section 4.06(b) (except those described in clauses (b)(i), (b)(iii), (b)(viii), (b)(ix) and (b)(xii) of Section 4.06);

		(15)
	Guarantees of Indebtedness of the Parent or any of its Restricted Subsidiaries not prohibited by Section 4.01 and (other than with respect to Indebtedness) guarantees, keepwells and similar arrangements in the ordinary course of business;

		(16)
	[Reserved];

		(17)
	Investments in loans under any ABL Facility, the Existing Notes (including any related additional notes), the Reinstated Notes (including any related additional notes), the Notes and any Additional Notes;

		(18)
	Investments acquired after the Issue Date as a result of the acquisition by the Parent or any of its Restricted Subsidiaries of another Person, including by way of a merger, amalgamation or consolidation with or into the Parent or any of its Restricted Subsidiaries in a transaction that is not prohibited by Section 5.01 to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

		(19)
	Investments in licenses, concessions, authorizations, franchises, permits or similar arrangements that are related to the Parent’s or any Restricted Subsidiary’s business; and

​
​

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​
		(20)
	Investments made in connection with any Qualified Securitization Financing, including Investments in funds held in accounts required by the arrangements governing such Qualified Securitization Financing or any related Indebtedness.

“Permitted Joint Venture” means any entity formed for purposes of implementing the joint venture agreement, dated as of December 20, 2016, among Grupo FerroAtlántica, S.A.U., Silicio FerroSolar, S.L.U., FerroAtlántica, S.A., Blue Power Corporation, S.L. and Aurinka Photovoltaic Group, S.L., as the same may be amended, extended or otherwise modified from time to time.
“Permitted Liens” means, with respect to any Person:
		(1)
	Liens on assets or property of any Restricted Subsidiary that is not a Guarantor securing Indebtedness of such Restricted Subsidiary that is not a Guarantor;

		(2)
	pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws, social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with bids, tenders, completion guarantees, contracts (other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety, indemnity, judgment, appeal or performance bonds, guarantees of government contracts (or other similar bonds, instruments or obligations), or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature, in each case Incurred in the ordinary course of business;

		(3)
	Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’, materialmens’ and repairmen’s or other similar Liens, in each case for sums not yet overdue for a period of more than 60 days or that are bonded or being contested in good faith by appropriate proceedings;

		(4)
	Liens for taxes, assessments or other governmental charges not yet delinquent or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to IFRS have been made in respect thereof;

		(5)
	Liens in favor of issuers of surety, performance or other bonds, guarantees or letters of credit or bankers’ acceptances or similar arrangements (not issued to support Indebtedness for borrowed money) issued pursuant to the request of and for the account of the Parent or any Restricted Subsidiary, in each case in the ordinary course of its business;

		(6)
	encumbrances, ground leases, easements (including reciprocal easement agreements), survey exceptions, or reservations of, or rights of others for,

​
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licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Parent and its Restricted Subsidiaries or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of the Parent and its Restricted Subsidiaries;
		(7)
	Liens on assets or property of the Parent or any Restricted Subsidiary securing Hedging Obligations permitted under this Indenture relating to Indebtedness permitted to be Incurred under this Indenture and which is secured by a Lien on the same assets or property that secure such Indebtedness;

		(8)
	leases, licenses, subleases and sublicenses of assets (including real property and intellectual property rights), in each case entered into in the ordinary course of business;

		(9)
	Liens arising out of judgments, decrees, orders or awards not giving rise to an Event of Default so long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree, order or award have not been finally terminated or the period within which such proceedings may be initiated has not expired;

		(10)
	Liens on assets or property of the Parent or any Restricted Subsidiary for the purpose of securing Capitalized Lease Obligations or Purchase Money Obligations, or securing the payment of all or a part of the purchase price of, or securing other Indebtedness Incurred to finance or refinance the acquisition, improvement or construction of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under Section 4.01(b)(vii) and (b) any such Lien may not extend to any assets or property of the Parent or any Restricted Subsidiary other than assets or property acquired, improved, constructed or leased with the proceeds of such Indebtedness and any improvements or accessions to such assets and property;

		(11)
	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies (including any Liens or right of set-off arising under the general banking conditions (algemene bankvoorwaarden) in respect of costs incurred in relation to administering the respective bank accounts) as to deposit accounts or other funds maintained with a depositary or financial institution;

		(12)
	Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other applicable jurisdictions) regarding operating

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leases entered into by the Parent and its Restricted Subsidiaries in the ordinary course of business;
		(13)
	Liens existing on, or provided for or required to be granted under written agreements existing on, the Issue Date;

		(14)
	[Reserved];

		(15)
	(i) Liens on assets or property of the Issuer or any Guarantor securing Indebtedness or other obligations of the Issuer or such Guarantor owing to the Issuer or any Guarantor, or (ii) Liens in favor of the Issuer or any Guarantor;

		(16)
	Liens (other than Permitted Collateral Liens) securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, and permitted to be secured under this Indenture; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of property that is or could be the security for or subject to a Permitted Lien hereunder;

		(17)
	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease;

		(18)
	(a) mortgages, liens, security interest, restrictions, encumbrances or any other matters of record that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party on property over which the Parent or any Restricted Subsidiary has easement rights or on any leased property and subordination or similar arrangements relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property;

		(19)
	any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

		(20)
	Liens on property or assets under construction (and related rights) in favor of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets;

		(21)
	Liens arising under general business conditions in the ordinary course of business, including without limitation the general business conditions of any bank or financial institution with whom the Parent or any of its Restricted Subsidiaries maintains a banking relationship in the ordinary course of business (including arising by reason of any treasury or cash

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management, cash pooling, netting or set-off arrangement or other trading activities);
		(22)
	Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business;

		(23)
	[Reserved];

		(24)
	any security granted over the marketable securities portfolio described in clause (9) of the definition of “Cash Equivalents” in connection with the disposal thereof to a third party;

		(25)
	(a) Liens created for the benefit of or to secure, directly or indirectly, the Notes and the Note Guarantees, and the Reinstated Notes and the guarantees of the Reinstated Notes as of the Transaction Effective Date, (b) Liens securing Indebtedness Incurred under Section 4.01(b)(i) (other than an ABL Facility); provided that (i) any Government Loan incurred pursuant to Section 4.01(b)(i) prior to the Transaction Effective Date shall be unsecured, and (ii) any Qualified Securitization Financing (other than an ABL Facility) incurred pursuant to Section 4.01(b)(i) shall not be secured by the Collateral and (c) Liens in respect of property and assets securing Indebtedness if the recovery in respect of such Liens is subject to loss- sharing or sharing of recoveries as among the Holders of the Notes and the creditors of such Indebtedness;

		(26)
	[Reserved];

		(27)
	Liens on (a) Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness (or the underwriters or arrangers thereof) or

(b) on cash set aside at the time of the Incurrence of any Indebtedness or government securities purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest on such Indebtedness and are held in escrow accounts or similar arrangement to be applied for such purpose;
		(28)
	limited recourse Liens in respect of the ownership interests in, or assets owned by the Permitted Joint Venture and any joint ventures which are not Restricted Subsidiaries securing obligations of such joint ventures; and

		(29)
	Liens on Securitization Assets and related assets incurred in connection with any Qualified Securitization Financing.

“Person” means any individual, corporation, other body corporate, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company, government or any agency or political subdivision thereof or any other entity.
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“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.
“Public Debt” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public offering registered under the Securities Act or
(2)a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC for public resale.
“Purchase Money Obligations” means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.
“Qualified Securitization Financing” means any financing pursuant to which the Parent or any Restricted Subsidiary may sell, convey or otherwise transfer to any other Person or grant a security interest in any accounts receivable (and related assets) in an aggregate principal amount equivalent to the fair market value of such accounts receivable (and related assets) of the Parent or any Restricted Subsidiary; provided that (a) the financing terms, covenants, events of default and other provisions applicable to such financing shall be in the aggregate economically fair and reasonable to the Parent and its Restricted Subsidiaries and all sales of accounts receivable (and related assets) are made on market terms (each as determined in good faith by the board of directors or a member of senior management of the Parent) at the time such financing is entered into and (b) such financing shall be non-recourse to the Parent and the Restricted Subsidiaries, except to the extent of any Securitization Repurchase Obligation or to the limited extent customary for such transactions.
“refinance” means refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including pursuant to any defeasance or discharge mechanism) and the terms “refinances”, “refinanced” and “refinancing” as used for any purpose in this Indenture shall have a correlative meaning.
“Refinancing Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the date of this Indenture or Incurred in compliance with this Indenture (including Indebtedness of the Issuer that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the Issuer or another Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that:
		(1)
	if the Indebtedness being refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness has a final stated maturity at the time such Refinancing Indebtedness is Incurred that is the same as or later than the

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final stated maturity of the Indebtedness being refinanced or, if shorter, the Notes;
		(2)
	such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness and costs, expenses and fees Incurred in connection therewith);

		(3)
	if the Indebtedness being refinanced is expressly subordinated to the Notes and the Reinstated Notes, such Refinancing Indebtedness is subordinated to the Notes and the Reinstated Notes on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being refinanced,

provided, however, that Refinancing Indebtedness shall not include Indebtedness of a Restricted Subsidiary that is not the Issuer or a Guarantor that refinances Indebtedness of the Issuer or a Guarantor.
“Reinstated Notes” means the senior secured notes issued in connection with an Exchange Offer and Covenant Strip or a Scheme (each as defined in the Lock-Up Agreement).
“Related Fund” means:
(a)in relation to a fund (the “First Fund”), a fund which is managed or advised by the same investment manager or advisor as the First Fund or, if it is managed by a different investment manager or adviser, a fund whose investment manager or advisor is an Affiliate of the investment manager or advisor of the First Fund;
(b)in relation to any other person, any fund in respect of which such person or an Affiliate of such person is investment manager or investment adviser; and
(c)any Affiliate of any fund described in sub-paragraphs (a) or (b) above. 
“Related Person” with respect to any Permitted Holder, means:
		(1)
	any controlling equity holder, majority (or more) owned Subsidiary or partner or member of such Person; or

		(2)
	in the case of an individual, any spouse, family member or relative of such individual, any trust or partnership for the benefit of one or more of such individual and any such spouse, family member or relative, or the estate, executor, administrator, committee or beneficiaries of any thereof; or

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		(3)
	any trust, corporation, other body corporate, partnership or other Person for which one or more of the Permitted Holders and other Related Persons of any thereof constitute the beneficiaries, stockholders, partners or owners thereof, or Persons beneficially holding in the aggregate a majority (or more) controlling interest therein; or

		(4)
	any investment fund or vehicle managed, sponsored or advised by such Person or any successor thereto, or by any Affiliate of such Person or any such successor.

“Related Taxes” means:
any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption, franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar Taxes (other than (x) Taxes measured by income and (y) withholding imposed on payments made by any Parent Holdco), required to be paid (provided such Taxes are in fact paid) by any Parent Holdco by virtue of its:
		(i)
	being incorporated or otherwise being established or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any corporation or other entity other than, directly or indirectly, the Parent or any of the Parent’s Subsidiaries);

		(ii)
	being a holding company parent, directly or indirectly, of the Parent or any of the Parent’s Subsidiaries;

		(iii)
	receiving dividends from or other distributions in respect of the Capital Stock of, directly or indirectly, the Parent or any of the Parent’s Subsidiaries; or

		(iv)
	having made any payment with respect to any of the items for which the Parent is permitted to make payments to any Parent Holdco pursuant to Section 4.02.

“Replacement Assets” means non-current properties and assets that replace the properties and assets that were the subject of an Asset Disposition or non-current properties and assets that will be used in the Parent’s business or in that of the Restricted Subsidiaries or any and all businesses that in the good faith judgment of the Board of Directors or any Officer of the Parent are reasonably related, in each case subject to the provisions of Section 11.05(a)(3).
“Representative” means any trustee, agent or representative (if any) for an issue of Indebtedness or the provider of Indebtedness (if provided on a bilateral basis), as the case may be.
“Responsible Officer” means, when used with respect to the Trustee, any officer within the applicable corporate trust services department of the Trustee, including any director, assistant director, trust manager, deputy trust manager, assistant trust manager, senior trust officer,
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trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.
“Restricted Investment” means any Investment other than a Permitted Investment.
“Restricted Person” means any Person that: (a) is listed on the United States Specifically Designated Nationals and Blocked Persons List; the European Union Consolidated List of Persons, Groups and Entities subject to EU Financial Sanctions; or the United Kingdom Consolidated List of Financial Sanctions Targets (each a “Sanctions List”); (b) is owned or controlled by a Person identified on a Sanctions List, to the extent that such ownership or control results in such Person being subject to the same restrictions as if such person were themselves identified on the corresponding Sanctions List; (c) is located in or incorporated under the laws of a country or territory that is the target of comprehensive sanctions imposed by the United States, which for the purposes of this Indenture, as of the Issue Date are Iran, Syria, Cuba, the Crimea Region, and North Korea; (d) has, within the last five years, been prosecuted by a relevant authority in the United States, the United Kingdom or any member state of the European Union, in relation to a breach of securities laws (in so far as such prosecution relates to insider dealing, unlawful disclosure, market manipulation or prospectus liability) or criminal laws relating to fraud or anti- corruption, except for instances where the prosecution has concluded and did not result in any criminal or civil settlement or penalty being imposed in relation to such breaches; or (e) is a Subsidiary of a person described in (d) above.
“Restricted Subsidiary” means any Subsidiary of the Parent.
“ROFO Condition” means, in connection with the Incurrence of Indebtedness under Section 4.01(b)(xi), (I) the Issuer, the Parent or any of its other Restricted Subsidiaries, as the case may be, shall have issued a written offer setting forth the material terms of such Indebtedness in good faith to the Holders to provide such Indebtedness on a pro rata basis (calculated based on the percentage such Holder’s aggregate principal amount of Notes represents to the aggregate principal amount of all Notes then outstanding); (II) the Holders shall have been given five Business Days to accept such written offer in a legally binding acceptance letter and (III) to the extent such Holders fail to deliver one or more legally binding acceptance letters evidencing subscriptions for the full amount of Indebtedness permitted under Section 4.01(b)(xi) in accordance with clause (II) of this definition, such Issuer, Parent or Restricted Subsidiary has offered or will offer such Indebtedness for subscription by any other Person on terms no less favorable than the terms offered to Holders pursuant to clause (I) of this definition.
“S&P” means S&P Global Ratings (formerly Standard & Poor’s Ratings Services) or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, as amended.
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“Securitization Assets” means any accounts receivable that are or will be subject to a Qualified Securitization Financing.
“Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other commissions, discounts, charges or fees paid to a Person that is not the Parent or a Restricted Subsidiary in connection with, any Qualified Securitization Financing.
“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or a portion thereof becoming subject to any asserted defense, dispute, off- set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.
“Security Agent” means GLAS Trust Corporation Limited, as security agent pursuant to the Intercreditor Agreement, or any successor or replacement security agent acting in such capacity.
“Security Documents” means each collateral pledge agreement or other document under which Collateral is pledged to secure the Notes.
“Senior Note Obligations” has the meaning given to it under the ABL Intercreditor Agreement.
“Significant Subsidiary” means any Restricted Subsidiary that meets any of the following conditions:
		(1)
	the Parent’s and its Restricted Subsidiaries’ investments in and advances to the Restricted Subsidiary exceed 10% of the total assets of the Parent and its Restricted Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal year;

		(2)
	the Parent’s and its Restricted Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the Restricted Subsidiary exceeds 10% of the total assets of the Parent and its Restricted Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal year; or

		(3)
	the Parent’s and its Restricted Subsidiaries’ proportionate share of the Consolidated EBITDA of the Restricted Subsidiary exceeds 10% of the Consolidated EBITDA of the Parent and its Restricted Subsidiaries on a consolidated basis for the most recently completed fiscal year.

“Similar Business” means (a) any businesses, services or activities engaged in by the Parent or any of its Subsidiaries or any Associates on the Issue Date and (b) any businesses, services and activities that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions or developments of any thereof.
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“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any Contingent Obligations, including those described Section 4.14 and Section 4.05, to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.
“Subordinated Indebtedness” means, with respect to any person, except for the Existing Notes, Government Loans and an ABL Facility,
(1)any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated in right of payment to the Notes and any Note Guarantee and the Reinstated Notes and the guarantees of the Reinstated Notes pursuant to a written agreement;
(2)for purposes of Section 4.02, any Indebtedness for borrowed money that is secured solely by a Lien that ranks junior to any Liens securing the Notes and the Note Guarantees and the Reinstated Notes and the guarantees of the Reinstated Notes; and
		(3)
	for purposes of Section 4.02, any unsecured Indebtedness for borrowed money.

“Subordinated Shareholder Funding” means, any indebtedness that satisfies all of the following conditions: (1) it is provided by a shareholder of the Parent to the Parent (and not to any Restricted Subsidiary), (2) it is subordinated in right of payment to the Notes by being designated as “Subordinated Liabilities” under the Intercreditor Agreement, (3) it is unsecured and does not benefit from any guarantees from the Parent or any of its Restricted Subsidiaries, (4) it does not accrue interest payable in cash and (5) it provides that no repayment of principal may be made in cash until at least six months after the final maturity date of the Notes.
“Subsidiary” means, with respect to any Person:
		(1)
	any corporation, other body corporate, association, or other business entity (other than a partnership, joint venture, limited liability company or similar 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) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; or

		(2)
	any partnership, joint venture, limited liability company or similar entity of which:

		(i)
	more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of

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membership, general, special or limited partnership interests or otherwise; and
		(ii)
	such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

“Successor Parent” with respect to any Person means any other Person with more than 50% of the total voting power of the Voting Stock of which is, at the time the first Person becomes a Subsidiary of such other Person, “beneficially owned” (as defined below) by one or more Persons that “beneficially owned” (as defined below) more than 50% of the total voting power of the Voting Stock of the first Person immediately prior to the first Person becoming a Subsidiary of such other Person. For purposes hereof, “beneficially own” has the meaning correlative to the term “beneficial owner”, as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act (as in effect on the Issue Date).
“Tax Sharing Agreement” means any tax sharing or profit and loss pooling or similar agreement with customary or arm’s-length terms entered into with any Parent Holdco or its Subsidiary, as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof and of this Indenture.
“Taxes” means all present and future taxes, levies, imposts, deductions, charges, duties and withholdings and any similar charges in the nature of a tax (including interest and penalties with respect thereto) that are imposed by any government or other taxing authority.
“Temporary Cash Investments” means any of the following:
		(1)
	any investment in:

		(a)
	direct obligations of, or obligations Guaranteed by, (i) the United States of America or Canada, (ii) a Permissible Jurisdiction, (iii) Switzerland or Norway, (iv) any country in whose currency funds are being held specifically pending application in the making of an investment or capital expenditure by the Parent or a Restricted Subsidiary in that country with such funds or (v) any agency or instrumentality of any such country or member state; or

		(b)
	direct obligations of any country recognized by the United States of America rated at least “A” by S&P or “A-2” by Moody’s (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

		(2)
	overnight bank deposits, and investments in time deposit accounts, certificates of deposit, bankers’ acceptances and money market deposits (or, with respect to foreign banks, similar instruments) maturing not more than one year after the date of acquisition thereof issued by:

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		(a)
	any lender under an ABL Facility;

		(b)
	any institution authorized to operate as a bank in any of the countries or member states referred to in sub-clause (1)(a) above; or

		(c)
	any bank or trust company organized under the laws of any such country or member state or any political subdivision thereof,

in each case, having capital and surplus aggregating in excess of $250 million (or the foreign currency equivalent thereof) and whose long-term debt is rated at least “A” by S&P or “A-2” by Moody’s (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;
		(3)
	repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (1) or (2) above entered into with a Person meeting the qualifications described in clause (2) above;

		(4)
	Investments in commercial paper, maturing not more than 270 days after the date of acquisition, issued by a Person (other than the Parent or any of its Subsidiaries), with a rating at the time as of which any Investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

		(5)
	Investments in securities maturing not more than one year after the date of acquisition issued or fully Guaranteed by any state, commonwealth or territory of the United States of America, Canada, a Permissible Jurisdiction or Switzerland, Norway or by any political subdivision or taxing authority of any such state, commonwealth, territory, country or member state, and rated at least “BBB-” by S&P or “Baa3” by Moody’s (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

		(6)
	bills of exchange issued in the United States, Canada, a Permissible Jurisdiction, Switzerland, Norway or Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);

		(7)
	any money market deposit accounts issued or offered by a commercial bank organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development, in each case, having capital and surplus in excess of $250 million (or the foreign currency equivalent

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thereof) or whose long term debt is rated at least “A” by S&P or “A2” by Moody’s (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;
		(8)
	investment funds investing 95% of their assets in securities of the type described in clauses (1) through (7) above (which funds may also hold reasonable amounts of cash pending investment or distribution); and

		(9)
	investments in money market funds complying with the risk limiting conditions of Rule 2a-7 (or any successor rule) of the SEC under the U.S. Investment Company Act of 1940, as amended.

“Transaction” has the meaning given to it under the Lock-Up Agreement.
“Transaction Effective Date” has the meaning given to it under the Lock-Up Agreement.
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.
“Tyrus” means Tyrus Capital Event S.à r.l. and any of its Affiliates and/or Related Funds.
“Uniform Commercial Code” means the New York Uniform Commercial Code. 
“United States” and “U.S.” means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.
“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors.
Section 1.02. Other Definitions.
	​

	​

	Term
	Defined in
Section

	“Additional Amounts”
	4.13(a)

	“Additional Intercreditor Agreement”
	4.11(a)

	“Additional Notes”
	Preamble

	“Affiliate Transaction”
	4.06(a)

	“Agent Members”
	Exhibit A

	“Asset Disposition Offer”
	4.05(c)

	“Asset Disposition Offer Amount”
	4.05(g)

	“Asset Disposition Offer Period”
	4.05(g)

	“Asset Disposition Purchase Date”
	4.05(g)

	“Authenticating Agent”
	2.03

	“Authentication Order”
	2.03

	“Authorized Agent”
	12.08

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	​

	​

	“Calculation Date”
	1.01

	“Change of Control Offer”
	4.14(b)

	“Change of Control Payment”
	4.14(b)(i)

	“Change of Control Payment Date”
	4.14(b)(ii)

	“Code”
	4.13(a)(ii)

	“Common Depositary”
	Exhibit A

	“Controlling Shareholder”
	1.01

	“covenant defeasance option”
	8.01(b)

	“cross acceleration provision”
	6.01(d)(ii)

	“defeasance trust”
	8.02(i)

	“Definitive Registered Note”
	Exhibit A

	“Event of Default”
	6.01

	“Excess Proceeds”
	4.05(c)

	“Excluded Amounts”
	4.02(b)

	“Global Notes”
	Exhibit A

	“Global Notes Legend”
	Exhibit A

	“Guarantor Coverage Test”
	4.07(a)

	“Initial Agreement”
	4.04(b)(iii)

	“Initial Default”
	6.02

	“Initial Lien”
	4.03

	“Initial Notes”
	Preamble

	“judgment default provision”
	6.01(f)

	“legal defeasance option”
	8.01(b)

	“Notes”
	Preamble

	“payment default”
	6.01(d)(i)

	“Payor”
	4.13(a)

	“Permitted Debt”
	4.01(b)

	“Permitted Payments”
	4.02(d)

	“protected purchaser”
	2.08

	“QIB”
	Exhibit A

	“Registrar”
	2.04(i)

	“Regulation S”
	Exhibit A

	“Regulation S Global Notes”
	Exhibit A

	“Regulation S Notes”
	Exhibit A

	“Relevant Taxing Jurisdiction”
	4.13(a)(ii)

	“Restricted Global Notes”
	Exhibit A

	“Restricted Notes Legend”
	Exhibit A

	“Restricted Payment”
	4.02(a)

	“Reversion Date”
	4.10

	“Rule 144A”
	Exhibit A

	“Rule 144A Notes”
	Exhibit A

	“Sanctions List”
	1.01

	“Securities Act”
	Exhibit A

	“Successor Company”
	5.01(a)(i)

	“Suspension Event”
	4.10

	“Transfer Agent”
	Preamble

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	​

	​

	“Transfer Restricted Notes”
	Exhibit A

	“Trustee”
	Preamble

	“US GAAP”
	1.01

​
Section 1.03. Rules of Construction. Unless the context otherwise requires:
		(i)
	a term has the meaning assigned to it;

		(ii)
	an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS as of the Issue Date;

		(iii)
	“or” is not exclusive;

		(iv)
	“including” means including without limitation;

(v)words in the singular include the plural and words in the plural include the singular; and
(vi)this Indenture is not qualified under, does not incorporate by reference and does not include, and is not subject to, any of the provisions of the Trust Indenture Act.
ARTICLE II
THE NOTES
Section 2.01. Issuable in Series.
(a)The Notes may be issued in one or more series. All Notes of any one series shall be substantially identical except as to denomination.
With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.08, Section 2.10, Section 2.11 or Section 3.06 or Exhibit A), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate of the Issuer and (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes:
(1)whether such Additional Notes shall be issued as part of a new or existing series of Notes and the title of such Additional Notes (which shall distinguish the Additional Notes of the series from Notes of any other series);
(2)the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes of the same series pursuant to Section 2.08, Section 2.10, Section 2.11 or Section 3.06 or Exhibit A and except for
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Notes which, pursuant to Section 2.06, are deemed never to have been authenticated and delivered hereunder);
(3)the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue; and
(4)if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such case, the Common Depositary or its nominees for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.3 of Exhibit A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the Common Depositary or its nominees for such Global Note or a nominee thereof.
(b)If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by an Officer’s Certificate and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Issuer or this Indenture supplemental hereto setting forth the terms of the Additional Notes.
(c)This Indenture is unlimited in aggregate principal amount. The Issuer may, subject to applicable law and this Indenture, issue an unlimited principal amount of Additional Notes; provided, that if the Additional Notes are not fungible with the Notes issued as of the date of this Indenture for U.S. federal income tax purposes or (following the inclusion of clause (b) of Section 7 of the relevant Global Note) pursuant to clause (b) of Section 7 of the relevant Global Note, the Additional Notes will be issued with separate ISIN or Common Code numbers from such series of Notes. The Notes and, if issued, any related Additional Notes will be treated as a single class for all purposes under this Indenture, including, without limitation, with respect to waivers, amendments, redemptions and offers to purchase, except with respect to right of payment and optional redemption, as the relevant amendment, waiver, consent, modification or similar action affects the rights of the Holders of the different series of Notes dissimilarly or as otherwise provided for herein. For the purposes of calculating the aggregate principal amount of Notes that have consented to or voted in favor of any amendment, waiver, consent, modification or other similar action, the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the Dollar Equivalent of the principal amount of any Notes shall be calculated in such consent or voting process.
Section 2.02. Form and Dating. Provisions relating to the Notes are set forth in Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The (a) Notes and the Trustee’s or the Authenticating Agent’s certificate of authentication (as the case may be) and (b) any related Additional Notes (if issued as Transfer Restricted Notes) and the Trustee’s or the Authenticating Agent’s certificate of authentication (as the case may be) shall each be substantially in the form included in Exhibit A-1, which is hereby incorporated in and expressly made a part of this Indenture. Any Additional Notes issued other than as Transfer Restricted Notes and the Trustee’s or the Authenticating Agent’s certificate of authentication (as the case may be) shall each be substantially in the form of Exhibit A-1 (without the Restricted Notes Legend), which
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is hereby incorporated in and expressly made part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage; provided that any such notation, legend or endorsement is in a form acceptable to the Issuer, the Paying Agent and the Trustee. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and only in minimum denominations of $1.00 and whole multiples of $1.00 in excess thereof. Notwithstanding anything to the contrary, 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.
Section 2.03. Execution and Authentication. An Officer of the Issuer shall sign the Notes for the Issuer by manual or facsimile signature.
If an Officer whose signature is on a Note no longer holds that office at the time the Trustee or the Authenticating Agent (as the case may be) authenticates the Note, the Note shall be valid nevertheless.
A Note shall not be valid until an authorized signatory of the Trustee or the Authenticating Agent (as the case may be) manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, the Issuer shall deliver such Note to the Trustee for cancellation as provided for in Section 2.11.
The Trustee or the Authenticating Agent (as the case may be) shall authenticate and make available for delivery Notes as set forth in Exhibit A following receipt of an authentication order signed by an Officer of the Issuer directing the Trustee or the Authenticating Agent to authenticate such Notes (the “Authentication Order”).
The Trustee may appoint one or more authenticating agents (each, an “Authenticating Agent”) to authenticate the Notes. The term “Authenticating Agent” includes any successor of any Authenticating Agent appointed hereunder and any additional Authenticating Agent appointed hereunder. Unless limited by the terms of such appointment, the Authenticating Agent may authenticate the Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. The Authenticating Agent has the same rights as any Registrar, Paying Agent or any other Agent to deal with the Issuer or an Affiliate of the Issuer.
The Trustee or Authenticating Agent shall have the right to decline to authenticate and deliver any Notes under this Section 2.03 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee or Authenticating Agent in good faith shall determine that such action would expose the Trustee or Authenticating Agent to personal liability to existing Holders.
Section 2.04. Registrar and Paying Agent.
(i)The Issuer will maintain one or more Paying Agents for the Notes. The initial Paying Agent will be Global Loan Agency Services Limited (the
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“Paying Agent”). The Issuer will also maintain one or more registrars (each, a “Registrar”) and a transfer agent (the “Transfer Agent”). The initial Registrar and Transfer Agent will be GLAS Americas LLC. Subject to any applicable laws and regulations, the Registrar shall keep a register (the “Register”) reflecting ownership of the Notes outstanding from time to time and of their transfer and exchange. Global Loan Agency Services Limited, in its capacity as Paying Agent, and GLAS Americas LLC in its capacity as Registrar and Transfer Agent, hereby accept such appointment.
(ii)The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. Such agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee may act, or may arrange for appropriate parties to act, as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.06. The Issuer or any other Restricted Subsidiary may act as Paying Agent or Registrar in respect of the Notes.
(iii)The Issuer may change any Registrar, Paying Agent or Transfer Agent upon written notice to such Registrar, Paying Agent or Transfer Agent and to the Trustee, without prior notice to the Holders; provided, however, that no such removal shall become effective until (i) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar, Paying Agent, or Transfer Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall, to the extent that the Trustee determines that it is able and agrees to, serve as Registrar or Paying Agent or Transfer Agent until the appointment of a successor in accordance with clause (i) above. The Registrar, any Paying Agent or the Transfer Agent may resign by providing 30 days’ written notice to the Issuer and the Trustee. If a successor Paying Agent, Registrar or Transfer Agent does not take office within 30 days after the retiring Paying Agent, Registrar or Transfer Agent, as the case may be, resigns or is removed the retiring Paying Agent, Registrar or Transfer Agent, as the case may be, may (after consulting with the Issuer) appoint a successor Paying Agent, Registrar or Transfer Agent, as applicable, at any time prior to the date on which a successor Paying Agent, Registrar or Transfer Agent takes office; provided that such appointment is reasonably satisfactory to the Issuer. If the successor Agent does not deliver its written acceptance within 30 days after the retiring Agent resigns or is removed, the retiring Agent, the Issuer or the Holders of 10% in principal amount of the outstanding Notes under this Indenture may, at the expense of the Issuer, petition any court of competent jurisdiction for the appointment of a successor Agent. In addition, for so long as Notes are listed on the Global Exchange Market of Euronext Dublin and the rules thereof so require, the Issuer will publish notice of any change of Paying Agent, Registrar or Transfer Agent in a daily newspaper with general circulation in Ireland (which is expected to be The Irish Times). Such notice of the change in a Paying Agent, Registrar or Transfer Agent may also be published on the official website of Euronext Dublin (www.euronext.com/en/markets/dublin) in lieu of publication in a daily newspaper,
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to the extent and in the manner permitted by the rules of the Global Exchange Market of Euronext Dublin.
Section 2.05. Paying Agent. No later than 11:00 a.m. London time on each Business Day prior to the due date of the principal of, interest and premium (if any) on any Note, the Issuer shall deposit with the Paying Agent (or if the Issuer or a Restricted Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum in immediately available funds sufficient to pay such principal, interest and premium (if any) when so becoming due and, subject to receipt of such monies, the Paying Agent shall make payment on the Notes in accordance with this Indenture. The Paying Agent other than the Trustee, or an Affiliate of the Trustee, will hold for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, or interest on the Notes, and will notify the Trustee of any default by the Issuer 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. Money held by a Paying Agent need not be segregated, except as required by law, and in no event shall any Paying Agent be liable for any money received by it hereunder. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee or such entity designated by the Trustee for this purpose and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the Trustee. For the avoidance of doubt, the Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements to be made by the Paying Agent and Trustee (i) for which payment instructions are not made or that are not otherwise deposited by the respective times set forth in this Section 2.05, (ii) and until they have confirmed receipt of funds sufficient to make the relevant payment.
Section 2.06. Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. Following the exchange of beneficial interests in Global Notes for Definitive Registered Notes, the Issuer shall furnish to the Trustee, the Transfer Agent and the Paying Agent in writing at least five Business Days before each interest payment date, and at such other times as the Trustee may reasonably require, the names and addresses of Holders of such Definitive Registered Notes.
Neither the Trustee, the Agents nor any of their agents will have any responsibility or be liable for any aspect of the records in relation to, or payments made on account of, beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
Section 2.07. Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Exhibit A. When a Note is presented to the Registrar or Transfer Agent, as the case may be, with a request to register a transfer, the Registrar or the Transfer Agent, as the case may be, shall register the transfer as requested if its requirements therefor are met. When Notes are presented to the Registrar or the Transfer Agent, as the case may be, with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and
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exchanges, the Issuer shall execute and the Trustee or the Authenticating Agent, upon receipt of an authentication order, shall authenticate Notes at the request of the Registrar or the Transfer Agent, as the case may be. The Issuer, Registrar and Transfer Agent may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Issuer is not required to register the transfer or exchange of any Notes (i) for a period of 15 days prior to any date fixed for the redemption of the Notes, (ii) for a period of 15 days immediately prior to the date fixed for selection of Notes to be redeemed in part (iii) for a period of 15 days prior to the record date with respect to any interest payment date, or (iv) which the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Disposition Offer.
Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, each Agent, the Paying Agent, the Transfer Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to Section 2 of the Notes) interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, the Transfer Agent or the Registrar shall be affected by notice to the contrary.
Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interest in such Global Note may be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book-entry.
All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.
Section 2.08. Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee or the Authenticating Agent, upon receipt of an authentication order, shall authenticate a replacement Note, such that the Holder (a) notifies the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee, each Agent or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, the Authenticating Agent, Paying Agent and the Registrar from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Note including reasonable fees and expenses of counsel.
In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof.
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Every replacement Note is an additional obligation of the Issuer.
The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.
Section 2.09. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee or the Authenticating Agent except for those canceled by either of them, those delivered to either of them for cancellation and those described in this Section 2.09 as not outstanding. In addition, the aggregate principal amount of Initial Notes equivalent to the Initial Notes Reduction Amount shall not be deemed to be outstanding upon issuance of Additional Notes in excess of $20.0 million, unless such amount of Initial Notes is not redeemed on the Business Day following the Transaction Effective Date in accordance with clause (b) of Section 7 of the relevant Global Note, in which case such amount of Initial Notes will be deemed to be outstanding on and from the day immediately succeeding such Business Day. Subject to Section 12.04, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.
If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser.
If the Paying Agent receives (or the Issuer or another Restricted Subsidiary is acting as Paying Agent and such Paying Agent segregates and holds in trust) in accordance with this Indenture, by 11:00 a.m. London time on each redemption date or maturity date money sufficient to pay all principal and interest and premium, if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such amount to the Holders on that date pursuant to the terms of this Indenture then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.
Section 2.10. Temporary Notes. In the event that Definitive Registered Notes are to be issued under the terms of this Indenture, until such Definitive Registered Notes are ready for delivery, the Issuer may prepare and the Trustee or the Authenticating Agent, upon receipt of an authentication order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Registered Notes but may have variations that the Issuer consider appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee or the Authenticating Agent, upon receipt of an authentication order, shall authenticate Definitive Registered Notes and deliver them in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder.
Section 2.11. Cancellation. The Issuer at any time may deliver Notes to the Registrar for cancellation. The Paying Agent, Transfer Agent and the Trustee shall forward to the Registrar any Notes surrendered to them for registration of transfer, exchange or payment. The Registrar or the Paying Agent (or an agent authorized by the Registrar) and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures or deliver canceled Notes
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to the Issuer pursuant to written direction by an Officer of the Issuer. Certification of the destruction of all canceled Notes shall be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes they redeemed or delivered to the Registrar for cancellation. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes, unless and until the same are surrendered to the Registrar for cancellation pursuant to this Section 2.11. Neither the Trustee nor the Authenticating Agent shall authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.
Section 2.12. Common Code or ISIN Numbers. The Issuer in issuing the Notes may use Common Code or ISIN numbers (if then generally in use) and, if so, the Trustee and Agents shall use Common Code or ISIN 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. The Issuer will promptly notify the Trustee and the Paying Agent of any change in the Common Code or ISIN numbers.
Section 2.13. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, they 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 4.12 hereof. The Issuer will notify the Trustee as soon as practicable in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer 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 Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or deliver or cause to be mailed or delivered to the Holders in accordance with Section 12.01 a notice that states the special record date, the related payment date and the amount of such interest to be paid. The Issuer undertakes to promptly inform Euronext Dublin (for so long as the Notes are listed on the Global Exchange Market thereof) of any such special record date.
Section 2.14. Currency. The U.S. dollar is the sole currency of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with this Indenture, the Notes and the Note Guarantees, including damages. Any amount received or recovered in a currency other than the U.S. dollar, whether as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, any Guarantor or otherwise by any Holder or by the Trustee, in respect of any sum expressed to be due to it from the Issuer or a Guarantor will only constitute a discharge to the Issuer or such Guarantor, as applicable, to the extent of the U.S. dollar amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).
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If that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the recipient or the Trustee under any Note, Note Guarantee, or this Indenture, the Issuer and the Guarantors will indemnify them against any loss sustained by such recipient or the Trustee as a result. In any event, the Issuer and the Guarantors will indemnify the recipient or the Trustee on a joint and several basis against the cost of making any such purchase. For the purposes of this Section 2.14, it will be prima facie evidence of the matter stated therein for the Holder of a Note or the Trustee to certify in a manner reasonably satisfactory to the Issuer (indicating the sources of information used) the loss it Incurred in making any such purchase. These indemnities constitute a separate and independent obligation from the Issuer’s and the Guarantors’ other obligations, will give rise to a separate and independent cause of action, will apply irrespective of any waiver granted by any Holder of a Note or the Trustee (other than a waiver of the indemnities set out herein) and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note or any Note Guarantee, or to the Trustee.
Except as otherwise specifically set forth herein, for purposes of determining compliance with any U.S. dollar-denominated restriction herein, the Dollar Equivalent amount for purposes hereof that is denominated in a non-U.S. dollar currency shall be calculated based on the relevant currency exchange rate in effect on the date such non-U.S. dollar amount is Incurred or made, as the case may be.
ARTICLE III 
REDEMPTION
Section 3.01. Notices to Trustee and Paying Agents. If the Issuer elects to redeem Notes pursuant to Section 5 or Section 6 of the Notes, it shall notify, at least three Business Days before the publication, mailing or delivery of the notice of such redemption, the Trustee, the Registrar and the Paying Agent of the redemption date and the principal amount of Notes to be redeemed and the section of the Note pursuant to which the redemption will occur.
The Issuer shall give each notice to the Trustee, Registrar and the Paying Agent provided for in this Article III at least 10 days, but not more than 60 days, before the redemption date. In the case of a redemption pursuant to Section 5 of the Notes, such notice shall be accompanied by an Officer’s Certificate from the Issuer setting forth: (i) the redemption date; (ii) the ISIN, common code, CUSIP or other securities identification number of the Notes to be redeemed; (iii) the principal amount of Notes to be redeemed; (iv) the redemption price; (v) the paragraph of the Notes pursuant to which the redemption will occur and (vi) that such redemption will comply with the conditions herein.
In the case of a redemption pursuant to Section 6 of the Notes, at least three Business Days prior to the publication, mailing or delivery of any notice of redemption of Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (a) an Officer’s Certificate stating that they are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to their right so to redeem have been satisfied and (b) an opinion of an independent tax counsel of recognized standing to the effect that the Issuer has been or will become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee will accept
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and shall be entitled to rely on such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, without further inquiry, in which event it will be conclusive and binding on the Holders. Any such notice may be canceled at any time prior to notice of such redemption being published, mailed or delivered to any Holder and shall thereby be void and of no effect.
Section 3.02. Selection of Notes To Be Redeemed or Repurchased.  If less than  all of the Notes are to be redeemed at any time, the Paying Agent or the Registrar will select Notes for redemption in compliance with the requirements of the principal securities exchange, if any, on which the Notes are listed, and in compliance with the applicable procedures of Euroclear or Clearstream, or if the Notes are not so listed or such exchange prescribes no method of selection and the Notes are not held through Euroclear or Clearstream, or Euroclear or Clearstream prescribe no method of selection, on a pro rata basis; provided, however, that no Definitive Registered Note of $1.00 in aggregate principal amount or less shall be redeemed in part and only Notes in integral multiples of $1.00 will be redeemed. None of the Trustee, the Paying Agent nor the Registrar will be liable for any selections made in accordance with this Section 3.02.
Section 3.03. Notice of Redemption. Subject to Section 3.03(ii) below, not less than 10 days but not more than 60 days before a date for redemption of Notes, the Issuer shall transmit to each Holder (with a copy to the Trustee and Registrar) a notice of redemption in accordance with Section 12.01; provided, however, that any notice of redemption provided for by Section 6 of the Notes shall not be given (a) earlier than 60 days prior to the earliest date on which the Payor would be obligated to make a payment of Additional Amounts and (b) unless at the time such notice is given, the obligation to pay such Additional Amounts remains in effect. In addition, for so long as the Notes are listed on the Global Exchange Market of Euronext Dublin and the rules thereof so require, the Issuer shall publish notice of redemption in a daily newspaper with general circulation in Ireland (which is expected to be the Irish Times) and in addition to such publication, not less than 10 nor more than 60 days prior to the redemption date, mail such notice to Holders by first-class mail, postage prepaid, at their respective addresses as they appear on the registration books of the Registrar. While in global form, notices to Holders may be delivered via Euroclear or Clearstream in lieu of notice via registered mail. Such notice of redemption may also be published on the website of Euronext Dublin (www.euronext.com/en/markets/dublin) in lieu of publication in The Irish Times so long as the rules of the Global Exchange Market of Euronext Dublin are complied with.
		(i)
	The notice shall identify the Notes to be redeemed and shall state:

		A.
	the redemption date and the record date;

B.the redemption price, and, if applicable, the appropriate calculation of such redemption price and the amount of accrued interest to the redemption date;
		C.
	the name and address of the Paying Agent;

D.that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;
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E.if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed;
F.that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date;
G.the Common Code or ISIN numbers, as applicable, if any, printed on the Notes being redeemed;
H.the paragraph of the Notes or section of this Indenture pursuant to which the Notes are being redeemed; and
I.that no representation is made as to the correctness or accuracy of the Common Code or ISIN numbers, as applicable, if any, listed in such notice or printed on the Notes.
(ii)At the Issuer’s written request, the Trustee or the Paying Agent shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall deliver to the Trustee and the Paying Agent, with a copy to the Trustee, at least 5 Business Days prior to the date on which notice of redemption is to be delivered to the Holders (unless a shorter period is satisfactory to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and the information required and within the time periods specified by this Section.
Section 3.04. Effect of Notice of Redemption. Once notice of redemption is delivered, Notes called for redemption cease to accrue interest, and become due and payable, on the redemption date and at the redemption price stated in the notice; provided, however, that any redemption notice given in respect of the redemption referred to in Section 5 of the Notes may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent. If such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed; provided that in no case shall the notice have been delivered less than 10 days or more than 60 days prior to the date on which such redemption (if any) occurs. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. Upon surrender to the Paying Agent, the Notes shall be paid at the redemption price stated in the notice, plus accrued interest, if any, to, but not including, the redemption date; provided, however, that if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.
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Section 3.05. Deposit of Redemption Price. No later than 11:00 a.m. London time on the Business Day prior to each redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or another Restricted Subsidiary is the Paying Agent, shall segregate and hold in trust) money in immediately available funds (denominated in U.S. dollars) sufficient to pay the redemption or purchase price of and accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Registrar for cancellation. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the redemption or purchase price of, plus accrued and unpaid interest and Additional Amounts, if any, on, the Notes to be redeemed pursuant to this Indenture, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. For the avoidance of doubt, the Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements to be made by the Paying Agent and Trustee (i) for which payment instructions are not made or that are not otherwise deposited by the respective times set forth in this Section 3.05, and (ii) until they have confirmed receipt of funds sufficient to make the relevant payment. If the Issuer elects to redeem the Notes or portions thereof and request the Trustee to distribute to the Holders of the Notes any amounts deposited in trust (which, for the avoidance of doubt, will include accrued and unpaid interest to but excluding the date fixed for redemption) prior to the date fixed for redemption in accordance with Section 8.01, the applicable redemption notice will state that Holders of the Notes will receive such amounts deposited in trust prior to the date fixed for redemption and the relevant payment date.
Section 3.06. Notes Redeemed in Part. Subject to the terms hereof, upon  surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee or an Authenticating Agent shall, upon receipt of an Authentication Order from the Issuer, authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered.
ARTICLE IV
COVENANTS
Section 4.01. Limitation on Indebtedness.
(a)The Parent will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Issuer and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) if on the date of such Incurrence and after giving pro forma effect thereto (including pro forma application of the proceeds thereof), the Fixed Charge Coverage Ratio for the Parent and its Restricted Subsidiaries would have been at least 2.0 to 1.0 and the Consolidated Net Leverage Ratio for the Parent and its Restricted Subsidiaries would have been at least 3.0 to 1.0.
(b)Section 4.01(a) will not prohibit the Incurrence of the following Indebtedness (“Permitted Debt”):
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(i)Indebtedness Incurred pursuant to any Credit Facility (including in respect of letters of credit or bankers’ acceptances issued or created thereunder), and any Refinancing Indebtedness in respect thereof and Guarantees in respect of such Indebtedness in a maximum aggregate principal amount at any time outstanding not to exceed $100.0 million; plus in the case of any refinancing of any Indebtedness permitted under this Section 4.01(b)(i) or any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing; provided that the aggregate principal amount of Indebtedness Incurred by Restricted Subsidiaries that are not Guarantors or the Issuer pursuant to this Section 4.01(b)(i) shall not exceed $10.0 million at any time;
(ii)A. Guarantees by the Parent or any Restricted Subsidiary of Indebtedness of the Issuer or any Guarantor or guarantees by any Restricted Subsidiary that is not a Guarantor of Indebtedness of any other Restricted Subsidiary that is not a Guarantor, so long as the Incurrence of such Indebtedness is permitted under the terms of this Indenture, provided, that if such Indebtedness is subordinated to the Notes or any Note Guarantee, then such guarantees shall also be subordinated to the Note or such Note Guarantee on the same basis; or
B. without limiting the provisions of Section 4.03, Indebtedness arising by reason of any Lien granted by or applicable to any Person securing Indebtedness of the Parent or any Restricted Subsidiary so long as the Incurrence of such Indebtedness is permitted under the terms of this Indenture;
(iii)Indebtedness of the Parent owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Parent or any Restricted Subsidiary; provided, however, that:
A.in the case of Indebtedness of the Parent, the Issuer or a Guarantor owing to and held by any Restricted Subsidiary that is not a Guarantor (or the Issuer) (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with cash management positions of the Parent and its Restricted Subsidiaries), such Indebtedness shall be unsecured and expressly subordinated in right of payment to the prior payment in full in cash of all obligations with respect to the Notes, in the case of the Issuer, and the respective Note Guarantee, in the case of a Guarantor; and
B.(i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially held by a Person other than the Parent or a Restricted Subsidiary; and (ii) any sale or other transfer of any such Indebtedness to a Person other than the Parent or a Restricted Subsidiary, shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this Section 4.01(b)(iii) by the Parent or such Restricted Subsidiary, as the case may be;
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(iv)(A) Indebtedness represented by the Initial Notes outstanding on the Issue Date and the related Note Guarantees and any Additional Notes outstanding on the Transaction Effective Date offered in accordance with the Additional Notes Offer Condition and the related Note Guarantees; provided that the aggregate principal amount of Indebtedness represented by the Notes incurred pursuant to this Section 4.01(b)(iv)(A) at no time exceeds $60.0 million outstanding for the purposes of Section 2.09 of this Indenture, (B) Indebtedness represented by the Reinstated Notes and the guarantees of the Reinstated Notes issued on the Transaction Effective Date, (C) any Indebtedness (other than Indebtedness described in Section 4.01(b)(iii)) outstanding on the Issue Date after giving effect to the Transaction, consisting of the Indebtedness listed on Schedule 1 to the Indenture, including the Existing Notes, (D) Refinancing Indebtedness Incurred in respect of any Indebtedness described in this Section 4.01(b)(iv) (other than clause (iv)(E)) or Incurred pursuant to Section 4.01(a), (E) Management Advances and (F) any loan or other instrument contributing the proceeds of the Notes, the Existing Notes and/or the Reinstated Notes;
		(v)
	[Reserved];

(vi)Indebtedness under Currency Agreements, Interest Rate Agreements and Commodity Hedging Agreements not for speculative purposes (as determined in good faith by the Board of Directors or an Officer of the Parent);
(vii)Indebtedness consisting of (A) Capitalized Lease Obligations, mortgage financings, Purchase Money Obligations or other financings, Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in a Similar Business or (B) Indebtedness otherwise Incurred to finance the purchase, lease, rental or cost of design, construction, installation or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, and any Indebtedness which refinances, replaces or refunds such Indebtedness, in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this Section 4.01(b)(vii) and then outstanding, will not exceed at any time outstanding $15.0 million;
(viii)Indebtedness in respect of (A) workers’ compensation claims, self- insurance obligations, performance, indemnity, surety, judgment, appeal, advance payment, customs, VAT or other tax or other guarantees or other similar bonds, instruments or obligations and completion guarantees and warranties provided by the Parent or a Restricted Subsidiary or relating to liabilities, obligations or guarantees Incurred in the ordinary course of business or in respect of any governmental requirement, (B) letters of credit, bankers’ acceptances, guarantees or other similar instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary course of business or in respect of any governmental requirement; provided, however, that upon the drawing of such
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letters of credit or other similar instruments, the obligations are reimbursed within 30 days following such drawing, (C) the financing of insurance premiums in the ordinary course of business and (D) any customary treasury or cash management services, including treasury, depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer, the collection of checks and direct debits, cash pooling and other cash management arrangements, in each case, in the ordinary course of business;
(ix)Indebtedness arising from agreements providing for customary guarantees, indemnification, obligations in respect of earn-outs or other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition or disposition); provided that, in the case of a disposition, the maximum liability of the Parent and its Restricted Subsidiaries in respect of all such Indebtedness shall at no time exceed the gross proceeds, including the fair market value of non-cash proceeds (measured at the time received and without giving effect to any subsequent changes in value), actually received by the Parent and its Restricted Subsidiaries in connection with such disposition;
(x)(A) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 30 Business Days of Incurrence;
(B)customer deposits and advance payments received in the ordinary course of business from customers for goods or services purchased in the ordinary course of business;
(C)Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in the ordinary course of business of the Parent and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent and its Restricted Subsidiaries; and
(D)Indebtedness Incurred by a Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables for credit management of bad debt purposes, in each case Incurred or undertaken in the ordinary course of business;
(xi)Indebtedness of the Issuer or any Guarantor in an aggregate outstanding principal amount which, when taken together with any Refinancing Indebtedness in respect thereof and the principal amount of all other Indebtedness
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Incurred pursuant to this Section 4.01(b)(xi) and then outstanding, will not exceed
$25.0 million, provided that the ROFO Condition has been satisfied;
(xii)Indebtedness under daylight borrowing facilities Incurred in connection with any refinancing of Indebtedness (including by way of set-off or exchange) so long as any such Indebtedness is repaid within three days of the date on which such Indebtedness is Incurred;
(xiii)Indebtedness Incurred under (i) the Existing A/R Facility, (ii) any Qualified Securitization Financing that refinances or replaces the Existing A/R Facility and (iii) any other Qualified Securitization Financing, for this clause (iii), in an aggregate principal amount not to exceed $25.0 million at any one time; and
(xiv)Indebtedness in respect of any letters of credit, indemnities, guarantees or other undertakings in connection with environmental assurances, reclamation or rehabilitation operations.
(c)Notwithstanding the foregoing, prior to the Transaction Effective Date, no Indebtedness may be Incurred under Section 4.01(a), Section 4.01(b)(i) or Section 4.01(b)(xi).
(d)For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and in compliance with, this Section 4.01:
(i)in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 4.01(a) and Section 4.01(b), the Parent, in its sole discretion, will classify, and may from time to time reclassify, such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of the clauses under Section 4.01(a) and Section 4.01(b);
(ii)Notwithstanding Section 4.01(d)(i), Indebtedness Incurred under Section 4.01(b)(i) may not be reclassified;
(iii)Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments or any similar “parallel debt” obligations relating to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included;
(iv)if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant to any Credit Facility and are being treated as Incurred pursuant to clause (i), (vii) or (xi) of Section 4.01(b) or Section 4.01(a) and the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness, then such other Indebtedness shall not be included;
(v)the principal amount of any Disqualified Stock of the Parent or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not
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including, in either case, any redemption or repurchase premium) or the liquidation preference thereof;
(vi)Indebtedness permitted by this Section 4.01 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.01 permitting such Indebtedness; and
(vii)the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined on the basis of IFRS.
(e)Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due to a change in IFRS will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.01. Except as otherwise specified, the amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (b) the principal amount, or liquidation preference thereof, in the case of any other Indebtedness.
		(f)
	[Reserved].

