Document:

Third Supplemental Indenture

 Exhibit 4.2 

Execution 
  

 
  

WESTLAKE CHEMICAL CORPORATION AND THE SUBSIDIARY 

GUARANTORS PARTY HERETO 

6.50% Senior Notes due 2029 
  

 
 Third
Supplemental Indenture 
 Dated as of July 2, 2010 

 
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Trustee 
  

 
  

 TABLE OF CONTENTS 

 

			
	 	 	Page
	ARTICLE ONE Scope of Supplemental Indenture; General	 	2
		
	ARTICLE TWO Certain Definitions	 	2
		
	ARTICLE THREE Redemption	 	28
		
	 Section 3.12. Redemption Based on Section 3.4 of the GO Zone Indenture
	 	28
		
	ARTICLE FOUR Covenants	 	28
		
	 Section 4.08. Covenant Suspension
	 	28
	 Section 4.09. Restricted Payments
	 	29
	 Section 4.10. Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	33
	 Section 4.11. Incurrence of Indebtedness and Issuance of Preferred Stock
	 	35
	 Section 4.12. Asset Sales
	 	40
	 Section 4.13. Change of Control
	 	42
	 Section 4.14. Transactions with Affiliates
	 	44
	 Section 4.15. Liens
	 	46
	 Section 4.16. Additional Guarantees
	 	46
	 Section 4.17. Designation of Restricted and Unrestricted Subsidiaries
	 	47
	 Section 4.18. Sale and Leaseback Transactions
	 	47
	 Section 4.19. Accounts Receivable Facilities
	 	48
	 Section 4.20. Payments for Consent
	 	48
	 Section 4.21. Other Reports
	 	48
		
	ARTICLE FIVE Successors	 	49
		
	 Section 5.01. Limitations on Mergers, Consolidations and Sales of Assets
	 	49
		
	ARTICLE SIX Defaults and Remedies	 	50
		
	 Section 6.01. Events of Default
	 	50
	 Section 6.02. Acceleration
	 	52
		
	ARTICLE SEVEN Miscellaneous	 	53
		
	 Section 7.01. Governing Law
	 	53
	 Section 7.02. No Adverse Interpretation of Other Agreements
	 	53
	 Section 7.03. Successors and Assigns; Transfer Restrictions
	 	53
	 Section 7.04. Duplicate Originals
	 	53
	 Section 7.05. Severability
	 	53
	 Section 7.06. Amendments Without Consent of Holders
	 	54
	 Section 7.07. Release of Subsidiary Guarantors from Guarantee
	 	54

  

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 EXHIBIT A    Form of Note A-1 

 SUPPLEMENTAL INDENTURE dated as of July 2, 2010 (this “Supplemental
Indenture”), to the Indenture dated as of January 1, 2006 (as amended, modified or supplemented from time to time in accordance therewith, the “Indenture”), by and among WESTLAKE CHEMICAL CORPORATION, a Delaware
corporation (the “Company”), each of the Subsidiary Guarantors (as defined herein) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as successor to JPMorgan Chase Bank, National Association), as trustee (the
“Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders of the Notes (as defined herein): 
 WHEREAS, the Company and the Louisiana Local Government
Environmental Facilities and Community Development Authority (the “Authority”) have entered into that certain Amended and Restated Loan Agreement dated as of July 2, 2010 (the “Loan Agreement”) in connection
with the reoffering as of the date hereof of $100,000,000 aggregate principal amount of Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds (Westlake Chemical Corporation Projects), Series 2009A (the
“GO Zone Bonds”), under the Amended and Restated Indenture of Trust, dated as of July 2, 2010 (the “GO Zone Indenture”), between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee
(the “GO Zone Trustee”); 
 WHEREAS, the Company and the Subsidiary Guarantors desire to issue the Notes to the
trustee for the GO Zone Bonds to evidence the Company’s payment obligations under the Loan Agreement 
 WHEREAS, the
Company, the Subsidiary Guarantors and the Trustee have duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of the Company’s debentures, notes, bonds or other evidences of indebtedness to be
issued in one or more series as in the Indenture provided (as defined therein, “Securities”); 
 WHEREAS, the
Company and the Subsidiary Guarantors desire and have requested the Trustee to join them in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities
designated as its 6.50% Senior Notes due 2029, substantially in the form attached hereto as Exhibit A (the “Notes”), guaranteed by the Subsidiary Guarantors, on the terms set forth herein; 

