Document:

EX-4.1

 Exhibit 4.1 

 
  

 
 AK STEEL
CORPORATION 
 as Issuer 

AK STEEL HOLDING CORPORATION 

as the Parent Guarantor 

AK Tube LLC and AK Steel Properties, Inc. 

as Subsidiary Guarantors 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
 and 

U.S. BANK NATIONAL ASSOCIATION 

as Collateral Agent 
  

 
 Indenture

 Dated as of June 20, 2016 
  

 
 7.50%

 Senior Secured Notes 

Due 2023 
  

 

 
  

 CROSS-REFERENCE TABLE 

 

					
	 TIA Sections
	  	 Indenture Sections
	 
		
	 § 310 (a)
	  	 	7.10	  
	           (b)
	  	 	7.08	  
	 § 311
	  	 	7.03	  
	 § 312
	  	 	12.02	  
	 § 313
	  	 	7.06	  
	 § 314 (a)
	  	 	4.09	  
	           (b)
	  	 	11.06	  
	           (c)
	  	 	12.04	  
	           (d)
	  	 	11.06	  
	           (e)
	  	 	12.05	  
	 § 315 (a)
	  	 	7.01, 7.02	  
	           (b)
	  	 	7.02, 7.05	  
	           (c)
	  	 	7.01	  
	           (d)
	  	 	7.02	  
	           (e)
	  	 	6.12, 7.02	  
	 § 316 (a)
	  	 	2.05, 6.02, 6.04, 6.05	  
	           (b)
	  	 	6.04, 6.06	  
	           (c)
	  	 	12.02	  
	 § 317 (a) (1)
	  	 	6.08	  
	           (a) (2)
	  	 	6.09	  
	           (b)
	  	 	2.03	  
	 § 318
	  	 	12.01	  

  
 i 

							
		  	RECITALS	  			
			
		  	ARTICLE 1	  			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01.
	  	 Definitions
	  	 	1	  
	 Section 1.02.
	  	 Rules of Construction
	  	 	17	  
			
		  	ARTICLE 2	  			
		  	THE NOTES	  			
			
	 Section 2.01.
	  	 Form, Dating and Denominations; Legends
	  	 	17	  
	 Section 2.02.
	  	 Execution and Authentication; Additional Notes
	  	 	18	  
	 Section 2.03.
	  	 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in
Trust
	  	 	19	  
	 Section 2.04.
	  	 Replacement Notes
	  	 	19	  
	 Section 2.05.
	  	 Outstanding Notes
	  	 	19	  
	 Section 2.06.
	  	 Temporary Notes
	  	 	20	  
	 Section 2.07.
	  	 Cancellation
	  	 	20	  
	 Section 2.08.
	  	 CUSIP and CINS Numbers
	  	 	21	  
	 Section 2.09.
	  	 Registration, Transfer and Exchange
	  	 	21	  
			
		  	ARTICLE 3	  			
		  	REDEMPTION; OFFER TO PURCHASE	  			
			
	 Section 3.01.
	  	 Optional Redemption
	  	 	23	  
	 Section 3.02.
	  	 Redemption with Proceeds of Sales of Common Stock
	  	 	24	  
	 Section 3.03.
	  	 Method and Effect of Redemption
	  	 	24	  
	 Section 3.04.
	  	 Offer to Purchase
	  	 	25	  
			
		  	ARTICLE 4	  			
		  	COVENANTS	  			
			
	 Section 4.01.
	  	 Payment of Notes
	  	 	26	  
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	 	27	  
	 Section 4.03.
	  	 Existence
	  	 	27	  
	 Section 4.04.
	  	 Payment of Taxes and other Claims
	  	 	28	  
	 Section 4.05.
	  	 Maintenance of Properties and Insurance
	  	 	28	  
	 Section 4.06.
	  	 Limitation on Liens
	  	 	28	  
	 Section 4.07.
	  	 Limitation on Subsidiary Debt
	  	 	30	  
	 Section 4.08.
	  	 Limitation On Sale and Leaseback Transactions
	  	 	32	  
	 Section 4.09.
	  	 Limitation on Notes Collateral Asset Sales
	  	 	33	  
	 Section 4.10.
	  	 Restriction on Activities of the Guarantor
	  	 	34	  
	 Section 4.11.
	  	 SEC Reports and Reports to Holders
	  	 	35	  
	 Section 4.12.
	  	 Repurchase of Notes Upon a Change of Control
	  	 	35	  
	 Section 4.13.
	  	 Certificate to Trustee
	  	 	36	  
	 Section 4.14. 
	  	 No Impairment of Security Interests
	  	 	36	  

  
 ii 

							
		  	ARTICLE 5	  			
		  	CONSOLIDATION, MERGER OR SALE OF ASSETS	  			
			
	 Section 5.01.
	  	Consolidation, Merger or Sale of Assets by the Company	  	 	36	  
			
		  	ARTICLE 6	  			
		  	DEFAULT AND REMEDIES	  			
			
	 Section 6.01.
	  	Events of Default	  	 	37	  
	 Section 6.02.
	  	Acceleration	  	 	38	  
	 Section 6.03.
	  	Other Remedies	  	 	39	  
	 Section 6.04.
	  	Waiver of Past Defaults	  	 	39	  
	 Section 6.05.
	  	Control by Majority	  	 	39	  
	 Section 6.06.
	  	Limitation on Suits	  	 	40	  
	 Section 6.07.
	  	Rights of Holders to Receive Payment	  	 	40	  
	 Section 6.08.
	  	Collection Suit by Trustee	  	 	40	  
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	 	40	  
	 Section 6.10.
	  	Priorities	  	 	41	  
	 Section 6.11.
	  	Restoration of Rights and Remedies	  	 	41	  
	 Section 6.12.
	  	Undertaking for Costs	  	 	41	  
	 Section 6.13.
	  	Rights and Remedies Cumulative	  	 	41	  
	 Section 6.14.
	  	Delay or Omission Not Waiver	  	 	42	  
			
		  	ARTICLE 7	  			
		  	THE TRUSTEE	  			
			
	 Section 7.01.
	  	General	  	 	42	  
	 Section 7.02.
	  	Certain Rights of Trustee	  	 	42	  
	 Section 7.03.
	  	Individual Rights of Trustee	  	 	44	  
	 Section 7.04.
	  	Trustee’s Disclaimer	  	 	44	  
	 Section 7.05.
	  	Notice of Default	  	 	44	  
	 Section 7.06.
	  	Reports by Trustee to Holders	  	 	44	  
	 Section 7.07.
	  	Compensation and Indemnity	  	 	45	  
	 Section 7.08.
	  	Replacement of Trustee	  	 	45	  
	 Section 7.09.
	  	Successor Trustee by Merger	  	 	46	  
	 Section 7.10.
	  	Eligibility	  	 	46	  
	 Section 7.11.
	  	Money Held in Trust	  	 	46	  
	 Section 7.12.
	  	Preferential Collection of Claims Against the Company	  	 	46	  
			
		  	ARTICLE 8	  			
		  	SATISFACTION AND DISCHARGE; DEFEASANCE	  			
			
	 Section 8.01.
	  	Discharge of Company’s Obligations	  	 	47	  
	 Section 8.02.
	  	Legal Defeasance	  	 	48	  
	 Section 8.03.
	  	Covenant Defeasance	  	 	49	  
	 Section 8.04.
	  	Application of Trust Money	  	 	50	  
	 Section 8.05.
	  	Repayment to Company	  	 	50	  
	 Section 8.06.
	  	Reinstatement	  	 	50	  

  
 iii 

							
		  	ARTICLE 9	  			
		  	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  			
			
	 Section 9.01.
	  	Amendments Without Consent of Holders	  	 	50	  
	 Section 9.02.
	  	Amendments with Consent of Holders	  	 	51	  
	 Section 9.03.
	  	Effect of Consent	  	 	53	  
	 Section 9.04.
	  	Trustee’s Rights and Obligations	  	 	53	  
	 Section 9.05.
	  	Conformity with Trust Indenture Act	  	 	53	  
			
		  	ARTICLE 10	  			
		  	GUARANTEES	  			
			
	 Section 10.01.
	  	The Guarantees	  	 	53	  
	 Section 10.02.
	  	Guarantee Unconditional	  	 	53	  
	 Section 10.03.
	  	Discharge; Reinstatement	  	 	54	  
	 Section 10.04.
	  	Waiver by the Guarantors	  	 	54	  
	 Section 10.05.
	  	Subrogation and Contribution	  	 	54	  
	 Section 10.06.
	  	Stay of Acceleration	  	 	55	  
	 Section 10.07.
	  	Limitation on Amount of Guarantee	  	 	55	  
	 Section 10.08.
	  	Execution and Delivery of Guarantee	  	 	55	  
	 Section 10.09.
	  	Release of Guarantee	  	 	55	  
			
		  	ARTICLE 11	  			
		  	SECURITY ARRANGEMENTS	  			
			
	 Section 11.01.
	  	Collateral Agent	  	 	56	  
	 Section 11.02.
	  	Security	  	 	57	  
	 Section 11.03.
	  	Authorization of Actions to be Taken	  	 	59	  
	 Section 11.04.
	  	Determinations Relating to Notes Collateral	  	 	60	  
	 Section 11.05.
	  	Release of Liens	  	 	60	  
	 Section 11.06.
	  	Filing, Recording and Opinions	  	 	62	  
	 Section 11.07.
	  	Purchaser Protected	  	 	63	  
	 Section 11.08.
	  	Powers Exercisable by Receiver or Trustee	  	 	63	  
			
		  	ARTICLE 12	  			
		  	MISCELLANEOUS	  			
			
	 Section 12.01.
	  	Trust Indenture Act of 1939	  	 	63	  
	 Section 12.02.
	  	Noteholder Communications; Noteholder Actions	  	 	63	  
	 Section 12.03.
	  	Notices	  	 	64	  
	 Section 12.04.
	  	Certificate and Opinion as to Conditions Precedent	  	 	65	  
	 Section 12.05.
	  	Statements Required in Certificate or Opinion	  	 	66	  
	 Section 12.06.
	  	Payment Date Other Than a Business Day	  	 	66	  
	 Section 12.07.
	  	Governing Law	  	 	66	  
	 Section 12.08.
	  	No Adverse Interpretation of Other Agreements	  	 	66	  
	 Section 12.09.
	  	Successors	  	 	66	  

  
 iv 

							
	 Section 12.10.
	  	Duplicate Originals	  	 	67	  
	 Section 12.11.
	  	Separability	  	 	67	  
	 Section 12.12.
	  	Table of Contents and Headings	  	 	67	  
	 Section 12.13.
	  	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	  	 	67	  

  
 v 

			
	 EXHIBITS
	  	
	 EXHIBIT A
	  	Form of Note
	 EXHIBIT B
	  	Form of Supplemental Indenture
	 EXHIBIT C
	  	DTC Legend

  
 vi 

 INDENTURE, dated as of June 20, 2016, among AK Steel Corporation, a Delaware corporation, as the
Company (“AK Steel”), AK Steel Holding Corporation, a Delaware corporation, as the Parent Guarantor, AK Tube LLC, a Delaware limited liability company (“AK Tube”) and AK Steel Properties, Inc., a Delaware
corporation, each as a Subsidiary Guarantor, U.S. Bank National Association, as Trustee, and U.S. Bank National Association, as Collateral Agent. 

RECITALS 
 The Company has
duly authorized the execution and delivery of the Indenture to provide for the issuance of up to $380,000,000 aggregate principal amount of the Company’s 7.50% Senior Secured Notes Due 2023, and, if and when issued, any Additional Notes issued
therefor as provided herein (the “Notes”). All things necessary to make the Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes
(in the case of the Additional Notes, when duly authorized), when executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 

In addition, the Parent Guarantor and each Subsidiary Guarantor party hereto has duly authorized the execution and delivery of the Indenture
as guarantor of the Notes. All things necessary to make the Indenture a valid agreement of each such Guarantor, in accordance with its terms, have been done, and each such Guarantor has done all things necessary to make the Note Guarantee, when
the Notes are executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of such Guarantor as hereinafter provided. 

This Indenture is subject to, and will be governed by, the provisions of the Trust Indenture Act that are required to be a part of and govern
indentures qualified under the Trust Indenture Act. 
 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the
equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

“2012 Indenture” has the meaning assigned to such term in Section 11.02(b). 

“ABL Collateral” means (a) all inventory (as defined in the New York UCC), (b) all receivables (meaning, all accounts (as
defined in the New York UCC) owned by AK Steel or AK Tube and all other rights, titles or interests that, in accordance with GAAP, 

 
would be included in receivables on its balance sheet (including any such account and/or rights, titles or interests that might be characterized as chattel paper, documents, instruments or
general intangibles under the UCC in any jurisdiction), in each case arising from the sale, lease, exchange or other disposition of inventory, and all of AK Steel’s and AK Tube’s rights to any goods, services or other property related to
any of the foregoing and all collateral security and supporting obligations of any kind given by any Person with respect to any of the foregoing), (c) all contracts for sale, lease, exchange or other disposition of inventory, whether or not
performed and whether or not subject to termination upon a contingency or at the option of any party thereto, (d) all documents (as defined in the UCC) covering inventory, (e) each deposit account (as defined in the Credit Agreement)(excluding the
Concentration Account, as defined in the Credit Agreement) in which proceeds of inventory or receivables or ABL Collateral are deposited, (f) all trademarks, servicemarks, trade names and similar intangible property owned or used by AK Steel or AK
Tube in its business, together with the goodwill of the business symbolized thereby and all rights relating thereto, provided that the rights of the agent under the Credit Agreement, on behalf of the lenders under the Credit Agreement, shall
be limited to the use of such collateral to manufacture process and sell the inventory, (g) all books and records (including customer lists, credit files, computer programs, printouts and other computer materials and records) of AK Steel or AK Tube
pertaining to any of the collateral, and (h) all other proceeds of the collateral described in the foregoing clauses (a) through (g). 

“Additional Notes” means any Notes issued under the Indenture in addition to the Initial Notes, having the same terms in all
respects as the Initial Notes, or in all respects except with respect to interest paid or payable on or prior to the first interest payment date after the issuance of such Additional Notes. 

“Additional Refinancing Amount” has the meaning assigned to such term in Section 4.06. 

“Advance Offer” has the meaning assigned to such term in Section 4.09. 

“Advance Portion” has the meaning assigned to such term in Section 4.09. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”)
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means any Registrar, Paying Agent or Authenticating Agent. 

“Agent Member” means a member of, or a participant in, the Depositary. 

“Applicable Premium” means, with respect to any Note on any redemption date, the greater of (1) 1.0% of the principal amount
of such Note; and (2) the excess, if any, of 

  
 2 

 
(a) the present value at such redemption date of (i) the redemption price of such Note on July 15, 2019 (as stated in the table set forth in Section 3.01(a)), plus (ii) all required
interest payments due on such Note through July 15, 2019 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over
(b) the then outstanding principal amount of such Note. 
 “Applicable Premium Deficit” has the meaning assigned to such
term in Section 8.01. 
 “Attributable Debt,” in respect of any Sale and Leaseback Transaction, means, as of the time of
determination, the total obligation (discounted to present value at the rate per annum equal to the discount rate which would be applicable to a capital lease obligation with like term in accordance with GAAP) of the lessee for rental payments
(other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the initial term of the lease
included in such Sale and Leaseback Transaction. 
 “Authenticating Agent” refers to a Person engaged to authenticate the
Notes in the stead of the Trustee. 
 “bankruptcy default” has the meaning assigned to such term in Section 6.01. 

“Bank Obligations” means all Indebtedness under the Credit Agreement, and all Obligations in respect thereof. 

“Board of Directors” means the board of directors of the Parent Guarantor or the Company, as applicable. 

“Board Resolution” means a resolution duly adopted by the Board of Directors which is certified by the Secretary or an
Assistant Secretary of the Parent Guarantor or the Company, as applicable and remains in full force and effect as of the date of its certification. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the city
where the Corporate Trust Office of the Trustee is located are authorized by law to close. 
 “Capital Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Issue Date or issued thereafter, including, without
limitation, all common stock and preferred stock but excluding any convertible or exchangeable debt securities. 

  
 3 

 “Cash Equivalents” means 

(1) U.S. dollars, or money in other currencies received in the ordinary course of the Company’s business, 

(2) U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations with
maturities not exceeding one year from the date of acquisition, 
 (3) (i) demand deposits, (ii) time deposits and
certificates of deposit with maturities of one year or less from the date of acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any
bank or trust company organized or licensed under the laws of the United States or any state thereof having capital, surplus and undivided profits in excess of $500 million whose short-term debt is rated “A-2” or higher by S&P or
“P-2” or higher by Moody’s, 
 (4) repurchase obligations with a term of not more than seven days for
underlying securities of the type described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

(5) commercial paper rated at least P-1 by Moody’s or A-1 by S&P and maturing within one year after the date of
acquisition, and 
 (6) money market funds at least 95% of the assets of which consist of investments of the type described
in clauses (1) through (5). 
 “Certificated Note” means a Note in registered individual form without interest coupons.

 “Change of Control” means such time as: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act); 

(2) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) becomes
the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) (“Beneficial Owner”) of more than 50% of the total voting power of the Voting Stock of the Parent Guarantor on a fully diluted basis; 

(3) the adoption of a plan relating to the liquidation or dissolution of the Parent Guarantor or the Company; 

(4) individuals who on the Issue Date constitute the Board of Directors (together with any new directors whose election by the
Board of Directors or whose nomination by the Board of Directors for election by the Parent Guarantor’s stockholders was approved by a vote of a majority of the members of the Board of Directors then in office who either were members of the
Board of Directors on the 

  
 4 

 
Issue Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of the Board of Directors then in office; 

(5) the Parent Guarantor or the Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into the Parent Guarantor or the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Parent Guarantor or the Company, as the case may be, or such other Person is converted into
or exchanged for cash, securities or other property, other than any such transaction where (A) the Voting Stock of the Parent Guarantor or the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock
of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and (B) immediately after such transaction, no
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes, directly or indirectly, the Beneficial Owner of 50% or more of the voting power of the Voting Stock of the surviving or
transferee Person; or 
 (6) the Parent Guarantor fails to own 100% of the Capital Stock of the Company; provided,
however, that it shall not be deemed a Change of Control if the Parent Guarantor merges into the Company, except that in such case, the Company shall be substituted for the Parent Guarantor for purposes of this definition of “Change of
Control,” and this clause (6) shall no longer be applicable. 
 “Change of Control Repurchase Event” means the
occurrence of both a Change of Control and a Ratings Event. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral Agent” means U.S. Bank National Association in its capacity as the collateral agent, together with its permitted
successors and assigns. 
 “Collateral Trust Agreement” means the collateral trust agreement among the Company, the other
grantors party thereto, the Trustee and the Collateral Agent. 
 “Commission” means the Securities and Exchange Commission.

 “Company” means the party named as such in the first paragraph of the Indenture or any successor obligor under the
Indenture and the Notes pursuant to Article 5. 
 “Consolidated Net Tangible Assets” means the total assets of the
Parent Guarantor and its Subsidiaries after deducting therefrom all intangible assets, current liabilities (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months
after the time as of which the amount thereof is being computed) and minority interests, if any, in any assets of the Subsidiaries, all as would be set forth on the most recently available quarterly or annual consolidated balance sheet of the Parent
Guarantor and its Subsidiaries, prepared in conformity with GAAP. For purposes of calculating Consolidated Net Tangible Assets, pro forma effect shall be given on the date of calculation to the items set forth in Fixed Charge Coverage Ratio. 

  
 5 

 “Corporate Trust Office” means the office of the Trustee at which the corporate
trust business of the Trustee is principally administered, which at the date of the Indenture is located at U.S. Bank National Association, 425 Walnut Street, CN-OH-06CT, Cincinnati, OH 45202, Telecopy: (513) 632-5511, Attention: Corporate
Trust/Vice President. 
 “Credit Agreement” means the amended and restated loan and security agreement dated as of March
17, 2014, among AK Steel, the lenders party thereto and Bank of America, N.A., as agent, together with any related documents, as such agreement may be amended, modified, supplemented, extended, renewed, refinanced or replaced or substituted from
time to time. 
 “Default” means any event that is, or after notice or passage of time or both would be, an Event of
Default. 
 “Depositary” means the depositary of each Global Note, which will initially be DTC. 

“DTC” means The Depository Trust Company, a New York corporation, and its successors. 

“DTC Legend” means the legend set forth in Exhibit C. 

“EBITDA” shall be determined on a last-in first-out inventory method and consolidated basis for the Parent Guarantor and its
subsidiaries in conformity with GAAP, as the sum, without duplication, of net income, calculated before interest expense, provision for income taxes, depreciation and amortization expense, losses arising from the sale of capital assets, other
non-cash losses and charges deducted in the calculation of net income (other than any such non-cash item to the extent that it represents an accrual of or reserve for cash expenditures in any future period), any non-recurring, unusual or
extraordinary losses or charges, all plant consolidation, shut-down or idling costs or charges, including any contract termination or union settlement charges, all write-offs and write-downs and all non-cash corridor charges associated with pensions
and other post-retirement benefit obligations (in each case, only to the extent included in determining net income), less non-cash gains included in the calculation of net income (other than any such non-cash item to the extent that it will result
in the receipt of cash payments within 12 months after the date on which it was accrued), gains arising from the sale of capital assets, gains arising from the write-up of assets, any non-recurring, unusual or extraordinary gains and all non-cash
corridor gains associated with pensions and other postretirement benefit obligations (in each case, only to the extent included in determining net income). 