(g)For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar Equivalent of the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or, at the option of the Parent, first committed, in the case of Indebtedness Incurred under a revolving credit facility; provided that (a) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a currency other than the U.S. dollar, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar- denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the amount set forth in clause (2) of the definition of Refinancing Indebtedness; (b) the Dollar Equivalent of the principal amount of any such Indebtedness outstanding on the Issue Date shall be calculated based on the relevant currency exchange rate in effect on the Issue Date; and (c) if any such Indebtedness that is denominated in a different currency is subject to a Currency Agreement (with respect to the U.S. dollar) covering principal amounts payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be adjusted to take into account the effect of such agreement.
(h)Notwithstanding any other provision of this Section 4.01, the maximum amount of Indebtedness that the Parent or a Restricted Subsidiary may Incur pursuant to this Section 4.01 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be
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calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.
(i)Neither the Issuer nor any Guarantor will Incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor 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 Issuer or any Guarantor solely by virtue of being unguaranteed or unsecured or by virtue of being secured with different collateral or by virtue of being secured on a junior priority basis or by virtue of the application of waterfall or other payment ordering provisions affecting different tranches of Indebtedness.
Section 4.02. Limitation on Restricted Payments.
(a)The Parent will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to:
(i)declare or pay any dividend or make any other payment or distribution on or in respect of the Parent’s or any Restricted Subsidiary’s Capital Stock (including any payment in connection with any merger or consolidation involving the Parent or any of its Restricted Subsidiaries) except:
A.dividends or distributions payable in Capital Stock of the Parent (other than Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock of the Parent; and
B.dividends or distributions payable to the Parent or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Parent or another Restricted Subsidiary on no more than a pro rata basis, measured by value);
(ii)purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Parent or any direct or indirect Parent Holdco held by Persons other than the Parent or a Restricted Subsidiary (other than in exchange for Capital Stock of the Parent (other than Disqualified Stock));
(iii)make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (a) any such payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement or in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case, due within one year of the date of payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement and (b) any Indebtedness Incurred pursuant to Section 4.01(b)(iii));
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(iv)make any payment in cash on, or with respect to, or purchase, redeem, defease or otherwise acquire or retire for cash, any Subordinated Shareholder Funding; or
		(v)
	make any Restricted Investment in any Person,

(any such dividend, distribution, payment, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (i) through (v) of this Section 4.02(a) are referred to herein as a “Restricted Payment”).
(b)The fair market value of property or assets other than cash covered by Section 4.02(a) shall be the fair market value thereof as determined in good faith by an Officer of the Parent, or, if such fair market value exceeds the greater of (i) $10.0 million and (ii) 1.0% of Consolidated Net Tangible Assets, by the Board of Directors.
(c)The foregoing provisions will not prohibit any of the following (collectively, “Permitted Payments”):
(i)any Restricted Payment made by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Parent) of, Capital Stock of the Parent (other than Disqualified Stock) or a substantially concurrent contribution to the equity (other than through the issuance of Disqualified Stock) of the Parent;
(ii)any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness made by exchange for, or out of the proceeds of the substantially concurrent sale of, Refinancing Indebtedness permitted to be Incurred pursuant to Section 4.01;
(iii)any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Preferred Stock of the Parent or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of the Parent or a Restricted Subsidiary, as the case may be, that, in each case, is permitted to be Incurred pursuant to Section 4.01, and that in each case, constitutes Refinancing Indebtedness;
(iv)any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness:
A.(i) from Net Available Cash to the extent permitted pursuant to Section 4.05, but only if the Parent shall have first complied with Section
4.05 and purchased all Notes tendered pursuant to any offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness and (ii) at a purchase price not greater than 100% of the
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principal amount of such Subordinated Indebtedness plus accrued and unpaid interest; or
B.following the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only (i) if the Parent shall have first complied with Section 4.14 and purchased all Notes tendered pursuant to the offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness and (ii) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness plus accrued and unpaid interest.
(v)any dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have complied with this Section 4.02;
(vi)[Reserved];
(vii)the declaration and payment of dividends to holders of any class or series of Disqualified Stock, or of any Preferred Stock of a Restricted Subsidiary, Incurred in accordance with the terms of Section 4.01;
(viii)purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed to occur upon the exercise of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the exercise price thereof;
(ix)dividends, loans, advances or distributions to any Parent Holdco or other payments by the Parent or any Restricted Subsidiary in amounts equal to (without duplication):
A.the amounts required for any Parent Holdco to pay any Related Taxes; or
B.the amounts constituting or to be used for purposes of making payments to the extent specified in Section 4.06(b)(ii), Section 4.06(b)(iii), Section 4.06(b)(v) and Section 4.06(b)(vii);
(x)[Reserved];
(xi)payments by the Parent, or loans, advances, dividends or distributions to any Parent Holdco to make payments, to holders of Capital Stock of the Parent or any Parent Holdco in lieu of the issuance of fractional shares of such Capital Stock; provided, however, that any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this Section 4.02 or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good faith by the Board of Directors of the Parent);
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(xii)Restricted Payments in an aggregate amount outstanding at any time not to exceed the aggregate cash amount of Investments in exchange for or using as consideration Investments previously made under this Section 4.02(c)(xii);
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		(xiii)
	[Reserved];

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		(xiv)
	[Reserved];

​
(xv)the payment of any Securitization Fees and purchases of Securitization Assets and related assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing; and
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(xvi)payments made in connection with the use of proceeds from the offering of the Notes.
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(d)The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Parent or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount, and the fair market value of any non-cash Restricted Payment shall be determined conclusively by the Board of Directors of the Parent acting in good faith.
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Section 4.03. Limitation on Liens.
​
(a)The Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or suffer to exist any Lien upon any of its property or assets (including Capital Stock of a Restricted Subsidiary), whether owned on the Issue Date or acquired after that date, or any interest therein or any income or profits therefrom, which Lien is securing any Indebtedness (such Lien, the “Initial Lien”), except (i) in the case of property or asset that does not constitute Collateral (1) Permitted Liens or (2) Liens on property or assets that are not Permitted Liens if the Notes and this Indenture (or a Note Guarantee in the case of Liens of a Guarantor) are directly secured equally and ratably with, or prior to, the Indebtedness secured by such Initial Lien for so long as such Indebtedness is so secured and (ii) in the case of any property or asset that constitutes Collateral, Permitted Collateral Liens.
​
(b)Any such Lien created in favor of the Notes, the Guarantees, and the Indenture pursuant to Section 4.03(a)(i)(2) will be automatically and unconditionally released and discharged upon (i) the release and discharge of the Initial Lien to which it relates, and (ii) otherwise as set forth under this Indenture, the Intercreditor Agreement, any Additional Intercreditor Agreement, or under the relevant Security Document.
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Section 4.04. Limitation on Restrictions on Distributions from Restricted
Subsidiaries.
​
		(a)
	The Issuer will not, and will not permit any Restricted Subsidiary to, create

or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:
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(i)pay dividends or make any other distributions in cash or otherwise on its Capital Stock or pay any Indebtedness or other obligations owed to the Issuer or any other Restricted Subsidiary, or with respect to any other interest or participation in, or measured by, its profits;
​
(ii)make any loans or advances to the Issuer or any other Restricted Subsidiary; or
​
(iii)sell, lease or transfer any of its property or assets to the Issuer or any other Restricted Subsidiary,
​
provided that (x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the Parent or any Restricted Subsidiary to other Indebtedness Incurred by the Parent or any Restricted Subsidiary shall not be deemed to constitute such an encumbrance or restriction.
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		(b)
	The provisions of Section 4.04(a) will not prohibit:

​
		(i)
	any encumbrance or restriction pursuant to (a) any Credit Facility,

(b) the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement, (c) any other agreement or instrument, in each case, in effect at or entered into on the Issue Date, (d) the indenture governing the Reinstated Notes or (e) the indenture governing the Existing Notes;
​
(ii)any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness of a Person, entered into on or before the date on which such Person was acquired by or merged, consolidated or otherwise combined with or into the Parent or any Restricted Subsidiary, or on which such agreement or instrument is assumed by the Parent or any Restricted Subsidiary in connection with an acquisition of assets (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by the Parent or was merged, consolidated or otherwise combined with or into the Parent or any Restricted Subsidiary entered into or in connection with such transaction) and outstanding on such date; provided that, for the purposes of this Section 4.04(b)(ii), if another Person is the Successor Company (as defined in Section 5.01(a)(i)), any Subsidiary thereof or agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Parent or any Restricted Subsidiary when such Person becomes the Successor Company;
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(iii)any encumbrance or restriction pursuant to an agreement or instrument effecting a refinancing of Indebtedness Incurred pursuant to, or that otherwise refinances, an agreement or instrument referred to in Section 4.04(b)(i), Section 4.04(b)(ii) or this Section 4.04(b)(iii) (an “Initial Agreement”) or contained in any amendment, supplement or other modification to an agreement referred to in
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Section 4.04(b)(i), Section 4.04(b)(ii) or this Section 4.04(b)(iii); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances and restrictions contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or other modification relates (as determined in good faith by the Board of Directors or an Officer of the Parent);
​
		(iv)
	any encumbrance or restriction:

​
A.that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any lease, license or other contract;
​
B.contained in mortgages, charges, pledges or other security agreements permitted under this Indenture or securing Indebtedness of the Parent or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the transfer of the property or assets subject to such mortgages, charges, pledges or other security agreements; or
​
C.pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Parent or any Restricted Subsidiary;
​
(v)any encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under this Indenture, in each case, that impose encumbrances or restrictions on the property so acquired, or any encumbrance or restriction pursuant to a joint venture agreement that imposes restrictions on the distribution or transfer of the assets or Capital Stock of the joint venture;
​
(vi)any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant to an agreement entered into for the direct or indirect sale or disposition to a Person of all or substantially all the Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition;
​
(vii)customary provisions in leases, licenses, joint venture agreements and other similar agreements and instruments entered into in the ordinary course of business;
​
(viii)encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order, or required by any regulatory authority;
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(ix)any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into in the ordinary course of business;
​
(x)any encumbrance or restriction pursuant to Currency Agreements, Interest Rate Agreements, Commodity Hedging Agreements or in connection with any Qualified Securitization Financing;
​
(xi)any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.01 if the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially less favorable to the Holders of the Notes than (i) the encumbrances and restrictions contained in this Indenture and the Intercreditor Agreement, together with the Security Documents associated therewith, in each case, as in effect on the Issue Date, or the ABL Intercreditor Agreement or (ii) as is customary in comparable financings (as determined in good faith by the Board of Directors or an Officer of the Parent) or where the Parent determines that such encumbrance or restriction will not adversely affect, in any material respect, the Issuer’s ability to make principal or interest payments on the Notes; or
​
(xii)any encumbrance or restriction existing by reason of any lien permitted under Section 4.03.
​
Section 4.05. Limitation on Sales of Assets and Subsidiary Stock
​
(a)The Parent will not, and will not permit any Restricted Subsidiary to, consummate any Asset Disposition unless:
​
(i)the consideration the Parent or such Restricted Subsidiary receives for such Asset Disposition is not less than the fair market value of the assets sold (as determined by the Parent’s Board of Directors); and
​
(ii)at least 75% of the consideration the Parent or such Restricted Subsidiary receives in respect of such Asset Disposition consists of:
​
A.cash (including any Net Cash Proceeds received from the conversion within 180 days of such Asset Disposition of securities, notes or other obligations received in consideration of such Asset Disposition);
​
		B.
	Cash Equivalents;

​
C.the assumption by the purchaser of (x) any liabilities recorded on the Parent’s or such Restricted Subsidiary’s balance sheet or the notes thereto (or, if Incurred since the date of the latest balance sheet, that would be recorded on the next balance sheet) (other than Subordinated Indebtedness), as a result of which neither the Parent nor any of the Restricted Subsidiaries remains obligated in respect of such liabilities or (y)
​
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Indebtedness of a Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition, if the Parent and each other Restricted Subsidiary is released from any guarantee of such Indebtedness as a result of such Asset Disposition;
​
		D.
	Replacement Assets;

​
E.any Capital Stock of another Similar Business, if, after giving effect to any such acquisition of Capital Stock, the Similar Business is or becomes a Restricted Subsidiary;
​
F.assets (other than Capital Stock and cash or Cash Equivalents) that are used or useful in a Similar Business; or
​
G.consideration consisting of Indebtedness of the Issuer or any Guarantor received from Persons who are not the Parent or any Restricted Subsidiary, but only to the extent that such Indebtedness (i) has been extinguished by the Issuer or the applicable Guarantor and (ii) is not Subordinated Indebtedness of the Issuer or such Guarantor.
​
(b)If the Parent or any Restricted Subsidiary consummates an Asset Disposition, the amount of Net Available Cash from such Asset Disposition shall constitute “Excess Proceeds”.
​
(c)If the aggregate amount of Excess Proceeds exceeds $5.0 million, the Issuer shall, within 20 Business Days of receipt of such proceeds, apply the amount equal to the Excess Proceeds to, in the case of the Notes, the Reinstated Notes or the Existing Notes, offer to repurchase at par or, in the case of other Indebtedness, repay such Indebtedness at the required price therein, using the order such Indebtedness would be repaid with enforcement proceeds under the “Application of Proceeds” or similar waterfall provision included in the Intercreditor Agreement (an “Asset Disposition Offer”), provided that, if an ABL Facility is outstanding, the portion of the Excess Proceeds from the sale of ABL Priority Collateral or any asset held by an ABL Guarantor shall be applied as if they were enforcement proceeds of ABL Priority Collateral under the ABL Intercreditor Agreement.
​
(d)To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Parent and its Restricted Subsidiaries may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of the Notes surrendered in any Asset Disposition Offer by Holders and other Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Excess Proceeds shall be allocated among the Notes and Pari Passu Indebtedness to be repaid or purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Indebtedness. For the purposes of calculating the principal amount of any such Indebtedness not denominated in U.S. dollars, such Indebtedness shall be calculated by converting any such principal amounts into their Dollar Equivalent determined as of a date selected by the Issuer that is within the Asset Disposition Offer
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Period (as defined below). Upon completion of any Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero.
​
(e)To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other than the currency in which the relevant Notes are denominated, the amount thereof payable in respect of such Notes shall not exceed the net amount of funds in the currency in which such Notes are denominated that is actually received by the Issuer upon converting such portion of the Net Available Cash into such currency.
​
(f)The Asset Disposition Offer, in so far as it relates to the Notes, will remain open for a period of not less than 20 Business Days following its commencement (the “Asset Disposition Offer Period”). No later than five Business Days after the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”), the Issuer will purchase the principal amount of Notes and, to the extent they elect, Pari Passu Indebtedness required to be repaid or purchased by it pursuant to this Section 4.05 (the “Asset Disposition Offer Amount”) or, if less than the Asset Disposition Offer Amount has been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered in response to the Asset Disposition Offer.
​
(g)On or before the Asset Disposition Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Indebtedness or portions of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn and in minimum denominations of $1.00 and in integral multiples of $1.00 in excess thereof. The Issuer will deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 4.05. The Issuer or the Paying Agent, as the case may be, will promptly (but in any case not later than five Business Days after termination of the Asset Disposition Offer Period) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes so validly tendered and not properly withdrawn by such Holder, and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note (or amend the applicable Global Note), and the Trustee (or an authenticating agent), upon delivery of an Officer’s Certificate from the Issuer, 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; provided that each such new Note will be in a principal amount with a minimum denomination of $1.00. Any Note not so accepted will be promptly mailed or delivered (or transferred by book-entry) by the Issuer to the Holder thereof.
​
The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Indenture. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.05, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of such compliance.
​
Section 4.06. Limitation on Affiliate Transactions.
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(a)The Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction or series of related transactions (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Parent (any such transaction or series of related transactions being an “Affiliate Transaction”) involving aggregate value in excess of $2.0 million unless:
​
(i)the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Parent or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or the execution of the agreement providing for such transaction in arm’s-length dealings with a Person who is not such an Affiliate;
​
(ii)in the event such Affiliate Transaction involves an aggregate value in excess of $10.0 million, the terms of such transaction or series of related transactions have been approved by a resolution of the majority of the disinterested members of the Board of Directors of the Parent resolving that such transaction complies with clause (i) of this Section 4.06(a); provided, that if a majority of the members of the Board of Directors are not disinterested with respect to the transaction, the Parent shall deliver a Fairness Opinion to the Trustee; and
​
(iii)in the event such Affiliate Transaction involves an aggregate value in excess of $20.0 million, the Parent delivers to the Trustee a Fairness Opinion; provided that the liability of such accounting, appraisal, or investment banking firm or such other independent expert in giving such opinion may be limited in accordance with its engagement policies.
​
		(b)
	The provisions of Section 4.06(a) will not apply to:

​
(i)any Restricted Payment permitted to be made pursuant to Section 4.02, any Permitted Payments (other than pursuant to Section 4.02(c)(ix)(B)) or any Permitted Investment (other than Permitted Investments as defined in paragraphs (1)(b), (2) and (15) of the definition thereof);
​
(ii)any purchase, issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other similar agreement and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Parent, any Restricted Subsidiary or any Parent Holdco, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance, retirement, savings or similar plans, programs or arrangements) or indemnities provided on behalf of officers, employees, directors or consultants approved by the Board of Directors of the Parent, in each case in the ordinary course of business;
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(iii)any Management Advances and any waiver or transaction with respect thereto;
​
(iv)any transaction between or among the Parent and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary as a result of such transaction), or between or among Restricted Subsidiaries;
​
(v)the payment of reasonable fees and reimbursement of expenses to, and customary indemnities (including under customary insurance policies) and employee benefit and pension expenses provided on behalf of, directors, officers, consultants or employees of the Parent, any Restricted Subsidiary or any Parent Holdco (whether directly or indirectly and including through any Person owned or controlled by any of such directors, officers or employees);
​
(vi)(a) the entry into and performance of obligations of the Parent or any of its Restricted Subsidiaries under the terms of any transaction pursuant to or contemplated by, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of the Issue Date, as these agreements and instruments may be amended, modified, supplemented, extended, renewed, replaced or refinanced from time to time in accordance with the other terms of this Section 4.06 or to the extent not more disadvantageous to the Holders in any material respect, and (b) the entry into and performance of any registration rights or other listing agreement;
​
(vii)the execution, delivery and performance of, including any payment to be made under, any Tax Sharing Agreement or any arrangement pursuant to which the Parent or any of its Restricted Subsidiaries is required or permitted to file a consolidated tax return, or the formation and maintenance of any consolidated group for tax, accounting or cash pooling or management purposes in the ordinary course of business;
​
(viii)transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business, which are fair to the Parent or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors or an Officer of the Parent or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at such time from an unaffiliated party;
​
(ix)any transaction in the ordinary course of business between or among the Parent or any Restricted Subsidiary and any Affiliate of the Parent or an Associate or similar entity that would constitute an Affiliate Transaction solely because the Parent or a Restricted Subsidiary or any Affiliate of the Parent or a Restricted Subsidiary or any Affiliate of any Permitted Holder owns an equity interest in or otherwise controls such Affiliate, Associate or similar entity;
​
(x)issuances or sales of Capital Stock (other than Disqualified Stock) of the Parent or options, warrants or other rights to acquire such Capital Stock;
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(xi)payment of any Securitization Fees and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation as part of or in connection with a Qualified Securitization Financing; and
​
(xii)any participation in a public tender or exchange offers for securities or debt instruments issued by the Parent or any of its Subsidiaries that are conducted on arms’ length terms and provide for the same price or exchange ratio, as the case may be, to all holders accepting such tender or exchange offer.
​
Section 4.07. Guarantor Coverage Test.
​
(a)If, on the date on which the audited financial statements are required to be furnished to the Trustee under Section 4.09(a)(i) the aggregate (without double counting) total assets, sales, and EBITDA of the Issuer and the Guarantors (excluding intra-group items and on an unconsolidated basis) is less than 90% of the consolidated total assets, consolidated sales and Consolidated EBITDA of the Parent and its Restricted Subsidiaries (the “Guarantor Coverage Test”), then the Parent shall, within 90 days of such test date, cause such other Restricted Subsidiaries to accede as Guarantors, subject to the Agreed Security Principles, to ensure that the Guarantor Coverage Test is satisfied (calculated as if such Guarantors had been Guarantors for the purposes of the relevant test date).
​
		(b)
	For the purposes of calculating the Guarantor Coverage Test:

​
(i)(for the purpose of calculating EBITDA only) any entity having negative EBITDA;
​
(ii)any entity which cannot, or pursuant to the Agreed Securities Principles is not required to, become a Guarantor; and
​
(iii)any entity which is not a wholly-owned Restricted Subsidiary (but only if minority shareholders of such entity require their consents to grant a Note Guarantee),
​
shall be excluded (x) as a Guarantor from the numerator; and (y) as a Restricted Subsidiary from the denominator.
​
		(c)
	The Parent shall ensure that, subject to the Agreed Security Principles, when

tested on:
​
(i)the date on which the audited financial statements are required to be furnished to the Trustee under Section 4.09(a)(i); and
​
(ii)the date on which the unaudited financial statements for the fiscal quarter ended June 30 of each year are required to be furnished to the Trustee under Section 4.09(a)(ii),
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each Restricted Subsidiary which is a Material Company and which is not already a Guarantor shall accede as a Guarantor within 90 days of such test date (in the case of Section 4.07(c)(i)) or 60 days of such test date (in the case of Section 4.07(c)(ii)).
​
(d)Subject to the Agreed Security Principles, any Restricted Subsidiary acceding as a Guarantor pursuant to this Section 4.07 shall grant a Lien on its assets to secure the Notes by the time it must accede as a Guarantor, provided that (i) such Restricted Subsidiary that is incorporated in the same jurisdiction as any Guarantor as of the Issue Date shall provide a Lien on the same kind of assets as such Guarantor and (ii) such Restricted Subsidiary that is not incorporated in the same jurisdiction as any Guarantor as of the Issue Date shall provide “all- assets” security where available in the jurisdiction of such Restricted Subsidiary or will otherwise provide security in accordance with the Agreed Security Principles.
​
Section 4.08. Additional Note Guarantees.
​
		(a)
	[Reserved].

​
(b)Notwithstanding anything to the contrary in this Section 4.08, no Restricted Subsidiary shall (x) Guarantee the Indebtedness outstanding under any ABL Facility, any Credit Facility replacing or refinancing any ABL Facility or any other Credit Facility or Public Debt, in each case of the Issuer or a Guarantor, or (y) Incur Indebtedness exceeding $10.0 million pursuant to Section 4.01(b)(i) and 4.01(b)(xi) or any Refinancing Indebtedness in respect thereof exceeding $10.0 million unless such Restricted Subsidiary is or becomes a Guarantor (or is the Issuer) on the date on which the Guarantee or such Indebtedness is Incurred and, if applicable, executes and delivers to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary will provide a Note Guarantee, which Note Guarantee will be senior to or pari passu with such Restricted Subsidiary’s Guarantee or Indebtedness described in clauses (x) or (y) of this Section 4.08(b), respectively; provided, however, that such Restricted Subsidiary shall not be obligated to become a Guarantor to the extent and for so long as the Incurrence of such Note Guarantee could give rise to or result in: (1) any breach or violation of statutory limitations, corporate benefit, financial assistance, fraudulent preference, thin capitalization rules, capital maintenance rules, guidance and coordination rules or the laws rules or regulations (or analogous restriction) of any applicable jurisdiction; (2) any risk or liability for the officers, directors or (except in the case of a Restricted Subsidiary that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of a Restricted Subsidiary that is a partnership, directors or shareholders of the partners of such partnership); or (3) any cost, expense, liability or obligation (including with respect to any Taxes) other than reasonable out of pocket expenses. At the option of the Parent, any Note Guarantee may contain limitations on Guarantor liability to the extent reasonably necessary.
​
(c)Note Guarantees shall be released as set forth under Section 10.06. In addition, a Note Guarantee of a future Guarantor may also be released at the option of the Parent if at the date of such release either (i) there is no Indebtedness of such Guarantor outstanding which was Incurred after the Issue Date and which could not have been Incurred in compliance with this Indenture if such Guarantor had not been designated as a Guarantor, or (ii) there is no Indebtedness of such Guarantor outstanding which was Incurred after the Issue Date and which could not have been Incurred in compliance with this Indenture as at the date of such release if such Guarantor were not designated as a Guarantor as at that date.  The Trustee and the Security Agent shall take
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all necessary actions, including the granting of releases or waivers under the Intercreditor Agreement or any Additional Intercreditor Agreement, requested by the Parent to effectuate any release of a Note Guarantee in accordance with these provisions, subject to customary protections and indemnifications.
​
Section 4.09. Reports.
​
(a)So long as any Notes are outstanding, the Parent will furnish to the Trustee the following reports (provided that, to the extent any reports are filed on the SEC’s website, such reports shall be deemed to have been provided to the Trustee):
​
(i)within 120 days after the end of the Parent’s fiscal year beginning with the fiscal year ended December 31, 2020, annual reports containing, to the extent applicable, the following information: (a) audited consolidated balance sheets of the Parent as of the end of the two most recent fiscal years and audited consolidated income statements and statements of cash flow of the Parent for the two most recent fiscal years, including complete footnotes to such financial statements and the report of the independent auditors on the financial statements;
(b)unaudited pro forma income statement information and balance sheet information of the Parent (which, for the avoidance of doubt, shall not include the provision of a full income statement or balance sheet to the extent not reasonably available), together with explanatory footnotes, for any material acquisitions, dispositions or recapitalizations that have occurred since the beginning of the most recently completed fiscal year; (c) an operating and financial review of the audited financial statements, including a discussion of the results of operations, financial condition, EBITDA, and liquidity and capital resources of the Parent, and a discussion of material commitments and contingencies and critical accounting policies; (d) a summary description of the business and material affiliate transactions; (e) a description of material operational risk factors; and (f) a summary description of material recent developments;
​
(ii)within 60 days following the end of each fiscal quarter in each fiscal year of the Parent beginning with the fiscal quarter ending March 31, 2021, quarterly financial statements containing the following information: (a) an unaudited condensed consolidated balance sheet as of the end of such quarter and unaudited condensed statements of income and cash flow for the most recent quarter year-to-date period ending on the unaudited condensed balance sheet date, and the comparable prior year periods, together with condensed footnote disclosure; (b) unaudited pro forma income statement information and balance sheet information (which, for the avoidance of doubt, shall not include the provision of a full income statement or balance sheet to the extent not reasonably available), together with explanatory footnotes, for any material acquisitions, dispositions or recapitalizations that have occurred since the beginning of the relevant quarter; (c) an operating and financial review of the unaudited financial statements, including a discussion of the results of operations, financial condition, EBITDA and material changes in liquidity and capital resources, and a discussion of material changes not
​
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in the ordinary course of business in commitments and contingencies since the most recent report; and (d) material recent developments; and
​
(iii)promptly after the occurrence of any material acquisition, disposition or restructuring or any senior executive officer changes at the Parent or change in auditors of the Parent or any other material event that the Parent or any of its Restricted Subsidiaries announces publicly, a report containing a description of such event.
​
In addition, the Parent shall furnish to the Holders and to prospective investors, upon the request of such parties, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act for so long as the Notes are not freely transferable under the Exchange Act by persons who are not “affiliates” under the Securities Act.
​
The Parent shall also make available to Holders and prospective holders of the Notes copies of all reports furnished to the Trustee or the SEC on the Parent’s website and if and so long as the Notes are listed on the Global Exchange Market of Euronext Dublin and to the extent that the rules and regulations thereof so require, by posting such reports on the official website of Euronext Dublin (www.euronext.com/en/markets/dublin).
​
All financial statement information shall be prepared in accordance with IFRS as in effect on the date of such report or financial statement (or otherwise on the basis of IFRS as then in effect) and on a consistent basis for the periods presented, except as may otherwise be described in such information; provided, however, that the reports set forth in clauses (i), (ii) and (iii)of this Section 4.09(a) may, in the event of a change in IFRS, present earlier periods on a basis that applied to such periods. No report need include separate financial statements for any Subsidiaries of the Parent or any disclosure with respect to the results of operations or any other financial or statistical disclosure not of a type included in the Parent’s previous SEC filings. In addition, the reports set forth above will not be required to contain any reconciliation to U.S. generally accepted accounting principles. For the purposes of this covenant, IFRS shall be deemed to be IFRS as in effect from time to time, without giving effect to the proviso in the definition thereof.
​
All reports provided pursuant to this Section 4.09 shall be made in the English language. So long as Notes are outstanding, the Parent will, in connection with delivery of the annual and quarterly reports required by clauses (i) and (ii) of this Section 4.09(a), hold a conference call to discuss such reports and the results of operations for the relevant reporting period.
​
While the Parent is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, or elects to comply with such provisions on a voluntary basis, for so long as it continues to file with the SEC, within the time periods specified in clauses (i) and (ii) of this Section 4.09(a), annual reports required by Section 13(a) of the Exchange Act and quarterly reports containing information with a level of detail that is substantially comparable in all material respects to the reports on Form 6-K filed with the SEC on November 24, 2020, August 31, 2020 and June 9, 2020, the reporting requirements set forth in clauses (i) and (ii) of this Section 4.09(a) will be
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deemed satisfied. Upon complying with the foregoing requirement, the Parent will be deemed to have complied with this Section 4.09.
​
Delivery of any information, documents and reports to the Trustee pursuant to this Section 4.09 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein, including the Issuer’s compliance with any of its covenants under this Indenture.
​
Section 4.10. Suspension of Covenants on Achievement of Investment Grade
Status.
​
		(a)
	If on any date following the Issue Date, the Notes have achieved Investment

Grade Status and no Default or Event of Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have Investment Grade Status (the “Reversion Date”), Section 4.01, Section 4.02, Section 4.04, Section 4.05, Section 4.06, Section 4.08 and Section 5.01(a)(iii) of this Indenture and, in each case, any related default provision of this Indenture will cease to be effective and will not be applicable to the Parent and its Restricted Subsidiaries.
​
(b)Such sections and any related default provisions will again apply according to their terms from the first day on which a Suspension Event ceases to be in effect. Such sections will not, however, be of any effect with regard to actions of the Parent or any of its Restricted Subsidiaries properly taken during the continuance of the Suspension Event, and no action taken in respect of the suspended covenants prior to the Reversion Date will constitute a Default or Event of Default. Section 4.02 will be interpreted as if it has been in effect since the date of this Indenture but not during the continuance of the Suspension Event. On the Reversion Date, all Indebtedness Incurred during the continuance of the Suspension Event will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.01(b)(iv)(B). In addition, the Parent or any of the Restricted Subsidiaries will be permitted, without causing a Default or Event of Default, to honor any contractual commitments or take actions in the future after any date on which the Notes cease to have an Investment Grade Status as long as the contractual commitments were entered into during the Suspension Event and not in anticipation of the Notes no longer having an Investment Grade Status. The Parent shall notify the Trustee that the conditions set forth in Section 4.10(a) have been satisfied or of any Reversion Date; provided that, no such notification shall be a condition for the suspension or reversion of the covenants described under this Section 4.10 to be effective and the Trustee shall not be obliged to notify the Holders of such event.
​
The Trustee shall have no duty to monitor the ratings of the Notes, shall not be deemed to have any knowledge of the ratings of the Notes and shall have no duty to notify Holders if the Notes achieve Investment Grade Status or upon the occurrence of the Reversion Date. The Parent shall notify the Trustee in writing that the conditions under this Section 4.10 have been satisfied, although such notification shall not be a condition for suspension of the applicable covenants to be effective.
​
Section 4.11. Amendments to the Intercreditor Agreement, the ABL Intercreditor Agreement and Additional Intercreditor Agreements.
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(a)In connection with the Incurrence of any Indebtedness by the Parent, the Issuer or any other Restricted Subsidiary, the Trustee and the Security Agent shall, at the request of the Issuer, enter into with the Parent, the Issuer, the relevant Restricted Subsidiaries and the holders of such Indebtedness (or their duly authorized Representatives), as applicable, the ABL Intercreditor Agreement or one or more intercreditor agreements or deeds (including a restatement, replacement, amendment or other modification of the Intercreditor Agreement or ABL Intercreditor Agreement) (an “Additional Intercreditor Agreement”), on substantially the same terms as the Intercreditor Agreement or the ABL Intercreditor Agreement (or terms that are not materially less favorable to the holders of the Notes as compared to the Intercreditor Agreement or the ABL Intercreditor Agreement) and substantially similar as applies to sharing of the proceeds of security and enforcement of security, priority and release of security; provided that such ABL Intercreditor Agreement or Additional Intercreditor Agreement will not impose any personal obligations on the Trustee or Security Agent or adversely affect the personal rights, duties, liabilities, indemnification or immunities of the Trustee or the Security Agent under this Indenture, the Intercreditor Agreement or the ABL Intercreditor Agreement. In connection with the foregoing, the Issuer shall furnish to the Trustee and the Security Agent such documentation in relation thereto as it may reasonably require. As used in this Indenture, a reference to the Intercreditor Agreement and the ABL Intercreditor Agreement will also include any Additional Intercreditor Agreement.
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(b)Without limiting the generality of Section 4.11(a), in connection with the Incurrence of any ABL Facility by the Parent, the Issuer or any other Restricted Subsidiary, the Trustee and the Security Agent shall, at the request of the Issuer, enter into with the Parent, the Issuer, the relevant Restricted Subsidiaries and the lenders under any ABL Facility (or their duly authorized Representatives), as applicable, (1) the ABL Intercreditor Agreement in substantially the same form as attached as Exhibit C to this Indenture, (2) an Additional Intercreditor Agreement in respect of the ABL Intercreditor Agreement on terms that are not materially less favorable to the holders of the Notes as compared to the ABL Intercreditor Agreement and (3) amendments or replacements to the Security Documents to secure any ABL Priority Obligations, Senior Note Obligations, Junior Note Obligations, Excess ABL Debt, Excess Senior Note Debt and Excess Junior Note Debt in accordance with the relative priorities set forth in the ABL Intercreditor Agreement (including, for the avoidance of doubt, for the purpose of releasing and regranting Liens on the ABL Priority Collateral to grant a first-priority Lien securing the creditors under any ABL Facility). In connection with the foregoing, the Issuer shall furnish to the Trustee and the Security Agent such documentation in relation thereto as it may reasonably require.
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(c)In relation to the Intercreditor Agreement and the ABL Intercreditor Agreement, no consent on behalf of the Holders to the payment, repayment, purchase, repurchase, defeasance, acquisition, retirement or redemption of any obligations subordinated to the Notes thereby shall be required; provided, however, that such transaction would comply with Section 4.02.
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(d)At the written direction of the Issuer and without the consent of holders of the Notes, the Trustee and the Security Agent shall from time to time enter into one or more amendments to the Intercreditor Agreement or the ABL Intercreditor Agreement to: (1) cure any ambiguity, omission, defect or inconsistency of any such agreement, (2) increase the amount or types of Indebtedness covered by any such Intercreditor Agreement or such ABL Intercreditor
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Agreement that may be Incurred by the Parent, the Issuer or other Restricted Subsidiaries that is subject to any such Intercreditor Agreement or such ABL Intercreditor Agreement (provided that such Indebtedness is Incurred in compliance with this Indenture), (3) add Guarantors or other Restricted Subsidiaries to the Intercreditor Agreement or the ABL Intercreditor Agreement, (4) further secure the Notes (including Additional Notes), (5) make provision to implement any Permitted Collateral Liens in accordance with the terms of this Indenture, or (6) make any other change to any such agreement that does not adversely affect the holders of Notes in any material respect. The Issuer shall not otherwise direct the Trustee or Security Agent to enter into any amendment to the Intercreditor Agreement or the ABL Intercreditor Agreement (which, for the avoidance of doubt, includes the form of the ABL Intercreditor Agreement attached to this Indenture as Exhibit C) without the consent of the holders of a majority in aggregate principal amount of the Notes then outstanding, except as otherwise permitted under Article IX of this Indenture or as permitted by the terms of the Intercreditor Agreement or the ABL Intercreditor Agreement, and the Issuer may only direct the Trustee or Security Agent to enter into any amendment to the extent such amendment does not impose any personal obligations on the Trustee or Security Agent or, in the opinion of the Trustee or Security Agent, adversely affect their respective rights, duties, liabilities or immunities under this Indenture, the Intercreditor Agreement or the ABL Intercreditor Agreement.
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(e)Each Holder, by accepting a Note, shall be deemed to have agreed to and accepted the terms and conditions of the Intercreditor Agreement and the ABL Intercreditor Agreement (whether then entered into or entered into in the future pursuant to the provisions described herein) and to have irrevocably appointed and authorized the Trustee and the Security Agent to enter into the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement on each Holder’s behalf.
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(f)A copy of the Intercreditor Agreement, the ABL Intercreditor Agreement or an Additional Intercreditor Agreement shall be made available to the holders of the Notes upon request and will be made available for inspection during normal business hours on any Business Day upon prior written request at the office of the Issuer.
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Section 4.12. Payment of Notes. The Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.
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Section 4.13. Withholding Taxes.
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(a)All payments made by or on behalf of the Issuer or any Guarantor (each, including any successor entities of the Issuer or any Guarantor, as applicable, a “Payor”) in respect of the Notes or with respect to any Guarantee, as applicable, will be made free and clear of and without withholding or deduction for, or on account of, any Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of:
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(i)any jurisdiction from or through which payment on any such Note is made, or any political subdivision or governmental authority thereof or therein having the power to tax; or
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(ii)any other jurisdiction in which a Payor is incorporated, organized, engaged in business for tax purposes, or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each of clause (i) and (ii), a “Relevant Taxing Jurisdiction”),
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will at any time be required by law to be made from any payments made by or on behalf of the Payor or the Paying Agent with respect to any Note, including payments of principal, redemption price, interest or premium, if any, the Payor will pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received by each Holder in respect of such payments, after such withholding, or deduction (including any such deduction or withholding from such Additional Amounts), will not be less than the amounts which would have been received in respect of such payments on any such Note in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable for or on account of:
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A.any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company, corporation or other body corporate) and the Relevant Taxing Jurisdiction (including, without limitation, being resident for tax purposes, or being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of such Note or the receipt of any payment or the exercise or enforcement of rights under such Note, this Indenture or a Guarantee;
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B.any Tax that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Note to comply with a written request of the Payor addressed to the Holder, after reasonable notice (at least 30 days before any such withholding would be payable), to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or such beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, which is required by a statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from all or part of such Tax but, only to the extent the Holder or beneficial owner  is legally entitled to provide such certification  or documentation;
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C.any Taxes, to the extent that such Taxes were imposed as a result of the presentation of the Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder;
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D.any Taxes that are payable otherwise than by withholding from a payment of the principal of, premium, if any, or interest, if any, on the Notes or with respect to any Guarantee;
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E.any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge;
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F.any Taxes that are imposed or withheld pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021) substantially in the form as published on December 18, 2019 in the Dutch Official Gazette;
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G.any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the Issue Date (or any amended or successor version of such sections that are substantively comparable), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or
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		H.
	any combination of the items (A) through (G) above.

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(b)In addition, no Additional Amounts shall be paid with respect to a Holder who is a fiduciary or a partnership or any person other than the beneficial owner of the Notes, to the extent that the beneficiary or settler with respect to such fiduciary, the member of such partnership or the beneficial owner would not have been entitled to Additional Amounts had such beneficiary, settler, member or beneficial owner held such Notes directly.
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(c)The Payor will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies, or if, notwithstanding the Payor’s reasonable efforts to obtain such tax receipts, such tax receipts are not available, certified copies of other reasonable evidence of such payments as soon as reasonably practicable to the Trustee and the Paying Agent. Such copies shall be made available to the Holders upon request and will be made available at the offices of the Paying Agent.
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(d)If any Payor is obligated to pay Additional Amounts under or with respect to any payment made on any Note or any Guarantee, at least 30 days prior to the date of such payment, the Payor will deliver to the Trustee and the Paying Agent an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount to be so payable and
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such other information necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date (unless such obligation to pay Additional Amounts arises less than 45 days prior to the relevant payment date, in which case the Payor may deliver such Officer’s Certificate as promptly as practicable thereafter). The Trustee and the Paying Agent shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary.
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		(e)
	Wherever in this Indenture or the Notes there is mentioned, in any context:

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		(i)
	the payment of principal;

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		(ii)
	purchase prices in connection with a redemption of Notes;

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		(iii)
	interest; or

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(iv)any other amount payable on or with respect to any of the Notes or any Guarantee, such reference shall be deemed to include payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
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The Payor will pay (and will indemnify the Holder for) any present or future stamp, issue, registration, court or documentary Taxes or any other excise, property or similar Taxes that arise in a Relevant Taxing Jurisdiction from the execution, delivery or registration of any Notes, any Guarantee, this Indenture, or any other document or instrument in relation thereto (other than in each case, in connection with a transfer of the Notes after the initial issuance of the Notes) or any such Taxes imposed by any jurisdiction as a result of, or in connection with, the enforcement of the Notes or any Guarantee (limited, solely in the case of any such Taxes imposed in a Relevant Taxing Jurisdiction to any such Taxes that are not excluded under (A) through (D) and (F) of Section 4.13(a) or any combination thereof).
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The foregoing obligations of this Section 4.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized, engaged in business for tax purposes or otherwise resident for tax purposes, or any jurisdiction from or through which any payment under, or with respect to the Notes is made by or on behalf of such Payor, or any political subdivision or taxing authority or agency thereof or therein.
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Section 4.14. Change of Control.
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(a)If a Change of Control occurs, subject to this Section 4.14, each Holder will have the right to require the Issuer to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that the Issuer shall not be obligated to repurchase the Notes under this Section 4.14 in the event and to the extent that they have unconditionally exercised their right to redeem all of the Notes under Section 5 of the Notes or all conditions to such redemption have been satisfied or waived.
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(b)Unless the Issuer has unconditionally exercised their right to redeem all the Notes as described under Section 5 of the Notes or all conditions to such redemption have been satisfied or waived, no later than the date that is 60 days after any Change of Control, the Issuer will mail (or otherwise deliver) a notice (the “Change of Control Offer”) to each Holder of any such Notes, with a copy to the Trustee:
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(i)stating that a Change of Control has occurred or may occur and that such Holder has the right to require the Issuer to purchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on a record date to receive interest on the relevant interest payment date) (the “Change of Control Payment”);
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(ii)stating the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) and the record date (the “Change of Control Payment Date”);
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(iii)stating that any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date unless the Change of Control Payment is not paid, and that any Notes or part thereof not tendered will continue to accrue interest;
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(iv)describing the circumstances and relevant facts regarding the transaction or transactions that constitute the Change of Control;
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(v)describing the procedures determined by the Issuer, consistent with this Indenture, that a Holder must follow in order to have its Notes repurchased; and
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(vi)if such notice is mailed prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control.
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(c)On the Change of Control Payment Date, if the Change of Control shall have occurred, the Issuer will, to the extent lawful:
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(i)accept for payment all Notes or portion thereof properly tendered pursuant to the Change of Control Offer;
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(ii)deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes so tendered;
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(iii)deliver or cause to be delivered to the Trustee an Officer’s Certificate stating the aggregate principal amount of Notes or portions of the Notes being purchased by the Issuer in the Change of Control Offer;
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(iv)in the case of Global Notes, deliver, or cause to be delivered, to the Paying Agent the Global Notes in order to reflect thereon the portion of such Notes or portions thereof that have been tendered to and purchased by the Issuer; and
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(v)in the case of Definitive Registered Notes, deliver, or cause to be delivered, to the relevant Registrar for cancellation all Definitive Registered Notes accepted for purchase by the Issuer.
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(d)If any Definitive Registered Notes have been issued, the Paying Agent will promptly pay each Holder of Definitive Registered Notes so tendered the Change of Control Payment for such Notes, and the Trustee (or an authenticating agent) will, at the cost of the Issuer, promptly authenticate and mail to each Holder of Definitive Registered Notes a new Definitive Registered Note equal in principal amount to the unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount that is at least $1.00 and integral multiples of $1.00 in excess thereof.
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(e)For so long as the Notes are listed on the Global Exchange Market of Euronext Dublin and the rules of such exchange so require, the Issuer will publish notices relating to the Change of Control Offer in a daily newspaper with general circulation in Ireland (which is expected to be The Irish Times) or to the extent and in the manner permitted by such rules, post such notices on the official website of Euronext Dublin (www.euronext.com/en/markets/dublin).
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(f)The Issuer will not be required to make a Change of Control Offer upon   a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable  to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place providing for the Change of Control at the time the Change of Control Offer is made.
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(g)The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.14. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of the conflict.
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Section 4.15. Impairment of Security Interest.
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(a)The Parent and the Issuer shall not, and the Parent shall not permit any Restricted Subsidiary to, take or knowingly or negligently omit to take any action that would have the result of materially impairing the security interest with respect to the Collateral (it being understood that the Incurrence of Permitted Collateral Liens, or the confirmation or affirmation of security interests in respect of the Collateral, shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Trustee and the Holders, and the Parent and the Issuer shall not, and the Issuer shall not permit any Restricted
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Subsidiary to, grant to any Person other than the Security Agent, for the benefit of the Trustee and the Holders and the other beneficiaries described in the Security Documents, any Lien over any of the Collateral that is prohibited by Section 4.03, provided, that the Parent, the Issuer and the Restricted Subsidiaries may Incur any Lien over any of the Collateral that is not prohibited by Section 4.03 including Permitted Collateral Liens, and the Collateral may be discharged, transferred or released in any circumstances not prohibited by this Indenture, the Intercreditor Agreement or the applicable Security Documents.
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(b)Notwithstanding Section 4.15(a), nothing in this Section 4.15 shall restrict the discharge and release of any Lien in accordance with this Indenture, the Intercreditor Agreement and the ABL Intercreditor Agreement. Subject to the foregoing, the Security Documents may be amended, extended, renewed, restated, supplemented or otherwise modified or released (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets) to (i) cure any ambiguity, omission, defect or inconsistency therein; (ii) provide for Permitted Collateral Liens; (iii) add to the Collateral or (iv) make any other change thereto that does not adversely affect the Holders in any material respect; provided, however, that (except where permitted by this Indenture, the Intercreditor Agreement or the ABL Intercreditor Agreement or to effect or facilitate the creation of Permitted Collateral Liens for the benefit of the Security Agent and holders of other Indebtedness Incurred in accordance with this Indenture), no Security Document may be amended, extended, renewed, restated, or otherwise modified or released (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets), unless contemporaneously with such amendment, extension, renewal, restatement, or modification or release (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets) or with any such action in clauses (ii) and (iii) in this Section 4.15(b), the Issuer delivers to the Security Agent and the Trustee, either (1) a solvency opinion, in form and substance reasonably satisfactory to the Security Agent and the Trustee, from an Independent Financial Advisor which confirms the solvency of the Issuer and its Subsidiaries, taken as a whole, after giving effect to any transactions related to such amendment, extension, renewal, restatement, modification or release (followed by an immediate retaking of a Lien of at least equivalent ranking over the same asset), (2) a certificate from the chief financial officer or the Board of Directors of the relevant Person, in form and substance reasonably satisfactory to the Security Agent and the Trustee, which confirms the solvency of the person granting any such Lien after giving effect to any transactions related to such amendment, extension, renewal, restatement, modification or release, or (3) an Opinion of Counsel (subject to any qualifications customary for this type of Opinion of Counsel), in form and substance reasonably satisfactory to the Trustee, confirming that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification or release (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets), the Lien or Liens created under the Security Document, so amended, extended, renewed, restated, modified or released and replaced are valid and perfected Liens not otherwise subject to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal, restatement, supplement, modification or replacement and to which the new Indebtedness secured by the Permitted Collateral Lien is not subject.
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(c)In the event that the Parent, the Issuer and the Restricted Subsidiaries comply with the requirements of this Section 4.15, the Trustee and the Security Agent shall (subject to customary protections and indemnifications and each of the Trustee and the Security
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Agent being indemnified and/or secured to its satisfaction) consent to such actions without the need for instructions from the Holders.
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Section 4.16. Compliance Certificate. The Parent will deliver to the Trustee no later than the date on which the Parent is required to deliver annual reports pursuant to Section 4.09, an Officer’s Certificate indicating whether the signers thereof know of any Default or Event of Default that occurred during the previous year.
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Section 4.17. Listing.
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The Issuer and the Guarantors will (i) use their commercially reasonable efforts to cause the Notes, subject to notice of issuance, to be admitted to the official list of Euronext Dublin and admitted to trading on the Global Exchange Market thereof; and (ii) maintain such listing for as long as any of the Notes are outstanding. If the Notes cease to be listed on the Global Exchange Market of Euronext Dublin, the Issuer and the Guarantors will use their commercially reasonable best efforts to promptly list the Notes on another “recognised stock exchange” (as defined in Section 1005 of the Income Tax Act 2007 of the United Kingdom).
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Section 4.18. Financial Calculations for Limited Condition Acquisitions.
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When calculating the availability under any basket or ratio under this Indenture, in each case in connection with a Limited Condition Acquisition (other than for purposes of making a Restricted Payment, a Permitted Payment or a Permitted Investment), the date of determination of such basket or ratio and of any Default or Event of Default shall, at the option of the Parent, be the date the definitive agreements for such Limited Condition Acquisition are entered into and such baskets or ratios shall be calculated on a pro forma basis after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable reference period for purposes of determining the ability to consummate any such Limited Condition Acquisition (and not for purposes of any subsequent availability of any basket or ratio). For the avoidance of doubt, (x) if any of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations in Consolidated EBITDA of the Parent or the target company) subsequent to such date of determination and at or prior to the consummation of the relevant Limited Condition Acquisition, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition and the related transactions are permitted hereunder and (y) such baskets or ratios shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions; provided, further, that if the Parent elects to have such determinations occur at the time of entry into such definitive agreement, any such transactions (including any Incurrence of Indebtedness and the use of proceeds thereof) shall be deemed to have occurred on the date the definitive agreements are entered and outstanding thereafter for purposes of calculating any baskets or ratios under this Indenture after the date of such agreement and before the consummation of such Limited Condition Acquisition.
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Section 4.19.   Stay,  Extension  and Usury Laws.The Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist
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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 Issuer and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant 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 shall suffer and permit the execution of every such power as though no such law has been enacted.
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Section 4.20. Taxes. The Parent and the Issuer shall:
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(a)pay, and shall cause each of their Subsidiaries to pay, prior to delinquency, all material Taxes of the Parent, Issuer and their subsidiaries, 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; and
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(b)be, and each other Guarantor shall be, at all times solely resident for Tax purposes in its place of incorporation and shall not have a permanent establishment or other taxable presence in any other jurisdiction and neither of the Issuer nor any of the Guarantors shall change its jurisdiction of residence for Tax purposes or establish a permanent establishment or other taxable presence in any jurisdiction other than its jurisdiction of incorporation.
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Section 4.21. Corporate Existence. Subject to Article V, the Issuer and the Parent shall do or cause to be done all things necessary to preserve and keep in full force and effect:
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(a)their corporate existence, and the corporate, partnership or other existence of each of their Subsidiaries (save for a solvent liquidation, merger or winding-up of any such Subsidiary that is not a Guarantor), in accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuer, the Parent, or any such Subsidiary; and
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(b)the rights (charter and statutory), licenses and franchises of the Parent and its Subsidiaries; provided, however, that the Parent shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of their Subsidiaries, if the Board of Directors of the Parent shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Parent and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders.
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Section 4.22. Center of Main Interests and EstablishmentsEach of the Parent and the Issuer (and any successor Person), for the purposes of the Insolvency (Amendment) (EU Exit) Regulations 2019 (SI 2019/146), and each of the Guarantors, for the purposes of Council Regulation (EU) 2015/848 of May 20, 2015 on insolvency proceedings (recast) (the “EU Insolvency Regulation”) or otherwise, will ensure that its “centre of main interests” (as that term is used in Article 3(1) of the EU Insolvency Regulation) is situated in its original jurisdiction of incorporation and ensure that it has no “establishment” (as that term is used in Article 2(b) of the EU Insolvency Regulation) in any other jurisdiction.
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Section 4.23. Ratings. The Issuer and the Guarantors will use their commercially reasonable efforts to maintain an instrument rating from one of Moody’s, Fitch or S&P.
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Section 4.24. Use of Proceeds.
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The Parent and its Restricted Subsidiaries shall apply, or cause to be applied, any proceeds (net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and expenses actually Incurred in connection with the transactions contemplated by the Lock-Up Agreement) received from such issuance or sale of the Initial Notes in Spain and/or France.
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ARTICLE V
SUCCESSOR COMPANY
Section 5.01. Merger and Consolidation.
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(a)The Issuer. Neither the Issuer nor the Parent will consolidate with or merge with or into, or assign, convey, transfer, lease or otherwise dispose of all or substantially all of its assets, in one transaction or a series of related transactions to, any Person, unless:
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(i)the resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and existing under the laws of any member state of the European Union, the United Kingdom or the United States of America, any State of the United States or the District of Columbia, Canada or any province or territory of Canada, Norway or Switzerland and the Successor Company (if other than the Issuer or the Parent) will expressly assume, (a) by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Issuer under the Notes and this Indenture and (b) all obligations of the Issuer under the Security Documents (and, to the extent required, by the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement);
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(ii)immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;
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(iii)immediately after giving effect to such transaction, only to the extent it involves the Parent, either (1) the Successor Company would be able to Incur at least an additional $1.00 of Indebtedness pursuant to the Fixed Charge Coverage Ratio contained in Section 4.01(a) or (2) the Fixed Charge Coverage Ratio of the Successor Company and its consolidated Subsidiaries would not be less than the Fixed Charge Coverage Ratio of the Parent and its Restricted Subsidiaries immediately prior to giving effect to such transaction; and
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(iv)the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion of Counsel to the effect that such supplemental indenture (if any) has
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been duly authorized, executed and delivered and is a legal, valid and binding agreement enforceable against the Successor Company (in each case, in form and substance reasonably satisfactory to the Trustee); provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact.
​
Any Indebtedness that becomes an obligation of the Parent or any Restricted Subsidiary (or that is deemed to be Incurred by any Restricted Subsidiary that becomes a Restricted Subsidiary) as a result of any such transaction undertaken in compliance with this Section 5.01, and any Refinancing Indebtedness with respect thereto, shall be deemed to have been Incurred in compliance with Section 4.01.
​
For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Issuer on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer.
​
The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations under this Indenture or the Notes.
​
The foregoing provisions of this Section 5.01(a) (other than Section 5.01(a)(ii)) shall not apply to (i) any transactions which constitute an Asset Disposition if the Issuer has complied with Section 4.05 or (ii) the creation of a new subsidiary as a Restricted Subsidiary.
​
(b)Guarantors. No Guarantor (other than a Guarantor whose guarantee is to be released in accordance with the terms of this Indenture) may: (i) consolidate with or merge with or into any Person (whether or not such Guarantor is the surviving corporation); (ii) sell, assign, convey, transfer, lease or otherwise dispose of, all or substantially all of the assets of such Guarantor and its Restricted Subsidiaries taken as a whole, in one transaction or a series of related transactions, to any Person; or (iii) permit any Person to merge with or into it unless:
​
A.the other Person is the Issuer or any other Restricted Subsidiary of the Parent that is a Guarantor or becomes a Guarantor;
​
B.(1) either (x) a Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes all of the obligations of the Guarantor under its Guarantee, this Indenture (pursuant to a supplemental indenture executed and delivered in a form reasonably satisfactory to the Trustee), and the Security Documents (and, to the extent required, by the Intercreditor Agreement or any Additional Intercreditor Agreements); and (2) immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and is continuing; or
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C.the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of a Guarantor or the sale or disposition of all or substantially all the assets of a Guarantor (in each case other than to the Parent or a Restricted Subsidiary) otherwise permitted by this Indenture,
​
provided however, that the prohibition in Section 5.01(b)(i), Section 5.01(b)(ii) and Section 5.01(b)(iii) shall not apply to the extent that compliance with clauses (A) or (B)(1) could give rise to or result in: (1) any breach or violation of statutory limitations, corporate benefit, financial assistance, fraudulent preference, thin capitalization rules, capital maintenance rules, guidance and coordination rules or the laws rules or regulations (or analogous restriction) of any applicable jurisdiction; (2) any risk or liability for the officers, directors or (except in the case of a Restricted Subsidiary that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of a Restricted Subsidiary that is a partnership, directors or shareholders of the partners of such partnership); or (3) any cost, expense, liability or obligation (including with respect to any Taxes) other than reasonable out of pocket expenses.
​
(c)The provisions set forth in this Section 5.01 shall not restrict (and shall not apply to): (i) any Restricted Subsidiary that is not a Guarantor (or the Issuer) from consolidating with, merging or liquidating into or transferring all or substantially all of its properties and assets to the Issuer, a Guarantor or any other Restricted Subsidiary that is not a Guarantor; (ii) a Guarantor from merging or liquidating into or transferring all or part of its properties and assets to the Issuer or another Guarantor; (iii) a Guarantor from transferring all or part of its properties and assets to a Restricted Subsidiary that is not a Guarantor (or the Issuer) in order to comply with any law, rule, regulation or order, recommendation or directions of, or agreement with, any regulatory authority having jurisdiction over the Parent or any of its Restricted Subsidiaries; (iv) any consolidation or merger of the Issuer into any Guarantor; provided that, if the Issuer is not the surviving entity of such merger or consolidation, the relevant Guarantor will assume the obligations of the Issuer under the Notes and this Indenture and Section 5.01(a)(i) and Section 5.01(a)(iv) shall apply to such transaction and (v) the Issuer or any Guarantor from consolidating into or merging or combining with an Affiliate incorporated or organized for the purpose of changing the legal domicile of such entity, reincorporating such entity in another jurisdiction, or changing the legal form of such entity; provided, however, that Section 5.01(a)(i), Section 5.01(a)(ii), Section 5.01(a)(iv) or Section 5.01(b)(iii)(A) and Section 5.01(b)(iii)(B), as the case may be, shall apply to any such transaction.
​
ARTICLE VI
DEFAULTS AND REMEDIES
Section 6.01. Events of Default. Each of the following is an “Event of Default”
under this Indenture:
​
(a)default in any payment of interest on any Note issued under this Indenture when due and payable, continued for 30 days;
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(b)default in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;
​
		(c)
	failure by the Issuer or any Guarantor to comply with its obligations under

Section 5.01;
​
		(d)
	failure by the Issuer or any Guarantor to comply for 30 days after written

notice by the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes with its obligation to make a Change of Control Offer under Section 4.14;
​
(e)failure by the Parent or any of its Restricted Subsidiaries to comply for 60 days after notice by the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes with its other agreements contained in this Indenture (in each case, other than a default in performance, or breach of, a covenant or agreement specifically addressed in clauses (a) to (d) of this Section 6.01);
​
(f)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 Parent or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Parent or any of its Restricted Subsidiaries) other than Indebtedness owed to the Parent or a Restricted Subsidiary whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which default:
​
(i)is caused by a failure to pay principal at stated maturity on such Indebtedness, immediately upon the expiration of the grace period provided in such Indebtedness (“payment default”); or
​
(ii)results in the acceleration of such Indebtedness prior to its maturity (the “cross acceleration provision”),
​
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 $10.0 million or more;
​
(g)the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
​
		(i)
	commences proceedings to be adjudicated bankrupt or insolvent;

​
(ii)consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law;
​
(iii)consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property;
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(iv)makes a general assignment for the benefit of its creditors; or
​
(v)admits in writing that it is unable to pay its debts as they become due;
​
(h)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
​
(i)is for relief against the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuer or any such other Restricted Subsidiary, that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;
​
(ii)appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or
​
(iii)orders the winding up or liquidation of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary,
​
and, in the case of any of (i), (ii) or (iii) of this Section 6.01(h), the order or decree remains un- stayed and in effect for 60 consecutive days;
​
(i)failure by the Issuer or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent and its Restricted Subsidiaries), would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $10.0 million (exclusive of any amounts that a solvent insurance company has acknowledged liability for), which judgments are not paid, discharged or stayed for a period of 60 days after the judgment becomes final (the “judgment default provision”);
​
(j)any Note Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee or this Indenture) or is declared invalid or unenforceable in a judicial proceeding or any Guarantor denies or disaffirms in writing its obligations under its Note Guarantee and any such Default continues for 10 days;
​
(k)any security interest under the Security Documents on any Collateral having a fair market value in excess of $5.0 million shall, at any time, cease to be in full force and effect (other than in accordance with the terms of the relevant Security Document, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement, and this Indenture) for any reason other than the satisfaction in full of all obligations under this Indenture or the release or amendment of any such security interest in accordance with the terms
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of this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement or such Security Document or any such security interest created thereunder shall be declared invalid or unenforceable or the Parent, the Issuer or any other Restricted Subsidiary shall assert in writing that any such security interest is invalid or unenforceable and any such Default continues for 10 days;
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(l)any default under any ABL Facility of the Parent or any of its Restricted Subsidiaries involving a principal amount of Indebtedness of $10.0 million or more in the aggregate, the effect of which is to permit the lenders under such ABL Facility to cause the Indebtedness under such ABL Facility to become due or to require the prepayment, repurchase, defeasance or redemption of the Indebtedness under such ABL Facility prior to its stated maturity; provided that this Section 6.01(l) shall not apply to the Indebtedness under any such ABL Facility that becomes due as a result of a refinancing thereof permitted by this Indenture; or
​
(m)the Lock-Up Agreement is terminated in accordance with its terms other than (x)(a) pursuant to clause 9.1(a) of the Lock-Up Agreement or (b) pursuant to clauses 9.1(b)(iii), 9.1(b)(iv), 9.1 (c)(iv), or 9.1(c)(v) of the Lock-Up Agreement as a result of a breach or misrepresentation, as applicable, by the holders of the Notes in their capacity as “Consenting Noteholders” under the Lock-Up Agreement or (y) pursuant to clause 9.2 (c) of the Lock-Up Agreement.
​
However, a default under Section 6.01(c), Section 6.01(d), Section 6.01(e), Section 6.01(f), Section 6.01(i), Section 6.01(k) or Section 6.01(l) will not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Notes under this Indenture notify the Parent of the default and, with respect to Section 6.01(d), Section 6.01(e), Section 6.01(i) or Section 6.01(k), the Parent does not cure such default within the time specified in Section 6.01(d), Section 6.01(e), Section 6.01(i) or Section 6.01(k), as applicable, after receipt of such notice.
​
The Issuer shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any Event of Default or any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto.
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Section 6.02. Remedies Upon Event of Default. Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture.
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Notwithstanding anything to the contrary herein, (i) if a Default occurs for a failure to deliver a required certificate in connection with another default (an “Initial Default”) then at the time such Initial Default is cured, such Default for a failure to report or deliver a required certificate in connection with the Initial Default will also be cured without any further action and (ii) any Default or Event of Default for the failure to comply with the time periods prescribed in Section 4.09, or otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery (prior to acceleration in respect of the relevant breach) of any such report required by Section 4.09 or notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.
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Section 6.03. Acceleration. (a) If an Event of Default (other than an Event of Default described in Section 6.01(g) and Section 6.01(h)) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes under this Indenture may declare all the Notes under this Indenture to be due and payable by written notice to the Issuer (and to the Trustee if such notice is given by the Holders). Upon such a declaration, such principal, premium (including Applicable Premium and Initial Notes Repayment Date Premium, if such premia would have been payable if the Issuer had issued a notice of redemption of the Notes on the date of such declaration) and accrued and unpaid interest will be due and payable immediately. In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(f) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment default triggering such Event of Default pursuant to Section 6.01(f) shall be remedied or cured, or waived by the holders of the Indebtedness, or the Indebtedness that gave rise to such Event of Default shall have been discharged in full, within 30 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived.
​
(b)If an Event of Default described in Section 6.01(g) or Section 6.01(h) occurs and is continuing, the principal of, premium (including Applicable Premium and Initial Notes Repayment Date Premium, if such premia would have been payable if the Issuer had issued a notice of redemption of the Notes on the date of such declaration), if any, and accrued and unpaid interest on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.
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Section 6.04. Other Remedies. Subject to Articles XI and XII and to the duties of the Trustee as provided for in Article VII, if an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium (including Applicable Premium and Initial Notes Repayment Date Premium, if such premia would have been payable if the Issuer had issued a notice of redemption of the Notes on the date of such declaration), if any, or 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 in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.
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Section 6.05. Waiver of Past Defaults. The Holders of a majority in principal amount of the outstanding Notes under this Indenture may waive all past or existing Defaults or Events of Default (except with respect to nonpayment of principal, premium, interest or Additional Amounts, if any) and rescind any such acceleration with respect to such Notes and its consequences if rescission would not conflict with any judgment or decree of a court of competent jurisdiction and provided the fees and expenses of the Trustee have been paid.
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Section 6.06. Control by Majority. The Holders of a majority in principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee will be entitled to indemnification and/or security satisfactory to the Trustee in its sole discretion against all fees, losses, claims, liabilities and expenses (including attorney’s fees and expenses) caused by taking or not taking such action.
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Section 6.07. Limitation on Suits. (i) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless:
​
A.such Holder has previously given the Trustee written notice that an Event of Default is continuing;
​
B.Holders of at least 25% in principal amount of the outstanding Notes have requested in writing the Trustee to pursue the remedy;
​
C.such Holders have offered the Trustee security or indemnity satisfactory to it against any cost, loss, liability or expense;
​
D.the Trustee has not complied with such request within 60 days after the receipt of the written request and the offer of security or indemnity; and
​
E.the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period.
​
(ii)A Holder may not use this Indenture to prejudice the rights of   another Holder or to obtain a preference or priority over another Holder. The Trustee shall not have an obligation to ascertain whether Holders’ actions are unduly prejudicial to other Holders.
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Section 6.08. Rights of Holders to Receive Payment. Subject to Section 9.02, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective due dates expressed or provided for in the Notes, 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 each Holder of an outstanding Note affected.
​
Section 6.09. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or Section 6.01(b) occurs and is continuing, the Trustee may recover judgment in
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its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.06.
​
Section 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents and take such actions as may be necessary or advisable (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes) or any Guarantor, their creditors or their 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 to make such payments to the Trustee and, in the event that the Trustee consents 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 7.06 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 7.06 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 any plan of reorganization, arrangement, adjustment or composition affecting the Notes of any series or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
​
Section 6.11. Priorities. Subject to the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement, if the Trustee or the Security Agent collects any money pursuant to this Article VI or from the enforcement of any Security Document, it shall pay out (or in the case of the Security Agent, it shall pay to the Trustee to pay out) the money in the following order:
​
FIRST: to the Trustee, the Security Agent and the Agents and their agents and attorneys for amounts due under Section 7.02, Section 7.06 and Section 11.06, including payment of all fees, costs, compensation, disbursements, expenses and liabilities incurred, and all advances made, by the Trustee, the Agents and the Security Agent (as the case may be) and the costs and expenses of collection;
​
SECOND: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, interest and Additional Amounts, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest and Additional Amounts, if any, respectively;
​
THIRD: to the Issuer, any Guarantor or to such party as a court of competent jurisdiction shall direct.
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The Issuer shall provide the Trustee with any additional information in its possession necessary for the Trustee to make the payments mentioned above, upon request.
​
The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.11. At least 15 days before such record date, the Trustee shall mail or deliver to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid.
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Section 6.12. 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 the 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 6.12 does not apply to a suit by the Trustee or a Paying Agent, a suit by a Holder pursuant to Section
		6.08
	or a suit by Holders of more than 10% in principal amount of the Notes then outstanding.

