Document:

tie8k081231-102.htm

    SECURED
PROMISSORY NOTE

    

    

    $16,700,000                                                                     December 31,
2008                             Dallas,
Texas

    

    

    FOR VALUE RECEIVED, the
undersigned, Contran Corporation, a Delaware corporation (“Makes”),
promises to pay to the order of Titanium Metals Corporation, a Delaware
corporation, or any subsequent holder (“Payee”),
in lawful money of the United States of America, the principal sum of SIXTEEN MILLION SEVEN HUNDRED
THOUSAND DOLLARS ($16,700,000) together with interest from the date
hereof on the unpaid principal balance from time to time pursuant to the terms
of this promissory note (this “Note”).  Capitalized
terms not otherwise defined shall have the meanings given to such terms in Section 15 of this
Note.

    

    Section 1.  Place of
Payment.  All payments will be made at Payee’s address at Three
Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas,
Texas   75240-2697,  Attention:  Treasurer,
or such other place as the holder may from time to time appoint in
writing.

    

    Section 2.  Payment.  The
unpaid principal balance of this Note and any unpaid and accrued interest
thereon shall be due and payable on December 31, 2011 or upon acceleration as
provided herein.  Prior to the final payment of this Note, unpaid and
accrued interest on the outstanding principal balance of this Note shall be due
and payable quarterly on March 31, June 30, September 30 and December 31 of each
year; provided,
however, that such day is a business day, and if such day is not a
business day, the quarterly interest payment shall be due the next successive
business day.

    

    Section 3.  Prepayment.  This
Note may be prepaid in part or in full at any time without penalty; provided, however,
prepayments shall be first applied to accrued and unpaid interest and then to
principal.  The Maker shall not be entitled to reborrow any amounts
prepaid under this Note.

    

    Section 4.  Interest.  The
unpaid principal balance of this Note (exclusive of any past due principal)
shall bear interest at the rate per annum of the Prime Rate less one and
one-half percent.  Accrued interest on the unpaid principal of this
Note shall be computed on the basis of a 365- or 366-day year for actual days
elapsed, but in no event shall such computation result in an amount of accrued
interest that would exceed accrued interest on the unpaid principal balance
during the same period at the Maximum Rate. Notwithstanding anything to the
contrary, this Note is expressly limited so that in no contingency or event
whatsoever shall the amount paid or agreed to be paid to the holder exceed the
Maximum Rate.  If, from any circumstances whatsoever, the holder shall
ever receive as interest an amount that would exceed the Maximum Rate, such
amount that would be excessive interest shall be applied to the reduction of the
unpaid principal balance and not to the payment of interest, and if the
principal amount of this Note is paid in full, any remaining excess shall be
paid to Maker, and in such event, the holder shall not be subject to any
penalties provided by any laws for contracting for, charging, taking, reserving
or receiving interest in excess of the highest lawful rate permissible under
applicable law.  All sums paid or agreed to be paid to Payee or the
holder of this Note for the use, forbearance or detention of the indebtedness of
the Maker to Payee or the holder of this Note shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full
term of such indebtedness until payment in full of the principal (including the
period of any renewal or extension thereof) so that the interest on account of
such indebtedness shall not exceed the Maximum Rate.  If at any time
the Contract Rate is limited to the Maximum Rate, any subsequent reductions in
the Contract Rate shall not reduce the rate of interest on this Note below the
Maximum Rate until the total amount of interest accrued equals the amount of
interest that would have accrued if the Contract Rate had at all times been in
effect.  In the event that, upon demand or acceleration of this Note
or at final payment of this Note, the total amount of interest paid or accrued
on this Note is less than the amount of interest that would have accrued if the
Contract Rate had at all times been in effect with respect thereto, then at such
time, to the extent permitted by law, in addition to the principal and any other
amounts Maker owes to the holder of this Note, the Maker shall pay to the holder
of this Note an amount equal to the difference between:  (i) the
lesser of the amount of interest that would have accrued if the Contract Rate
had at all times been in effect or the amount of interest that would have
accrued if the Maximum Rate had at all times been in effect; and (ii) the amount
of interest actually paid on this Note.