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital
Stock, but excluding Indebtedness convertible into equity. 

  
 6 

 “Event of Default” has the meaning assigned to such term in Section 6.01.

 “Excess Proceeds” has the meaning assigned to such term in Section 4.09. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Property” means: 

(i) all of the Company’s and any Subsidiary Guarantors’ right, title and interest in any leasehold interest in any real property
(whether held on the Issue Date or acquired following the Issue Date); 
 (ii) any lease, permit, license, contract, property rights or
agreement to which the Company or any Subsidiary Guarantor is a party or any of its rights or interests thereunder, or any assets owned by the Company or any Subsidiary Guarantor subject to any such lease, permit, license, contract, property rights
or agreement, if and for so long as the grant of such security interest shall constitute or result in (a) the abandonment, invalidation or unenforceability of any right, title or interest of the Company or any Subsidiary Guarantor therein or (b) in
a breach or termination pursuant to the terms of, or a default under, any such lease, permit, license, contract, property rights or agreement that is not rendered unenforceable or otherwise deemed ineffective by the UCC or any other applicable law;

 (iii) fixed or capital assets owned by the Company or any Subsidiary Guarantor that are subject to a Lien described in
Section 4.06(a)(5) if the contractual obligation pursuant to which such Lien is granted (or in the document providing for such capital lease) prohibits the creation of any other Lien on such fixed or capital assets; and 

(iv) any property or assets, the pledge of which would require governmental consent, approval, license or authorization (in each case, only to
the extent such requirement is not rendered ineffective by any applicable law, including the UCC); 
 provided, however, that Excluded Property shall
not include any proceeds, substitutions or replacements of any Excluded Property referred to in clauses (i) through (iv) that constitute Notes Collateral (unless such proceeds, substitutions or replacements would themselves constitute Excluded
Property referred to in clauses (i) through (iv)). 
 “Existing Mortgage” has the meaning assigned to such term in
Section 11.02(a). 
 “Fixed Charge Coverage Ratio” means, on any date (the “transaction date”), the ratio of
(a) the aggregate amount of EBITDA for the most recent four fiscal quarters immediately prior to the transaction date for which internal financial statements are available (the “reference period”) to (b) the aggregate Fixed Charges
during such reference period. 
 In making the foregoing calculation, 

(i) the Fixed Charge Coverage Ratio shall be calculated for the Parent Guarantor and its subsidiaries on a consolidated basis; 

  
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 (ii) pro forma effect will be given to any Indebtedness Incurred during or after the reference
period and on or prior to such date of determination to the extent the Indebtedness is outstanding or is to be Incurred on such date as if the Indebtedness had been Incurred on the first day of the reference period; 

(iii) pro forma calculations of interest on Indebtedness bearing a floating interest rate will be made as if the rate in effect on the
transaction date (taking into account any hedging agreement applicable to the Indebtedness if the hedging agreement has a remaining term of at least 12 months) had been the applicable rate for the entire reference period; 

(iv) Fixed Charges related to any Indebtedness no longer outstanding or to be repaid or redeemed on the transaction date, except for interest
expense accrued during the reference period under a revolving credit to the extent of the commitment thereunder (or under any successor revolving credit) in effect on the transaction date, will be excluded; and 

(v) Any acquisitions, dispositions, amalgamations, mergers (including the Transactions), consolidations and discontinued operations (as
determined in accordance with GAAP), that the Company or any of its Subsidiaries has made during the reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio calculation date
shall be calculated on a pro forma basis assuming that all such acquisitions, dispositions, amalgamations, mergers, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in EBITDA
resulting therefrom) had occurred on the first day of the reference period in accordance with Article 11 of Regulation S-X under the Exchange Act. If since the beginning of such period any Person that subsequently became a Subsidiary or was merged,
amalgamated or consolidated with or into the Company or any of its Subsidiaries since the beginning of such period shall have made any acquisition, disposition, amalgamation, merger, consolidation or discontinued operation that would have required
adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such acquisition, disposition, discontinued operation, merger, amalgamation or consolidation or
had occurred at the beginning of the applicable four-quarter period. 
 “Fixed Charges” means the sum of consolidated cash
interest expense as determined in accordance with GAAP and cash dividends on any preferred stock. 
 “Foreign Subsidiary”
means any Subsidiary that is not organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof. 

“Funded Debt” means all Indebtedness having a maturity of more than 12 months from the date as of which the determination is
made or having a maturity of 12 months or less but by its terms being renewable or extendable beyond 12 months from such date at the option of the borrower, but excluding any such Indebtedness owed to the Parent Guarantor or a Subsidiary of the
Parent Guarantor. 

  
 8 

 “GAAP” means generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have
been approved by a significant segment of the accounting profession which are in effect on the date of the Indenture. 
 “Global
Note” means a Note in registered global form without interest coupons. 
 “Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any 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 (unless such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (2) entered into 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 that the term “Guarantee” shall not include endorsements
for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor” means the Parent Guarantor, each Subsidiary Guarantor as of the Issue Date and each Subsidiary that executes a
supplemental indenture in the form of Exhibit B to this Indenture providing for the guarantee of the payment of the Notes, or any successor obligor, in each case unless and until such Guarantor is released from its Note Guarantee pursuant to this
Indenture. 
 “Holder” or “Noteholder” means each holder of the Notes. 

“Indebtedness” means indebtedness for borrowed money. 

“Indenture” means this indenture, as amended or supplemented from time to time. 

“Initial Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor Rating Categories
of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P) and the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the
Company. 
 “Issue Date” means the date on which the Initial Notes are originally issued under the Indenture. 

  
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 “Issue Date Mortgage Deliverables” has the meaning assigned to such term in
Section 11.02. 
 “Junior Intercreditor Agreement” means an intercreditor agreement entered into among AK Steel, the
Guarantors, the Trustee, the Collateral Agent, on behalf of itself, the holders of other Parity Lien Obligations (if any) and the Holders, and the authorized representative of any Junior Lien Obligations, on behalf of itself and the holders of such
Junior Lien Obligations, which agreement shall be on customary terms and establish that the Liens on any Notes Collateral securing such Junior Lien Obligations shall rank junior to the Liens on such Notes Collateral securing any obligations under
the Indenture, the Notes and the Guarantees. 
 “Junior Lien Obligations” means any Indebtedness of AK Steel or any
Guarantor which is or will be secured by a Lien on the Notes Collateral on a basis that is junior to the Notes and the Guarantees pursuant to the Junior Intercreditor Agreement. 

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment,
security interest, lien, encumbrance, or any other security arrangement of any kind or nature whatsoever on or with respect to such property or assets (including any conditional sale or other title retention agreement having substantially the same
economic effect as any of the foregoing). 
 “Moody’s” means Moody’s Investors Service, Inc. or its successors.

 “Mortgage” means a mortgage, deed of trust, assignment of leases and rents or other security document in form and
substance reasonably satisfactory to the Collateral Agent (taking into account all relevant circumstances, including customary industry practice for mining financings to the extent applicable) in each case creating a Lien (to the extent feasible) on
real property and improvements thereto in favor of the Collateral Agent (or a sub-agent appointed pursuant to the Collateral Trust Agreement) for the benefit of the Holders of the Notes and all holders of future Parity Lien Obligations and with such
changes in the form thereof as the Collateral Agent shall reasonably request for the purpose of conforming to local practice for similar instruments in the jurisdiction where such real property is located. 

“Mortgage Deliverables” has the meaning assigned to such term in Section 11.02. 

“Net Cash Proceeds” means, with respect to any Notes Collateral Asset Sale, the proceeds of such Notes Collateral Asset Sale
in the form of cash (including (i) payments in respect of deferred payment obligations to the extent corresponding to, principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other consideration
received when converted to cash), net of 
  

	 	(1)	brokerage commissions and other fees and expenses related to such Notes Collateral Asset Sale, including fees and expenses of counsel, accountants and investment bankers; 

  
 10 

	 	(2)	provisions for taxes payable by the Company, the Parent Guarantor or their Restricted Subsidiaries as a result of such Notes Collateral Asset Sale taking into account the consolidated results of operations of the
Company, the Parent Guarantor and their Restricted Subsidiaries; and 

  

	 	(3)	appropriate amounts to be provided as a reserve against liabilities associated with such Notes Collateral Asset Sale, including pension and other post-employment benefit liabilities, liabilities related to environmental
matters and indemnification obligations associated with such Notes Collateral Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the reserved amount to be deemed a receipt of cash.

 “Note Guarantee” means a Guarantee of the obligations of the Company under the Indenture and the Notes by
a Guarantor. 
 “Notes” has the meaning assigned to such term in the Recitals. 

“Notes Collateral” means the real property, plant and equipment that are owned or hereafter acquired by the Company or any
Subsidiary Guarantor, and proceeds thereof, but excluding Excluded Property. 
 “Notes Collateral Asset Sale” means any
sale, lease, transfer or other disposition of any Notes Collateral outside the ordinary course of business by the Company or any Subsidiary Guarantor, including by means of a merger, consolidation or similar transaction (each of the above referred
to as a “disposition”), provided that the following are not included in the definition of “Notes Collateral Asset Sale”: 

(1) a disposition to the Company or any Subsidiary Guarantor; 

(2) the disposition by the Company or any Subsidiary Guarantor of damaged, worn out or obsolete assets; 

(3) a transaction covered by Article 5 or that constitutes a Change of Control; 

(4) the granting of a Lien, other than in connection with a Sale and Leaseback Transaction, if the Lien is granted in
compliance with Section 4.06; 
 (5) the surrender or waiver of contract rights in connection with a settlement of claims by
the Company, the Parent Guarantor or any Restricted Subsidiary; 
 (6) the transfer of property subject to casualty or
condemnation proceedings (including in lieu thereof) upon the receipt of the net cash proceeds thereof; provided that such net cash proceeds are deemed to be Net Cash Proceeds and are applied in accordance with Section 4.09; 

(7) the sale and leaseback of any assets within 90 days of the acquisition thereof; provided that any Lien incurred in
connection therewith is permitted pursuant to Section 4.06(a)(5) and Section 4.08; 

  
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 (8) the sale of assets by the Company or any Subsidiary Guarantor upon the
foreclosure of a Lien; and 
 (9) any disposition in a transaction or series of related transactions of assets with a fair
market value of less than $5.0 million. 
 “Obligations” means, with respect to any Indebtedness, all obligations
(whether in existence on the Issue Date or arising afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory
offer to purchase, or otherwise), premium, interest, penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing after the commencement of
any bankruptcy, insolvency or reorganization or similar case or proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation whether or not the claim for such
interest is allowed as a claim in such case or proceeding. 
 “Offer to Purchase” has the meaning assigned to such term in
Section 3.04. 
 “Officer” means the chairman of the Board of Directors, the president or chief executive officer, any
vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary. 

“Officers’ Certificate” means a certificate signed in the name of the Company (i) by the chairman of the
Board of Directors, the president or chief executive officer or a vice president and (ii) by the chief financial officer, the treasurer or any assistant treasurer or the secretary or any assistant secretary. Each such certificate shall comply with
Section 314 of the Trust Indenture Act, if applicable, and include (except as otherwise expressly provided in this Indenture) the statements provided in Section 12.04, if applicable; provided that if an Officers’
Certificate is required under the Indenture to be provided by the Parent Guarantor, the term “Company” in this definition shall be replaced in each case by the term “Parent Guarantor.” 

“Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company or
the Parent Guarantor, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements provided in Section 12.04, if and to the extent required thereby. 

“Parent Guarantor” means AK Steel Holding Corporation or any successor obligor under the Indenture and the Notes pursuant to
Article 5. 
 “Parity Lien Obligations” means Indebtedness secured by Liens on the Notes Collateral on a pari
passu basis pursuant to the Security Agreement and the Collateral Trust Agreement. 
 “Paying Agent” refers to a Person
engaged to perform the obligations of the Trustee in respect of payments made or funds held hereunder in respect of the Notes. 

  
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 “Permitted Business” means any of the businesses in which the Company, the
Parent Guarantor and the Restricted Subsidiaries are engaged on the Issue Date and any business reasonably related, incidental, complementary or ancillary thereto or that is a reasonable extension, development or expansion thereof. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “principal” of any Debt means the principal
amount of such Debt, (or if such Debt was issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates,
any premium then payable on such Debt. 
 “Principal Property” means any domestic blast furnace or steel producing
facility, or casters that are part of a plant that includes such a facility, in each case located in the United States, having a net book value in excess of 1% of Consolidated Net Tangible Assets at the time of determination. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by
the Company (as certified by a resolution of the board of directors of the Company) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Rating Category” means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or
equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or Moody’s used by
another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and – for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations for another
Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation). 

“Rating Date” means the date that is 60 days prior to the earlier of (i) a Change of Control or (ii) public notice of the
occurrence of a Change of Control or of the intention by the Company or the Parent Guarantor, as applicable, to effect a Change of Control. 

“Ratings Event” means the occurrence of the events described in (a) or (b) of this definition on, or within 60 days after the
earlier of, (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company or the Parent Guarantor, as applicable, to effect a Change of Control (which period shall be
extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies): (a) if the Notes are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of

  
 13 

 
the Notes shall be reduced so that the Notes are rated below Investment Grade by both Rating Agencies, or (b) if the Notes are rated below Investment Grade by at least one Rating Agency, the
ratings of the Notes by both Rating Agencies shall be decreased by one or more gradations (including gradations within Rating Categories, as well as between Rating Categories) and the Notes are then rated below Investment Grade by both Rating
Agencies. 
 Notwithstanding the foregoing, a Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be
deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating
to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a
result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Ratings Event). 

“Receivables Facility” means one or more receivables financing facilities, as amended, supplemented, modified, extended,
renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any of its Restricted
Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Company or any of its Restricted Subsidiaries sells their accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in
turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables Subsidiary” means any
Subsidiary formed for the purpose of, and that solely engages only in one or more Receivables Facilities or other activities reasonably related thereto. 

“Register” has the meaning assigned to such term in Section 2.09. 

“Registrar” means a Person engaged to maintain the Register. 

“Regular Record Date” for the interest payable on any Interest Payment Date means the January 1 or July 1 (whether
or not a Business Day) next preceding such Interest Payment Date. 
 “Restricted Subsidiary” means any Subsidiary other
than an Unrestricted Subsidiary. 
 “S&P” means Standard & Poor Financial Services LLC, a subsidiary of S&P
Global, Inc. or its successor. 
 “Sale and Leaseback Transaction” means any arrangement with any Person providing for the
leasing to the Company or any Subsidiary of the Company of any Principal Property, which Principal Property has been or is to be sold or transferred by the Company or any Subsidiary of the Company to such Person. 

“Secured Obligations” has the meaning assigned to such term in the Security Agreement. 

“Secured Parties” has the meaning assigned to such term in the Security Agreement. 

  
 14 

 “Securities Act” means the Securities Act of 1933. 

“Security Agreement” means the security agreement among the Company, the other grantors party thereto and the Collateral
Agent dated as of the Issue Date. 
 “Security Documents” means (i) the Collateral Trust Agreement and (ii) the security
documents granting a security interest in any assets of any Person to secure the Obligations under the Notes and the Note Guarantee as each may be amended, restated, supplemented or otherwise modified from time to time. On the Issue Date, the
Security Documents shall include (i) the Collateral Trust Agreement, (ii) the Security Agreement, (iii) the Blocked Account Control Agreement between the Company, the Collateral Agent and U.S. Bank National Association, as depositary bank and (iv)
amendments to the Existing Mortgages or new Mortgages over certain of the properties of the Company in Ashland, KY; Coshocton, OH; Mansfield, OH; Middletown, OH; Walbridge, OH; Zanesville, OH; Rockport, IN; Dearborn, MI and Butler, PA (which
Mortgages may be delivered subsequent to the Issue Date as provided in Section 11.02). 
 “Significant Subsidiary” means
(a) any Restricted Subsidiary of the Parent Guarantor that, at the time of determination would be a significant subsidiary of the Parent Guarantor pursuant to Rule 1-02 of Regulation S-X as in effect on the Issue Date or (b) any group of Restricted
Subsidiaries that, taken together, would be a “Significant Subsidiary” under clause (a) above. 
 “Stated
Maturity” means (i) with respect to any Debt, the date specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on
any Debt, the date specified as the fixed date on which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly
scheduled date for payment. 
 “Subordinated Indebtedness” means any Indebtedness of the Company, the Parent Guarantor or
any Guarantor that is subordinated in right of payment to the Notes or the Note Guarantee, as applicable, pursuant to a written agreement to that effect. 

“Subsidiary” means with respect to any specified Person, any corporation of which at least a majority of the outstanding
stock having by the terms thereof ordinary voting power for the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting power by
reason of the happening of any contingency) is, or other entity of which at least a majority of the common equity interests are, at the time directly or indirectly owned by that Person, or by one or more other Subsidiaries of that Person, or by that
Person and one or more other Subsidiaries of that Person. 
 “Subsidiary Guarantor” means each Subsidiary that Guarantees
the Notes under the Indenture. 

  
 15 

 “Tax and Labor Claims” has the meaning assigned to such term in Section 4.04.

 “Transaction Liens” has the meaning assigned to such term in the Collateral Trust Agreement. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to July 15, 2019; provided that if the period from the redemption date to July 15, 2019 is
less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means the party named as such in the first paragraph of the Indenture or any successor trustee under the Indenture
pursuant to Article 7. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“U.S. Government Obligations” means securities that are (1) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the full and timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the Stated Maturity of the Notes, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account
of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

“Unrestricted Subsidiary” means (i) any Foreign Subsidiary, (ii) any Receivables Subsidiary and (iii) any Subsidiary of the
Parent Guarantor created after the Issue Date, at least 10% of the Voting Stock of which is owned by Persons other than the Parent Guarantor or a Subsidiary thereof; provided that (a) such Subsidiary does not engage in the business of the
Company as conducted on the Issue Date (but shall engage in any extension thereof or activities incidental or related thereto) and (b) in the event (1) any such Subsidiary Guarantees Indebtedness of the Company in an aggregate amount in excess of
$50 million or (2) the Company or any of its Subsidiaries (other than an Unrestricted Subsidiary) contributes or otherwise transfers (other than a sale for fair market value) any Principal Property (including shares of stock of a Subsidiary that
owns the Principal Property) or the proceeds of any sale of Principal Property to such Subsidiary, in either case such Subsidiary shall cease to be an Unrestricted Subsidiary. 

  
 16 

 “Voting Stock” means with respect to any Person, Capital Stock of any class or
kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 

Section 1.02. Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided, 

(1) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(2) “herein,” “hereof” and other words of similar import refer to the Indenture as a whole and not to any
particular Section, Article or other subdivision; 
 (3) all references to Sections or Articles or Exhibits refer to Sections
or Articles or Exhibits of or to the Indenture unless otherwise indicated; 
 (4) references to agreements or instruments, or
to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); 

(5) in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions
the Company may classify such transaction as it, in its sole discretion, determines; 
 (6) “or” is not exclusive;

 (7) words in the singular include the plural, and in the plural include the singular; 

(8) “will” and “shall” shall be interpreted to express commands; 

(9) provisions apply to successive events and transactions; and 

(10) “including” means including without limitation. 

ARTICLE 2 
 THE
NOTES 
 Section 2.01. Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate
of authentication will be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of the Indenture. The Notes may have
notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in
denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof. 
 (b) Each Global Note, whether or not an Initial
Note or Additional Note, will bear the DTC Legend. 

  
 17 

 Section 2.02. Execution and Authentication; Additional Notes. (a) An Officer
shall execute the Notes for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still
be valid. 
 (b) A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature
conclusive evidence that the Note has been authenticated under the Indenture. 
 (c) At any time and from time to time after the execution
and delivery of the Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication. The Trustee will authenticate and deliver 

(i) Initial Notes for original issue in the aggregate principal amount not to exceed $380,000,000, and 

(ii) Additional Notes from time to time for original issue in aggregate principal amounts specified by the Company 

after the following conditions have been met: 

(1) Receipt by the Trustee of an Officers’ Certificate specifying 

(A) the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, 

(B) whether the Notes are to be Initial Notes or Additional Notes, 

(C) in the case of Additional Notes, that the issuance of such Notes does not contravene any provision of Article 4, 

(D) whether the Notes are to be issued as one or more Global Notes or Certificated Notes, and 

(E) other information the Company may determine to include or the Trustee may reasonably request. 

(2) Additional Notes that are not fungible for U.S. federal income tax purposes with the Initial Notes shall be issued under a
separate CUSIP number and shall be treated as a separate class for purposes of transfer and exchange. 
 (3) The Initial
Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture, other than as specified in Section 2.02(c)(2), and shall vote together as one class on all matters with respect to the Notes. 

  
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 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in
Trust. (a) The Company may appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in the Indenture to the Trustee in respect of the obligations
of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into an
appropriate agreement with the Agent implementing the provisions of the Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying
Agent. 
 (b) The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust
for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee of any default by the Company in making any such payment. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent,
require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee. 

Section 2.04. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has
been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an
additional obligation of the Company and entitled to the benefits of the Indenture. If required by the Trustee or the Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the
Company and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken
Note has become or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 

Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the
Trustee except for 
 (1) Notes cancelled by the Trustee or delivered to it for cancellation; 

(2) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser; and 
 (3) on or after the Stated
Maturity or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the
Company) holds money sufficient to pay all amounts due on such date. 