​
Section 6.13. Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted.
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Section 6.14. Restoration of Rights and Remedies. If the Trustee or the Security Agent or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or the Security Agent or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Guarantors, the Trustee, the Security Agent and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee, the Security Agent and the Holders shall continue as though no such proceeding had been instituted.
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Section 6.15. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.11, no right or remedy herein conferred upon or reserved to the Trustee or the Security Agent or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
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Section 6.16. Delay or Omission Not Waiver. No delay or omission of the Trustee or the Security Agent or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
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Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by law to the Trustee or to the Holders, may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
​
Section 6.17. Indemnification of Trustee. Prior to taking any action under this Article VI, the Trustee shall be entitled to indemnification or other security satisfactory to it in its sole discretion against all losses, liabilities and expenses caused by taking or not taking such action.
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ARTICLE VII
​
TRUSTEE
​
Section 7.01. Duties of Trustee . (i) If an Event of Default, of which a Responsible
Officer of the Trustee has received written notice, 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.
​
		(ii)
	Except during the continuance of an Event of Default:

​
A.the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; provided that to the extent the duties of the Trustee under this Indenture and the Notes may be qualified, limited or otherwise affected by the provisions of the Notes Documents, the Trustee shall be required to perform those duties only as so qualified, limited or affected, and shall be held harmless and shall not incur any liability of any kind for so acting; and
​
B.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, with respect to certificates or opinions specifically required to be furnished to it hereunder, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein) and shall be entitled to seek advice from legal counsel in relation thereto.
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(iii)The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that:
​
A.this Section 7.01(iii) does not limit the effect of Section 7.01(ii);
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B.the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and
​
C.the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.03, Section 6.05 or Section 6.06.
​
(iv)Every provision of this Indenture that in any way relates to the Trustee is subject to Section 7.01(i), Section 7.01(ii) and Section 7.01(iii).
​
(v)No provision of this Indenture or the other Notes Documents shall require the Trustee to expend or risk its own funds or otherwise incur liability in the performance of any of its duties hereunder or under the other Notes Documents or to take or omit to take any action under this Indenture or under the other Notes Documents or take any action at the request or direction of Holders if it has grounds for believing that repayment of such funds is not assured to it or it does not receive indemnity or security satisfactory to it in its sole discretion against any loss, liability or expense which might be incurred by it in compliance with such request or direction nor shall the Trustee be required to do anything which is illegal or contrary to applicable laws. The Trustee will not be liable to the Holders if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control.
​
(vi)The Trustee shall not be liable for interest or investment income on any money received by it except as the Trustee may agree in writing with the Issuer.
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(vii)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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(viii)Each Holder, by its acceptance of any Notes and the Note Guarantees consents and agrees to the terms of the Notes Documents as the same may be in effect or as may be amended from time to time in accordance with their terms and authorizes and directs the Trustee to enter into and perform its obligations and exercise its rights under the Notes Documents in accordance therewith, to bind the Holders on the terms set forth in the Notes Documents and to execute any and all documents, amendments, waivers, consents, releases or other instruments authorized or required to be executed by it pursuant to the terms thereof.
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(ix)The Trustee shall not be deemed to have notice of any matter (including, without limitation, Events of Default) unless a Responsible Officer has written notice or actual knowledge.
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Section 7.02. Rights of Trustee .
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(i)The Trustee may refrain without liability from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, the State of New York. Furthermore, the Trustee may also refrain without liability from taking such action if it would otherwise render it liable to any person in that jurisdiction, the State of New York or if, in its opinion based upon such legal advice, it would not have the power to take such action in that jurisdiction by virtue of any applicable law in that jurisdiction, in the State of New York or if it is determined by any court or other competent authority in that jurisdiction, in the State of New York that it does not have such power.
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(ii)The Trustee may conclusively rely and shall be fully protected in relying on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.
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(iii)Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
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(iv)The Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney, delegate, depositary, or agent appointed with due care.
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(v)The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture or any other Notes Document, subject to Section 7.01(iii).
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(vi)The Trustee may retain professional advisers to assist it in performing its duties under this Indenture or any Notes Document. The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel or professional advisors even if such advice or opinion is subject to a limitation of liability, whether by a monetary cap or otherwise, or limited in scope.
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(vii)The Trustee shall not be bound to make any investigation into the facts or matters stated in any Officer’s Certificate, Opinion of Counsel, or any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its sole and absolute discretion, may make such further inquiry or investigation into such facts or matters
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as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and the Trustee shall incur no liability of any kind by reason of such inquiry or investigation.
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(viii)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee indemnity or other security satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred by it in compliance with such request, order or direction.
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(ix)In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing less than the majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken and shall be held harmless and shall not incur any liability for its failure to act until such inconsistency or conflict is, in its reasonable opinion, resolved.
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(x)The Trustee shall have no duty to inquire as to the performance of the Issuer with respect to the covenants contained in Article IV. Delivery of reports, information and documents to the Trustee under Section 4.09 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
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(xi)The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes.
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(xii)If any Guarantor is substituted to make payments on behalf of the Issuer pursuant to Article X, the Issuer shall promptly notify the Trustee of such substitution.
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(xiii)The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified or secured to its satisfaction, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and under the other Notes Documents, by the Security Agent and each Agent in their various capacities hereunder, custodian and other Person employed
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to act as agent hereunder. Each of the Trustee, the Security Agent, and each Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party.
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(xiv)The Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture.
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(xv)The permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation or duty to do so.
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(xvi)Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits, loss of business, goodwill or opportunity of any kind), even if foreseeable and even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
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(xvii)In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;
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(xviii)The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes Documents, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.
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(xix)No provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable law or regulation.
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(xx)The Trustee shall not be required to take notice or be deemed to have notice of any Default or Event of Default hereunder unless a Responsible Officer has actual knowledge thereof or is specifically notified in writing of such Default or Event of Default by the Issuer or by the Holders of at least 25% of the aggregate principal amount of Notes then outstanding, at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.
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(xxi)The Trustee and the Paying Agent shall be entitled to make payments net of any taxes or other sums required by any applicable law to be withheld or deducted.
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(xxii)At any time that the security granted pursuant to the Security Documents has become enforceable and the Holders have given a written direction to the Trustee to enforce such security, the Trustee is not required to give any direction to the Security Agent with respect thereto unless it has been indemnified, secured and/or prefunded in accordance with Section 7.01(v). In any event, in connection with any enforcement of such security, the Trustee is not responsible for:
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(i)any failure of the Security Agent to enforce such security within a reasonable time or at all;
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(ii)any failure of the Security Agent to pay over the proceeds of enforcement of the Collateral;
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(iii)any failure of the Security Agent to realize such security for the best price obtainable;
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(iv)monitoring the activities of the Security Agent in relation to such enforcement;
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		(v)
	taking any enforcement action itself in relation to such security;

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(vi)agreeing to any proposed course of action by the Security Agent which could result in the Trustee incurring any liability for its own account; or
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		(vii)
	paying any fees, costs or expenses of the Security Agent.

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(xxiii)The Trustee may assume without inquiry in the absence of actual knowledge of a Responsible Officer that the Issuer, the Guarantors or any Holder are duly complying with their obligations contained in this Indenture required to be performed and observed by each of them, and that no Default or Event of Default or other event which would require repayment of the Notes has occurred.
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(xxiv)Unless ordered to do so by a court of competent jurisdiction, the Trustee shall not be required to disclose to any Holder or any third party any confidential financial or other information made available to the Trustee by the Issuer and no Holder shall be entitled to take any action to obtain from the Trustee any such information.
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Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes or the Collateral and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. For the avoidance of doubt, any Agent, Paying Agent, Transfer Agent, Authenticating Agent or Registrar may do the same with like rights.
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Section 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Note Guarantees, any other Notes Document, the Intercreditor Agreement, the ABL Intercreditor
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Agreement or any Additional Intercreditor Agreement, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture or the Intercreditor Agreement, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee and it shall not be responsible for any statement of the Issuer in this Indenture or any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication if signed by the Trustee.
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Section 7.05. Notice of Defaults. If a Default or Event of Default occurs and is continuing and a Responsible Officer of the Trustee is informed in writing of such occurrence by the Issuer, the Trustee must give notice of the Default to the Holders within 60 days after being notified by the Issuer. Except in the case of a Default in payment of principal of or interest or premium, if any, on any Note, the Trustee may withhold the notice if and so long as the Trustee determines that withholding the notice is in the interests of Holders.
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Section 7.06. Compensation and Indemnity. The Issuer, or, upon the failure of the Issuer to pay, each Guarantor, jointly and severally, shall pay to the Trustee, the Security Agent and each Agent from time to time such compensation as the Issuer and Trustee, the Security Agent and each Agent may from time to time agree for its acceptance of this Indenture and services hereunder and under the Notes Documents. The Trustee’s, the Security Agent’s and each Agent’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
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In the event of the occurrence of an Event of Default or the Trustee considering it expedient or necessary or being requested by the Issuer to undertake duties which the Trustee reasonably determines to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee, the Issuer shall pay to the Trustee such additional remuneration for such duties as may be agreed.
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The Issuer and each Guarantor, jointly and severally, shall reimburse the Trustee, the Security Agent and each Agent promptly upon request for all properly incurred disbursements, advances and expenses incurred or made by it), including costs of collection, in addition to the compensation for its services. Such expenses shall include the properly incurred compensation and expenses, disbursements and advances of the Trustee’s and the Security Agent’s agents, counsel, accountants and experts. The Issuer and each Guarantor, jointly and severally, shall indemnify the Trustee, the Security Agent, the Agents and their respective officers, directors, agents and employees and hold them harmless against any and all loss, liability or expenses (including attorneys’ fees, disbursements and expenses) incurred by or in connection with the acceptance or administration of its duties under this Indenture and the Notes Documents, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or under the Notes Documents, as the case may be. The Issuer and each Guarantor, jointly and severally, shall indemnify the Trustee, the Security Agent and each Agent and their respective officers, directors, agents and employees for all taxes paid by the Trustee, the Security Agent and each Agent, or required to be withheld or deducted from a payment to any Person entitled to payment hereunder, and any reasonable expenses arising therefrom or with respect thereto.
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The Trustee and the Security Agent shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer or any Guarantor of their indemnity obligations hereunder or under any other Notes Documents, as the case may be. Except in cases where the interests of the Issuer and the Trustee and the Security Agent may be adverse, the Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s and any Guarantor’s expense in the defense. Notwithstanding the foregoing, such indemnified party may, in its sole discretion, assume the defense of the claim against it and the Issuer and any Guarantor shall, jointly and severally, pay the properly incurred fees and expenses of the indemnified party’s defense. Such indemnified parties may have separate counsel of their choosing and the Issuer and any Guarantor, jointly and severally, shall pay the properly incurred fees and expenses of such counsel. The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, gross negligence or fraud.
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To secure the Issuer’s and any Guarantor’s payment obligations in this Section 7.06, the Trustee, the Security Agent, and the Agents have a lien prior to the Notes on all money or property held or collected by the Trustee or Paying Agent other than money or property held in trust to pay principal of and interest on particular Notes.
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The Issuer’s and any Guarantor’s payment obligations pursuant to this Section 7.06 and any lien arising thereunder shall survive the satisfaction or discharge of this Indenture, payment of the Notes in full, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee, the Security Agent, and the Agents. Without prejudice to any other rights available to the Trustee, the Security Agent, and the Agents under applicable law, when the Trustee and the Paying Agents incur expenses after the occurrence of a Default specified in Section 6.01(e) and Section 6.01(f) with respect to the Issuer, 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 the Bankruptcy Law.
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For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee and the Security Agent in this Section 7.06, including its right to be indemnified, are extended to, and shall be enforceable by the Trustee and the Security Agent in each of its capacities hereunder and by each Agent, custodian and other Person employed with due care to act as agent hereunder. For purposes of this Section 7.06, “Trustee” and “Security Agent” shall include any predecessor Trustee or Security Agent; provided, however, that the gross negligence or willful misconduct of any Trustee or the Security Agent shall not affect the rights of any other Trustee or Security Agent hereunder.
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Section 7.07. Replacement of Trustee. (i) The Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall be entitled to remove the Trustee or any Holder who has been a bona fide Holder for not less than six months may petition any court for removal of the Trustee and appointment of a successor Trustee, if:
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A.the Trustee fails to comply with Section 7.11;
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B.the Trustee has or acquires a conflict of interest in its capacity as Trustee that is not eliminated;
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C.the Trustee is adjudged bankrupt or insolvent;
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D.a receiver or other public officer takes charge of the Trustee or its property; or
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E.the Trustee otherwise becomes incapable of acting as Trustee hereunder.
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(ii)If the Trustee resigns, is removed pursuant to Section 7.07(i) or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.
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(iii)A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture and the Notes Documents. The successor Trustee shall deliver a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in Section 7.06.
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(iv)If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, (i) the retiring Trustee or the Holders of 10% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee, or (ii) the retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment is reasonably satisfactory to the Issuer.
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(v)Notwithstanding the replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee.
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(vi)For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Article VII, including its right to be indemnified, are extended to, and shall be enforceable by each Agent employed to act hereunder.
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Section 7.08. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.
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In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.
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Section 7.09. Certain Provisions. Each Holder by accepting a Note authorizes and directs on his or her behalf the Trustee to enter into and to take such actions and to make such acknowledgements as are set forth in this Indenture or other documents entered into in connection therewith.
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Section 7.10. Agents; General Provisions.
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(i)The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not (i) joint or (ii) joint and several.
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(ii)In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification from the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly and in any event within one Business Day of receipt by such Agent of such instructions. If an Agent has sought clarification in accordance with this Section 7.10, then such Agent shall be entitled to take no action until such clarification is provided, and shall not incur any liability for not taking any action pending receipt of such clarification.
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(iii)No Agent shall be under any duty or other obligation towards, or have any relationship of agency or trust for or with, any person other than the Issuer.
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(iv)The Issuer shall notify each Agent in the event that they determine that any payment to be made by an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the Issuer’s obligation under this Section 7.10(iv) shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Notes, or both.
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(v)Notwithstanding any other provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to the extent so required by applicable law, in which event the Agent shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer
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the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant Authority for such amount.
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(vi)In the event that the Issuer determines at its sole discretion that any deduction or withholding for or on account of any Tax will be required by applicable law in connection with any payment due to any of the Agents on any Notes, then the Issuer will be entitled to redirect or reorganize any such payment in any way that it sees fit in order that the payment may be made without such deductions or withholding provided that, any such redirected or reorganized payment is made through a recognized institution of international standing and otherwise made in accordance with this Indenture. The Issuer will promptly notify the Agents and the Trustee of any such redirection or reorganization
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(vii)For the purposes of Section 7.10(iv) through to Section 7.10(vi), the following definitions apply:
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“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction.
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“FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.
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		(viii)
	[Reserved].

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(ix)The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee. Until they have received such written notice from the Trustee, the Agents shall act solely as agents of the Issuer and shall have no fiduciary duty, or owe any obligation, towards any person other than the Issuer.
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(x)Moneys held by Agents need not be segregated from other funds except to the extent required by law. Subject to Article VIII, the Agents hold all funds as agent subject to the terms of this Indenture and as a result money will not be held in accordance with the rules established by the Financial Conduct Authority in the Financial Conduct Authority’s Handbook of rules and guidance from time to time in relation to client money, The Agents shall not be liable for any interest earned thereon.
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(xi)The roles, duties and functions of the Agents are of a mechanical nature and each Agent shall only perform those acts and duties as specifically set out in this Indenture and no other acts, covenants, obligations or duties shall be implied or read into this Indenture against any of the Agents.
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(xii)No Agent shall be required to make any payment of the principal, premium or interest payable pursuant to this Indenture unless and until it has received the full amount to be paid in accordance with the terms of this Indenture. To the extent that an Agent has made such payment with the prior written consent of the Issuer and for which it did not receive the full amount, the Issuer will reimburse the Agent the full amount of any shortfall.
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(xiii)No Agent shall have any duty or obligation to monitor the Issuer’s or any other party’s compliance with the terms of this Indenture or to take any steps to ascertain whether any Default or Event of Default or other event which would require repayment of the Notes has occurred.
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Section 7.11. Eligibility; Disqualification. There will at all times be a Trustee hereunder that is a corporation organized and doing business in England and Wales, the European Union or the United States of America that is authorized to exercise corporate trustee power; and that is a corporation which is generally recognized as a corporation which customarily performs such corporate trustee roles and provides such corporate trustee services in transactions similar in nature to the offering of the Notes.
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ARTICLE VIII
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DISCHARGE OF INDENTURE; DEFEASANCE
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Section 8.01. Discharge of Liability on Notes; Defeasance. (a) This Indenture will be discharged and cease to be of further effect (except as to surviving rights of conversion or transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes when (1) either (a) all the Notes previously authenticated and delivered (other than certain lost, stolen or destroyed Notes and certain Notes for which provision for payment was previously made and thereafter the funds have been released to the Issuer) have been delivered to the Paying Agent for cancellation; or (b) all Notes not previously delivered to the Paying Agent for cancellation (i) have become due and payable, (ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption within one year under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee or Paying Agent in the name, and at the expense, of the Issuer; (2) the Issuer has deposited or caused to be deposited with the Trustee (or another entity designated by the Trustee for this purpose) U.S. dollars or U.S. dollar-denominated Government Obligations, or a combination thereof, as applicable, in an amount sufficient, without consideration of reinvestment, to pay and discharge the entire indebtedness on the Notes not previously delivered to the Paying Agent for cancellation, for principal, premium, if any, and interest to the date of deposit (in the case of Notes that have become due and payable), or to the Stated Maturity or redemption date, as the case may be; (3) the Issuer has paid or caused to be paid all other sums payable under this Indenture; (4) the Issuer has delivered irrevocable instructions to the Trustee to apply the funds deposited towards the payment of the Notes at maturity or on the redemption date, as the case may be; and (5) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each to the effect that all conditions precedent under this Section 8.01 relating to the satisfaction and discharge of this Indenture have been complied with; provided that any such counsel may rely on any Officer’s Certificate as to matters of fact (including as to compliance with clauses (1), (2) and (3) of this
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Section 8.01). If requested in writing by the Issuer, the Trustee or Paying Agent may distribute any amounts deposited to the Holders prior to maturity or the redemption date, as the case may be, subject to Euroclear or Clearstream’s applicable procedures. In such case, the payment to each Holder will equal the amount such Holder would have been entitled to receive at maturity or the relevant redemption date, as the case may be. For the avoidance of doubt, the distribution and payment to Holders prior to the maturity or redemption date as set forth above will not include any negative interest, present value adjustment, break cost or any further premium on such amounts.
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(b)Subject to Section 8.01(c) and Section 8.02, the Parent at any time may terminate (i) all obligations of the Issuer and the Guarantors under the Notes, the Note Guarantees and this Indenture (“legal defeasance option”), and thereafter any omission to comply with such obligations shall not constitute a Default or Event of Default with respect to the Notes or (ii) their obligations under Article IV (other than Section 4.14) and under Section 5.01 (other than Section 5.01(a)(i) and Section 5.01(a)(ii)), and thereafter any omission to comply with such obligations shall not constitute a Default or an Event of Default with respect to the Notes and the events set forth in Section 6.01(d), Section 6.01(e) (other than with respect to Section 5.01(a)(i) and Section 5.01(a)(ii)), Section 6.01(f), Section 6.01(g) (other than with respect to the Issuer and Significant Subsidiaries) Section 6.01(h) (other than with respect to the Issuer), Section 6.01(i) and Section 6.01(j) shall not constitute Events of Default (“covenant defeasance option”). The Issuer at its option at any time may exercise its legal defeasance option notwithstanding their prior exercise of its covenant defeasance option.
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If the Issuer exercises its legal defeasance option or its covenant defeasance option, each Guarantor will be released from all its obligations under its Guarantee.
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Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates.
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(c)Notwithstanding Section 8.01(a) and Section 8.01(b) above, the Issuer’s and the Guarantors’ obligations in Section 2.07, Section 2.08, Section 2.09, Section 2.10, Section 2.11, Section 2.12, Section 2.13, Section 2.14, Section 7.01, Section 7.02, Section 7.03, Section 7.06, Section 7.07 and this Article VIII, as applicable, shall survive until the Notes have been paid in full. Thereafter, the Issuer’s and any Guarantors’ obligations in Section 7.06, Section 8.05 and Section 8.06, as applicable, shall survive.
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Section 8.02. Conditions to Defeasance. (i) The Issuer may exercise their legal defeasance option or their covenant defeasance option only if:
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A.the Issuer has irrevocably deposited in trust (the “defeasance trust”) with the Trustee (or another entity designated by the Trustee for this purpose) cash in U.S. dollars or U.S. dollar-denominated Government Obligations or a combination thereof, as applicable in an amount sufficient, without consideration of reinvestment, for the payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be;
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B.an Opinion of Counsel in the United States to the effect that Holders of the relevant Notes will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred (and in the case of legal defeasance only, such Opinion of Counsel in the United States must be based on a ruling of the U.S. Internal Revenue Service or other change in applicable U.S. federal income tax law);
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C.an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying, defrauding or preferring any creditors of the Issuer;
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D.an Officer’s Certificate and an Opinion of Counsel (which opinion of counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to legal defeasance or covenant defeasance, as the case may be, have been complied with;
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E.an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the U.S. Investment Company Act of 1940; and
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F.the Issuer delivers to the Trustee all other documents or other information that the Trustee may reasonably require in connection with either defeasance option.
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(ii) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article III.
​
Section 8.03. Deposited Money and U.S. dollar-denominated Government Obligations to be held in Trust. Subject to Section 8.04 hereof, all money and U.S. dollar- denominated Government Obligations (including the proceeds thereof) deposited with the Trustee (or such other entity designated or appointed as agent by the Trustee for this purpose, or other qualifying trustee, collectively for purposes of this Section 8.03, the “Trustee”) pursuant to Section
8.01hereof 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 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.
​
Section 8.04. Repayment to Issuer. The Trustee and the Paying Agent shall promptly turn over to the Issuer upon request any money or U.S. dollar-denominated Government Obligations held by it as provided in this Article VIII which, in the written opinion of an internationally recognized firm of independent public accountants delivered to the Trustee (which
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delivery shall only be required if U.S. dollar-denominated Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII.
​
Subject to any applicable abandoned property law, the Trustee shall pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for payment as general creditors, and the Trustee and the Paying Agent shall have no further liability with respect to such monies.
​
Section 8.05. Indemnity for Government Obligations. The Issuer and the Guarantors, jointly and severally, shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. dollar-denominated Government Obligations or the principal and interest received on such U.S. dollar-denominated Government Obligations.
​
Section 8.06. Reinstatement. If the Trustee is unable to apply any money or U.S. dollar-denominated Government Obligations in accordance with this Article VIII 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 Issuer’s and the Guarantors’ obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee is permitted to apply all such money or U.S. dollar-denominated Government Obligations in accordance with this Article VIII; provided, however, that if the Issuer has made any payment of principal of or interest on any Notes because of the reinstatement of their obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. dollar-denominated Government Obligations held by the Trustee.
​
ARTICLE IX
AMENDMENTS AND WAIVERS
Section 9.01. Without Consent of Holders. Without the consent of any Holder,
the Issuer, the Trustee and the other parties thereto, as applicable, may amend or supplement any Notes Documents to:
​
A.cure any ambiguity, omission, mistake, defect, error or inconsistency;
​
B.provide for the assumption by a successor Person of the obligations of the Issuer or any other Restricted Subsidiary under any Notes Document;
​
C.add to the covenants or provide for a Note Guarantee for the benefit of the Holders or surrender any right or power conferred upon the Parent or any Restricted Subsidiary;
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D.make any change that would provide additional rights or benefits to the Trustee or the Holders or that does not adversely affect the rights or benefits to the Trustee or any of the Holders in any material respect under the Notes Documents;
​
E.make such provisions as necessary (as determined in good faith by the Board of Directors or an Officer of the Parent) for the issuance of Additional Notes;
​
F.to provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with Section 4.01 or Section 4.08, to add Note Guarantees with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination, discharge or retaking of any Guarantee or Lien (including the Collateral and the Security Documents) or any amendment in respect thereof with respect to the Notes when such release, termination, discharge or retaking or amendment is provided for under this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement any Additional Intercreditor Agreement, or the Security Documents;
​
		G.
	[reserved]; or

​
H.to evidence and provide for the acceptance and appointment under this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement of a successor Trustee pursuant to the requirements thereof or to provide for the accession by the Trustee or the Security Agent to any Notes Document;
​
Section 9.02. With Consent of Holders. The Issuer and the Trustee may amend, supplement or otherwise modify the Notes Documents with the consent of Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) and, except as otherwise stated herein, any default or compliance with any provisions thereof may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). However, without the consent of each Holder of an outstanding Note affected, an amendment or waiver may not:
​
A.reduce the percentage of principal amount of Notes whose Holders must consent to an amendment, waiver or modification;
​
B.reduce the stated rate of or extend the stated time for payment of interest on any Note;
​
		C.
	reduce the principal of or extend the Stated Maturity of any

Note;
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D.reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed, in each case as described in Section 5 of the Notes;
​
		E.
	make any Note payable in money other than that stated in the

Note;
​
		F.
	impair the right to institute suit for the enforcement of any

Holder to receive payment of principal of and interest or Additional Amounts, if any, on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any such payment on or with respect to such Holder’s Notes;
​
G.make any change to Section 4.13 that adversely affects the right of any Holder of such Notes in any material respect or amends the terms of such Notes in a way that would result in a loss of an exemption from any of the Taxes described thereunder or an exemption from any obligation to withhold or deduct Taxes so described thereunder unless the Parent or the applicable Payor agrees to pay Additional Amounts, if any, in respect thereof;
​
H.release any security interests granted for the benefit of the Holders of Notes other than in accordance with the terms of this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement, any Additional Intercreditor Agreement, or the applicable Security Documents, or make any change to the form ABL Intercreditor Agreement attached to this Indenture as Exhibit C prior to its effective date that adversely effects of right of any Holder of such Notes thereunder in any material respect;
​
I.waive a Default or Event of Default with respect to the nonpayment of principal, premium or interest or Additional Amounts, if any, on the Notes (except pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a waiver of the payment default that resulted from such acceleration);
​
J.release any Guarantor from any of its obligations under its Guarantee or this Indenture, except in accordance with the terms of this Indenture, the Intercreditor Agreement and the ABL Intercreditor Agreement; or
​
K.make any change in the amendment or waiver provisions which require the Holders’ consent described in this sentence.
​
In respect of such matters described in Section 9.01 and this Section 9.02, the Trustee shall be entitled to require and rely absolutely on such evidence as it deems necessary, including Officer’s Certificates and Opinions of Counsel.
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For the avoidance of doubt, no amendment to or deletion of, or actions taken in compliance with, the covenants contained in this Indenture shall be deemed to impair or affect any rights of Holders of the Notes to receive payment of principal of, or premium, if any, or interest, on the Notes.
​
For so long as the Notes are listed on the Global Exchange Market of Euronext Dublin and the rules of such exchange so require, the Parent will publish notice of any amendment, supplement and waiver in a daily newspaper with general circulation in Ireland (which is expected to be The Irish Times). Such notice of any amendment, supplement and waiver may also be published on the website of Euronext Dublin (www.euronext.com/en/markets/dublin) in lieu of a daily newspaper to the extent and in the manner permitted by the rules of such exchange.
​
It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment of the Notes Documents, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender.
​
After an amendment under this Section 9.02 becomes effective, in case of Holders of Definitive Notes, the Issuer shall mail or deliver to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.
​
Except as set forth in this Section 9.02, the Notes issued on the Issue Date and any Additional Notes part of the same series will be treated as a single class for all purposes under this Indenture, including with respect to waivers and amendments. For the purposes of calculating the aggregate principal amount of Notes that have consented to or voted in favor of any amendment, waiver, consent, modifications or other similar action, the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the Dollar Equivalent of the principal amount of any Notes shall be calculated in such consent or voting process.
​
Section 9.03. Revocation and Effect of Consents and Waivers.
​
(i)A written consent to an amendment or a waiver by a Holder shall bind the Holder and every subsequent Holder of that Note or portion of the Notes that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the written consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying that the requisite number of consents have been received. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (a) receipt by the Issuer or the Trustee of the requisite number of consents, (b) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (c) in the case of an amendment,
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execution of such amendment (or supplemental indenture) by the Issuer and the Trustee.
​
(ii)The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their written 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 Section 9.03(i), 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 9.04. Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determine, the Issuer in exchange for the Note shall issue and the Trustee or an Authenticating Agent shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment.
​
Section 9.05. Trustee and Security Agent to Sign Amendments. The Trustee and the and Security Agent shall sign any amendment or supplement authorized pursuant to this Article IX if the amendment or supplement does not impose any personal obligations on the Trustee or the Security Agent or adversely affect the rights, duties, liabilities or immunities of the Trustee or the Security Agent under this Indenture, as applicable. If it does, the Trustee and the Security Agent may, but need not, sign it. In signing such amendment or supplement the Trustee and the Security Agent shall be entitled to receive an indemnity or security satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment or supplement complies with this Indenture, the other Notes Documents and that such amendment or supplement has been duly authorized, executed and delivered and is the legally valid and binding obligation of the Issuer and the Guarantors enforceable against them in accordance with its terms, subject to customary exceptions.
​
ARTICLE X
NOTE GUARANTEES
Section 10.01. Note Guarantees.
​
(i)Subject to this Article X, the Intercreditor Agreement and the ABL Intercreditor Agreement, each Guarantor, as primary obligor and not merely as a surety, jointly and severally, unconditionally, on a senior basis and subject to any limitations set out in any supplemental indenture, guarantees to each Holder of a Note authenticated and delivered by the Trustee (or the Authenticating Agent), to the Trustee and its successors and assigns, irrespective of the validity and
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enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:
​
A.the principal of, Additional Amounts and premium, 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, Additional Amounts and premium, if any, on the Notes (to the extent permitted by law) and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
​
B.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.
​
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.
​
(ii)To the extent permitted by the applicable law and subject to the Intercreditor Agreement and the ABL Intercreditor Agreement, each Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action or any delay or omission to assert any claim or to demand or enforce any remedy hereunder or thereunder, any waiver, surrender, release or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, 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.
​
(iii)If any Holder or the Trustee is required by any court or otherwise to return to or for the benefit of the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either the Issuer or the Guarantors to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.
​
(iv)Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
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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 and the Trustee, on the other hand,
​
A.the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI 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
​
B.in the event of any declaration of acceleration of such obligations as provided in Article VI, 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 non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.
​
(v)Each Guarantor also agrees to pay any and all costs and expenses (including properly incurred attorneys’ fees, disbursements and expenses) incurred by the Trustee in enforcing any rights under this Section.
​
Section 10.02. Successors and Assigns. This Article X shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.
​
Each party to this Indenture hereby agrees and undertakes to execute and deliver all such documents and do all such acts and things which are legally required to fully and effectively give effect to this Section 10.02.
​
Section 10.03. No Waiver. Neither a failure nor a delay on the part of the Trustee or the Holders in exercising any right, power or privilege under this Article X shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article X at law, in equity, by statute or otherwise.
​
Section 10.04. Modification. No modification, amendment or waiver of any provision of this Article X, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances.
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Section 10.05. Execution of Supplemental Indenture for Guarantors. Each Subsidiary which is required to become a Guarantor pursuant to this Indenture shall promptly execute and deliver to the Trustee a supplemental indenture in the form attached to this Indenture as Exhibit B pursuant to which such Subsidiary shall become a Guarantor under this Article X. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an Officer’s Certificate in each case, prepared in accordance with Section 12.02. The obligations of a Guarantor executing and delivering a supplemental indenture to this Indenture providing for a Note Guarantee of the Notes under this Article X shall be subject to such limitations as are mandated under applicable laws in addition to the limitations set forth in Section 10.07 and set out in the relevant supplemental indenture.
​
Section 10.06. Release of the Note Guarantees. (a) The Note Guarantee of a Guarantor will terminate and release:
​
(1)upon a sale or other disposition (including by way of consolidation or merger) of the Capital Stock of the relevant Guarantor (whether by direct sale or sale of a holding company) or the sale or disposition of all or substantially all the assets of the Guarantor (other than to the Parent or a Restricted Subsidiary) otherwise permitted by this Indenture;
​
(2)in accordance with the provisions of the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement;
​
		(3)
	upon defeasance or discharge of the Notes, as provided in Article VIII;

​
		(4)
	as described under Article IX;

​
		(5)
	as described under Section 4.08(b);

​
		(6)
	as a result of a transaction permitted by Section 5.01(b); or

​
		(7)
	[Reserved].

​
Upon the request of the Parent, the Trustee shall take all necessary actions to
effectuate any release of a Note Guarantee in accordance with these provisions, subject to customary protections and indemnifications. Each of the releases set forth above shall be effected by the Trustee without the consent of the Holders or any other action or consent on the part of the Trustee.
​
Section 10.07. Limitations on Obligations of Guarantors.
​
Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering the Note Guarantee, as it relates to such Guarantor, voidable under applicable laws relating to fraudulent conveyance, fraudulent transfer, improper corporate benefit, financial assistance or similar laws affecting the rights of creditors generally; provided that, with respect to
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each relevant jurisdiction, such obligations shall be limited in the manner described in any supplemental indenture.
​
Section 10.08. Local Law Limitations.
​
		(a)
	Limitations on Liability of French Guarantors.

​
(1)In the case of any Guarantor incorporated under the laws of France (a “French Guarantor”) its obligations under this Indenture shall apply only insofar as required to:
​
(A)guarantee the payment obligations under this Indenture and the Notes of its direct or indirect Subsidiaries which are or become Guarantors from time to time under this Indenture and incurred by those Subsidiaries in their capacity as Guarantor (without double counting) provided that where such Subsidiary itself guarantees the obligations of the Parent or any of its Restricted Subsidiaries which is not a direct or indirect Subsidiary of the relevant French Guarantor, the amounts payable under this Section 10.08(a)(1)(A) in respect of the obligations of this Subsidiary as a Guarantor, shall be limited as set out in Section 10.08(a)(1)(B) below; and
​
(B)guarantee the payment obligations of (i) the Issuer or (ii) other Guarantors which are not direct or indirect Subsidiaries of that French Guarantor, provided that in such cases such guarantee shall be limited: (x) to the payment obligations of (i) the Issuer under this Indenture and the Notes or (ii) such other Guarantors under this Indenture but in each case (y) not exceeding an amount equal to the aggregate of all amounts made available (directly or indirectly) to the Issuer or such other Guarantors under this Indenture and the Notes/and received out of the proceeds of the Notes and on-lent (directly or indirectly by way of intercompany loans) to that French Guarantor and outstanding at the time a call is made under its Guarantee (the “French Maximum Guaranteed Amount”); it being specified that any payment made by such French Guarantor under this Indenture in respect of the obligations of any Issuer or any other Guarantor shall reduce pro tanto the outstanding amount of the intercompany loans (if any) due by such French Guarantor under the relevant intercompany loan arrangements referred to above.
​
(2)For the avoidance of doubt, any payment made by a French Guarantor under Section 10.08(a)(1)(B) pursuant to the guarantees granted under this Indenture shall reduce pro tanto the French Maximum Guaranteed Amount.
​
(3)Notwithstanding any other provision of this Indenture, no French Guarantor shall secure liabilities under this Indenture and the Notes which would result in such
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French Guarantor not complying with French financial assistance rules as set out in Article L. 225-216 of the French Commercial Code (Code de commerce) or would constitute a misuse of corporate assets within the meaning of article L. 241-3, L. 242-6 or L. 244-1 of the French Commercial Code (Code de commerce) or any other applicable law or regulations having the same effect, as interpreted by French courts.
​
(4)It is acknowledged that no French Guarantor is acting jointly and severally with the Issuer or other Guarantors as to its obligations arising under or in connection with this Indenture.
​
(5)Notwithstanding any other provision of this Indenture, (i) the representations, undertakings and warranties made in this Indenture by any French Guarantor (or by the Issuer) shall be made, in each case, in respect of itself and its Subsidiaries only and for the avoidance of any doubt will not apply in relation to matters pertaining exclusively to its shareholders or its holding companies; and (ii) the indemnities granted in this Indenture by each French Guarantor shall be, in each case, in respect of its own breach or that of (i) the Issuer (if the Issuer is a direct or indirect Subsidiary of that French Guarantor) or (ii) its Subsidiaries which are French Guarantors.
​
(b)Limitations on Liability of Spanish Guarantors. Any obligations or liabilities incurred or assumed under this Indenture by any Spanish Guarantor shall (i) not include any obligations or liabilities which, if incurred, would constitute a breach of the financial assistance limitations set out under Articles 143 and 150 of Spanish Royal Legislative Decree 1/2010, of 2 July, approving the consolidated text of the Spanish Capital Companies Act, as interpreted by Spanish courts, and (ii) with respect to Spanish Guarantors which are private limited liability companies (sociedad limitada), not exceed an amount equal to twice the amount of their respective own funds (recursos propios), but only to the extent that such limitation provided under Article 401.2 of the Spanish Royal Legislative Decree 1/2010, of 2 July, approving the consolidated text of the Spanish Capital Companies Act, as interpreted by Spanish courts, is compulsorily applicable to the obligations assumed by such Spanish Guarantors under this Indenture.
​
(c)Limitations on Liability of Norwegian Guarantors. Notwithstanding the other provisions of this Indenture, the obligations and liabilities of any Guarantor incorporated in Norway (each, a “Norwegian Guarantor”) under this Indenture shall be deemed to have been given only to the extent such obligations and liabilities do not violate the mandatory provisions of the Norwegian Private Limited Companies Act of 13 June 1997 no. 44 (the “Norwegian Companies Act”), including Sections 8-7 and 8-10, regulating unlawful financial assistance and other prohibited loans, guarantees and joint and several liability as well as providing of security, and the liability of each Norwegian Guarantor shall only apply to the fullest extent permitted by such provisions of the Norwegian Companies Act. The liabilities of any Norwegian Guarantor is limited to the maximum principal amount of amount equaling $500 million of the aggregate principal amount of Notes issued pursuant to this Indenture, plus any unpaid amounts of interest, default interest, breaking costs, fees, commissions, costs, expenses and other derived liabilities under this Indenture. The limitations in this Section 10.08(c) shall apply mutatis mutandis to any Security Document to which a Norwegian Guarantor is party.
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Section 10.09. Non-Impairment.
​
The failure to endorse a Note Guarantee on any Note shall not affect or impair the validity thereof.
​
ARTICLE XI
COLLATERAL AND SECURITY
Section 11.01. Security Documents.
​
(a)The due and punctual payment of the principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes and the Guarantees 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, premium on, if any, interest and Additional Amounts, if any (to the extent permitted by law), on the Notes, the Guarantees and performance of all other obligations of the Issuer and the Guarantors to the Holders or the Trustee and the Security Agent under this Indenture, the Notes and the Guarantees according to the terms hereunder or thereunder, are secured as provided in the Intercreditor Agreement, the ABL Intercreditor Agreement, any Additional Intercreditor Agreement and the Security Documents. Each Holder, by its acceptance of a Note: (i) consents and agrees to the terms of the Intercreditor Agreement, the ABL Intercreditor Agreement, any Additional Intercreditor Agreement and the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Liens and authorizing the Security Agent to enter into any Security Document on its behalf) as the same may be in effect or may be amended from time to time in accordance with its terms and (ii) authorizes and directs the Security Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. The Issuer will deliver to the Trustee copies of all documents delivered to the Security Agent pursuant to the Security Documents, and, subject to the Agreed Security Principles, the Issuer and the Guarantors will, and the Issuer will cause each of its Restricted Subsidiaries to, do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee that the Security Agent holds, for the benefit of the Trustee and the Holders, duly created, enforceable and perfected Liens as contemplated hereby and by the Security Documents, so as to render the same available for the security and benefit of this Indenture and of the Notes and the Guarantees secured thereby, according to the intent and purposes herein expressed. Subject to the Agreed Security Principles, the Intercreditor Agreement and the ABL Intercreditor Agreement, the Issuer and the Guarantors will take, upon request of the Trustee, any and all actions reasonably required to cause the Security Documents to create and maintain, as security for the obligations of the Issuer under the Notes, a valid and enforceable Lien (i) on the Collateral held by the ABL Guarantors in accordance with the relative priorities set forth in the ABL Intercreditor Agreement and the Intercreditor Agreement and (ii) on the Collateral held by the Guarantors other than the ABL Guarantors in accordance with the relative priorities set forth in the Intercreditor Agreement.
​
(b)Without prejudice to the provisions of the Intercreditor Agreement or the ABL Intercreditor Agreement, each of the Issuer, the Trustee and the Holders agree that the Security Agent shall be the joint creditor (together with the Holders) of each and every obligation
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of the parties hereto under the Notes and this Indenture, and that accordingly the Security Agent will have its own independent right to demand performance by the Issuer of those obligations, except that such demand shall only be made with the prior written consent of the Trustee or as otherwise permitted under the Intercreditor Agreement or the ABL Intercreditor Agreement. However, any discharge of such obligation to the Security Agent, on the one hand, or to the Trustee or the Holders, as applicable, on the other hand, shall, to the same extent, discharge the corresponding obligation owing to the other.
​
(c)Each Holder, by accepting a Note, shall be deemed (i) to have authorized the Security Agent to enter into the Security Documents, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement entered into in compliance with Section 4.11 and (ii) to be bound thereby. Each Holder, by accepting a Note, appoints the Security Agent as its trustee under the Security Documents and authorizes it to act on such Holder’s behalf. The Trustee hereby acknowledges that the Security Agent is authorized to act under the Security Documents on behalf of the Trustee, with the full authority and powers of the Trustee thereunder, in accordance with the Intercreditor Agreement and the ABL Intercreditor Agreement. The Security Agent is hereby authorized to exercise such rights, powers and discretions as are specifically delegated to it by the terms of the Security Documents, including the power to enter into the Security Documents, as trustee on behalf of the Holders and the Trustee, in accordance with the Intercreditor Agreement and the ABL Intercreditor Agreement, together with all rights, powers and discretions as are reasonably incidental thereto or necessary to give effect to the trusts created thereunder. The Security Agent shall however at all times be entitled to seek directions from the Trustee and shall be obligated to follow those directions if given (but the Trustee shall not be obligated to give such directions unless directed in accordance with this Indenture).
​
(d)Neither the Trustee nor the Security Agent nor any of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any property securing the Notes, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency or protection of any Lien, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents or any delay in doing so.
​
Section 11.02. Release of Collateral.
​
Notwithstanding the Security Documents, upon receipt by the Security Agent of a certificate from the Issuer that complies with Section 11.05, and subject to the terms of the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement, the Security Agent is authorized to release the relevant Collateral.
​
Section 11.03. Authorization of Actions to Be Taken by the Trustee Under the Security Documents.
​
Subject to the provisions of Section 7.01 and Section 7.02 hereof and the terms of the Intercreditor Agreement, the ABL Intercreditor Agreement and the Security Documents, the Trustee may, in its sole discretion and without the consent of the Holders:
​
​

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​
(A)direct, on behalf of the Holders, the Security Agent to take all actions it deems necessary or appropriate in order to:
​
(1)enforce any of the terms of the Security Documents or the Intercreditor Agreement; and
​
(2)collect and receive any and all amounts payable in respect of the obligations of the Issuer or any Guarantor hereunder; and
​
(B)take all actions it deems necessary or appropriate in order to collect and receive any and all amounts payable in respect of the obligations of the Issuer hereunder.
​
Subject to the provisions hereof, the Security Documents, the Intercreditor Agreement and the ABL Intercreditor Agreement, the Trustee will have power to institute and maintain, or direct the Security Agent to institute and maintain, such suits and proceedings as it may deem expedient to prevent any impairment of the Liens over the Collateral by any acts that may be unlawful or in violation of the Security Documents, the Intercreditor Agreement, the ABL Intercreditor Agreement or this Indenture, and such suits and proceedings as the Trustee 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 such Liens or be prejudicial to the interests of the Holders or of the Trustee).
​
Section 11.04. Authorization of Receipt of Funds by the Trustee Under the Security Documents
​
The Trustee and/or the Security Agent 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, the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement.
​
Section 11.05. Termination of Security Interest; Activity with Respect to Collateral.
​
		(a)
	Subject to the terms of the Intercreditor Agreement, the ABL Intercreditor

Agreement or any Additional Intercreditor Agreement, the Security Agent shall, at the written request of the Issuer, release the relevant Collateral or execute such other appropriate instrument evidencing such release (in the form provided by, reasonably acceptable to the Trustee, and at the expense of the Issuer) under one or more of the following circumstances:
​
(1)upon payment in full of principal, interest and all other obligations under the Notes and this Indenture or the legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided for in Article VIII;
​
​

- 124 -

​
(2)in the case of a Guarantor that is released from its Guarantee pursuant to the terms of this Indenture, the release of property and assets, and Capital Stock, of such Guarantor;
​
(3)in connection with any sale or other disposition of Collateral, directly or indirectly, to (a) any Person other than the Parent, the Issuer or any other Restricted Subsidiaries (but excluding any transaction subject to Article V) if such sale or other disposition does not violate Section 4.05 and is otherwise not prohibited by this Indenture or (b) the Issuer or any other Restricted Subsidiary in a manner consistent with the Intercreditor Agreement and the ABL Intercreditor Agreement, provided that, any Replacement Asset received as consideration for such sale or disposition of Collateral in accordance with this clause (3) or acquired with the proceeds of such Collateral shall secure the Notes to the extent and so long as the provision of such Replacement Asset as Collateral is not reasonably expected to result in (i) any violation of any applicable law or regulation, (ii) any liability of officers, directors or shareholders, (iii) any cost, expense, liability or obligation (including with respect to taxes) other than reasonable out-of- pocket expenses incurred in connection with any governmental or regulatory filings or (iv) inconsistency with the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement;
​
		(4)
	as provided for under Article IX;

​
		(5)
	automatically without any action by the Trustee, as described in

Section 4.03(b);
​
		(6)
	as otherwise provided in the Intercreditor Agreement, the ABL

Intercreditor Agreement or any Additional Intercreditor Agreement;
​
(7)in order to effectuate a merger, consolidation, conveyance or transfer conducted in compliance with Article V;
​
(8)with respect to assets held by or the Capital Stock of any Restricted Subsidiary, in connection with a solvent liquidation of such Restricted Subsidiary, pursuant to which substantially all of the assets of such Restricted Subsidiary remain owned by the Issuer or a Guarantor; provided that, immediately following such solvent liquidation, a Lien of at least equivalent ranking over the same assets exists or is granted in favor of the Security Agent (on its own behalf and on behalf of the Trustee for the Holders);
​
(9)if on any date following the Issue Date, the Notes have achieved Investment Grade Status and no Default or Event of Default has occurred and is continuing; and
​
(10)as otherwise permitted in accordance with this Indenture, including pursuant to Section 4.15.
​
The Security Agent and the Trustee (but only if required in order to effect such release) will, subject to customary protections and/or indemnifications, take all necessary action reasonably requested by, and at the cost of, the Issuer to effectuate any release of Collateral securing the Notes and the Notes Guarantees, in accordance with this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement and the relevant Security
​
​

- 125 -

​
Document. Each of these releases set forth above shall be effected by the Security Agent and, to the extent required or necessary, the Trustee, without the consent of the holders of the Notes. The Security Agent and the Trustee shall be entitled to request and rely solely upon an Officer’s Certificate and an Opinion of Counsel, each certifying which circumstances give rise to the release of Collateral and that such release complies with this Indenture.
​
Section 11.06. Security Agent.
​
(a)The Security Documents and the Collateral will be administered by the Security Agent, in each case pursuant to the Intercreditor Agreement and the ABL Intercreditor Agreement for the benefit of all holders of secured obligations.
​
(b)Any resignation or replacement of the Security Agent shall be made in accordance with the terms of the Intercreditor Agreement and the ABL Intercreditor Agreement.
​
ARTICLE XII
MISCELLANEOUS
Section 12.01. Notices. Any notice or communication shall be in writing, in the
English language, and delivered in person or mailed by first-class mail addressed as follows:
 if to the Parent or Issuer:
​
Ferroglobe PLC
5 Fleet Place,
London EC4M 7RD,
United Kingdom
Attention: Thomas Wiesner
​
with copy to:
​
Milbank LLP
10 Gresham Street
London EC2V 7JD
United Kingdom
Attention: Tim Peterson
​
if to the Trustee
​
GLAS Trustees Limited
45 Ludgate Hill
London EC4M 7JU
United Kingdom
Email: TES@GLAS.AGENCY
Attention: Trustee & Escrow Services
​
​

- 126 -

if to the Paying Agent
Global Loan Agency Services Limited
45 Ludgate Hill
London EC4M 7JU
United Kingdom
Email : tes@glas.agency
Attention: Ferroglobe
​
if to the Registrar and Transfer Agent
GLAS Americas LLC
230 Park Avenue, 10th Floor
New York, New York 10169
United States of America
Telephone: +1 212 808 3050
Facsimile: +1 212 202 6246
Attention: Transaction Management
Email: Client Services Americas clientservices.americas@glas.agency
​
if to the Security Agent
GLAS Trust Corporation Limited
45 Ludgate Hill
London EC4M 7JU
United Kingdom
Email: TES@GLAS.AGENCY
Attention: Trustee & Escrow Services
​
The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
​
Any notice or communication sent to a Holder of Definitive Registered Notes shall be in writing and shall be made by first-class mail, postage prepaid, or by hand delivery to the Holder at the Holder’s address as it appears on the registration books of the Registrar, with a copy to the Trustee.
​
For so long as any of the Notes are listed on the Global Exchange Market of Euronext Dublin and the rules thereof so require, notices of the Issuer with respect to the Notes will be published in a daily newspaper with general circulation in Ireland (which is expected to be The Irish Times) or if, in the opinion of the Issuer such publication is not practicable, in an English language newspaper having general circulation in Europe. Notices may also be published on the website of Euronext Dublin (www.euronext.com/en/markets/dublin) in lieu of publication in a daily newspaper so long as the rules of such exchange are complied with.
​
If and so long as any Notes are represented by one or more Global Notes and ownership of book-entry interests therein are shown on the records of Euroclear or Clearstream or any successor securities clearing agency appointed at the request of the Issuer, notices will be delivered in accordance with the applicable procedures of Euroclear or Clearstream or such successor clearing agency to such securities clearing agency for communication to the owners of
​

- 127 -

​
such book-entry interests and such notices shall be deemed to have been given on the date delivered to such securities clearing agency.
​
Notices given by first-class mail, postage prepaid, will be deemed given five calendar days after mailing. Notices given by publication will be deemed to have been given on the date of such publication or, if published more than once on different dates, on the first date on which publication is made; provided that, if notices are mailed, such notice shall be deemed to have been given on the later of such publication and the seventh day after being so mailed. Any notice or communication mailed to a Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to such Holder if so mailed within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.
​
Any notices provided by the Issuer to the Trustee or to an Agent shall be in the English language or a certified translation.
​
Section 12.02. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee:
​
(i)an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section
12.03 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and any other matters that the Trustee may reasonably request; and
​
(ii) if requested by the Trustee, an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been complied with and any other matters that the Trustee may reasonably request.
​
Section 12.03. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:
​
(i)a statement that the Person making such certificate or opinion has read such covenant or condition;
​
(ii)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;
​
(iii)a statement that, in the opinion of such Person, such Person has made such examination or investigation as is necessary to enable that Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
​
​

- 128 -

​
(iv)a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.
​
Section 12.04. When Notes are to be Disregarded. In determining whether the Holders of the required principal amount of the Notes have concurred in any direction, waiver or consent, the Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer will be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes so owned about which a Responsible Officer of the Trustee has been notified in accordance with this Indenture shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination.
​
Section 12.05. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their functions.
​
Section 12.06. Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected.
​
Section 12.07. Governing Law. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, AND THE RIGHTS AND DUTIES OF THE PARTIES THEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
​
Section 12.08. Consent to Jurisdiction and Service. Each of the parties hereto irrevocably agrees that any suit, action or proceeding arising out of, related to, or in connection with this Indenture, the Notes and the Note Guarantees or the transactions contemplated hereby, and any action arising under U.S. Federal or state securities laws, may be instituted in any U.S. federal or state court located in the State and City of New York, Borough of Manhattan; irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding; and irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding. The Parent and each of the Guarantors hereby appoint Globe Specialty Metals, Inc. as its authorized agent (the “Authorized Agent”) upon whom process may be served in any such suit, action or proceeding which may be instituted in any Federal or state court located in the State of New York, Borough of Manhattan arising out of or based upon this Indenture, the Notes or the transactions contemplated hereby or thereby, and any action brought under U.S. Federal or state securities laws. The Issuer and each of the Guarantors expressly consents to the jurisdiction of any such court in respect of any such action and waives any other requirements of or objections to personal jurisdiction with respect thereto and waives any right to trial by jury. Such appointment shall be irrevocable unless and until replaced by an agent reasonably acceptable to the Trustee. The Issuer and each of the Guarantors represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force
​
​

- 129 -

​
and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Parent shall be deemed, in every respect, effective service of process upon the Issuer and any Guarantor.
​
Section 12.09. No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Parent or any of their respective Subsidiaries or Affiliates as such, shall have any liability for any obligations of the Issuer or any Guarantor under this Indenture or any Notes Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
​
Section 12.10. Successors. All agreements of the Issuer and each Guarantor in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.
​
Section 12.11. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture.
​
Section 12.12. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.
​
Section 12.13. Prescription. Claims against the Issuer and the Guarantors for the payment of principal, or premium, if any, on the Notes will be prescribed 10 years after the applicable due date for payment thereof. Claims against the Issuer and the Guarantors for the payment of interest on the Notes will be prescribed five years after the applicable due date for payment of interest.
​
Section 12.14. 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.
​
​

- 130 -

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

	​

	​

	​

	​
	FERROGLOBE FINANCE COMPANY, PLC,

	​
	as Issuer

	​
	​

	​
	By:
	/s/ Marco Levi
	​

	
	​
	​
	Name:
	MARCO LEVI

	​
	​
	Title:
	DIRECTOR

​
​
​

[Signature Page to Indenture]

​
	Z

	​

	​

	​

	​
	Ferroglobe PLC, 

	​
	as Parent

	​
	​

	​
	By:
	/s/ JAVIER LOPEZ MADRID
	​

	
	​
	​
	Name:
	JAVIER LOPEZ MADRID

	​
	​
	Title:
	EXECUTIVE CHAIRMAN

​
​

[Signature Page to Indenture]

​
	 ​

	​

	​

	​

	​
	Ferroglobe Holding Company Ltd., 

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Beatriz garcia-Cos Muntanola
	​

	
	​
	​
	Name:
	BEATRIZ GARCIA-COS MUNTANOLA

	​
	​
	Title:
	DIRECTOR

​
​

[Signature Page to Indenture]

​
	​

	​

	​

	​

	​
	Grupo FerroAtlántica S.A.U.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

​
	​

	​

	​

	​

	​
	Ferroatlantica Participaciones S.L.U.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferrosolar OPCO Group S.L.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Grupo Ferroatlantica De Servicios S.L.U.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferroatlantica De Boo S.L.U.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferroatlantica De Sabon S.L.U.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferroatlantica del Cinca S.L.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Cuarzos Industriales S.A.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Netherlands B.V.,

	​
	(having its corporate seat in Amsterdam, the Netherlands and registered with the Dutch trade register under number 34358567)

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferroglobe Mangan Norge AS,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	FerroPem, S.A.S.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Ferroglobe Manganese France S.A.S.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

​
	​

	​

	​

	​

	​
	Globe Metallurgical, Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Alden Resources LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	ARL Resources, LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	Alden Resources LLC,

	​
	​
	as sole member

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	ARL Services, LLC,

	​
	​

	​
	By:
	Alden Resources LLC,

	​
	​
	as sole member

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Alden Sales Corp, LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Core Metals Group Holdings LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Core Metals Group LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Metallurgical Process Materials, LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Tennessee Alloys Company , LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Alabama Sand and Gravel, Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Sales, Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Gatliff Services, LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Enterprises Holdings Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Enterprises LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GBG Holdings LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Globe Metals Enterprises LLC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Alloys II Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Alloys I Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Solsil Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GSM Financial Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Norchem, Inc.,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	QSIP Canada ULC,

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Thomas Wiesner
	​

	
	​
	​
	Name:
	THOMAS WIESNER

	​
	​
	Title:
	ATTORNEY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Globe Specialty Metals, Inc.

	​
	as Guarantor

	​
	​

	​
	By:
	/s/ Paul Lojek
	​

	
	​
	​
	Name:
	Paul Lojek

	​
	​
	Title:
	President

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GLAS Trustees Limited,

	​
	as Trustee

	​
	​

	​
	By:
	/s/ Paul Cattermole
	​

	
	​
	​
	Name:
	PAUL CATTERMOLE

	​
	​
	Title:
	AUTHORISED SIGNATORY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	Global Loan Agency Services Limited,

	​
	as Paying Agent

	​
	​

	​
	By:
	/s/ Paul Cattermole
	​

	
	​
	​
	Name:
	PAUL CATTERMOLE

	​
	​
	Title:
	AUTHORISED SIGNATORY

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GLAS Americas LLC,

	​
	as Registrar and Transfer Agent

	​
	​

	​
	By:
	/s/ Martin Reeo
	​

	
	​
	​
	Name:
	MARTIN REEO

	​
	​
	Title:
	SENIOR VICE PRESIDENT

​
​

[Signature Page to Indenture]

	​

	​

	​

	​

	​
	GLAS Trust Corporation Limited,

	​
	as Security Agent

	​
	​

	​
	By:
	/s/ Paul Cattermole
	​

	
	​
	​
	Name:
	PAUL CATTERMOLE

	​
	​
	Title:
	AUTHORISED SIGNATORY

​
​

[Signature Page to Indenture]

EXHIBIT A
​
PROVISIONS RELATING
TO THE NOTES
​
These provisions relating to the Notes are in addition to and not in lieu of the provisions relating to the Notes found in Articles II and III of the Indenture. In the event any inconsistency between the language in this Exhibit A and corresponding language in the Indenture, the language in the Indenture shall control.
​
		1.
	Definitions.

​
Capitalized terms used but not otherwise defined in this Exhibit A shall have the meanings assigned to them in the Indenture. For the purposes of this Exhibit A the following terms shall have the meanings indicated below:
​
“Definitive Registered Note” means a certificated Note that does not include the Global Notes Legend.
​
“Common Depositary” means Banque Internationale à Luxembourg, société anonyme, for Euroclear and Clearstream accounts, or any successor Person thereto.
“Global Notes” has the meaning given to it in Section 2.1(a)(iv) of this Exhibit A. “Global Notes Legend” means the legend set forth under that caption in Exhibit A-
1.
​
“Institutional Accredited Investors” means an “accredited investor” as defined in
Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D.
​
“QIB” means a “qualified institutional buyer” as defined in Rule 144A.
 “Regulation D” means Regulation D under the Securities Act.
 “Regulation S” means Regulation S under the Securities Act.
“Regulation S Global Notes” has the meaning given to it in Section 2.1(a)(ii) of this
Exhibit A.
​
“Regulation S Notes” means all Notes offered and sold outside the United States in
reliance on Regulation S.
​
“Restricted Global Notes” has the meaning given to it in Section 2.1(a)(i) of this
​
Exhibit A.
​
“Restricted Notes Legend” means the legend set forth under that caption in this 
Exhibit A-1.
“Rule 144A” means Rule 144A under the Securities Act.
​

A-1

​
“Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A.
​
“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, as amended.
​
“Transfer Restricted Notes” means Definitive Registered Notes and any other Notes that bear or are required to bear the Restricted Notes Legend.
​
“United States” and “U.S.” means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.
​
		2.
	The Notes.

​
		2.1
	Form and Dating.

​
		(a)
	Global Notes.

​
(i)Notes offered and sold within the United States to QIBs in accordance with Rule 144A shall be issued initially in the form of one or more permanent global notes in fully registered form without interest coupons (collectively, the “144A Global Notes”). Notes offered and sold within the United States to Institutional Accredited Investors in reliance on Regulation D shall be issued initially in the form of one or more permanent global notes in fully registered form without interest coupons (collectively, the “IAI Global Notes” and, collectively with the 144A Global Notes, the “Restricted Global Notes”).
​
(ii)Notes offered and sold outside the United States in reliance on Regulation S and denominated in U.S. dollars shall be issued initially in the form of one or more permanent global notes in fully registered form without interest coupons (collectively, the “Regulation S Global Notes”).
​
(iii)The Restricted Global Notes and the Regulation S Global Notes shall bear the Global Notes Legend. The Restricted Global Notes shall bear the Restricted Notes Legend. The Restricted Global Notes and the Regulation S Global Notes shall be deposited on behalf of the purchasers of the Notes represented thereby with the Common Depositary, and registered in the name of the Common Depositary or its nominee, as the case may be, for the accounts of Euroclear and Clearstream, duly executed by the Issuer and authenticated by the Trustee or the Authenticating Agent as provided in the Indenture.
​
(iv)The Restricted Global Notes and the Regulation S Global Notes are each referred to herein as a “Global Note” and are collectively referred to herein as “Global Notes”. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee or Registrar and the Common Depositary or its nominee and on the schedules thereto as hereinafter provided, in connection with transfers, exchanges, redemptions and repurchases of beneficial interests therein.
​
(b)Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Common Depositary.
​
​

A-2

​
Members of, or participants and account holders in, Euroclear and Clearstream (“Participants”) shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Common Depositary or its nominee or by the Trustee, and the Common Depositary or its nominee may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Common Depositary or impair, as between the Common Depositary, on the one hand, and the Participants, on the other, the operation of customary practices of such persons governing the exercise of the rights of a Holder of a beneficial interest in any Global Note.
​
The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action that a Holder is entitled to take under this Indenture or the Notes.
​
(c)Definitive Registered Notes. Except as provided in Section 2.3 or 2.4 of this Exhibit A, owners of beneficial interests in Global Notes will not be entitled to receive physical delivery of certificated Notes.
​
2.2Authentication. The Trustee or the Authenticating Agent, as the case may be, shall authenticate and make available for delivery the Notes upon a written Authentication Order of the Issuer signed by an Officer of the Issuer. Such Authentication Order shall (a) specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, (b) direct the Trustee or the Authenticating Agent to authenticate such Notes and
(c) certify that all conditions precedent to the issuance of such Notes have been complied with in accordance with the terms hereof.
​
		2.3
	Transfer and Exchange.