    

    Section 5.  Remedy.  Upon
the occurrence and during the continuation of an Event of Default, the holder
shall have all of the rights and remedies provided in the applicable Uniform
Commercial Code, this Note, the Pledge Agreement or any other agreement of Maker
and in favor of the holder, as well as those rights and remedies provided by any
other applicable law, rule or regulation.  In conjunction with and in
addition to the foregoing rights and remedies of the holder hereof, the holder
hereof may declare all indebtedness due under this Note, although otherwise
unmatured, to be due and payable immediately without notice or demand
whatsoever. All rights and remedies of the holder are cumulative and may be
exercised singly or concurrently.  The exercise of any right or remedy
will not be a waiver of any other right or remedy.

    

    Section 6.  Right of
Offset.  The holder shall have the right of offset against
amounts that may be due by the holder now or in the future to Maker against
amounts due under this Note.

    

    Section 7.  Record of
Outstanding Indebtedness.  The date and amount of each
repayment of principal outstanding under this Note or interest thereon shall be
recorded by Payee in its records.  The principal balance outstanding
and all accrued or accruing interest owed under this Note as recorded by Payee
in its records shall be the best evidence of the principal balance outstanding
and all accrued or accruing interest owed under this Note; provided that the failure of
Payee to so record or any error in so recording or computing any such amount
owed shall not limit or otherwise affect the obligations of the Maker under this
Note to repay the principal balance outstanding and all accrued or accruing
interest.

    

    Section 8.  Waiver.  Maker
and each surety, endorser, guarantor, and other party now or subsequently liable
for payment of this Note, severally waive demand, presentment for payment,
notice of dishonor, protest, notice of protest, diligence in collecting or
bringing suit against any party liable on this Note, and further agree to any
and all extensions, renewals, modifications, partial payments, substitutions of
evidence of indebtedness, and the taking or release of any collateral with or
without notice before or after demand by the holder for payment under this
Note.

    

    Section 9.  Costs and
Attorneys’ Fees.  In the event the holder incurs costs in
collecting on this Note, this Note is placed in the hands of any attorney for
collection, suit is filed on this Note or if proceedings are had in bankruptcy,
receivership, reorganization, or other legal or judicial proceedings for the
collection of this Note, Maker and any guarantor jointly and severally agree to
pay on demand to the holder all expenses and costs of collection, including, but
not limited to, attorneys’ fees incurred in connection with any such collection,
suit, or proceeding, in addition to the principal and interest then
due.

    

    Section 10.  Time of
Essence.  Time is of the essence with respect to all of Maker’s
obligations and agreements under this Note.

    

    Section 11.  Jurisdiction and
Venue.  THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
TEXAS, AND MAKER CONSENTS TO JURISDICTION IN THE COURTS LOCATED IN DALLAS,
TEXAS.

    

    Section 12.  Notice.  Any
notice or demand required by this Note shall be deemed to have been given and
received on the earlier of (i) when the notice or demand
is actually received by the recipient or (ii) 72 hours after the notice
is deposited in the United States mail, certified or registered, with postage
prepaid, and addressed to the recipient.  The address for giving
notice or demand under this Note (i) to the holder shall be the
place of payment specified in Section 2 or such other
place as the holder may specify in writing to the Maker and (ii) to Maker shall be the
address below the Maker’s signature or such other place as the Maker may specify
in writing to the holder.

    

    Section 13.  Successors and
Assigns.  All of the covenants, obligations, promises and
agreements contained in this Note made by Maker shall be binding upon their
heirs, successors and permitted assigns, as
applicable.  Notwithstanding the foregoing, Maker shall not assign
this Note or its performance under this Note without the prior written consent
of the holder.

    

    Section 14.  Security.  The
obligations of the Maker under this Note are secured by all of the shares of
common stock in Whitney International University System Ltd. held by Maker
pursuant to the Pledge Agreement.