  
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 (b) A Note does not cease to be outstanding because the Company or one of its Affiliates holds
the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, Notes
owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will be so disregarded). Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. 

Section 2.06. Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and the Trustee will
authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary
Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes
will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of
any temporary Notes the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled to
the same benefits under the Indenture as definitive Notes. 
 Section 2.07. Cancellation. The Company at any time may
deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for transfer,
exchange, payment or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Company. Certification of the destruction of all cancelled Notes will be delivered to the Company. The
Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 

  
 20 

 Section 2.08. CUSIP and CINS Numbers. The Company in issuing the Notes may use
“CUSIP” and “CINS” numbers, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to 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 redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee of any change in the CUSIP or CINS numbers. 

Section 2.09. Registration, Transfer and Exchange. (a) The Notes will be issued in registered form only, without coupons,
and the Company shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes. 

(b) (1) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the
Depositary thereof, will bear the DTC Legend. 
 (2) Each Global Note will be delivered to the Trustee as custodian for the
Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section
2.09(b)(4) and (2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary
in accordance with customary procedures of the Depositary and in compliance with this Section. 
 (3) Agent Members will
have no rights under the Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of
such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global
Note through an Agent Member) to take any action which a Holder is entitled to take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any security. 
 (4) If (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a request from the
Depositary, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such
beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. 

  
 21 

 (c) Each Certificated Note will be registered in the name of the holder thereof or its nominee.

 (d) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest
therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange. The Trustee will promptly register any transfer or
exchange that meets the requirements of this Section by noting the same in the register maintained by the Trustee for the purpose; provided that 

(x) no transfer or exchange will be effective until it is registered in such register and 

(y) the Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a period of 15 days before
a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial redemption or
purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on or before the corresponding Interest Payment Date, to register
the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will treat the Person in whose name the Note
is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary. 

From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration
of a transfer or exchange in accordance with this Section. 
 No service charge will be imposed in connection with any transfer or exchange
of any Note, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange
pursuant to subsection (b)(4)). 
 (e) (1) Global Note to Global Note. If a beneficial interest in a Global Note
is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or
exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a 

  
 22 

 
Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such
Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long
as it remains such an interest. 
 (2) Global Note to Certificated Note. If a beneficial interest in a Global
Note is transferred or exchanged for a Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated
Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as
applicable. 
 (3) Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a
beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such
transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the
untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 (4)
Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new
Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case
of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more
Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

ARTICLE 3 

REDEMPTION; OFFER TO PURCHASE 

Section 3.01. Optional Redemption. (a) At any time on or after July 15, 2019, the Company may redeem the Notes, in whole or
in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest to the redemption date, if redeemed during the twelve-month period commencing on July 15 of the years indicated below:

  
 23 

					
	 12-month period commencing in Year
	  	Percentage	 
	 2019
	  	 	103.750	% 
	 2020
	  	 	101.875	% 
	 2021 and thereafter
	  	 	100.000	% 

 (b) At any time prior to July 15, 2019, the Company may redeem the Notes, in whole or in part, at a
redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest to the redemption date. 

Section 3.02. Redemption with Proceeds of Sales of Common Stock. At any time prior to July 15, 2019, the Company may
redeem up to 35% of the principal amount of the Notes (including any Additional Notes) with the net cash proceeds of one or more sales of the Parent Guarantor’s common stock (to the extent proceeds are contributed to the Company as equity) at a
redemption price (expressed as a percentage of principal amount) of 107.500%, plus accrued and unpaid interest to the redemption date; provided that at least 65% of the aggregate principal amount of Notes originally issued on the Issue Date
remains outstanding after each such redemption and notice of any such redemption is mailed within 60 days of each such sale of common stock. 

Section 3.03. Method and Effect of Redemption. (a) If the Company elects to redeem Notes, it must notify the Trustee of the
redemption date and the principal amount of Notes to be redeemed by delivering an Officers’ Certificate at least 60 days before the redemption date (unless a shorter period is satisfactory to the Trustee). If less than all of the Notes are
being redeemed, subject to DTC procedures, the Trustee will select the Notes to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or, if the Notes are not listed on
a national securities exchange, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate. No Note of $2,000 in principal amount or less shall be redeemed in part. The Trustee will notify the Company
promptly of the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company or at the Company’s request, by the Trustee in the name and at the expense of the Company, to Holders whose Notes are to be
redeemed at least 30 days but not more than 60 days before the redemption date (except in connection with satisfaction and discharge or defeasance under this Indenture). 

(b) The notice of redemption will identify the Notes to be redeemed and will include or state the following: 

(1) the redemption date; 

(2) the redemption price, including the portion thereof representing any accrued interest; 

  
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 (3) the place or places where Notes are to be surrendered for redemption; 

(4) Notes called for redemption must be so surrendered in order to collect the redemption price; 

(5) on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on
Notes called for redemption will cease to accrue on and after the redemption date; 
 (6) if any Note is to be redeemed
in part only, the portion of the principal amount to be redeemed; 
 (7) if any Note is redeemed in part, on and after
the redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion will be issued; and 

(8) if any Note contains a CUSIP or CINS number, no representation is being made as to the correctness of the CUSIP or CINS
number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes. 

(c) Once notice of redemption is sent to the Holders, Notes called for redemption become due and payable at the redemption price on the
redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price. Commencing on the redemption date, Notes redeemed will cease to accrue interest. Upon surrender of any Note
redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. 
 Section
3.04. Offer to Purchase. (a) An “Offer to Purchase” means an offer to purchase Notes by the Company from the Holders commenced by mailing a notice to the Trustee and each Holder stating: 

(1) that all Notes validly tendered will be accepted for payment on a pro rata basis; 

(2) the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days
from the date such notice is mailed) (the “Payment Date”); 
 (3) that any Note not tendered will continue
to accrue interest pursuant to its terms; 
 (4) that, unless the Company defaults in the payment of the purchase price, any
Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on and after the Payment Date; 

(5) that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note,
together with the form entitled 

  
 25 

 
“Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the
Business Day immediately preceding the Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the
Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered
for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and 
 (7) that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a principal
amount of $2,000 or integral multiples of $1,000 in excess thereof. 
 The Company will notify the Trustee at least 15 days (or such shorter period as is
acceptable to the Trustee) prior to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company. 
 (b) On the Payment Date, the Company shall (a) accept for payment on a pro rata basis Notes or portions thereof tendered
pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted; and (c) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so
accepted together with an Officers’ Certificate specifying the Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail to the Holders of Notes so accepted payment in an amount equal to the purchase
price, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each Note purchased and each new Note issued shall be in a
principal amount of $2,000 or integral multiples of $1,000 in excess thereof. The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Trustee shall act as the Paying Agent for an
Offer to Purchase. 
 (c) The Company will comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable. in the event that the Company is required to repurchase Notes pursuant to an Offer to Purchase. 

ARTICLE 4 

COVENANTS 
 Section
4.01. Payment of Notes. (a) The Company agrees to pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and the Indenture. Not later than 11:00 A.M. (New York City time) on the
due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Trustee (or Paying Agent) money in immediately 

  
 26 

 
available funds sufficient to pay such amounts, provided that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and
hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in the Indenture. In each case the Company will promptly notify the
Trustee of its compliance with this paragraph. 
 (b) An installment of principal or interest will be considered paid on the date due if the
Trustee (or Paying Agent, other than the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment
of principal or interest will be considered paid on the due date only if paid to the Holders. 
 (c) The Company agrees to pay interest on
overdue principal and overdue installments of interest at the rate per annum specified in the Notes. 
 (d) Payments in respect of the Notes
represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments by wire transfer of
immediately available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 

Section 4.02. Maintenance of Office or Agency. The Company will maintain in the United States of America, an office or
agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company hereby
initially designates the office of U.S. Bank National Association, as such office or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address
of the Trustee set forth in Section 12.03. 
 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an
office or agency in the United States of America for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 4.03. Existence. The Company will do or cause to be done all things necessary to preserve and keep in full force
and effect its existence in accordance with its organizational documents and its material rights, licenses and franchises, provided that the Company is not required to preserve any such right, license or franchise if the

  
 27 

 
maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company; and provided further that this Section does not prohibit any transaction
otherwise permitted by Section 4.09 or Article 5. 
 Section 4.04. Payment of Taxes and other Claims. The Company will pay or
discharge, and cause each of its Subsidiaries to pay or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or its income or profits or
property, and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary (the foregoing (i) and (ii), collectively “Tax and Labor
Claims”), other than any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established; provided that
no reserves shall be required for any claim in an amount less than $400,000. Notwithstanding the foregoing, the obligations of this Section 4.04 shall not apply to any Tax and Labor Claim to the extent such Tax and Labor Claim is in an amount
less than $150,000. 
 Section 4.05. Maintenance of Properties and Insurance. (a) The Company will cause all
properties used or useful in the conduct of its business or the business of any of its Restricted Subsidiaries that constitute Notes Collateral to be maintained and kept in good condition, repair and working order as in the judgment of the Company
may be necessary so that the business of the Company and its Restricted Subsidiaries may be properly and advantageously conducted at all times; provided that nothing in this Section prevents the Company or any Restricted Subsidiary from
discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Restricted
Subsidiaries taken as a whole. 
 (b) The Company will provide or cause to be provided, for itself and its Restricted Subsidiaries,
insurance (including appropriate self-insurance) against loss or damage of the kinds customarily insured against by corporations similarly situated and owning like properties, including, but not limited to, products liability insurance and public
liability insurance, with reputable insurers, in such amounts, with such deductibles and by such methods as are customary for corporations similarly situated in the industry in which the Company and its Restricted Subsidiaries are then conducting
business. 
 Section 4.06. Limitation on Liens. (a) The Parent Guarantor will not, and will not permit any of its Subsidiaries
to, create, incur, issue, assume or Guarantee any Indebtedness secured by a Lien upon (x) any Notes Collateral, (y) any Principal Property of the Company or any Principal Property of a Subsidiary of the Company or (z) any shares of stock or other
equity interests or Indebtedness of any Subsidiary of the Company that owns a Principal Property (whether such Principal Property, shares of stock or other equity interests or Indebtedness is now existing or owned or hereafter created or acquired)
or any shares of stock or other equity interests or Indebtedness of the Company, except, in the case of any assets not constituting Notes Collateral, if the Notes are secured equally and ratably with, or at the Parent Guarantor’s option, prior
to such 

  
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Indebtedness, so long as such Indebtedness shall be so secured. The foregoing restriction shall not apply to, and there shall be excluded from Indebtedness in any computation under such
restriction, Indebtedness secured by: 
 (1) Liens on any property or assets existing at the time of the acquisition thereof
by the Company or any of its Subsidiaries and not incurred in contemplation of such acquisition; 
 (2) Liens on property or
assets of a Person existing at the time such Person is merged into or consolidated with the Company or any of its Subsidiaries or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof)
as an entirety or substantially as an entirety to the Company or any of its Subsidiaries; provided that any such Lien does not extend to any Principal Property owned by the Company or any of its Subsidiaries immediately prior to such merger,
consolidation, sale, lease or disposition and not incurred in contemplation of such acquisition; 
 (3) Liens on property or
assets of a Person existing at the time such Person becomes a Subsidiary of the Company and not incurred in contemplation of such acquisition; 

(4) Liens in favor of the Company or any Subsidiary Guarantor; 

(5) Liens on property or assets (including shares of Capital Stock or Indebtedness of any Subsidiary formed to acquire,
construct, develop or improve such property) to secure all or part of the cost of acquisition, construction, development or improvement of such property, or to secure Indebtedness incurred to provide funds for any such purpose; provided that
the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained no later than 360 days after the later of (a) the completion of the acquisition, construction, development or improvement of such property or
assets or (b) the placing in operation of such property or assets; 
 (6) Liens in favor of the United States of America or
any State thereof, or any department, agency or instrumentality or political subdivision thereof, to secure partial, progress, advance or other payments; 

(7) Liens in favor of the Notes (other than Additional Notes) and the Note Guarantees; 

(8) Liens existing on the date of the Indenture or any extension, renewal, replacement or refunding of any Indebtedness secured
by a Lien existing on the date of the Indenture or referred to in clauses (1), (2), (3), (5), (7) or (9) or incurred pursuant to clause (b) of Section 4.06; provided that (A) any such extension, renewal, replacement or refunding of such
Indebtedness shall be created within 360 days of repaying the Indebtedness secured by the Lien referred to in clauses (1), (2), (3), (5), (7) or (9) or within 30 days in the case of clause (b) of Section 4.06; (B) the principal amount of the
Indebtedness secured thereby and not otherwise authorized by clauses (1), (2), (3), (5), (7) or (9) or clause (b) of Section 4.06 shall not exceed the principal 

  
 29 

 
amount of Indebtedness plus any premium or fee or accrued and unpaid interest payable (any such principal in respect of premium, fees or interest, the “Additional Refinancing
Amount”), in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal, replacement or refunding; and (C) any extension renewal, replacement or refunding of any Junior Lien
Obligations are in the form of Junior Lien Obligations; and 
 (9) Liens on Notes Collateral securing Junior Lien
Obligations, provided that the aggregate principal amount of Junior Lien Obligations so secured does not exceed, together with any Junior Lien Obligations incurred pursuant to clause (8) to extend, renew, replace or refund any Junior Lien
Obligations incurred pursuant to this clause (9) (but excluding any Additional Refinancing Amount), (x) $500.0 million or (y) if greater, an amount which after giving effect to the incurrence of such Junior Lien Obligations so secured, would not
cause the Parent Guarantor’s Fixed Charge Coverage Ratio to be less than 2.0 to 1.0. 
 (b) Notwithstanding the restrictions described
in (a) above, the Parent Guarantor and any of its Subsidiaries may create, incur, issue, assume or Guarantee Indebtedness secured by Liens if at the time of such creation, incurrence, issuance, assumption or Guarantee, after giving effect thereto
and to the retirement of any Indebtedness which is concurrently being retired, the aggregate amount of all such Indebtedness secured by Liens which would otherwise be subject to such restrictions (other than any Indebtedness secured by Liens
permitted as described in clauses (1) through (9) of the immediately preceding paragraph) plus the aggregate amount (without duplication) of (x) all Non-Guarantor Subsidiary Debt (other than Non-Guarantor Subsidiary Debt described in clauses (1)
through (6) of Section 4.07(a)) and (y) all Attributable Debt of the Company and any of its Subsidiaries in respect of Sale and Leaseback Transactions (with the exception of such transactions which are permitted under clauses (1) through (4) of
Section 4.08 does not exceed an amount equal to (x) 15% of Consolidated Net Tangible Assets less (y) the aggregate principal amount of the Initial Notes outstanding at such time and the amount of (i) any Indebtedness incurred to extend, renew,
replace or refund such Initial Notes secured by Liens pursuant to Section 4.06(a)(8), (ii) any Indebtedness incurred pursuant to Section 4.06(a)(8) to refinance Indebtedness incurred pursuant to this Section 4.06(b) and (iii) any Indebtedness
incurred pursuant to Section 4.07(a)(6) to refinance Indebtedness incurred pursuant to Section 4.07(b) (but excluding any Additional Refinancing Amount). 

(c) In addition, the Parent Guarantor will not, and will not permit any of its Subsidiaries to create, incur, issue, assume or Guarantee any
Indebtedness secured by a Lien on the ABL Collateral that is subordinated or junior to the Liens on the ABL Collateral securing the Bank Obligations, unless the Notes are secured by such ABL Collateral equally and ratably with, or at the
Company’s option, prior to such Indebtedness. 
 Section 4.07. Limitation on Subsidiary Debt. (a) the Company will
not permit any of its Restricted Subsidiaries that is not a Guarantor to create, assume, incur, Guarantee or otherwise become liable for or suffer to exist any Indebtedness (any 

  
 30 

 
Indebtedness of a non-Guarantor Subsidiary of the Company, “Non-Guarantor Subsidiary Debt”), without Guaranteeing the payment of the principal of, premium, if any, and interest
on the Notes on an unsubordinated basis. The foregoing restriction shall not apply to, and there shall be excluded from Indebtedness in any computation under such restriction, Non-Guarantor Subsidiary Debt constituting: 

(1) Indebtedness of a Person existing at the time such Person is merged into or consolidated with any Restricted Subsidiary of
the Company or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof) as an entirety or substantially as an entirety to any Restricted Subsidiary of the Company and is assumed by such
Restricted Subsidiary; provided that any Indebtedness was not incurred in contemplation thereof and is not Guaranteed by any other Subsidiary of the Company; 

(2) Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company; provided
that any Indebtedness was not incurred in contemplation thereof; 
 (3) Indebtedness owed to the Company or any Guarantor;

 (4) Indebtedness outstanding on the date of the Indenture or any extension, renewal, replacement or refunding of any
Indebtedness existing on the date of the Indenture or referred to in clauses (1), (2) or (3) or (5) of this Section 4.07(a); provided that any such extension, renewal, replacement or refunding of such Indebtedness shall be created within
360 days of repaying the Indebtedness referred to in this clause or clauses (1), (2) or (3) or within 30 days in the case of clause (5) of this Section 4.07(a) and the principal amount of the Indebtedness shall not exceed the principal amount
of Indebtedness plus any premium or fee payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal, replacement or refunding; 

(5) Indebtedness in respect of a Receivables Facility; and 

(6) Indebtedness in an amount of not more than $5.0 million at any time outstanding. 

(b) Notwithstanding the restrictions described in clause (a) above, the Company and any of its Restricted Subsidiaries may create, incur,
issue, assume or Guarantee Non-Guarantor Subsidiary Debt, without Guaranteeing the Notes, if at the time of such creation, incurrence, issuance, assumption or Guarantee, after giving effect thereto and to the retirement of any Indebtedness which is
concurrently being retired, the aggregate amount of all such Non-Guarantor Subsidiary Debt which would otherwise be subject to such restrictions (other than Non-Guarantor Subsidiary Debt which is described in clauses (1) through (6) of clause (a)
above) plus the aggregate amount (without duplication) of (x) all Indebtedness secured by Liens (not including any such Indebtedness secured by Liens described in clauses (1) through (9) of Section 4.06(a)) and (y) all Attributable Debt of the
Company and any of its Subsidiaries in respect of Sale and Leaseback Transactions (with the exception of such transactions which are 

  
 31 

 
permitted under clauses (1) through (4) of Section 4.08) does not exceed an amount equal to (x) 15% of Consolidated Net Tangible Assets less (y) the aggregate principal amount of the Initial
Notes outstanding at such time and the amount of (i) any Indebtedness incurred to extend, renew, replace or refund such Initial Notes secured by Liens pursuant to Section 4.06(a)(8), (ii) any Indebtedness incurred pursuant to Section 4.06(a)(8) to
refinance Indebtedness incurred pursuant to Section 4.06(b) and (iii) any Indebtedness incurred pursuant to this Section 4.07(a)(6) to refinance Indebtedness incurred pursuant to this Section 4.07(b) (but excluding any Additional Refinancing
Amount). 
 Section 4.08. Limitation On Sale and Leaseback Transactions. The Company will not, and will not permit any of
its Subsidiaries to, enter into any Sale and Leaseback Transaction unless: 
 (1) the Sale and Leaseback Transaction is
solely with the Company or any of its Subsidiaries; 
 (2) the lease is for a period not in excess of 24 months, including
renewals; 
 (3) the Company or such Subsidiary would (at the time of entering into such arrangement) be entitled as
described in clauses (1) through (9) of Section 4.06(a) to create, incur, issue, assume or guarantee Indebtedness secured by a Lien on such property or assets in the amount of the Attributable Debt arising from such Sale and Leaseback
Transaction; 
 (4) the Company or such Subsidiary, within 360 days after the sale of property or assets in connection with
such Sale and Leaseback Transaction is completed, applies an amount equal to the greater of (A) the net proceeds of the sale of such Principal Property or (B) the fair market value of such Principal Property to (i) the retirement of Notes, other
Funded Debt of the Company ranking on a parity with the Notes or Funded Debt of a Subsidiary of the Company or (ii) the purchase of property or assets used or useful in its business or to the retirement of long-term indebtedness; or 

(5) the Attributable Debt of the Company and its Subsidiary in respect of such Sale and Leaseback Transaction and all other
Sale and Leaseback Transactions entered into after the Issue Date (other than any such Sale and Leaseback Transaction as would be permitted as described in clauses (1) through (4) of this sentence), plus the aggregate principal amount (without
duplication) of (x) Indebtedness secured by Liens then outstanding (not including any such Indebtedness secured by Liens described in clauses (1) through (9) of Section 4.06(a)) which do not equally and ratably secure the Notes (or secure Notes on a
basis that is prior to other Indebtedness secured thereby) and (y) Non-Guarantor Subsidiary Debt (with the exception of Non-Guarantor Subsidiary Debt which is described in clauses (1) through (6) of Section 4.07(a)), would not exceed an amount equal
to (x) 15% of Consolidated Net Tangible Assets less (y) the aggregate principal amount of the Initial Notes outstanding at such time and the amount of (i) any Indebtedness incurred to extend, renew, replace or refund such Initial Notes secured by
Liens pursuant to Section 4.06(a)(8), (ii) any Indebtedness incurred pursuant to Section 4.06(a)(8) to refinance Indebtedness 

  
 32 

 
incurred pursuant to Section 4.07(b) and (iii) any Indebtedness incurred pursuant to Section 4.07(a)(6) to refinance Indebtedness incurred pursuant to Section 4.07(b) (but excluding any
Additional Refinancing Amount). 
 Section 4.09. Limitation on Notes Collateral Asset Sales. (a) The Parent Guarantor
will not, and will not permit any Restricted Subsidiary to, make any Notes Collateral Asset Sale unless the following conditions are met: 

(1) The Notes Collateral Asset Sale is for at least fair market value (such fair market value to be determined on the date of
contractually agreeing to such asset sale), as determined in good faith by the Board of Directors. 
 (2) At least 75% of the
consideration consists of cash or Cash Equivalents or assets described in clause (3) below of the type constituting Notes Collateral received at closing; provided, however, the non-cash consideration received is pledged as Notes
Collateral under the Security Documents substantially simultaneously with such sale, in accordance with the requirements set forth in the Indenture. For purposes of this clause (2), (a) the assumption by the purchaser of Indebtedness or other
obligations (other than Subordinated Indebtedness) of the Company or a Guarantor pursuant to a customary novation agreement and (b) instruments or securities received from the purchaser that are promptly, but in any event within 90 days of the
closing, converted by the Company or a Guarantor to cash, to the extent of the cash actually so received, shall be considered cash received at closing). 