​
(a)Transfer and Exchange of Definitive Registered Notes. When Definitive Registered Notes are presented to the Registrar or Transfer Agent, as the case may be, with a request:
​
		(i)
	to register the transfer of such Definitive Registered Notes; or

​
(ii)to exchange such Definitive Registered Notes for an equal principal amount of Definitive Registered Notes of other authorized denominations,
​
the Registrar or the Transfer Agent, as the case may be, shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met, provided, however, that the Definitive Registered Notes surrendered for transfer or exchange:
​
(1)shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar or the Transfer Agent, as the case may be, duly executed by the Holder thereof or its attorney duly authorized in writing; and
​
(2)in the case of Transfer Restricted Notes, are accompanied by the following additional information and documents, as applicable:
​
​

A-3

​
(i)if such Definitive Registered Notes are being delivered to the Registrar or the Transfer Agent, as the case may be, by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect (in the form set forth on the reverse side of the Note);
​
(ii)if such Definitive Registered Notes are being transferred to the Issuer, a certification to that effect (in the form set forth on the reverse side of the Note); or
​
(iii)if such Definitive Registered Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144A, Regulation S, Regulation D or Rule
144 under the Securities Act or in reliance upon another exemption from the registration requirements of the Securities Act, (x) a certification to that effect (in the form set forth on the reverse side of the Note) and (y) if the Issuer or Registrar or Transfer Agent, as the case may be, so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(d) of this Exhibit A.
​
(b)Restrictions on Transfer of a Definitive Registered Note for a Beneficial Interest in a Global Note. A Definitive Registered Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Registrar of a Definitive Registered Note, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer, the Registrar and the Transfer Agent, together with:
​
(i)certification (in the form set forth on the reverse side of the Note) that such Definitive Registered Note is being transferred to a QIB in accordance with Rule 144A or an Institutional Accredited Investor in accordance with Regulation D; and
​
(ii)written instructions directing the Registrar to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the account to be credited with such increase, then the Trustee or the Authenticating Agent shall cancel such Definitive Registered Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Common Depositary and the Registrar, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Registered Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Registered Note so cancelled. If no Global Notes are then outstanding and the Global Note has not been previously exchanged for certificated securities pursuant to Section 2.4 of this Exhibit A, the Issuer shall issue and the Trustee or the Authenticating Agent shall authenticate, upon written order of the Issuer in the form of an Authentication Order, a new Global Note in the appropriate principal amount.
​
​

A-4

​
		(c)
	Transfer and Exchange of Global Notes.

​
(i)The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Common Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Common Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver a written order given in accordance with the Common Depositary’s procedures containing information regarding the participant account of the Common Depositary to be credited with a beneficial interest in such Global Note or another Global Note and such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. Transfers and exchanges of book-entry interests in a Global Note to Persons who take delivery thereof in the form of a book-entry interest in a Global Note shall be made in accordance with the transfer restrictions set forth in the Global Notes Legend. Transfers by an owner of a beneficial interest in a Restricted Global Note to a transferee who takes delivery of such interest through a Regulation S Global Note shall be made only upon receipt by the Registrar of a certification in the form provided in Exhibit B from the transferor to the effect that such transfer is being made in accordance with Regulation S or pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) under the Securities Act.
​
(ii)Notwithstanding any other provisions of this Exhibit A (other than the provisions set forth in Section 2.4 of this Exhibit A), a Global Note may not be transferred as a whole except by the Common Depositary to a successor Common Depositary or a nominee of such successor Common Depositary.
​
		(d)
	Legend.

​
(i)Except as permitted by the following paragraph (ii) or (iii), each Note certificate evidencing the Restricted Global Notes or any Definitive Registered Notes held by QIBs in accordance with Rule 144A or Institutional Accredited Investors in accordance with Regulation D (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only):
​
“THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURIITES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND, NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, NOR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.
​
​

A-5

​
BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER FOR THE BENEFIT OF THE ISSUER AND THE GUARANTORS AND ANY OF THEIR SUCCESSORS IN INTEREST:
​
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS SECURITY IN AN OFFSHORE TRANSACTION COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3), (7), (8), (9), (12) or
		(13)
	OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”);

​
(2)AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES THAT IT WILL NOT PRIOR TO THE DATE WHICH IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE U.S. SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE DATE OF ORIGINAL ISSUE AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THE NOTES (OR ANY PREDECESSOR THERETO) (THE “RESALE RESTRICTION TERMINATION DATE”) RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR A BENEFICIAL INTEREST IN THIS NOTE EXCEPT (A) TO THE ISSUER, THE GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON THAT THE SELLER, AND ANY PERSON ACTING ON ITS BEHALF, REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION COMPLYING WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (D) TO AN IAI THAT IS ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN IAI, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, AND IN EACH OF SUCH CASES IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; PROVIDED THAT THE ISSUER, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THAT AN OPINION OF COUNSEL, CERTIFICATIONS OR OTHER INFORMATION SATISFACTORY TO THE ISSUER, THE TRUSTEE AND THE REGISTRAR IS COMPLETED AND DELIVERED BY THE TRANSFEROR; AND
​
(3)AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED, A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.
​
​

A-6

​
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE ISSUER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION”, AND “UNITED STATES” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE U.S. SECURITIES ACT.
​
BY ACCEPTANCE AND HOLDING OF THIS NOTE, EACH ACQUIRER AND SUBSEQUENT TRANSFEREE OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) NO PORTION OF THE ASSETS USED BY SUCH ACQUIRER OR TRANSFEREE TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (II) PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (III) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED IN CLAUSE (I) AND (II) (EACH OF THE FOREGOING DESCRIBED IN CLAUSES (I), (II) AND (III) REFERRED TO AS A “PLAN”) OR (B) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”
​
Each Definitive Registered Note held by QIBs in accordance with Rule 144A or Institutional Accredited Investors in accordance with Section 4(a)(2) of the Securities Act shall bear the following additional legend:
​
“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS”.
​
(ii)Upon any sale or transfer of a Transfer Restricted Note that is a Definitive Registered Note, the Holder thereof shall be permitted to exchange such Transfer Restricted Note for a Definitive Registered Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Transfer Agent and Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Note).
​
(iii)Any additional Notes sold in a registered offering under the Securities Act shall not be required to bear the Restricted Notes Legend.
​
(e)Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Registered Notes, transferred,
​
​

A-7

​
redeemed, repurchased or cancelled, such Global Note shall be returned by the Common Depositary to Trustee or the Authenticating Agent for cancellation or retained and cancelled by the Trustee or the Authenticating Agent. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Registered Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Registrar with respect to such Global Note, by the Trustee or the Registrar, to reflect such reduction.
​
		(f)
	Obligations with Respect to Transfers and Exchanges.

​
(i)To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee or an Authenticating Agent shall authenticate, Definitive Registered Notes and Global Notes at the Registrar’s request.
​
(ii)No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Section 2.07, 3.06, 4.05, 4.14 or 9.04 of the Indenture).
​
(iii)Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.
​
(iv)All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.
​
		(g)
	No Obligation of the Trustee.

​
(i)The Trustee and Agents shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Common Depositary or any other Person with respect to the accuracy of the records of the Common Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Common Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Common Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Common Depositary subject to the applicable rules and procedures of the Common Depositary. The Trustee and Agents may rely and shall be
​
​

A-8

​
fully protected in relying upon information furnished by the Common Depositary with respect to its members, participants and any beneficial owners.
​
(ii)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable for compliance, with any restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, imposed under the Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase, as applicable of any interest in any Note (including, without limitation, any transfers between or among Common Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof, it being understood that without limiting the generality of the foregoing, the Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable for compliance, with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under the Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Note.
​
		2.4
	Transfer and Exchange of Global Notes for Definitive Registered Notes.

​
(a)A Global Note deposited with the Common Depositary or with the Registrar pursuant to Section 2.1 of this Exhibit A shall be transferred to the beneficial owners thereof in the form of Definitive Registered Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 of this Exhibit A and (i) the Common Depositary notifies the Issuer that it is unwilling or unable to continue as a Common Depositary for such Global Note and a successor Common Depositary is not appointed by the Issuer within 120 days of such notice or after the Issuer become aware of such cessation, or (ii) if the owner of a book-entry interest in such Global Note requests such exchange in writing delivered through the Common Depositary following an Event of Default and enforcement action is being taken in respect thereof under the Indenture.
​
(b)Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Common Depositary to the Trustee or the Registrar, to be so transferred, in whole or from time to time in part, without charge, and the Trustee or an Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Registered Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in minimum denominations of $1.00 and multiples of $1.00 in excess thereof and registered in such names as the Common Depositary shall direct. Any certificated Note in the form of a Definitive Registered Note delivered in exchange for an interest in the Global Note shall, to the extent required by Section 2.3(d) of this Exhibit A, bear the Restricted Notes Legend.
​
(c)Subject to the provisions of Section 2.4(d) of this Exhibit A, the registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent
​
​

A-9

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Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.
​
(d)In the event of the occurrence of any of the events specified in Section 2.4(a)(i) or (ii) of this Exhibit A, the Issuer will promptly make available to the Trustee a reasonable supply of Definitive Registered Notes in fully registered form without interest coupons.
​
​

A-10

EXHIBIT A-1
​
[FORM OF FACE OF NOTE]
​
9.0% SENIOR SECURED NOTE DUE 2025
​
[Global Notes Legend:]
​
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE 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) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
​
THIS GLOBAL NOTE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON AND PROCEDURES FOR RESALES AND OTHER TRANSFERS OF THIS GLOBAL NOTE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS GLOBAL NOTE SHALL BE DEEMED, BY THE ACCEPTANCE HEREOF, TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.
​
[Restricted Global Notes Legend:]
​
THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURIITES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND, NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, NOR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.
​
BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER FOR THE BENEFIT OF THE ISSUER AND THE GUARANTORS AND ANY OF THEIR SUCCESSORS IN INTEREST:
​
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) (A “QIB”), (B) IT HAS
​
​

A-1-1

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ACQUIRED THIS SECURITY IN AN OFFSHORE TRANSACTION COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”);
​
(2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES THAT IT WILL NOT PRIOR TO THE DATE WHICH IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE U.S. SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE DATE OF ORIGINAL ISSUE AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THE NOTES (OR ANY PREDECESSOR THERETO) (THE “RESALE RESTRICTION TERMINATION DATE”) RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR A BENEFICIAL INTEREST IN THIS NOTE EXCEPT i. TO THE ISSUER, THE GUARANTORS OR ANY SUBSIDIARY THEREOF, ii. TO A PERSON THAT THE SELLER, AND ANY PERSON ACTING ON ITS BEHALF, REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION COMPLYING WITH RULE 144A UNDER THE U.S. SECURITIES ACT, iii. PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
U.S. SECURITIES ACT, iv. TO AN IAI THAT IS ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN IAI, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, v. PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OR vi. PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, AND IN EACH OF SUCH CASES IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; PROVIDED THAT THE ISSUER, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THAT AN OPINION OF COUNSEL, CERTIFICATIONS OR OTHER INFORMATION SATISFACTORY TO THE ISSUER, THE TRUSTEE AND THE REGISTRAR IS COMPLETED AND DELIVERED BY THE TRANSFEROR; AND
​
(3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED, A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.
​
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE ISSUER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION”, AND “UNITED STATES” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE U.S. SECURITIES ACT.
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​

A-1-2

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BY ACCEPTANCE AND HOLDING OF THIS NOTE, EACH ACQUIRER AND SUBSEQUENT TRANSFEREE OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) NO PORTION OF THE ASSETS USED BY SUCH ACQUIRER OR TRANSFEREE TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (II) PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (III) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED IN CLAUSE (I) AND (II) (EACH OF THE FOREGOING DESCRIBED IN CLAUSES (I), (II) AND (III) REFERRED TO AS A “PLAN”) OR (B) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”
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[Each Definitive Registered Note shall bear the following additional legend:]
​
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.
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​

A-1-3

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	[Rule 144A / IAI / Regulation S]

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	Common Code
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	ISIN
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	Issue Date:
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	9.0% Senior Secured Note due 2025

	​
	​

	No.
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	$
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	​

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FERROGLOBE FINANCE COMPANY PLC
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a public limited company incorporated under the laws of England and Wales, having its registered office at 5 Fleet Place, London, England EC4M 7RD, United Kingdom, promises to pay [·], or its registered  assigns, the principal sum of $ ​ ​, subject to adjustments listed on the Schedule of Increases or Decreases in the Global Note attached hereto, on June 30, 2025.
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Interest Payment Dates: January 31 and July 31, commencing on January 31, 2022.
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Record Dates: [One Business Day immediately preceding the relevant Interest Payment Date][for Global Notes]/[January 30 and July 30 immediately preceding the relevant Interest Payment Date][for Definitive Registered Notes]
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This Note and the Note Guarantees in respect thereof are also subject to the transfer restrictions set forth on the other side of this Note.
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The maximum principal amount of the Notes may be increased in accordance with the provisions set forth under the Indenture.
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Additional provisions of this Note are set forth on the other side of this Note.
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(Signature page to follow.)
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A-1-4

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IN WITNESS WHEREOF, Ferroglobe Finance Company, PLC has caused this Note to be signed manually or by facsimile by its duly authorized officers.
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Dated:
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	FERROGLOBE FINANCE COMPANY PLC

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	By:
	    
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	Name:

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	Title:

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A-1-5

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	Dated:
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	Trustee’s Certificate of Authentication
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	This is one of the 9.0% Senior Secured Notes due 
	​

	2025 described in the within-mentioned Indenture.
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	GLAS Trustees Limited, 
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	as Trustee
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	By:
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	Authorized Signatory
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A-1-6

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9.0% SENIOR SECURED NOTE DUE 2025
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		1.
	Interest.

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Ferroglobe Finance Company, PLC, a public limited company incorporated under the laws of England and Wales (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”) promises to pay interest on the principal amount of this Note at the rate of 9.0% per annum. The Issuer shall pay interest on this Note semi- annually in arrears on January 31 and July 31, commencing on January 31, 2022. The Issuer will make each interest payment to Holders of record of the Notes one Business Day immediately preceding the relevant Interest Payment Date. Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from the Issue Date until the principal hereof is due. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
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The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 2.0% higher than 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) and Additional Amounts, if any, on overdue installments of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful.
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		2.
	Method of Payment.

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The Issuer shall pay interest on this Note (except defaulted interest) to the persons who are registered Holders of this Note at the close of business on the Record Date for the next Interest Payment Date even if this Note is cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal and interest in euros in immediately available funds that at the time of payment is legal tender for payment of public and private debts; provided, that payment of interest may be made at the option of the Issuer by check mailed to the Holder.
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The amount of payments in respect of interest on each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by the Regulation S Global Note and the Restricted Global Note, as established by the Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender of the Regulation S Global Note and the Restricted Global Note to the Paying Agent.
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		3.
	Paying Agent and Registrar.

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Initially, Global Loan Agency Services Limited will act as Paying Agent and GLAS Americas LLC will act as Registrar and Transfer Agent. The Issuer may appoint and change any Registrar, Transfer Agent or Paying Agent. The Issuer or any other Restricted Subsidiaries may act as Registrar, Transfer Agent and Paying Agent.
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		4.
	Indenture.

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The Issuer issued the Notes under the Indenture dated as of May 17, 2021 (the “Indenture”), among the Issuer, the Parent, the Guarantors, GLAS Trustees Limited, as trustee (in
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​

A-1-7

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such capacity, the “Trustee”), Global Loan Agency Services Limited, as paying agent, and GLAS Americas LLC, as registrar and transfer agent. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement of such terms and provisions. In the event of a conflict, the terms of the Indenture control.
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The Notes are general, senior obligations of the Issuer. This Note is one of the Notes referred to in the Indenture. The Notes and, if issued, any Additional Notes are treated as a single class for all purposes under the Indenture, including, without limitation, with respect to waivers, amendments, redemptions and offers to purchase, except as otherwise provided for therein.
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		5.
	Optional Redemption.

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(a)Except as provided in this Section 5, the Notes are not redeemable until the Transaction Effective Date.
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(b)On and after the Transaction Effective Date, the Issuer may redeem all or, from time to time, part of the Notes upon not less than 10 nor more than 60 days’ notice to the Holder, at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and Additional Amounts (as defined below), if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the periods indicated below:
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	Redemption

	Period
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	Price

	Period commencing on the Transaction Effective Date to the date falling
15 months after the Transaction Effective Date
	100.000%

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	​

	Period commencing after the date falling 15 months after the
Transaction Effective Date to the date falling 9 months after such date
	100.000% plus Applicable Premium

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	Period commencing after the date falling 24 months after the
Transaction Effective Date to the date falling 36 months after the
Transaction Effective Date
	104.500%

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	Period commencing after the date falling 36 months after the
Transaction Effective Date and thereafter
	100.000%

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Any such redemption and notice may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent. If such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the
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A-1-8

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redemption date so delayed; provided that in no case shall the notice have been delivered less than 10 days or more than 60 days prior to the date on which such redemption (if any) occurs. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.
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(c)Prior to the date falling 24 months from the Transaction Effective Date, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes (including the principal amount of any Additional Notes), upon not less than 10 nor more than 60 days’ notice, with funds in an aggregate amount (the “Redemption Amount”) not exceeding the Net Cash Proceeds of one or more Equity Offerings at a redemption price of 109.000% of the principal amount of the Notes, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that:
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(1)at least 65% of the original principal amount of the Notes (including the principal amount of any Additional Notes) remains outstanding immediately after each such redemption; and
​
		(2)
	the redemption occurs within 120 days after the closing of such Equity Offering.

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(d)Prior to the date falling 24 months from the Transaction Effective Date, the Issuer may redeem all or, from time to time, a part of the Notes upon not less than 10 nor more than 60 days’ notice at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium and accrued and unpaid interest and Additional Amounts, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). Any such redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.
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“Applicable Premium” means with respect to any Note the greater of
​
		(A)
	(1% of the principal amount of such Note, and

​
		(B)
	the excess (to the extent positive) of:

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(i)the present value at such redemption date of (1) the redemption price of such Note at the date falling 24 months from the Transaction Effective Date (such redemption price (expressed in percentage of principal amount) being set forth in the table above under Section 5(b) (excluding accrued and unpaid interest)), plus (2) all required interest payments due on such Note to and including the date falling 24 months from the Transaction Effective Date (excluding accrued but unpaid interest), computed upon the redemption date using a discount rate equal to the Treasury Rate at such redemption date plus 50 basis points; over
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		(ii)
	the outstanding principal amount of such Note,

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as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate. For the avoidance of doubt, calculation of Applicable Premium shall not be an obligation or duty of the Trustee or any Paying Agent or Registrar.
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“Treasury Rate” means, as obtained by the Issuer, as of any date of redemption of Notes, the yield to maturity as of such date U.S. 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 date notice of the applicable redemption of Notes is sent in accordance with the Indenture (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such date to the date falling 24 months from the Transaction Effective Date; provided, however, that if the period from such date to the date falling 24 months from the Transaction Effective Date, is less than one year, the weekly average yield on actively traded U.S. Treasury securities adjusted to a constant maturity of one year will be used.
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(e)On or prior to the Initial Notes Repayment Date, (i) the Issuer may redeem and (ii) following any acceleration of the principal amount of Initial Notes prior to their Stated Maturity the Issuer shall be required to redeem, all or, from time to time, part of the Initial Notes upon not less than 10 nor more than 60 days’ notice to the Holder, at a redemption price equal to 100% of the principal amount of the Initial Notes plus the Initial Notes Repayment Date Premium and accrued and unpaid interest and Additional Amounts, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). Following the Initial Notes Repayment Date no Initial Notes Repayment Date Premium shall be due.
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“Initial Notes Repayment Date” means the earlier to occur of:
​
		(A)
	the date on which the Lock-Up Agreement is terminated: (i) pursuant to Clause 9.1(a) of the Lock-Up Agreement; (ii) pursuant to Clauses 9.1(b)(iii), 9.1(b)(iv), 9.1 (c)(iv) or 9.1(c)(v) of the Lock- Up Agreement as a result of a breach or misrepresentation, as applicable, by any holder of the Notes in its capacity as a “Consenting Noteholder” under the Lock-Up Agreement; (iii) pursuant to Clause 9.2(b) of the Lock Up Agreement; (iv) because a scheme of arrangement seeking to implement the Transaction fails to get the requisite creditor consent or is not sanctioned by the court;

(v) pursuant to Clauses 9.1(c)(viii) or 9.1(d)(viii) of the Lock Up Agreement where the event of default under the Lock-Up Agreement is termination of the Lock Up Agreement in the circumstances described in sub-clauses (iii) and (iv) of this paragraph (A); or (vi) pursuant to Clause 9.2(c) of the Lock-Up Agreement as a result of the Transaction Effective Date having occurred;
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		(B)
	the date falling three months after the Lock-Up Agreement is terminated in accordance with its terms; and

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A-1-10

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		(C)
	the Parent or the Issuer becomes subject to Chapter 11 proceedings under the United States Bankruptcy Code of 1978, as amended, administration, liquidation, receivership (in any form) or an analogous procedure in any jurisdiction, including under Bankruptcy Law.

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“Initial Notes Repayment Date Premium” means, for each $1,000 in principal amount of Initial Notes to be redeemed in accordance with this Section 5 or accelerated in accordance with Section 17, as applicable, an amount equal to $437.5.
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		6.
	Optional Tax Redemption.

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The Issuer may redeem the Notes in whole, but not in part, at any time upon giving not less than 10 nor more than 60 days’ prior notice to the Holders of the Notes (which notice will be irrevocable) at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed for redemption (a “Tax Redemption Date”) (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) and all Additional Amounts (as defined in Section 4.13 of the Indenture), if any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if any, if the Issuer determines in good faith that, as a result of:
​
(1)any change in, or amendment to, the law or treaties (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction (as defined in Section 4.13 of the Indenture) affecting taxation; or
​
(2)any amendment to, or change in an official application or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published administrative practice) (each of the foregoing in clauses (1) and (2), a “Change in Tax Law”),
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a Payor (as defined below) is, or on the next interest payment date in respect of the Notes would be, required to pay Additional Amounts with respect of the Notes (but, in the case of a Guarantor, only if the payment giving rise to such requirement cannot be made by the Issuer or another Guarantor who can make such payment without the obligation to pay Additional Amounts) and such obligation cannot be avoided by taking reasonable measures available to the Payor (including, for the avoidance of doubt, the appointment of a new Paying Agent where this would be reasonable). Such Change in Tax Law must be announced and become effective on or after the Issue Date (or if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after the Issue Date, such later date). The foregoing provisions shall apply mutatis mutandis to any successor Person, after such successor Person becomes a party to the Indenture, with respect to a change or amendment occurring after the time such successor Person becomes a party to the Indenture.
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Notice of redemption for taxation reasons will be published in accordance with the procedures described in Section 8. Notwithstanding the foregoing, no such notice of redemption will be given (a) earlier than 60 days prior to the earliest date on which the Payor would be obligated to make such payment of Additional Amounts and (b) unless at the time such notice is
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given, such obligation to pay such Additional Amounts remains in effect. Prior to the publication or mailing of any notice of redemption of Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (a) an Officer’s Certificate stating that it is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to its right so to redeem have been satisfied and (b) an opinion of an independent tax counsel of recognized standing to the effect that the Payor has been or will become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee shall be entitled to rely on such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, without further inquiry, in which event it will be conclusive and binding on the Holders.
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		7.
	Mandatory Redemption and Sinking Fund.

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(a)Except as provided in this Section 7, the Issuer is not required to make mandatory redemption payments or sinking fund payments with respect to the Notes.
​
(b)[If, on the Transaction Effective Date, the Issuer issues Additional Notes with aggregate principal amount in excess of $20.0 million, the Issuer shall be required to redeem an aggregate principal amount of Initial Notes equivalent to the Initial Notes Reduction Amount on a pro rata basis at a redemption price equal to 100% of the principal thereof, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the date of redemption, which shall be the Business Day following the Transaction Effective Date. No notice of redemption shall be required to be provided to Holders in respect of the redemption set forth in this clause (b). For the avoidance of doubt, the Initial Note Repayment Date Premium shall not apply in respect of the redemption set forth in this clause (b).][To include only in the Notes to be issued on the Issue Date]
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		8.
	Notice of Redemption.

​
Subject to the next paragraph, not less than 10 days but not more than 60 days before a date for redemption of Notes, the Issuer shall transmit to each Holder (with a copy to the Trustee and Registrar) a notice of redemption in accordance with Section 12.01 of the Indenture; provided, however, that any notice of redemption provided for by Section 6 shall not be given (a) earlier than 60 days prior to the earliest date on which the Payor would be obligated to make a payment of Additional Amounts and (b) unless at the time such notice is given, the obligation to pay such Additional Amounts remains in effect. In addition, for so long as the Notes are listed on the Global Exchange Market of Euronext Dublin and the rules thereof so require, the Issuer shall publish notice of redemption in a daily newspaper with general circulation in Ireland (which is expected to be The Irish Times) and in addition to such publication, not less than 10 nor more than 60 days prior to the redemption date, mail such notice to Holders by first-class mail, postage prepaid, at their respective addresses as they appear on the registration books of the Registrar. While in global form, notices to Holders may be delivered via Euroclear or Clearstream and in accordance with the applicable procedures of Euroclear or Clearstream in lieu of notice via registered mail. Such notice of redemption may also be published on the website of Euronext Dublin (www.euronext.com/en/markets/dublin) in lieu of publication in a daily newspaper to the extent and as permitted by the rules of Euronext Dublin. The notice shall identify the Notes to be redeemed and shall state the information required pursuant to Section 3.03 of the Indenture.
​
​

A-1-12

​
At the Issuer’s request, the Trustee or the Paying Agent shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall deliver to the Trustee and the Paying Agent, with a copy to the Trustee, at least 5 Business Days prior to the date on which notice of redemption is to be delivered to the Holders (unless a shorter period is satisfactory to the Registrar), an Officer’s Certificate requesting that the Registrar give such notice and the information required and within the time periods specified by this Section 8.
​
If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed as follows: (i) if the Notes are listed on any securities exchange, in compliance with the requirements of the principal securities exchange on which the Notes are listed or (ii) if the Notes are not listed on any securities exchange, on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate and in accordance with Euroclear or Clearstream procedures, provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $1,000. None of the Trustee, the Paying Agent nor the Registrar will be liable for any selections made by it in accordance with this paragraph.
​
If any Note is to be redeemed in part only, the notice of redemption that relates to that Note shall state the portion of the principal amount thereof to be redeemed. In the case of a Definitive Registered Note, a new Definitive Registered Note in principal amount equal to the unredeemed portion of any Definitive Registered Note redeemed in part will be issued in the name of the Holder thereof upon cancellation of the original Definitive Registered Note. In the case of a Global Note, an appropriate notation will be made on such Note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof. Subject to the terms of the applicable redemption notice, Notes called for redemption become due on the date fixed for redemption. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption. If the Issuer elects to redeem the Notes or portions thereof and request the Trustee to distribute to the Holders of the Notes any amounts deposited in trust (which, for the avoidance of doubt, will include accrued and unpaid interest to the date fixed for redemption) prior to the date fixed for redemption in accordance with the provisions set forth under Section 8.01 the applicable redemption notice will state that Holders of the Notes will receive such amounts deposited in trust prior to the date fixed for redemption and the payment date.
​
		9.
	Additional Amounts.

​
All payments made by a Payor on the Notes or any Note Guarantee, as applicable, will be made free and clear of and without withholding or deduction for, or on account of, any Taxes subject to and in accordance with Section 4.13 of the Indenture.
​
		10.
	Repurchase of Notes at the Option of Holders upon (i) a Change of Control and (ii) the occurrence of certain Asset Sales.

​
If a Change of Control occurs, each Holder of Notes will have the right, subject to certain conditions specified in the Indenture, to require the Issuer to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to but excluding the date of purchase (subject to the right of
​
​

A-1-13

​
Holders of record on the relevant record date to receive interest due on the relevant interest payment date) as provided in, and subject to the terms of, the Indenture.
​
In accordance with Section 4.05 of the Indenture, the Issuer will be required to, or may be permitted to, offer to purchase Notes upon the occurrence of certain events, including certain Asset Dispositions.
​
		11.
	[Reserved]

​
		12.
	Denominations, Transfer and Exchange.

​
The Notes are in registered form without interest coupons in minimum denominations of $1.00 and multiples of $1.00 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The transfer of Notes may be registered, and Notes may be exchanged, as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.
​
		13.
	Persons Deemed Owners.

​
Except as provided in Section 2, the registered Holder of this Note will be treated as the owner of it for all purposes. Only registered Holders will have rights under the Indenture, including, without limitation, with respect to enforcement and the pursuit of other remedies.
​
		14.
	Unclaimed Money.

​
If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and the Paying Agent shall have no further liability with respect to such monies.
​
		15.
	Discharge and Defeasance.

​
Subject to certain conditions, the Issuer at any time may terminate all of its obligations and all obligations of each Guarantor under the Notes, any Note Guarantee and the Indenture if the Issuer, among other things, deposits or causes to be deposited with the Trustee money or U.S. dollar-denominated Government Obligations, or a combination thereof, in an amount sufficient, without consideration of reinvestment, to pay and discharge the entire indebtedness on the Notes not previously delivered to the Trustee for cancellation, for principal, premium, if any, and interest to the date of deposit (in the case of Notes that have become due and payable), or to the Stated Maturity or redemption date, as the case may be.
​
		16.
	Amendment, Waiver.

​
The Indenture and the Notes may be amended as set forth in the Indenture.
​
		17.
	Defaults and Remedies.

​
​

A-1-14

​
Each of the following is an “Event of Default” under the Indenture:
​
(a)default in any payment of interest on any Note issued under the Indenture when due and payable, continued for 30 days;
​
(b)default in the payment of the principal amount of or premium, if any, on any Note issued under the Indenture when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;
​
(c)failure by the Issuer or any Guarantor to comply with its obligations under Section 5.01;
​
(d)failure by the Issuer or any Guarantor to comply for 30 days after written notice by the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes with its obligation to make a Change of Control Offer under Section 4.14;
​
(e)failure by the Parent or any of its Restricted Subsidiaries to comply for 60 days after notice by the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes with its other agreements contained in the Indenture (in each case, other than a default in performance, or breach of, a covenant or agreement specifically addressed in clauses (a) to (d) of this Section 17);
​
(f)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 Parent or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Parent or any of its Restricted Subsidiaries) other than Indebtedness owed to the Parent or a Restricted Subsidiary whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which default:
​
(i)is caused by a failure to pay principal at stated maturity on such Indebtedness, immediately upon the expiration of the grace period provided in such Indebtedness (“payment default”); or
​
(ii)results in the acceleration of such Indebtedness prior to its maturity (the “cross acceleration provision”),
​
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 $10.0 million or more;
​
(g)the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
​
(i)commences proceedings to be adjudicated bankrupt or insolvent;
​
​

A-1-15

​
(ii)consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law;
​
(iii)consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property;
​
(iv)makes a general assignment for the benefit of its creditors; or
​
(v)admits in writing that it is unable to pay its debts as they become due;
​
(h)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
​
(i)is for relief against the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuer or any such other Restricted Subsidiary, that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;
​
(ii)appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or
​
(iii)orders the winding up or liquidation of the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary,
​
and, in the case of any of (i), (ii) or (iii) of this clause (h), the order or decree remains un-stayed and in effect for 60 consecutive days;
​
(i)failure by the Issuer or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent and its Restricted Subsidiaries), would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $10.0 million (exclusive of any amounts that a solvent insurance company has acknowledged liability for), which judgments are not paid, discharged or stayed for a period of 60 days after the judgment becomes final (the “judgment default provision”);
​
(j)any Note Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee or this Indenture) or is declared invalid or unenforceable in a judicial proceeding or any Guarantor denies or disaffirms in writing its obligations under its Note Guarantee and any such Default continues for 10 days;
​
​

A-1-16

​
(k)any security interest under the Security Documents on any Collateral having a fair market value in excess of $5.0 million shall, at any time, cease to be in full force and effect (other than in accordance with the terms of the relevant Security Document, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement, and this Indenture) for any reason other than the satisfaction in full of all obligations under this Indenture or the release or amendment of any such security interest in accordance with the terms of this Indenture, the Intercreditor Agreement, the ABL Intercreditor Agreement and any Additional Intercreditor Agreement or such Security Document or any such security interest created thereunder shall be declared invalid or unenforceable or the Parent, the Issuer or any other Restricted Subsidiary shall assert in writing that any such security interest is invalid or unenforceable and any such Default continues for 10 days;
​
(l)any default under any ABL Facility of the Parent or any of its Restricted Subsidiaries involving a principal amount of Indebtedness of $10.0 million or more in the aggregate, the effect of which is to permit the lenders under such ABL Facility to cause the Indebtedness under such ABL Facility to become due or to require the prepayment, repurchase, defeasance or redemption of the Indebtedness under such ABL Facility prior to its stated maturity; provided that this Section 6.01(l) shall not apply to the Indebtedness under any such ABL Facility that becomes due as a result of a refinancing thereof permitted by this Indenture; or
​
(m)the Lock-Up Agreement is terminated in accordance with its terms other than (x)(a) pursuant to clause 9.1(a) of the Lock-Up Agreement or (b) pursuant to clauses 9.1(b)(iii), 9.1(b)(iv), 9.1 (c)(iv), or 9.1(c)(v) of the Lock-Up Agreement as a result of a breach or misrepresentation, as applicable, by the holders of the Notes in their capacity as “Consenting Noteholders” under the Lock-Up Agreement or (y) pursuant to clause 9.2 (c) of the Lock-Up Agreement.
​
The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court of any order, rule or regulation of any administrative or governmental body. However, a default under clause (c), (d), (e), (f), (i), (k) or (l) will not constitute an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes under the Indenture notify the Parent of the default and, with respect to clause (d), (e), (i) or (k), the Parent does not cure such default within the time specified in clause (d), (e), (i) or (k), as applicable, after receipt of such notice.
​
		18.
	Trustee Dealings with the Issuer

​
The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.
​
		19.
	No Recourse Against Others.

​
No director, officer, employee, incorporator or shareholder of the Parent or any of their respective Subsidiaries or Affiliates as such, shall have any liability for any obligations of the
​
​

A-1-17

​
Issuer or the Guarantors under the Notes Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.
​
		20.
	Authentication.

​
This Note shall not be valid until an authorized signatory of the Trustee or the Authenticating Agent manually signs the certificate of authentication on the other side of this Note. The signature shall be conclusive evidence that the security has been authenticated under the Indenture.
​
		21.
	Abbreviations.

​
Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).
​
		22.
	Governing Law.

​
THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
​
The Issuer will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note.
​
​

A-1-18

[ASSIGNMENT FORM]
​
To assign this Note, fill in the form below:
​
I or we assign and transfer this Note to:
​
​
​
(Print or type assignee’s legal name)
​
​
(Insert assignee’s soc. sec. or tax I.D. No.)
​
	​

	​

	​

	​

​
(Insert assignee’s name, address and zip or post code) 
​
and irrevocably appoint
​
​
to transfer this Note on the books of the Issuer. The agent may substitute another to act for it. 
​
	​

	​

	Date:
	​
	​

​
Your Signature:
​
​
Sign exactly as your name appears on the other side of this Note.
​
Signature Guarantee*:
​
*(Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee)
​
​

A-1-19

​
[FORM OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER RESTRICTED NOTES]
​
This certificate relates to $[●] principal amount of Notes held in (check applicable box) book-entry or definitive registered form by the undersigned.
​
The undersigned (check one box below):
​
		◻	as requested the Trustee by written order to deliver, in exchange for its beneficial interest in the Global Note held by the Common Depositary, a Definitive Registered Note in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

​
		◻	as requested the Trustee by written order to exchange or register the transfer of a Note.

​
In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(d) under the Securities Act, the undersigned confirms that such Notes are being transferred in accordance with its terms:
​
CHECK ONE BOX BELOW
​
(1)◻to the Issuer; or
​
(2)◻to the Registrar for registration in the name of the Holder, without transfer; or
​
(3)◻pursuant to an effective registration statement under the Securities Act; or
​
(4)◻inside the United Sates to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
​
(5)◻outside the United Sates in an offshore transaction  within  the  meaning  of  Regulation S in compliance with Rule 904 under the Securities Act;
​
(6)◻to an institutional investor that is an accredited investor within the meaning of Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D in a transaction exempt from the registration requirements of the Securities Act; or
​
(7)◻pursuant to Rule 144 under the Securities Act or another available exemption from registration.
​
Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Trustee or the Issuer have reasonably requested to confirm that such transfer is being made
​
​

A-1-20

​
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
​
Date:​ ​​ ​ 
​
Your Signature:
​
Sign exactly as your name appears on the other side of this Note.
​
	​
​
​

	​

	​

	Signature Guarantee*:
	​

*(Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee)
​
TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED.
​
The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.
​
Date:​ ​​ ​
​
	​
​
​

	​

	​

	Signature:
	​

(to be executed by an executive officer of purchaser)
​
TO BE COMPLETED BY PURCHASER IF (6) ABOVE IS CHECKED.
​
The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D in a transaction meeting the requirements of Rule 506 of Regulation D or such other applicable exemption and the purchase of this Note is in compliance with any applicable blue sky securities laws of any state or territory of the United States.
​
Date:​ ​​ ​
​
	​
​
​

	​

	​

	Signature:
	​

(to be executed by an executive officer of purchaser)
​

A-1-21

Schedule of Increases and Decreases in the Global Notes
​
The  initial  principal  amount  of  this  Global Note is $[·].The following increases or decreases in this Global Note have been made:
​
	​
​
​

	​

	​

	​

	​

	​

	​

	​

	​

	​
	    
	​
	    
	Amount of
	    
	Principal
	    
	​

	​
	​
	Amount of
	​
	Increase in
	​
	Amount
	​
	​

	​
	​
	Decrease in
	​
	Principal
	​
	of
	​
	Signature of

	​
	​
	Principal
	​
	Amount
	​
	this Global Note
	​
	Authorized

	​
	​
	Amount
	​
	of
	​
	Following such
	​
	Signatory of

	Date of
	​
	of
	​
	this Global
	​
	Decrease or
	​
	Registrar or

	Increase/Decrease
	​
	this Global Note
	​
	Note
	​
	Increase
	​
	Paying Agent

​
​

A-1-22

​
[FORM OF OPTION OF HOLDER TO ELECT PURCHASE]
​
If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.14 (Change of Control) or Section 4.05 (Limitation on Sales of Assets and Subsidiary Stock) of the Indenture, check the box:
​
Asset Disposition ☐Change of Control ☐
​
If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.14 or Section 4.05 of the Indenture, state the amount (minimum amount of $1.00):
​
$​ ​​ ​ 
​
Date:​ ​​ ​
​
Your Signature:
​
(Sign exactly as your name appears on the other side of the Note)
​
	​
​
​

	​

	​

	Signature Guarantee*:
	​

*(SIGNATURE MUST BE GUARANTEED BY A PARTICIPANT IN A RECOGNIZED SIGNATURE GUARANTY MEDALLION PROGRAM OR OTHER SIGNATURE GUARANTOR ACCEPTABLE TO THE TRUSTEE)
​
​

A-1-23

EXHIBIT B
​
FORM OF SUPPLEMENTAL INDENTURE
​
SUPPLEMENTAL INDENTURE
​
SUPPLEMENTAL INDENTURE No. [·] (this “Supplemental Indenture”), dated as of [·], among [·], a company organized and existing under the laws of [·] (the “Additional Guarantor”), a subsidiary of Ferroglobe PLC, a public limited company incorporated under the laws of England and Wales (the “Parent”), Ferroglobe Finance Company, PLC, a public limited company incorporated under the laws of England and Wales (the “Issuer”) and GLAS Trustees Limited, as trustee (the “Trustee”).
​
W I T N E S S E T H
​
WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 17, 2021 providing for the issuance of the Issuer’s U.S. dollar- denominated 9.0% Senior Secured Notes due 2025 (the “Notes”);
​
WHEREAS, the Indenture provides that under certain circumstances a Subsidiary may execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary shall unconditionally guarantee all of the Issuer’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
​
WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer, the Additional Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture.
​
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Additional Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
​
1.CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
​
2.AGREEMENT TO GUARANTEE. The Additional Guarantor hereby agrees to provide an unconditional Note Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article X thereof.
​
[In addition, pursuant to Section 10.07 of the Indenture, the obligations of the [Guarantor]/[Additional Guarantor] and the granting of its Guarantee shall be limited as follows: [·].]
​
3.NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator or stockholder of any Additional Guarantor, as such, shall have any liability for any obligations of the Issuer or any Additional Guarantor under the Notes, the Indenture, the Note Guarantees or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives
​

B-1

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 applicable securities laws.
​
4.THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE, THE NOTES AND THE NOTE GUARANTEES.
​
5.Each of the parties hereto irrevocably agrees that any suit, action or proceeding arising out of, related to, or in connection with the Indenture, this Supplemental Indenture, the Notes and the Note Guarantees or the transactions contemplated hereby, and any action arising under U.S. Federal or state securities laws, may be instituted in any U.S. federal or state court located in the State and City of New York, Borough of Manhattan; irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding; and irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding. The Issuer and each of the Guarantors (including the Additional Guarantor) has appointed (or hereby appoints) Globe Specialty Metals, Inc., as its authorized agent (the “Authorized Agent”) upon whom process may be served in any such suit, action or proceeding which may be instituted in any Federal or state court located in the State of New York, Borough of Manhattan arising out of or based upon the Indenture, this Supplemental Indenture, the Notes or the transactions contemplated hereby or thereby, and any action brought under U.S. Federal or state securities laws. The Issuer and each of the Guarantors (including the Additional Guarantor) expressly consents to the jurisdiction of any such court in respect of any such action and waives any other requirements of or objections to personal jurisdiction with respect thereto and waives any right to trial by jury. Such appointment shall be irrevocable unless and until replaced by an agent reasonably acceptable to the Trustee. The Issuer and each of the Guarantors (including the Additional Guarantor) represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Issuer shall be deemed, in every respect, effective service of process upon the Issuer and the Guarantors (including the Additional Guarantor).
​
6.COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
​
7.EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
​
8.THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Additional Guarantor and the Issuer.
​

B-2

​
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.
​
	​

	​

	​

	​
	FERROGLOBE FINANCE COMPANY PLC

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​

B-3

​
	​

	​

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	[ADDITIONAL GUARANTOR]

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	By:
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	Name:

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	Title:

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B-4

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	GLAS Trustees Limited, as Trustee

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	By:
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	Name:

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	Title:
	Authorized Signatory

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B-5

EXHIBIT C
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FORM OF ABL INTERCREDITOR AGREEMENT
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C-1

Schedule 1
Certain Existing Indebtedness
		1.
	The Financial support originally granted to FerroAtlántica, S.A.U. by the Ministry of Industry, Energy, and Tourism of Spain by Resolution of December 1, 2016 of the General Secretary for Industry and SMEs, under the order IET/619/2014, of April 11, and subrogated to Ferrosolar OpCo Group SL pursuant to the authorization of the General Secretary for Industry and SMEs on May 6, 2019 (the “Reindus loan”)

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		2.
	Credit agreement dated July 26, 2013, as amended on January 23, 2015, between Silicio Ferrosolar, S.L.U. as borrower, Grupo Ferroatlantica S.A.U. as guarantor and el Centro Para el Desarollo Tecnológico Industrial as lender, and the credit agreement dated May 13, 2014, as amended on July 17, 2014, between Silicio Ferrosolar, S.L.U. as borrower, Grupo Ferroatlantica S.A.U. as guarantor and el Centro Para el Desarollo Tecnológico Industrial as lender (the “Silicio FerroSolar loan”)

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		3.
	FerroAtlantica del Cinca loan entered into on December 23, 2008

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		4.
	A loan agreement dated July 23, 2020 and entered into between BNP Paribas as lender and Ferropem S.A.S. as borrower, pursuant to which a state-guaranteed amount of

€4,300,000 was made available to the borrower in a single draw which is to be repaid (together with a €21,500 guarantee fee) in a single payment at the maturity of the loan on July 23, 2021 (the “French COVID loan”)
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		5.
	A loan agreement dated June 2, 2020 and entered into between Investissement Quebec as lender and Silicium Québec Société en Commandite and Silicium Québec Commandité Inc as the borrowers, pursuant to which an amount of (CAD)$7,000,000 plus additional hypothec of 20% was made available to the borrowers at no interest with repayment occurring after 36 months in 84 monthly instalments of (CAD)$83 340 each payable to the lender. (the “Quebec Silicon loan”)

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Sch-1-1

Schedule 2
Security Documents
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		A.
	Canada

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Security Documents to be entered into on the Issue Date
		1.
	Pledge Agreement entered into by GSM Netherlands B.V. as the initial pledgor in favour of GLAS Trust Corporation Limited with respect to a pledge over shares in QSIP Canada ULC.

		2.
	General security agreement entered into between QSIP Canada ULC as the debtor and GLAS Trust Corporation Limited as the Security Agent.

		3.
	Deed of Hypothec entered into by QSIP Canada ULC as grantor and GLAS Trust Corporation Limited as the hypothecary representative.

		B.
	France

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Security Documents to be entered into on the Issue Date
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		1.
	Securities Account Pledge Agreement entered into by, among others, Grupo FerroAtlantica

S.A.U. as pledgor and GLAS Trust Corporation Limited with respect to the securities account opened in the name of Grupo FerroAtlantica S.A.U. and on which are recorded all the financial securities (titres financiers) issued by Ferropem S.A.S. and held by Grupo FerroAtlantica S.A.U.
		2.
	Securities Account Pledge Agreement entered into by, among others, Kintuck SAS as pledgor and GLAS Trust Corporation Limited with respect to the securities account opened in the name of Kintuck SAS and on which are recorded all the financial securities (titres financiers) issued by Ferroglobe Manganese S.A.S. and held by Kintuck S.A.S.

		3.
	Bank Accounts Pledge Agreement entered into by, among others, Ferropem S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the bank accounts listed therein.

		4.
	Bank Accounts Pledge Agreement entered into by, among others, Ferroglobe Manganese

S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the bank accounts listed therein.
		5.
	Receivables Pledge Agreement entered into by, among others, Ferropem S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the receivables listed therein.

		6.
	Receivables Pledge Agreement entered into by, among others, Ferroglobe Manganese S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the receivables listed therein.

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Sch-2-1

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		7.
	Non-possessory Inventory Pledge Agreement entered into by, among others, Ferropem

S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the inventory listed therein provided that, such security satisfies the requirements specified in paragraph 4(f) of the Agreed Security Principles.
		8.
	Non-possessory Inventory Pledge Agreement entered into by, among others, Ferroglobe Manganese S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the inventory listed therein provided that, such security satisfies the requirements specified in paragraph 4(f) of the Agreed Security Principles.

		9.
	Possessory Inventory Pledge Agreement entered into by, among others, Ferropem S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the inventory listed therein provided that, such security shall only be required to be perfected if the requirements specified in paragraph 6(m) of the Agreed Security Principles are satisifed.

		10.
	Possessory Inventory Pledge Agreement entered into by, among others, Ferroglobe Manganese S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the inventory listed therein provided that, such security shall only be required to be perfected if the requirements specified in paragraph 6(m) of the Agreed Security Principles are satisifed.

Security Documents to be entered into on the Transaction Effective Date
		1.
	Notarized Mortgage Agreement (hypothèque) to be entered into by, among others, Ferropem

S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the real property listed therein provided that, such security satisfies the requirements specified in paragraph 4(i) of the Agreed Security Principles.
		2.
	Notarized Mortgage Agreement (hypothèque) to be entered into by, among others, Ferroglobe Manganese S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the real property listed therein provided that, such security satisfies the requirements specified in paragraph 4(i) of the Agreed Security Principles.

Security Documents to be entered into 60 days after the Transaction Effective Date at the latest
1. Pledge of going concern agreement (nantissement de fonds de commerce) to be entered into by, among others, Ferropem S.A.S. as pledgor and GLAS Trust Corporation Limited as security agent with respect to the going concern (fonds de commerce) identified therein provided that, such security shall be required to be granted to the extent that the requirements specified in paragraphs 4(j) of the Agreed Security Principles are satisfied.
		C.
	The Netherlands

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Security Documents to be entered into on the Issue Date
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Sch-2-2

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		1.
	Notarial Deed of Pledge of Shares. entered into by Globe Speciality Metals, Inc. as pledgor and GLAS Trust Corporation Limited as pledgee with respect to the shares in GSM Netherlands B.V.

		2.
	Security Agreement entered into between GSM Netherlands B.V. as the pledgor and GLAS Trust Corporation Limited as pledgee with respect to account bank receivables, intra-group receivables, insurance receivables, third party receivables, movable assets and intellectual property rights.

		3.
	Power of Attorney granted by GSM Netherlands B.V. to a Stibbe civil notary.

		4.
	Power of Attorney granted by Globe Speciality Metals, Inc. to a Stibbe civil notary.

		5.
	Power of Attorney granted by GLAS Trust Corporation Limited to a Stibbe civil notary.

		D.
	Norway

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Security Documents to be entered into on the Issue Date
		1.
	Share Pledge Agreement entered into by Kintuck AS as pledgor and GLAS Trust Corporation Limited as pledgee and security agent with respect to the shares in Ferroglobe Mangan Norge AS.

		2.
	Security Agreement entered into by Ferroglobe Mangan Norge AS as pledgor and GLAS Trust Corporation Limited as pledgee and security agent with respect to intercompany loans, accounts receivables, inventory, operating assets, real property and bank accounts.

		E.
	Spain

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Security Documents to be entered into on the Issue Date
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		1.
	Pledges Agreement over Quota Shares entered into by Grupo Ferroatlantica S.A.U. and Ferroatlantica Participaciones, S.L.U. as pledgors, Ferroatlantica Participaciones, S.L.U., Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Ferroatlantica del Cinca S.L., Ferrosolar Opco Group, S.L. and Grupo Ferroatlantica de Servicios, S.L.U. as companies, and Global Trust Corporation Limited as pledgee and security agent, with respect to the shares in Ferroatlantica Participaciones, S.L.U., Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Ferroatlantica del Cinca S.L., Ferrosolar Opco Group, S.L. and Grupo Ferroatlantica de Servicios, S.L.U.

		2.
	Pledges Agreement over Shares entered into by Ferroglobe Holding Company, Ltd and Ferroatlantica Participaciones, S.L.U. as pledgors, Grupo Ferroatlantica S.A.U. and Cuarzos Industriales, S.A.U. as companies, and Global Trust Corporation Limited as pledgee and security agent, with respect to the shares in Grupo Ferroatlantica S.A.U. and Cuarzos Industriales, S.A.U.

		3.
	Pledges Agreement over Credit Rights entered into by Ferropem, S.A.S., Grupo Ferroatlantica S.A.U., Cuarzos Industriales S.A.U., Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Grupo Ferroatlantica de Servicios S.L.U., Ferroatlantica del Cinca, S.L., Ferroatlantica

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Sch-2-3

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Participaciones S.L.U., Ferrosolar OPCO Group S.L. as pledgors and Global Trust Corporation Limited as pledgee and security agent with respect to the bank accounts listed therein.
		4.
	Real Estate Promissory Mortgage entered into by Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Ferroatlantica del Cinca, S.L. and Ferrosolar OPCO Group S.L. as the promisors and Global Trust Corporation Limited as mortgagee and security agent.

		5.
	Non-Possessory Pledge Agreement over Inventory entered into between Cuarzos Industriales S.A.U. as pledgor and Global Trust Corporation Limited Limited as pledgee and security agent with respect to the inventory listed therein.

		6.
	Non-Possessory Pledge Agreement over Inventory entered into between Ferroatlantica de Boo S.L.U. as pledgor and Global Trust Corporation Limited Limited as pledgee and security agent with respect to the inventory listed therein.

		7.
	Non-Possessory Pledge Agreement over Inventory entered into between Ferroatlantica de Sabon S.L.U. as pledgor and Global Trust Corporation Limited Limited as pledgee and security agent with respect to the inventory listed therein.

		8.
	Non-Possessory Pledge Agreement over Inventory entered into between Ferroatlantica del Cinca, S.L. as pledgor and Global Trust Corporation Limited Limited as pledgee and security agent with respect to the inventory listed therein.

		9.
	Non-Possessory Pledge Agreement over Inventory entered into between Ferrosolar Opco Group S.L. as pledgor and Global Trust Corporation Limited Limited as pledgee and security agent with respect to the inventory listed therein.

		10.
	Pledges Agreement over Credit Rights entered into by Grupo Ferroatlantica S.A.U., Cuarzos Industriales S.A.U., Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Grupo Ferroatlantica de Servicios S.L.U., Ferroatlantica del Cinca, S.L., Ferroatlantica Participaciones S.L.U., and Ferrosolar OPCO Group S.L. as pledgors and Global Loan Agency Services Limited as pledgee and security agent with respect to intragroup receivables held vis- à-vis other Ferroglobe PLC subsidiaries.

Security Documents to be entered into on or before the Transaction Effective Date at the latest
1. Mortgage entered into by Ferroatlantica de Boo S.L.U., Ferroatlantica de Sabon S.L.U., Ferroatlantica del Cinca, S.L. and Ferrosolar OPCO Group S.L. as the mortgagors and Global Trust Corporation Limited as mortgagee and security agent over their real estate property and/or public concessions (as applicable), provided that, in case the mortgage is to be granted over a public concession, the mortgage will only be required to be granted to the extent that the requirements specified in paragraphs 4(h) and (j) of the Agreed Security Principles are satisfied.
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Security Documents to be entered into 60 days after the Transaction Effective Date at the latest
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Sch-2-4

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		1.
	Real estate mortgages (hipoteca inmobiliaria) over mining concessions at Sonia, Conchitina, Segunda Esmeralda, Trasmonte, Merlan, Cristina and Cabenetas to be entered into by Cuarzos Industriales S.A.U. and Ferroatlantica del Cinca, S.L. as mortgagors and Global Loan Agency Services Limited as mortgagee and security agent, provided that such security shall only be required to be granted to the extent that the requirements specified in paragraph 4(j) of the Agreed Security Principles are satisfied.

		2.
	Movable asset mortgages (hipoteca mobiliaria) over leaseholds at Madrid to be entered into by Grupo Ferroatlantica de Servicios S.L.U. as mortgagor and Global Loan Agency Services Limited as mortgagee and security agent, provided that such security shall only be required to be granted to the extent that the requirements specified in paragraph 4(j) of the Agreed Security Principles are satisfied.

		F.
	England & Wales

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Debenture entered into between Ferroglobe PLC, Ferroglobe Finance Company, PLC, Ferroglobe Holding Company, Ltd and GLAS Trust Corporation Limited.
		G.
	United States

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Security Documents to be entered into on the Issue Date
		1.
	Pledge Agreement entered into by and among the Ferroglobe Holding Company Ltd. and GLAS Trust Corporation Limited

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		2.
	Pledge and Security Agreement entered into by and among Globe Specialty Metals, Inc., Globe Metallurgical Inc., Alden Resources LLC, ARL Resources LLC, ARL Services LLC, Core Metals Group Holdings LLC, Core Metals Group LLC, Metalurgical Process Materials, LLC, Tennessee Alloys Company, LLC, Alabama Sand and Gravel, Inc., GSM Sales, Inc. Gatliff Services LLC, GSM Financial Inc., Solsil, Inc., GSM Alloys I Inc., GSM Allows II Inc., Globe Metals Enterprises LLC, GBG Holdings LLC, Alden Sales Corp LLC, GSM Enterprises LLC, GSM Enterprises Holdings Inc., Norchem, Inc. and GLAS Trust Corporation Limited.

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		3.
	Patent Security Agreement by and among Globe Metallurgical Inc. and GLAS Trust Corporation Limited.

Owned Properties
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		1.
	the Open-End Mortgage (First Lien), Assignment of Rents and Leases, Security Agreement and Fixture Filing relating to 1595 Sparling Road, Waterford, Washington County, Ohio 45786.

		2.
	the First Lien Mortgage, Security Agreement and Fixture Filing relating to 2401 Old Montgomery Highway, Selma, Dallas County, Alabama 36703.

		3.
	the First Lien Mortgage, Security Agreement and Fixture Filing relating to 101 Garner Road, Bridgeport, Jackson County, Alabama 35740.

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Sch-2-5

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		4.
	the First Lien Mortgage, Security Agreement and Fixture Filing relating to 133 Franklin Street, Aurora, Dearborn County, Indiana 47001.

		5.
	the First Lien UCC-1 Fixture Filing relating to 1595 Sparling Road, Waterford, Washington County, Ohio 45786.

		6.
	the First Lien UCC-1 Fixture Filing relating to 2401 Old Montgomery Highway, Selma, Dallas County, Alabama 36703.

		7.
	the First Lien UCC-1 Fixture Filing relating to 101 Garner Road, Bridgeport, Jackson County, Alabama 35740.

		8.
	the First Lien UCC-1 Fixture Filing relating to 133 Franklin Street, Aurora, Dearborn County, Indiana 47001.

Security Documents to be entered into 60 days after the Transaction Effective Date at the latest
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		1.	Control Agreement (as defined in the Pledge and Security Agreement referred to in Section G.2 above) by and among Globe Specialty Metals, Inc., GLAS Trust Corporation Limited and Citizens Bank, N.A. in respect of Account #6238670197.

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		2.	Control Agreement (as defined in the Pledge and Security Agreement referred to in Section G.2 above) by and among Globe Specialty Metals, Inc., GLAS Trust Corporation Limited and Citizens Bank, N.A. in respect of Account #6302618189.

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		3.
	Control Agreement (as defined in the Pledge and Security Agreement referred to in Section G.2 above) by and among Globe Specialty Metals, Inc., GLAS Trust Corporation Limited and PNC Bank, National Association in respect of Account #8026437506.

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Leased Properties
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		1.	the First Lien Collateral Assignment of Lease relating to 3714 County Road 40 E, Lowndesboro, Alabama 36752 provided that, such security shall only be required to be granted to the extent that the requirements specified in paragraph 4(j) of the Agreed Security Principles are satisfied.

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		2.	the First Lien Collateral Assignment of Lease relating to 600 Brickell Ave, Suite 3100, Miami, Florida 33131 provided that, such security shall only be required to be granted to the extent that the requirements specified in paragraph 4(j) of the Agreed Security Principles are satisfied.

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		3.	the First Lien Collateral Assignment of Lease relating to 985-A Seaway Drive, Fort Pierce, Florida 34949 provided that, such security shall only be required to be granted to the extent that the requirements specified in paragraph 4(j) of the Agreed Security Principles are satisfied.

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Sch-2-6

Schedule 3
Agreed Security Principles
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		1
	Agreed Security Principles

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		(a)
	The guarantees and security to be provided under the Notes Documents will be given in accordance with the security principles set out in this Schedule 3 (Agreed Security Principles). This Schedule 3 identifies the Agreed Security Principles and determines the extent and terms of the guarantees and security proposed to be provided in relation to the Notes.

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		(b)
	Capitalised terms used in this Schedule 3 but not otherwise defined in this Agreement shall have the meanings given in the Intercreditor Agreement.