    

    Section 15.  Definitions.  For
purposes of this Note, the following terms shall have the following
meanings:

    

    (a)           “Contract
Rate” means the amount of any interest (including fees, charges or
expenses or any other amounts that, under applicable law, are deemed interest)
contracted for, charged or received by or for the account of Payee or the holder
of this Note.

    

    (b)           “Event of
Default” wherever used herein, means any one of the following
events:

    

    (i)           the
Maker fails to pay any amount due on this Note and/or any fees or sums due under
or in connection with this Note or the Pledge Agreement after any such payment
otherwise becomes due and payable and ten business days after demand for such
payment;

    

    (ii)           the
Maker otherwise fails to perform or observe any other provision contained in
this Note or the Pledge Agreement and such breach or failure to perform shall
continue for a period of thirty days after notice thereof shall have been given
to the Maker by the holder hereof;

    

    (iii)           a
case shall be commenced against either Maker, or either Maker shall file a
petition commencing a case, under any provision of the Federal Bankruptcy Code
of 1978, as amended, or shall seek relief under any provision of any other
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation law or any jurisdiction, whether now or hereafter in
effect, or shall consent to the filing of any petition against it under such
law, or either Maker shall make an assignment for the benefit of his or its
creditors, or shall admit in writing his or its inability to pay his or its
debts generally as they become due, or shall consent to the appointment of a
receiver, trustee or liquidator of either of Maker, or all or any part of his or
its property; or

    

    (iv)           an
event occurs that, with notice or lapse of time, or both, would become any of
the foregoing Events of Default.

    

    (c)           “Maximum
Rate” shall mean the highest lawful rate permissible under applicable law
for the use, forbearance or detention of money.

    

    (d)           “Pledge
Agreement” shall mean the Pledge Agreement of even
date herewith among the Maker and Payee.

    

    (e)           “Prime
Rate” shall mean the fluctuating interest rate
per annum in effect from time to time equal to the base rate on corporate loans
as reported as the Prime Rate in the Money Rates column of The Wall Street
Journal.

    

    

    [Remainder of Page
Intentionally Left Blank]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              MAKER:

            

    

    

    
      	
               
      

            	
              Contran
      Corporation

            

    

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ William J.
      Lindquist

            	 

    

    
      	
               
      

            	
              William
      J. Lindquist, Senior Vice President

            

    

    

    

    Address:  Three
Lincoln Centre

    5430 LBJ
Freeway, Suite 1700

    Dallas,
Texas 75240-2697

    

    

    

    
      	
               
      

            	
              PAYEE:

            

    

    

    
      	
               
      

            	
              Titanium
      Metals Corporation

            

    

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Robert D.
      Graham

            	 

    

    
      	
               
      

            	
              Robert
      D. Graham, Executive Vice President

            

    

    

    Address:  Three
Lincoln Centre

    5430 LBJ
Freeway, Suite 1700

    Dallas,
Texas 75240-2697tie8k081231-103.htm

    PLEDGE
AND SECURITY AGREEMENT

    

    This
Pledge and Security Agreement (this “Agreement”),
dated as of December 31, 2008, is among Contran Corporation, a Delaware
corporation (“Contran”),
and Titanium Metals Corporation, a Delaware corporation (“TIMET”).

    

    RECITALS

    

    A.           On
the date of this Agreement Contran has purchased from TIMET Two Million Three
Hundred Fifty-Two Thousand Nine Hundred and Forty-Two (2,352,942) shares (the
“Shares”)
of the common stock, $.01 par value per share, of Whitney International
University System Ltd.  The purchase occurred pursuant to the terms
and subject to the conditions set forth in that certain Stock Purchase Agreement
dated as of the date of this Agreement between Contran and TIMET (the “Stock Purchase
Agreement”).

    

    B.           As
full payment of the purchase price for the Shares, Contran executed and
delivered to TIMET a promissory note, dated as of the date of this Agreement, in
the original principal amount of SIXTEEN MILLION SEVEN HUNDRED THOUSAND AND
NO/100THS DOLLARS ($16,700,000) (the “Note”).