(3) Within 365 days after the receipt of any Net Cash Proceeds from a Notes Collateral Asset Sale, the Net Cash Proceeds may be
used (x) to acquire all or substantially all of the assets of a Permitted Business or a majority of the Voting Stock of another Person that thereupon becomes a Restricted Subsidiary engaged in a Permitted Business, (y) to make capital expenditures
or otherwise acquire long-term assets that are to be used in a Permitted Business; provided that any assets acquired pursuant to subclauses (x) or (y) of a type constituting Notes Collateral are pledged as Notes Collateral under the Security
Documents substantially simultaneously with such acquisition in accordance with the requirements of the Indenture, or (z) to repay Parity Lien Obligations; provided that if the Company shall so reduce Parity Lien Obligations pursuant to this
clause (3), the Company will equally and ratably reduce Obligations under the Notes as provided under Section 3.01 through open market purchases (provided that such purchases are at or above 100% of the principal amount thereof) and/or by making an
Offer to Purchase to all Holders of Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued interest to but excluding the date of purchase. 

(4) The Net Cash Proceeds of a Notes Collateral Asset Sale not applied pursuant to clause (3) above within 365 days of the
Notes Collateral Asset Sale constitute “Excess Proceeds.” Excess Proceeds of less than $15.0 million will be carried forward and accumulated. When accumulated Excess Proceeds equals or exceeds such amount, the Parent Guarantor must,
within 30 days, make an Offer to Purchase Notes having a principal amount equal to 

  
 33 

	 	(A)	accumulated Excess Proceeds, multiplied by 

  

	 	(B)	a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes and (y) the denominator of which is equal to the outstanding principal amount of the Notes and all Parity Lien Obligations
similarly required to be repaid, redeemed or tendered for in connection with the Notes Collateral Asset Sale, 

 rounded down
to the nearest $1,000. The purchase price for the Notes will be 100% of the principal amount plus accrued interest to but excluding the date of purchase. If the Offer to Purchase is for less than all of the aggregate principal amount of the
outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Parent Guarantor will purchase Notes having an aggregate principal amount equal to the purchase
amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased; provided, that no Notes of $2,000 or less may be purchased in part. The Company may satisfy the foregoing obligations
with respect to any Net Cash Proceeds from a Notes Collateral Asset Sale by making a Notes Collateral Asset Sale Offer (an “Advance Offer”) with respect to all or a portion of any Net Cash Proceeds (the “Advance
Portion”) prior to the expiration of the relevant 365 days or with respect to Net Cash Proceeds of $15.0 million or less. Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero, and any Excess Proceeds remaining
after consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by the Indenture. Additionally, upon consummation or expiration of any Advance Offer, any remaining Net Cash Proceeds shall not be deemed Excess
Proceeds and the Company may use such Net Cash Proceeds in any manner not prohibited by the Indenture. 
 (b) The Company and the Subsidiary
Guarantors shall deposit in a segregated cash collateral account (the “Collateral Proceeds Account”): (1) cash proceeds from any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or
dispositions) of Notes Collateral having an aggregate fair market value of more than $5.0 million, (2) any cash proceeds in excess of $5.0 million of any Notes Collateral taken by eminent domain, expropriation or other similar governmental taking
and (3) cash proceeds in excess of $5.0 million of insurance upon any part of the Notes Collateral. The Collateral Proceeds Account shall be established under the control of the Collateral Agent such that it will have a perfected security interest
in the account for the benefit of the Trustee, the Holders and the holders of other Parity Lien Obligations. Proceeds of the Collateral Proceeds Account may only be released to the Company or the applicable Guarantor for use as permitted by
paragraphs (3) or (4) of Section 4.09(a). 
 Section 4.10. Restriction on Activities of the Parent Guarantor. The Parent
Guarantor (a) shall not engage in any activities or hold any assets other than (i) the issuance of Capital Stock, (ii) holding 100% of the Capital Stock of the Company and debt securities of the Company that were held by the Parent Guarantor at the
date of the Indenture and (iii) those activities incidental to maintaining its status as a public company, and (b) will not incur any liabilities other than liabilities relating to its 

  
 34 

 
Guarantee of the Notes, its Guarantee of any other debt of the Company, any other Indebtedness it may incur and any other obligations or liabilities incidental to holding 100% of the Capital
Stock of the Company and its liabilities incidental to its status as a public company; provided, however, that for purposes of this covenant only, the term “liabilities” shall not include any liability for the declaration and
payment of dividends on any Capital Stock of the Parent Guarantor; and provided further that if the Parent Guarantor merges with or into the Company, this covenant shall no longer be applicable. 

Section 4.11. SEC Reports and Reports to Holders. (a) Whether or not the Company is then required to file reports with the
SEC, the Company shall file with the SEC all such reports and other information as it would be required to file with the SEC by Section 13(a) or 15(d) under the Exchange Act if it were subject thereto within the time periods specified by the
SEC’s rules and regulations. The Company shall supply the Trustee and each Holder who so requests or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of such reports and other information. The
Company shall be deemed to have complied with this Section 4.11 to the extent that the Parent Guarantor files all reports and other information required to be filed with the SEC by Section 13(a) or 15(d) under the Exchange Act relating to the
Parent Guarantor and its consolidated subsidiaries, including the Company. 
 (b) All obligors on the Notes will comply with Section 314(a)
of the Trust Indenture Act. 
 (c) Delivery of these reports and information to the Trustee is for informational purposes only and the
Trustee’s receipt of them will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.12. Repurchase of Notes Upon a Change of
Control. (a) The Company shall commence, not later than 30 days following a Change of Control Repurchase Event, and consummate an Offer to Purchase all Notes then outstanding at a purchase price equal to 101% of their principal
amount plus accrued interest to the Payment Date; provided, that the Company will not be obligated to make an Offer to Purchase upon the occurrence of a Change of Control Repurchase Event if a third party makes an offer to purchase the Notes
in the manner, at the times and price, and otherwise in compliance with the requirements of the Indenture applicable to an Offer to Purchase for a Change of Control Repurchase Event, and purchases all Notes validly tendered and not withdrawn in such
offer to purchase. 
 (b) Notwithstanding anything to the contrary in this Indenture, an Offer to Purchase made upon the occurrence of a
Change of Control Repurchase Event may be made in advance of a Change of Control, conditional upon such Change of Control Repurchase Event, if a definitive agreement is in place for the Change of Control at the time of making the Offer to Purchase
pursuant to the Change of Control Repurchase Event. 

  
 35 

 Section 4.13. Certificate to Trustee. (a) The Company will furnish to the
Trustee annually, on or before a date not more than 90 days after the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate which certificate shall comply with the requirements of the Trust Indenture Act (but
which need not contain the statements required by Section 12.04) from its principal executive, financial or accounting officer certifying that (i) a review has been conducted of the activities of the Company, its Subsidiaries and the Parent
Guarantor and their respective performance under the Indenture and (ii) the Company and the Parent Guarantor have fulfilled all obligations under the Indenture (such compliance to be determined without regard to any period of grace or requirement of
notice provided under this Indenture) or specifying each such Default or Defaults and the nature and status thereof. 
 (b) The Company will
deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of a Default, an Officers’ Certificate setting forth the details of the Default, and the action which the Company
proposes to take with respect thereto. 
 Section 4.14. No Impairment of Security Interests. Neither the Company nor any of its
Restricted Subsidiaries will be permitted to take any action, or knowingly omit to take any action, which action or omission could reasonably be expected to have the result of materially impairing the security interest with respect to the Notes
Collateral for the benefit of the Trustee and the Noteholders. 
 ARTICLE 5 

CONSOLIDATION, MERGER OR SALE OF ASSETS 

Section 5.01. Consolidation, Merger or Sale of Assets by the Company. (a) Neither the Company nor the Parent Guarantor will
consolidate with, merge with or into, directly or indirectly, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a
series of related transactions) to, any Person, or permit any Person to merge with or into it, unless: 
  

	 	(1)	it shall be the continuing Person, or the Person (if other than it) formed by such consolidation or into which it is merged or that acquired or leased such property and assets (the “Surviving Person”),
shall be a corporation organized and validly existing under the laws of the United States of America or any jurisdiction thereof, and shall expressly assume, by a supplemental indenture or other instrument, executed and delivered to the Trustee, all
of its obligations under the Indenture, the Notes and the Security Documents; 

  

	 	(2)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 

  

	 	(3)	 it delivers to the Trustee an Officers’ Certificate and Opinion of Counsel, in each case stating that such
consolidation, merger or transfer and such 

  
 36 

	 	
supplemental indenture or other instrument complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with.

 (b) The Parent Guarantor may merge with or into the Company pursuant to the provisions described above. In addition,
notwithstanding the foregoing, the Company or the Parent Guarantor may transfer its property or assets to a Guarantor. 
 (c) The Surviving
Person will succeed to, and except in the case of a lease be substituted for, the Company or the Parent Guarantor, as applicable, under the Indenture and the Notes. 

ARTICLE 6 
 DEFAULT
AND REMEDIES 
 Section 6.01. Events of Default. The following are “Events of Default”
with respect to the Notes: 
 (a) the Company defaults in the payment of principal of (or premium, if any, on) any Note when
the same becomes due and payable at maturity, upon acceleration, redemption or otherwise; 
 (b) the Company defaults in the
payment of interest on any Note when the same becomes due and payable, and such default continues for a period of 30 days; 

(c) the Company defaults in the performance of or breaches any other covenant or agreement in the Indenture applicable to the
Notes or under the Notes (other than a default specified in clause (a) or (b) above) and such default or breach continues for a period of 90 consecutive days (or, in the case of a default in the performance of or breach of Section 4.11, such default
or breach continues for a period of 120 consecutive days) after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; 

(d) there occurs with respect to any issue or issues of Indebtedness of the Parent Guarantor, the Company or any Significant
Subsidiary having an outstanding principal amount of $75 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder
thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or (II) the
failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such payment default; 

(e) any final judgment or order (not covered by insurance) for the payment of money in excess of $75 million in the aggregate
for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Parent Guarantor, the Company or any

  
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Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount
for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $75 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be
in effect; 
 (f) a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the
Parent Guarantor, the Company or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Parent Guarantor, the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent Guarantor, the Company or any Significant Subsidiary or (C) the winding-up
or liquidation of the affairs of the Parent Guarantor, the Company or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; 

(g) the Parent Guarantor, the Company or any Significant Subsidiary (A) commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Parent Guarantor, the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent Guarantor, the Company or any Significant
Subsidiary or (C) effects any general assignment for the benefit of creditors; 
 (h) any Guarantor repudiates its
obligations under its Note Guarantee or, except as permitted by the Indenture, any Note Guarantee is determined to be unenforceable or invalid or shall for any reason cease to be in full force and effect; or 

(i) with respect to Notes Collateral having a fair market value of $75 million, the Liens created by the Security Documents
shall at any time not constitute a valid and perfected Lien on such Notes Collateral (to the extent perfection by filing, registration, recordation or possession is required by the Indenture or the Security Documents), or, except for expiration in
accordance with its terms or amendment, modification, waiver, termination or release in accordance with the terms of the Indenture, any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect, if in
either case, such default continues for a period of 30 consecutive days after notice, or the enforceability thereof shall be contested by the Company or any Subsidiary Guarantor. 

Section 6.02. Acceleration. (a) If an Event of Default (other than an Event of Default specified in clause (f) or (g) of Section
6.01 that occurs with respect to the Company) occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee
if such notice is given by the Holders), may declare 

  
 38 

 
the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable, and upon any such declaration of acceleration, such principal of, premium, if any, and
accrued interest shall be immediately due and payable. 
 (b) In the event of a declaration of acceleration because an Event of Default set
forth in clause (d) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (d) of Section
6.01 shall be remedied or cured by the Parent Guarantor, the Company or the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. 

(c) If an Event of Default specified in clause (f) or (g) of Section 6.01 occurs with respect to the Company, the principal of, premium,
if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of at least a majority in principal
amount of the outstanding Notes by written notice to the Company and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of Default, other than the
nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. 
 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may
pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or the
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. 

Section 6.04. Waiver of Past Defaults. Except as otherwise provided in Sections 6.02, 6.07 and 9.02, the Holders of a
majority in principal amount of the outstanding Notes may, by notice to the Trustee, waive all past Defaults and rescind and annul a declaration of acceleration and its consequences. Upon such waiver, the Default will cease to exist, and any
Event of Default arising therefrom will be deemed to have been cured for every purpose under this Indenture, but no such waiver will extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.05. Control by Majority. The Holders of at least a majority in aggregate principal amount of the outstanding Notes may
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or the
Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may take any other action it
deems proper that is not inconsistent with any such direction received from Holders of Notes. 

  
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 Section 6.06. Limitation on Suits. A Holder may not pursue any remedy with
respect to the Indenture or the Notes unless: 
 (1) the Holder gives the Trustee written notice of a continuing Event of
Default; 
 (2) the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the
Trustee to pursue the remedy; 
 (3) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against
any costs, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity; and 
 (5) during such 60-day period, the Holders of a majority in aggregate principal
amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 
 Section 6.07. Rights
of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a Holder of a Note to receive payment of principal of, premium, if any or interest on such Note on or after the Stated Maturity thereof, or to
bring suit for the enforcement of any such payment on or after such respective dates, may not be impaired or affected without the consent of that Holder. 

Section 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal or interest specified in clause
(a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest remaining unpaid, together with interest on overdue
principal and overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and any other amounts due the Trustee hereunder. 
 Section 6.09. Trustee May File
Proofs of Claim. The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company or any Guarantor or their respective creditors or property, and is entitled
and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such 

  
 40 

 
claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, if 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 agent
and counsel, and any other amounts due the Trustee hereunder. Nothing in the Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10. Priorities. If the Trustee collects any money pursuant to this Article (including any proceeds distributed to
it upon the exercise of any remedies under the Security Documents), it shall pay out the money in the following order: 

First: to the Trustee for all amounts due hereunder; 

Second: to Holders for amounts then due and unpaid for principal of and interest on the Notes, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal and interest; and 

Third: to the Company or as a court of competent jurisdiction may direct. 

The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this Section.

 Section 6.11. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce
any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, any
Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, any Guarantors, the Trustee and the Holders will continue as though no
such proceeding had been instituted. 
 Section 6.12. Undertaking for Costs. In any suit for the enforcement of any right
or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and
the court may assess reasonable costs, including reasonable attorneys fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in principal amount of the outstanding Notes. 

Section 6.13. Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders
under this Indenture is intended to be exclusive 

  
 41 

 
of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy. 

Section 6.14. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or
remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 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. 

ARTICLE 7 
 THE
TRUSTEE 
 Section 7.01. General. (a) The duties and responsibilities of the Trustee are as provided by
the Trust Indenture Act and as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article.

 (b) Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in
the Indenture and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in
it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct. 
 Section 7.02. Certain Rights of Trustee. Subject to Trust Indenture Act
Sections 315(a) through (d): 
 (1) In the absence of bad faith on its part, the Trustee may rely, and will be protected in
acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee
pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 

  
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 (2) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel conforming to Section 12.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion. 

(3) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any
agent appointed with due care. 
 (4) The Trustee will be under no obligation to exercise any of the rights or powers vested
in it by the Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction. 
 (5) The Trustee will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under the Indenture. 

(6) The Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel will be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(7) No provision of the Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 

(8) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an
Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company.

 (9) Prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate, Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent,
order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing to do so by the Holders of not less than a majority in 

  
 43 

 
aggregate principal amount of the Notes then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or
liabilities as a condition to proceeding. 
 Section 7.03. Individual Rights of Trustee. The Trustee, in its individual
or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However,
the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6): 

(a) “cash transaction” means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 

(b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods,
wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor
relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
 Section
7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of the Indenture or the Notes, (ii) is not accountable for the Company’s use or application of the proceeds from the
Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication. 
 Section 7.05.
Notice of Default. If any Default occurs and is continuing and is known to the Trustee, the Trustee will send notice of the Default to each Holder within 90 days after it occurs, unless the Default has been cured; provided
that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee
in good faith determines that withholding the notice is in the interest of the Holders. Notice to Holders under this Section will be given in the manner and to the extent provided in Trust Indenture Act Section 313(c). 

Section 7.06. Reports by Trustee to Holders. Within 60 days after each May 15, beginning with May 15, 2017, the Trustee
will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such May 15, if required by Trust 

  
 44 

 
Indenture Act Section 313(a), and file such reports with each stock exchange upon which its Notes are listed and with the Commission as required by Trust Indenture Act Section 313(d). 

Section 7.07. Compensation and Indemnity. (a) The Company will pay the Trustee compensation as agreed upon in writing for
its services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 (b) The
Company will indemnify the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without negligence or bad faith on its part arising out of or in connection with the acceptance or administration of the Indenture
and its duties under the Indenture and the Notes, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or
performance of any of its powers or duties under the Indenture and the Notes. 
 (c) To secure the Company’s payment obligations in
this Section, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Notes. 

Section 7.08. Replacement of Trustee. (a) (1) The Trustee may resign at any time by written notice to the Company. 

(2) The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by written notice to the
Trustee. 
 (3) If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in Trust Indenture
Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(4) The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee is
adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. 

A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section. 
 (b) If the Trustee has been removed by the Holders, Holders of a majority in principal amount of
the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the 

  
 45 

 
office of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(c) Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i) the
retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor
Trustee will have all the rights, powers and duties of the Trustee under the Indenture. Upon request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all
such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the
address of its Corporate Trust Office. 
 (d) Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 (e) The Trustee agrees to give the notices provided
for in, and otherwise comply with, Trust Indenture Act Section 310(b). 
 Section 7.09. Successor Trustee by Merger. If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national
banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in the Indenture. 

Section 7.10. Eligibility. The Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act
Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11. Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it may
agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8. 

Section 7.12. Preferential Collection of Claims Against the Company. The Trustee shall comply with Section 311(a) of the
Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

  
 46 

 ARTICLE 8 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.01. Discharge of Company’s Obligations. (a) Subject to paragraph (b), the Company’s obligations under
the Notes and the Indenture, and each Guarantor’s obligations under its Note Guarantee, will terminate if: 
 (1) all
Notes previously authenticated and delivered (other than (i) destroyed, lost or stolen Notes that have been replaced or (ii) Notes that are paid pursuant to Section 4.01 or (iii) Notes for whose payment money or U.S. Government Obligations have been
held in trust and then repaid to the Company pursuant to Section 8.05) have been delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder; or 

(2) (A) the Notes mature within one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, 
 (B) the Company has deposited with the Trustee, in
trust, money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient without consideration of any reinvestment of such
principal and interest, as certified by the chief financial officer of the Company in a written certification delivered to the Trustee, to pay the principal of, premium, if any, and accrued interest on the Notes (i) on the Stated Maturity of such
payments in accordance with the terms of the Indenture and the Notes or (ii) on any earlier redemption date pursuant to the terms of the Indenture and the Notes; provided that the Company has provided the Trustee with irrevocable instructions
to redeem all of the outstanding Notes on such redemption date, provided, (i) upon any redemption that requires the payment of the Applicable Premium, the amount deposited will be sufficient for purposes of the Indenture to the extent that an
amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the applicable redemption date (the “Applicable Premium Deficit”) only required to be
deposited with the Trustee on or prior to the date of redemption and (ii) any Applicable Premium Deficit will be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit
that confirms that such Applicable Premium Deficit will be applied toward such redemption, 
 (C) no Default has occurred
and is continuing on the date of the deposit, 
 (D) immediately after giving effect to such deposit, on a pro forma basis,
no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default, shall have 

  
 47 

 
occurred and be continuing and such deposit will not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company is a party
or by which it is bound, and 
 (E) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of the Indenture have been complied with. 