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		2
	Guarantees

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Subject to the guarantee limitations set out in the Notes Documents, each guarantee will be an upstream, cross-stream and downstream guarantee for all liabilities of the Issuer and the Guarantors under the Notes Documents in accordance with, and subject to, the requirements of these Agreed Security Principles in each relevant jurisdiction (references to “security” to be read for this purpose as including guarantees).
		3
	Secured Liabilities

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Security documents will secure the borrowing and guarantee obligations of the Issuer and each Guarantor respectively under the Notes Documents, in each case in accordance with, and subject to, the requirements of these Agreed Security Principles in each relevant jurisdiction.
		4
	Overriding Principle

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The parties agree that the overriding intention is for security only to be granted by:
		(a)
	the Parent over shares owned by it in the capital of Ferroglobe Holding Company, Ltd (“Holdco”);

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		(b)
	Holdco over shares owned by it in the capital of the Issuer;

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		(c)
	the Parent and the Restricted Subsidiaries in each case over the shares owned by it in the capital of any Guarantor that is incorporated in any European jurisdiction (a “European Guarantor”);

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		(d)
	The Parent, Holdco, the Issuer and the European Guarantors in each case over its bank accounts other than:

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		(i)
	the bank accounts of Grupo Ferroatlantica at Caixa Bank and Bankinter (or any replacement accounts thereof) used to hold amounts for certain guarantees; and

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		(ii)
	the landfill account, FX account and tax deduction account of Ferroglobe Mangan Norge AS (or any replacement accounts thereof);

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		(e)
	the Issuer and the European Guarantors in each case over intercompany receivables:

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Sch-3-1

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		(i)
	arising as a result of cash pooling arrangements and tolling agreements between the European Guarantors;

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		(ii)
	arising in connection with the corporate reorganization or new money borrowing; and

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		(iii)
	that can be pledged under the relevant governing law in accordance with the general principles set out in these Agreed Security Principles;

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		(f)
	each European Guarantor in each case over its inventory (with respect to European Guarantors incorporated in France, to the extent stored in France);

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		(g)
	the Issuer and each European Guarantor (other than, without prejudice to paragraphs (h) to (j) below, those incorporated in France or Spain) over its real property, moveable machinery and plant and equipment;

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		(h)
	the Parent (if applicable) and each relevant European Guarantor, by way of promissory mortgage in respect of real property and concessions linked to real property, over the real property, moveable machinery and plant and equipment at the sites at Boo, Monzon, Sabon and Puertollano provided that, to the extent any such asset is a concession, such security will only be required to be granted to the extent that the requirements specified in sub-paragraphs (i) to

(iii) of paragraph (j) below are satisfied;
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		(i)
	the Parent (if applicable) and each relevant Restricted Subsidiary over the real property, moveable machinery and plant and equipment at the sites at Laudun, Les Clavaux, Chateau Feuillet, Pierrefitte, Anglefort, Montricher and Dunkirk (provided that such security shall be limited to mortgage (hypothèque) over real property owned by them);

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		(j)
	the Parent (if applicable) and each relevant Restricted Subsidiary over its rights in respect of

(x) the Sonia, Conchitina, Segunda, Esmeralda, Trasmonte, Merlan, Cristina and Cabenetas mine concessions (which security shall be by way of mortgage); (y) the Chambery and Madrid leaseholds (which security shall be by way of pledge and provided that with respect to the Chambery leasehold, the security shall be a pledge of going concern (fonds de commerce) pursuant to articles L.142-1 of the French Code de commerce and to the extent (i) limited to the going concern operated in Chambery premises and (ii) limited the items listed in article L.142- 2 al. 3 of the same code but excluding any trademarks and similar rights); and (z) the Prattville, AL, Miami, FL and Ft Piece, FL leaseholds (which security shall be by way of collateral assignment), provided that such security shall only be required to be granted to the extent that:
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		(i)
	consent has been granted by the relevant lessor or administrative authority for the granting of such security, it being agreed herein that neither the Parent, nor any Restricted Subsidiary shall have any obligation other than to use its reasonable endeavours to obtain such consent;

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		(ii)
	the fees, costs and expenses relating to the perfection of such security (and the compliance with the requirements of that security) are not disproportionate to the benefit obtained by the Secured Parties (as defined in the Intercreditor Agreement); and

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		(iii)
	the granting of such security (and compliance with the requirements thereof) would not unduly disrupt the business of the relevant security provider);

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		(k)
	each Restricted Subsidiary in each case over the shares owned by it in the capital of each of GSM Financial Inc., Globe Metallurgical Inc,. GSM Sales Inc., Solsil Inc., GSM Alloys I Inc.,

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Sch-3-2

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GSM Alloys II Inc., Globe Metals Enterprises LLC, Globe Specialty Metals Inc, Core Metals Group Holdings LLC, Core Metals Group LLC, Metallurgical Process Materials LLC, Tennessee Alloys Company LLC, Alabama Sand and Gravel Inc., Norchem Inc., GBG Holdings LLC, Alden Resources LLC, Alden Sales Corp LLC, Gatliff Services LLC, ARL Resources LLC, ARL Services LLC, GSM Enterprises LLC, GSM Enterprises Holdings Inc., QSIP Canada ULC and GSM Netherlands BV;
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		(l)
	the Parent (if applicable) and each relevant Restricted Subsidiary over, by way of legal mortgage (first liens and second liens, if applicable), the real property at the Beverly (Waterford, OH), Selma (Selma, AL), Bridgeport (Bridgeport, AL) and Aurora (Aurora, IN) sites; and

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		(m)
	any Guarantor incorporated in Norway over its trade receivables,

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(the “Overriding Principle”) and that no other security shall be required to be given by any other person or in relation to any other asset provided that:
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		(A)
	a Guarantor incorporated or otherwise formed in the United States of America (including the District of Columbia), Canada or the Netherlands will also grant customary all asset security over its personal property and such security shall be subject to the terms of these Agreed Security Principles;

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		(B)
	a Guarantor incorporated or otherwise formed in the United States of America (including the District of Columbia), Canada or the Netherlands will also grant, following its acquisition of any real property, customary security on such real property and such security shall be subject to the terms of these Agreed Security Principles;

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		(C)
	the Issuer and each Guarantor incorporated in the United Kingdom or any other jurisdiction that recognises a floating charge (or equivalent security) will also grant a floating charge;

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		(D)
	if the date by which any security is required to be granted is expressly specified in the Lock-up Agreement, then that security shall not be required to be granted until that date, notwithstanding anything to the contrary in these Agreed Security Principles or in the relevant security document; and

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		(E)
	to the extent security in any category referred to in this paragraph 4 is granted on or before the Issue Date, any future security under the same category shall, subject to these Agreed Security Principles, be on the same terms unless otherwise required by law in order for the relevant security to be valid, effective and enforceable.

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		5
	Governing Law and Jurisdiction of Security

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		(a)
	All security (other than share security) will be governed by the law of, and secure only assets located in, the jurisdiction of incorporation or formation of the applicable grantor of the security, provided that with respect to any company incorporated in the United States of America, all security agreements shall by governed by the laws of the State of New York and with respect to any Guarantor incorporated or otherwise formed in Canada, all security agreements shall be governed by the laws of the province of Nova Scotia, provided that a hypothec governed by the laws of the Province of Quebec shall also be entered into if such Guarantor has its registered office or tangible property located in the Province of Quebec, which security agreements and hypothec shall secure assets located in Canada.

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Sch-3-3

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		(b)
	Share security over any subsidiary will be governed by the law of the place of incorporation or other formation of that subsidiary or, to the extent applicable, the place of incorporation or other formation of the financial intermediary with which the relevant shares are deposited, provided that with respect to share security over any company incorporated or otherwise formed in the United States of America, all share security shall be governed by the laws of the State of New York and with respect to share security over any company incorporated or otherwise formed in Canada, all share security shall be governed by the laws of the province in which such subsidiary has its registered office unless such subsidiary has its registered office in the Province of Quebec, in which case a hypothec governed by the laws of the Province of Quebec shall govern the share security.

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		6
	Terms of security documents

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The following principles will be reflected in the terms of any security taken in connection with the Facilities:
		(a)
	the security will be first ranking to the extent possible unless otherwise agreed;

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		(b)
	security will not be enforceable until the occurrence of an Acceleration Event (or, in the case of Security governed by French law, until the occurrence of an Event of Default under paragraphs (a) and/or (b) of section 6.01 (Event of Default) of the Indenture which is continuing or the delivery of a notice of acceleration under section 6.03 (Acceleration) of the Indenture);

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		(c)
	the beneficiaries of the security or any agent will only be able to exercise a power of attorney following the occurrence of an Event of Default which is continuing or where the relevant security provider has failed to comply with a written request to fulfil a further assurance or perfection obligation;

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		(d)
	notices to account banks shall not request the account bank to amend or waive the standard terms and conditions of the account bank and any acknowledgement provided by an account bank shall be permitted to include a permission for any prior security interests in favour of the account bank created or arising by operation of law or in its standard terms and conditions;

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		(e)
	unless a security document specifies a later date, notices and other perfection steps are to be completed within five (5) Business Days after the date of the security document (or the date on which any security provider becomes a party to that security document);

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		(f)
	in relation to any asset which a security provider does not own on the date of a security document (or the date on which the security provider becomes a party to that security document) including the opening of a new bank account, any notices or other perfection steps shall, the Company shall ensure that, unless a security document specifies a later date, any notice, document, certificate or other requirement required to be sent, deposited or completed in respect of that asset in accordance with the terms of the relevant security document is sent, deposited or completed as soon as reasonably practicable after the relevant asset is acquired by the relevant security provider;

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		(g)
	until an Event of Default has occurred and is continuing, the security providers shall be permitted to retain and to exercise voting rights to any shares secured by them in a manner which does not materially adversely affect the validity or enforceability of the Security or cause an Event of Default to occur and the security providers shall be permitted to receive and retain dividends on secured shares/pay dividends upstream on secured shares;

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		(h)
	the security documents should only operate to create security rather than to impose new commercial obligations or repeat clauses in other Notes Documents; accordingly:

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​

Sch-3-4

​
		(i)
	they should not contain additional representations, undertakings or indemnities unless these are the same as or consistent with those contained in this Agreement or are required for the creation, perfection, protection, preservation or maintenance of security; and

​
		(ii)
	notwithstanding anything to the contrary in any security document, the terms of a security document shall not operate or be construed so as to prohibit or restrict any transaction, matter or other step (or a grantor of security taking or entering into the same) or dealing in any manner whatsoever in relation to any asset with the exception of ULC Shares (as such term is defined below) (including all rights, claims, benefits, proceeds and documentation, and contractual counterparties in relation to such assets) the subject of (or expressed to be the subject of) the security document if not prohibited by the Notes Documents;

​
		(i)
	security will, where possible and practical, automatically create security over future assets of the same type as those already secured;

​
		(j)
	where local law requires supplemental pledges or stock transfer powers, unless the relevant security document specifies otherwise, lists of assets or notices to be delivered in respect of future acquired assets in order for effective security to be created over that class of asset, such supplemental pledges or notices, such lists of assets shall be delivered to the Security Agent promptly upon request by the Security Agent;

​
		(k)
	to the extent possible under applicable law, each security document must contain a clause which records that if there is a conflict between the security document and this Agreement or the Intercreditor Agreement then (to the fullest extent permitted by law) the provisions of this Agreement or (as applicable) the Intercreditor Agreement will take priority over the provisions of the security document with the exception of any provision of the security document specifically relating to shares of stock or membership interests issued by any unlimited company or unlimited liability company (“ULC Shares”);

​
		(l)
	if the date by which any security is required to be perfected, registered or stamped is expressly specified in the Lock-up Agreement, then that security shall not be required to be perfected, registered or stamped until that date, notwithstanding anything to the contrary in these Agreed Security Principles; and

​
		(m)
	the security referred to in sub-paragraph (f) of paragraph 4 of these Agreed Security Principles shall, to the extent possessory security granted by a Guarantor incorporated in France, only be required to be perfected if:

​
		(i)
	the fees, costs and expenses relating to the perfection of such possessory security (and the compliance with the requirements of that security) are not disproportionate to the benefit obtained by the Secured Parties (as defined in the Intercreditor Agreement); and

​
		(ii)
	the perfection of such possessory security (and compliance with the requirements thereof) would not unduly disrupt the business of the relevant security provider,

​
and any such perfection shall not be required to be completed until the date falling 60 days after the Transaction Effective Date.
​
		7
	Additional Principles

​
​

Sch-3-5

​
The Agreed Security Principles embody the recognition by all parties that there may be certain legal and practical difficulties in obtaining effective or commercially reasonable guarantees and/or security from the Parent and all relevant Restricted Subsidiaries in each jurisdiction in which it has been agreed that guarantees and security will be granted by those members. In particular:
		(a)
	general legal and statutory limitations, regulatory restrictions, financial assistance, anti-trust and other competition authority restrictions, corporate benefit, fraudulent preference, equitable subordination, “transfer pricing”, “thin capitalisation”, “earnings stripping”, “controlled foreign corporation” “fiscal unity requirements” and other tax restrictions, “exchange control restrictions”, “capital maintenance” rules and “liquidity impairment” rules, tax restrictions, retention of title claims, employee consultation or approval requirements and similar principles may limit the ability of the Parent or its Restricted Subsidiaries to provide a guarantee or security or may require that the guarantee or security be limited as to amount or otherwise and, if so, the guarantee or security will be limited accordingly, provided that, to the extent requested by the Security Agent before signing any applicable security or accession document, the Parent or relevant Restricted Subsidiary shall use its best efforts to overcome any such obstacle or otherwise such guarantee or security document shall be subject to such limit;

​
		(b)
	a key factor in determining whether or not (and the terms of which) a guarantee or security will be taken (and in respect of the security, the extent of its perfection and/or registration) is the applicable time and cost (including adverse effects on taxes, interest deductibility, stamp duty, registration costs and taxes, notarial and registration costs, translation costs, guarantee fees payable to any person that is not the Parent or a Restricted Subsidiary and all applicable legal and notarial fees and adverse effects on the ability of the Parent or any Restricted Subsidiary to obtain or maintain local facilities or other financing arrangements, including any factoring or similar arrangement (in each case not prohibited by this Agreement) which will not be disproportionate to the benefit accruing to the Secured Parties (as defined in the Intercreditor Agreement) of obtaining such guarantee or security;

​
		(c)
	the Parent and its Restricted Subsidiaries will not be required to give guarantees or enter into security documents if it would conflict with the fiduciary or statutory duties of their directors or contravene any applicable legal or regulatory prohibition or restriction or have the potential to result in a material risk of personal or criminal liability for any director or officer of or for the Parent or any Restricted Subsidiary, provided that, to the extent requested by the Security Agent before signing any applicable security document or accession document, the Parent or relevant Restricted Subsidiary shall, in relation to a contractual prohibition or restriction only, use reasonable endeavours to overcome any such obstacle or otherwise such guarantee or security document shall be subject to such limit;

​
		(d)
	guarantees and security (and/or the maximum guaranteed or secured amount thereunder) will be limited so that the aggregate of notarial costs and all registration and relevant taxes and duties relating to the provision of security will not exceed an amount to be agreed between the Issuer and the Security Agent;

​
		(e)
	where a class of assets to be secured includes material and immaterial assets, if the cost of granting security over the immaterial assets is disproportionate to the benefit of such security, security will be granted over the material assets only;

​
		(f)
	it is expressly acknowledged that it may be either impossible or impractical to create security over certain categories of assets in which event security will not be taken over such assets;

​
​

Sch-3-6

​
		(g)
	the giving of a guarantee, the granting of security and the registration and/or the perfection of the security granted will not be required if it would have a material adverse effect on the ability of the Parent or the relevant Restricted Subsidiary to conduct its operations and business in the ordinary course as otherwise permitted by the Notes Documents;

​
		(h)
	any security document will only be required to be notarised if required by law in order for the relevant security to become effective or admissible in evidence;

​
		(i)
	to the extent possible or legally effective, all security will be given in favour of the Security Agent and not the Secured Parties (as defined in the Intercreditor Agreement) individually (with the Security Agent to hold one set of security documents for all the Noteholders); “parallel debt” provisions will be used where necessary (and included in the Intercreditor Agreement and not the individual security documents);

​
		(j)
	no security may be provided on terms which are inconsistent with the turnover or sharing provisions in the Intercreditor Agreement;

​
		(k)
	no guarantee or security shall guarantee or secure any “Excluded Swap Obligations” defined in accordance with the LSTA Market Advisory Update dated February 15, 2013 entitled “Swap Regulations’ Implications for Loan Documentation”, and any update thereto by the LSTA;

​
		(l)
	other than a general security document and related filing, no perfection, filing or other action will be required with respect to assets of a type not owned by members of the Group; and

​
		(m)
	no translation of any document relating to any security or any asset subject to any security will be required to be prepared or provided to the Secured Parties (as defined in the Intercreditor Agreement), unless required for such documents to become effective or admissible in evidence.

Sch-3-7​

Exhibit 4.6
​
ANNEX I
FINANCING AGREEMENT
​
made by and between
​
GRUPO FERROATLÁNTICA, S.A.U
As Applicant, Borrower, Beneficiary, and parent company of the Beneficiary Group
​
GRUPO FERROATLÁNTICA DE SERVICIOS, S.L.U.
As Beneficiary
​
FERROGLOBE PLC
FERROGLOBE HOLDING COMPANY LTD
FERROGLOBE FINANCE COMPANY PLC
as Guarantors
​
ROCAS, ARCILLAS Y MINERALES S.A.
CUARZOS INDUSTRIALES, S.A.U.
They appear for the purposes of clauses 13.6.1(C) to 13.6.1(H)
​
FONDO DE APOYO A LA SOLVENCIA PARA LAS EMPRESAS ESTRATÉGICAS 
[STRATEGIC COMPANY INSOLVENCY SUPPORT FUND]
as Lender or Fund
And
​
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES 
[STATE INDUSTRIAL HOLDING COMPANY]
​
For € 34,500,000
​
​

1

​

​
CONTENTS
	​

	​

	​

	1.
	DEFINITIONS AND INTERPRETATION.
	11

	1.1
	DEFINITIONS.
	11

	1.2
	INTERPRETATION.
	12

	2.
	THE FINANCE.
	13

	2.1
	AMOUNT OF THE FINANCE.
	13

	2.2
	INSTRUMENTS OF THE FINANCE.
	14

	2.3
	NATURE OF THE FINANCE.
	14

	2.4
	PURPOSE OF THE FINANCE.
	15

	3.
	ACTIONS OF THE BENEFICIARIES AND GUARANTORS.
	15

	3.1
	JOINT AND SEVERAL LIABILITY OF THE BENEFICIARIES.
	15

	3.2
	REPRESENTATIVE OF THE BENEFICIARIES AND GUARANTORS.
	16

	4.
	GRANTING AND DRAWDOWN OF THE FINANCE.
	17

	4.1
	DRAWDOWN OF THE PROFIT-SHARING LOAN.
	17

	4.2
	DRAWDOWN OF THE ORDINARY LOAN.
	17

	4.3
	DRAWDOWN CONDITIONS.
	18

	5.
	INTEREST.
	19

	5.1
	ACCRUAL AND CALCULATION OF INTEREST.
	19

	5.2
	INTEREST PERIODS.
	20

	5.3
	PAYMENT OF INTEREST
	20

	5.4
	ORDINARY INTEREST RATE.
	21

	5.5
	LATE-PAYMENT INTEREST RATE.
	23

	6.
	AMORTISATION.
	24

	6.1
	TOTAL AMORTISATION DATE.
	24

	6.2
	ORDINARY AMORTISATION.
	24

	6.3
	VOLUNTARY PREMATURE AMORTISATION.
	24

	6.4
	TOTAL MANDATORY PREMATURE AMORTISATION.
	25

	6.5
	PARTIAL MANDATORY PREMATURE AMORTISATION.
	25

	6.6
	RULES COMMON TO PREMATURE AMORTISATION (VOLUNTARY AND MANDATORY).
	27

	7.
	CONVERSION INTO SHARE CAPITAL.
	28

	8.
	PAYMENTS.
	28

​
​

2

​

	​

	​

	​

	8.1
	PAYMENTS WITHOUT THE NEED FOR DEMAND.
	28

	8.2
	OFFSETTING
	29

	8.3
	PAYMENT DATES.
	29

	8.4
	IMPUTATION OF PAYMENTS.
	29

	8.5
	INTEREST DEBT.
	30

	8.6
	TAXES.
	30

	9.
	CHANGE OF LEGAL CIRCUMSTANCES.
	31

	10.
	INDEMNIFICATION.
	31

	11.
	REPRESENTATIONS.
	32

	11.1.
	REPRESENTATIONS.
	32

	11.2
	LIABILITY.
	41

	11.3
	REPETITION.
	42

	12.
	REPORTING OBLIGATIONS.
	42

	12.1
	FINANCIAL REPORTING OBLIGATIONS.
	42

	12.2
	OTHER REPORTING OBLIGATIONS
	44

	13.
	OTHER OBLIGATIONS OF THE BENEFICIARIES AND GUARANTORS.
	46

	13.1
	FULFILMENT OF THE CONDITIONS OF THE FINANCE.
	47

	13.2
	OBLIGATIONS CONCERNING THE BUSINESS
	49

	13.3
	OBLIGATIONS CONCERNING THE FINANCIAL STATEMENTS.
	52

	13.4
	OBLIGATIONS CONCERNING THE FINANCIAL AND EQUITY POSITION.
	53

	13.5
	TAXATION MATTERS.
	53

	13.6
	OBLIGATIONS CONCERNING THE ASSETS AND THE GUARANTEES.
	54

	13.7
	ADHESION OF RELEVANT SUBSIDIARIES AS BENEFICIARIES OR GUARANTORS.
	57

	13.8
	CONDITIONS OF GOVERNANCE.
	57

	14.
	ACCELERATED MATURITY.
	59

	14.1
	ACCELERATED MATURITY CIRCUMSTANCES.
	59

	14.2
	ALTERNATIVE CONSEQUENCES TO ACCELERATED MATURITY.
	65

	14.3
	DILIGENCE OF THE BENEFICIARIES OF GUARANTORS.
	65

	14.4
	DECLARATION OF ACCELERATED MATURITY OF THE FINANCE.
	66

	14.5
	CONSEQUENCES OF ACCELERATED MATURITY.
	66

	15.
	ACCOUNTING OF THE FINANCE.
	67

​
​

3

​

	​

	​

	​

	15.1
	ACCOUNTING OF THE FUND.
	67

	16.
	GUARANTEES.
	67

	16.1
	GUARANTEES TO BE GRANTED.
	67

	16.2
	CHARACTERISTICS OF THE GUARANTEES.
	69

	17.
	SEPI ACTIONS.
	72

	18.
	ASSIGNMENTS.
	73

	18.1
	ASSIGNMENT BY THE BENEFICIARIES AND GUARANTORS.
	73

	19.
	ENFORCEMENT PROCEDURE.
	73

	19.1
	DETERMINATION OF THE BALANCE.
	73

	19.2
	ENFORCEMENT.
	73

	20.
	EXPENSES AND TAXES.
	74

	21.
	NOTICES.
	75

	22.
	GENERAL.
	75

	22.1
	TRANSPARENCY.
	75

	22.2
	CONFIDENTIALITY.
	76

	22.3
	PRESS RELEASES AND ANNOUNCEMENTS.
	78

	22.4
	WAIVERS AND RIGHTS.
	78

	22.5
	LANGUAGE.
	78

	22.6
	PARTIAL NULLIFICATION OR SUPERVENING UNLAWFULNESS.
	79

	22.7
	COMMITMENT OF COLLABORATION.
	79

	22.8
	DATES AND DEADLINES.
	79

	22.9
	THIRD-PARTY BENEFICIARIES.
	79

	23.
	DATA PROTECTION.
	79

	23.1
	PERSONAL DATA PROCESSING.
	79

	23.2
	PURPOSE OF PERSONAL DATA PROCESSING.
	80

	23.3
	TERM.
	80

	23.4
	RIGHTS OF DATA SUBJECTS.
	80

	24.
	AMENDMENTS.
	80

	25.
	RECORDING IN A PUBLIC INSTRUMENT.
	81

	26.
	APPLICABLE LAW AND JURISDICTION.
	81

	ANNEX 1.1
	86

​
​

4

​

​
Made in Madrid, on 3 March 2022
​
BY AND BETWEEN THE PARTIES
	I.
	Of the one part:

GRUPO FERROATLÁNTICA, S.A.U., with registered office at Paseo de la Castellana, 259D, planta 49, 28046 Madrid, holder of Tax Identification Number A-85255370. It was incorporated for an indefinite duration under the same name by virtue of a deed notarised by the Notary of Madrid, Mr Jaime Recarte Casanova on 19 October 2007, under order number 3838 of his notarial archive, and registered in the Companies Register of Madrid, in Volume 24921, Page 24, Sheet number M-448707, Entry 1; converted into a public limited liability company by means of a deed executed on 21 July 2011 before the Notary of Madrid, Mr Jaime Recarte Casanova, under order number 2008 of his notarial archive, duly registered in the Companies Register of Madrid.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of decisions of the joint and several directors passed on 11 February 2022, recorded in public instruments by means of the deed executed in Madrid on 17 February 2022 before the Notary of Madrid, Mr Jaime Recarte Casanova, under notarial archive number 1470.
Hereinafter, the “Applicant” or “Borrower” or “Beneficiary” or “Parent Company of the Beneficiary Group”.
​
	II.
	Of another part:

GRUPO FERROATLÁNTICA DE SERVICIOS, S.L.U., with registered office at Paseo de la Castellana, 259D, planta 49, 28046 Madrid, holder of Tax Identification Number B-88463260. It was incorporated for an indefinite duration under the same name by virtue of a deed notarised by the Notary of Madrid, Mr Jaime Recarte Casanova, on 13 August 2019, under order number 4690 of his notarial archive, rectified by a further deed executed on 20 August 2019 before the Notary of Madrid, Mr Andrés Domínguez Nafría, under order number 3157 of his notarial archive. It is registered with the Companies Register of Madrid in Volume 39220, Page 62, Sheet M-696696, Entry 1.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of decisions of the joint and several directors passed on 11 February 2022, recorded in public instruments by means of the deed executed in Madrid on 22 February 2022 before the Notary of Madrid, Mr Jaime Recarte Casanova, under notarial archive number 1611.
​

5

​

​
GRUPO FERROATLÁNTICA DE SERVICIOS, S.L.U., hereinafter referred to as Grupo Ferroatlántica de Servicios, and together with the Applicant or Borrower or Beneficiary or Parent Company of the Beneficiary Group as the "Beneficiary", and collectively as the "Beneficiaries".
​
	III.
	And of another part:

FERROGLOBE PLC, with registered office at 5 Fleet Place, London EC4M 7RD, England, registered in the Companies House of England and Wales under registration number 09425113, holder of Spanish Tax Identification Number N8266366-G.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of the power of attorney granted by Mr Nicola de Santis in his capacity as director of the company, on 17 February 2022, before the Notary Public of London, Mr Martin Anthony Charlton.
FERROGLOBE HOLDING COMPANY LTD, with registered office at 5 Fleet Place, London EC4M 7RD, England, registered in the Companies House of England and Wales under registration number 13347942, holder of Spanish Tax Identification Number N0087841-C.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of the power of attorney granted by Mr Gaurav Mehta in his capacity as director of the company, on 18 February 2022, before the Notary Public of London, Mr Martin Anthony Charlton.
FERROGLOBE FINANCE COMPANY PLC., with registered office at 5 Fleet Place, London EC4M 7RD, England, registered in Companies House of England and Wales under registration number 13353128.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact.
Hereinafter, together with any other entities adhering to this agreement as Guarantors in accordance with the provisions of Clause 13.7.1(A), each of them shall be referred to as a “Guarantor”, and collectively as the “Guarantors”.
​
	IV.
	Of another part:

ROCAS, ARCILLAS Y MINERALES S.A., with registered office at San Pedro de Vilanova s/n, Vedra, 15886 A Coruña, incorporated for indefinite duration in a deed executed before the Notary of Bilbao, Mr José Ignacio González del Valle
​

6

​

​
Llaguno, on 27 August 1968; registered in the Companies Register of A Coruña, in Volume 2346, Section 8, Page 125, Sheet number 24597, holder of Tax Identification Number A-39007943.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of decisions of the joint and several directors passed on 15 February 2022, recorded in a public instrument by means of the deed executed in Madrid on 17 February 2022 before the Notary of Madrid, Mr Jaime Recarte Casanova, under notarial archive number 1467.
CUARZOS INDUSTRIALES, S.A.U., with registered office at San Pedro de Vilanova s/n, Vedra, 15886 A Coruña, incorporated for indefinite duration in a deed executed on 16 April 1970 before the Notary of Santiago, Mr Ildefonso Sánchez Mera, under notarial archive number 926. Amended by other subsequent deeds, including the deed of relocation of registered office referred to above, by means of a deed executed in Madrid on 13 December 2000 before the Notary, Mr Rodrigo Tena Arregui, under number 2337 of his notarial archive. Registered in the Companies Register of La Coruña, in Volume 2430 of the Archive, General section, Page 137, Sheet C-26137, and holder of Tax Identification Number A-15016314.
It is here represented by Mr Jorge Manuel Lavín de las Heras, of legal age, holder of valid National Identity Document number 50312775-E, in his capacity as attorney-in-fact, by virtue of decisions of the joint and several directors passed on 15 February 2022, recorded in a public instrument by means of the deed executed in Madrid on 17 February 2022 before the Notary of Madrid, Mr Jaime Recarte Casanova, under notarial archive number 1469.
Rocas, Arcillas y Minerales, S.A. and Cuarzos Industriales, S.A.U. appear for the purposes of Clauses 13.6.1(C) to 13.6.1(H).
​
	V.
	And of another part:

FONDO DE APOYO A LA SOLVENCIA DE EMPRESAS ESTRATÉGICAS (the "Fund"), created and regulated by Royal Decree-Law 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment (hereinafter, "RDL 25/2020"), and by virtue of the Resolution of the Council of Ministers of 21 July 2020, establishing its functions, published by Order PCM/679/2020, of 23 July 2020 (the "Resolution of the Council of Ministers"), with registered office for these purposes at the address Calle Velázquez 34, Bloque V, Madrid.
The Fund is managed via SEPI (as defined below) by an Administrative Board, an inter-ministerial collegiate body attached to the Ministry of Finance through the Sub-Secretariat of Finance. All actions performed by the Fund shall be conducted in accordance with its own internal regulations.
​

7

​

​
It is here represented by Mr Bartolomé Lora Toro, in his capacity as Vice-President of SEPI, to which position he was appointed at a meeting of the Board of Directors of SEPI on 29 September 2017, the resolutions signed thereat having been recorded in a public instrument by means of a Deed executed on 11 October 2017 before the Notary of the Notaries Association of Madrid, Mr Ramón María Luis Sánchez González, under number 2788 of his notarial archive; and in accordance with the provisions of the Decision of 1 October 2021 issued by the Sub-Secretariat of the Ministry of Finance and Administration regarding the delegation of powers.
​
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES (hereinafter “SEPI”) a public-law entity created by Act 5/1996, of 10 January 1996, creating certain public-law entities, attached to the Ministry of Finance and Administration, by virtue of Royal Decree 682/2021, of 3 August 2021, developing the basic organisational structure of the Ministry and amending Royal Decree 139/2020, of 28 January 2020, establishing the basic organisational structure of ministerial departments, with registered office at the address Calle Velázquez, 134, Madrid 28006.
Represented by Mr Bartolomé Lora Toro, by virtue of the powers of attorney granted on 11 October 2017 before the Notary of the Notaries Association of Madrid, Mr Ramón María Luis Sánchez González, under number 2786 of his notarial archive.
​
The Beneficiaries and Guarantors, the Fund and SEPI, shall be referred to collectively as the "Parties", and each of them individually as a "Party".
​
RECITALS
​
		I.
	Whereas the Ferroatlántica Group or Beneficiary Group, the parent company of which is the Borrower, and which has as a subsidiary Beneficiary, Grupo Ferroatlántica de Servicios, forms part of a non-financial corporate group, and has its registered office in Spain, its activity essentially comprising the production, distribution and marketing of ferroalloys, comprising a group of companies acting as a single economic unit, for the purposes of competition law (hereinafter, the "Beneficiary Group").

		II.
	Likewise, the Beneficiary Group forms part of a group of companies operating in different jurisdictions, headed by the Guarantor, Ferroglobe PLC, which is the holder of 100% of the share capital of the company Ferroglobe Holding

​

8

​

​
Company Ltd, which in turn holds 100% of the share capital of Ferroglobe Finance Company PLC, of the Applicant and of Specialty Metals Inc.
On the other hand, various investee companies are dependent on the Applicant, and 100% owned by it: (i) Grupo Ferroatlántica de Servicios; (ii) Ferroquartz Holdings, Ltd; (iii) Ferroatlántica Participaciones, S.L.U.; (iv) Ferropem SAS.; (v) Kintuck, S.A.S.; (vi) Kintuck, AS.; (vii) Ferroglobe Innovation, S.L. and (viii) Silicon Smelters (Proprietary) Limited), and 3 companies controlled with a 90% stake: (i) Ferro Tambao, S.A.R.L.; (ii) Ferromanganese Mauritania, S.A.R.L.; and (iii) Ferroquartz Mauritania, S.A.R.L.;  in addition to 25% of Ferrosolar Opco Group, S.L.
Ferroglobe PLC  and its dependent companies in turn have several subsidiaries operating in various jurisdictions, which are investees owned almost in their entirety by group companies (hereinafter, the "Ferroglobe Group").
		III.
	Whereas the Borrower is the owner of all shares representing the share capital of Grupo Ferroatlántica de Servicios.

		IV.
	Whereas Royal Decree-Law 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment (hereinafter, "RDL 25/2020") created the “Fondo De Apoyo A La Solvencia Para Las Empresas Estratégicas” ("Strategic company solvency support fund”) a fund with no legal personality, attached to the General State Administration, through the Ministry of Finance and Administration, the functioning of which is established by means of a Resolution of the Council of Ministers.

		V.
	The purpose of this Fund is, through temporary public support operations, to offset the impact of the health emergency on the balance sheet of solvent companies deemed to be strategic for the national or regional productive and economic system, among other reasons because of their sensitive social and economic impact, their significance for security, the health of the population, infrastructure, communications, or their contribution to the proper functioning of the markets, if credit or liquidity support measures are insufficient to ensure the continuation of their activity.

		VI.
	Whereas the Guarantors, as companies of the Ferroglobe Group, must on a joint and several basis guarantee the refunding of the aid, and are as such involved in this agreement.

		VII.
	The temporary public support operations may, following an explicit request by the beneficiary company, comprise the granting of profit-sharing loans, convertible debt, the subscription of shares or stock, or any other capital instrument. On a supplementary basis, the support may also take the form of monies drawn from the fund through any other credit facilities, such as the granting of loans or arrangement of privileged, ordinary or subordinate debt, either secured or without guarantees (the "Public Financial Support").

​

9

​

​
		VIII.
	On 15 January 2021, Mr Mateo Segui Giner, who was at the time joint and several director of the Applicant, acting for and on behalf of the Applicant, submitted to SEPI an application for Public Financial Support drawn from the Fund, for an amount of THIRTY-TWO MILLION EUROS (€32,000,000), by means of a profit-sharing loan and/or ordinary loan.

The application included a Viability Plan and financial information, as well as self-declarations and certificates in accreditation of fulfilment of the eligibility requirements for access to Public Financial Support drawn from the Fund. This application was extended and improved by means of several supplementary written submissions.
As a consequence of the foregoing, the initial application was partially amended on 25 November 2021, and the Applicant requested Public Financial Support drawn from the Fund for an amount of THIRTY-FOUR MILLION FIVE HUNDRED THOUSAND EUROS (€34,500,000), granted in one single drawdown in the formats of a profit-sharing loan and ordinary loan.
		IX.
	Following verification that the Beneficiaries comply with the eligibility requirements imposed by Annex II to the Resolution of the Council of Ministers in order to acquire beneficiary status, and having analysed the application and the improvements thereto, together with all the documentation submitted, in accordance with the provisions of subsection 2 in fine of Annex II of the Resolution of the Council of Ministers, SEPI submitted a preliminary proposal to the Fund Administrative Board for a decision as to the continuation of the procedure.

		X.
	In accordance with the provisions of Article 82 of Common Administrative Proceedings of Public Administrations Act 39/2015, of 1 October 2015 (hereinafter, "Act 39/2015"), on 1 February 2022 an audience was granted to the Applicant, as the interested party, presenting it with the case record in order to allow it, within a period of no fewer than 10 days and no more than 15, to submit any arguments, documents and accreditation that it might see fit.

		XI.
	On 4 February 2022, by the deadline granted for this purpose, the Applicant presented a written submission accepting the terms proposed in the Temporary Public Support Term Sheet, initiating the negotiation phase for the contractual documents, of which the Applicant was notified by means of notice served on 4 February 2022, together with suspension of the calculation of deadlines, pursuant to the provisions of Article 22(f) of Act 39/2015.

		XII.
	The Beneficiaries, as provided in item 1.2 of Annex II to the Resolution of the Council of Ministers, approved the Temporary Public Financial Support Agreement (the "Support Agreement"), in addition to the remaining contractual documentation, specifically in the form of this Financing Agreement, the Management Agreement and the Guarantees Agreement attached to the Support Agreement as Annex I, Annex II, and Annex III, respectively, to be

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formalised simultaneously as one single act together with this Agreement (hereinafter they are all collectively referred to as the "Financial Documents"), by means of resolutions passed by their corresponding bodies of governance.
		XIII.
	The aforementioned contractual consent having been declared by the Applicant, it was served notice on 14 February 2022 of the conclusion of the negotiation phase and resumption of the period allowed for the procedure.

		XIV.
	The Administrative Board of the Fund, in accordance with Article 2.6 of RDL 25/2020, examined the application at its meeting on 15 February 2022, issuing a favourable decision on the application for temporary public financial support submitted by the Applicant, establishing among other aspects the instruments to be used, the maximum amount and the specific conditions to be fulfilled by the Beneficiaries as set out in the Support Agreement, in the Financing Agreement, in the Management Agreement and in the Guarantees Agreement.

		XV.
	Whereas, on 18 February 2022, the temporary public financial support operation was authorised by the Council of Ministers in accordance with Article 2.6 of RDL 25/2020.

		XVI.
	Whereas there is no need for authorisation by the European Commission for the Financial Public Support operation applied for, as it is a hybrid capital instrument which, considering the profit-sharing loan as such, covers an amount of less than two hundred and fifty million euros (€250,000,000.00), as provided in the European Commission Communication of 19 March 2020, and successive amendments thereto, of the Temporary Framework for state aid measures to support the economy in the current Covid-19 outbreak.

		XVII.
	Whereas, by virtue of the foregoing, and in accordance with the provisions of Article 86.1 of Act 39/2015, and subject to the terms and conditions listed in the clauses included immediately below, and in particular on the basis of the accuracy and precision of the representations given by the Beneficiaries and Guarantors, and the obligations accepted by them, and also the structure of guarantees here agreed, the Parties agree to formalise this financing agreement (the "Agreement" or the "Financing Agreement") pursuant to the following

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CLAUSES
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	1.
	DEFINITIONS AND INTERPRETATION.

	1.1
	DEFINITIONS.

Unless explicitly indicated otherwise, or unless the context would indicate some other meaning, those terms and expressions beginning with a capital letter and that are not a proper name or the start of a sentence shall have the meaning assigned to them in Annex 1.1.
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	1.2
	INTERPRETATION.

	(A)
	Except as expressly provided in this Agreement or unless so required by the context, this Agreement shall be subject to the following rules of interpretation:

		(i)
	Any reference to a "company" must be interpreted as a reference to a company, entity, undertaking or other Person, irrespective of the location and form of incorporation.

		(ii)
	Any reference to the Fund, to a Beneficiary, to a Guarantor, to the Borrower or to a Party, and any other parties to the Financial Documents, must be interpreted so as to include the successors of their rights and obligations or their authorised assignees, in accordance with the provisions of this Agreement and the corresponding Financial Documents.

		(iii)
	Any reference made to a Financial Document must be understood as referring to that Financial Document, as in force at the time in question (including any novations, amendments, variations, revisions or assignments).

		(iv)
	Any reference to clauses, subsections, paragraphs and annexes refers to the clauses, subsections, paragraphs and annexes of this Agreement (unless explicitly indicated otherwise, or if there is a reference to the document to which they belong).

		(v)
	Any time period or interval defined as a specific number of days before or after a specific event shall be calculated without including within this time, period or interval the date on which the event occurred.

		(vi)
	Any reference to "days" shall be understood as referring to calendar days, and any reference to a time of day, shall be understood as referring to the CET time zone.

		(vii)
	Any reference to one gender shall include the other gender and neuter.

		(viii)
	Any term employed in this Agreement in the singular shall be understood to include the corresponding plural, and vice versa.

		(ix)
	Any mention of "to the best of the understanding" of a party presupposes that the party in question has performed diligent and sufficient checks to establish its understanding of the matter in question.

		(x)
	The titles of the clauses in this Agreement and in the text of the annexes are included only for ease of comprehension, and do not dictate or affect the meaning or interpretation of any provision of this Agreement.

		(xi)
	The annexes form a part of this Agreement for all purposes. Any reference to this Agreement shall be understood to include all Annexes hereto. Likewise, any reference to any Financial Document shall be understood to refer to said Financial Document together with all corresponding annexes.

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		(xii)
	Unless explicitly indicated otherwise, the terms employed in any other Financial Document, or in any communications or notifications served by any Party with regard to any Financial Document, shall have the meaning given to them in this Agreement.

		(xiii)
	The words "include" and "including", or expressions such as "among others", "for example", and variations thereof shall not be understood in a limiting sense, but instead be understood to be followed by the words "without limitation".

		(xiv)
	Any reference to the Regulations includes any amendment, modification, revision or Regulations repealing such Regulations.

	(B)
	As this Agreement has been drawn up and negotiated in full by the Parties, and does not correspond to templates pre-established by any of them, nor does it contain general contractual conditions, the contractual clauses reflect the genuine will of the Parties upon formalisation of this Agreement. As a result, to the most general extent possible the rules of interpretation provided both in Article 1288 of the Civil Code and in Article 6 of the General Contractual Conditions Act and in any other specific principle or standard of consumer and user regulations are declared to be inapplicable.

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	2.
	THE FINANCE.

	2.1
	AMOUNT OF THE FINANCE.

	(A)
	Pursuant to the terms and conditions established in this Agreement, the Fund grants the Borrower finance (the "Finance") for an amount of THIRTY-FOUR MILLION FIVE HUNDRED THOUSAND EUROS (€34,500,000) (hereinafter, the "Amount of the Finance").

	(B)
	Without prejudice to the structuring of the Finance granted to the Beneficiary Group via the Borrower as the parent company of the Beneficiary Group, the potential recipients of the finance shall be solely the Beneficiaries, which accept joint and several responsibility for fulfilment of all obligations resulting from the Finance, as provided in RDL 25/2020, the Resolution of the Council of Ministers and the applicable EU regulations and the European Commission Decision of 2 April 2020 SA.56851 (2020/N), and the consideration thereof as public-law income.

	(C)
	The Guarantors, as companies of the Ferroglobe Group, without being Beneficiaries of the Finance, accept the Finance and give a joint and several undertaking together with the Beneficiaries to make repayment to the Fund, under the terms and by the deadlines established in this Agreement, of all amounts owed to the Fund in connection with the Finance, including any amounts owed by way of principal, interest, fees, costs, taxes and expenses. The

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Guarantors likewise undertake to ensure that the established purpose of the Finance shall solely be for the purpose indicated in Clause 2.4 and that the recipients thereof shall only be the Beneficiaries, all the foregoing without prejudice to their commitment to repay the Finance in full and to fulfil all other obligations under this Agreement.
	2.2
	INSTRUMENTS OF THE FINANCE.

The Finance comprises the following financing instruments:
		a)
	A loan for an amount of SEVENTEEN MILLION SIX HUNDRED THOUSAND EUROS (€17,600,000), in the form of a profit-sharing loan under the terms established in the applicable regulations (the "Profit-sharing Loan").

		b)
	A loan for an amount of SIXTEEN MILLION NINE HUNDRED THOUSAND EUROS (€16,900,000), in the form of an ordinary loan (the "Ordinary Loan").

The Parties acknowledge that the Ordinary Loan and the Profit-sharing Loan are two entirely separate financing instruments, and must be treated as such for all purposes. The Parties declare that they are using one single document for both instruments solely in the interests of efficiency, and to the extent that the two instruments share similar terms.
	2.3
	NATURE OF THE FINANCE.

2.3.1Profit-sharing nature of the Profit-sharing Loan
The Parties agree that the Profit-sharing Loan has the status of profit-sharing debt, as provided in the regulations in force (as novated at any time).
By virtue of the above:
		(i)
	The Fund shall, as consideration for the Profit-sharing Loan, receive ordinary interest comprising a permanent variable component and a profit-sharing variable component determined in accordance with the evolution of the consolidated activity of the Beneficiary Group on the terms established in this Agreement.

		(ii)
	The amount of the Profit-sharing Loan shall be considered net equity for accounting purposes, with regard to the reduction of share capital and liquidation of companies established in the Capital Companies Act.

2.3.2Nature of public-law income.
		(A)
	The Parties likewise explicitly acknowledge that the credit rights derived from this Agreement in favour of the Fund shall have the status and nature of public-law income, under the provisions of Article 2.3 of RDL 25/2020, and subsection 1.6 of Annex I to the Resolution of the Council of Ministers.

		(B)
	All powers and entitlements granted to the Fund and to SEPI under this Agreement correspond to the public nature of the income to which the

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Fund is entitled, thus being essential for the successful completion of the Finance.
	2.4
	PURPOSE OF THE FINANCE.

	(A)
	The Finance shall be used solely by the Beneficiary Group to restore the viability of the Beneficiaries, and may not entail an improvement to net equity beyond that registered at 31 December 2019.

	(B)
	The Finance may not be used for other purposes nor allocated to entities other than the Beneficiaries, unless this corresponds to commercial operations on normal market terms, for legitimate reasons and in fulfilment of the applicable regulations in force. Cash pooling or invoice offsetting operations that would entail a net outgoing of funds may not be performed.

	(C)
	The Finance shall be used solely in order partly to cover the working capital needs of the Beneficiaries, including, by way of example, but without being confined thereto:

		(i)
	 salary payments, Social Security charges and payment of taxes,

		(ii)
	all other ordinary operating expenses of the activity; and

		(iii)
	in general, the liquidity and financing needs of the Beneficiaries.

The Finance must specifically not be used under any circumstances to cover the needs of the non-Beneficiary Guarantor companies.
	(D)
	The Parties explicitly agree that the Finance must not under any circumstances be used for the distribution of dividends, or interim dividends, the payment of non-mandatory coupons, or the acquisition of treasury stock or shares, the payment of premiums or any other variable remuneration elements or equivalent in favour of the members of the governing body of the Beneficiaries, and in general any other uses in breach of the regulations applicable to the Fund.

	(E)
	Both SEPI and the Fund may occasionally ask the Borrower for any information they may see fit in connection with the use made of the Finance.

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	3.
	ACTIONS OF THE BENEFICIARIES AND GUARANTORS.

	3.1
	JOINT AND SEVERAL LIABILITY OF THE BENEFICIARIES.

	(A)
	In accordance with the provisions of Clauses 2.1(B) and 2.1(C) above, the Parties acknowledge that each of the Beneficiaries and the Guarantors shall be jointly and severally liable for full and timely performance of the present and future obligations derived from this Agreement and all the other Financing Documents

	(B)
	By way of clarification, this joint and several liability of the Beneficiaries shall mean that they are all considered to be the main obligors for all purposes provided in the regulations, this occurring in accordance with the provisions of

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the Temporary Public Financial Support Resolution and the regulations governing the Fund. As a result, any obligations imposed under this Agreement on the Borrower must be understood likewise to be imposed on the other Beneficiaries, unless explicitly indicated otherwise.
	(C)
	In the event that Grupo Ferroatlántica de Servicios as Guarantor Subsidiary no longer forms part of the Beneficiary Group through operations authorised by the Fund, said subsidiary shall no longer be considered a Guarantor under this Agreement, for all purposes.

	3.2
	REPRESENTATIVE OF THE BENEFICIARIES AND GUARANTORS .

	(A)
	Grupo Ferroatlántica de Servicios and the Guarantors hereby grant the Borrower irrevocable powers of representation, appointing it as their agent and representative for the purposes of this Agreement, and explicitly authorising it, through its corporate bodies and attorneys-in-fact, to perform all actions attributed to Grupo Ferroatlántica de Servicios and to the Guarantors under this Agreement and the remaining Financing Agreements, even if this were to entail the concepts of self-dealing, multiple representation, or conflict of interest. The Borrower here and now accepts this appointment.

In particular, without being confined thereto, the Borrower may perform any of the following actions for and on behalf of Grupo Ferroatlántica de Servicios and the Guarantors:
		(i)
	issue and receive any notices and communications derived from this Agreement and the remaining Financing Documents; likewise, provide SEPI with any documentation and information that must be provided in accordance with this Agreement and the remaining Financing Documents;

		(ii)
	issue instructions, reach decisions and grant consent for any actions required for the development and performance of this Agreement and the remaining Financing Documents;

		(iii)
	sign and formalise any documents related or supplementary to the Financing Documents that might be necessary, being explicitly entitled to ratify, clarify and agree amendments to this Agreement and to the remaining Financing Documents;

		(iv)
	perform on its own account any payments required of it under this Agreement and the remaining Financing Documents; and

		(v)
	in general, execute any public or private documents (including, without being confined to, documents of clarification, ratification and amendment of the preceding), and perform any action that might be necessary or desirable in connection with the development and performance of this Agreement and the remaining financing Documents.

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	(B)
	The above is to be understood without prejudice to performance by Grupo Ferroatlántica de Servicios and the Guarantors of the obligations imposed by this Agreement and the remaining Financing Documents.

	(C)
	Without prejudice to the terms here established in Clause 3, SEPI may request of Grupo Ferroatlántica de Servicios and the Guarantors, if it sees fit, ratification of the actions taken by the Borrower as their representative and interlocutor for the purposes of this Agreement, in addition to the ratification and formalisation of any agreement or document (whether public or private) derived from this Agreement or the remaining Financing Documents (including, without being confined to, documents of clarification, ratification and amendment of the preceding). Neither Grupo Ferroatlántica de Servicios nor any Guarantee may refuse such a request.

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	4.
	GRANTING AND DRAWDOWN OF THE FINANCE.

	4.1
	DRAWDOWN OF THE PROFIT-SHARING LOAN.

The Borrower irrevocably on this same date requests that the Fund grant and disburse in full the Profit-sharing Loan (hereinafter, the "Drawdown of the Profit-sharing Loan"), with the following conditions:
		(i)
	Amount: the total amount of the Profit-sharing Loan is:

		·
	SEVENTEEN MILLION SIX HUNDRED THOUSAND EUROS (€17,600,000)

		(ii)
	Date of effect of the Drawdown of the Profit-sharing Loan: two (2) Business Days after the Date of fulfilment of the conditions indicated in subsection 4.3.

		(iii)
	Purpose: As provided in Clause 2.4. above.

		(iv)
	Account into which the Drawdown of the Profit-sharing Loan is to be deposited: Bank account held by the Applicant at Bankinter, S.A. with IBAN number ES93 0128 9444 1601 0001 8157 (the “Account”).

The Fund and SEPI hereby acknowledge notification of the request by the Borrower with regard to the Drawdown of the Profit-sharing Loan.
	4.2
	DRAWDOWN OF THE ORDINARY LOAN.

The Borrower hereby irrevocably requests of the Fund on this same date the disbursement of the Ordinary Loan (hereinafter, the "Drawdown of the Ordinary Loan") on the following conditions:
		(i)
	Amount: the total amount of the Ordinary Loan, in other words SIXTEEN MILLION NINE HUNDRED THOUSAND EUROS (€16,900,000);

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		(ii)
	Date of effect for the Drawdown of the Ordinary Loan: two (2) Business Days after the date of verification of fulfilment of the conditions indicated in subsection 4.3 .

		(iii)
	Purpose: As provided in Clause 2.4. above.

		(iv)
	Account into which the Drawdown of the Ordinary Loan is to be deposited: the Account

The Fund and SEPI hereby acknowledge the request by the Borrower with regard to the Drawdown of the Ordinary Loan, upon signature of this Agreement.
Hereinafter, the amount of the Profit-sharing Loan and the amount of the Ordinary Loan shall be referred to as the "Amount Drawn Down".
	4.3
	DRAWDOWN CONDITIONS.

	(A)
	The Fund shall not be obliged to make any Drawdown to the Borrower in fulfilment of this Agreement, unless the following drawdown conditions are first or simultaneously fulfilled:

		(i)
	The requirements applicable to the requested Drawdown are fulfilled;

		(ii)
	There is no event that would constitute, or could reasonably be expected in the future to constitute an Accelerated Maturity Circumstance, nor has any event occurred that, as a consequence of the Drawdown, would or could reasonably be expected in the future to constitute an Accelerated Maturity Circumstance;

		(iii)
	There is no event that would constitute, or could reasonably be expected in the future to constitute a Material Adverse Effect, nor has any event occurred as a consequence of the Drawdown that would constitute, or could reasonably be expected to constitute a Material Adverse Effect; and

		(iv)
	Neither the Beneficiaries nor the Guarantors have applied for insolvency or been declared insolvent, and there is no situation demonstrating their current or imminent insolvency, according to the provisions of the Spanish Insolvency Act, and they have not served the notification indicated in Article 583 et seq. of the Consolidated Text of the Insolvency Act of 5 May 2020 (the former Article 5 bis of Insolvency Act 22/2003);

		(v)
	All Representations and Warranties remain true, complete and precise, and shall continue to be so after the Drawdown is performed;

		(vi)
	The Beneficiaries and Guarantors have signed all the Financial Documents, including the execution of any documents required in connection with the Personal and In Rem Guarantees (with regard to each guarantee, by the deadlines and with the content required by

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Clause 16), with those In Rem Guarantees that can be entered in the corresponding Public Registers having been presented for registration;
		(vii)
	Maintenance of direct or indirect ownership: (i) by the Borrower of the shares representing the percentage held by it at the date of this Agreement in the share capital of Grupo Ferroatlántica de Servicios; and (ii) by Ferroglobe PLC , of its indirect stake in the share capital of the Borrower.

		(viii)
	The Beneficiaries and Guarantors are in fulfilment of all obligations imposed by the Financing Documents.

		(ix)
	The Beneficiaries have no outstanding taxation and Social Security obligations, presenting certificates for this purpose.

	(B)
	The Borrower must present SEPI with an authentic document confirming fulfilment of the following conditions, on the following terms:

		(a)
	Regarding conditions (i), (ii), (iii), (iv), (v), (vii), (viii) and (ix), a written declaration by the Borrower declaring fulfilment thereof, signed by an authorised representative of the Borrower.

		(b)
	Regarding condition (vi), presentation of the public document recording the granting of the Guarantees on the terms required by Clause 16 and of the request for registration filed with the corresponding Public Register.

	(C)
	Regarding the third-ranked In Rem Right of Pledge over the shares of Globe Specialty Metals Inc., by presentation of (i) a copy formalised simultaneously on the Date of Signature; and (ii) a legal opinion in accreditation of the enforceability of the pledge and the capacity of the corresponding pledgor to grant the pledge.

	(D)
	In the event that within a period of thirty (30) calendar days of the Date of Closure not all the drawdown conditions set out in this clause have been met, the Borrower must request an extension, the granting of which shall be referred by SEPI for consideration at the discretion of the Fund Administrative Board, which may reject this without the need to give any reasons, in which case this Agreement shall be deemed to be rescinded for all purposes, without the Parties being entitled to bring any claims against one another for any reason.

	(E)
	The Date of signature of this Financing Agreement shall be considered to be the "Date of Closure" for the purposes of this Agreement.

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	5.
	INTEREST.

	5.1
	ACCRUAL AND CALCULATION OF INTEREST.

	(A)
	Interest shall accrue from day to day in favour of the Funds on the Amount Drawn Down and pending repayment on each date up until full amortisation, at the variable interest rates established in this Agreement.

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	(B)
	This interest shall be calculated on the basis of a year of 360 days in accordance with the number of calendar days actually transpiring in each Interest Period. The interest shall be calculated according to the following formula:

(C x R x T) / 360
Where:
“C” is the amount drawn down and pending reimbursement;
“R” is the nominal interest rate applicable in each case (as a percentage); and
“T” is the duration of the Interest Period in days.
	5.2
	INTEREST PERIODS.

For the purposes of calculation of the interest accruing, the time between the Date of Closure and the Final Maturity Date shall be deemed to be divided into successive "Interest Periods", the duration of which shall comply with the following rules:
		(i)
	The first Interest Period shall begin on the Date of Closure. Upon conclusion of each Interest Period, a new Interest Period shall begin.

		(ii)
	Except for the last Interest Period, the Interest Periods shall be of a duration of twelve (12) months.

		(iii)
	The last Interest Period shall end on the Final Maturity Date, even if, as a consequence thereof, the duration of said Interest Period must be established in months, weeks or days.

		(iv)
	The Interest Periods shall be calculated from date to date.

		(v)
	For the purposes of calculation, accreditation and settlement of interest, the first day of the Interest Period in question shall be understood to have elapsed as a day, while the last day shall not have elapsed.

	5.3
	PAYMENT OF INTEREST

	(A)
	Except for the interest corresponding to the Profit-sharing Component (which shall be settled in accordance with the provisions of subsection 5.4.1(B) below), the interest accruing in each Interest Period shall be settled at the end of that Interest Period, and must be paid by the Borrower to the Fund on the last day of said Interest Period, as provided in Clause 8.1 and without the need for any notification or payment demand.

	(B)
	As an exception, in the event of premature amortisation (voluntary or mandatory) of the Finance under the terms established in Clauses 6.3, 6.4 or 6.5, the interest corresponding to the principal of the Finance prematurely amortised and accruing up to the date of premature amortisation shall be paid on the same date as said amortisation takes effect, in accordance with the provisions of Clause 6.6.

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	5.4
	INTEREST RATE

5.4.1Interest Rate of the Profit-sharing Loan.
	(A)
	Components of the Interest Rate of the Profit-sharing Loan

The interest rate of the Profit-sharing Loan (hereinafter, the "Profit-sharing Loan Interest Rate" shall comprise the following components:
		(i)
	A permanent variable component (hereinafter, the "Permanent Component") applicable to each Interest Period, equivalent to an annual percentage equal to the sum total of the following items:

		(a)
	the Reference Index; and

		(b)
	the Spread.

		(ii)
	A variable component in accordance with the evolution of the activity (hereinafter, the "Profit-sharing Component") applicable to each accounting year, equivalent to 1% per annum of the outstanding nominal value.

	(B)
	Profit-sharing Component.

The Profit-sharing Component shall accrue yearly from the drawdown date of the Profit-sharing Loan and on each date of close of the accounting year if the pre-tax result for the year closed according to the Consolidated Financial Statements of the Beneficiary Group is positive. The variable profit-sharing component shall under no circumstances accrue if, as a consequence of such interest, the pre-tax result recorded in the aforementioned Consolidated Financial Statements would not be positive. The aforementioned Consolidated Financial Statements required to serve as the basis for this calculation must be audited by the accounts auditor and, where applicable, the consolidated statements shall be drawn up on the basis of the annual accounts of the companies of the Beneficiary Group.
As an exception, the Profit-sharing Component corresponding to the financial year of the Final Maturity Date shall accrue between 1 January in that financial year and the Final Maturity Date, on the basis of the consolidated profit and loss account, in accordance with the certificate issued by the governing body of the Borrower, corresponding to the period between 1 January and the last day of the month prior to the Final Maturity Date.
In the event that the Profit-sharing Component is payable, the Borrower must make payment thereof within a maximum of five (5) Business Days of availability of the auditor's report on the aforementioned Consolidated Financial Statements for the accounting year in question, which must in all cases be issued by 30 June each year.
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	(C)
	Reference index of the Permanent Component.

The "Reference Index" is to be understood as the twelve (12) month IBOR established by the European Commission applicable to Spain at the start of each annual ordinary interest accrual period in accordance with the provisions of the communication regarding the revision of the method for the setting of reference rates and updates of the European Commission, updated and published each year on the official portal (https://ec.europa.eu/competition/state_aid/legislation/reference_rates.html).
In the event that the Reference Rate proves to be negative, for the purposes of calculation of the Permanent Component of the Profit-sharing Loan, the Reference Index shall be understood to be equivalent to 0.
	(D)
	Spread of the Permanent Component.

The “Spread” shall be that applicable to each Interest Period in accordance with the terms set out below:
	​

	​

	Period
	Spread

	Up until the first anniversary of the Date of Closure 
	250 bp

	From the end of the previous period up until the third anniversary of the Date of Closure
	350 bp

	From the end of the previous period up until the fifth anniversary of the Date of Closure
	500 bp

	From the end of the previous period up until the seventh anniversary of the Date of Closure
	700 bp

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	(E)
	Calculation of the rate of the Permanent Component of the Profit-sharing Loan.

SEPI shall calculate the applicable rate of the Permanent Component of the Profit-sharing Loan two (2) Business Days before the start date of each Interest Period, and shall (in accordance with the rules set forth in Clause 21) notify the Borrower thereof by 17:00 hours on the Business Day before the start date of each Interest Period.
The Borrower must issue confirmation to SEPI in accordance with the rules set forth in Clause 21 by 18:00 hours on the Business Day prior to the start date of each Interest Period as to its acceptance of the Reference Index and the Spread notified under the above rules, it being understood that failure by the Borrower to issue such confirmation in due time and form constitutes its acceptance of the Reference Index and the Spread notified by SEPI.
As the rate of the Permanent Component of the Profit-sharing Loan is determined by means of an objective procedure, the Borrower may only reject this rate in the event of disagreement based on a clear error in the calculation, and must notify
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SEPI of said circumstance by the time indicated in this clause (in accordance with the rules provided in Clause 21), in which case SEPI shall rectify this error and restart the procedure for notification of the rate of the Permanent Component of the Profit-sharing Loan. SEPI may provide sufficient accreditation of the correction of the rate of the Permanent Component of the Profit-sharing Loan applicable at any given time, without any further requirement, by means of the print-off of the corresponding screen.
5.4.2Interest Rate of the Ordinary Loan.
The interest rate of the Ordinary Loan (the "Interest Rate of the Ordinary Loan") applicable to each Interest Period shall be a fixed rate of two per cent (2.00%) per annum.
	5.5
	LATE-PAYMENT INTEREST.