    

    C.           In
the Stock Purchase Agreement, Contran agreed to execute and deliver this
Agreement, pledging and granting a security interest in the Shares to secure its
payment of the indebtedness represented by the Note, including principal,
interest and reasonable costs, expenses, attorneys’ fees and other reasonable
fees and charges (the “Indebtedness”).

    

    AGREEMENT

    

    In
consideration of the foregoing recitals and the mutual agreements hereinafter
set forth, Contran and TIMET agree as follows:

    

    Section 1.  The
Pledge.  As collateral security for the due and punctual
payment of the Indebtedness, Contran hereby pledges and grants to TIMET a
continuing first priority and perfected security interest in, the Shares, all
products and proceeds of any of the Shares including, without limitation, all
dividends, cash, instruments, subscriptions, warrants and any other rights and
options and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the Shares (the
“Pledged
Collateral”).

    

    Section 2.  Security for
Indebtedness.   This Agreement
secures the payment of all of the Indebtedness, whether for principal, interest,
fees, expenses or otherwise, and all obligations of Contran now or hereafter
existing under this Agreement or the Note (all such obligations of Contran now
or hereafter existing being referred to herein as the
“Liabilities”).

    

    Section 3.  Delivery of
Pledged Collateral.  All certificates or instruments
representing or evidencing the Pledged Collateral shall be delivered to and held
by or on behalf of TIMET pursuant hereto and shall be in suitable form for
transfer by delivery, or shall be accompanied by duly executed instruments of
transfer or assignment in blank, all in form and substance satisfactory to
TIMET.

    

    Section 4.  Representations
and Warranties.  Contran represents and warrants as
follows:

    (a)           Contran
is the legal and beneficial owner of the Pledged Collateral, free and clear of
any security interest, mortgage, pledge, lien, charge or other encumbrance
(“Lien”) on the Pledged Collateral.

    

    (b)           The
pledge and collateral assignment of the Pledged Collateral pursuant to this
Agreement creates a valid and perfected first priority interest in such Pledged
Collateral securing the payment of the Liabilities for the benefit of
TIMET.

    

    (c)           No
authorization, approval, or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required either (i) for the
pledge and collateral assignment by Contran of the Pledged Collateral pursuant
to this Agreement or for the execution, delivery or performance of this
Agreement by Contran or (ii) for the exercise by TIMET of the voting or other
rights provided for in this Agreement or the remedies in respect of the Pledged
Collateral pursuant to this Agreement (except such filings of beneficial
ownership as may be required by federal securities laws).

    

    (d)           Contran
has full power and authority to enter into this Agreement and has the right to
vote the Shares and to pledge, collaterally assign and grant a security interest
in the Pledged Collateral.

    

    (e)           This
Agreement has been duly authorized, executed and delivered by Contran and
constitutes a legal, valid and binding obligation of Contran, enforceable
against Contran in accordance with its terms, except as such enforceability may
be limited by the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights
generally or general principles of equity.

    

    Section 5.  Further
Assurances; Covenants.  Contran agrees that at any time and
from time to time, at its own expense, to promptly execute and deliver, or cause
to be executed and delivered, all stock powers, proxies, assignments,
instruments and documents and take all further action, that is reasonably
necessary, at TIMET’s request, in order to perfect any security interest granted
or purported to be granted hereby or to enable TIMET to exercise and enforce its
rights and remedies hereunder with respect to any Pledged Collateral and to
carry out the provisions and purposes hereof.

    

    Section 6.  Voting Rights; Dividends;
Etc.

    

    (a) So long
as no Event of Default (as defined in the Note) shall have occurred and be
continuing, Contran shall be entitled to exercise any and all voting and other
consensual rights pertaining to the Shares for any purpose not inconsistent with
the terms of this Agreement.