(b) After satisfying the conditions in clause (1), only the Company’s obligations under Section 7.07 will survive. After satisfying the
conditions in clause (2), only the Company’s obligations in Article 2 and Sections 4.01, 4.02, 7.07, 7.08, 8.05 and 8.06 will survive. In either case, the Trustee upon request will acknowledge in writing the discharge of the Company’s
obligations under the Notes and the Indenture other than the surviving obligations. 
 Section 8.02. Legal
Defeasance. The Company will be deemed to have paid and will be discharged from its obligations in respect of the Notes and the Indenture, other than its obligations in Article 2 and Sections 4.01, 4.02, 7.07, 7.08, 8.05 and 8.06,
and each Guarantor’s obligations under its Note Guarantee will terminate, provided the following conditions have been satisfied: 

(A) The Company has deposited with the Trustee, in trust, money and/or U.S. Government Obligations that through the payment of
interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient without consideration of any reinvestment of such principal and interest, as certified by the chief financial officer of the Company
in a written certification delivered to the Trustee, to pay the principal of, premium, if any, and accrued interest on the Notes (i) on the Stated Maturity of such payments in accordance with the terms of the Indenture and the Notes or (ii) on any
earlier redemption date pursuant to the terms of the Indenture and the Notes; provided that the Company has provided the Trustee with irrevocable instructions to redeem all of the outstanding Notes on such redemption date, provided,
(i) upon any redemption that requires the payment of the Applicable Premium, the amount deposited will be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated
as of the date of the notice of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption and (ii) any Applicable Premium Deficit will be set forth in an Officer’s
Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit will be applied toward such redemption. 

(B) The Company has delivered to the Trustee 

  
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 (1) either (x) an Opinion of Counsel to the effect that the beneficial owners of
Notes will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amounts and in the same manner and at the same times as would otherwise have been the
case which must be based upon (and accompanied by a copy of) a ruling of the Internal Revenue Service to the same effect unless there has been a change in applicable federal income tax law after the Issue Date such that a ruling is no longer
required or (y) a ruling directed to the Trustee received from the Internal Revenue Service to the same effect as the Opinion of Counsel described in clause (x), and 

(2) an Opinion of Counsel to the effect that the creation of the defeasance trust does not violate the Investment Company Act
of 1940. 
 (C) Immediately after giving effect to such deposit on a pro forma basis, no Event of Default or event that after
the giving of notice or lapse of time or both would become an Event of Default other than may arise from making such deposit. 

(D) If the Notes are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel
to the effect that the deposit and defeasance will not cause the Notes to be delisted. 
 (E) The Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have been complied with. 

The Trustee upon request will acknowledge in writing the discharge of the Company’s obligations under the Notes and the Indenture except
for the surviving obligations specified above. 
 Section 8.03. Covenant Defeasance. The Company’s obligations set
forth in Section 4.06 through Section 4.11 and Section 4.12, and clauses (c), (d), (e), (h) and (i) of Section 6.01 shall be deemed not to be Events of Default, provided the following conditions have been satisfied: 

(1) The Company has complied with clauses (A), (B)(2), (C), (D) and (E) of Section 8.02; and 

(2) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of Notes will not
recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amounts and in the same manner and at the same times as would otherwise have been the case. 

In the event the Company exercises its option under Section 8.03 and the Notes are declared due and payable because of an occurrence of an
Event of Default, and the 

  
 49 

 
amount of money and/or U.S. Government Obligations on deposit with the Trustee is sufficient to pay amounts due on the Notes at the Stated Maturity but is not sufficient to pay amounts due on the
Notes at the time of the acceleration resulting from such Event of Default, the Company will remain liable for such payments and any Note Guarantees with respect to such payments will remain in effect. 

Except as specifically stated above, none of the Company’s obligations under the Indenture will be discharged. 

Section 8.04. Application of Trust Money. Subject to Section 8.05, the Trustee will hold in trust the money or U.S.
Government Obligations deposited with it pursuant to Section 8.01, 8.02 or 8.03, and apply the deposited money and the proceeds from deposited U.S. Government Obligations to the payment of principal of and interest on the Notes in accordance with
the Notes and the Indenture. Such money and U.S. Government Obligations need not be segregated from other funds except to the extent required by law. 

Section 8.05. Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and 8.03, the Trustee will promptly pay to the
Company upon request any excess money held by the Trustee at any time and thereupon be relieved from all liability with respect to such money. The Trustee will pay to the Company upon request any money held for payment with respect to the Notes
that remains unclaimed for two years. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another Person, and all liability of the Trustee with respect to
such money will cease. 
 Section 8.06. Reinstatement. If and for so long as the Trustee is unable to apply any money or
U.S. Government Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under the Indenture and the Notes will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest on any Notes because of the reinstatement
of its obligations, it will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held in trust. 

ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01. Amendments Without Consent of Holders. (a) The Company and the Trustee may amend or supplement the Indenture,
the Notes or the Security Documents without notice to or the consent of any Noteholder 
 (1) to cure any ambiguity, defect
or inconsistency in the Indenture or the Notes, provided that such amendments shall not adversely affect the interests of Holders in any material respect; 

  
 50 

 (2) to comply with Article 5; 

(3) to comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust
Indenture Act or in order to maintain such qualification; 
 (4) to evidence and provide for the acceptance of an appointment
hereunder by a successor Trustee; 
 (5) to provide for the issuance of Additional Notes; 

(6) make any change that, in the good faith opinion of the board of directors of the Company, does not materially and adversely
affect the rights of any Holder under the Indenture or the Security Documents; 
 (7) to conform any provision to the
“Description of Notes” in the prospectus pursuant to which the Initial Notes were offered; or 
 (8) to provide for
any Guarantee of the Notes, to secure the Notes or any Guarantee of the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by
the Indenture. 
 (b) The Security Documents may be amended without any Holder’s consent to add additional secured creditors holding
other Parity Lien Obligations or Junior Lien Obligations so long as such Obligations (and the Liens securing them) are not prohibited by the Indenture. 

Section 9.02. Amendments with Consent of Holders. (a) Except as otherwise provided in Sections 6.02, 6.04 and 6.07 or
paragraph (b), the Company and the Trustee may modify, amend or waive the Indenture, the Notes or the Security Documents with the written consent of the Holders of not less than a majority in principal amount of the outstanding Notes. 

(b) Notwithstanding the provisions of paragraph (a), without the consent of each Holder affected, an amendment or waiver may not 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note, 

(2) reduce the principal amount of, or premium, if any, or interest on, any Note, 

(3) change the optional redemption dates or optional redemption prices of the Notes from that stated in Section 3.01, 

(4) change the place or currency of payment of principal of, or premium, if any, or interest on, any Note, 

  
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 (5) impair the right to institute suit for the enforcement of any payment on or
after the Stated Maturity (or, in the case of a redemption, on or after the redemption date) of any Note, 
 (6) waive a
default in the payment of principal of, premium, if any, or interest on the Notes, 
 (7) modify any of the provisions of
this Section 9.02 requiring the consent of a requisite number of Holders, except to increase any percentage requiring consent or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder
of each outstanding Note, 
 (8) release any Guarantor from its Note Guarantee, except as provided in the Indenture, 

(9) amend, change or modify the obligation of the Company to make and consummate an Offer to Purchase under Section 4.12 after
a Change of Control Repurchase Event has occurred, including, in each case, amending, changing or modifying any definition relating thereto, 

(10) reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for
waiver of compliance with provisions of the Indenture or for waiver of defaults, 
 (11) modify or change any provision
of the Indenture affecting the ranking of the Notes or any Note Guarantee in a manner adverse to any Holder, or 

(12) make any change in the provisions of the Security Documents dealing with the application of the proceeds of Notes
Collateral from the Lien under the Indenture and the Security Documents with respect to the Notes that would adversely affect the Holders. 

(c) Without the consent of the Holders of at least two-thirds in aggregate principal amount of the Notes then outstanding, no amendment or
waiver may release from the Lien of the Indenture and the Security Documents all or substantially all of the Notes Collateral. 
 (d) It is
not necessary for Noteholders to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 

(e) An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the Holders
of the requisite percentage in principal amount of the outstanding Notes. After an amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders affected thereby a notice briefly describing the
amendment, supplement or waiver. The Company will send supplemental indentures to Holders upon request. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of
any such supplemental indenture or waiver. 

  
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 Section 9.03. Effect of Consent. (a) After an amendment, supplement or waiver
becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement
or waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 

(b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee so that
the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter
authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion. 

Section 9.04. Trustee’s Rights and Obligations. The Trustee is entitled to receive, and will be fully protected in
relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article is authorized or permitted by the Indenture. If the Trustee has received such an Opinion of Counsel, it shall
sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects the Trustee’s own rights,
duties or immunities under the Indenture. 
 Section 9.05. Conformity with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 ARTICLE 10 

GUARANTEES 

Section 10.01. The Guarantees. Subject to the provisions of this Article, each Guarantor hereby irrevocably and
unconditionally guarantees, jointly and severally, on a senior basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an Offer to Purchase or acceleration, or otherwise) of the principal of, premium,
if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under the Indenture. Upon failure by the Company to pay punctually any such amount, each
Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in the Indenture. 
 Section 10.02.
Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by 

  
 53 

 (1) any extension, renewal, settlement, compromise, waiver or release in respect
of any obligation of the Company under the Indenture or any Note, by operation of law or otherwise; 
 (2) any modification
or amendment of or supplement to the Indenture or any Note; 
 (3) any change in the corporate existence, structure or
ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Note;

 (4) the existence of any claim, set-off or other rights which each Guarantor may
have at any time against the Company, the Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or
compulsory counterclaim; 
 (5) any invalidity or unenforceability relating to or against the Company for any reason of the
Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under the Indenture; or 

(6) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

Section 10.03. Discharge; Reinstatement. Each Guarantor’s obligations hereunder will remain in full force and effect
until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or
any other amount payable by the Company under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with
respect to such payment will be reinstated as though such payment had been due but not made at such time. 
 Section 10.04. Waiver by the
Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company
or any other Person. 
 Section 10.05. Subrogation and Contribution. Upon making any payment with respect to any
obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect 

  
 54 

 
to such obligation, provided that such Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any
other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid. 

Section 10.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under the
Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of the Indenture are nonetheless payable by the Guarantors hereunder forthwith on
demand by the Trustee or the Holders. 
 Section 10.07. Limitation on Amount of Guarantee. Notwithstanding anything to
the contrary in this Article, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor
under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision
of state law. 
 Section 10.08. Execution and Delivery of Guarantee. The execution by each Guarantor of this Indenture,
and the execution by each future Subsidiary Guarantor of a supplemental indenture in the form of Exhibit B hereto, evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of such Guarantor still holds
that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 

Section 10.09. Release of Guarantee. The Note Guarantee of a Subsidiary Guarantor will terminate upon 

(1) the release or discharge (other than a discharge through payment thereon) of the Indebtedness of such Subsidiary that
resulted in the obligation to Guarantee the Notes (except that this shall not apply to AK Tube LLC and AK Steel Properties, Inc., which shall only be released pursuant to this Section 10.09 if such Guarantor has no outstanding Indebtedness other
than Indebtedness under Section 4.07(a)(1), (2), (3) or (5) or permitted under Section 4.07(b)); 
 (2) the disposition
of capital stock in compliance with this Indenture of such Subsidiary such that it is no longer a Subsidiary, 
 (3) upon
defeasance or satisfaction and discharge of the Notes, as provided in Article 8, 
 (4) if the Guarantee was not required by
the terms of the Indenture, at any time; provided that after giving effect to such release, the Company would be in compliance with Section 4.07. 

  
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 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the foregoing effect, the Trustee will execute any documents reasonably required in order to evidence the release of such Guarantor from its obligations under its Note Guarantee. 

ARTICLE 11 

SECURITY ARRANGEMENTS 

Section 11.01. Collateral Agent. (a) The Notes Collateral will be pledged pursuant to the Security Documents
to the Collateral Agent, on behalf of the holders of the Notes and all holders of future Parity Lien Obligations. Each Holder, by its acceptance of any Notes and the Note Guarantees, consents and agrees to the terms of the Security 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 Collateral Agent and the Trustee, as applicable, to become party to and perform their respective obligations and exercise
their respective rights under the Security Documents in accordance therewith, to bind the Holders on the terms set forth in the Security Documents (including, for the avoidance of doubt, the provisions of the Collateral Trust Agreement relating to
the ranking of Transaction Liens and the order of application of proceeds from the enforcement of Transaction Liens), and to execute any and all documents, amendments, waivers, consents, releases or other instruments required or authorized to be
executed by it pursuant to the terms thereof. 
 (b) Subject in all respects to the terms of the Collateral Trust Agreement and the other
Security Documents, the Collateral Agent will hold (directly or through co-trustees or agents), and will be entitled to enforce on behalf of the Holders of Notes and the holders of all other Parity Lien Obligations, all Liens on the Notes
Collateral. Subject in all respects to the terms of the Collateral Trust Agreement and the other Security Documents, all Secured Obligations (other than any permitted Junior Lien Obligations) will be and are secured on a pari passu basis by all
Liens on the Notes Collateral, for the benefit of the Secured Parties, at any time granted by any grantor to the Security Documents to secure any Secured Obligations whether or not upon property otherwise constituting collateral to such Secured
Obligations. 
 (c) The Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or
appropriate. 
 (d) In acting as Collateral Agent or Co-Collateral Agent, the Collateral Agent and each Co-Collateral Agent may rely upon
and enforce each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article 7 hereof. 
 (e) At all
times when the Trustee is not itself the Collateral Agent, the Company will deliver to the Trustee copies of all Security Documents delivered to the Collateral Agent and copies of all documents delivered to the Collateral Agent pursuant to this
Indenture and the Security Documents. 
 (f) The Collateral Agent may resign or may be removed in accordance with the provisions set forth
in the Collateral Trust Agreement. 
 (g) This Section 11.01 and the provisions of each Security Document are subject to the terms,
conditions and benefits set forth in the Collateral Trust Agreement. 

  
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 Section 11.02. Security. (a) In order to secure the Obligations of the Company
under this Indenture and the Notes, the Company and the Collateral Agent have entered into simultaneously with the execution of this Indenture each Security Document referred to in the last sentence of the definition thereof, in each case together
with evidence (which shall be delivered by the Company to the Trustee) that all other documents and instruments, including Uniform Commercial Code financing statements and all other actions required by law or the terms of the Security Documents to
be filed, registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by the Security Documents, shall have been filed, registered or recorded or delivered to the
Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document. In the case of all real property, as to which a Mortgage is delivered, the Company shall
also deliver (the following, collectively, “Mortgage Deliverables”) (i) a policy or policies of lender’s title insurance in an amount equal to the lesser of (x) the fair market value of the real property subject to the Mortgage
and (y) the aggregate principal amount of the Notes and any Parity Lien Obligations, proportionally allocated to the real property subject to the Mortgage (which amount of title insurance the Company shall increase, if applicable, upon the issuance
of any Additional Notes or Parity Lien Obligations but in no event shall the Company be required to increase such amount in excess of the fair market value of such property), as is customarily determined for transactions of a similar nature, paid
for by the Company, issued by a nationally recognized title insurance company, insuring the Lien of each Mortgage as a valid first Lien on the mortgaged property described therein, free of any other Liens except Liens permitted by the terms of this
Indenture and the applicable Security Documents, together with coinsurance, reinsurance and such endorsements to such policy or policies as are customary, (ii) a survey of the property subject to any such Mortgage (such surveys, collectively, the
“Surveys”) certified to the Company, Collateral Agent and the title company, meeting minimum standard detail requirements for ALTA/ACSM Land Title Surveys by a land surveyor duly registered and licensed in the state in which such
real property is located, (iii) an Opinion of Counsel of the type specified in Section 11.02(b) with respect to any such Mortgage, (iv) evidence of insurance required to be maintained pursuant to the Mortgages and this Indenture, and (v) flood
hazard determination certificates and, if required, notices to the record owner of any improvements in a special flood hazard area, together with evidence of acceptable flood insurance coverage. With respect to any Mortgaged Premises (as defined in
the Collateral Trust Agreement) that, as of the Issue Date, is covered by a Mortgage (as defined in the 2012 Indenture) (“Existing Mortgage”), an endorsement to the existing title insurance policy delivered pursuant to Section 11.02
of the 2012 Indenture may be delivered in lieu of a new title insurance policy. Notwithstanding the foregoing, if the Company is unable to provide a Mortgage on any real property required to be so mortgaged hereunder or any applicable Mortgage
Deliverables on the Issue Date (the foregoing, collectively, the “Issue Date Mortgage Deliverables”), the Company need not provide such Issue Date Mortgage Deliverables on such date, but shall use commercially reasonable efforts to
do so as promptly as practicable and in any event within 180 days from such date. 

  
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 (b) From and after the Issue Date, if (1) any real property, plant or equipment (other than
Excluded Property) is acquired by the Company or a Subsidiary Guarantor that is not automatically subject to a perfected security interest under the Security Documents, (2) any real property, plant or equipment which was Excluded Property ceases to
be Excluded Property, or (3) any Subsidiary becomes a Subsidiary Guarantor, then the Company or such Subsidiary Guarantor will, as soon as reasonably practical after such property’s acquisition or it no longer being Excluded Property or such
Subsidiary becoming a Guarantor, provide security over such property (or, in the case of a new Subsidiary Guarantor, provide security over all of its assets constituting Notes Collateral except Excluded Property) in favor of the Collateral Agent and
deliver any required supplement to the Security Agreement and any required Mortgages necessary to grant security interests in such property, and, in the case of real property, as to which a Mortgage is required to be delivered, Mortgage
Deliverables. Notwithstanding anything herein contained to the contrary, (i) in the case of the Issue Date Mortgage Deliverables, the real property secured by Mortgages and the amount of title insurance issued shall be the same as was so secured and
issued in connection with that certain Indenture dated as of November 20, 2012 (the “2012 Indenture”) among AK Steel Company, as Issuer, AK Steel Holding Company, U.S. Bank National Association, as Trustee and U.S. Bank National
Association, as Collateral Agent) and (ii) the Company shall be required to deliver a title insurance policy with respect to any real property acquired after the Issue Date only to the extent that the aggregate insured amount of all title insurance
then in effect is less than the then outstanding aggregate principal amount of the obligations then secured by the Mortgages so long as the Company certifies that (1) to its reasonable belief, the existing fair market value of collateral
insured by title insurance equals or exceeds the aggregate principal amount of the Notes then outstanding and (2) the aggregate amount of title insurance then in effect (i.e., exclusive of policies for real property no longer owned by the Company or
a Subsidiaries) equals or exceeds the aggregate principal amount of bonds then outstanding, provided further that as to this subsection (2), to the extent that the parties hereto reasonably determine that the cost of acquiring title insurance is not
proportionate to the benefit of such insurance (i.e. the value of the real property at issue significantly exceeds any shortfall between the then outstanding aggregate title insurance amount and the principal amount of the then outstanding bonds or
the title premium would be excessive relative to the benefits of such increased insurance), such new title insurance amounts shall not be required. Any security interest provided pursuant to this Section 11.02(b) that requires execution of new
Security Documents by a new Guarantor or of a new Mortgage shall be accompanied by such Opinions of Counsel as to the enforceability of such Security Documents and the validity and perfection of the Liens on such property as is customarily given by
counsel in the relevant jurisdiction, in form and substance customary for such jurisdiction and with customary qualifications and exceptions. 

(c) The Company and the Guarantors shall comply with all covenants and agreements contained in the Security Documents. 

(d) Each Holder, by accepting a Note, agrees to all of the terms and provisions of the Security Documents, as the same may be amended from
time to time pursuant to the provisions of this Indenture and the Security Documents. 

  
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 (e) The Company and each Guarantor shall execute any and all further documents, financing
statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, modifications to or amendments and restatements of Mortgages and other documents and recordings
of Liens in stock registries), to the extent required under the Security Documents, to ensure that the Liens of the Security Documents on the Notes Collateral remain perfected with the priority set forth by the Security Documents, all at the
reasonable expense of the Company and Guarantors and provide to the Collateral Agent and the Trustee, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent and the Trustee as to the perfection and
priority of the Liens created or intended to be created by the Security Documents. 
 (f) Upon request of the Collateral Agent at any time
after an Event of Default has occurred and is continuing, the Company will, and will cause the Subsidiary Guarantors to, (i) permit the Collateral Agent or any advisor, auditor, consultant, attorney or representative acting for the Collateral Agent,
upon reasonable notice to the Company and during normal business hours, to visit and inspect any of the property of the Company and the Subsidiary Guarantors, to review, make extracts from and copy the books and records of the Company and the
Subsidiary Guarantors relating to any such property, and to discuss any matter pertaining to any such property with the officers and employees of the Company and the Subsidiary Guarantors, and (ii) deliver to the Collateral Agent such reports,
including valuations, relating to any such property or any Lien thereon as the Collateral Agent may reasonably request. 
 (g) The Company
will bear and pay all reasonable, documented, out-of-pocket legal expenses, collateral audit and valuation costs, filing fees, insurance premiums and other reasonable costs associated with the performance of the obligations of the Company and the
Subsidiary Guarantors of the Company set forth in this Section 11.02 and also will pay, or promptly reimburse the Trustee and Collateral Agent for, all reasonable, documented, out-of-pocket costs and expenses incurred by the Trustee or Collateral
Agent in connection therewith, including all reasonable, documented, out-of-pocket fees and charges of any advisors, auditors, consultants, representatives or any one law firm (except to the extent local counsel may be reasonably required due to the
jurisdiction in which any part of the Notes Collateral is located) acting for the Trustee or for the Collateral Agent. 
 (h)
Notwithstanding the foregoing, the Company and any Subsidiary Guarantor shall not be required to provide Mortgages on real property (including improvements thereon) with a greater of book and fair market value of less than $10.0 million and
vehicles. 
 Section 11.03. Authorization of Actions to be Taken. (a) The Collateral Agent and the Trustee are authorized
and empowered to become party to the Security Documents and to receive on behalf of the Holders, any funds collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make further distributions of
such funds to the Holders of Notes according to the provisions of this Indenture. 
 (b) Subject to the Collateral Trust Agreement and
Article 7, unless inconsistent with applicable law or the other Security Documents, the Collateral Agent is authorized and empowered if an Event of Default has occurred and is continuing to institute and maintain such suits and proceedings as are
necessary to protect or enforce the Liens on the Notes Collateral or the other rights under the Security Documents to which the Collateral Agent is a party. 