	(A)
	Without prejudice to any action for cancellation that may be exercised, and any remedy or right to which the Funds might be entitled under the terms of this Agreement, if for any reason the Borrower has failed to meet any payment obligation under this Agreement in a timely manner, the Borrower shall, without the need for any demand, incur in favour of the Fund late-payment interest payable on those amounts that it did not pay when it should have done.

	(B)
	The late-payment interest rate shall accrue from day to day on the sum total not paid, with a monthly settlement calculation (for as long as the amounts unpaid have not been settled in full) on the basis of a year of three hundred and sixty (360) days, and shall be equal to the late-payment interest rate established at the time in question in the State General Budgets Act for this type of instrument (the "Late-payment Interest Rate").

	(C)
	Likewise, any payment obligations that are due and unpaid shall continue, without the need for any demand, to accrue in favour of the Fund the Interest Rate that was being applied to the instrument not paid at the time of the payment default.

	(D)
	The Late-payment Interest Rate shall likewise be the interest rate for delays during legal proceedings.

	(E)
	Accrual of the late-payment interest rate shall in all cases be in addition to the Spread of the Permanent Component as indicated in the table in Clause 5.4.1(D).

	(F)
	The Late-payment Interest Rate does not preclude the obligation on the Borrower to indemnify the Fund for any damages on the terms set out in capitals 10.

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	6.
	AMORTISATION.

	6.1
	TOTAL AMORTISATION DATE.

This Finance shall be amortised in full on 1 June 2025. Nonetheless, this Agreement shall remain in force up until the date when the Borrower has made payment of all amounts owed in any regard under this Agreement and the remaining Financial Documents (hereinafter, the "Date of Total Amortisation").
	6.2
	ORDINARY AMORTISATION.

	6.2.1
	Amortisation of the Profit-sharing Loan

The amount drawn down under the Profit-sharing Loan shall be amortised by means of two (2) instalments, in accordance with the following amortisation structure:
	Date 
	Amount

	On the third (3rd) anniversary of the Date of Closure
	€ 8,798,000.00 

	On 1 June 2025
	€ 8,802,000.00 

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	6.2.2
	Amortisation of the Ordinary Loan

The amount drawn down under the Ordinary Loan shall be amortised by means of two (2) instalments, according to the following amortisation structure:
	Date 
	Amount

	On the third (3rd) anniversary of the Date of Closure
	€ 8,452,000.00 

	On 1 June 2025
	€ 8,448,000.00 

​
	6.3
	VOLUNTARY PREMATURE AMORTISATION.

	(A)
	The Borrower may make a voluntary premature amortisation of all or part of the Finance, provided that the following conditions are fulfilled:

		(a)
	the date when the premature amortisation occurs coincides with the last day of the Interest Period in progress at that time;

		(b)
	the premature amortisation is for a minimum total amount of €1,000,000 or a greater amount, provided that this is a whole multiple of said amount (unless the amortisation is for the entire Finance pending amortisation, in which case the above limitations shall not apply);

		(c)
	the Fund has received notice from the Borrower at least ten (10) Business Days in advance, indicating the date when it intends to make the premature amortisation, and the amount to be allocated to this purpose; and

		(d)
	the Borrower bears all costs, expenses, fees and tariffs incurred by the Fund as a consequence of the premature amortisation.

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	(B)
	Once this notification has been received by the Fund, the decision of the Borrower to proceed to perform the premature amortisation on the stated terms shall be irrevocable. As a result, failure to perform the voluntary premature amortisation on the stated date shall constitute a breach of payment conditions under the terms of Clause 14.1.1.

	(C)
	Any amounts of the Finance voluntarily amortised prematurely cannot subsequently again be drawn down by the Borrower.

	(D)
	In any event, the Borrower may only make a premature amortisation of the Finance if it guarantees full compliance with the provisions of the regulations in force.

	6.4
	MANDATORY TOTAL PREMATURE AMORTISATION.

	6.4.1
	Mandatory total premature amortisation circumstance.

	(A)
	The Borrower must amortise the entire Finance (together with the interest accruing up to the date of premature amortisation, and any commissions or other expenses owed under this Agreement), in the event of a change of legal circumstances of the Fund, on the terms set forth in Clause 9, and also in the event of occurrence of an Accelerated Maturity Circumstance as provided in Clause 14.1 below.

	6.4.2
	Specific rules applicable to mandatory total premature  amortisation.

	(A)
	Occurrence of the circumstance provided in Clause 6.4.1 shall require immediate notification of SEPI by the Borrower, with SEPI in turn informing the Fund, except under the terms provided in Clause 9 in which case the Fund must notify SEPI, which shall in turn inform the Borrower.

	(B)
	In the circumstances provided here in Clause 6.4, the amortisation must be made immediately, even if the date in question does not coincide with an interest payment date.

	(C)
	No amount amortised through occurrence of the circumstance of Clause 6.4.1 may again be drawn down by the Borrower.

	6.5
	MANDATORY PARTIAL PREMATURE AMORTISATION.

	6.5.1
	Mandatory partial premature amortisation circumstance.

A partial, premature amortisation of the Finance shall take place (together with the interest accruing up to the date of premature amortisation, and any commissions or other expenses owed under this Agreement) in any of the following circumstances, and in accordance with the rules set out below:
		(i)
	Sale of assets, subsidiaries and businesses: notwithstanding the terms of Clause 13.6.5, the Borrower must allocate to premature amortisation of the Finance the Amount actually obtained by the Applicant or the Beneficiaries from the sale or disposal, outside the ordinary course of business, of

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tangible and intangible fixed assets, or those of any other kind, whether movable or real estate, including, without being confined thereto, shares or stock in other companies of the Group, wherever:
		(a)
	the Amounts accumulated each year and actually obtained through sales are in excess of two million euros (€2,000,000), with this limit excluding sales of assets for an amount of less than five hundred thousand euros (€500,000), up to the aforementioned aggregate amount of two million euros (€2,000,000), which shall under no circumstances have to be assigned to mandatory premature amortisation of the Finance; and

		(b)
	the amount is not reinvested or committed for allocation, under a binding contractual agreement with a third party, to the acquisition of assets of a similar nature to those disposed of in the regular business of the Beneficiary Group within a period of six (6) months of receipt of the funds.

		(ii)
	Insurance compensation: the Borrower must allocate to premature amortisation of the Finance the Net Amounts actually obtained by the Borrower or the Beneficiaries by way of compensation for the occurrence of losses insured under the insurance policies in existence, while excluding insurance covering (i) general civil liability before third party; (ii) cessation of activity and loss of profits; and (iii) surety insurance; wherever such amounts:

		(a)
	are individually in excess of two hundred and fifty thousand euros (€250,000); and

		(b)
	have not been reinvested or committed on a binding basis to reinvestment in the repair or replacement of the damaged assets in the regular business of the Beneficiary Group, or to cover the liabilities as a result of which the compensation was received, within a period of six (6) months of the date when the compensation was received, provided that in the event that there is only a binding reinvestment commitment, the effective reinvestment takes place within a period of twelve (12) months of the date when the aforementioned commitment was given.

		(iii)
	Grants: the Borrower must allocate to premature amortisation of the Finance the Net Amounts of any grant not assigned to a specific purpose and received by the Beneficiaries: (i) that is not used for the purpose of the grant in question; and (ii) must not be reimbursed to the body or institution that awarded the grant. This obligation shall not extend to the final instalments of loans granted by the CDTI or other public bodies that

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are remitted as a consequence of fulfilment of the complete R&D+i project in question that they finance, and credit rights by way of the offsetting of indirect CO2 emissions costs.
		(iv)
	Cash Sweep: from 31 December 2023, the Borrower will be required each year to allocate 50% of Final Available Cash to mandatory premature amortisation of the Finance (subject to the application of funds rules set forth below).

If the Borrower is obliged to make premature amortisation of the Finance in accordance with this paragraph, the Borrower must inform SEPI thereof (including the date when the premature amortisation is scheduled to take place), no later than the Business Day following the date when the certificate as to the Final Available Cash for the financial year in question is available.
	6.5.2
	Specific rules applicable to partial mandatory premature amortisation.

	(A)
	Receipt of any of the payments indicated in the above paragraphs will require that the Borrower serve immediate notification on SEPI, which shall in turn inform the Fund.

	(B)
	The mandatory premature amortisations shall be made within five (5) Business Days of the obligation to make the amortisation arising, namely:

		(i)
	in the event of the occurrence of any of the mandatory premature amortisation circumstances provided in subsections 6.5.1(i) and 6.5.1(ii), the date when the period of six (6) months provided in those subsections ends (or any prior date in the event that the Borrower decides not to make the corresponding reinvestment or repair, as applicable);

		(ii)
	in the event of occurrence of the mandatory premature amortisation circumstance provided in subsection 6.5.1(iii), the end date of the period to make use of a grant, unless it has to be refunded to the entity that awarded it;

		(iii)
	in the event of occurrence of any of the mandatory premature amortisation circumstances provided in subsection 6.5.1(iv), the date on which fifteen (15) Business Days have elapsed since presentation of the Final Available Cash Certificate.

	(C)
	No amount amortised through the occurrence of the circumstances of Clause 6.5.1 may again be drawn down.

	6.6
	RULES COMMON TO PREMATURE AMORTISATION (VOLUNTARY AND MANDATORY).

	(A)
	By way of clarification, all payments made by virtue of the voluntary or mandatory premature amortisations (total or partial) must be made in accordance with the provisions of Clauses 6.3, 6.4.2 and 6.5.1 above.

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	(B)
	Partial premature amortisation (voluntary or mandatory) performed with regard to the Finance shall be subject to the payment imputation regime established in Clause 8.4, in the order provided in Clauses 6.3 or 6.5.1 (as applicable).

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	7.
	CONVERSION INTO SHARE CAPITAL.

	(A)
	In all cases of ordinary or premature mandatory amortisation or accelerated maturity of the Finance, in the event that the Applicant does not honour the payments to which it is obliged in such circumstances, the Administrative Board will have the option (but at no time the obligation) to convert all or part of the Profit-sharing Loan into share capital of the Applicant.

	(B)
	The Administrative Board shall reach its decision having first conducted the relevant procedure, and will require authorisation from the Council of Ministers, in any event, if this gives rise to acquisition of State enterprise status, as well as authorisation from the European Commission if the operation fulfils the requirements for notification of said Community institution.

	(C)
	The conversion of the Financial Support into capital shall be performed at the price that is the result of dividing the equity value prior to the conversion by the total number of shares or stock units in the Applicant (the "Conversion Price"). In order to determine the equity value prior to the conversion, the pre-conversion value shall be the result of deducting from the enterprise value of the Applicant affected by the conversion, the amount of the net financial debt and cost-free financial liabilities.

	(D)
	As a consequence, the number of new shares in the Applicant to be issued in favour of the Fund shall be the result of dividing the amount of the Profit-sharing Loan to be converted, by the Conversion Price.

	(E)
	For the purposes provided in this clause, the Applicant accepts a commitment to instigate approval by the general meeting of the Applicant of a capital increase for the purpose of conversion of the Profit-sharing Loan into capital as provided in this clause, at the earliest possible opportunity following occurrence of the conversion circumstance governed by this clause.

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	8.
	PAYMENTS.

	8.1
	PAYMENTS WITHOUT THE NEED FOR DEMAND.

On each date when the Borrower is required to pay any amount under this Agreement or the remaining Financial Agreements, the Borrower shall, without the need for any payment demand, transfer the required funds, in Euros, by means of a bank transfer performed by 12:00 hours on the day when they are owed, with the same value date, into the account of the Fund or at the Bank of Spain, or otherwise the bank account indicated for this purpose by the Fund.
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	8.2
	OFFSETTING

	(A)
	The Fund is explicitly and irrevocably empowered by the Beneficiaries and Guarantors to apply any credit rights that might exist in their favour, to the payment of any amounts due by any of them by virtue of the Financial Documents Due, liquid, enforceable and reciprocal obligations and credits derived from the Financial Documents shall be understood automatically to be offset to the applicable amount, if so decided by the Fund.

	(B)
	To this end, each of the Beneficiaries and Guarantors empowers the Fund to sign and execute any documents that by be necessary or desirable, and on any terms that might be deemed appropriate, purely for the purpose of the provisions of this clause, explicitly authorising the Fund to engage in self-dealing.

	(C)
	The offsetting agreed in this clause shall proceed even if the credit rights held by the Beneficiaries and Guarantors have not yet matured, and they shall, purely for the purposes of offsetting, be deemed enforceable.

	(D)
	The Fund may exercise the powers granted to it by this clause without any other requirement than the payment being due, even if prematurely so, and if any debt has not been settled, without the need for authorisation or ratification by the Beneficiaries and Guarantors, nor any declaration by a court, although once the offsetting has been performed, the Fund shall inform the Beneficiaries and Guarantors thereof via SEPI.

	8.3
	PAYMENT DATES.

Any payment maturing on a non-Business Day must be made on the Business Day immediately following this, unless this would lie in the next calendar month, in which case the payment shall be brought forward to the last preceding Business Day of the month in question.
	8.4
	IMPUTATION OF PAYMENTS.

	(A)
	Payments made by the Borrower or by any third party on its account to the Fund (via SEPI or in any other way) shall be imputed to the Finance in accordance with the distribution explicitly agreed in this Agreement, in the following order:

		(i)
	late-payment interest;

		(ii)
	ordinary interest;

		(iii)
	fees and commissions;

		(iv)
	expenses and taxes;

		(v)
	indemnification and additional costs;

		(vi)
	court costs and expenses; and

		(vii)
	principal pending amortisation.

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	(B)
	Within the above item, the imputation of payments shall begin with the longest-standing debts, without under any circumstances any made to specific debts constituting a waiver of others, even if they are of longer standing, and whether derived from this or any other item.

	(C)
	Any amount pending amortisation in any regard, in addition to credit rights derived from the Finance and the remaining Financial Documents, shall have the status of public-law income, collection thereof being subject to the provisions of General Budgetary Act 47/2003, of 26 November 2003, by virtue of the provisions of Article 2.3 of Royal Decree-Law 25/2020, of 3 July 2020, and Subsection 1.6 of Annex I of the Resolution of the Council of Ministers.

	8.5
	INTEREST DEBT.

It is explicitly agreed that receipt by the Fund of a payment of principal under the Finance, even if the right to the agreed interest is not explicitly reserved, shall not terminate the obligation of the Borrower with regard to the interest.
	8.6
	TAXES.

	(A)
	In accordance with the provisions of Article 2.11 of RDL 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment, all equity transfers, corporate operations and acts directly or indirectly derived from the application of the aforementioned provision, and even contributions of funds or capital increases that might be performed for the capitalisation and/or financial and equity restructuring of investee companies drawn from the Fund, shall be exempt from any national, regional or local tax, without in this last case giving rise to the offsetting referred to in Article 9.2 of Royal Legislative Decree 2/2004, of 5 March 2004, approving the consolidated text of the Local Public Finance Regulatory Act. Likewise, all the aforementioned transfers, operations and acts shall benefit from an exemption from payment of any professional fees and tariffs accruing through the involvement of notaries public and Land and Companies Registrars.

	(B)
	Any amounts that the Fund might receive by way of any interest accruing through application of this Agreement shall not be subject to an interim Corporation Tax withholding, in accordance with the provisions of Article 128.4(a) in connection with Article 9.1(b) of Corporation Tax Act 27/2014, and Article 61(o) of the implementing Regulation thereof, approved by means of Royal Decree 634/2015, since the Fund enjoys a formal exemption from the aforementioned tax, since it forms part of the State Administration itself, as it lacks legal personality and is attached to the General State Administration through the Ministry of Finance, by virtue of the provisions of Article 2.1 of Royal Decree-Law 25/2020.

	(C)
	For the purposes of accreditation of its exempt entity status, in fulfilment of the provisions of the aforementioned Article 61(o) of the Corporation Tax

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Regulation, Annex 8.6(C) to this agreement contains a copy of its Tax Identification Number ('NIF'), S2801456A, the letter 'S' being assigned to State and Autonomous Regional bodies, in accordance with Article 3 of Order EHA/451/2008, of 20 February 2008, governing the composition of tax identification numbers of legal persons and entities without legal personality.
	(D)
	Without prejudice to the foregoing provisions, all payments to be made by the Borrower under any of the Financial Documents shall be made in Euros, on the clear understanding that all payments regarding costs or expenses shall be made in the currency in which they arose.

​
	9.
	CHANGE OF LEGAL CIRCUMSTANCES.

	(A)
	If (i) performance of any of the obligations derived from this Agreement, or (ii) the granting of the Finance, or (iii) interpretation or application by any legal or administrative authority of the applicable regulations, would lead to the Fund being in breach of any legal or regulatory provision (EU, national, regional or any other), or any circular or official decision, the Fund must notify SEPI and the Borrower of said circumstance.

	(B)
	Within fifteen (15) Business Days of said notification (or any shorter period that might prove necessary in order to comply with the rule leading to the change in legal circumstances), and without prejudice to the fact that the Parties shall attempt in good faith to apply the principle of legitimate trust; SEPI, the Borrower and the Fund shall make their best efforts (provided that this would be commercially acceptable and would not constitute a breach of the applicable legislation) to pursue an alternative solution serving to eliminate or mitigate said circumstance.

	(C)
	In the event that this alternative solution is not possible, the Borrower must, without any premium or penalty, amortise the part of the Financing drawn down and pending amortisation, together with the interest and all other amounts owed to the Fund by virtue of this Agreement, all the foregoing in accordance with the provisions of Clause 6.4.

	(D)
	This amortisation of the Finance must be performed on the first interest payment date after the fifth Business Day following receipt of the demand served for this purpose by SEPI.

​
	10.
	INDEMNITY.

	(A)
	The Beneficiaries and the Guarantors undertake to hold harmless SEPI and the Fund:

		(i)
	Regarding any cost, claim, loss, expense or damages of any kind that either of them might suffer directly as a result of the occurrence of any events

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that could give rise to an Accelerated Maturity Circumstance or any breach by the Beneficiaries or Guarantors of the obligations imposed on them by this Agreement, including, without being confined to, any damages and, in particular, any costs that either of them might suffer through the collection of any amount on a date other than the date when said amount should have been collected under the terms of this Agreement.
		(ii)
	Regarding any damages that they might suffer as a result of obtaining the corresponding funds in the Drawdown of the Finance requested by the Borrower under the terms of this Agreement, but that did not take effect for any reason attributable to the Borrower.

		(iii)
	Regarding any damages they might suffer as a result of the Borrower having served notice of its decision prematurely to amortise all or part of the Finance, without this premature amortisation ultimately taking place on the date notified, for a reason attributable to the Borrower, or in the event that the payment takes place on a date other than the interest payment date.

		(iv)
	Regarding any damages as a result of acting or relying on any notice served by the Borrower in accordance with the terms of Clause 21.

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	11.
	REPRESENTATIONS.

	11.1
	REPRESENTATIONS.

11.1.1General.
Each of the Beneficiaries and Guarantors, as applicable, issues the following formal representations in favour of the Fund, regarding themselves (hereinafter, the "Representations"), which are essential in nature for the Fund to conclude this Agreement and the remaining Financial Documents, all the foregoing pursuant to the provisions of Clause 11.3 below.
11.1.2Existence and legal status.
The Beneficiaries and Guarantors are companies validly incorporated and registered in the applicable companies registers based on their registered address, and enjoy full legal and operational capacity to perform their respective corporate purposes (including the capacity to dispose of and encumber all their assets).
11.1.3Binding obligations.
The Financial Documents are fully valid, and the obligations imposed on the Beneficiaries and Guarantors by the Financial Documents to which they are a party, are legal, valid, binding and enforceable.
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11.1.4Absence of conflicts with other obligations.
The conclusion and performance of the Financial Documents by the Beneficiaries and the Guarantors, and the consummation of all the operations provided for therein (including, without being confined to, enforcement of the Guarantees):
		(i)
	do not constitute a breach of any law, regulation, order, rule, court, administrative or arbitration decision in Spain or abroad.

		(ii)
	do not constitute a breach of the deed of incorporation nor any provision of the corporate bylaws, nor any shareholder or stockholder agreement.

		(iii)
	do not require any consent, approval, authorisation or notification under the terms of any contract, agreement or other instrument to which they are party, nor conflict with these, nor cause a breach or termination of any such contract, agreement or other instrument; and

		(iv)
	will not give rise to nor require the establishment of guarantees or encumbrances over all or part of their present or future income or assets, in favour of third-party creditors.

11.1.5Capacity.
	(A)
	The Beneficiaries and Guarantors enjoy full legal and operational capacity to execute the Financial Documents to which they are party, and to exercise the rights and accept and fulfil the obligations derived therefrom.

	(B)
	The Beneficiaries and Guarantors have passed corporate resolutions, and conducted all actions and procedures in order to ensure that the obligations imposed by the Financial Documents are valid and enforceable. The signatories of the Financial Documents are duly empowered to act as the representatives of the corresponding company.

11.1.6Permits and licences.
	(A)
	The Beneficiaries and Guarantors hold all essential licences, permits, authorisations, concessions and approvals as required in order to conduct their business activity.

	(B)
	No notice has been served on the Beneficiaries and Guarantors of any modification or variation of the conditions of any of the essential licences, permits, authorisations, concessions and approvals in force. Nor have they received any notification from the competent authorities declaring the absence of essential licences, permits, authorisations or concessions, and demanding that these be applied for and obtained. There is no reason to believe that the essential licences, permits, authorisations, concessions and approvals held by them could be revoked, annulled or cancelled.

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	11.1.7
	Eligibility conditions for beneficiaries of assistance drawn from the Fund.

	(A)
	The Beneficiaries fulfil each and every one of the beneficiary company eligibility criteria established in subsection 2 of Annex II to the Resolution of the Council of Ministers, and confirm the accuracy, precision and integrity, in content and form, of all documentation required by the Guide for due formalisation of the application for temporary public financial support, published on 7 August 2020 on the official SEPI website, and presented by the Applicant, including, without being confined to, the application form of Annex I and the self-declarations of Annexes II, III and IV of the Guide, regarding, respectively, the prohibitions on beneficiaries, the minimum content of the Viability Plan, and the existence of certain eligibility conditions. Specifically, the Beneficiaries fulfil each and every one of the eligibility criteria for recipient companies as provided in subsections a), c), h), i), j), k) and l) of Annex II to the Resolution of the Council of Ministers

	(B)
	The Beneficiaries declare that the amount, duration and conditions of the assistance requested are proportionate and are the minimums required to restore the viability of the Beneficiaries, and do not constitute any improvement to the net equity of the Beneficiaries beyond that registered at 31 December 2019.

	(C)
	The Applicant declares that the Beneficiary Group does not constitute an undertaking in difficulty as at 31 December 2019, in the terms of Article 2 (18) of Commission Regulation (EU) 651/2014, of 17 June 2014, declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty.

	(D)
	None of the Beneficiaries has applied for a declaration of voluntary insolvency, and has not been declared insolvent in any proceedings, nor declared in default of payments to creditors, and is not subject to any court intervention, nor disqualification under the Insolvency Act.

	(E)
	None of the Beneficiaries has been found guilty in a final sentence disqualifying it from obtaining public aid or subsidies, nor found guilty of offences of improper actions, bribery, embezzlement of public funds, influence trafficking, fraud and illegal receipts, or urban planning offences.

	(F)
	None of the Beneficiaries has been found guilty in a final decision of the termination of any contract concluded with the Public Authorities.

	(G)
	Each of the Beneficiaries declares that there are no court proceedings, claims or administrative proceedings in which they are involved that could affect their economic stability or the temporary public financial support requested, that have not explicitly been mentioned in the aforementioned application.

	11.1.8
	Absence of situations of insolvency or equivalent.

	(A)
	None of the Beneficiaries or Guarantors has been wound up or liquidated.

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	(B)
	No resolution has been passed to wind up or liquidate, nor are there any proceedings or petitions pending in order to obtain such winding-up or liquidation.

	(C)
	The Beneficiaries and the Guarantors are not in a situation of mandatory winding-up under the terms established in the Capital Companies Act, in accordance with Act 3/2020, of 18 September 2020, nor any equivalent foreign insolvency legislation that would apply

	(D)
	None of the Beneficiaries or Guarantors has, to the relevant extent:

		(i)
	initiated any proceedings under the terms of Articles 583 et seq. of the consolidated text of the Insolvency Act of 5 May 2020 (former Article 5 bis of Insolvency Act 22/2003) or under any equivalent foreign insolvency legislation that would apply.

		(ii)
	been declared in default of payments to creditors, or equivalent insolvency proceedings (in or out of court);

		(iii)
	petitioned for a declaration of voluntary insolvency or equivalent insolvency proceedings;

		(iv)
	notified the competent courts of the initiation of negotiations with creditors in order to reach an early agreement or equivalent insolvency proceedings;

		(v)
	any pending proceedings or petition, nor is it aware of any such, intended to declare payment default or equivalent insolvency proceedings regarding any of them; nor

		(vi)
	become subject to any situation demonstrating its current insolvency in accordance with the provisions of the Insolvency Act (in line with Act 3/2020, of 18 September 2020), nor any equivalent foreign insolvency legislation that would apply

	(E)
	None of the Beneficiaries or Guarantors is subject to court administration or administrative intervention, nor any equivalent form of supervision or intervention.

	(F)
	Following receipt of the Finance, the Beneficiaries and Guarantors shall be in a position of regularly fulfilling all their obligations (with no expectation that they would cease to be so). No enforcement or attachment has been processed against them or their assets, nor is any such action foreseeable, nor have any of the following situations occurred:

		(i)
	general default in payment of their obligations;

		(ii)
	liquidation of assets; or

		(iii)
	widespread breach of their obligations.

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	11.1.9
	Absence of immunity.

In any proceedings brought in Spain in connection with the Financial Documents, none of the Beneficiaries or Guarantors will be legitimately entitled to claim any kind of immunity for themselves or their assets with regard to enforcement, attachment or similar proceedings contained in other similar and generally applicable legal standards.
11.1.10Registers and Taxes.
The Financial Documents, the documents connected therewith and the operations established therein are fully effective and may be raised in opposition against third parties, without the need for:
	(A)
	Registration thereof in public registers (except any real estate mortgages that may be constituted), courts or other bodies; or

	(B)
	The payment of any amount by way of Documented Legal Acts Tax (except for the movable asset mortgages, and without prejudice, where applicable, to the provisions of Article 2.11 RDL 25/2020); or

	(C)
	The payment of register fees or similar (other than any court fees that might apply at any given time, and without prejudice, where applicable, the provisions of Article 2.11 of RDL 25/2020).

11.1.11Taxation matters.
	(A)
	The Beneficiaries and Guarantors have no outstanding obligations under the regulations governing taxes and levies (in particular, regarding tax payment obligations) applicable to them, and no circumstances that could prevent such performance have arisen.

	(B)
	No claim, proceedings, formal notification or investigation of any kind with regard to any taxation regulations have begun, and to the best of their knowledge they are not aware of any risk that such action could begin against the Beneficiaries.

	(C)
	The Beneficiaries have their tax domicile in the jurisdiction where they are incorporated.

	(D)
	Borrower forms part of a tax consolidation group headed by Grupo Ferroatlántica S.A.U. for the purposes of Corporation Tax.

11.1.12Tax deduction.
In accordance with the legal provisions in force in Spain, as at the Date of Signature there will be no need to apply any deduction or withholding as a result of payments made in fulfilment of the Financial Documents to which they are a party.
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11.1.13Absence of breaches.
There is no event which, to the best of their understanding, either itself or in combination with another circumstance, would, or could ultimately merely through the passage of time, constitute an Accelerated Maturity Circumstance, nor any risk of the occurrence thereof.
There is no other event or circumstance constituting a breach under the terms of any binding contract or instrument.
11.1.14Information provided.
	(A)
	All information provided by the Beneficiaries or Guarantors or by their advisers to SEPI, to the Fund or their advisers, including information of a financial nature, is true, correct, complete, and faithfully reflects in all material aspects their position to the full extent required of them, and has, where applicable, been drawn up in accordance with Generally Accepted Accounting Principles.

	(B)
	The opinions, calculations and projections included in the information presented to SEPI, to the Fund or their advisers, and the hypotheses and factors on which they are based, are reasonable, and have been provided in good faith, following due and prudent considerations and consultations. The Beneficiaries and Guarantors acknowledge and accept that this information is an element taken into particular consideration by the Fund for its involvement in the Finance.

	(C)
	The individual and audited Financial Statements (including the balance sheet, profit and loss account, explanatory notes, comprehensive statement of changes in net equity, statement of cash flows, and any other applicable documents under the Generally Accepted Accounting Principles) of the Beneficiaries, and the audited Consolidated Financial Statements of the Beneficiary Group closed at 31 December 2019, in addition to each of the Financial Statements that are to be presented from time to time in fulfilment of the provisions of this Agreement, and all other financial and accounting information provided by the Beneficiaries at any given time, have been drawn up in accordance with Generally Accepted Accounting Principles, are complete and precise, and present a true and fair view of the equity, the results and the economic and financial position (including contingent liabilities) of each of the Beneficiaries and Guarantors, and of the results of their operations during the period closed at the date in question. Between 31 December 2019 and the Date of the Drawdown, no significant change has occurred, other than those derived from the impact of Covid-19.

	(D)
	There are no actions or omissions subsequent to the close of the Financial Statements that would undermine the information provided to the Fund, nor events or circumstances concerning the Beneficiaries or Guarantors, nor any contingencies (of any kind) of which the Funds should have been informed because of their relevance for the decision thereof to grant the Finance.

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11.1.15Absence of pending litigation.
They do not currently have in progress, either as plaintiffs or as respondents, any arbitration, litigation, or administrative proceedings, nor are there any reasons, to the best of their understanding, why any such should be instigated in the near future, nor are they aware of the initiation of any such proceedings, nor has any action or investigation begun or been announced by the competent authorities or by any third party, of which they are aware, in connection with the business or the assets of the Beneficiaries, that would or could negatively affect their capacity to fulfil the obligations imposed by the Financial Documents, or to pursue their business activity in accordance with typical standards in their sector of operations, except for the litigation identified in Annex 11.1.15.
11.1.16Regulatory compliance.
They have fulfilled the obligations established in the Regulations applicable to them, including, merely by way of example, corporate, commercial, civil, employment, administrative, environmental, taxation, accounting and data protection obligations, and have no outstanding payments under such obligations.
11.1.17Conclusion of contracts on market conditions
	(A)
	All contracts and agreements concluded by the Beneficiaries among themselves, or with any third party, have been concluded on market conditions, corresponding to legitimate reasons, and taking into account the corporate interest of the Beneficiaries.

	(B)
	Under no circumstances have they been concluded in order to shift income, expenses or profits from one company to another, nor for any fraudulent purpose, nor with the intention of avoiding or deferring tax payments.

	11.1.18
	Compliance with regard to sanctions, bribery, corruption and money laundering.

	(A)
	Neither the Beneficiaries nor the Guarantors, nor any natural or legal person controlling any of the foregoing (in accordance with the criteria in interpretation of the concept of ownership and control published by the Council of the European Union and OFAC in force at any given time), nor the directors, executives, representatives and general attorneys-in-fact thereof in said position:

		(i)
	has been subjected to any Sanctions;

		(ii)
	is located, has an operational base or is resident in a Sanctioned Territory;

		(iii)
	has made or received payments, or made or maintained, or make or maintain, any transaction, operation or commercial relationship with, or associated with, any natural or legal person that, to the best of their knowledge and understanding, is subject to any Sanctions, or could reasonably be considered a Sanctioned Person;

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		(iv)
	is, to the best of their understanding, in breach of or subject to action or investigation concerning any Sanctions;

		(v)
	(a) is participating in any operation for the purpose of fraudulently evading or avoiding any Sanction applicable to said party, and (b) with the shareholders, directors, executives, representatives and general attorneys-in-fact of the Beneficiaries and Guarantors, is, to the best of their understanding, involved in any operation for the purpose of evading or avoiding any Sanction applicable to them; nor

		(vi)
	is a Sanctioned Person.

	(B)
	The Beneficiaries and Guarantors, in addition to their respective directors, executives and (having diligently conducted all investigations and confirmations that would be necessary), their attorneys-in-fact and employees:

		(i)
	have conducted their business in accordance with legislation governing anti-money laundering and the combating of public and private corruption as applicable to them; and

		(ii)
	have implemented and maintained processes and policies designed to comply with such legislation and to prevent the actions prohibited thereby.

	(C)
	The Representations given by virtue of this Clause 11.1.18 shall be understood to be given to the extent that they do not contravene or breach the provisions of Council Regulation (EC) number 2271/96, of 22 November 1996, protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom.

	11.1.19
	Debt.

	(A)
	There has been no modification of any condition of the "Existing Debt" to the detriment of any right of the Funds derived from the Finance.

	(B)
	The Beneficiaries do not maintain financing agreements that would create Debt other than the Permitted Debt.

	(C)
	As at the Date of Signature, the only Debt arranged by the Beneficiaries is as listed in Annex 11.1.19 (hereinafter, the "Existing Debt").

	(D)
	As at the Date of Signature, there is no Subordinated Debt within the Beneficiary Group, or if this exists, it fulfils the conditions of Subordinated Debt (either on its own terms or by virtue of the signature of this Agreement).

	(E)
	The Permitted Debt is compatible with the provisions of the Financial Documents, and in particular the documents structuring such Permitted Debt do not contain any clause or stipulation prohibiting or limiting the execution and performance of the provisions of the Financial Documents.

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	11.1.20
	Rank of the In Rem Guarantees.

	(A)
	The In Rem Guarantees shall, from the date of formalisation thereof, constitute valid and enforceable first-, second- and third-ranked in rem rights over the assets or rights that they affect, granting priority to the Fund for collection, in the event of insolvency of the Beneficiaries and Guarantors, ahead of any other creditor that might create a lien or encumbrance over such assets or rights, except for those creditors whose priority is acknowledged because their guarantee enjoys a higher rank, or by legal mandate.

	(B)
	Except for those in rem guarantees granted prior to the Date of Signature and identified in Annex 11.1.20 B) (hereinafter, the "Existing In Rem Guarantees", there is not, nor has any commitment been given for the creation of, any encumbrance, seizure, attachment or in rem guarantee over all or part of the present or future goods, income, rights or assets of the Beneficiaries except for (hereinafter, the "Permitted Guarantees"):

		(a)
	the Existing In Rem Guarantees as set out in the aforementioned Annex;

		(b)
	the encumbrances created by virtue of the In Rem Guarantees in accordance with the provisions of the Financial Documents;

		(c)
	those created by law.

	11.1.21
	Pari passu.

	(A)
	The credit rights of the Fund against the Beneficiaries and Guarantors as a result of the Financial Documents shall enjoy at least the same rank of priority (pari passu) as the rights of all other non-subordinated creditors of the Beneficiaries of the same nature as the Fund, except for those that enjoy priority as indicated in this agreement itself, by legal mandate, or the beneficiary creditors under the Existing In Rem Guarantees.

	(B)
	Any amount pending amortisation in any regard, in addition to credit rights derived from the Finance and the remaining Financial Documents, shall have the status of public-law income, collection thereof be subject to the provisions of General Budgetary Act 47/2003, of 26 of November 2003, by virtue of the provisions of Article 2.3 of Royal Decree-Law 25/2020, of 3 July 2020, and Subsection 1.6 of Annex I of the Resolution of the Council of Ministers.

	11.1.22
	Assets.

The Beneficiaries and Guarantors are the owners, and enjoy just and legitimate title over, all real estate, installations, machinery, equipment and other types of fixed assets, non-current assets, rights, income or movable assets, and any other type of assets, whether tangible or intangible, used in their activities. All the aforementioned fixed assets, non-current assets, installations, machinery and any other asset have been properly maintained and are in appropriate conditions for their intended use, except for normal wear and tear derived from ordinary use.
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	11.1.23
	Industrial and Intellectual Property.

	(A)
	The Beneficiaries and the Guarantors are the outright owners, free of any lien or encumbrance, of the intellectual and industrial property rights that they use in the pursuit of their business, which are duly registered in the corresponding registers, and they have adopted all necessary measures, including the payment of any required fees, to protect and maintain the validity of their ownership of such industrial property rights.

	(B)
	They have not breached any intellectual or industrial property right of any third party. Nor has there been any breach, nor are there any proceedings to challenge, any rights owned or licensed.

	11.1.24
	Insurance.

	(A)
	The insurance policies arranged in connection with their movable and immovable assets, relevant transactions and business properly cover the risks associated with them in accordance with market practices in the business in which they are engaged, and have been arranged with first-class insurance companies.

	(B)
	They have performed all obligations derived from such insurance, and have no outstanding insurance premium payments.

Said insurance policies are in force, and there is no existing circumstance which could lead to the cancellation thereof, or affect the right to receive the compensation and indemnification covered thereby.
	11.1.25
	Organisational structure of the Group and share capital.

As at the date of signature, the corporate structure of the Beneficiary Group and of the Ferroglobe Group is as set out in Annex 11.1.25, which is correct and complete for the purposes of this Agreement.
	11.1.26
	Absence of Material Adverse Effect.

There is no event or circumstance concerning any of the Beneficiaries and Guarantors that would constitute a Material Adverse Effect, or could foreseeably constitute a Material Adverse Effect.
	11.1.27
	Centre of main interests and establishment.

For the purposes of Council Regulation (EC) 848/2015 on insolvency proceedings (hereinafter, the "Regulation"), the centre of main interests (as said term is employed in Article 3(1) of the Regulation) of the Beneficiaries is located within the jurisdiction of their registered office.
	11.2
	LIABILITY.

The Beneficiaries and Guarantors warrant, on a joint and several basis, that the Representations given in this Agreement are accurate, precise and complete. The Beneficiaries and Guarantors otherwise undertake to hold the Fund harmless
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regarding any damages it might suffer as a result of such lack of accuracy or precision, under the terms of Clause 10 above. The Representations set out in this Agreement are subject solely to the exceptions expressly indicated for each of them.
	11.3
	REPETITION.

The Representations (except for those, such as eligibility, which must refer to a specific date), must be fulfilled throughout the term of this Agreement, and shall be understood to be repeated on each start date of each Interest Period up to the Final Maturity Date with reference to the time in question, and the Beneficiaries and Guarantors must otherwise notify SEPI that any such Representation is no longer true, precise or complete, indicating the reasons, all the foregoing without prejudice to the fact that such falsehood or inaccuracy would constitute an Accelerated Maturity Circumstance, under the provisions of Clause 14 below. The references made to "this date", "today", "to date", and similar, shall be understood to refer to each of the dates when the Representations must be fulfilled in accordance with the foregoing.
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	12.
	REPORTING OBLIGATIONS.

	12.1
	FINANCIAL REPORTING OBLIGATIONS.

The Beneficiaries and Guarantors, as applicable, through the Applicant, undertake to provide SEPI with the following information, with the frequency and by the deadlines indicated below:
	(A)
	Yearly information

As soon as available, and in any event within the four (4) months (except for the Guarantors, which shall be granted a period of six (6) months) following the end of each corporate financial year closed from 31 December 2021 onwards, the following information,
		(i)
	the Annual Financial Statements of the Beneficiaries and the Guarantors, in addition to the Consolidated Financial Statements, together with the corresponding audit report for those companies of the Group that are at the time in question legally obliged to audit their annual accounts under the regulations applicable to them, together with the auditor's agreed-upon procedures report as to the review of the consolidation of the Beneficiaries; and

		(ii)
	a report detailing those obligations or contingencies not recorded on the balance sheet that exist at the date of the aforementioned report.

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	(B)
	Half-yearly information

As soon as available, and in any event within the seventy-five (75) calendar days of the end of the first half of each corporate financial year (the half-year after the financial year closed at 31 December 2021 being the first half-year for which the documentation must be presented), the following information:
		(i)
	the Individual Half-Yearly Financial Statements and the Consolidated Half-Yearly Financial Statements of the Beneficiary Group;

		(ii)
	a report detailing obligations or contingencies not recorded on the balance sheet in existence at the date of the aforementioned report;

		(iii)
	Information on any employment matters of the Beneficiaries or their dependent companies that could affect the activity of the company or constitute a labour dispute;

		(iv)
	Information about relevant or significant events occurring in each period, including matters concerning relevant litigation, taxes, relevant operations affecting the business, regulatory changes, etc.;

		(v)
	Statement of position of the Finance Guarantees; and

		(vi)
	Management oversight and monitoring report on the Viability Plan in force at the time in question, with any applicable corrective measures.

	(C)
	Quarterly information

The Beneficiaries undertake, within seventy-five (75) calendar days of the last day of each quarter, to provide Quarterly Information on the Consolidated Financial Statements, on a cumulative basis and with projections for the income statement, balance sheet and cash flows, in addition to a report signed by the chief financial officer or the Board of Directors, detailing:
		(i)
	The monthly forecasts up to the end of the financial year for the income statement and cash flows, in addition to any deviations that might have occurred from the previous forecast, with the corresponding explanation.

		(ii)
	Detail of obligations or contingencies not recorded on the balance sheet and existing at the date of each report.

		(iii)
	Information as to the allocation of the Financial Support and its distribution among the Beneficiaries.

Without prejudice to the above, if the circumstances would make this advisable, in the judgment of the members of SEPI belonging to the Monitoring Committee, monthly information may be requested regarding the points detailed in subsection (A (ii)) above.
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	(D)
	Ferroglobe Group report

Together with the half-yearly Consolidated Financial Statements, a report identifying all the Ferroglobe Group Subsidiaries, and the percentage that they represent out of the EBITDA, consolidated assets and income of the Group.
	(E)
	Information as to the non-occurrence of any Material Adverse Change or Accelerated Maturity Circumstance

Within the first five (5) Business Days of the end of each quarter, or at any time at the request of SEPI, the Borrower shall present SEPI with a certificate signed by a person with sufficient capacity, declaring that in their judgement no Material Adverse Change or Accelerated Maturity Circumstance has occurred.
All the documents indicated in this clause must (i) be presented to SEPI by the stated deadlines, (ii) be prepared in accordance with Generally Accepted Accounting Principles; and (iii) be signed by a duly empowered representative of the Borrower, certified by the Chief Financial Officer of the Beneficiary Group, and/or validated by the Auditor, as applicable.
	12.2
	OTHER REPORTING OBLIGATIONS

The Beneficiaries likewise undertake to comply (and to ensure that the companies of the Beneficiary Group comply) with the following obligations,
	(A)
	Aid under the Fund.

Present to SEPI or the Fund any additional documentation required in accreditation of the allocation of the Finance to the purposes described in Clause 2.4 of this Agreement, and to verify compliance with the Regulations applicable to the Fund, and the conditions of the aid granted, as set forth in this Agreement and the remaining Financial Documents.
	(B)
	Insolvency.

Inform SEPI in writing as soon as they should learn of the initiation of any petition or proceedings intended to declare a creditor payment default or equivalent situation of insolvency on the part of any of the Group companies, including the notification provided for in Articles 583 et seq. of the Consolidated Text of the Insolvency Act of 5 May 2020 (former Article 5 bis of Insolvency Act 22/2003), and the occurrence of any circumstance demonstrating their current or imminent insolvency, under the provisions of the Insolvency Act, or any other insolvency regulations that might apply to them.
	(C)
	Litigation.

Inform SEPI in writing if they should learn of any litigation, arbitration or administrative or any other proceedings initiated or the initiation of which they are informed of, against any company of the Ferroglobe Group that could materially harm the Beneficiaries or Guarantors and could give rise to a Material
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Adverse Effect. To this end, SEPI must be provided with the necessary information in order to allow the Fund to reach an appropriate decision as to the proceedings in question.
	(D)
	Variation or inaccuracy in the information.

Inform SEPI in writing and at the earliest possible opportunity of any significant variation occurring or significant inaccuracy noted in the data, documents or information provided to SEPI or the Fund.
	(E)
	Payment defaults.

Inform SEPI as soon should learn of the occurrence of any breach by the Beneficiaries of payment obligations that are due and enforceable, for an individual or cumulative amount equal to or greater than: (a) € 2,500,000, in the case of payment obligations of a commercial nature; and (b) €2,500,000, in the case of payment obligations derived from financial Debt; and any other event or circumstance by virtue of which the aforementioned payment obligations could become due, payable and enforceable prior to their maturity date.
	(F)
	Regulatory changes.

Inform SEPI as soon as they should learn of any planned modification to the regulations applicable to the activity of the Beneficiaries and Guarantors, wherever such modification would result in or could potentially cause an effect on the terms and conditions of the Finance, or give rise to a Material Adverse Effect.
	(G)
	Commercial and professional decency.

Provide the Fund with any information required in order to demonstrate the commercial and professional decency of the directors, and the executive personnel of the Beneficiaries.
	(H)
	Significant events.

Inform SEPI immediately upon the occurrence of the following, even if the operations are explicitly authorised under this Agreement:
		(i)
	The sale or transfer of any real estate, fixed assets, branches of activity, shares or stock directly or indirectly belonging to any company of the Beneficiary  wherever: (a) the individual or cumulative amount is equal to or greater than 2,500,000,€ ; or (b) represents a percentage of more than 1% of the total consolidated assets of the Group;

		(ii)
	The assumption by any of the Beneficiaries of additional Permitted Debt beyond that in existence at the Date of Signature, for an individual or cumulative amount equal to or greater than €2,500,000;

		(iii)
	Any other change in the structure of the main shareholders of the Borrower, of any of the Beneficiaries or Guarantors;

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		(iv)
	Any significant change occurring in the composition of the governing bodies of the Borrower or of any of the Beneficiaries or Guarantors;

		(v)
	Operations for the merger, demerger, overall spin-off of assets, winding-up or liquidation of any of the Beneficiaries or Guarantors; or

		(vi)
	The modification of the corporate bylaws of any of the Beneficiaries Guarantors.

	(I)
	Breaches

Without prejudice to the provisions of the above paragraphs, inform SEPI in writing and immediately of the existence of any event that: (a) would or foreseeably could ultimately constitute an Accelerated Maturity Circumstance; (b) would or could result in a Material Adverse Effect; (c) would or foreseeably could result in any of the Representations no longer being true and accurate; (d) would constitute a mandatory premature amortisation circumstance as provided in this Agreement; or (e) would or foreseeably could result in a breach of any of the Financial Documents, or give rise to the unlawfulness or unenforceability of relevant obligations derived from them.
	(J)
	Know your customer.

		(i)
	Provide SEPI with any documents that the Fund might reasonably request in order to comply with anti-money laundering regulations and know your customer procedures applicable to them.

		(ii)
	The fund must, immediately upon receipt of any request from SEPI for this purpose, provide or ensure the provision of documentation and any other information reasonably requested by SEPI (in its own name) in order to allow the latter to implement and satisfactorily fulfil all checks concerning the KYC procedure, or other similar checks in accordance with the applicable regulations or legislation in connection with the operations covered by the Financial Documents.

Without prejudice to the obligations to present information as established in the above paragraphs, the Beneficiaries and Guarantors shall, as soon as possible, provide SEPI with supplementary economic or other data and any information as to the financial position or businesses of the Beneficiaries and Guarantors that might reasonably be requested of them by it. They must likewise address and respond to any requests for clarifications that SEPI might directly send to the Borrower as to the use of the Finance. The Borrower shall obtain the information from the relevant Ferroglobe Group company.
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	13.
	OTHER OBLIGATIONS OF THE BENEFICIARIES AND GUARANTORS.

Under this Agreement, the Borrower undertakes to fulfil, and to ensure that the Beneficiaries and Guarantors fulfil, the following obligations:
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	13.1
	FULFILMENT OF THE CONDITIONS OF THE FINANCE.

	13.1.1
	Purpose of the Finance.

Apply the Amount of the Finance solely to the purposes established in Clause 2.4 of this Agreement, not being entitled to transfer the funds to any third party other than the Beneficiaries.
	13.1.2
	Fulfilment of the Financial Documents.

Make payment to the Fund of all amounts owed under the Financial Documents, on the dates and in accordance with the terms and conditions established therein, and perform all actions that would be necessary to fulfil and maintain the validity of the Financial Documents, including, without being confined to, the Viability Plan, the Temporary Public Financial Support Agreement, the Management Agreement and the Guarantees.
	13.1.3
	Initiatives regarding the ecological transition plan.

Each of the Beneficiaries must fulfil the obligations and initiatives concerning their respective ecological transition plans, including the following provisions regarding the Boo and Sabón plants:
		a)
	Contracting of a bilateral electrical energy PPA supply agreement, intended to be signed during 2022, and covering 10% of energy consumption at each of the Boo and Sabón plants.

		b)
	Plan for the deployment of electrical charging points at the facilities. A commitment is given to install an electrical charging point at each of the plants for private vehicles of the workforce in 2022. Depending on how this measure is received and the need for expansion regarding actual demand, the installation of further points in 2023 onwards shall be examined.

		c)
	Reduction in the specific consumption of energy in the silica production process at the Sabón plant by 2.8% compared with the average registered in 2019 and 2020 (11.21 MWh/t) over the next 5 years, achieving a specific maximum consumption of 10.90 MWh/t by 2025.

		d)
	Minimisation of generation of hazardous and non-hazardous waste (rubble, timber and plastic) generated by the Boo plant. Specifically, a 10% reduction in the generation of hazardous waste compared with the figures recorded in 2019, and a 10% reduction compared with the figures recorded in 2017 for non-hazardous waste comprising rubble, timber and plastic, through reuse in the manufacturing of ferroalloys.

		e)
	Improved energy efficiency of the buildings at the Boo plant. Specifically, a 10% reduction in energy consumption in the office buildings and the plant's compressed air network. Achieving a target consumption per person per

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day of 27.39 kWh in the old offices and 34.05 kWh in the new offices, and consumption in the compressed air network of 438 kWh/casting.
		f)
	Implement improvements to the process digitalisation and automation systems so as to improve process control, improve the flow of information, and achieve faster and more effective resource management.

	13.1.4
	Authorisations and fulfilment of contracts and regulations.

13.1.5Regulatory compliance.
The Beneficiaries and Guarantors must fulfil and remain in compliance with payment of their civil, accounting, employment, environmental, taxation, Social Security, corporate, anti-money laundering and anti-corruption obligations, in addition to the applicable regulations, at the local, regional and national levels, and those contained in international treaties signed by Spain, and EU Regulations, or any other regulations that might apply to them because they are not subject to the Spanish regulations. Comply at all times with the provisions of their respective corporate bylaws.
13.1.6Licences.
The Beneficiaries and Guarantors must obtain, maintain the validity of and renew in a timely manner throughout the lifespan of the Agreement, any authorisations, permits and licences or approvals that might be required by any standard or by any authority for the normal pursuit of their activities, likewise taking all actions required of them in such authorisations, permits and licenses or approvals, or any required by any authority to maintain them, in addition to any authorisations, permits and licences or approvals that would now or in the future prove necessary for the conclusion and fulfilment of the Financial Documents.
13.1.7Contractual fulfilment.
The Beneficiaries and Guarantors must:
	(A)
	Comply with and maintain the validity of any other relevant contractual agreements of any kind signed in the ordinary course of their business as required for the continuity of their activity, enforcing the rights and guarantees granted in their favour under such contractual agreements on commercially reasonable terms, without waiving or delaying in the exercise thereof.

	(B)
	Undertake all actions required to ensure that the counterparties under such contractual agreements diligently comply with their respective obligations on commercially reasonable terms.

13.1.8Financial assistance.
The Beneficiaries and Guarantors must comply in all aspects with Articles 143 and/or 150 of the Capital Companies Act, or any other equivalent regulations
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regarding financial assistance that might apply to them in their respective jurisdictions, if any.
13.1.9Regulatory compliance in criminal and taxation matters.
The Beneficiaries must have a duly certified regulatory compliance system in force, covering criminal and taxation risks. The Fund must be provided with a certificate each year issued by and independent third party in accreditation of the proper functioning of the system, and without prejudice to the provisions of other clauses of this agreement, the Fund must be informed of the main incidents occurring during said period, how they are handled, and the outcome of the actions taken in this regard.
	13.2
	OBLIGATIONS CONCERNING THE BUSINESS

13.2.1Business management.
	(A)
	The Beneficiaries and Guarantors must administer their business with the diligence of a responsible trader, and enforce their rights under any law or contract.

	(B)
	The Beneficiaries and Guarantors must at all times maintain an appropriate administrative team in order to manage the companies of the Beneficiary Group in accordance with standard practice in their sector.

13.2.2Registered Office and Main Workplaces.
The Beneficiaries and Guarantors must refrain from adopting decisions that would entail a change to their registered office or tax domicile, including, in the latter case, a circumstance in which the change occurs as a result of a confirmation and rectification by the Tax Administration, and must not transfer their main workplaces outside Spain.
An exception applies to a case in which any of the events provided in this subsection is specifically provided for in the Viability Plan.
13.2.3Investments.
The Beneficiaries must refrain from approving investment operations in fixed assets that are not included in the Viability Plan, and which, in isolation or collectively, would as an aggregate throughout the lifespan of the Finance amount to a figure of more than 5,000,000 euros. This excludes the case of reinvestment for the replacement of assets permitted under this Agreement.
13.2.4Operations on market conditions.
The Beneficiaries and Guarantors must perform all commercial or financial operations with their stakeholders, companies of the Group, companies of the Ferroglobe Group, or any other third party, on standard market conditions, in accordance with legitimate reasons and taking into account their corporate
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interest, and in fulfilment of the regulations in force as applicable to the Beneficiaries, with written documentation of such operations.
13.2.5Insurance.
The Beneficiaries and Guarantors must:
	(A)
	Maintain insurance with insurance companies of acknowledged standing and solvency, to cover the activity, assets, equipment and installations, in the manner, for the risks and for the amounts typical at companies within their sector, and in an appropriate manner in accordance with the practices of a responsible and prudent business operator.

	(B)
	Maintain current and timely payment of all premiums, instalments and other amounts payable in connection with the insurance policies and in fulfilment of the terms and conditions of the insurance policies, without taking any form of action that would, or foreseeably could, give rise to the nullity, unenforceability, suspension or cancellation of the insurance policies. Present SEPI with copies of proofs of payment of the premiums corresponding to each of the insurance policies arranged, whenever so required thereby, with certified accreditation that such insurance remains in force.

	(C)
	In addition, the Beneficiaries must apply the compensation received under the insurance or from a third party for the replacement or repair of the damaged assets, unless otherwise established in this Agreement (unless mandatory premature amortisation of the Finance must be performed under the terms of Clause 6.5.1(ii) above).

13.2.6Acquisitions or incorporation of businesses.
The Beneficiaries must:
	(A)
	Without prejudice to the provisions of Clause 13.8(C), refrain from acquiring, assuming, subscribing or performing any type of legal business for the acquisition of shares or stock representing the capital stock of any other companies, nor enter into commitments for the acquisition thereof, nor give commitments to create or launch new businesses, activities or promotional developments (other than businesses lying within the corporate purpose, and provided that they are undertaken by the Beneficiaries in accordance with the obligations and all other stipulations of this Agreement), nor the creation of joint ventures, joint accounts or similar business structures (except for Temporary Joint Ventures, consortia and strategic alliances within the ordinary course of their business).

	(B)
	Refrain from acquiring treasury shares or stock, whether to be held in a treasury stock portfolio, to be redeemed or for any other purpose.

	(C)
	The prohibitions here established in Clause 13.2.6 do not apply to the following operations:

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		(a)
	The acquisition of shares or stock as a consequence of mergers or takeovers among Beneficiaries, on the terms indicated in Clause 13.2.8.

		(b)
	Acquisitions or incorporations of businesses provided that the companies involved subscribe to this Agreement as a Relevant Subsidiary, in accordance with Clause 13.7.

13.2.7Group.
The Beneficiaries must:
	(A)
	Maintain direct and indirect ownership of the stake in the dependent companies of the Beneficiary Group as at the Date of Signature, as set out in Annex 11.1.25, unless the transfer of companies involves one of the Permitted Disposals.

	(B)
	In particular, maintain ownership of (i) Rocas, Arcillas y Minerales, S.A. and (ii) Cuarzos Industriales, S.A.U., as indicated in Annex 11.1.25.

	(C)
	Exercise their voting rights at the companies of the Beneficiary Group in a manner consistent with the terms of the Financial Documents.

	(D)
	Ensure, by any legally permitted manner, and to the extent legally possible, that the economic flows generated by Grupo Ferroatlántica de Servicios are transferred to the Applicant, at least for the amount required in order to make interest payments in a timely manner, and to cover the payment of the costs and expenses derived from its activity.

13.2.8Structural modifications.
The Beneficiaries must:
	(A)
	Refrain from initiating or conducting any procedure intended for their winding-up, liquidation, demerger, merger, takeover, transformation, overall assignment of assets and liabilities, contribution to a third party of a branch of activity, or any other equivalent structural modification, as defined in Act 3/2009, of 3 April 2009, on structural modifications of commercial companies, unless this is legally mandatory, is provided for in the Viability Plan, or is authorised by the Fund.

	(B)
	Refrain from passing resolutions that would directly or indirectly entail or lead to their winding-up or liquidation, or in any way the termination of their existence, or entail the creation of subsidiaries or an exchange of securities.

An exception applies to a case in which any of the events provided in this subsection is specifically provided for in the Viability Plan.
13.2.9Modification of corporate purpose and cessation of activity.
The Beneficiaries and Guarantors must refrain from performing, and must not allow any Beneficiary to perform, any action without the prior, written consent of the Fund, that would entail a substantial modification to the nature or location of the activity comprising their corporate purpose, nor pass a resolution to terminate the activity or business of the Beneficiaries and Guarantors.
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13.2.10Modification to corporate bylaws.
The Beneficiaries must:
	(A)
	Refrain from performing or agreeing to modifications to the corporate bylaws, the regulation of the Board of Directors or any shareholder agreement, nor accept the signature of any such, unless (a) they are legally imposed; or (b) are demanded by the Financial Documents; or (c) have no negative impact on the rights of the Funds derived from this Agreement or from the Financial Documents.

	(B)
	In any event, refrain from passing or allowing resolutions for any of the following modifications: (a) capital reductions that would entail the refunding of contributions; (b) relocation of the registered office abroad; (c) alterations of the inherent rights of the shares or stock units into which the capital stock of the Beneficiaries is divided.

	(C)
	Likewise, the Applicant shall refrain from modifying the duration, start or end date of the corporate and accounting year, which must coincide with the calendar year.

13.2.11Change of Auditor.
The Beneficiaries and Guarantors must refrain from appointing an auditor other than an authorised auditor under this Agreement.
	13.3
	OBLIGATIONS CONCERNING THE FINANCIAL STATEMENTS.

	(A)
	The Beneficiaries must prepare the Financial Statements, and maintain their books, accounts and records in accordance with Spanish legislation and the Generally Accepted Accounting Principles in Spain at the time in question.

	(B)
	The Beneficiaries and Guarantors must refrain from changing the accounting practices of the Beneficiaries and Guarantors as applicable to them and their dependent companies, except (a) to the extent required by the applicable legislation; or (b) if said change in accounting practice is performed in fulfilment or interpretation of the accounting regulations applicable to them.

	(C)
	The Beneficiaries must refrain from paying the financial Balances and maintain at least the net commercial Balances for the amount of what are referred to as the "legacy" balances detailed in Annex 13.3.C to be paid by the Beneficiaries to the other companies of the Ferroglobe Group up until amortisation of the Finance;

	(D)
	The Beneficiaries must refrain from paying interest on the financial debt of the Beneficiaries to the rest of the Ferroglobe Group for the 2021 and 2022 financial years, capitalising the amount thereof as an increase to the financial debt;

	(E)
	The Beneficiaries must refrain from paying the restructuring costs assigned to the Beneficiaries corresponding to the refinancing of the Ferroglobe Group, capitalising the amount thereof as an increase to the financial debt;

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	(F)
	The Beneficiaries must, from the 2023 financial year onwards, and prior to the cash sweep detailed in subsection 6.5.1(iv) above, pay only the excess interest on the financial debt of the Beneficiaries to the rest of the Ferroglobe Group at the end of each financial year from the Final Available Cash, reduced by the amount pending reimbursement under the Finance. The interest on the financial debt of the Beneficiaries payable to the rest of the Ferroglobe Group that could not be paid because it did not comply with the aforementioned terms, shall be capitalised as debt under the Finance.

	(G)
	The Beneficiaries must refrain from applying Transfer Pricing policies other than as included in the Transfer Pricing Specialists letter sent to the Applicant on 3 November 2021, attached as Annex 13.3.G

	(H)
	The Beneficiaries must explicitly subordinate the Subordinated Debt to the Finance.