    

    (b) So long
as no Event of Default shall have occurred and be continuing, Contran shall be
entitled to receive all cash dividends or other distributions paid or made from
time to time with respect to the Shares.  Upon the occurrence and
during the continuance of an Event of Default, all rights of Contran to exercise
the voting and other consensual rights that it would otherwise be entitled to
exercise pursuant to Section 6(a) shall cease,
and all such rights shall become vested in TIMET, which shall thereupon have the
sole right to exercise such voting and other consensual rights.  Upon
the occurrence and during the continuance of an Event of Default, all cash
dividends or other distributions payable in respect of all securities pledged
hereunder shall be paid directly to TIMET and, if received by Contran, shall be
received in trust for the benefit of TIMET, shall be segregated from other funds
of Contran, and shall be forthwith paid over to TIMET as Pledged Collateral in
the same form as so received (with any necessary endorsements) and Contran’s
right to receive such cash payments pursuant to the foregoing sentence shall
immediately cease.

     

     

     

    Section 7.  Transfers And
Other Liens; Additional Shares.  Contran agrees that it will
not (i) sell or otherwise dispose of, or grant any option with respect to, any
of the Pledged Collateral without the prior written consent of TIMET, (ii)
create or permit to exist any Lien upon or with respect to any of the Pledged
Collateral, except for the security interest granted under this Agreement or
(iii) enter into any agreement or understanding that purports to or may restrict
or inhibit TIMET’s rights or remedies hereunder, including, without limitation,
TIMET’s right to sell or otherwise dispose of the Pledged
Collateral.

    

    Section 8.  TIMET Appointed
Attorney-In-Fact.  Contran hereby appoints TIMET Contran’s
attorney-in-fact, with full authority in the place and stead of Contran and in
the name of Contran or otherwise, from time to time in TIMET’s discretion to
take any action and to execute any instrument which TIMET may deem necessary or
advisable to further perfect and protect the security interest granted hereby,
including, without limitation, to receive, endorse and collect all instruments
made payable to Contran representing any dividend, or other distribution in
respect of the Pledged Collateral or any part thereof and to give full discharge
for the same.

    

    Section 9.  TIMET May
Perform.  If Contran fails to perform any agreement contained
herein, TIMET may itself perform, or cause performance of, such agreement, and
the reasonable expenses of TIMET incurred in connection therewith shall be
payable by Contran as provided herein.

    

    Section 10.  No Assumption Of
Duties; Reasonable Care.  The rights and powers granted to
TIMET hereunder are being granted in order to preserve and protect TIMET’s
security interest in and to the Pledged Collateral granted hereby and shall not
be interpreted to, and shall not, impose any duties on TIMET in connection
therewith.  TIMET shall be deemed to have exercised reasonable care in
the custody and preservation of the Pledged Collateral in its possession if the
Pledged Collateral is accorded treatment substantially equal to that which TIMET
accords its own property, it being understood that TIMET shall not have any
responsibility for (i) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relative to any
Pledged Collateral, whether or not TIMET has or is deemed to have knowledge of
such matters, or (ii) taking any necessary steps to preserve rights against any
parties with respect to any Pledged Collateral.

    

    Section 11.  Subsequent
Changes Affecting Pledged Collateral.  Contran represents to
TIMET that Contran has made its own arrangements for keeping informed of changes
or potential changes affecting the Pledged Collateral (including, but not
limited to, rights to convert, rights to subscribe, payment of dividends,
payments of interest and/or principal, reorganization or other exchanges, tender
offers and voting rights), and Contran agrees that TIMET shall have no
responsibility or liability for informing Contran of any such changes or
potential changes or for taking any action or omitting to take any action with
respect thereto.