WHEREAS, Section 2.01 of the Indenture provides that a supplemental indenture may be entered into by the Company, the Subsidiary
Guarantors and the Trustee for such purpose provided certain conditions are met; 
 WHEREAS, the conditions set forth in the
Indenture for the execution and delivery of this Supplemental Indenture have been complied with; and 

 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Company, the Subsidiary Guarantors and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done; 

NOW, THEREFORE: 

In consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, the Company and the Subsidiary
Guarantors mutually covenant and agree with the Trustee, for the equal and ratable benefit of the Holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows: 

ARTICLE ONE 

Scope of Supplemental Indenture; General 

The changes, modifications and supplements to the Indenture effected by this Supplemental Indenture shall be applicable only with respect
to, and govern the terms of, the Notes, which shall not be limited in aggregate principal amount, and shall not apply to any other Securities that may be issued under the Indenture unless a supplemental indenture with respect to such other
Securities specifically incorporates such changes, modifications and supplements. Pursuant to this Supplemental Indenture, there is hereby created and designated a series of Securities under the Indenture entitled “6.50% Senior Notes due
2029.” The Notes shall be in the form of Exhibit A hereto. The Notes shall be guaranteed by the Subsidiary Guarantors as provided in such form and the Indenture. If required, the Notes may bear an appropriate legend regarding
original issue discount for federal income tax purposes. 
 ARTICLE TWO 

Certain Definitions 

The following terms have the meanings set forth below in this Supplemental Indenture. Capitalized terms used but not defined herein have
the meanings ascribed to such terms in the Indenture. To the extent terms defined herein differ from the Indenture the terms defined herein will govern. 

“2007 GO Zone Bonds” means $250,000,000 aggregate principal amount of Louisiana Local Government Environmental
Facilities and Community Development Authority Revenue Bonds (Westlake Chemical Corporation Projects), Series 2007 issued under the 2007 GO Zone Indenture. 
  

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 “2007 GO Zone Indenture” means the Trust Indenture, dated as of
November 1, 2007, between the Authority and The Bank of New York Trust Company, N.A., as trustee. 
 “Accounts
Receivable Subsidiary” means any wholly-owned Subsidiary of the Company (i) which is formed solely for the purpose of, and which engages in no substantial activities other than activities in connection with, financing accounts
receivable of the Company and/or its Restricted Subsidiaries, (ii) which is designated by the Company as an Accounts Receivables Subsidiary pursuant to an Officers’ Certificate delivered to the Trustee, (iii) no portion of
Indebtedness or any other obligation (contingent or otherwise) of which is at any time recourse to or obligates the Company or any Restricted Subsidiary in any way, or subjects any property or asset of the Company or any Restricted Subsidiary,
directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to (1) representations, warranties and covenants (or, any indemnity with respect to such representations, warranties and covenants) entered into
in the ordinary course of business in connection with the sale (including a sale in exchange for a promissory note of or Equity Interest in such Accounts Receivable Subsidiary) of accounts receivable to such Accounts Receivable Subsidiary or
(2) any Guarantee of any such accounts receivable financing by the Company or any Restricted Subsidiary that is permitted to be incurred pursuant to Section 4.09 and Section 4.11, (iv) with which neither the Company nor any
Restricted Subsidiary has any contract, agreement, arrangement or understanding other than contracts, agreements, arrangements and understandings entered into in the ordinary course of business in connection with the sale (including a sale in
exchange for a promissory note of or Equity Interest in such Accounts Receivable Subsidiary) of accounts receivable in accordance with Section 4.19 and fees payable in the ordinary course of business in connection with servicing accounts
receivable and (v) with respect to which neither the Company nor any Restricted Subsidiary has any obligation (a) to subscribe for additional Equity Interests therein or make any additional capital contribution or similar payment or
transfer thereto other than in connection with the sale (including a sale in exchange for a promissory note of or Equity Interest in such Accounts Receivable Subsidiary) of accounts receivable to such Accounts Receivable Subsidiary in accordance
with Section 4.19 or (b) to maintain or preserve the solvency, any balance sheet term, financial condition, level of income or results of operations thereof. 