	13.4
	OBLIGATIONS CONCERNING THE FINANCIAL AND EQUITY POSITION.

13.4.1Additional Debt.
The Beneficiaries must refrain from incurring any form of additional Debt other than any that may be considered to be Permitted Debt.
13.4.2Financing of third parties.
The Beneficiaries must refrain from granting any type of financing to third parties (including stockholders of the Applicant), and must not grant such third parties any type of sureties, personal guarantee, bank guarantee, counter-guarantee, comfort letter, or any similar type of commitment that would entail guaranteeing third-party obligations, nor, in general, facilitate any type of financing instrument or guarantee lying within the scope of the definition of Debt in favour of third parties, except for: (i) the Personal Guarantee granted by virtue of the provisions of this Agreement; and (ii) sureties, personal guarantees, bank guarantees, counter-guarantees or comfort letters granted by the Beneficiaries in favour of third parties to guarantee obligations of any of the subsidiaries of their consolidated group in the ordinary course of their business, and for legitimate reasons.
13.4.3Distributions.
The Beneficiaries must refrain from agreeing or paying, and must not allow any Beneficiary to agreeing or pay, any Distributions, and must not make payments in any other regard (a) in favour of any third party other than the Beneficiaries, or (b) in favour of the shareholders or related parties of the aforementioned.
	13.5
	TAXATION MATTERS.

	(A)
	The Beneficiaries undertake to make timely payment of any taxes that would apply, by the payment deadline established for this purpose (except in those cases where (1) the applicability of the payment or the amount has been

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challenged in good faith, (2) appropriate provisions have been established with regard to the disputed Taxes, and (3) it is legally possible to defer or suspend payment).
	(B)
	The Beneficiaries shall maintain their tax domicile in the jurisdiction where they are incorporated, and shall not operate through permanent establishment in other jurisdictions.

	(C)
	The Beneficiaries shall not form part of any other tax consolidation group, other than that headed by the Applicant for the purposes of Corporation Tax and VAT.

	13.6
	OBLIGATIONS CONCERNING THE ASSETS AND THE GUARANTEES.

13.6.1Ownership of assets.
The Beneficiaries must:
	(A)
	Notwithstanding the terms of Clause 13.6.5, maintain ownership or the legitimate right of use of their assets, both tangible and intangible, and in particular the industrial and intellectual property rights required to pursue their activities.

	(B)
	Register and maintain the registration of registrable assets comprising their equity in the relevant public registers, and in particular real estate property owned by them, in the corresponding land registers. In particular, the companies Rocas, Arcillas y Minerales, S.A. and Cuarzos Industriales, S.A.U. must file for entry or, where applicable, registration in the corresponding Land Registers of the Mining Concessions (as described below), the properties to which those Mining Concessions refer, and the right of first refusal referred to in paragraph (D) below within a period of four (4) months from the signature of this Agreement. The properties, the Mining Concessions and the right of first refusal must be registered in the corresponding Land Registers within a maximum of eight (8) months of the Date of Signature.

	(C)
	In particular, Rocas, Arcillas y Minerales, S.A. and Cuarzos Industriales, S.A.U.  will be forbidden from proceeding to perform any transfer, lease or encumbrance of the concessions, land and installations used for the mining operations (the "Mining Concessions") as described in Annex 13.6.1(C), up to the date when the corresponding right of first refusal has been registered in the Land Register as provided in subsection 13.6.1 (D) below.

	(D)
	Simultaneously upon signature of this Agreement, a right of first refusal has been granted over the Mining Concessions, on the terms provided in Annex 13.6.1(D).

	(E)
	Rocas, Arcillas y Minerales, S.A. and Cuarzos Industriales, S.A.U. may not proceed to perform a transfer of the Mining Concessions free of charge throughout the entire term of this Agreement.

	(F)
	The Parties undertake to cancel the right of first refusal provided in subsection 13.6.1(D) above, once all the obligations provided in this Agreement have been fulfilled, and the Finance has been amortised.

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	(G)
	The Parties undertake to grant any documents that might be required to maintain the validity of the right of first refusal until all obligations provided in this Agreement have been fulfilled, and the Finance has been amortised.

	(H)
	In the event that during the term of this Agreement the right of first refusal is not valid and registered in the corresponding Land Register because of any circumstance, the prohibition on disposal shall again apply, as provided in subsection 13.6.1(C).

13.6.2Creation and consummation of the Guarantees.
The Beneficiaries and Guarantors must:
	(A)
	Create and perform all actions required for the creation and consummation of the Guarantees, in accordance with the deadlines and conditions provided in Clause 16 (both those that must be granted before or simultaneously upon the Drawdown, and those that, according to the provisions of Clause 16 below, must be granted at some subsequent time), executing for this purpose any public or private documents that might be required.

	(B)
	Maintain the validity and efficacy of the Guarantees, and in the event that, for reasons not attributable to the Beneficiaries or Guarantors, any of these guarantees is no longer valid or enforceable, proceed to lodge equivalent guarantees, to the extent that the Beneficiaries and Guarantors are owners of assets of an equivalent nature over which such new Guarantees can be established, in favour of the Fund and to the satisfaction of SEPI, within a maximum period of thirty (30) days of the date when called on so to do by SEPI.

	(C)
	Adopt all corporate decisions required in order for any Relevant Subsidiaries that may exist to adhere to this agreement as guarantors, if so required.

13.6.3Pari passu.
	(A)
	The Beneficiaries and Guarantors must maintain the credit rights of the Funds derived from the Agreement and the remaining Financial Documents, as applicable, with at least the same rank of priority as those of other non-subordinated creditors of the Beneficiaries that are of the same nature as the Fund, except as provided in Clause 11.1.21.

	(B)
	In any event, the credit rights derived from this Finance and the remaining Financial Documents shall have the status of public-law income, collection thereof being subject to the provisions of General Budgetary Act 47/2003, of 26 November 2003, by virtue of the provisions of Article 2.3 of Royal Decree-Law 25/2020, of 3 July 2020, and Subsection 1.6 of Annex I to the Resolution of the Council of Ministers of 21 July.

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13.6.4Creation of in rem guarantees.
	(A)
	The Beneficiaries must refrain from creating, and must not allow any Beneficiary to create, any type of in rem guarantee, encumbrance, reservation of ownership, option or right on the part of a third party, nor any type of guarantee or equivalent lien (including promises to create in rem guarantees with a fulfilment date prior to the date when all amounts owed under this Agreement and the remaining Financial Documents have been settled), except as necessary from the perspective of the business (deposits to guarantee advance payments by clients, if the company does not have bank guarantees available) over goods or assets within the equity of the Beneficiaries or over their present or future rights, except for the Permitted Guarantees.

	(B)
	Grant and ensure the granting by the relevant parties, of the In Rem Guarantees on the terms provided in Clause 16.

	13.6.5
	Disposal of assets.

	(A)
	The Beneficiaries must refrain from selling, assigning, alienating, leasing, or disposing of any other way (and must not allow the Beneficiaries to take any such action) assets (including real estate, fixed assets, branches of activity, shares or stock, and tangible or intangible assets) or present or future rights owned by them, unless they are sold in the ordinary course of the activity, and those assets sold on market conditions and between independent parties, for an individual or annual cumulative amount in excess of 1,000,000 euros, unless the following requirements are fulfilled (hereinafter, the "Permitted Disposals"):

		(a)
	the Borrower or the Beneficiaries demonstrate effective reinvestment or binding reinvestment commitment of the Amounts obtained through the sale of the assets, subsidiaries or businesses in assets, or the cancellation of liabilities, attached to the corresponding corporate purpose within a period of one hundred and eighty (180) Calendar Days of the date of collection of the aforementioned amounts;

		(b)
	the operation is performed on market conditions; and

		(c)
	wherever the reinvestment is not performed or committed to on the terms provided in subsection (a) above, if the consideration received is assigned to premature amortisation of the Finance under the terms of subsection 6.5.1(i).

	(B)
	Transfers of assets encumbered by the In Rem Guarantees granted under this Agreement and the remaining Financial Documents may under no circumstances be performed.

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	13.7
	ADHESION OF RELEVANT SUBSIDIARIES AS GUARANTORS.

	13.7.1
	Adhesion of Subsidiaries as Guarantors.

	(A)
	The Beneficiaries must ensure that any company of the group headed by the Applicant that becomes a Relevant Subsidiary at any time during the term of this Agreement adheres to this Agreement as Guarantor up until amortisation in full of the amounts owed under this Agreement and the remaining Financial Documents.

	(B)
	As soon as legally possible, the Relevant Subsidiary in question must appear before a notary to execute the document of adhesion, the template for which is hereto attached as Annex 13.7 (hereinafter, the "Adhesion Document"), to be subject to the regime of representations, obligations and accelerated maturity circumstances provided in the Agreement. The Adhesion Document shall be executed within a maximum period of ten (10)  Business Days of the date of occurrence, under the terms of this Agreement, of the circumstances that would require said Relevant Subsidiary to adhere to this Agreement as a Guarantor Subsidiary (hereinafter, each of them referred to as a "Guarantor Subsidiary", and collectively as the "Guarantor Subsidiaries").

	(C)
	The following are excepted from the requirement to execute the Adhesion Document:

		(i)
	Relevant Subsidiaries that have external shareholders or stockholders with regard to the Group;

		(ii)
	those Relevant Subsidiaries regarding which, at the Date of Signature or any other subsequent date when they might be required to adhere, it is demonstrated that there are binding contractual or legal restrictions preventing their adhesion; and

	(D)
	Prior to or simultaneously upon execution of the Adhesion Agreement by the new Beneficiary Guarantor, SEPI must be presented with equivalent documentation to that provided with regard to those in existence at the Date of Signature in accreditation of their capacity to sign the corresponding Adhesion Agreement and to undertake to fulfil the corresponding obligations, in addition to approval of said adhesion on the part of their corporate bodies. All costs and expenses derived from adhesion or execution of the Adhesion Document (including the fees of any lawyers appointed for this purpose) shall be paid by the Applicant.

	13.8
	CONDITIONS OF GOVERNANCE.

In any event, up until definitive repayment of the Finance drawn on the Fund, to reinforce its solvency, and except for the exceptions (where applicable) provided in items 6.2 and 6.3 of Annex II of the Resolution of the Council of Ministers regarding the functioning of the Fund, the Borrower shall be subject to the following conditions regarding governance and the improper distortion of
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competition, with any adaptation that may from time to time be made to the Temporary Framework, being required to pass any corporate resolutions or, where applicable, bylaw modifications to ensure due and timely performance:
	(A)
	Prohibition on announcing Borrower status for commercial purposes.

	(B)
	In order to avoid improper distortion of competition, no aggressive commercial expansion funded by state aid may be performed, nor may excessive risks be taken on.

	(C)
	Until at least 75% of the Profit-sharing Loan has been repaid, no stakes of more than 10% may be acquired in companies active in the same sector or upstream or downstream markets, without the required authorisation of the European Commission, at the request of the Fund Administrative Board.

	(D)
	Prohibition on the distribution of dividends, payment of non-mandatory coupons or acquisition of treasury stock (except for current liquidity agreements), other than those that are state-owned on the part of the Fund.

	(E)
	Up until repayment of 75% of the Financial Support, no remuneration shall be paid to the directors of the Beneficiaries, in their role as directors.

	(F)
	In accordance with the prohibition on the distribution of dividends established in this agreement, and Article 218 of Royal Legislative Decree 1/2010, of 2 July 2010, approving the consolidated text of the Capital Companies Act, prior to repayment of 75% of the Financial Support granted by means of capital instruments or hybrid capital instruments, no remuneration whatsoever may be paid to the directors of the Beneficiaries comprising a share in profits.

	(G)
	Prior to the repayment of 75% of the Financial Support granted by means of capital instruments or hybrid capital instruments, any remuneration paid to those in the positions of CEO and CFO, respectively, at Ferroglobe Group1, the following conditions shall apply:

		a)
	The fixed remuneration effectively borne by the Beneficiaries by way of the management fee service must be no greater than the levels effectively borne by the Beneficiaries at the close of the 2019 financial year, as set out in Annex 13.8(G)(a).

		b)
	Under no circumstances shall the Beneficiaries effectively bear by way of the management fee service the payment of premiums or other variable remuneration elements or equivalent.

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	1
	Both the CEO and the CFO currently receive their remuneration from Grupo Ferroatlántica de Servicios, S.L.U. for performing the executive functions provided by both of them for the set of companies comprising the Ferroglobe Group. Grupo Ferroatlantica de Servicios, S.L.U. passes on a part of the remuneration of the CEO and of the CFO to each of these companies in accordance with what is known as the "management fee service".

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	(H)
	Should it prove necessary, the Beneficiaries shall adopt the necessary measures in order for these conditions to take effect at the earliest possible opportunity.

	(I)
	Compliance with all requirements established by the applicable employment regulations.

	(J)
	Compliance with the commitments set forth in the Viability Plan in force at any given time, and in particular, without being confined thereto, those regarding the investment in production capacity, in innovation, for ecological transition, digital transformation, enhanced productivity and human capital.

	(K)
	Prohibition on the use of the financial support for the cross-subsidising of economic activities of Beneficiary Subsidiaries or other companies related the group of the Applicant other than the Beneficiaries. The Applicant shall to this end establish a clear separation between the accounts of each of the Beneficiaries so as to guarantee that the financial support does not benefit such activities.

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	14.
	ACCELERATED MATURITY.

	14.1
	ACCELERATED MATURITY CIRCUMSTANCES.

The amounts owed by the Borrower under this Agreement may be declared due and enforceable by the Fund under the terms of Clause 14.4 in the event of any of the circumstances or breaches listed below (hereinafter, the "Accelerated Maturity Circumstances").
14.1.1Non-payment.
If the Borrower fails to pay on the corresponding due date (ordinary or premature) any amount owed by virtue of this Agreement, or the remaining Financial Documents, and in general if there is a breach by any of the Beneficiaries or Guarantors of any payment obligations derived from the Financial Documents, unless such payment defaults are the result of administrative errors by the Borrower and are rectified within a maximum of five (5) Business Days.
14.1.2Inaccuracy.
	(A)
	If any of the representations and declarations contained in the Financial Documents (including, without being confined to, the Representations), whether with reference to the date when they were made or the time when said Representations are deemed to be repeated, is false, incorrect, inaccurate or omits substantial aspects of information, to the extent that this would constitute a Material Adverse Effect; or

	(B)
	If the information provided by the Beneficiaries or Guarantors is incorrect or imprecise, such that if this falsehood, inaccuracy, imprecision or omission had not existed, the Fund would not have agreed to sign the Agreement or the other

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Financial Documents, to the extent that this would constitute a Material Adverse Effect;
	(C)
	All the foregoing without prejudice to the liabilities and effects provided in Article 69.4 of Act 39/2015.

14.1.3Breach of the Viability Plan.
A clear breach of the strategic approaches set out in the Viability Plan in force at any given time.
14.1.4Breach of the purpose of the Finance.
	(A)
	If the funds received under the Finance are applied to other purposes or to entities other than the Beneficiaries, in accordance with the provisions of Clause 2.4 above.

	(B)
	The performance of centralised cash management or invoice offsetting operations that would entail a net outflow of funds, other than among the Beneficiaries.

14.1.5Actions not covered by the corporate purpose.
If the Beneficiaries perform any operations or actions not lying within their respective corporate purposes or the ordinary course of their business, unless the amount involved is negligible.
14.1.6Related-party operations.
If the Beneficiaries perform any related-party operation, as defined in Article 18 of Corporation Tax Act 27/2014, of 27 November 2014, with any of the directors of any Beneficiary, or with any significant shareholder thereof, or any party related to any of the aforementioned if this does not lie within the ordinary course of business or is not performed on market terms.
This cause for accelerated maturity shall not be deemed to apply to those intra-group operations corresponding to the normal and legitimate course of business.
14.1.7Change of Control.
In the event of any Change of Control of the Beneficiaries.
14.1.8Administration and management.
In the event that de facto administration and management of the Beneficiaries is taken over by persons other than those legally entitled.
In the event that the Beneficiaries or Guarantors appoint as directors or members of their executive staff persons who are not fit and proper.
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	14.1.9
	Abandonments, waivers, settlements, separation of resources, negotiated agreements or other out of court dispute resolution agreements.

If the Beneficiaries perform acts of abandonment, waiver, settlement, separation of resources, reach negotiated settlements or agree to other out of court dispute resolution arrangements, if such decisions (a) could compromise fulfilment of the obligations imposed within the framework of the Finance for the Viability Plan, or (b) do not appear to be sufficiently based on proper and independent legal counsel.
	14.1.10
	Golden parachutes.

If the Beneficiaries adopt any agreement that would make it possible for their executive personnel or members of the Board of Directors to demand from the former, prior to repayment of the amounts owed under this Agreement the payment of any type of compensation for termination of the commercial or senior management relationship between them. An exception applies to senior management personnel where compensation is agreed on a supplementary basis as provided in Royal Decree 1382/1985, of 1 August 1985, governing the special employment relationship of senior management personnel, but must not increase on the amounts indicated therein.
	14.1.11
	Labour relations of the Beneficiaries.

The adoption of employment measures that would substantially affect the terms of the Viability Plan.
	14.1.12
	Breach of other obligations.

If any Beneficiary is in breach of any obligation other than a payment obligation incumbent on it under this Agreement, whether with regard to itself or the remaining companies of the Beneficiary Group, in particular, without being confined to, the terms of Clauses  12 and 13) or the remaining Financial Documents, wherever this breach is not rectified within a maximum of fifteen (15) Business Days or whichever is the earlier of the following dates: (i) the time when SEPI notifies the Borrower of the existence of such breach, or (ii) the time when either of the Beneficiaries learns of said breach, or should have done so had it employed due diligence.
	14.1.13
	Lack of validity of the Financial Documents and Guarantees.

	(A)
	If any of the obligations of the Beneficiaries or Guarantors under any Financial Document is not, or ceases to be, legal, valid and binding at any time;

	(B)
	If the Guarantees indicated in Clause 16.1 are not established before or simultaneously upon the Date of Signature;

	(C)
	If:

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		(i)
	any of the Guarantees is not, or ceases to be, a valid guarantee of the rank specifically indicated in the Guarantee over any assets or rights that it would apply to; or

		(ii)
	any circumstance arises that would or could prevent, prejudice or hamper the effectiveness of any Guarantee or its rank, or reduce the cover provided by any Guarantee; or

		(iii)
	any Guarantee is cancelled or revoked prior to the Total Amortisation Date, in breach of the provisions of this Agreement; or

		(iv)
	the mortgages granted are not filed for registration by the deadline established for this purpose in Clause 16 of this Agreement; or

		(v)
	any of the companies indicated in Clause 13.7 as being required to become a Relevant Subsidiary fails to adhere to this Agreement in the manner and by the deadlines established in that clause.

	14.1.14
	Insolvency situations and equivalent.

	(A)
	If any of the Beneficiaries or Guarantees: (a) has incurred a general default in the payment of its obligations; (b) a negotiation process has begun with all or a substantial part of their creditors to extend or reduce the amount of their obligations; or (c) an assignment of all or a substantial part of their assets or rights in favour of all or some of their creditors has been performed or is planned.

	(B)
	If all or any of the financial creditors of any of the Beneficiaries or guarantors agrees to a delay or deferral in the fulfilment of their payment obligations;

	(C)
	If any of the Beneficiaries serves notice on the competent insolvency judge as to the commencement of negotiations with creditors to obtain support for an anticipated agreement proposal or to negotiate a refinancing agreement, on the terms, respectively, of Articles 583 et seq. and Article 605 et seq. of the Consolidated Text of the Insolvency Act 5 May 2020 (previously Articles 5 bis and Additional Provision 4 of Insolvency Act 22/2003);

	(D)
	If any Beneficiary or Guarantor files a petition for bankruptcy or any equivalent insolvency procedure;

	(E)
	If a third party applies for a declaration of bankruptcy (or an equivalent insolvency procedure under the applicable legal system) of any Beneficiary or Guarantor, and said application is admitted for processing (unless the corresponding company affected can have it rejected or have admittance revoked within the next 30 days);

	(F)
	If any Beneficiary or Guarantor is subject to court administration, seizure or intervention, or its shares or stock are expropriated;

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	(G)
	If any other similar judicial or private action occurs, with equivalent defects, or in some other way reveals the current or imminent insolvency of any Beneficiary or Guarantor under the terms of the Insolvency Act or the equivalent corresponding regulations under the applicable legal system; or

	(H)
	If any Beneficiary or Guarantor has passed a resolution to wind up or liquidate (unless the winding-up or liquidation of companies is explicitly permitted under this Agreement), or there are any proceedings or requests pending in order to obtain such winding-up or liquidation, or they are subject to any situation of mandatory winding-up, under the terms provided in the Capital Companies Act or, in the case of the Guarantors, if any equivalent resolution has been passed in the competent jurisdiction.

	14.1.15
	Material Adverse Change.

If a Material Adverse Change occurs.
	14.1.16
	Cessation of business, expropriation.

	(A)
	If there is a substantial modification or replacement of the corporate purpose or nature of the current business of the Beneficiaries or Guarantors, complete cessation or suspension of a substantial part of their commercial operations (unless such cessation or suspension is the consequence of the application of a legal provision or is the consequence of Covid-19), or the expropriation or threat of expropriation by any governmental or judicial authority of all or a substantial part of their respective assets.

	(B)
	By way of clarification, the expropriation of a non-substantial part of the assets of any of the Beneficiaries or Guarantors shall constitute a partial mandatory premature amortisation circumstance under the terms of Clause 6.5.1(i).

	14.1.17
	Absence of authorisations.

	(A)
	If any present or future authorisation, licence or permit required for the validity, binding status or full enforceability of the fulfilment of any of the Financial Documents, or any that is essential to pursue the activities of the Beneficiaries, is not granted, renewed or fulfilled in due time and form;

	(B)
	Is revoked, annulled or cancelled; or

	(C)
	The conditions or requirements are modified such as to constitute a Material Adverse Change.

	14.1.18
	Payment default and cross breaches.

	(A)
	If any of the Beneficiaries: (a) is in breach of any payment obligation derived from the Debt entered into with any other entity for amounts that, individually or cumulatively over a financial year, exceed €2,500,000) or the equivalent in the corresponding currency at the exchange rate applicable on the calculation date); or (b) is in breach of due and enforceable payment obligations of a commercial

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(non-financial) nature entered into with third parties for an individual or cumulative amount of more than €2,500,000 (or equivalent in the corresponding currency at the exchange rate applicable on the calculation date), unless such breaches are less than the average typical commercial breaches on the part of the Beneficiaries or Guarantors in the financial years 2016 to 2019.
	(B)
	If any creditor that has granted Debt to the Beneficiaries for an amount equal to or greater than €5,000,000 (or equivalent in the corresponding currency at the exchange rate applicable on the calculation date), is entitled to declare the amount payable, due and enforceable prior to the ordinary maturity date in response to a breach of their obligations by any of the Beneficiaries.

	14.1.19
	Litigation.

If any of the Beneficiaries or Guarantees:
	(A)
	Will be obliged, by virtue of a court decision, binding arbitration award, or some other instrument adopted to achieve the out-of-court settlement of a dispute, to make payment to third parties of amounts that individually or cumulatively would substantially jeopardise the fulfilment of the Viability Plan, excluding any litigation begun or in progress prior to the Date of Signature; or

	(B)
	Suffers attachments, or proceedings are initiated in or out of court to enforce guarantees over assets or amounts that individually or cumulatively would substantially jeopardise the fulfilment of the Viability Plan; or

	(C)
	Is in breach of a binding court order that would substantially jeopardise the fulfilment of the Viability Plan.

	14.1.20
	Penalties.

If any form of penalties are imposed against any of the Beneficiaries that have acquired binding status, and are for amounts that individually or cumulatively would substantially jeopardise the fulfilment of the Viability Plan.
	14.1.21
	Qualifications in the audit report.

If the Auditor:
		(i)
	does not issue an opinion ("opinion refused") on the Annual Financial Statements of the Borrower; or

		(ii)
	issued a "qualified opinion" (unless the qualifications refer to the impact of Covid-19), or an "unfavourable opinion" on the Beneficiaries or Guarantors, all in accordance with Generally Accepted Accounting Principles, wherever the qualifications could have an impact on the capacity of the Beneficiaries or Guarantors to fulfil the obligations entered into under the Financial Documents.

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	14.1.22
	Payment of financial balances

Breach of the obligation set forth in subsection 13.3(C) above, by failing to make payment of the Financial Balances and failing to maintain at least Commercial Balances for the amount of what are referred to as the "legacy" balances, on the part of the Beneficiaries with the remaining companies of the Ferroglobe Group prior to the amortisation of the Finance.
	14.1.23
	Criminal conduct

Any conduct that would constitute bribery, influence trafficking, fraud, or in general any irregularity in obtaining any type of finance, aid or subsidies from public funds. By way of clarification, any irregularity of this nature prior to the granting of this Finance shall give rise to accelerated maturity as soon as it is discovered.
	14.1.24
	Ferroglobe Group Bond Issue

Breach of any of the obligations of the Ferroglobe Group Bond Issue.
	14.1.25
	Disposal of Mining Concessions

Breach of the provisions of Clause 13.6.1(B), or breach of the obligations set forth in the right of first refusal described in Annex 13.6.1.(D), or breach of the obligation established in Clause 13.6.1(E).
	14.2
	ALTERNATIVE CONSEQUENCES TO ACCELERATED MATURITY.

In the event of any of the circumstances constituting an Accelerated Maturity Circumstance, irrespective of the possibility that accelerated maturity may directly or subsequently be declared, the Fund may also raise the threshold from 75% up to 100% of the limitations set forth in Clause 13.8 on Conditions of Governance.
This consequence shall not apply in the event that the Fund explicitly waived this entitlement prior to the Accelerated Maturity Circumstance.
A failure to fulfil this demand shall in itself constitute an Accelerated Maturity Circumstance.
Fulfilment of this penalty does not release the Beneficiaries and Guarantors from fulfilment of the obligations imposed (which shall remain enforceable), nor does it preclude the right of the Fund to be compensated for any damages that such breaches might have occasioned.
	14.3
	DILIGENCE OF THE BENEFICIARIES AND GUARANTORS.

For the purposes here set out in Clause 14, the Parties explicitly place on record that the occurrence of any of the circumstances set out above shall constitute an Accelerated Maturity Circumstance, irrespective of the degree of responsibility or diligence shown by the Beneficiaries and Guarantors in order to prevent it.
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Without prejudice to the above, if an Accelerated Maturity Circumstance occurs, in the opinion of the Fund, the Administrative Board may (but will not be obliged to) issue a resolution ordering the immediate repayment of the amount of the Finance, having first conducted the relevant procedure pursuant to Act 39/2015. In addition, and in any event, the Fund shall be entitled to indemnification for any damages that might have been occasioned to it. All the foregoing applies without prejudice to the liabilities and effects set forth in Article 69.4 of Act 39/2015.
	14.4
	DECLARATION OF ACCELERATED MATURITY OF THE FINANCE.

Following occurrence of any of the Accelerated Maturity Circumstances (which shall be understood to have occurred if the breach remains in place following expiry of any corresponding period granted for rectification), SEPI shall serve notice on the Fund of the occurrence of an Accelerated Maturity Circumstance, in order for the Fund to decide, at its sole discretion, whether to apply accelerated maturity of the Finance. To this end, the Fund may issue a resolution ordering the immediate repayment of the amounts owed under the Finance, having first conducted the relevant procedure pursuant to Act 39/2015, or the conversion of the Profit-sharing Loan into share capital, in accordance with the provisions of Clause 7. For the collection of the amounts owed, in accordance with their status as public-law monetary income, the terms of General Budgetary Act 47/2003, of 26 November 2003, shall apply.
Following occurrence of an Accelerated Maturity Circumstance, consideration shall above all be given to the impact that this would or foreseeably could have on the capacity of the Group as a whole to fulfil the Viability Plan, or for the repayment of the Finance.
	14.5
	CONSEQUENCES OF ACCELERATED MATURITY.

	(A)
	In the event that, as provided in Clause 14.4, the Fund, as the case may be, declares accelerated maturity of the Finance, the Borrower will be obliged to make payment to the Fund within a period of two (2) Business Days of the date when it was notified of said circumstance, of the amount of the Finance drawn down and pending amortisation, in addition to any other amounts owed under this Agreement, including ordinary and compensatory interest, fees, taxes and expenses accruing in accordance with the terms of the Agreement, as well as any applicable compensation under Clause 10.

	(B)
	If the declaration of total or partial accelerated maturity of the Finance occurs before the Borrower has drawn down the Finance, the Fund shall be released from its obligation to honour the Drawdown with regard to the Finance.

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	15.
	ACCOUNTING OF THE FINANCE.

	15.1
	ACCOUNTING OF THE FUND.

For the purposes of the Agreement, the Fund shall maintain the corresponding account in its books to record the amounts owed by the Borrower, in the name thereof, in accordance with the internal accounting of the Fund, such that the sum total of the balance of said account shall represent the amount owed by the Borrower to the Fund at any given time, this being accepted by the Parties.
To the extent that this accounting record may also be opened and administered by SEPI for the benefit of the Fund, in exercising the inherent powers assigned to SEPI under the regulations governing the Fund, both SEPI and the Fund Administrative Board shall be entitled to certify the balance of said account for the relevant purposes, including, without being confined to, the relevant recovery actions during the voluntary payment period.
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	16.
	GUARANTEES.

	16.1
	GUARANTEES TO BE GRANTED.

	(A)
	Without prejudice to the personal and unlimited liability of the Beneficiaries and the joint and several corporate guarantee of the Guarantors, and in order to ensure full and timely fulfilment of the Guaranteed Obligations, the Beneficiaries and Guarantors, as applicable, simultaneously establish in favour of the Fund, upon signature of this Agreement, and shall establish in favour of the Fund to guarantee fulfilment of the obligations to repay the Financial Support, together with the personal liability of the Applicants, the following personal and in rem guarantees (all referred to as the "Guarantees"):

		a)
	Guarantee  on a personal and joint and of Grupo Ferroatlántica S.A.U., Grupo Ferroatlántica de Servicios S.L.U. and of the Guarantors, who shall for these purposes act as joint and several guarantors of the repayment obligations (the "Personal Guarantee").

		b)
	Right in rem of second-ranked real estate mortgage over the assets enclosed in Annex 16.1.(B)

		c)
	Second-ranked pledge without transfer of possession over the inventories enclosed in Annex 16.1.(C)

		d)
	Second-ranked pledge over the credit rights enclosed in Annex 16.1.(D).

		e)
	Right of pledge in rem over the balance of the Account.

		f)
	Second-ranked right of pledge in rem over the shares/stock of Grupo Ferroatlántica S.A.U., Grupo Ferroatlántica de Servicios S.L.U., Ferroatlántica Participaciones, S.L.U., Ferroatlántica del Cinca, S.L., Ferrosolar Opco Grupo S.L. and Cuarzos Industriales, S.A.U.

		g)
	Third-ranked right of pledge in rem over the shares of Globe Specialty Metals Inc.

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		h)
	Promise of right of pledge over any surplus CO2 rights of the Grupo Ferroatlántica de Boo and Sabón and Ferroatlántica de Cinca factories that might exist in the following financial years.

		i)
	Right of pledge over any credit rights held by the Ferroatlántica de Boo, Ferroatlántica de Sabón and Ferroatlántica de Cinca factories by way of compensation for indirect CO2 emissions costs.

	(B)
	The joint and several Personal Guarantee referred to in item (a) above is established together with the remaining guarantees (except for the third-ranked right of pledge in rem over the shares of Globe Specialty Metals Inc, which is granted in [*], USA, in accordance with the formalities applicable to it, the Borrower undertaking to provide proof of the granting thereof within two (2) days of the Date of Signature of this Agreement) in a public document, and shall be presented for registration in the corresponding public register within a maximum of two (2) Business Days of the Date of Signature of this Agreement, and shall remain in force throughout the term of this Agreement (hereinafter, together with all other guarantees in rem that might be granted at any given time to guarantee the Guaranteed Obligations, the "In Rem Guarantees", and together with the Personal Guarantee, the "Guarantees").

	(C)
	The real estate mortgages must be registered within a maximum period of three (3) months of the Date of presentation of the corresponding deeds in the appropriate public registers, in accordance with the deadline established in Clause 16.1(B) above. In this regard, the Beneficiaries and the Guarantors undertake to present appraisals of the real estate assets mortgaged to guarantee fulfilment of the obligations to repay the Financial Support within a maximum of three (3) months of the Date of Signature of this Agreement.

	(D)
	The real estate mortgages must be registered within a maximum of three (3) months of the Date presentation of the corresponding deeds in the appropriate public registers, in accordance with the deadline established in Clause 16.1(B) above. In the event of a negative qualification with rectifiable defects, any such defects noted by the corresponding Registrar must be rectified within a period of ten (10) business days of receipt of the corresponding negative qualification.

	(E)
	The calculation of the term of three (3) months shown above to achieve registration of the mortgages shall restart any time that a new rectification of the mortgages is presented to the Land Register. By way of clarification, this obligation shall not be deemed to have been breached if the delay in registration is caused by factors outside the control of the Parties, or if the defects identified by the Registrar cannot be rectified. In the event that the defect identified by the Registrar is considered not to be rectifiable (and in the event that the non-rectifiable defects could be overcome through a rewording of the documentation), a new mortgage must be executed on terms substantially identical to those of this Mortgage (except for the corresponding defects

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identified) within a period of ten (10) Business Days of receipt of the corresponding negative qualifications.
	16.2
	CHARACTERISTICS OF THE GUARANTEES.

	(A)
	Each Personal Guarantee is an abstract, autonomous, independent guarantee enforceable on first demand, and as a result in no case and under no circumstances may any of the Guarantors embark on consideration of whether or not the Guaranteed Obligations have been fulfilled by the Borrower and/or Beneficiaries, nor object to payment or specific performance of the Guaranteed Obligations in any regard (even if any litigation or court claim is instigated by the Borrower, Beneficiaries, or any third party in connection with the Guaranteed Obligations or the Personal Guarantees).

It shall therefore be sufficient merely that a written demand be served by SEPI or the Fund, without it being required to justify the reason for the breach. As these are Personal Guarantees enforceable on first demand, rights of priority, excussion and division shall in no circumstances apply. The Guarantors explicitly waive the right to raise any exception or offsetting in opposition to the Fund.
Each Personal Guarantee shall be valid and shall remain in force until the obligations of the Beneficiaries under this Agreement and the remaining Financial Documents have been fully, unconditionally, irrevocably and definitively cancelled or fulfilled, thus extending to any extensions, renewals, novations modifications of any kind, whether explicit or tacit, that might occur with regard to the Guaranteed Obligations contained in the Financial Documents. The Guarantors henceforth authorise and consent to any dispensation, extension, novation or refinancing of the Guaranteed Obligations that might in the future be agreed between the Applicant and the Fund, without this terminating or prejudicing the Personal Guarantee here provided.
Any payments that must be made by a Guarantor by virtue of its corresponding Personal Guarantee shall be made for their full amount, free of any withholding or deduction, and without the possibility of any offsetting, in freely transferable funds paid into the account specified by SEPI or the Fund within fifteen (15) Business Days of receipt of the payment demand served by SEPI or the Fund. In the event of a delay in payment of any amount claimed by virtue of the Personal Guarantee in question, the amount not paid on the date of the demand served by SEPI or the Fund shall accrue late-payment interest on the terms of accrual, settlement and payment established in Clause 5.5.
With regard to any monetary claims that might result from each Personal Guarantee, the Parties explicitly agree that for the purposes of enforcement, both in and out of court, the net amount payable by the Guarantors to the Fund shall be the balance derived from the certificate of amounts pending payment issued for this purpose by SEPI or the Fund. The Guarantors explicitly accept that any amounts that the Borrower and/or Beneficiaries might owe them as a
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consequence of subrogation, recourse, reimbursement or refund, shall be subordinated to payment in full of the Obligations Guaranteed by the Personal Guarantees, such that the Borrower and/or Beneficiaries will not be able to pay any amount to any Guarantor (even by way of offsetting), nor may the latter subrogate the in rem or personal guarantees granted in favour of the Fund to guarantee any amounts that the Borrower and/or Beneficiaries might owe to the Fund by virtue of the Financial Documents, unless the Guaranteed Obligations by virtue of the Personal Guarantee(s) have been irrevocably satisfied in full. If the Borrower and/or Beneficiaries should, in breach of the terms of this paragraph, pay any amount to any of the Guarantors, that Guarantor shall proceed to make payment of said amount to the Fund, immediately and without the need for any prior indication.
At any time during the term of the Agreement, the Fund may explicitly and in writing release one or several of the Beneficiaries and/or Guarantors from their obligations under their respective Personal Guarantees, without the need for any cause or justification. In this case, the Agreement and the remaining financial Documents shall remain fully enforceable for the Borrower and/or Beneficiaries, which accept this entitlement of the Fund to release the Beneficiaries and/or Guarantors. Likewise, the Beneficiaries and/or Guarantors acknowledge that, in the event of any type of modification to the Guaranteed Obligations, including a term extension or increase in amount, without limitation, the corresponding Personal Guarantee shall remain fully valid.
If one or more of the Guarantors should, by virtue of the Personal Guarantees here granted, make partial payment to the Fund of the amount owed by the Borrower and/or Beneficiaries, the Fund shall be entitled to claim from the Borrower and/or Beneficiaries (and also from the Guarantors) the part not paid by the Guarantor with priority over the exercise by the latter of the rights derived from subrogation for the partial payment made, all the foregoing pursuant to Article 1213 of the Civil Code.
In the event of bankruptcy of the Borrower and/or Beneficiaries, the following rules shall apply.
		(i)
	The Fund shall be entitled to request inclusion in its favour on the list of creditors both of the remainder of its credit not settled and the entire credit to which the Guarantors would be entitled, through reimbursement or as a solidarity instalment, even if the latter have not notified their credit or have remitted the debt.

		(ii)
	Any suspension of the accrual of interest that might occur with regard to the obligations guaranteed shall not benefit the Guarantors.

		(iii)
	The suspension of any enforcement proceedings brought against the insolvent Beneficiaries shall not undermine the right of the Fund to

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demand payment of such obligations by the remaining Obligors, at any time.
		(iv)
	For the purposes of the provisions of Article 399.2 and Articles 605 et seq. of the Consolidated Text of the Insolvency Act, of 5 May 2020 (previously Articles 135.2 and the Fourth Additional Provision of Insolvency Act 22/2003), or in accordance with the regulations applicable to the Guarantors, the Guarantors shall remain bound by their respective Personal Guarantees, and on a joint and several basis with regard to one another. In the event that an agreement is reached between the Borrower and/or Beneficiary and their creditors within the context of insolvency proceedings, or a refinancing agreement is formalised with court approval in accordance with the terms of the Insolvency Act, the Guarantors may not benefit with regard to the Personal Guarantees from potential advantages (such as debt, reduction, deferral or others) established in that agreement (even in the event that the Fund or all of them have voted in favour of the approval of the agreement) and these Personal Guarantees must therefore remain fully in force and in effect with regard to the Guaranteed Obligations secured thereby, as they were prior to the modification.

		(v)
	If the Fund is obliged to repay any amount received from the insolvent Beneficiaries because of any repayment or rescindment actions, the Guarantors will be obliged to pay the Fund the amount repaid, together with all amounts owed to it by the insolvent Beneficiaries. Consequently, the Guaranteed Obligations (secured by the Personal Guarantees) shall explicitly include the repayment credit resulting from the rescindment of any amount owed by virtue of this Agreement or the remaining Financial Documents.

	(B)
	The Guarantees shall be established on a superimposed, joint and several basis, such that the Fund may choose to enforce any of them, in any order that they might deem appropriate, on an alternate, joint or successive basis, without the instigation of enforcement proceedings regarding one Guarantee conditioning or limiting the instigation of enforcement proceedings regarding other Guarantees.

	(C)
	The Beneficiaries and Guarantors shall bear any expenses, tariffs and levies accruing as a result of the formalisation of the contracts serving to establish the Guarantees or for the enforcement, consummation, or rectification or creation, rectification and enforcement, in the case of promises of guarantees, including the granting and registration of any Guarantees open to registration, without prejudice, where applicable, to the provisions of Article 2.11 of RDL 25/2020.

	(D)
	In the event of a breach by the Beneficiaries or Guarantors of their obligation to bear such costs and expenses, SEPI or the Fund may use any funds in its

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possession or advance the necessary funds, subsequently passing the amount thereof on against the Borrower.
	(E)
	For the purposes of the granting of guarantees, the consent and authorisation of the governing bodies of the companies affected shall be required, with the Borrower granting full and irrevocable powers of representation for any acts derived from or necessary for the execution of the terms here agreed.

	(F)
	In the event that for any reason it is not possible to establish any of the In Rem Guarantees here indicated in Clause 16, the Beneficiaries and Guarantors must make their best efforts to offer alternative guarantees that would be sufficient in the judgment of SEPI.

	17.
	SEPI ACTIONS.

	(A)
	Without in any way undermining the independent status of the obligations of the Fund under this Agreement, it is acknowledged that with regard to the development and operation of this Agreement, SEPI acts for the benefit of the Fund in fulfilling the powers attributed to it in the regulations governing the Fund.

	(B)
	Likewise, and until otherwise established in the Financial Documents, any notice served or received by SEPI shall have the same effect as if served or received by the Fund.

	(C)
	The value date of payments shall be the date of collection by the Fund. Unless explicitly otherwise provided in this Agreement, all payments by way of principal, interest and commissions made by the Borrower (or, where applicable, the other Beneficiaries or Guarantors) under this Agreement, shall be paid to the Fund.

	(D)
	The Fund undertakes to provide assistance and to collaborate to the necessary extent with SEPI, including participation in the negotiation and execution of any public or private documents that might be necessary or desirable for the execution and effectiveness of the terms established in this Agreement and the remaining Financial Documents, including, should this prove necessary, ratification of actions taken by SEPI in fulfilment of its obligations under this Agreement.

	(E)
	The rules here set forth in Clause 17 regarding the powers and operational regime of SEPI may not be raised as arguments or objections by the Beneficiaries and Guarantors to delay or fail to honour precise fulfilment of their obligations under this Agreement, or any of the other Financial Documents.

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	18.
	ASSIGNMENTS.

	18.1
	ASSIGNMENT BY THE BENEFICIARIES AND GUARANTORS.

The assignment of the contractual position of any of the Beneficiaries or Guarantors under this Agreement, or of their rights and obligations hereunder, shall require the prior, written consent of the Fund, and to the extent that such actions constitute an amendment of the Temporary Public Financial Support Resolution, they shall be governed by the terms established in Clause 24.
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	19.
	PROCEDURE FOR ENFORCEMENT.

	19.1
	DETERMINATION OF THE BALANCE.

In any of the circumstances of ordinary or accelerated maturity or rescindment, SEPI or the Fund shall, in accordance with the provisions of Clause 14.4, perform a settlement calculation of the credit accounts as referred to in Clause 15. It is explicitly acknowledged that for the purposes of enforceability, the payable, due and enforceable amount owed by the Beneficiaries and Guarantors shall be understood to be the balance of the accounts referred to in Clause 15 derived from the settlement calculation issued for this purpose by SEPI or the Fund, provided that it is placed on record in a reliable document that the settlement calculation was performed in the manner agreed by the Parties in this Agreement, and that the balance coincides with that recorded in the corresponding account opened for the Borrower in connection with the Finance.
SEPI shall notify the Borrower of the enforceable amount resulting from the settlement calculation.
	19.2
	ENFORCEMENT.

	(A)
	As the amounts owed under this Agreement and the remaining financial Documents have the status and nature of public-law income, by virtue of the provisions of Article 2.3 of Royal Decree-Law 25/2020, of 3 July 2020, and Subsection 1.6 of Annex I of the Resolution of the Council of Ministers of 21 July, the Parties acknowledge that for the purposes of claim and enforcement action brought as a result of this Agreement and the remaining Financial Documents, the corresponding regulations shall apply.

	(B)
	The Parties acknowledge that the settlement calculation to determine the debt that may be claimed may be performed by SEPI, which may certify the debt payable by the Borrower, in addition to the statement of credit and debit entries and entries corresponding to the application of ordinary interest, late-payment interest, reasonable expenses and documents, and any other amounts owed by virtue of this Agreement, increased by the amount accruing from the date of the settlement calculation up until enforcement, determining the specific balance in question.

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	20.
	EXPENSES AND TAXES.

	(A)
	The provisions of this clause are to be understood without prejudice, where applicable, to the terms of Article 2.11 of RDL 25/2020, regarding the exemption from any levies, tariffs and professional fees of notaries public and Land and Companies Registrars that might result from the transfers, operations and actions of the Fund.

	(B)
	Irrespective of the payment obligations entered into by way of principal, interest, commissions, indemnification and expenses, all listed in the preceding clauses, the Borrower accept its obligation to pay any other fees, tariffs, remuneration, expenses, levies and other amounts that might now or in the future be owed or might accrue, as a consequence of the preparation, conclusion, performance, amendment, assignment by the Beneficiaries and Guarantors, execution and termination of this Agreement and the remaining Financial Documents, which would include, merely by way of example, the following:

		(i)
	the tariffs and expenses of notaries used for the formalisation of this Agreement in a public document, and the formalisation in a public document of the Guarantees (and, where applicable, the public deed of irrevocable power of attorney) or any other Financial Documents, including the cost of issuing copies, and the respective amendments, unless otherwise provided in this Agreement;

		(ii)
	the tariffs and expenses of notaries used for the formalisation in a public document of the mortgage established, including the cost of issuing copies, and the respective amendments, and any expenses derived from entry in the corresponding public registers; the Parties likewise explicitly agree that the Fund will pass on to the mortgaging company the Asset Transfer and Documented Legal Acts Tax, in the Document Legal Acts format ("Actos Jurídicos Documentados", or hereinafter, "AJD") accruing as a result of the granting of said mortgage in a public deed. The corresponding amount must be reimbursed to the Fund, in addition to any increase to the AJD payment and corresponding late-payment interest, that might arise as a consequence of any subsequent administrative confirmation. The AJD payment must be deposited by the mortgaging company in the account designated by the Fund at the time of execution of the deed creating the mortgage, at least five Business Days prior to the due date for payment of the tax;

		(iii)
	the remuneration and expenses corresponding to the Auditor on the terms agreed with each of them, and the expenses resulting from any appraisals that might be necessary in order to fulfil the obligations of this Agreement;

		(iv)
	the expenses, costs and court fees, including the fees of lawyers and court bailiffs, and the tariffs of notaries, accruing as a consequence of the

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enforcement, breach or termination of this Agreement and the remaining Financial Documents; and
		(v)
	any taxes, surcharges or levies, whether national or not, applied now or in the future to the conclusion of this Agreement and the remaining Financial Documents, in addition to the amendment, execution and termination thereof as provided in this Agreement or, in default thereof, by Law.

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	21.
	SERVICE.

	(A)
	All notices, demands and any other communications that would or could be served in connection with this Agreement shall be sent in writing or electronically (including email), and shall be issued in Spanish (except for any documentation the original text of which is in another language and has been sent by one Party to the other, in which case a translation into Spanish will not be necessary).

	(B)
	When the notice is served on a Party, at the corresponding address as established in Annex 21 (or any other address that said Party has, in accordance with this Clause 21, designated in writing, notifying the other Party five Business Days in advance), and explicitly and clearly refers to this Agreement, the date of service of the notice shall be deemed to be: (a) the date of delivery, if delivered via a notary, registered post office fax with confirmation of receipt and certification of contents, or some other courier or notification service providing confirmation of the date and contents of the notification; or (b) the date when it was sent, if the notification is sent by email during the regular business hours of the place of receipt, and if it arrives outside such hours, the Business Day immediately thereafter, unless prior to the Business Day immediately thereafter the recipient Party confirms receipt of the notification, in which case that shall be deemed to be the date of service.

	(C)
	In order for notices sent by email to be deemed valid, they must necessarily be sent to each and every one of the email addresses indicated in Annex 21 for each of the Parties.

	(D)
	If any notification is sent by any means other than email, a copy of the notification in question must also be sent to the corresponding Party, at the earliest possible opportunity, by email sent to the corresponding email addresses.

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	22.
	GENERAL.

22.1TRANSPARENCY.
	(A)
	For the purposes of ensuring due transparency, pursuant to subsection 7.1 of Annex II of the Resolution of the Council of Ministers of 21 July 2020:

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		(a)
	Within a maximum period of three months of the Date of Closure of this Agreement, the Fund shall publish relevant information, such as the identity of the Beneficiaries, the nominal amounts of the aid granted, and the terms thereof.

		(b)
	The Beneficiaries shall on their corporate portals publish information as to the usage of the aid received within a period of 12 months of the Date of Closure, and subsequently do so periodically every 12 months, up until the Total Amortisation Date. This publication shall include information as to the way in which the aid received is used to support their activities in a manner consistent with the objectives of the European Union and the national obligations connected with ecological and digital transformation, including the objective of the European Union to achieve climate neutrality by 2050.

	22.2
	CONFIDENTIALITY.

	(A)
	The terms and conditions of this agreement, including its existence, are confidential, and must be treated as such by the Parties. Likewise, any other information handed over by one of the Parties to the other in connection with this Agreement which, prior to handover, was classified by the Party handing it over as confidential or privileged (or equivalent terms in translation), or must otherwise be understood as such, employing commercially reasonable criteria (hereinafter, the "Confidential Information") must be treated as confidential information by the Party receiving it. Consequently, the Parties shall treat and preserve the Confidential Information received from the other Party, and the terms and conditions of this Agreement (including its existence) at all times as confidential documents and secrets, and shall not communicate or disclose them directly or indirectly (whether verbally or in writing) to any other Person except for their directors, employees, agents, external professional consultants (legal or other) and auditors (hereinafter, the "Representatives") to the extent that such communication would be necessary for the signature, consummation, execution and fulfilment of this Agreement, or required for the purposes of auditing, accounting or internal control at each of the Parties. In order for one Party to be able to make such communication to any of its Representatives, it must first sign with the Representative in question, unless the legal standards governing the profession thereof would make this unnecessary, a non-disclosure agreement on the same terms of this clause, except, specifically, for the possibility of communicating the information to Representatives.

	(B)
	In any event, any data, documents and information in the possession of the Fund Administrative Board and SEPI by virtue of the functions entrusted to them by RDL 25/2020 shall, in accordance with the provisions of Article 2.17 of RDL 25/2020, have confidential status, and with the exceptions provided in the regulations in force, may not be disclosed to any person or authority, nor used for purposes other than those for which they were obtained. Any accounts auditors,

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legal consultants and other independent experts that may be appointed by the Fund Administrative Board and SEPI in connection with the fulfilment of the functions legally attributed to them shall likewise be responsible for maintaining secrecy and not using the information received for purposes other than that for which it was supplied to them. This confidential status shall cease from the moment when the parties concerned publish the circumstances to which the data, documents and information refer.
	(C)
	Confidential Information shall not be deemed to include: (i) any information that enters the public domain, unless it does so as a result of a breach of this Agreement attributable to the Party receiving the information, or its Representatives; (ii) non-confidential information that the recipient Party had access to prior to it being provided to it by the other Party, or that the recipient Party learned of independently; and (iii) any information received by a Party via third parties, without this entailing any breach of this Agreement.

	(D)
	Notwithstanding the above, each Party may disclose Confidential Information received from the other Party, or the terms and conditions of this agreement (including its existence) when and to the extent that:

		(i)
	such disclosure is required in order to perform any action, fulfil any obligation, or exercise any right provided in this Agreement; or

		(ii)
	such disclosure is required by the applicable Regulations, by an administrative or court ruling, or by the rules and regulations of any stock market or other regulatory body to which the Party in question is subject; on the clear understanding that in this latter case, and to the extent that this would be commercially reasonable:

		-
	the Party that is to disclose the Confidential Information or the terms and conditions of this Agreement (including its existence) informs the other Party in advance that it is to perform such disclosure, in order to grant the latter the opportunity to adopt any measures intended to prevent such disclosure, and

		-
	if this is not possible or the disclosure is not foreseen for some other reason, the Party that is to make the disclosure communicates only that part of the Confidential Information or of the terms and conditions of the Agreement that it is legally required to do, employing commercially reasonable efforts to ensure that the information disclosed is handled in accordance with its confidential status.

		-
	The obligation to serve prior notice on the other Party accepted by the Party that is to disclose the Confidential Information or the terms and conditions of this agreement (including its existence) is to be understood without prejudice to the right thereof subsequently to

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disclose all or part of the Confidential Information or the terms and conditions of this Agreement (including its existence) as required to comply with the aforementioned laws, regulations or rulings.
	(E)
	This non-disclosure obligation shall remain in force throughout the term of the Agreement and following termination thereof, for the next 2 years.

	(F)
	This clause constitutes the full agreement reached by the Parties regarding obligations concerning Confidential Information, and shall prevail over any other prior, explicit or tacit agreement in connection herewith.

	22.3
	PRESS RELEASES AND ANNOUNCEMENTS.

Notwithstanding the terms of Clause 22.1  above, neither of the Parties may, without the prior, written consent of the other Party, issue a press release or public statement with regard to the operations covered by this Agreement. In the event that because of rules or regulations applicable to one or both Parties, an announcement or statement must be published as to the conclusion of this Agreement, the Parties must adopt all reasonable measures to reach agreement as to the contents thereof.
	22.4
	WAIVERS AND RIGHTS.

	(A)
	Neither of the Parties may waive a right or provision of this Agreement, grant consent or approval on the terms demanded by this Agreement or grant consent or approval for the other Party to abandon performance or fulfilment thereof in whole or in part, unless this is set out in writing and signed by the Party against which the application of said waiver, consent or approval is requested. This waiver, consent or approval shall take effect only in the specific case and for the purposes for which it was granted. At no time shall a failure by either of the Parties to exercise, or a delay in exercising or enforcing, any condition, provision, remedy, measure, right or part of this Agreement be construed as (i) a waiver of the condition, provision, remedy, measure, right or part thereof, or (ii) a forfeiture of the right to demand performance in the future.

	(B)
	Unless otherwise provided, the rights enjoyed by each of the Parties should be understood as applying on a cumulative basis, and if one of them is exercised, this must not be construed as restricting the exercise of some other rights granted under this Agreement, or under the applicable Regulations.

	22.5
	LANGUAGE.

	(A)
	This Agreement has been drawn up, negotiated and signed in Spanish.

	(B)
	Any translation of the contents of this Agreement into any language shall be purely for information purposes, and shall not be binding. The Parties agree that any such translation cannot be employed for the purposes of interpretation of the Spanish version of the Agreement, even if a disagreement or dispute has arisen between the Parties as to the interpretation of a specific clause of this Agreement.

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	22.6
	PARTIAL NULLIFICATION OR SUPERVENING UNLAWFULNESS.

If any of the stipulations of this Agreement is or becomes null and void, unlawful or ineffective, the validity, lawfulness and efficacy of the remaining stipulations shall in no way be affected or prejudiced. The Parties shall in this case negotiate in good faith the new terms of the corresponding stipulation deemed null and void, unlawful or ineffective, such that its effects would be as similar as possible.
	22.7
	COMMITMENT TO COLLABORATION.

Each Party to this Agreement must, upon demand of the other Party, sign, acknowledge, deliver, present or register, and ensure signature, acknowledgement, delivery, presentation or registration, of any certificates, modifications, instruments or documents, and take any other actions that might be required by the applicable regulations or might be necessary or desirable, in the reasonable opinion of the requesting Party, for the purposes of effective fulfilment of the provisions of this Agreement.
	22.8
	DATES AND DEADLINES.

The Parties place on record that all dates and deadlines established or referred to in this Agreement are essential for the execution and fulfilment of this Agreement by the Parties.
	22.9
	THIRD-PARTY BENEFICIARIES.

Unless explicitly provided otherwise, the Agreement has been signed for the sole benefit of the Parties, and is not intended to benefit, nor to create rights in favour of, any third party, and no clause or provision of this Agreement should be interpreted as a stipulation in favour of a third party.
​
	23.
	DATA PROTECTION.

	23.1
	PROCESSING OF PERSONAL DATA.

	(A)
	The Parties have been informed that the personal data gathered by virtue of this Agreement and the remaining Financial Documents, and all those concerning representatives or employees of a Party that might be communicated to the other during the contractual relationship, shall be processed under the responsibility of the recipient Party for the consummation, execution, fulfilment and oversight of this Agreement and the remaining Financial Agreements, the fulfilment of their respective legal obligations under the provisions of Personal Data Protection and Guarantee of Digital Rights Act 3/2018, of 5 December 2018, and all other applicable regulations

	(B)
	The data shall be processed solely by the Parties, and by any third parties to which the Parties might be legally or contractually obliged to communicate them. The Parties may likewise transfer personal data in the event of assignment by the

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fund and/or establishment of encumbrances or guarantees over their credit rights resulting from this Agreement.
	(C)
	Before each Party communicates the personal data of third parties to the other, the communicating Party must have fulfilled the requirements applicable to said communication, including the duties of information and applicability of a legal basis, without the recipient Party being required to perform any additional action whatsoever vis-à-vis the data subjects.

	23.2
	PURPOSE OF PERSONAL DATA PROCESSING.

The data processing is necessary for the purposes indicated in Clause 23.1 above, the legal basis being the consummation, execution, administration and fulfilment of this contractual relationship and, where applicable, the fulfilment of legal obligations. In particular, if any legal obligation applies, personal data will be processed for the prevention of money laundering and terrorist funding, in order to allow compliance with obligations as regards the gathering of information and identification, and the provision of information regarding payment operations to authorities in other countries, within and outside the European Union, on the basis of the legislation of certain countries and agreements signed by and between them.
	23.3
	DURATION.

	(A)
	The personal data will be processed for the duration of the Agreement and thereafter for a period of five years unless, on an exceptional basis, any longer period is applicable to the Parties under the statute of limitation regarding any legal or contractual actions.

	23.4
	RIGHTS OF DATA SUBJECTS.

	(A)
	The personal data subjects may exercise rights of access, rectification, erasure, restriction, objection and portability, and may withdraw the consent granted, or any other legally acknowledged rights, by serving written notice on the corresponding Party, for the attention of the data protection officer, in accordance with Clause 21 to be sent to the addresses indicated in Annex 21.

	(B)
	The personal data subjects are entitled to file grievances with the Spanish Data Protection Agency.

​
	24.
	MODIFICATIONS.

	(A)
	Any modification, alteration or supplementation of the terms of this Agreement will, in accordance with the regulations governing the Fund, require that the relevant administrative procedure first be conducted, with a specific decision issued by the Fund Administrative Board, being subject, where and as applicable, to the authorisation of the Council of Ministers and/or the relevant European Union bodies.

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	(B)
	Any modification or novation of this Agreement must furthermore be formalised by means of a written document, duly signed by all the Parties.

​
	25.
	CONFIRMATION BY PUBLIC INSTRUMENT.

The Beneficiaries and Guarantors undertake to appear before a Notary Public with the Fund and SEPI for the purposes of recording this Agreement in a public instrument no later than whichever is the earlier of the following dates:
		(a)
	the first Business Day after one month has passed since the Date of Signature; or

		(b)
	the date of formalisation of any of the In Rem Guarantees referred to in Clause 16  above.

​
	26.
	APPLICABLE LEGISLATION AND JURISDICTION.

This Agreement shall be governed by applicable standard Spanish and EU regulations, and in any event, without being confined thereto, by Article 2 of RDL 25/2020, the Resolution of the Council of Ministers, the European Commission Communication of 19 March 2020, and subsequent amendments, entitled "Temporary Framework for State aid measures to support the economy in the current Covid-19 outbreak", and all other applicable legislation. In particular, for the collection of the amounts to be reimbursed under the Finance, in accordance with the public-law income status thereof, the terms of General Budgetary Act 47/2003, of 26 November 2003, shall apply.
The resolution of any dispute derived from the interpretation, application and/or execution of this Agreement, shall be covered by the sole jurisdiction of the Courts of the City of Madrid, Spain.
​
[Signature page follows]
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	FONDO DE APOYO A LA SOLVENCIA PARA LAS EMPRESAS ESTRATÉGICAS

	As the Fund
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	Mr Bartolomé Lora Toro
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	SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES

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	Mr Bartolomé Lora Toro
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	GRUPO FERROATLÁNTICA, S.A.U.
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	As Applicant
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	Mr Jorge Manuel Lavín de las Heras
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	GRUPO FERROATLÁNTICA DE SERVICIOS, S.L.U.
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	Mr Jorge Manuel Lavín de las Heras
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	FERROGLOBE PLC
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	Mr Jorge Manuel Lavín de las Heras
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	FERROGLOBE HOLDING COMPANY LTD
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	Mr Jorge Manuel Lavín de las Heras 
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	FERROGLOBE FINANCE COMPANY PLC
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	Mr Jorge Manuel Lavín de las Heras
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	ROCAS, ARCILLAS Y MINERALES, S.A.
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	Mr Jorge Manuel Lavín de las Heras 
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	CUARZOS INDUSTRIALES, S.A.U.
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	Mr Jorge Manuel Lavín de las Heras
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ANNEXES TO THE TEMPORARY PUBLIC FINANCIAL SUPPORT AGREEMENT
​
Annex I. - Financing Agreement
Annex II. - Management Agreement
ANNEX III.- Guarantees Agreement
	ANNEX IV.- 
	Certification of the resolutions corresponding to the competent corporate bodies of the Beneficiaries

	ANNEX V. 
	Self-declaration by the Beneficiaries in connection with the eligibility criteria required by the Resolution of the Council of Ministers

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ANNEX 1.1
DEFINITIONS
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	“Support Agreement””
​
	has the meaning indicated in Recital XII.