    

    Section 12.  Remedies Upon
Default.  If any Event of Default shall have occurred and be
continuing, TIMET shall, in addition to all other rights given by law or by this
Agreement, or otherwise, have all of the rights and remedies with respect to the
Pledged Collateral of a secured party under the Uniform Commercial Code (“Code”)
in effect in the State of Texas at that time and TIMET may, without notice and
at its option, transfer or register, and Contran shall register or cause to be
registered upon request therefor by TIMET, the Shares or any part thereof on the
books of the issuer into the name of TIMET or TIMET’s nominee(s), indicating
that such Shares are subject to the security interest hereunder.  In
addition, with respect to any Pledged Collateral which shall then be in or shall
thereafter come into the possession or custody of TIMET, TIMET may sell or cause
the same to be sold at any broker’s board or at any public or private sale, in
one or more sales or lots, at such price or prices as TIMET may deem best, for
cash or on credit or for future delivery, without assumption of any credit risk,
all in accordance with the terms and provisions of this
Agreement.  The purchaser of any or all Pledged Collateral so sold
shall thereafter hold the same absolutely, free from any claim, encumbrance or
right of any kind whatsoever.  Unless any of the Pledged Collateral
threatens to decline speedily in value or is or becomes of a type sold on a
recognized market, TIMET will give Contran reasonable notice of the time and
place of any public sale thereof, or of the time after which any private sale or
other intended disposition is to be made.  Any requirements of
reasonable notice shall be met if such notice is mailed to Contran as provided
in Section 15(e) below, at least five (5) days before the time of the sale or
disposition.  Any other requirement of notice, demand or advertisement
for sale is, to the extent permitted by law, waived.  TIMET may, in
its own name or in the name of a designee or nominee, buy any of the Pledged
Collateral at any public sale and, if permitted by applicable law, at any
private sale.  All expenses (including court costs and reasonable
attorneys’ fees, expenses and disbursements) of, or incident to, the enforcement
of any of the provisions hereof shall be recoverable from the proceeds of the
sale or other disposition of the Pledged Collateral.  In view of the
fact that federal and state securities laws may impose certain restrictions on
the method by which a sale of the Pledged Collateral may be effected after an
Event of Default, Contran agrees that upon the occurrence or existence of any
Event of Default, TIMET may, from time to time, attempt to sell all or any part
of the Pledged Collateral pursuant to the this Agreement or by means of a
private placement, restricting the prospective purchasers to those who will
represent and agree that they are purchasing for investment only and not for
distribution.  In so doing, TIMET may solicit offers to buy the
Pledged Collateral, or any part of it, for cash, from a limited number of
investors who might be interested in purchasing the Pledged Collateral, and if
TIMET solicits such offers from not less than four (4) such investors that are
not affiliated with TIMET, then the acceptance by TIMET of the highest offer
obtained therefrom shall be deemed to be a commercially reasonable method of
disposition of the Pledged Collateral, and a sale pursuant to this sentence
shall be deemed to be a commercially reasonably disposition of the Pledged
Collateral.

    

    In
addition, upon the occurrence and during the continuance of an Event of Default,
all rights of Contran to exercise the voting and other rights which it would
otherwise be entitled to exercise shall cease, and all such rights shall
thereupon become vested in TIMET as provided in and subject to the terms of
Section 6(b) hereof.

    

    Section 13.  Expenses.  Contran
will pay to TIMET the amount of any and all reasonable out-of-pocket expenses,
including, without limitation, the reasonable fees, expenses and disbursements
of its counsel (including allocated costs of inside counsel), of any investment
banking firm, business broker or other selling agent and of any other experts
and agents retained by TIMET, which TIMET may incur in connection with (i) the
administration of this Agreement, (ii) the custody or preservation of, or the
sale of, collection from, or other realization upon, any of the Pledged
Collateral, (iii) the exercise or enforcement of any of the rights of TIMET
hereunder or (iv) the failure by Contran to perform or observe any of the
provisions hereof.  All amounts owing under this Section shall be
payable upon demand.  Any and all amounts payable under or pursuant to
this Agreement that are not paid when due shall bear interest (which shall be
payable upon demand) at the Maximum Rate.