  
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 Section 11.04. Determinations Relating to Notes Collateral. Except for any
consent, approval or action by the Collateral Agent in the ordinary course of the performance of the Collateral Agent’s duties under this Indenture or the Security Documents, in the event (i) the Collateral Agent shall receive any written
request from the Company, a Guarantor or the Trustee under any Security Document for consent or approval with respect to any matter or thing relating to any Notes Collateral or the Company’s or such Guarantor’s obligations with respect
thereto, (ii) there shall be due to or from the Trustee or the Collateral Agent under the provisions of any Security Document any material performance or the delivery of any material instrument or (iii) the Collateral Agent shall become aware of any
nonperformance by the Company or a Guarantor of any covenant or any breach of any representation or warranty of the Company or such Guarantor set forth in any Security Document, then, in each such event, the Collateral Agent shall be entitled to
hire experts, consultants, agents and attorneys to advise the Collateral Agent on the manner in which the Collateral Agent should respond to such request or render any requested performance or respond to such nonperformance or breach. The Collateral
Agent shall be fully protected in the taking of any action recommended or approved by any such expert, consultant, agent or attorney or agreed to by the Holders of a majority in principal amount of the outstanding Notes. 

Section 11.05. Release of Liens. (a) The Liens on the Notes Collateral securing the Notes and the Note Guarantees will be
automatically released: 
 (i) upon payment in full of principal, interest and all other Obligations on the Notes or
satisfaction and discharge of this Indenture or defeasance (including covenant defeasance of the Notes); 
 (ii) [reserved];

 (iii) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Subsidiary
Guarantor); 
 (iv) in connection with any disposition of Notes Collateral to any Person other than the Company or any
Subsidiary Guarantor (but excluding any transaction subject to Article 5 where the recipient becomes an obligor) that is permitted by this Indenture (with respect to the Lien on such Notes Collateral); 

(iv) in whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with the
provisions of Article 9; and 
 (v) with respect to any portion of the Notes Collateral, if such portion becomes Excluded
Property. 

  
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 Each of the releases described in clauses (i), (iii) and (iv) shall be effected by the Collateral
Agent without the consent of the Holders or any action on the part of the Trustee. Upon compliance by the Company with the conditions precedent required by this Indenture, the Trustee or the Collateral Agent shall promptly cause the applicable
Notes Collateral to be released and re-conveyed to the Company.
 The Trustee and the Collateral Agent will, promptly upon the request of
the Company, do all reasonable things, presently or in the future, to effect and evidence the release of the security interests and liens upon the satisfaction of the conditions for such release described herein. 

(b) At the request of the Company or the applicable Subsidiary Guarantor, as the case may be: 

(1) if any part of the Notes Collateral is subject to any Lien permitted under Section 4.06 that is senior to the Liens
securing the Notes Collateral as a matter of law, the Collateral Agent will be authorized to execute any document evidencing such subordination; and 

(2) if any part of the Notes Collateral is secured by a Lien of the type described in Section 4.06(a)(5), and the terms of the
Lien prohibit the existence of a junior Lien on the applicable property, the Collateral Agent will be authorized to release the Lien on such Notes Collateral and execute any document evidencing such release; provided, that immediately upon
the ineffectiveness, lapse or termination of any such restriction, the Company or the applicable Guarantor, as the case may be, will take all necessary actions in order to secure the Notes Collateral subject to such permitted Lien in the same manner
upon which it was secured prior to the imposition of such permitted Lien. 
 (c) Upon delivery to the Collateral Agent of an Officer’s
Certificate requesting execution of an instrument confirming the release of the Liens pursuant to Section 11.05(a), accompanied by: 

(1) an Opinion of Counsel confirming that such release is permitted by Section 11.05(a); 

(2) all instruments requested by the Company to effectuate or confirm such release; and 

(3) such other certificates and documents as the Collateral Agent may reasonably request to confirm the matters set forth in
Section 11.05(a), 
 the Collateral Agent is hereby authorized to, and shall, if such instruments and confirmation are reasonably satisfactory to the
Collateral Agent, promptly execute and deliver such instruments. 
 (d) All instruments effectuating or confirming any release of any Liens
will have the effect solely of releasing such Liens as to the Notes Collateral described therein, on customary terms and without any recourse, representation, warranty or liability whatsoever. 

  
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 (e) The Company will bear and pay all reasonable costs and expenses associated with any release
or subordination of Liens pursuant to this Section 11.04, including all reasonable fees and disbursements of any attorneys or representatives acting for the Trustee or for the Collateral Agent. 

(f) Any release of Notes Collateral in accordance with the provisions of this Indenture and the Security Documents will not be deemed to
impair the security under this Indenture, and any engineer or appraiser may rely on this Section 11.05(f) in delivering a certificate requesting release so long as all other provisions of this Indenture and the Trust Indenture Act with respect to
such release have been complied with. 
 (g) At any time when a Default or Event of Default has occurred and is continuing and the maturity
of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee (if not then the Collateral Agent) has delivered a notice of acceleration to the Collateral Agent, no release of Notes Collateral pursuant to the provisions of
this Indenture or the Security Documents will be effective as against the Holders. 
 Section 11.06. Filing, Recording and
Opinions. (a) The Company will comply with Section 314(d) of the Trust Indenture Act, relating to the release of property and to the substitution therefor of any property to be pledged as collateral for the Notes. Any
certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an officer of the Company except in cases where Section 314(d) requires that such certificate or opinion be made by an independent engineer, appraiser or
other expert. Notwithstanding anything to the contrary herein, the Company and the Subsidiary Guarantors will not be required to comply with all or any portion of Section 314(d) of the Trust Indenture Act if they determine, in good faith based on
advice of outside counsel, that under the terms of that section and/or any interpretation or guidance as to the meaning thereof of the Commission and its staff, including “no action” letters or exemptive orders, all or any portion of
Section 314(d) of the Trust Indenture Act is inapplicable to the released Notes Collateral. 
 (b) If any Notes Collateral is released in
accordance with this Indenture or any Security Document at a time when the Trustee is not itself also the Collateral Agent and if the Company has delivered the certificates and documents required by the Security Documents and Section 11.05, the
Trustee will determine whether it has received all documentation required by Section 314(d) of the Trust Indenture Act in connection with such release and, based on such determination and the Opinion of Counsel delivered pursuant to Section 11.05,
will, upon request, deliver a certificate to the Collateral Agent setting forth such determination. 
 (c) The Company will deliver to the
Trustee within 120 days after the end of each fiscal year, the Opinion of Counsel required pursuant to Section 314(b)(2) of the Trust Indenture Act. 

  
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 Section 11.07. Purchaser Protected. In no event shall any purchaser in good
faith of any property purported to be released hereunder be bound to ascertain the authority of the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for
the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this Article 11 to be sold be under any
obligation to ascertain or inquire into the authority of the Company or the applicable Guarantor to make any such sale or other transfer. 

Section 11.08. Powers Exercisable by Receiver or Trustee. In case the Notes Collateral shall be in the possession of a
receiver or trustee, lawfully appointed pursuant to the terms of this Indenture and the Collateral Trust Agreement and the other Security Documents, the powers conferred in this Article 11 upon the Company or a Guarantor with respect to the release,
sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Guarantor or of any officer or
officers thereof required by the provisions of this Article 11; and if the Trustee shall be in the possession of the Notes Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee. 

ARTICLE 12 

MISCELLANEOUS 

Section 12.01. Trust Indenture Act of 1939. The Indenture shall incorporate and be governed by the provisions of the Trust
Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 
 Section 12.02.
Noteholder Communications; Noteholder Actions. (a) The rights of Holders to communicate with other Holders with respect to the Indenture or the Notes are as provided by the Trust Indenture Act, and the Company and the Trustee
shall comply with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to
the Trust Indenture Act. 
 (b) (1) Any request, demand, authorization, direction, notice, consent to amendment,
supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the
instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. 

(2) The Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the Holders.

  
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 (c) Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note
that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before
the date the amendment or waiver or other consequence of the act becomes effective. 
 (d) The Company may, but is not obligated to, fix a
record date (which need not be within the time limits otherwise prescribed by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that
during the continuance of an Event of Default, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed,
those Persons that were Holders at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for
more than 90 days after the record date. 
 Section 12.03. Notices. (a) Any notice or communication to the Company will
be deemed given if in writing (i) when delivered in person or (ii) five days after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or communications to a Guarantor will
be deemed given if given to the Company. Any notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows: 

if to the Company: 

AK Steel Corporation 

9227 Centre Pointe Drive 

West Chester, OH 45069 

Telecopy: (513) 425-5580 

Attention: General Counsel 

if to the Parent Guarantor: 

AK Steel Holding Corporation 

9227 Centre Pointe Drive 

West Chester, OH 45069 

Telecopy: (513) 425-5580 

Attention: General Counsel 

  
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 with a copy to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 

New York, NY 10153 

Attention: Todd Chandler, Esq. 

if to the Trustee: 

U.S. Bank National Association 

425 Walnut Street 

CN-OH-06CT 

Cincinnati, OH 45202 

Telecopy: (513) 632-5511 

Attention: Corporate Trust/Vice President 

if to the Collateral Agent: 

U.S. Bank National Association 

425 Walnut Street 

CN-OH-06CT 

Cincinnati, OH 45202 

Telecopy: (513) 632-5511 

Attention: Corporate Trust/Vice President 

The Company, the Parent Guarantor, the Trustee or the Collateral Agent by notice to the other may designate additional or different addresses for subsequent
notices or communications. 
 (b) Except as otherwise expressly provided with respect to published notices, any notice or communication to a
Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee and DTC. Copies
of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other
Holders. 
 (c) Where the Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance
upon such waivers. 
 Section 12.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application
by the Company to the Trustee to take any action under the Indenture, the Company will furnish to the Trustee: 
 (1) an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel stating that all such conditions precedent have been complied with. 

  
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 Section 12.05. Statements Required in Certificate or Opinion. Each certificate
or opinion with respect to compliance with a condition or covenant provided for in the Indenture must include: 
 (1) a
statement that each person signing the certificate or opinion has read the covenant or condition and the related definitions; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion
contained in the certificate or opinion is based; 
 (3) a statement that, in the opinion of each such person, that person
has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with,
provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 

Section 12.06. Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of,
premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the
next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period. 
 Section
12.07. Governing Law. The Indenture, including any Note Guarantees, and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law. 

Section 12.08. No Adverse Interpretation of Other Agreements. The Indenture may not be used to interpret another indenture
or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret the Indenture. 

Section 12.09. Successors. All agreements of the Company or any Guarantor in the Indenture and the Notes will bind its
successors. All agreements of the Trustee in the Indenture will bind its successor. 

  
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 Section 12.10. Duplicate Originals. The parties may sign any number of copies
of the Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 12.11.
Separability. In case any provision in the Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

 Section 12.12. Table of Contents and Headings. The Table of Contents, Cross-Reference Table and headings of the
Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and in no way modify or restrict any of the terms and provisions of the Indenture. 

Section 12.13. No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders. No director,
officer, employee, incorporator, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or such Guarantor under the Notes, any Note Guarantee or the Indenture or for any claim based
on, in respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
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 SIGNATURES 

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

 

			
	 AK Steel Corporation
 as the
Company

		
	By:	 	 /s/ Joseph C. Alter

		 	Name: Joseph C. Alter
		 	Title:   Corporate Secretary
	
	 AK Steel Holding Corporation
 as
Parent Guarantor

		
	By:	 	 /s/ Joseph C. Alter

		 	Name: Joseph C. Alter
		 	Title:   Corporate Secretary
	
	 AK Tube LLC
 as Subsidiary
Guarantor

		
	By:	 	 /s/ Joseph C. Alter

		 	Name: Joseph C. Alter
		 	Title:   Assistant Secretary
	
	 AK Steel Properties, Inc.
 as
Subsidiary Guarantor

		
	By:	 	 /s/ Joseph C. Alter

		 	Name: Joseph C. Alter
		 	Title:   President
	
	 U.S. Bank National Association
 as
Trustee

		
	By:	 	 /s/ William E. Sicking

		 	Name: William E. Sicking
		 	Title:   Vice President & Trust Officer

  
 68 

 
			
	 U.S. Bank National Association
 as
Collateral Agent

		
	By:	 	 /s/ William E. Sicking

		 	Name: William E. Sicking
		 	Title:   Vice President & Trust Officer

  
 69 

 EXHIBIT A 

[FACE OF NOTE] 
 AK Steel
Corporation 
 7.50% Senior Secured Note Due 2023

CUSIP                      

			
		
	No.	  	$                    

 AK Steel Corporation, a Delaware corporation (the “Company”, which term includes any
successor under the Indenture hereinafter referred to), for value received, promises to pay to                     , or its registered assigns, the
principal sum of              DOLLARS ($        ) or such other amount as indicated on the Schedule of Exchange of Notes attached hereto on July 15,
2023. 
 Initial Interest Rate: 7.50% per annum. 

Interest Payment Dates: January 15 and July 15, commencing January 15, 2017. 

Regular Record Dates: January 1 and July 1. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same
effect as if set forth at this place. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its
duly authorized officers. 
  

							
	Date:	 		 	AK Steel Corporation
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2 

 (Form of Trustee’s Certificate of Authentication) 

This is one of the 7.50% Senior Secured Notes Due 2023 described in the Indenture referred to in this Note. 

 

			
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [REVERSE SIDE OF NOTE] 

AK Steel Corporation 
 7.50% Senior Secured Note
Due 2023
  

	1.	Principal and Interest. 

 The Company promises to pay the principal of this Note on July
15, 2023. 
 The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the
face of this Note, at the rate of 7.50% per annum. 
 Interest will be payable semiannually (to the holders of record of the Notes at the
close of business on the January 1 or July 1 immediately preceding the interest payment date) on each interest payment date, commencing January 15, 2017. 

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing default
in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from the Issue Date. Interest will be computed in the
basis of a 360-day year of twelve 30-day months. 
 The Company will pay interest on overdue
principal, premium, if any, and interest, in each case at a rate per annum of 7.50%. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special
record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and
to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid. 
  

	2.	Indentures; Note Guarantee. 

 This is one of the Notes issued under an Indenture dated as
of June 20, 2016 (as amended from time to time, the “Indenture”), among the Company, the Guarantors, U.S. Bank National Association, as Trustee and U.S. Bank National Association, as Collateral Agent. Capitalized terms used herein
are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the
terms of the Indenture will control. 
 The Notes are senior secured obligations of the Company. The Indenture limits the original
aggregate principal amount of the Notes to $380,000,000, but Additional 

  
 A-1 

 Notes may be issued pursuant to the Indenture, and the originally issued Notes and all such Additional Notes vote
together for all purposes as a single class. This Note is guaranteed as set forth in the Indenture. 
  

	3.	Redemption and Repurchase; Discharge Prior to Redemption or Maturity. 

 This Note is
subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this Note. 

If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if
any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain provisions of the Indenture.

  

	4.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form
without coupons in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register
the transfer of or exchange any Note or certain portions of a Note. 
  

	5.	Defaults and Remedies. 

 If an Event of Default, as defined in the Indenture, occurs and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the Notes
automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject
to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 
  

	6.	Amendment and Waiver. 

 Subject to certain exceptions, the Indenture and the Notes may be
amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or
the Notes to, among other things, cure any ambiguity, defect or inconsistency if such amendment or supplement does not adversely affect the interests of the Holders in any material respect. 

  
 A-2 

	7.	Authentication. 

 This Note is not valid until the Trustee (or Authenticating Agent)
signs the certificate of authentication on the other side of this Note. 
  

	8.	Governing Law. 

 This Note shall be governed by, and construed in accordance with, the
laws of the State of New York without regard to principles of conflicts of law. 
  

	9.	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 right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act). 

The Company will furnish a copy of the Indenture to any Holder upon written request and without charge. 

  
 A-3 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

 

	
	 Insert Taxpayer Identification No.

	
	  

	  

	Please print or typewrite name and address including zip code of assignee
	
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	  

 attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

 

									
	 Date:
	 	  
	 		 	  

		 		 		 	 Seller
	 	
					
		 		 		 	 By
	 	  

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever. 

  
 A-4 

			
	Signature Guarantee:1	 	  

  

					
	By	 	  
	 	
	 To be executed by an executive officer

  

	1 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  
 A-5 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have all of this Note purchased by the Company pursuant to Section 4.09 or Section 4.12 of the Indenture, check the box:  ̈ 
 If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.09
or Section 4.12 of the Indenture, state the amount (in original principal amount) below: 

$                    . 

Date:                     

Your
Signature:                                       
                      
 (Sign exactly as your
name appears on the other side of this Note) 
 Signature
Guarantee:1                              
                               

 

	1 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES 

The initial principal amount of this Global Note is $380,000,000. The following increases or decreases in the principal amount of this Global Note have been
made: 
  

									
	 Date of

Exchange
	  	Amount of
decrease
in principal
amount
of this Global
Note	  	Amount of
increase
in principal
amount
of this Global
Note	  	Principal
amount of
this Global
Note
following such
decrease (or
increase)	  	Signature of
authorized
officer of
Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-7 

 EXHIBIT B 

SUPPLEMENTAL INDENTURE 

dated as of             ,          

among 
 AK STEEL CORPORATION, 

[The Guarantor(s) Party Hereto] 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent 
  

 
 7.50% 

Senior Secured Notes due 2023 

  
 B-1 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
            ,         , among AK Steel Corporation, a Delaware corporation (the “Company”), [insert each Guarantor executing this
Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”), U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as collateral agent (the
“Collateral Agent”). 
 RECITALS 

WHEREAS, the Company, the Guarantors party thereto, the Trustee and the Collateral Agent entered into the Indenture, dated as of June 20, 2016
(the “Indenture”), relating to the Company’s 7.50% Senior Secured Notes due 2023 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances a Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Subsidiary shall unconditionally Guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be
bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 
 Section 3. This
Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. 

Section 4. Neither the Company nor the Undersigned shall be required to make a notation on the Note to reflect the Note Guarantee or any
release, termination or discharge thereof. 
 Section 5. This Supplemental Indenture may be signed in various counterparts which
together will constitute one and the same instrument. 
 Section 6. This Supplemental Indenture is an amendment supplemental to the
Indenture and the Indenture and this Supplemental Indenture will henceforth be read together. 

  
 B-2 

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

			
	AK Steel Corporation, as the Company
		
	By:	 	  

		 	Name:
		 	Title:
	
	[GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. Bank National Association, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

DTC LEGEND 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

[TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.]  