	“Management Agreement”
	has the meaning indicated in Recital XII.

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	​

	“Guarantees Agreement”
	means all the documents establishing the structure of the guarantees for the finance.
​

	"Public Financial Support" 
	means the temporary public financial support granted by the Fund to the Applicant by virtue of the Support Agreement and the Financing Agreement.

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	​

	“Auditor”
	Means any audit firm of established standing that might in the future be appointed by the Borrower, unless rejected by SEPI, in a reasonable and duly justified manner
​

	“Final Available Cash”
	Initial cash less the minimum Cash Allocation (15,000,000 euros), plus the Cash Flow generated in the financial year.
The Borrower and the Beneficiary shall allocate to premature amortisation of the Finance fifty per cent (50%) of the Final Available Cash at the close of each financial year from 2023 inclusive.
Calculation of the Final Available Cash shall be performed on the basis of the Consolidated Financial Statements each financial year from the financial year ended at 31 December 2023 onwards. In the event that the Borrower and the Beneficiary are obliged prematurely to amortise the Finance in accordance with this subsection, the Borrower must inform SEPI thereof (including the date when it plans to make the premature amortisation), no later than the Business Day after the date when the auditor's certificate as to the aforementioned Consolidated Financial Statements for 

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	the applicable financial year is available. This must in any event be issued by 30 June each year.
​

	“Minimum Operating Cash”
	means the amount specified in the Viability Plan of the Ferroatlántica Group (15,000,000 euros).
​

	“Change of Control”
	means, with regard to the Applicant, (a) that Ferroglobe plc is no longer direct or indirect holder of a stake of at least 51% in the voting share capital of the Borrower, or by any other means none of them controls any of said companies on the terms provided in Article 42 of the Code of Commerce, or otherwise they no longer have the right to appoint the majority of the members of the corresponding governing body, or (b) that Grupo Villar Mir, S.A.U. is no longer the holder of a stake of at least 35% of the voting share capital of Ferroglobe PLC , or loses the rights that it enjoys as the holder of such a stake or greater, by virtue of a shareholder agreement at Ferroglobe PLC , or (c) that the Borrower is no longer the direct or indirect holder of a stake of one hundred per cent (100%) of Grupo FerroAtlántica de Servicios, or in the voting rights of Grupo FerroAtlántica de Servicios, or otherwise loses the right to appoint the majority of members of the corresponding governing body of the Borrower.
Notwithstanding the provisions of the above paragraph, in the case of investors subject to any of the circumstances provided in paragraphs (a) or (b) of Article 7 Bis.1 of Act 19/2003, 4 July 2003, on the legal regime for capital movements and economic transactions with foreign territories, and certain anti-money laundering measures ("Act 19/2003"), or paragraphs (a), (b) or (c) of Article 7 Bis.3 of the aforementioned Act 19/2003, the percentage capital the direct or indirect acquisition of which by any of the aforementioned means will give rise to a Change of Control shall be 10%.

	“CapEx”
	means, at a consolidated Group level, cash investments in tangible, intangible or financial fixed assets, including capitalised expenses that entail effective disbursements of cash actually performed during the financial year in 

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	question.

	“Civil Code”
	means the Civil Code approved by the Royal Decree of 24 July 1889.

	“Code of Commerce”
	means the Code of Commerce approved by the Royal Decree of 22 August 1885.

	“Profit-sharing Component”
	Has the meaning indicated in Clause  5.4.1(A)(ii)

	“Permanent Component”
	Has the meaning indicated in Clause 5.4.1(A)(i)

	"Administrative Board"
	Means the inter-ministerial board attached to the Ministry of Finance through the Sub-Secretariat of Finance.

	“Agreement" or "Financing Agreement"
	means this financing agreement.

	“Account”
	Current account held by the Borrower at Bankinter, S.A. with IBAN code ES93 0128 9444 1601 0001 8157, into which the Finance is to be deposited.

	“Financial Documents”
	means:
(A)

this Agreement;

(B)

the Temporary Public Financial Support

(C)

the Management Agreement

(D)

the Viability Plan;

(E)

the Guarantees;

(F)

the irrevocable powers of attorney granted in connection with the Guarantees and the Promise of Mortgage;

(G)

any other document executed as a consequence of the inclusion or execution of the foregoing or in connection therewith, in addition to any other document or agreement required by the regulations in force for access to temporary public financial support drawn on the Fund; and

any other agreements and documents that SEPI or the Fund and the Borrower might mutually designate as such.

	“Representations”
	means the representations given by the Beneficiaries and Guarantors, regarding themselves and the remaining companies of the Group, in Clause 11.

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	“Permitted Debt”
	means:
(A)

  that owed under the Financial Documents;

(B)

any Subordinated Debt;

(C)

the Existing Debt;

(D)

any unsecured Debt of an operational or commercial nature entered into by the Beneficiaries or another company of the Group in the ordinary course of their business, with a maximum term of 12 months and up to a maximum amount of €2,500,000 throughout the Finance (without calculation of this limit including the Date indicated in subsection (E) below);

(E)

any other Debt explicitly authorised by SEPI.

	“Subordinated Debt”
	means any Debt granted in favour of any Ferroglobe Group Company (hereinafter, the "Subordinated Debtor") by any of the companies of the Group (hereinafter, the "Subordinated Creditor"), regarding which the Subordinated Debtor and the Subordinated Creditor irrevocably accept through signature of this Agreement (or in the event that the Subordinated Creditor is not party to the Agreement, it must allow SEPI in its own name and right for the benefit of the Fund to accept) the following stipulations in favour of third parties, for the purposes of Article 1257 in fine of the Civil Code:
(A)

that the obligations assumed now or in the future by the Beneficiaries and Guarantors under the Financial Documents shall enjoy absolute priority over any obligations assumed now or in the future by the Subordinated Debtor vis-à-vis the Subordinated Creditors;

(B)

that SEPI or the Fund, in the name of the Borrower is entitled directly to demand that the Subordinated Creditor implement any provisions that would be necessary or desirable at any given time;

(C)

that the interest on the Subordinated Debt is capitalised;

(D)

that any payment of principal, commissions or 

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	expenses resulting from the Principal Debt is postponed until a date after the date when all obligations derived from the Financial Documents have been settled in full;
(E)

that the Subordinated Creditors are not entitled to modify the terms of the Subordinated Debt without the prior consent of SEPI or the Fund;

(F)

that the Subordinated Creditors are not entitled to declare the accelerated maturity of any payment derived from the Subordinated Debt until all obligations derived from the Financial Documents have been settled in full;

(G)

that the Subordinated Debt is not guaranteed by any type of personal or in rem guarantee; and

(H)

that any payments (whether by way of principal, interest of any type, commissions, expenses or any other concept) that they might be entitled to receive from the Borrower by virtue of the Subordinated Debt shall be of a lower rank and shall be subordinated to payment of any amounts that the Borrower might owe to the Fund, and to any third-party creditors as provided in Article 281.2 of the Consolidated Text of the Insolvency Act of 5 May 2020.

The Beneficiaries and Guarantors must inform SEPI at least 15 Business Days in advance of the intention of any Subordinated Data to arrange Subordinated Debt, presenting any documents that might be required so as to verify compliance with the aforementioned requirements.
Once the above requirements have been fulfilled, the Subordinated Debt shall not be calculated as Debt.

	“Working Day”
	means:
(A)

for the purposes of setting rates and payments, all days of the week, except Saturdays, Sundays and public holidays in the city of Madrid, Spain, when TARGET 2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System) is operational; and

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	(B)

for all other purposes, all days of the week, except for Saturdays, Sundays and public holidays in the city of Madrid, Spain.

	“Drawdown”
	means handover to the Borrower of available funds under the Finance on account of the Amount of the Finance, under the terms of Clause 4.

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	“Distributions”
	means any payment by the Beneficiaries or Guarantors to their shareholders or parties related to them, whether in cash, in kind or through offsetting, for any concept, including:
(A)

dividends or interim dividends (in cash, in kind or charged to reserves);

(B)

capital reductions with refunding of contributions;

(C)

interest, principal, commissions or other concept (including premature amortisation of the principal) under any loan or credit agreements (whether or not considered to be Subordinated Debt);

(D)

consideration for the provision of goods or services, or payments under management contracts and other service provision contract;

(E)

redemption or acquisition of shares representing the share capital of the Borrower; and

(F)

any other operations of a similar or analogous nature to the foregoing the effect of which would be the remuneration or refunding of contributions.

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	"Temporary Public Support Term Sheet"
	Means the document recording to a sufficient degree of detail those elements accepted by the Applicant at the hearing stage, to be set out in the corresponding agreements in the negotiation phase.

	“Material Adverse Effect”
	means any event or circumstance (or a combination of events and circumstances) that might occur or come to light after the Date of Signature, and that, requiring prior agreement by the Fund in order to be invoked:
(i)would or foreseeably could have a Material

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	Adverse Change on the financial position, solvency, business, assets, goods or rights of any of the Beneficiaries or Guarantors, or the Group viewed as a whole; or
(ii)

would or foreseeably could adversely affect the capacity of the Borrower or the remaining Beneficiaries and Guarantors to fulfil the obligations entered into by them under the Agreement and the other Financial Documents; or

(iii)

would or foreseeably could cause any of the Financial Documents or any of the rights granted thereby to the Fund, including, without being confined to, the Guarantees given at any given time in favour of the Fund, to become unlawful, invalid, ineffective or unenforceable vis-à-vis the Beneficiaries and Guarantors.

(iv)

cause this Agreement and/or any of the remaining Financial Documents to become unlawful, invalid, ineffective or unenforceable vis-à-vis any of the Beneficiaries or Guarantors.

	"Bond Issue"
	Means the bond issue of 15 February 2017 subscribed by Ferroglobe PLC, together with Globe Specialty Metals, Inc (a company of the Ferroglobe Group), as co-issuers, and Wilmington Trust, as a trustee, for an amount of three hundred and fifty million dollars ($350,000,000) (as novated to date).

	“Permitted Disposals”
	has the meaning provided in Clause 13.6.5.

	“Debt”
	means at any given time the sum total of amounts owed by any company of the Group by virtue of long- and short-term debt instruments, whether to financial institutions or to third parties, including, merely by way of example, the amounts owed by virtue of the following concept:
(i)

loan, credit, discount, recourse factoring, current account overdraft agreements;

(ii)

issuance of securities representing debt in the form of debentures, debentures convertible into shares, bonds, promissory notes, or any other class of similar instruments or securities;

(iii)financial or operating lease and/or rental

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	agreements with or without purchase option;
(iv)

any contracts, agreements or commitments to purchase assets from third parties with the price deferred (except those regarding purchases of raw materials);

(v)

derivatives or other financial instruments of a similar nature hedging fluctuations in prices, exchange rates or interest rates;

(vi)

bonds, sureties, guarantees, counter-guarantees, comfort letters or any other undertakings entailing the guaranteeing of third-party obligations, whether on a joint and several, subsidiary or any other basis;

(vii)

amounts deposited by way of capital or premium for the issuance of redeemable shares;

(viii)

commitments to purchase treasury stock, to repurchase treasury stock or sell treasury stock below its fair value; and

(ix)

any other obligations, commitments or financial agreements or those of a similar nature or effect to the above provided by the any company of the Group and with a commercial effect analogous to that of a credit, guarantee or deferral.

	“Existing Debt”
	Means the debt described in Annex 11.1.19.
​

	“Financial Statements”
	means, for the company in question, the annual accounts (including in all cases the balance sheet, the profit and loss account, the statement of cash flows, revenue and expenses, the statement of changes in net equity and the explanatory notes) and the management report corresponding to the period in question, and any other accounting documents that the company in question is required to draw up with such frequency, as applicable, in accordance with the corporate legislation in force in each jurisdiction and at any given time.

	"Annual Financial Statements"
​
	means the individual Financial Statements of each Beneficiary, together with the corresponding audit report issued by the Auditor, where this would be a legal requirement.

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	“Consolidated Financial Statements”
	means the financial statements resulting from consolidation of the entities Grupo Ferroatlántica, S.A.U. and Grupo Ferroatlántica de Servicios, S.L.U., verified by the accounts auditor on the basis of the audited financial statements of the Group.

	“Half-Yearly Consolidated Financial Statements”
	means the Financial Statements resulting from consolidation of the entities Grupo Ferroatlántica, S.A.U. and Grupo Ferroatlántica de Servicios, S.L.U., closed at the end of the first half of each corporate financial year and comprising information regarding that half-year.

	“Half-Yearly Individual Financial Statements”
	means the individual Financial Statements of each Beneficiary and Guarantor closed at the end of the first half of each corporate financial year and comprising information regarding that half-year.

	“IBOR”
	has the meaning indicated in Clause 5.4.1(B).

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	“Total Amortisation Date”
	has the meaning indicated in Clause 6.1.

	“Date of Closure”
	has the meaning indicated in Clause 4.3(E).

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	​

	“Date of Signature”
	means the date of signature of this Agreement.

	“Final Maturity Date”
	means 1 June 2025.

	“Subsidiary”
	means any company that:
(A)

is directly or indirectly controlled by any company of the Group;

(B)

directly or indirectly controls any company of the Group; or

(C)

is directly or indirectly controlled by any company that in turn directly or indirectly controls any company of the Group.

In all the above cases, "control" shall be understood as indicated in Article 42 of the Code of Commerce.

	"Relevant Subsidiary"
	those Spanish companies of the group headed by the Applicant under the terms of Article 42 of the Code of Commerce representing at any given time at least 5% of the total assets, of the EBITDA or the total revenue of the group headed by the Applicant.

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	Following the conclusion of each corporate financial year, it shall be determined on the basis of the Consolidated Financial Statements for that financial year which companies of the Group meet the conditions to be considered Relevant Subsidiaries, as provided in Clause 13.7.

	“Guarantor Subsidiaries”
	has the meaning indicated in Clause 13.7.1.

	“Beneficiary Subsidiaries” 
	means Grupo Ferroatlántica de Servicios, S.L.U.

	“Financing Facility”
	has the meaning indicated in Clause 2.1(A).

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	“Borrower”
	means Grupo Ferroatlántica, S.A.U.

	“Cash Flow”
	means, with regard to the Consolidated Financial Statements of the Beneficiary Group for the financial year in question, the variation in cash flows contained in the statement of cash flows.

	​
	​

	“Strategic Company Solvency Support Fund”
	has the meaning indicated in Recital IV.

	“Shareholder Equity”
	means the set of contributions of funds comprising:
(A)

capital stock paid up;

(B)

disbursed share premium;

(C)

contributions to freely available reserves; and

(D)

contributions to account 118 under the General Accounting Standards.

	“Guarantor”
	Means Ferroglobe PLC; Ferroglobe Holding Company Ltd and Ferroglobe Finance Company PLC , and any other entities adhering to this Agreement as Guarantors. 

	“Personal Guarantee”
	has the meaning indicated in Clause 16.

	“Guarantees”
	means, collectively, the Personal Guarantee and the In Rem Guarantees 

	“Permitted Guarantees”
	has the meaning indicated in Clause 11.1.20.

	“In Rem Guarantees”
	means all in rem guarantees established or to be established in the future in favour of the Fund, under the provisions of this Agreement, to secure or guarantee the obligations derived from this Agreement, and the

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	obligations derived from the remaining Financial Documents.

	“Existing In Rem Guarantees”
	has the meaning indicated in Clause 11.1.20.

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	​

	“Ferroglobe Group ”
	Means Ferroglobe PLC and its dependent companies.

	“FerroAtlántica Group”
	Means the Beneficiaries.

	“Beneficiary Group” or “Group”
“Reference Index”
	Means the Beneficiaries.
Has the meaning indicated in Clause 5.4.1(B).

	“Amount of the Finance”
	has the meaning indicated in Clause 2.1.

	"Amounts"
	means the amounts obtained by the Beneficiaries by virtue of the disposal of assets, subsidiaries and businesses, the collection of insurance compensation, subsidies, or any other operations through which they obtain an economic flow, following deduction of taxes paid and directly levied on the operation, in addition to justified expenses and costs derived from such operations. In the event that the assets disposed of are encumbered to guarantee any form of Debt with an in rem guarantee of a prior rank to the Guarantees, any amounts that must be paid to the creditors by way of payment of the guaranteed Debt in order to cancel the in rem guarantee encumbering the asset disposed of shall be deducted, for the purposes of calculation of the Amounts.

	“Confidential Information”
	has the meaning indicated in Clause 22.2(A).

	“VAT”
	means Value Added Tax.

	“Act 39/2015”
	means Common Administrative Proceedings of Public Authorities Act 39/2015, of 1 October 2015.

	“Insolvency Act”
	means the Consolidated Text of the Insolvency Act of 5 May 2020, as amended from time to time.

	“Civil Proceedings Act”
	means Civil Proceedings Act 1/2000, 7 January 2000, as amended from time to time.

	“Capital Companies Act”
	means the consolidated text of the Capital Companies Act (as amended from time to time), approved by Royal

​
​

96

​

​
​
	​
	Legislative Decree 1/2010, of 2 July 2010.

	"General Budgetary Act"
	means General Budgetary Act 47/2003, of 26 November 2003.

	“Margin”
	has the meaning indicated in Clause 5.4.1(D).

	“Regulations”
	means any constitution, treaty, law, statute, ordinance, rule, regulation, interpretation, directive, European regulation, order, mandate, decree, interim remedy, judgment, order to act or refrain from acting, provisions and conditions of permits, grants, concessions, incentives, subsidies, licences, registrations and other operating permissions, whether national or supranational (including European), regional, local or foreign, any judgment or decision, resolution or any other demand of any administrative authority; or any amendment or modification of any of the above.

	“Guaranteed Obligations”
	Means all present and future payment obligations owed or incurred at any given time by the Beneficiaries vis-à-vis the Fund in connection with the Financial Documents, including, by way of example, without being confined to amortisation of the principal, payment of ordinary and late payment interest, indemnification, expenses and taxes and any expenses or costs incurred in or out of court in the creation, effectiveness or enforcement of all guarantees established by virtue of the Financing Agreement, including any expenses arising as a consequence of accelerated maturity or as a result of cancellation of the Financial Documents 

	​
	​

	“Party”
	means each party to this Agreement.

	​
	​

	“Interest Period”
	has the meaning indicated in Clause 5.2.

	“Person”
	means any natural or legal person, trade union, civil society, commercial company, capital company, enterprise, association, joint venture, cooperative, legal representative, foundation, civil partnership, economic interest grouping, temporary joint venture, or any organisational entity of any kind, including any administrative authority. 

​
​

97

​

​
	"Sanctioned Person"
	means at any given time:
(A)

any natural or legal person included on any list of designated persons for the purpose of Sanctions maintained by the Security Council of the United Nations, the European Union or any of its Member States or the Office of Foreign Assets Control of the US Department of Treasury (OFAC), or the State Department of the United States of America;

(B)

any natural or legal person operating, incorporated or resident in a Sanctioned Territory;

(C)

any legal person controlled by a Sanctioned Person;

(D)

any natural or legal person subject to Sanctions, or if the signature of any document with them would for the Fund constitute the imposition of Sanctions; or

(E)

a natural or legal person acting on behalf of the above for the purpose of evading or avoiding, or attempting to evade or avoid the imposition of Sanctions (or to facilitate the evasion or avoidance thereof).

	“Viability Plan”
	means the viability plan presented by the Applicant on the date of registration of entry at SEPI, 20 January 2022, as potentially updated under the terms established in the Management Agreement.

	​
	​

	“Generally Accepted Accounting Principles”
	Means those accounting principles set out in the Spanish General Accounting Standards approved by Royal Decree 1514/2007, of 16 November 2007, or any others that might replace them in the future and be applicable in Spain.

	​
	​

	“RDL 25/2020”
	means Royal Decree-Law 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment.

	​
	​

	“Regulation”
	has the meaning indicated in Clause 11.1.27

	“Representatives”
	has the meaning indicated in Clause 22.2.

​
​

98

​

​
	"Net Financial Balances and Commercial Balances designated as the legacy balances payable by the Beneficiaries to the remaining companies of the Ferroglobe Group"
	means the net financial balances and commercial balances designated as "legacy" balances payable by the Beneficiaries to the remaining companies of the Ferroglobe Group at 30 June 2021, as described in Annex 13.3.C.

	“Sanctions”
	means any sanction, prohibition, restriction or embargo of an economic, financial or commercial nature imposed at any time as a consequence of a breach of any punitive regulations regarding exports, economic sanctions and embargoes adopted or executed by the stated public bodies or organisations:
(A)

the United Nations Security Council;

(B)

the European Union or any of its member states;

(C)

the Office of Foreign Assets Control of the US Department of Treasury (OFAC) or the Office of Export Enforcement of the US Department of Commerce;

(D)

Her Majesty’s Treasury of the United Kingdom; or

(E)

any other competent authority that might replace the above or exercise equivalent functions or powers.

	​
	​

	“Applicant” 
	Grupo Ferroatlántica, S.A.U.

	“Accelerated Maturity Event”
	has the meaning indicated in Clause 14.1.

	“Sanctioned Territory”
	means at any given time any country, region or territory regarding which any Sanction has been imposed (at the Date of Signature, this definition includes, for clarification purposes, North Korea, Crimea, Iran, Sudan, South Sudan and Syria).

	“Late-Payment Interest”
	has the meaning indicated in Clause 5.5.

	“Interest Rate”
	has the meaning indicated in Clause 5.4.

​
​
​

99

​

​
ANNEX 8.6 (C)
FUND TAX IDENTIFICATION
​
Tax Identification Number ('NIF') of the Fund S2801456A
​
​

100

​

​
ANNEX 11.1.15
GROUP LITIGATION
​
​
	              Ordinary Proceedings 584/2016, pursued before Court of First Instance 13 of Madrid 

	Company
	GRUPO FERROATLÁNTICA, S.A.U.

	Position
	Plaintiff

	Against
	Bankia, S.A.

	Brief description of the matter
	Ordinary Proceedings. Complaint filed together with GVM and Fertiberia against Bankia. The Court of First Instance, in a Ruling of 7 March 2017, rejected the petition by Bankia for a joinder with actions in other proceedings to which other subsidiary companies of GVM were party.

	Amount
	3,451,699 euros of principal, plus interest and costs, where applicable

​
	​

	​

	             Proceedings pursued between before the Central Administrative Economic Tribunal 

	Company
	FERROATLÁNTICA DE SABÓN, S.L.U. 

	Position
	Plaintiff 

	Against
	A Coruña Provincial Authority

	Brief description of the matter
	Public law litigation proceedings brought by FerroAtlántica against A Coruña Provincial Authority, since it disputed the power rating at which FerroAtlántica has the furnaces at the Sabón factory, and their taxation under Economic Activities Tax ('IAE'). 

	Amount
	425,416 (2009), 408,026 (2010), 390,170 (2011), 372,944 (2012) and 356,419 (2013)

​
	​

	​

	            Proceedings pursued before the Central Major Taxpayer Office.

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Plaintiff

	Against
	AEAT – Central Office for Major Taxpayers 

​

101

​

​
	Brief description of the matter
	Proceedings for rectification of a self-assessed settlement with refunding of undue income from the Corporation Tax return for the taxation periods 2016, 2017, 2018 and 2019. 

	Amount 
	A petition was filed for rectification of the self-assessed settlement with the refund of undue income in these regards, for a total amount of 1,262,000 euros. 

​
	           Proceedings pursued before the Central Major Taxpayer Office.

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Plaintiff

	Against
	AEAT – Central Office for Major Taxpayers

	Brief description of the matter
	Proceedings for rectification of a self-assessed settlement with refunding of undue income from the Corporation Tax return for the taxation periods 2016, 2017, 2018 and 2019. 

	Amount
	On 1 March 2021 a ruling was received partially upholding the refund petition, for an amount of 75,362 euros. Appealed before the TEAC (Central Administrative Economic Tribunal). Arguments submitted, petitioning for the refund of interest for 1P 2018.

​
	           Proceedings pursued before the Regional Delegation of Cantabria.

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Respondent (joint respondent)

	Against
	Heirs of the employee of the contractor company Tecnelt, S.L.

	Brief description of the matter
	Reconciliation proceedings lodged by the heirs of the employee, claiming that as a consequence of contact with asbestos and the lack of health and safety at work measures for which the joint respondents were responsible, the employee suffered physical harm leading to his death in June 2018. 

	Amount
	175,000 euros (to be distributed between the respondents on a joint and several basis)

​
​
​

102

​

	​

	​

	Ordinary Proceedings 395/2021 pursued before Employment Court 3 

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	ORECLA (Overall claim)

	Brief description of the matter
	Mediation in claim proceedings for payment of an overtime rate of 75% on public holidays, Sundays or at night. 

	Amount
	​

​
	​

	​

	Ordinary Proceedings 410/2021 pursued before Employment Court 5

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	ORECLA (Individual claim)

	Brief description of the matter
	A worker was penalised with two days of suspension from work without pay, for a serious fault, according to Article 66(l) of the Regional Collective Bargaining Agreement of the Steelmaking Industry of Cantabria. The letter stated that the circumstances recounted could be punishable as a very serious fault, under the provisions of Article 67(h); because of his apologies (the next day) and recognition of the error, this was reduced to a serious fault.
The Respondent received a reconciliation petition indicating that there was no justified reason to impose the penalty.

	Amount
	​

​
	​

	​

	Ordinary Proceedings 882/2021 pursued before Employment Court 2

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	ORECLA (Overall claim)

​
​

103

​

​
	Brief description of the matter
	Claim regarding excess working hours by workers on split shifts and intensive split shifts, following issuance of the judgment declaring that 24 and 31 December should be calculated as days actually worked, despite being classified as public holidays.
The position of Management is that during 2020, because of the pandemic we experienced, the working hours of these people were reduced from 8:00 to 14:00 and the total calculation of the annual hours of work therefore does not give rise to such excess of working hours.

	Amount 
	​

​
	​

	​

	Ordinary Proceedings 2310/2021 

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	ORECLA (Individual claim)

	Brief description of the matter
	Monetary claim petition filed by the worker Antonio Jose Pérez Saiz for an accident which occurred on 15 November 2019. He was as a result granted the status of total permanent unfitness for his regular profession. 

	Amount
	140,980.82 euros

​
	​

	​

	Penalty proceedings 269/2021 

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	Directorate-General for Employment - Employment Inspectorate

	Brief description of the matter
	Penalty notice of €10,000 for the accident which occurred on 15 November 2019 corresponding to a worker 

	Amount
	140,980.82 euros

​
	​

	​

	Administrative Proceedings 23/2021

	Company
	GRUPO FERROATLÁNTICA, S.A.U. 

	Position
	Defendant 

	Against
	Directorate-General for Employment - Employment Inspectorate

​

104

​

​
	Brief description of the matter
	Commencement of administrative proceedings for the appraisal of a benefits surcharge of 40% because of a lack of health and safety at work measures, applied to benefits derived from the occupational accidents suffered by a worker (prior permanent unfitness for work claim).

	Amount 
	140,980.82 euros

​
​
​

105

​

​
ANNEX 11.1.19
EXISTING DEBT
​
		-
	Credit facility for the discounting of commercial paper operations and other operations, signed by Grupo Ferroatlántica S.A.U. and Bankinter S.A. on 28 September 2021, for a maximum total amount of 3,000,000 euros.

		-
	Credit facility for the issuance of a letter of credit, signed by Grupo Ferroatlántica S.A.U. and Bankinter S.A. on 25 February 2022, for a maximum total amount of 5,000,000 euros.

		-
	Factoring facility arranged between Grupo Ferroatlántica S.A.U. and La Banque Postale Leasing & Factoring, S.A. on 2 October 2020, for a maximum total amount of 32,000,000 euros.

		-
	Factoring facility (pending signature) between Grupo Ferroatlántica S.A.U. and Bankinter S.A., for a total maximum amount of 46,000,000 euros, following approval of the operation by the Board of Directors of Ferroglobe PLC. This operation is included for information purposes, although it is not classified as Debt, and cannot therefore be replaced by Debt for the same amount.

​
​

106

​

​
ANNEX 11.2.20 (B)
EXISTING IN REM GUARANTEES
​
	

	

	

	

	Agreement
	Date
	Pledgor
	Object

	
1.

Pledge agreement without transfer of possession over inventory 

	17 May 2021
29 July 2021
	FERROATLÁNTICA DE SABÓN S.L.U.
	Assets valued at 5,880,595 euros as at the date of signature.2

	
2.

Pledge agreement without transfer of possession over inventory

	17 May 2021
29 July 2021
	FERROATLÁNTICA DE BOO
	Assets valued at 5,820,757 euros as at the date of signature.

	
3.

Pledge agreement over credit rights

	17 May 2021
29 July 2021
	GRUPO FERROATLÁNTICA, SAU
FERROATLÁNTICA PARTICIPACIONES, S.L.U.
FERROATLÁNTICA DE BOO
FERROATLÁNTICA DE SABON
FERROATLÁNTICA DEL CINCA S.L.
CUARZOS INDUSTRIALES S.A.U.
FERROSOLAR ORCO GROUP, S.L.
GRUPO FERROATLÁNTICA DE SERVICIOS, S.L.U.
	Intra-group, cash management account and profit-sharing loans.

	
4.

Pledge agreement over bank account credit rights

	17 May 2021
29 July 2021
	FERROPEM, S.A.S.
GRUPO FERROATLÁNTICA, SAU
FERROATLÁNTICA PARTICIPACIONES, S.L.U.
	Bank accounts of each of the Pledgors. 

​
​
​

107

​

​
	​
	​
	FERROATLÁNTICA DE BOO
FERROATLÁNTICA DE SABON
FERROATLÁNTICA DEL CINCA S.L.
CUARZOS INDUSTRIALES S.A.U.
FERROSOLAR ORCO GROUP, S.L.
GRUPO FERROATLÁNTICA DE SERVICIOS, SLU
	​

	
5.

Pledge over corporate stock

	17 May 2021
	FERROATLÁNTICA
FERROATLÁNTICA PARTICIPACIONES, S.L.U.
	Grupo FerroAtlántica pledges the shares in the following companies:
-FerroAtlántica Participaciones, S.L.U. -Shares 1,091,227 (1 - 1,091,227) (100%)
-FerroAtlántica de Servicios: Shares 1,091,227 (1 - 1,091,227) (100%)
-FerroAtlántica de Boo Shares, 1,091,227 (1 - 1,091,227) (100%).
-FerroAtlántica de Sabón: Shares 1,091,227 (1 - 1,091,227) (100%).
-Ferrosolar Opco Group, S.L. 3,198,667(9,596,001- 12,794,667) (25%)
Ferroatlantica pledges the shares of the following companies:
Ferrosolar Opco Group, S.L. 9,596,000 (1- 9,596,000) (75%)
Ferroatlántica de Cinca, 

​
​

108

​

​
	​

	​

	​

	​

	​
	​
	​
	S.L. 3,205,407 (2982-3209388 (99,875%)

	
6.

Pledge over corporate stock

	17 May 2021
	FERROGLOBE HOLDING COMPANY LTD; and
FERROATLÁNTICA PARTICIPACIONES, S.L.U
	FERROGLOBE HOLDING COMPANY LTD, pledges all shares in Grupo FerroAtlántica SAU (i.e. the 200,000 shares identified by numbers (1 - 200,000) (100%)
FerroAtlántica Participaciones, S.L.U. pledges the shares in Cuarzos Industriales, SAU.

	
7.

Promise of mortgage

	17 May 2021
	FERROATLÁNTICA DE BOO S.L.U.
FERROATLÁNTICA DE SABON S.L.U,
FERROATLÁNTICA DEL CINCA, S.L.
FERROSOLAR OPCO GROUP, S.L.
	The following properties and concessions:
Ferro de Boo, S.L.U.
1.           Santander Land Register 2: 48,481
2.           Administrative concession - Santander Land Register 2: 27,464
3.           Santander Land Register 2: 16,046
4.           Santander Land Register 2: 1,020
5.           Administrative concession - Santander Land Register 2: 9,793
6.           Administrative concession - Santander Land Register 2: 9,792
7.           Santander Land Register 2: 48,479
8.           Santander Land Register 2: 2.759
9.           Santander Land Register 2: 2.491
10.        Santander Land Register 2: 2.659
 ​

​

109

​

​
	​

	​

	​

	​
​
​
​
​

	​
	​
	​
	11.        Santander Land Register 2: 17,845
12.        Santander Land Register 2: 2.279
Ferro de Sabón, S.L.U.
13.        Arteixto property – 15223
14.        Arteixto property – 15203
Likewise over the Ferrosolar Opco and Ferroatlántica del Cinca properties.

	
8.

Mortgage dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4608 and 4627 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	First-ranked real estate mortgage over the property identified by number 48481. Registered in Land Register 2 of Santander, Volume 2884, Book 521, Page 28, Entry 5.

	
9.

Mortgage dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4609 and 4630 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	First-ranked real estate mortgage over the property identified by number 1020. Registered in Land Register 2 of Santander, Volume 2884, Book 521, Page 24, Entry 3.

	
10.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4614 and 4634 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 9793.

​
​

110

​

​
	
11.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4615 and 4637 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 17845.

	
12.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4616 and 4633 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 27464.

	
13.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4617 and 4639 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 2279.

	
14.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4618 and 4631 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 2659.

​

111

​

​
	

	

	

	​
​

	
15.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4619 and 4635 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 9792.

	
16.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4620 and 4636 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 2759.

	
17.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4621 and 4632 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 2491

	
18.

Maximum amount mortgage over administrative concession dated 29 July 2021, executed before the Notary Mr Francisco Miras Ortiz under numbers 4622 and 4638 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE BOO S.L.U.
	FerroAtlántica de Boo as the holder of nine (9) concessions on land classified as "marsh", located within the municipalities of Astillero and Camargo.
Mortgage over the administrative concession identified as 48479.

​

112

​

​
	
19.

Maximum amount mortgage dated 29 July 2021 executed before the Notary Mr Francisco Miras Ortiz under numbers 4612 and 4625 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE SABÓN
	Property number 15203, Arteixo

	
20.

Maximum amount mortgage dated 29 July 2021 executed before the Notary Mr Francisco Miras Ortiz under numbers 4613 and 4628 of his notarial archive

	29 July 2021 (x2)
	FERROATLÁNTICA DE SABÓN
	Property number 15223, Arteixo 

​
​
​

113

​

​
ANNEX 11.1.25
SHAREHOLDING STRUCTURE OF THE BENEFICIARY GROUP AND THE FERROGLOBE GROUP
​
​

114

​

​
ANNEX 13.3.C
FINANCIAL BALANCES AND NET COMMERCIAL BALANCES REFERRED TO AS "LEGACY"
​
Detail of the net Legacy and current commercial balances and the Financial Balances payable to Ferroglobe Group Companies at 30 June 2021.
(Information in thousands of euros)
​
​
	​

	​

	"Legacy" Group Company Receivables
	207,307

	"Legacy" Group Company Suppliers  
	(371,026)

	Total "Legacy" Commercial Balances (*)
	(163,719)

	Current Group Company Receivables
	6,072

	Current Group Company Suppliers
	(25,925)

	Long-term debts with Group Companies (*)
	(245,987)

	Short-term debts with Group Companies (*)
	(52,872)

​
​
​

115

​

​
ANNEX 13.3.G
TRANSFER PRICING POLICIES
​
​

116

​

​
ANNEX 13.6.1 (C)
MINING CONCESSIONS
​
	Holder company
	Concession

	​
Cuarzos Industriales, S.A.U.
	Conchitina Mining Operation

	​
	Conchitina Segunda Mining Operation

	​
	Esmeralda Mining Operation

	​
	Sonia Mining Operation

	Rocas, Arcillas y Minerales, S.A.
	Serrabal Mining Operation

​
​
​

117

​

​
ANNEX 13.6.1.(D)
RIGHT OF FIRST REFUSAL OVER THE MINING CONCESSIONS
NUMBER
In Madrid, on
Before me, *, notary of the Notaries Association of *, practising in this city,
THERE HERE APPEAR:
Of the one part, representing the grantor company:
*, of legal age, *, of * nationality, domiciled for these purposes at *and holder of valid National Identity Document number *.
And of another part, representing FONDO DE APOYO A LA SOLVENCIA DE EMPRESAS ESTRATÉGICAS (assignee):
*, of legal age, *, domiciled for these purposes at *and holder of valid National Identity Document number *.
THEY HERE ACT:
A. *, acting as * for and on behalf of the company “*” (hereinafter the "Grantor"), a company validly Incorporated and of good standing under *. Registered in the Companies Register of *, in Volume *, Section *, Page *, Sheet *, and holder of valid Tax Identification Number *.
He declares that the purpose of the company comprises *.
His powers here to act are derived from *.
The representative assures me that the legal capacity, operational capacity and other identifying circumstances of the entity he represents remain unchanged from the details recorded in this deed, in particular its purpose and registered office.
DECLARATION OF BENEFICIAL OWNERSHIP: *
B. *, acting as *, representing the State Company named "SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES" (SEPI), of registered office at the address Calle Velázquez, 134, Madrid, holder of Tax Identification Code Q-2820015-B, a Spanish public enterprise entity created by Royal Decree-Law 5/1995, of 16 June 1995, confirmed on 10 January 1996 by Act 5/1996, for the Creation of Certain Public-Law Entities, for the purpose of administering publicly owned enterprise holdings.
He acts in accordance with the powers derived from *.
I, the Notary, having performed the corresponding verification by means of the Secure Verification Code, attach to this instrument the hard copy of the corresponding certification presented to me by the person here appearing.
In my judgment, it demonstrates that he enjoys sufficient powers to execute this public deed.
He declares that his powers remain valid and that the legal capacity and circumstances of the company for which he here acts remain in place.
He likewise acts for and on behalf of FONDO DE APOYO A LA SOLVENCIA PARA LAS EMPRESAS ESTRATÉGICA (as "Lender" or the "Fund"), holder of Tax Identification
​

118

​

​
Number S2801456A, created and regulated by Royal Decree-Law 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment, and the Resolution of the Council of Ministers of 21 July 2020, establishing the functioning thereof, published by Order PCM/679/2020, of 23 July 2020.
He acts in accordance with the powers derived from *.
The Fund is managed through the state company "SEPI" by an Administrative Board, an inter-ministerial collegiate body attached to the Ministry of Finance and Administration through the Sub-Secretariat of Finance.
The Grantor, the Fund and SEPI, as administration entity of the Fund, shall each be referred to individually as a "Party", and collectively as the "Parties".
I, the Notary, place on record in fulfilment of the terms of Article 23 of the Notariat Act, that I have consulted the list of revoked tax identification numbers of the STATE TAX ADMINISTRATION AGENCY by means of the access enabled via SIGNO (the Integrated Notarial Management System), revealing that the companies here represented are not included on said list, and the execution of this deed may therefore proceed.
I have identified the persons here appearing by means of the documents shown, and in the stated capacities, in my judgment and as stated, they enjoy sufficient legal standing to formalise this deed of RIGHT OF FIRST REFUSAL to which end they issue these:
RECITALS:
I. The Grantor declares that it has been awarded the concession *, the details of which are indicated below:
TITLE. *
REGISTRATION. *.
ENCUMBRANCE STATUS: *.
PROPERTIES COVERED BY THE CONCESSION: Annex II hereto attached contains the list of the properties owned by the Grantor, on which the operation authorised by the Administrative Concession is performed, and which are free of liens, encumbrances and occupants, according to the statements of the Grantor.
II, The Grantor forms part of a corporate group headed by the company Grupo Ferroatlántica S.A.U (hereinafter, Grupo Ferroatlántica S.A.U. and Grupo Ferroatlántica de Servicios S.L.U., shall be referred to as “Ferroatlántica Group”) which in turn forms part of a higher-level corporate group operating in various jurisdictions, and headed by Ferroglobe PLC (“Ferroglobe Group”). On 15 January 2021 the company Grupo Ferroatlántica, S.A.U. (an investee company 100% indirectly owned by Ferroglobe PLC (the "Borrower")) submitted an application for temporary public financial support drawn from the Fund, to which the company Grupo Ferroatlántica de Servicios, S.L.U. (an investee 100% owned by the Borrower) adheres as beneficiary, for a total amount of THIRTY-TWO MILLION EUROS (€32,000,000) to be structured by means of a profit-sharing loan and/or an ordinary loan. Following various demands for rectification and improvement of the application so as to specify the ultimate beneficiaries of the temporary public financial support, the structure thereof and allocation of the funds, on 25 November 2021 the Borrower submitted a new application for aid, increasing the total amount of the initial application to THIRTY-FOUR MILLION FIVE HUNDRED THOUSAND EUROS (€34,500,000), divided into a profit-sharing loan for a total amount
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of SEVENTEEN MILLION SIX HUNDRED THOUSAND EUROS (€17,600,000), and an ordinary loan for a total amount of SIXTEEN MILLION NINE HUNDRED THOUSAND EUROS (€16,900,000) (the "Finance").
III. Within the context of the aforementioned Finance, the Fund has called on the Grantor (in its capacity as a company of the Ferroglobe Group) to grant a right of first refusal over the Mining Concession.
Within the context of the foregoing, by virtue hereof the Grantor grants the Fund a right of first refusal over ownership of the Mining Concession, pursuant to the following
CLAUSES:
ONE. CONCESSION
The Grantor grants the Fund, which accepts, a right of first refusal over the Mining Concession, which the latter may exercise solely and exclusively in the event that the Grantor intends to transfer or assign ownership of the aforementioned Mining Concession for payment to any third party from outside the Ferroatlántica Group (the "Potential Acquirer").
TWO. CONDITIONS FOR EXERCISE OF THE RIGHT:
2.1. To exercise the right of first refusal hereby granted, in the event that the Grantor should wish to transfer the aforementioned Mining Concession to a Potential Acquirer, before proceeding to perform the transfer, it must inform the Fund via a notary of the conditions on which it plans to proceed to perform the transfer.
If the Fund wishes to exercise its right of first refusal with regard to the notified transfer, it must serve notice via a notary within a period twenty (20) days of receipt of the aforementioned notification, as to its intention to make use of the right of first refusal, either itself or through a third party belonging to the public sector as freely designated by it, on the same conditions as contained in the notification sent by the Grantor, indicating for this purpose the date when the public deed exercising the right of first refusal is to be formalised, which may under no circumstances be more than forty (40) days of receipt of the aforementioned notification, and authorisation of the transfer by the competent administrative body. Within ten (10) days of receipt of this notification, the Grantor shall notify the Fund of the identity and address of the Notary of Madrid before whom the transfer is to be performed.
On the stated date, the Fund, or the freely designated third party belonging to the public sector, must pay the amount corresponding to the transfer and the associated expenses, and must formalise the transfer on the terms set out in the notification served.
In the event that the Fund fails to serve notice by the stated deadline of its intent either itself or through a designated third party belonging to the public sector, of its intention to exercise the right of first refusal in accordance with the stated requirements, or if it makes this declaration but does not intend to execute the deed of transfer, or does not formalise it on the established terms, the Grantor may transfer the Mining Concession on said terms to the Potential Acquirer within thirty (30) days of the expiry of (i) the deadline for the right of first refusal to be exercised (if it has not been exercised) or (ii) of the date scheduled for the deed to be executed, if the Fund stated its intention to exercise the right of first refusal, but ultimately the Fund, or the designated third party belonging to the public sector, failed to appear to execute the deed of transfer, or did not do so on the established terms. For registration of the deed of transfer, it shall be
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sufficient that accreditation thereof be given in the notice served on the Fund and (i) a declaration by the holder of the Mining Concession that the right of first refusal has not been exercised by the established deadline or (ii) a Notarial Record in accreditation that on the date when the Fund had served notice of its intention to proceed to execute the transfer, this did not take place.
If the Fund has not exercised its right of first refusal, the Grantor must serve notice on the Fund via a notary of the transfer performed to the Potential Acquirer, on the terms thereof, within ten (10) days of the execution thereof.
In the event that the price for which the transfer of the Mining Concession was made to the Potential Acquirer is less than that of which the Fund was initially notified, the Fund may inform the Grantor of its intention to acquire the Mining Concession within a period of twenty (20) days of receipt of the aforementioned notification, either itself or through a third party belonging to the public sector freely designated by it, on the same terms as the transfer to the Potential Acquirer was performed, indicating for this purpose the date when the public deed of sale and purchase is to be formalised, which must under no circumstances be more than forty (40) days after receipt of the aforementioned notification, and authorisation of the transfer by the competent administrative body.
Within ten (10) days of receipt of this notification, the Grantor shall notify the Fund of the identity and address of the Notary of Madrid before whom the transfer is to be performed.
On the stated date, the Fund, or the freely designated third party belonging to the public sector, must pay the amount corresponding to the transfer and the associated expenses, and must formalise the transfer on the terms set out in the notification served.
Any transfer performed to a third party in breach of any of the terms and conditions established for the right of first refusal to be exercised, shall be null and void.
Exercise of the right of first refusal by the Fund or by a third party belonging to the public sector freely designated by it shall in any event be subject to the applicable procedure of administrative authorisation in accordance with any regulations that would apply.
THREE. DEADLINE FOR THE RIGHT OF FIRST REFUSAL:
The right of first refusal granted by means of this deed shall remain in force up until 1 October 2025.
FOUR. REGISTRATION WITH THE LAND REGISTER
The three clauses above shall have in rem status, and the Land Registrar is therefore specifically requested to register this for the purposes of attributing erga omnes efficacy to this right.
FIVE. NOTICES
The notices that the Parties are to serve in connection with this deed shall be sent to the addresses indicated in the preamble hereto.
Any change of address shall take effect only from the date when confirmed notification of the change was received.
 SIX. CANCELLATION OF THE RIGHT OF FIRST REFUSAL
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The right of first refusal granted shall be cancelled (i) upon expiry of the Mining Concession, (ii) upon an explicit waiver by the Fund of the exercise of its right of first refusal; and (iii) as a result of fulfilment of the obligations imposed on the Borrower and Grupo Ferroatlántica de Servicios, S.L.U. (in its capacity as beneficiary) under the terms of the finance agreement signed with the Fund.
In the event of cancellation, the Parties must request that the Registrar cancel the right of first refusal in the books under his authority.  In the event that either of the parties refuses to execute the public or private documents required for this purpose, it will be liable before the other for any damages occasioned to it.
SEVEN. EXPENSES AND TAXES
Any expenses and taxes resulting from this deed shall be paid by the Grantor.
EIGHT. PARTIAL UNENFORCEABILITY
Should any clause contained in this deed be declared null and void or unenforceable in an arbitration award or judgment, this shall not affect the validity and enforceability of all clauses not affected by that ruling.
For the purposes of the above paragraph, the Parties shall in good faith negotiate a mutually satisfactory substitution or modification to the clause or clauses declared null and void or unenforceable by means of other similar terms which can legally be fulfilled.
NINE. ACCEPTANCE OF JURISDICTION
Both Parties waive any other legal forum that might correspond to them, and explicitly agree, irrespective of the type of legal action brought, to accept the jurisdiction and authority of the Courts of Madrid, as the domicile of the Parties here appearing, and the location where payment obligations must be fulfilled.
Regarding communication of this act to the Land Register: I have informed the acquiring party of the right that it enjoys under Article 249.2 of the Notarial Regulation, namely that I, the Notary, would inform the corresponding Land Register of this act by fax. It declares that it wishes to exercise this right.
I have verbally stated the reservations and legal notices; in particular, and for taxation purposes and other aspects, I have served notice of the taxation obligations and liabilities incumbent on the Parties in their material, formal and punitive aspects, and all manner of consequences that would result from any inaccuracy in their representations.
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ANNEX 13.7
ADHESION DOCUMENT
​
In [place] on [date]
Before me, Mr [name of the notary], notary of the Notaries Association of [location]
​
THE FOLLOWING PARTIES APPEAR:
	I.
	Of the one part:

[...] (the “Company ”), a company incorporated under the laws of [...], of registered office at [...] and holder of Tax Identification Number [... ]. It is here duly represented for this purpose.
	II.
	Of another part,

Grupo Ferroatlántica, S.A.U. (the “Applicant” or the “Borrower”), a company incorporated under the laws of Spain, of registered office at Paseo de la Castellana, 259D, 49, 28046 Madrid and holder of Tax Identification Number A-85255370. It is here duly represented for this purpose.
The Applicant appears in its own name and right, and as the representative of the Beneficiaries and/or Guarantors, by virtue of the mandate vested in it in Clause 3 of the Agreement.
	III.
	Of another part,

FONDO DE APOYO A LA SOLVENCIA DE EMPRESAS ESTRATÉGICAS (the "Fund"), created and regulated by Royal Decree-Law 25/2020, of 3 July 2020, on urgent measures to support economic reactivation and employment (hereinafter, "RDL 25/2020"), and by virtue of the Resolution of the Council of Ministers of 21 July 2020, establishing its functions, published by Order PCM/679/2020, of 23 July 2020 (the "Resolution of the Council of Ministers"), of registered office for these purposes at the address Calle Velázquez 34, Bloque V, Madrid.
The Fund is managed by SEPI (as defined below) by an Administrative Board, an inter-ministerial collegiate body attached to the Ministry of Finance through the Sub- Secretariat of Finance. All actions performed by the Fund shall be conducted in accordance with its own internal regulations.
It is here represented by Ms María Belén Gualda González, holder of National Identity Document number 445 6158-H, in her position as President of the Administrative Board of the Fund, in accordance with the terms of item 5. a) of Annex III to the Resolution of the Council of Ministers. Likewise, her position as President of the Fondo de Apoyo a la Solvencia de Empresas Estratégicas (the "Administrative Board") is derived from her position as President of Sociedad Estatal de Participaciones Industriales, by virtue of Royal Decree 218/2021, of 30 March 2021, appointing Ms María Belén Gualda González  as President of Sociedad Estatal de Participaciones Industriales, and in accordance with item 4 of Annex III the Resolution of the Council of Ministers.
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SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES (hereinafter “SEPI”) a public-law entity created by Act 5/1996, of 10 January 1996, creating certain public-law entities, attached to the Ministry of Finance and Administration, by virtue of Royal Decree 682/2021, of 3 August 2021, developing the basic organisational structure of the Ministry and amending Royal Decree 139/2020, of 28 January 2020, establishing the basic organisational structure of ministerial departments, of registered office at the address Calle Velázquez, 134, Madrid 28006.
It is here represented by Ms María Belén Gualda González, in her position as President of SEPI, by virtue of point 4. a) of the Order of 13 July 1995 on the organisation and functions of Sociedad Estatal de Participaciones Industriales.
​
The Company, the Borrower, the Fund and SEPI, and the persons acting on their behalf, shall collectively be referred to as the "Parties", and each of them individually as a "Party".
​
RECITALS
​
	I.
	Whereas the Borrower is a Spanish company the activity of which essentially comprises the production, distribution and sale of ferroalloys.

	II.
	Whereas on 3 March 2022 the Obligors, the Guarantors, SEPI and the Fund formalised a financing agreement for an amount of €34,500,000 which was recorded in a public instrument on this same date before the Notary of Madrid Mr Andrés Domínguez Nafría (the “Financing Agreement”). Those terms contained in this deed that begin with a capital letter and are not defined herein shall have the meaning attributed to them in the Financing Agreement.

	III.
	Whereas, pursuant to the provisions of Clause 13.8 of the Financing Agreement, the Company, as it fulfils the conditions established in the Financing Agreement to be considered a "Relevant Subsidiary", is obliged to adhere hereto, and thereby also to the other Financial Documents, as ["Guarantor"/"Obligor"] for the purpose of espousing the regime of representations, reporting obligations and other obligations established for the [Guarantors/Obligors] in the Agreement.

	IV.
	Whereas the Company explicitly declares that adhesion to the Financing Agreement referred to in Clause 1 of this agreement is a mere instrument for the performance of obligations entered into in the Financing Agreement and the remaining Financial Documents derived therefrom, and it acknowledges and accepts that the obligations to adhere as [Guarantor/Obligor] are essential elements without which the Funds would not have agreed to conclude the Agreement and the remaining Financial Documents.

	V.
	Now, therefore, in the light of the foregoing, the Parties have agreed to execute this agreement of adhesion to the Financing Agreement, pursuant to the following

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CLAUSES
	1.
	 ADHESION AND ACQUISITION OF THE CONDITION OF RELEVANT SUBSIDIARY

	1.1.
	Under this agreement, the Company adheres as [Guarantor/Obligor] to the Financing Agreement and the remaining financial Documents, as explicitly hereby accepted and agreed by SEPI and the Fund.

	1.2.
	As a consequence of the adhesion, the Company explicitly, irrevocably and unconditionally declares that it is bound and obliged, as [Guarantor/Obligor], by all terms and conditions of the Financing Agreement, and by application and reference, the remaining Financial Documents, from the date of signature of this agreement, and thus accepts all obligations and responsibilities resulting for it as [Guarantor/Obligor] from the Financing Agreement and the remaining Financial Documents.

	1.3.
	[In particular, without being confined thereto, the Company hereby: (i) reiterates the Representations set forth in Clause 11 of the Financing Agreement as given by the Obligors; and (ii) assumes all obligations provided in Clauses 12 and 13 of the Agreement.]

	1.4.
	The Company explicitly declares that it has passed the corporate resolutions and performed all actions necessary for the execution of this adhesion agreement.

	1.5.
	Likewise, the Company unconditionally and irrevocably undertakes to provide SEPI with any additional information that the latter might request for compliance with the money laundering regulations applicable to it.

	1.6.
	The Company grants the Borrower, which accepts, its irrevocable powers of representation, authorising it, through its corporate bodies and attorneys-in-fact, to act as its representative in all actions, communications (to be sent or received) and decisions attributed to it under this agreement, the Financing Agreement, and all other Financial Documents. As a consequence, the Borrower, in its capacity as representative of the Company, shall be the sole interlocutor to represent it in the procedures for the performance of this agreement, of the Financing Agreement and the other Financial Documents, without prejudice to performance by each of the Obligors (including the Company) and by the Borrower of their obligations as a result of the Financing Agreement and the other Financial Documents.

	2.
	EXPENSES AND TAXES

Any notarial fees, taxes and other costs and expenses derived from the preparation and conclusion of this agreement, and its execution or cancellation (including any expenses or fees of lawyers and court agents, even if their involvement is not legally mandatory) shall be settled in accordance with the terms of the Financing Agreement.
	3.
	SERVICE

All notices between the Parties connected with this agreement, or derived herefrom, must be served on the terms and at the addresses indicated in Clause 21 of the Financing Agreement.
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Regarding the Company, the address for service [is that indicated for the Beneficiaries in accordance with Annex 21 to the Financing Agreement/is as follows]:
		-
	Address: [... ]

		-
	For the attention of: Mr/Ms [... ]

		-
	Telephone: [... ]

		-
	Email: [... ]

	4. 
	APPLICABLE LAW AND JURISDICTION

This adhesion agreement shall be subject to standard Spanish law.
The Parties explicitly waive their own legal forum and explicitly and irrevocably agree to be bound by the jurisdiction of the Courts of the City of Madrid in the event of any issues which may arise out of the interpretation, validity or performance of this adhesion agreement.
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ANNEX 13.8.(G)a)
Cost actually borne by the Beneficiaries by way of the management fee during the 2019 financial year corresponding to the fixed remuneration received by the CEO and CFO of Ferroglobe Group during said financial year for performing their executive functions 
​
	Position
	Fixed remuneration borne in
2019 by way of management fee

	Chief Financial Officer (CFO)
	94,142 euros

	Chief Executive Officer CEO)
	97,283 euros

	Total
	191,425 euros

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ANNEX 16.1.(B)
ASSETS OVER WHICH A SECOND-RANKED REAL ESTATE MORTGAGE SHALL BE ESTABLISHED
A) Properties owned by Ferroatlántica del Cinca, S.L.:
a) Property number 8607
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 103, Entry 7, Monzón  property 8607.
b) Property number 9641
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 105, Entry 7, Monzón  property 9641.
c) Property number 5652
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 99, Entry 14, Monzón  property 5652.
d) Property number 12699
Registered in the Land Register of Barbastro, Volume 680, Book 146, Page 98, Entry 3, Monzón property 12699.
e) Property number 4771
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 95, Entry 6, Monzón  property 4771.
f) Property number 4772
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 97, Entry 6, Monzón  property 4772.
g) Property number 3644
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 84, Entry 3, Monzón property 3644.
h) Property number 2946
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 78, Entry 3, Monzón property 2946
i) Property number 3862
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 93, Entry 2, Monzón property 3862.
j) Property number 3872
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 91, Entry 2, Monzón property 3872.
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k) Property 8606
Registered in the Land Register of Barbastro, Volume 1390, Book 371, Page 101, Entry 5, Monzón property 8606.
​
B) Properties owned by Ferrosolar Opco Group, S.L.:
a) Property number 47273
Registered in the Land Register of Almodóvar del Campo, Volume 2373, Book 921, Page 143, Marginal Note 7, Puertollano property number 47273.
b) Property number 51,529
Registered in the Land Register of Almodóvar del Campo, Volume 2376, Book 923, Page 118, Marginal Note 4, Puertollano property number 51529.
​
C) Properties owned by Grupo Ferroatlántica, S.A.U. (Sabón):
a) Property number 15203
Registered in the Land Register of ARTEIXO, in Volume 2479, Book 2479, Page 304, Property number 15203.
b) Property number 15223
Registered in the Land Register of ARTEIXO, in Volume 2479, Book 304, Page 10, Property number 15223.
​
D) Properties owned by Grupo Ferroatlántica, S.A.U. (Boo):
a) Property number 48481
Registered in Land Register 2 of Santander, Volume 2884, Book 521, Page 28, Entry 4, Camargo property number 48481
b) Property number 1020
Registered in Land Register 2 of Santander, Volume 2884, Book 521, Page 24, Entry 3, Astillero property number 1020.
c) Property number 9793
Registered in Land Register 2 of Santander, Volume 2075, Book 88, Page 15,  Entry 6, Astillero property number 9793.
d) Property number 17845
Registered in Land Register 2 of Santander, Volume 3501, Book 652, Page 211, Entry 3, Camargo property number 17845.
e) Property number 27464
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Registered in Land Register 2 of Santander, Volume 3342, Book 608, Page 160, Entry 3, Camargo property number 27464.
f) Property number 2659
Registered in Land Register 2 of Santander, Volume 3502, Book 316, Page 37, Entry 6, Astillero property number 2659.
g) Property number 2279
Registered in Land Register 2 of Santander, Volume 3502, Book 316, Page 35, Entry 6, Astillero property number 2279.
h) Property number 9792
Registered in Land Register 2 of Santander, Volume 2075, Book 88, Page 12, Entry 6, Astillero property number 9792.
i) Property number 2759
Registered in Land Register 2 of Santander, Volume 3502, Book 316, Page 33, Entry 5, Astillero property number 2759.
j) Property number 2491
Registered in Land Register 2 of Santander, Volume 3502, Book 316, Page 31, Entry 6, Astillero property number 2491.
k) Property 48479
Registered in Land Register 2 of Santander, Volume 2884, Book 521, Page 24, Entry 3, Camargo property number 48479.
l) Property 52099
Registered in Land Register 2 of Santander, Volume 3545, Book 663, Page 207, Entry  , Santander property 52099.
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ANNEX 16.1.(C)
SECOND-RANKED PLEDGE WITHOUT TRANSFER OF POSSESSION OVER INVENTORIES
​
Sabón factory
(data as at December 2021 and in euros)

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Ferroatlántica de Boo
(data as at December 2021 and in euros)

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Ferroatlántica del Cinca S.L.
(data as at December 2021 and in euros)

133

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Cuarzos Industriales S.A.U.
(data as at December 2021 and in euros)

​
Ferrosolar Opco Grupo S.L.
(data as at December 2021 and in euros)

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ANNEX 16.1(D)
SECOND-RANKED PLEDGE WITHOUT TRANSFER OF POSSESSION OVER CREDIT RIGHTS
​
Grupo Ferroatlántica S.A.U.
(data as at November 2021 and in euros)

Ferroatlántica de Servicios S.A.U.
(data as at November 2021 and in euros)

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Cuarzos Industriales S.A.U.
(data as at November 2021 and in euros)

Ferrosolar Opco Grupo S.L.
(data as at November 2021 and in euros)

Ferroatlántica del Cinca S.L.
(data as at November 2021 and in euros)

Ferroatlántica Participaciones S.L.U.
(data as at November 2021 and in euros)

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ANNEX 21
NOTICES
​
​
For the Applicant, Beneficiary, Guarantors and non-Beneficiary Guarantors
Paseo de la Castellana 259D, Planta 49,
28046 Madrid (Spain)
+34915903219
Attn. Thomas Wiesner and Beatriz García-Cos Muntañola
thomas.wiesner@ferroglobe.com and beatriz.garciacos@ferroglobe.com
​
For SEPI and the Fund:
Management of Fondo de Apoyo a la Solvencia de Empresas Estratégicas
Calle Velázquez, 134
28006 Madrid, Spain
Tel: +34-913961590
notificaciones.FASEE@sepi.es

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