“Acquired Disqualified Stock” means, with respect to any specified Person, Disqualified Stock of any other Person
existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, whether or not such Disqualified Stock is incurred in connection with, or in contemplation of, such other Person merging with
or into, or becoming a Restricted Subsidiary of, such specified Person. 
 “Acquired Preferred Stock” means,
with respect to any specified Person, preferred stock of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, whether or not such preferred stock is incurred in
connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person. 
  

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 “Affected Covenants” has the meaning set forth in Section 4.08.

 “Affiliate Transaction” has the meaning set forth in Section 4.14. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition (other than the creation of a Lien) of any assets or rights;
provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Article Five and not by the provisions of Section 4.12;
and 
 (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale by
the Company or any Restricted Subsidiary of Equity Interests in any of its Subsidiaries or Joint Ventures. 
 Notwithstanding
the preceding, none of the following items will be deemed to be an Asset Sale: 
 (1) any single transaction or
series of related transactions for which the Company or its Restricted Subsidiaries receive aggregate consideration of less than $25.0 million; 

(2) a transfer of assets between or among the Company and/or its Restricted Subsidiaries; 

(3) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary of the
Company; 
 (4) the sale or lease of products, services, accounts receivable, rolling stock, barges, pipeline
capacity or chemical products in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 

(5) a sale (including a sale in exchange for a promissory note of or Equity Interest in such Accounts Receivable
Subsidiary) of accounts receivable and/or related assets to an Accounts Receivable Subsidiary in connection with any Receivables Facility; 

(6) the sale or other disposition of cash or Cash Equivalents; or 

 

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 (7) a Restricted Payment that does not violate Section 4.09 or any
Investment. 
 “Asset Sale Offer” has the meaning set forth in Section 4.12(c). 

“Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction
results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 

“Authority” has the meaning provided in the Recitals. 

“Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all
securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and
“Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to
act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner
of the partnership; 
 (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and 
 (4) with respect to any other Person, the board or
committee of such Person serving a similar function. 
  

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 “Capital Lease Obligation” means, at the time any determination is to be
made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability
company, partnership interests (whether general or limited) or membership interests; and 
 (4) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital
Stock, whether or not such debt securities include any right of participation with Capital Stock. 
 “Cash
Equivalents” means: 
 (1) United States dollars; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition; 

(3) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or
better; 
 (4) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and
in each case maturing within nine months after the date of acquisition; 
 (5) investments in any U.S. dollar
denominated money market fund as defined by Rule 2a-7 under the Investment Company Act of 1940; 
  

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 (6) fully collateralized repurchase agreements with a term of not more than
30 days for securities described in clauses (2) and (3) above (without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria described in clause (3) above;

 (7) marketable direct obligations issued by any U.S. corporation, state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having a rating of no lower than single A from either S&P or
Moody’s; 
 (8) auction rate preferred stocks, whether taxable, tax-exempt or DRD, issued by a domestic or
foreign corporation, a domestic or foreign bank, or closed-end municipal or taxable bond fund, that reset periodically through a modified “Dutch” auction, the frequency of auctions of which allows for classification as short term
investment, available for sale, at the time of acquisition, having a rating of no lower than triple A from either S&P or Moody’s; 

(9) floating rate, variable rate and auction rate bonds, whether taxable or tax-exempt, issued by municipalities, states,
state agencies, political subdivision of states or any public instrumentality thereof, that reset periodically through a modified “Dutch” auction, the frequency of auctions of which allows for classification as short term investment
available for sale thereof and, at the time of acquisition, having a rating of no lower than triple A from either S&P or Moody’s; and 

(10) investments in bond funds which are triple A rated by either S&P or Moody’s which maintain a dollar weighted
average portfolio maturity or not more than three years and a dollar weighted average duration not exceeding two years. 