  
 C-1EX-10.1

 Exhibit 10.1 
  

 
 SECURITY AGREEMENT 

dated as of 
 June 20, 2016

 among 
 AK STEEL CORPORATION,

 the other Grantors party hereto 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Collateral Agent 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
		
	 Section 1. Defined Terms
	  	 	3	  
	 Section 2. Pledge and Grant of Security Interest
	  	 	9	  
	 Section 3. Security for Obligations
	  	 	10	  
	 Section 4. Maintaining the Collateral Proceeds Account
	  	 	10	  
	 Section 5. As to Equipment
	  	 	11	  
	 Section 6. Representations and Warranties
	  	 	11	  
	 Section 7. Further Assurances
	  	 	13	  
	 Section 8. Covenants
	  	 	14	  
	 Section 9. Authority to Administer Collateral
	  	 	15	  
	 Section 10. No Assumption of Duties; Reasonable Care
	  	 	16	  
	 Section 11. Indemnity
	  	 	16	  
	 Section 12. Remedies Upon Event of Default
	  	 	17	  
	 Section 13. Expenses
	  	 	19	  
	 Section 14. Security Interest Absolute
	  	 	19	  
	 Section 15. Continuing Security Interest; Termination
	  	 	20	  
	 Section 16. Additional Grantors
	  	 	20	  
	 Section 17. Successors and Assigns
	  	 	20	  
	 Section 18. Miscellaneous Provisions
	  	 	20	  

  

			
	Schedules	  	
		
	Schedule I	  	Equipment Locations
		
	Exhibits	  	
		
	Exhibit A	  	Form of Security Agreement Supplement
	Exhibit B	  	Perfection Certificate

 This SECURITY AGREEMENT (this “Security Agreement”) is made and entered into as
of June 20, 2016 by AK Steel Corporation, a Delaware corporation (with its successors, the “Company”), AK Steel Properties, Inc., a Delaware corporation (“AK Properties”), and AK Tube LLC, a Delaware limited
liability company (“AK Tube”) (each of the Company, AK Properties and AK Tube, a “Grantor” and, collectively with any other Person that becomes a Grantor hereunder from time to time pursuant to Section 16, the
“Grantors”), in favor of U.S. Bank National Association, as collateral agent under the Collateral Trust Agreement (as defined below) (in such capacity, including any successor thereto, the “Collateral Agent”), for
the benefit of the Secured Parties described therein. 
 WITNESSETH 

WHEREAS, the Grantors are parties to (i) the Indenture dated as of November 20, 2012 (as amended, supplemented or otherwise modified
from time to time, including all schedules thereto, the “2012 Indenture”) pursuant to which the Company issued a series of 8.750% senior secured notes due 2018 (the “2012 Notes”) and (ii) the Security Agreement
dated as of November 20, 2012 (as amended, supplemented or otherwise modified from time to time, including all schedules thereto, the “2012 Security Agreement”); 

WHEREAS, the Company will have paid (or deposited with the trustee under the 2012 Indenture) all of its obligations in respect of the 2012
Notes and the 2012 Indenture on the date hereof; 
 WHEREAS, the Company has entered into the Senior Secured Note Indenture pursuant to
which the Company will issue its 7.50% Senior Secured Notes due 2023 (the “Senior Secured Notes”); 
 WHEREAS, the Company
is willing to secure (i) its obligations under the Senior Secured Notes and the Senior Secured Note Indenture and (ii) certain other obligations, by granting Liens on certain of its assets to the Collateral Agent as provided in the
Security Documents; 
 WHEREAS, AK Steel Holding Corporation, a Delaware corporation (“AK Holding”), AK Properties and AK
Tube are willing to guarantee the foregoing obligations of the Company pursuant to the Senior Secured Note Guaranties and, in the case of AK Properties and AK Tube, are willing to secure their respective obligations, by granting Liens on certain of
their respective assets to the Collateral Agent as provided in the Security Documents; 
 WHEREAS, the Company, AK Holding, AK Properties
and AK Tube will derive substantial direct and indirect benefit from the transactions contemplated by the Senior Secured Note Indenture; 

 WHEREAS, the Senior Noteholders are not willing to purchase the Senior Secured Notes, unless the
foregoing obligations of the Company, AK Properties and AK Tube are secured and the foregoing obligations of the Company are guaranteed, in each case, as described above; 

WHEREAS, the Company, AK Holding, AK Properties, AK Tube, the Senior Indenture Trustee and the Collateral Agent are parties to that certain
Collateral Trust Agreement dated as of November 20, 2012 (as supplemented by that certain Supplement to Collateral Trust Agreement dated as of April 29, 2014, that certain Collateral Trust Joinder dated as of the date hereof, and as it may
be further amended, modified, supplemented, restated or replaced from time to time, the “Collateral Trust Agreement”), pursuant to which the Collateral Agent has been appointed by the Senior Indenture Trustee on behalf of the Senior
Noteholders, and the Collateral Agent has agreed, to hold and administer the Liens granted pursuant to the Security Documents for the ratable benefit of all of the Secured Parties on a pari passu basis; 

WHEREAS, the Grantors want to be able from time to time, as contemplated by the Collateral Trust Agreement, to cause other obligations
of the Company and the Grantors to be secured hereunder on a pari passu basis; and 
 WHEREAS, upon any foreclosure or other
enforcement of the Security Documents, the net proceeds of the relevant Collateral are to be received by or paid over to the Collateral Agent and applied as provided in the Collateral Trust Agreement; 

WHEREAS, the Company has established an interest bearing deposit account (the “Collateral Proceeds Account”) with U.S. Bank
National Association, at its office at 425 Walnut Street, Cincinnati, Ohio 45202, Account No. 201343001, in the name of “Collateral Proceeds Account”; 

WHEREAS, subject to the terms of the Collateral Trust Agreement, pursuant to the Senior Secured Note Indenture, the Company and certain other
Grantors are required to deposit into the Collateral Proceeds Account amounts constituting (1) cash proceeds from any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or other dispositions) of Collateral
(as defined herein) having an aggregate fair market value as determined under the Senior Secured Note Indenture of more than $5,000,000, (2) any cash proceeds in excess of $5,000,000 of any Collateral taken by eminent domain, expropriation or
other similar governmental taking and (3) cash proceeds in excess of $5,000,000 of insurance upon any part of the Collateral (collectively, the “Cash Proceeds”); and 

  
 2 

 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined
Terms. 
 (a) Terms defined in Collateral Trust Agreement. As used herein, each of the following terms shall have the
meaning specified in the Collateral Trust Agreement. 
  

	
	Term
	
	ABL Collateral
	ABL Facility
	Additional Authorized Representative
	Additional Secured Debt Documents
	Additional Secured Debt Facility
	Authorized Representative
	Bankruptcy Proceeding
	Class
	Governmental Authority
	Lien
	Non-Contingent Secured Obligation
	Notice of Actionable Default
	Permitted Investments
	Person
	Refinance
	Secured Debt Agreement
	Secured Debt Documents
	Secured Parties
	Senior Noteholders
	Senior Secured Note Documents
	Senior Secured Note Guaranties
	Senior Secured Note Secured Parties
	Transaction Liens

 (b) Terms Defined in the UCC. Unless otherwise defined herein or in the Collateral Trust
Agreement, terms used in the UCC (as defined below) are used in this Security Agreement as such terms are defined in the UCC. 
 (c)
Additional Terms. The following terms used herein have the meanings set forth below: 
 “2012 Indenture” has the
meaning assigned to such term in the recitals. 

  
 3 

 “2012 Notes” has the meaning assigned to such term in the recitals. 

“2012 Security Agreement” has the meaning assigned to such term in the recitals. 

“Actionable Default” means the occurrence of any of the following: 

(a) an “Event of Default” under and as defined in the Senior Secured Note Indenture; or 

(b) any event or condition which, under the terms of any Additional Secured Debt Facility (other than the Senior Secured Note Indenture),
causes, or permits (after giving effect to any applicable grace periods) holders of the Additional Secured Obligations with respect to such Additional Secured Debt Facility to cause, such Additional Secured Obligations to become immediately due and
payable; 
 provided that, upon delivery of a Notice of Actionable Default, the Collateral Agent may assume that an Actionable Default shall be
deemed to be continuing until the Notice of Actionable Default delivered with respect thereto shall have been withdrawn in a written notice delivered to the Collateral Agent by the Senior Indenture Trustee or the relevant Additional Authorized
Representative, as applicable, prior to the first date on which the Collateral Agent commences the exercise of any remedy with respect to the Collateral following the receipt of such Notice of Actionable Default. 

“Additional Secured Obligations” means all obligations of any of the Grantors from time to time arising under or in respect
of the due and punctual payment of (i) the principal of and premium, if any, and interest (including any Post-Petition Interest) on the indebtedness for borrowed money outstanding under each Additional Secured Debt Facility (including the
Senior Secured Notes), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Bankruptcy Proceeding with respect to any Grantor, regardless of whether allowed or allowable in such proceeding), of the Grantors
under the Additional Secured Debt Documents owing to the Additional Secured Parties (in their capacity as such). For the avoidance of doubt, the Senior Secured Note Obligations shall constitute Additional Secured Obligations. 

“AK Holding” has the meaning assigned to such term in the recitals. 

“AK Properties” has the meaning assigned to such term in the preamble. 

  
 4 

 “AK Tube” has the meaning assigned to such term in the preamble. 

“Cash Proceeds” has the meaning assigned to such term in the recitals. 

“Collateral” has the meaning assigned to such term in Section 2. 

“Collateral Agent” has the meaning assigned to such term in the preamble. 

“Collateral Proceeds Account” has the meaning assigned to such term in the recitals. 

“Collateral Proceeds Account Control Agreement” has the meaning assigned to such term in Section 4(a). 

“Collateral Trust Agreement” has the meaning assigned to such term in the recitals. 

“Closing Date” means the Issue Date (as defined in the Senior Secured Note Indenture), which date is June 20, 2016. 

“Company” has the meaning assigned to such term in the preamble. 

“Control” has the meaning specified in UCC Section 8-106, 9-104, 9-105 or 9-106, as may be applicable to the relevant
Collateral. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, and binding orders,
decrees, judgments, injunctions or agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the pollution and the protection of the environment, preservation or reclamation of natural resources, the
release or threatened release of any Hazardous Material or to health and safety matters (with respect to exposure to any Hazardous Materials). 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of AK Holding, the Company or any Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

  
 5 

 “Excluded Property” means: 

(i) all of the Grantors’ right, title and interest in any leasehold interest in any real property of any Grantor (whether owned on the
Closing Date or acquired following the Closing Date); 
 (ii) any lease, permit, license, contract, property rights or agreement to which
any Grantor is a party or any of its rights or interests thereunder, or any assets owned by any Grantor subject to any such lease, permit, license, contract, property rights or agreement, if and for so long as the grant of such security interest
shall constitute or result in (a) the abandonment, invalidation or unenforceability of any right, title or interest of such Grantor therein or (b) in a breach or termination pursuant to the terms of, or a default under, any such lease,
permit, license, contract, property rights or agreement that is not rendered unenforceable or otherwise deemed ineffective by the UCC or any other applicable law; 

(iii) fixed or capital assets owned by any Grantor that are subject to a Lien described in clause (5) of Section 4.06(a) of the
Senior Secured Note Indenture if the contractual obligation pursuant to which such Lien is granted (or in the document providing for such capital lease) prohibits the creation of any other Lien on such fixed or capital assets; and 

(iv) any property or assets, the pledge of which would require governmental consent, approval, license or authorization (in each case, only to
the extent such requirement is not rendered ineffective by any applicable law, including the UCC); 
 provided, however, that
Excluded Property shall not include any proceeds, substitutions or replacements of any Excluded Property referred to in clauses (i) through (iv) that constitute Collateral (unless such proceeds, substitutions or replacements would
themselves constitute Excluded Property referred to in clauses (i) through (iv)). 
 “Federal Book Entry
Regulations” means the federal regulations contained in Subpart B governing book-entry securities consisting of U.S. Treasury bills, notes and bonds and Subpart D of 31 C.F.R. Part 357, 31 C.F.R. § 357.2, § 357.10 through §
357.14 and § 357.41 through § 357.44.  
 “Grantor” and “Grantors” have the meanings
assigned to such terms in the preamble. 
 “Hazardous Materials” means all explosive or radioactive substances or
any substance, material or wastes defined or regulated by any applicable Environmental Law as “hazardous,” “toxic,” a “pollutant,” a “contaminant,” or words of similar meaning and effect, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas and infectious or medical wastes. 

  
 6 

 “Mortgage” means a mortgage, deed of trust, assignment of leases and
rents or other security document in form and substance reasonably satisfactory to the Collateral Agent (taking into account all relevant circumstances, including customary industry practice for mining financings to the extent applicable) in each
case creating a Lien (to the extent feasible) on real property and improvements thereto in favor of the Collateral Agent (or a sub-agent appointed pursuant to the Collateral Trust Agreement) for the benefit of the Secured Parties and with such
changes in the form thereof as the Collateral Agent shall reasonably request for the purpose of conforming to local practice for similar instruments in the jurisdiction where such real property is located. 

“Opinion of Counsel” means a written opinion of legal counsel (who may be counsel to the Company or other counsel
addressed and delivered to the Collateral Agent.  
 “Perfection Certificate” means, with respect to any
Grantor, a certificate substantially in the form of Exhibit B, completed and supplemented with schedules, if any, contemplated thereby and signed by an officer of such Grantor.  

“Permitted Liens” means (i) the Transaction Liens and (ii) any other Liens on the Collateral permitted to be
created or assumed or to exist pursuant to each of (A) Section 4.06 of the Senior Secured Note Indenture and (B) any other Secured Debt Agreement. 

“Post-Petition Interest” means any interest and fees that accrue after the commencement of any case, proceeding or
other action relating to the bankruptcy, insolvency or reorganization of any one or more of the Pledgors (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a
claim in any such proceeding. 
 “Proceeds” means all proceeds of, and all other profits, products, rents or
receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of the relevant Grantor against third parties for loss of,
damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect to any Collateral. 

“Security Agreement” has the meaning assigned to such term in the preamble. 

  
 7 

 “Security Agreement Supplement” means a Security Agreement Supplement,
substantially in the form of Exhibit A, signed and delivered to the Collateral Agent for the purpose of adding AK Holding or a Subsidiary as a party hereto pursuant to Section 16 and/or adding additional property to the Collateral. 

“Secured Obligations” means (a) subject to Section 2(b) of the Collateral Trust Agreement, the Additional
Secured Obligations (including the Senior Secured Note Obligations), and (b) all amounts (including Post-Petition Interest) now or hereafter payable by the Company or any of its Subsidiaries arising under the Security Documents to the
Collateral Agent. For the avoidance of doubt, if the Transaction Liens securing any Class of Secured Obligations are released pursuant to Section 7(a)(ii) of the Collateral Trust Agreement, such obligations shall cease to be Secured
Obligations. 
 “Senior Indenture Trustee” means U.S. Bank National Association, as trustee under the Senior
Secured Note Indenture, together with its successors and assigns from time to time. 
 “Senior Secured Note
Indenture” means the Indenture dated as of June 20, 2016 among the Company, AK Holding, AK Properties, AK Tube, the other guarantors party thereto, U.S. Bank National Association, as indenture trustee, and the Collateral Agent, as the
same may be amended, supplemented, modified or Refinanced from time to time. 
 “Senior Secured Note Obligations”
means all obligations of any of the Grantors from time to time arising under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and interest (including any Post-Petition Interest) on the Senior Secured
Notes and any other series of notes outstanding under the Senior Secured Note Indenture, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations,
including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Bankruptcy Proceeding with respect to any Grantor, regardless of
whether allowed or allowable in such proceeding), of the Grantors under the Senior Secured Note Documents owing to the Senior Secured Note Secured Parties (in their capacity as such). 

“Senior Secured Notes” has the meaning assigned to such term in the recitals. 

“Subsidiary” means with respect to any specified Person, any corporation of which at least a majority of the outstanding
stock having by the terms thereof ordinary voting power for the election of directors of such corporation 

  
 8 

 
(irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is, or
other entity of which at least a majority of the common equity interests are, at the time directly or indirectly owned by that Person, or by one or more other Subsidiaries of that Person, or by that Person and one or more other Subsidiaries of that
Person. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company. 
 “UCC” means the
Uniform Commercial Code as in effect in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the Transaction Lien in any Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect in such other jurisdictions for purposes of the provisions hereof relating to such perfection or
effect of perfection or non-perfection. 
 “United States” or “U.S.” means the United States of America.

 (d) Rules of Construction. The rules of construction specified in Section 1(b) of the Collateral Trust Agreement also
apply to this Security Agreement. 
 Section 2. Pledge and Grant of Security Interest. 

(a) In order to secure the Secured Obligations, each Grantor hereby pledges to the Collateral Agent for the benefit of the Secured
Parties, and hereby grants to the Collateral Agent for the benefit of the Secured Parties, a continuing security interest in and to all of such Grantor’s right, title and interest in and to all of the following, whether now owned or hereafter
acquired by such Grantor, wherever located and whether now or hereafter existing or arising (hereinafter collectively referred to as the “Collateral”):  

(i) all Equipment; 

(ii) such Grantor’s interest in (x) the Collateral Proceeds Account; (y) all cash monies, investment
property, instruments and financial assets held in the Collateral Proceeds Account; and (z) all Cash Proceeds, whether or not held in the Collateral Proceeds Account; and 

(iii) all books and records (including computer materials and records) of such Grantor pertaining to any of its
Collateral); and 
 (iv) all Proceeds of the Collateral described in the foregoing clauses (i) through (iii);

  
 9 

 provided that notwithstanding the foregoing or anything herein to the contrary, in no event shall the
Collateral include, or the Transaction Lien attach to, any Excluded Property; provided, however, the security interests and Liens granted hereunder shall attach to, and the “Collateral” shall automatically include any asset or
property of a Grantor that ceases to be Excluded Property and would otherwise constitute Collateral hereunder, without further action by any Grantor or Secured Party. It is understood and agreed that the Collateral will not include any ABL
Collateral. 
 (b) The Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other
Secured Party to, or transfer or in any way affect or modify, any obligation of any Grantor with respect to any of the Collateral or any transaction in connection therewith. 

Section 3. Security for Obligations. This Security Agreement and the grant of a security interest in the Collateral
hereunder secures the prompt and complete payment and performance by each Grantor of such Grantor’s Secured Obligations.  

Section 4. Maintaining the Collateral Proceeds Account. Subject to the terms of the Collateral Trust Agreement, so
long as any Secured Obligation shall remain outstanding:  
 (a) Prior to or concurrently with the execution and delivery
hereof, the Collateral Agent shall establish the Collateral Proceeds Account on its books as a separate account segregated from all other custodial or collateral accounts at its office at its office at 425 Walnut Street, Cincinnati, Ohio 45202. The
Company and the Collateral Agent will maintain the Collateral Proceeds Account as a deposit account with U.S. Bank National Association. The Collateral Proceeds Account will be subject to that certain blocked account control agreement dated as of
June 20, 2016 among the Company, the Collateral Agent and U.S. Bank, as depositary bank (as amended, restated, supplemented, modified or replaced from time to time, the “Collateral Proceeds Account Control Agreement”).

 (b) Except as otherwise provided in the Senior Secured Debt Documents and subject to the terms of the Collateral Trust
Agreement, no amount shall be paid or released to or for the account of, or withdrawn by or for the account of, any Grantor or any other Person from the Collateral Proceeds Account.  

(c) Subject to the Collateral Trust Agreement and to the other terms and conditions of this Security Agreement, all Cash Proceeds and
Proceeds thereof held by the Collateral Agent pursuant to this Security Agreement shall be held in the Collateral Proceeds Account subject to the exclusive dominion and Control of the Collateral Agent and exclusively for the ratable benefit of the
Secured Parties and, to the extent required by applicable law to ensure perfection of the Transaction Lien, segregated from all other funds or other property otherwise held by the Collateral Agent. 

  
 10 

 (d) All Cash Proceeds required to be delivered to the Collateral Agent pursuant to the
Secured Debt Documents, including this Security Agreement, shall be deposited in the Collateral Proceeds Account but shall be subject to release by the Collateral Agent in accordance with the terms of the Secured Debt Documents and the Collateral
Trust Agreement. 
 (e) Any interest received by the Collateral Agent with respect to the balance from time to time standing to the
credit of the Collateral Proceeds Account shall remain, or be deposited, in the Collateral Proceeds Account. All right, title and interest in and to the cash amounts on deposit from time to time in the Collateral Proceeds Account shall vest in the
Collateral Agent, shall constitute part of the Collateral hereunder and shall not constitute payment of the Secured Obligations unless and until applied thereto as hereinafter provided. 

Section 5. As to Equipment. 

(a) Each Grantor will pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon,
and all claims (including, without limitation, claims for labor, materials and supplies) against its Equipment if and to the extent that payment thereof is required by the terms of the Secured Debt Documents. 

Section 6. Representations and Warranties. Each Grantor hereby represents and warrants that: 

(a) Such Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction identified as its
jurisdiction in its Perfection Certificate.  
 (b) Such Grantor’s exact legal name, chief executive office, type of
organization, jurisdiction of organization and organizational identification number as of the Closing Date is set forth in its Perfection Certificate. Within the twelve months preceding the Closing Date, such Grantor has not changed its name, chief
executive office, type of organization, jurisdiction of organization or organizational identification number from those set forth in its Perfection Certificate hereto except as indicated in its Perfection Certificate.  

(c) The execution and delivery by each Grantor of, and the performance by such Grantor of its obligations under, this Security
Agreement will not (i) contravene (A) any provision of applicable law, (B) the certificate of  

  
 11 

 
incorporation or by-laws (or other organizational documents in the case of any non-corporate Grantor) of any Grantor, (C) any agreement or other instrument binding upon any Grantor or any of
its subsidiaries or (D) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any of its subsidiaries, except, in the cases of (C) and (D), for contraventions that would not have a
material adverse effect on the Company and its Subsidiaries taken as a whole or the Transaction Liens or (ii) result in the creation or imposition of any Lien on any assets of any Grantor, except for the Transaction Liens granted under this
Security Agreement. 
 (d) No consent, approval, authorization, order of, action by notice to, filing or qualification with, any
Governmental Authority, regulatory body, agency or other Person is required for (i) the execution, delivery or performance by any Grantor of its obligations under this Security Agreement, (ii) the grant by any Grantor of the Transaction
Liens, (iii) the perfection or maintenance of the Transaction Liens (including the first priority nature of such Transaction Lien) or (iv) the exercise by the Collateral Agent of its voting or other rights provided for in this Security
Agreement or the remedies in respect of the Collateral pursuant to this Security Agreement, except (x) as may be required in connection with the disposition of any portion of the Collateral by laws affecting the offering and sale of securities
generally, (y) the filings of UCC-1 financing statements and Mortgages in the applicable filing offices and recording offices for each Grantor and (z) those for which the failure to obtain, take, provide notice to or filing or
qualification with would not have a material adverse effect on the Company and its Subsidiaries taken as a whole or the Transaction Liens. 

(e) Each Grantor is the beneficial owner of the Collateral pledged by it hereunder, free and clear of any Lien (except for any
Permitted Liens). 
 (f) Such Grantor has not performed any acts that might prevent the Collateral Agent from enforcing any of the
provisions of the Security Documents or that would limit the Collateral Agent in any such enforcement. No financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or any part of such Collateral
is on file in any public or recording office, other than any financing statements filed from time to time pursuant to this Security Agreement and the other Secured Debt Documents or are otherwise permitted under the Secured Debt Documents. After the
Closing Date, no Collateral owned by such Grantor will be in the Control of any other Person having a claim thereto or a security interest therein, other than a Permitted Lien. 