    

    Section 14.  Security Interest
Absolute.  All rights of TIMET and security interests under
this Agreement, and all obligations of Contran under this Agreement, shall be
absolute and unconditional irrespective of, and unaffected by:

    

    (a)           any
lack of validity or enforceability of this Agreement or the Note;

    
      

        (b)           any
change in the time, manner or place of payment of, or in any other term of, all
or any of the Indebtedness, or any other amendment or waiver of or any consent
to any departure from this Agreement or the Note; or

        

        (c)           any
other circumstance that might otherwise constitute a defense available to, or a
discharge of, Contran in respect of the Indebtedness or of this
Agreement.

      Section 15.  Miscellaneous.

    

    

    (a)           While
this Agreement is in full force and effect, Contran shall, at the reasonable
request of TIMET, execute such appropriate financing statements as TIMET may
reasonably deem necessary to perfect TIMET’s security interest in the Pledged
Collateral.

    

    (b)           All
rights and remedies herein provided are cumulative and not exclusive of any
rights or remedies otherwise provided by law or agreement between or among the
parties.  Any single or partial exercise of any right or remedy shall
not preclude the further exercise thereof or the exercise of any other right or
remedy.

     

    (c)           Any
delay on the part of TIMET in exercising any of TIMET’s rights, remedies, powers
and privileges hereunder or any partial or single exercise thereof shall not
constitute a waiver thereof.  None of the terms and conditions of this
Agreement may be changed, waived, modified or varied in any manner whatsoever
unless in writing duly executed by Contran and TIMET.

    

    (d)           The
rights and obligations of Contran and TIMET under this Agreement shall be
binding upon and inure to the benefit of the parties and their respective heirs,
successors and assigns.

    

    (e)           All
notices, requests, consents or other communications hereunder shall be in
writing and shall be deemed duly given if personally delivered or when received
by overnight delivery or by registered or certified mail, addressed as
follows:

    

    If
to Contran:

    

    Three
Lincoln Centre

    5430 LBJ
Freeway, Suite 1700

    Dallas,
Texas 75240-2697

    Attn:  General
Counsel

    

    If
to TIMET:

    

    Three
Lincoln Centre

    5430 LBJ
Freeway, Suite 1700

    Dallas,
Texas 75240-2697

    Attn:  General
Counsel

    

    or at
such other address as a party may have advised the other parties in a notice
given as provided above.

    

    (f)           This
Agreement will be governed by the internal laws of the state of
Texas.  All terms not defined herein are used as set forth in (i) the
Stock Purchase Agreement; (ii) if not defined in the Stock Purchase Agreement,
the Note; and (iii) if not defined in either the Stock Purchase Agreement or the
Note, the Uniform Commercial Code as adopted in the state of Texas.

    

    (g)           This
Agreement, together with any documents expressly referred to herein, constitutes
the final agreement of the parties concerning the matters referred to herein,
and supersedes all prior agreements and understandings among the parties
regarding such matters.  The caption headings of the sections of this
Agreement are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in
interpreting, this Agreement.  This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be
deemed an original, and such counterparts together shall constitute one
instrument.

    

    (h)           Any
provision of this Agreement that is prohi­bited or unenforceable in any
jurisdiction shall, as to such juris­diction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

    

    (i)           This
Agreement shall remain in full force and effect until such time as all
Indebtedness of Contran to TIMET shall have been paid or satisfied in full, if
on such date no Event of Default shall exist, and otherwise on the first date
thereafter on which no Event of Default shall exist,.

    

    (j)           This
Agreement may be assigned in whole or in part by TIMET and by any assignee or
successor in interest of TIMET.

    

    

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth above.

    

    
      	
               
      

            	
              CONTRAN
      CORPORATION

            

    

    

    

    

    
      	
               

            	 By: 
      /s/ William J.
      Lindquist	 

    

    
      	
               
      

            	
              William
      J. Lindquist, Senior Vice President

            

    

    

    

    

    

    
      	
               
      

            	
              TITANIUM
      METALS CORPORATION

            

    

    

    

    

    
      	
               
      

            	
               By:

            	
              /s/ Robert D.
      Graham

            	 

    

    
      	
               
      

            	
              Robert
      D. Graham, Executive Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]