“Change of Control” means the occurrence of any of the following: 

(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 Restricted Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of the Exchange
Act) other than a Principal or a Related Party of a Principal; 
 (2) the adoption of a plan relating to the
liquidation or dissolution of the Company; 
  

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 (3) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any “person” (as defined above), other than the Principals and their Related Parties becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the
Company, measured by voting power rather than number of shares, other than in any transaction that complies with clause (4) below; 

(4) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or
into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified 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); or 

(5) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing
Directors. 
 “Change of Control Offer” means an offer made by the Borrower Designee (as defined in the
Indenture) upon a Change of Control to purchase all or any part (which shall be in an amount equal to an Authorized Denomination) of a Holder’s Notes for a payment in cash equal to 101% of the aggregate principal amount of Notes repurchased
plus accrued and unpaid interest on the Notes repurchased. A payment under a Change of Control Offer shall be deemed to have been made to the extent that the Borrower Designee has made a corresponding payment under a Change of Control Offer for the
GO Zone Bonds. 
 “Company” has the meaning provided in the Preamble. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus, without duplication: 
 (1) an amount equal to any extraordinary loss plus any net
loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale or other asset disposition, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

(2) any non-recurring charges relating to any premium or penalty paid, write-off of deferred financing costs or other
financial recapitalization charges in connection with redeeming or retiring any Indebtedness prior to its Stated Maturity to the extent such losses were deducted in computing such Consolidated Net Income; plus 

 

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 (3) provision for taxes based on income or profits of such Person and its
Restricted Subsidiaries for such period (including any provision for taxes on the Net Income of any Joint Venture that is a pass-through entity for federal income tax purposes, to the extent such taxes are paid or payable by such Person or any of
its Restricted Subsidiaries, provided, however, that such provision for taxes shall only be equal to such Person’s proportional share in the Joint Venture), to the extent that such provision for taxes was deducted in computing
such Consolidated Net Income; plus 
 (4) the Fixed Charges of such Person and its Restricted Subsidiaries
for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses
that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was
paid in a prior period but including any unrealized non-cash losses resulting from foreign currency balance sheet adjustments required by GAAP to the extent such losses were deducted in computing Consolidated Net Income) of such Person and its
Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

(6) other non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the
ordinary course of business; 
 in each case, on a consolidated basis and determined in accordance with GAAP. 

Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the depreciation and amortization and other
non-cash expenses of, a Restricted Subsidiary of the Company will be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to
be distributed as a dividend to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of
such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

 

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 (2) the Net Income of any Restricted Subsidiary will be excluded to the
extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or,
directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; and 

(3) the cumulative effect of a change in accounting principles will be excluded. 

“Consolidated Net Tangible Assets” of any Person means the aggregate amount of assets of such Person (less applicable
reserves and other properly deductible items) after deducting therefrom (to the extent otherwise included therein) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on
the books and records of the Person and its Restricted Subsidiaries on a consolidated basis and in accordance with GAAP. 

“Consolidated Net Worth” of any Person means the consolidated stockholders’ equity of such Person, determined on a
consolidated basis in accordance with GAAP, less (without duplication) amounts attributable to Disqualified Stock of such Person. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who:

 (1) was a member of such Board of Directors on the date of the Indenture; or 

(2) was nominated for election or elected or appointed to such Board of Directors with the approval of, or whose
nomination for election by the stockholders was approved by, a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, appointment or election. 

“Credit Agreement” means the senior secured revolving credit agreement among the Company, the guarantors named therein,
Bank of America, N.A., Banc of America Securities LLC and the lenders named therein providing for a revolving credit facility, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith
and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 
  

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 “Credit Facilities” means, one or more debt facilities (including, without
limitation, the Credit Agreement and any Receivable Facility) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale
of receivables to such lenders or to Accounts Receivable Subsidiaries) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional
investors) in whole or in part from time to time, whether or not with the same lenders or agents. 
 “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the Holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the Holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the
Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the Holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the
occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such
repurchase or redemption complies with Section 4.09. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Supplemental Indenture will be the maximum amount that the Company and its Restricted Subsidiaries
may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“Domestic Assets” means plants, property and equipment of a Domestic Subsidiary. 

“Domestic Investment” has the meaning set forth in Section 4.09(b). 

“Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States
or any state of the United States or the District of Columbia. 
 “Equity Interests” means Capital Stock and
all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Event of Default” has the meaning set forth in Section 6.01. 

“Excess Proceeds” has the meaning set forth in Section 4.12(c). 

 

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 “Existing Indebtedness” means the Indebtedness of the Company and its
Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on the date of this Supplemental Indenture, including all reimbursement obligations with respect to letters of credit outstanding as of that date, in each case until such
amounts are repaid. 
 “Fair Market Value” means the price that could be negotiated in an arm’s-length
transaction between a willing buyer and a willing seller not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Supplemental Indenture). 

“Fixed Charge Coverage Ratio” means, with respect to any specified Person for any period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or
otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and
on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such
incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at
the beginning of the applicable four-quarter reference period. 
 In addition, for purposes of calculating the Fixed Charge
Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted
Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including
increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X under the
Securities Act) as if they had occurred on the first day of the four-quarter reference period; 
 (2) the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date; 
  

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

(6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as
if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date
in excess of 12 months); and 
 (7) interest income reasonably anticipated by such Person to be received during
the applicable four-quarter period from cash or Cash Equivalents held by such Person or any Restricted Subsidiary of such Person, which cash or Cash Equivalents exist on the Calculation Date or will exist as a result of the transaction giving rise
to the need to calculate the Fixed Charge Coverage Ratio may be added on a pro forma basis to net income for such period. 

“Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of:

 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether
paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of
all payments made or received pursuant to Hedging Obligations; plus 
 (2) the consolidated interest of
such Person and its Restricted Subsidiaries that was capitalized during such period; plus 
 (3) any
interest accruing on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is
called upon; plus 
  

 -13- 

 (4) the product of (a) all dividends, whether paid or accrued and
whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the
Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as
a decimal, in each case, on a consolidated basis and in accordance with GAAP. 
 However, interest payments on Indebtedness of a
Joint Venture shall, in each case, not be deemed Fixed Charges of the Company or any Restricted Subsidiary as of any date of determination when such Indebtedness is not considered Indebtedness of the Company or any Restricted Subsidiary. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“General Partner” means a Restricted Subsidiary of the Company or any of its Restricted Subsidiaries that has no assets
and conducts no operations other than its ownership of a general partnership interest in a Joint Venture. 

“GO Zone Bonds” has the meaning provided in the Recitals. 

“GO Zone Indenture” has the meaning provided in the Recitals. 

“GO Zone Trustee” has the meaning provided in the Recitals. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection or deposit in the
ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether
arising by virtue of partnership arrangements (other than with respect to the obligations of a Joint Venture, solely by virtue of a Restricted Subsidiary being the General Partner of such Joint Venture if, as of the date of determination, no payment
on such Indebtedness has been made by such General Partner of such Joint Venture and such arrangement would not be classified and accounted for, in accordance with GAAP, as a liability on a consolidated balance sheet of the Company), or by
agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements
and interest rate collar agreements; 
  

 -14- 

 (2) other agreements or arrangements designed to manage interest rate risk;
and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates, currency values or commodity prices. 
 “Holder” means the Person in whose name a Note is
registered in the books of the Registrar for the Notes. 
 “Indebtedness” means, with respect to any specified
Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 

(1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property due more than six months after such
property is acquired; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person) (other than a Limited Recourse Stock Pledge) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 

 

 -15- 

 (3) in respect of Indebtedness of another Person secured by a Lien on the
assets of the specified Person, the lesser of: 
 (a) the Fair Market Value of such assets at the date of
determination; and 
 (b) the amount of the Indebtedness of the other Person. 

“Indenture” has the meaning provided in the Preamble. 

“Investment Grade” means a rating of (i) Baa3 or better by Moody’s or BBB- or better by S&P (or, if either
such entity ceases to rate the notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency) and (ii) the equivalent investment grade credit rating from another “nationally recognized statistical rating organization” within the meaning
of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act (including, for the avoidance of doubt, S&P if the agency referred to in clause (i) is Moody’s, or vice versa). 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commissions, loans, fees, compensation and advances to officers, directors and employees made in the ordinary
course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.
“Investment” excludes trade credit and accounts receivable in the ordinary course of business and reimbursement obligations in respect of letters of credit and tender, bid, performance, government contract, surety and appeal bonds, in each
case solely with respect to obligations of the Company or any of its Restricted Subsidiaries. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Company’s Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.09(c). The acquisition by the Company or any
Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the
Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.09(c). Except as otherwise provided in the Indenture, the amount of an Investment will be determined at the time the Investment is
made and without giving effect to subsequent changes in value. 
  