(g) This Security Agreement has been duly authorized, validly executed and delivered by each Grantor and constitutes a valid and
binding agreement of such Grantor, enforceable against such Grantor in accordance with its terms, except as (i) the enforceability hereof may be limited by bankruptcy, insolvency 

  
 12 

 
or similar laws now or hereafter in effect relating to or affecting creditors’ rights or remedies generally (regardless of whether considered in an action at law or in equity) and
(ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
 (h) Assuming
compliance by the Collateral Agent with its agreements hereunder and when UCC financing statements have been filed in the filing offices specified in the Perfection Certificate, the pledge and grant by each Grantor of a Transaction Lien in the
Collateral pursuant to this Security Agreement for the ratable benefit of the Secured Parties will constitute a valid and perfected security interest in such Collateral, securing the payment of the Secured Obligations of such Grantor, enforceable as
such against all creditors of such Grantor (and any persons purporting to purchase any of the Collateral from such Grantor), subject to no other Liens other than Permitted Liens. 

(i) Such Grantor’s Collateral is insured as required by the Senior Secured Note Indenture and any other Secured Debt Agreements.
 
 (j) Such Grantor has delivered a Perfection Certificate to the Collateral Agent. With respect to each Pledgor, the
information set forth therein is correct and complete as of the Closing Date. 
 (k) Set forth on Schedule I are all locations
where the Company maintains any of the Collateral consisting of equipment (other than an immaterial amount of such equipment) as of the Closing Date other than any such Collateral in transit or out for repair. 

Section 7. Further Assurances. (a) Each Grantor agrees that subject to the Collateral Trust Agreement from time
to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or required by applicable law, in order to perfect and protect the Transaction Lien
granted or purported to be granted hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder and under any Security Document with respect to any Collateral after the occurrence and during the continuance of
an Event of Default. Without limiting the generality of the foregoing, each Grantor will: (i) execute, file and record such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary
or required by applicable law or as the Collateral Agent may reasonably request, in order to perfect and preserve the Transaction Liens granted or purported to be granted hereby; and (ii) deliver to the Collateral Agent evidence that all other
action that the Collateral Agent may reasonably deem necessary in order to perfect and protect the security interest created by Grantor under this Security Agreement has been taken.  

  
 13 

 (b) Each Grantor hereby authorizes the Collateral Agent (or any Authorized Representative)
to file and record one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral without the signature of such Grantor where permitted by law. A photocopy or other reproduction of this
Security Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. Notwithstanding anything to the contrary contained herein, the Collateral Agent shall have
no responsibility for the preparing, recording, filing, re-recording, or re-filing of any financing statement, continuation statement or other instrument in any public office.  

(c) The Company will promptly pay all reasonable costs incurred in connection with any of the foregoing within 30 days of receipt of a
detailed invoice therefor. Each Grantor also agrees, to take all actions that from time to time may be necessary, or that the Collateral Agent may reasonably request, to perfect or continue the perfection of, the Collateral Agent’s Transaction
Liens in and to the Collateral, including the filing of all necessary financing and continuation statements, and to protect the Collateral against the rights, claims or interests of third persons (other than any such rights, claims or interests
created by or arising through the Collateral Agent or such rights, claims or interest permitted under the Secured Debt Documents.  

(d) Such Grantor will not (i) change its name or organizational form or structure, (ii) change its location (determined as
provided in UCC Section 9-307) or (iii) become bound, as provided in UCC Section 9-203(d) or otherwise, by a security agreement entered into by another Person, unless it shall, within 30 days of doing so gives the Collateral Agent
notice thereof and deliver any documents reasonably requested by the Collateral Agent in connection with maintaining the Transaction Liens on the Collateral of such Grantor.  

(e) The Company shall furnish to the Senior Indenture Trustee and the Collateral Agent, on or within one month of November 20 of
each year, commencing on November 20, 2016, an Opinion of Counsel either stating that in the opinion of such counsel such action has been taken with respect to the recording, filing, re-recording and refilling of the Senior Secured Notes
Documents as is necessary to maintain the Transaction Liens and the Senior Secured Notes Documents, or stating that in the opinion of such counsel, no action is necessary to maintain such Liens. 

Section 8. Covenants. Each Grantor covenants and agrees with the Collateral Agent for the benefit of the Secured
Parties that, from and after the date of this Security Agreement until the payment in full in cash of all Obligations due and owing under the Senior Secured Note Indenture, the Senior Secured Notes and the other Secured Debt Documents, it will not:
 
 (a) sell or otherwise dispose of, and will not purport to sell or otherwise dispose of, or grant any option or warrant
with respect to, any of the Collateral or its beneficial interest therein, except for any disposition permitted by the Secured Debt Agreements;  

  
 14 

 (b) create or permit to exist any Lien or other adverse interest in or with respect to its
beneficial interest in any of the Collateral (except for any Permitted Liens); or 
 (c) enter into any agreement or
understanding that restricts or inhibits or purports to restrict or inhibit the Collateral Agent’s rights or remedies hereunder or any other Security Document, including, without limitation, the Collateral Agent’s right to sell or
otherwise dispose of the Collateral.  
 Section 9. Authority to Administer Collateral. Each Grantor
irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Grantor, any Secured Party or otherwise, for the sole use and benefit of the Collateral Agent for the benefit of the Secured
Parties, but at the Company’s expense, to the extent permitted by law to exercise, at any time and from time to time while an Actionable Default shall have occurred and be continuing, all or any of the following powers with respect to all or
any of such Grantor’s Collateral, subject to the Collateral Trust Agreement:  
 (a) to demand, sue for, collect, receive
and give acquittance for any and all monies due or to become due upon or by virtue thereof,  
 (b) to obtain and adjust
insurance required to be maintained by such Grantor pursuant to the Senior Secured Note Indenture (or any other Secured Debt Agreement), 

(c) to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, 

(d) to sell, lease, license or otherwise dispose of the same or the proceeds or avails thereof, as fully and effectually as if the
Collateral Agent were the absolute owner thereof, and  
 (e) to extend the time of payment of any or all thereof and to make
any allowance or other adjustment with reference thereto;  
 provided that, except in the case of Personal Property Collateral that is
perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Collateral Agent or its designee will give the relevant Grantor at least ten days’ prior written notice of the time and place of
any public  

  
 15 

 
sale thereof or the time after which any private sale or other intended disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC
Section 9-613, (ii) be Authenticated and (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c); provided that, if the Collateral Agent fails to comply with this sentence in any respect, its
liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 

Section 10. No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Collateral Agent
hereunder are solely to preserve and protect the Transaction Liens of the Secured Parties in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose, any duties on the Collateral Agent in connection therewith other
than those expressly provided herein or imposed under applicable law. Beyond the exercise of reasonable care in the custody and preservation thereof, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the
possession or control of any sub-agent or bailee selected by it in good faith or any income therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. Except as provided by applicable law or by the
Secured Debt Documents, the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the
Collateral Agent accords similar property held by the Collateral Agent for its own account, it being understood that the Collateral Agent in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with
respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against
any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. The Collateral Agent shall not be responsible for the sufficiency of the Collateral or this Security Agreement and
shall be entitled to all the rights, benefits, privileges and immunities accorded to the Collateral Agent under the Collateral Trust Agreement.  

Section 11. Indemnity. Without limitation of its indemnification under the Senior Secured Note Indenture and any other
Secured Debt Document, each Grantor, jointly and severally, shall indemnify, hold harmless and defend the Collateral Agent and its directors, officers, agents and employees (each an “Indemnitee”), from and against, and shall pay on
demand any and all claims, actions, obligations, losses, liabilities and expenses, including reasonable defense costs, reasonable investigative fees and costs, and reasonable legal fees, costs, damages and expenses of any kind arising from the
Collateral Agent’s performance as Collateral Agent under this Security Agreement or out of, or in connection with, any and all Environmental Liabilities, except to the extent that 

  
 16 

 
such claim, action, obligation, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such indemnified person’s
gross negligence or willful misconduct. This indemnification shall survive the termination of this Security Agreement. Without limiting the generality of the foregoing, each Grantor waives all rights for contribution and all other rights of recovery
with respect to liabilities, losses, damages, cost and expenses arising under or related to Environmental Laws that it might have by statute or otherwise against any Indemnitee. 

Section 12. Remedies Upon Event of Default. (a) Subject to the terms of the Collateral Trust Agreement, if an
Actionable Default shall have occurred and be continuing, the Collateral Agent may exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or so such sub-agents) under the Security Documents. 

(b) Without limiting the generality of the foregoing, subject to the terms of the Collateral Trust Agreement, if an Actionable Default
shall have occurred and be continuing, the Collateral Agent may exercise on behalf of the Secured Parties all the rights of a secured party under the UCC (whether or not in effect in the jurisdiction where such rights are exercised) with respect to
any Personal Property Collateral and, in addition, the Collateral Agent may, without being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, sell or otherwise dispose of the Collateral or
any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such
price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. To the maximum extent permitted by applicable law, any Secured
Party may be the purchaser of any or all of the Collateral at any such sale and (with the consent of the Collateral Agent, which may be withheld in its discretion) shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply all of any part of the Secured Obligations as a credit on account of the purchase price of any Collateral payable at such sale. Upon any sale of
Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or
purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid to the Collateral Agent or such officer or be answerable in any way for the misapplication
thereof. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption,

  
 17 

 
stay or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not be obliged to make any
sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned. To the maximum extent permitted by law, each Grantor hereby waives any claim against any Secured Party arising because the price at which any Collateral may have been sold at such a private sale
was less than the price that might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. The Collateral Agent may disclaim any warranty, as to
title or as to any other matter, in connection with such sale or other disposition, and its doing so shall not be considered adversely to affect the commercial reasonableness of such sale or other disposition. 

(c) If the Collateral Agent sells any of the Collateral upon credit, the Grantors will be credited only with payment actually made by
the purchaser, received by the Collateral Agent and applied in accordance with this Section 12. In the event the purchaser fails to pay for the Collateral, the Collateral Agent may resell the same, subject to the same rights and duties set
forth herein.  
 (d) Notice of any such sale or other disposition shall be given to the relevant Grantor(s) as (and if)
required by Section 9.  
 (e) If an Actionable Default shall have occurred and be continuing, the Collateral Agent may
apply (i) any cash held in the Collateral Proceeds Account and (ii) the proceeds of any sale, other disposition of or other realization upon all or any part of the Collateral, in the order of priorities set out in Section 4 of the
Collateral Trust Agreement. 
 (f) Subject to the terms of the Collateral Trust Agreement, the Collateral Agent may, without
notice to the Grantors except as required by law and at any time following and during the continuance of an Actionable Default, charge, set-off and otherwise apply all or any part of the Secured Obligations which are then due and payable against the
Collateral Proceeds Account or any part thereof.  
 (g) Each Grantor further agrees to use its reasonable best efforts to do
or cause to be done all such other acts that are within its control as may be necessary to make any disposition of any portion of the Collateral pursuant to this Section 12 valid and binding and in compliance with any and all other applicable
requirements of law.  

  
 18 

 Section 13. Expenses. Each Grantor, jointly and severally, agrees that
it will, within 30 days of demand therefor, pay to the Collateral Agent the amount of any and all reasonable and duly documented expenses, including, without limitation, the reasonable fees, expenses and disbursements of counsel, experts and agents
retained by the Collateral Agent, that the Collateral Agent may incur in connection with (a) the administration of this Security Agreement and the other Security Documents, including such expenses as are incurred to preserve the value of the
Collateral or the validity, perfection, rank or value of any Transaction Lien, (b) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, if in the case of such custody or
preservation, the Collateral Agent shall have complied with its obligations in Section 10, (c) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder or any other Security Document,
(d) the failure by any Grantor to perform or observe any of the provisions hereof or any other Security Document, (e) the amount of any fees that the Company shall have agreed in writing to pay to the Collateral Agent and that shall have
become due and payable in accordance with such written agreement and (f) the amount of any taxes that the Collateral Agent may have been required to pay by reason of the Transaction Liens or to free any Collateral from any other Lien
thereon. 
 Section 14. Security Interest Absolute. All rights of the Collateral Agent and the other
Secured Parties and the pledges, assignments and security interests hereunder, and all obligations of the Grantors hereunder, shall be irrevocable, absolute and unconditional irrespective of and each Grantor hereby irrevocably waives (to the maximum
extent permitted by applicable law) any defenses it may now have or may hereafter acquire in any way relating to, any or all of the following:  

(a) any lack of validity or enforceability of the Senior Secured Note Indenture, the Senior Secured Notes, the other Secured Debt
Documents or any other agreement or instrument relating thereto;  
 (b) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Senior Secured Note Indenture, the Senior Secured Notes, the other Secured Debt Documents or any other
agreement or instrument relating thereto;  
 (c) any taking, exchange, surrender, release or non-perfection of any Liens on
any Collateral or any other collateral for all or any of the Secured Obligations;  
 (d) any manner of application of any
Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations, or any manner of 

  
 19 

 
sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations or any other assets of such Grantor (other than as provided in the Collateral Trust
Agreement); 
 (e) any change, restructuring or termination of the corporate structure or existence of such Grantor; or 

(f) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by the Collateral Agent, the Senior Indenture Trustee, any Secured Party or any other Person, which might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or of this
Security Agreement.  
 Section 15. Continuing Security Interest; Termination. (a) This Security
Agreement shall create a continuing security interest in and to the Collateral and shall, unless otherwise provided in this Security Agreement or the Secured Debt Agreements, remain in full force and effect until the payment in full in cash of the
Non-Contingent Secured Obligations.  
 (b) The Transaction Liens granted by each Grantor hereunder shall automatically
terminate, be released or be subordinated as set forth in Section 7 of the Collateral Trust Agreement. Upon any termination of a Transaction Lien or release of Collateral, the Collateral Agent will, at the expense of the applicable Grantor,
execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the termination of such Transaction Lien or the release of such Collateral as the case may be. 

Section 16. Additional Grantors. AK Holding or any Subsidiary may become a party hereto by signing and delivering to
the Collateral Agent a Security Agreement Supplement, whereupon such Person shall become a “Grantor” as defined herein. 

Section 17. Successors and Assigns. This Security Agreement shall be binding upon each Grantor, its transferees,
successors and assigns, and shall inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and their respective successors, transferees and assigns.

 Section 18. Miscellaneous Provisions. 

(a) Notices. Each notice, request or other communication given to any party hereunder shall be given in accordance with
Section 9 of the Collateral Trust Agreement, and in the case of any such notice, request or other communication to a Grantor other than the Company, shall be given to it in the care of the Company. 

  
 20 

 (b) Severability. The provisions of this Security Agreement and the other Security
Documents are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Security Agreement or such Security Document in any jurisdiction. The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

(c) Table of Contents and Headings. The Table of Contents and headings of the Sections of this Security Agreement have been
inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

(d) Counterparts. This Security Agreement may be signed in two or more counterparts, each of which shall be deemed an original,
but all of which shall together constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Security Agreement by telecopier or other electronic transmission shall be effective as delivery of a manually
executed counterpart of the same. 
 (e) Benefits of Security Agreement. Nothing in this Security Agreement and the other
Security Documents, express or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the Senior Indenture Trustee and the Secured Parties, any benefit or any legal or equitable right, remedy or claim
under this Security Agreement or any other Security Document. 
 (f) Amendments, Waiver and Consents; No Implied Waivers; Remedies
Not Exclusive. Except pursuant to a Security Agreement Supplement, neither this Security Agreement nor any provision hereof may be waived or amended, modified except pursuant to an agreement or agreements in writing entered into by the
Collateral Agent with the consent of such Secured Parties as are required to consent thereto under Section 8(c) of the Collateral Trust Agreement. No such waiver, amendment or modification shall be binding upon any Grantor, except with its
written consent. None of the Collateral Agent or any other Secured Party shall be deemed, by any act, delay, indulgence, omission or otherwise, to have waived any right or remedy hereunder or under any other Secured Debt Document or to have
acquiesced in any Actionable Default or in any breach of any of the 

  
 21 

 
terms and conditions hereof or thereof. Failure of the Collateral Agent or any other Secured Party to exercise, in whole or in part, or delay in exercising, any right, power or privilege
hereunder or under any other Secured Debt Document shall not preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent or any other Secured Party of any right or remedy
hereunder or under any other Secured Debt Document on any one occasion shall not be construed as a bar to any right or remedy that the Collateral Agent or any other Secured Party would otherwise have on any future occasion. The rights and remedies
herein and in all other Secured Debt Documents provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. 

(g) General Provisions Concerning the Collateral Agent. The provisions of Section 6 of the Collateral Trust Agreement shall
inure to the benefit of the Collateral Agent and shall be binding on each Grantor and each Secured Party. 
 (h) Governing Law;
Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Damages and Bonds. 
 (i) This Security Agreement
shall be governed by and construed in accordance with the laws of the State of New York, except as otherwise required by mandatory provisions of law (whether under the UCC as in effect in the State of New York or the Federal Book Entry Regulations)
and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such jurisdiction. 

(ii) Each Grantor hereby agrees to submit to the jurisdiction of any state or Federal court located in the Borough of
Manhattan, City of New York. 
 (iii) Each Grantor agrees that it will not assert any counterclaims, setoffs or
crossclaims in any proceeding brought by the Collateral Agent to realize on such property or to enforce a judgment or other court order in favor of the Collateral Agent, except for such counterclaims, setoffs or crossclaims which, if not asserted in
any such proceeding, could not otherwise be brought or asserted. 
 (iv) Each Grantor waives any objection that it may
have to the location of a court in the Borough of Manhattan, City of New York once the Collateral Agent has commenced a proceeding described in this Section 18(h) including, without limitation, any objection to the laying of venue or based on
the grounds of forum non conveniens. 

  
 22 

 (v) Each Grantor waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Security Agreement or any other Security Document (whether based on contract tort or any other
theory). Each Grantor (a) certifies that no representative, agent or attorney of any other Grantor has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(B) acknowledges that it and the other Grantors have ben induced to enter into this Security Agreement by, among other things, the mutual waivers and certifications in this Section 18(h)(v). 

(vi) Each Grantor agrees that neither the Collateral Agent or the Trustee in their respective capacities nor any other
Secured Party (except as otherwise provided in this Security Agreement or the Secured Debt Agreements) as such shall have any liability to such Grantor (whether arising in tort, contract or otherwise) for losses suffered by such Grantor in
connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by this Security Agreement, or any act, omission or event occurring in connection therewith, except that the Collateral Agent
shall be liable if it is determined by a final and nonappealable judgment of a court that is binding on the Collateral Agent that such losses were the result of acts or omissions on the part of the Collateral Agent constituting bad faith, gross
negligence (unless otherwise required by the Trust Indenture Act) or willful misconduct. 
 (vii) To the extent
permitted by applicable law, each Grantor waives the posting of any bond otherwise required of the Collateral Agent or any other Secured Party in connection with any judicial process or proceeding to enforce any judgment or other court order
pertaining to this Security Agreement or any related agreement or document entered in favor of any Secured Party or to enforce by specific performance, temporary restraining order or preliminary or permanent injunction this Security Agreement or any
related agreement or document between the Grantors on the one hand and the Secured Parties on the other hand. 
 Section 19.
2012 Security Agreement. It is understood and agreed that the 2012 Security Agreement will be deemed to be superseded in its entirety by this Security Agreement. 

[Remainder of Page Intentionally Left Blank.] 

  
 23 

 IN WITNESS WHEREOF, the Grantors and the Collateral Agent have each caused this Security
Agreement to be duly executed and delivered as of the date first above written. 
  

			
	Grantors:
	
	AK STEEL CORPORATION
		
	By:	 	 /s/ Jaime Vasquez

	Name:	 	Jaime Vasquez
	Title:	 	Vice President, Finance and Chief Financial Officer
	
	AK STEEL PROPERTIES, INC.
		
	By:	 	 /s/ Joseph C. Alter

	Name:	 	Joseph C. Alter
	Title:	 	President
	
	AK TUBE LLC
		
	By:	 	 /s/ Edward J. Urbaniak, Jr.

	Name:	 	Edward J. Urbaniak, Jr.
	Title:	 	President

 [Signature Page to Security Agreement] 

 
			
	Collateral Agent:
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Collateral Agent

		
	By:	 	 /s/ William E. Sicking

	Name:	 	William E. Sicking
	Title:	 	Vice President & Trust Officer

 [Signature Page to Security Agreement] 

 Schedule I to Security Agreement 

 

					
	 Address
	  	County	  	State
	 30400 East Broadway,
 Walbridge, OH
	  	Wood	  	Ohio
			
	 170 Armco Road
 Ashland, KY 41105-0191
	  	Boyd	  	Kentucky
			
	 210 Pittsburgh Road
 Butler, PA
16003-0832
	  	Butler	  	Pennsylvania
			
	 17400 State Route 16
 PO Box 190

Coshocton, OH 43812
	  	Coshocton	  	Ohio
			
	 913 Bowman Street
 PO Box 247

Mansfield, OH 44903
	  	Richland	  	Ohio
			
	 1801 Crawford Street
 PO Box 600

Middletown, OH 45043
	  	Butler	  	Ohio
			
	 705 Curtis Street
 Middletown, OH 45043
	  	Butler	  	Ohio
			
	 6500 North US 231
 Rockport, IN 47635
	  	Spencer	  	Indiana
			
	 1724 Linden Avenue
 PO Box 1520

Zanesville, OH 43701
	  	Muskingum	  	Ohio
			
	 4001 Miller Road
 Dearborn, MI 48126
	  	Wayne	  	Michigan

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