 -16- 

 “Joint Venture” means any joint venture between the Company and/or any
Restricted Subsidiary and any other Person, if such joint venture is owned 50% or less by the Company and/or any of its Restricted Subsidiaries. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Limited Recourse Stock Pledge” means the pledge of Equity Interests in any Joint Venture or any Unrestricted Subsidiary
to secure Non-Recourse Debt of such Joint Venture or Unrestricted Subsidiary, which pledge is made by a Restricted Subsidiary of the Company, the activities of which are limited to making and managing Investments, and owning Equity Interests, in
such Joint Venture or Unrestricted Subsidiary, but only for so long as its activities are so limited. 
 “Loan
Agreement” has the meaning provided in the Recitals. 
 “Moody’s” means Moody’s Investors
Service, Inc. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 

(1) any gain or loss, together with any related provision for taxes on such gain or loss realized in connection with:
(a) any Asset Sale or any disposition pursuant to a sale and leaseback transaction; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or
any of its Restricted Subsidiaries; and 
 (2) any extraordinary gain or loss or revenue or expense, together
with any related provision for taxes on such extraordinary gain or loss or revenue or expense. 
  

 -17- 

 “Net Proceeds” means the aggregate cash proceeds received by the Company or
any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating
to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, (2) taxes paid or payable as a result of the Asset
Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, (3) amounts required to be paid to Holders of minority interests in Restricted Subsidiaries or Joint Ventures as a result of
such Asset Sale, (4) amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale, or which must by the terms
of such Lien or by applicable law be repaid out of the proceeds of such Asset Sale, (5) all payments made with respect to liabilities directly associated with the assets which are the subject of the Asset Sale, including, without limitation,
trade payables and other accrued liabilities, and (6) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the Holders of the Indebtedness may have to take
enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any Holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause
the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which
the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries, other than the Equity Interests of a Joint Venture that is not a Restricted Subsidiary or of
an Unrestricted Subsidiary pledged by the Company or any of its Restricted Subsidiaries as a Limited Recourse Stock Pledge. 

“Notes” has the meaning provided in the Recitals. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness. 
 “Pari Passu Indebtedness” means, in
the case of the Notes, any senior Indebtedness of the Company and, in the case of the Guarantees, any senior Indebtedness of the Subsidiary Guarantor thereof, including, in each case, the Public Notes and Indebtedness and other Obligations
outstanding under a Credit Facility. 
  

 -18- 

 “Paying Agent” means the Trustee or any successor paying agent. 

“Payment Default” has the meaning set forth in Section 6.01(5)(A). 

“Permitted Business” means the petrochemical, chemicals, and vinyls or plastic fabrications business and any other
businesses related, incidental, complementary or ancillary thereto. 
 “Permitted Debt” has the meaning set
forth in Section 4.11(b). 
 “Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such
Investment: 
 (a) such Person becomes a Restricted Subsidiary of the Company; or 

(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment
made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.12; 

(5) any acquisition of assets or Capital Stock solely in exchange for the, or out of the net cash proceeds of a
substantially concurrent (but no longer than 45 days) issuance of Equity Interests (other than Disqualified Stock) of the Company; 

(6) any Investments received in settlement, compromise or resolution of (A) obligations of trade creditors or
customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or
customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 
 (7)
Investments represented by Hedging Obligations; 
  

 -19- 

 (8) loans or advances to employees made in the ordinary course of business
of the Company or the Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $5.0 million at any one time outstanding; 

(9) Investments in an Accounts Receivable Subsidiary that, as conclusively determined by the Board of Directors of the
Company, are necessary or advisable to effect a Receivables Facility; 
 (10) Limited Recourse Stock Pledges;

 (11) additional Investments in a Subsidiary of the Company holding an interest in Suzhou Huasu Plastics Co.
Ltd. in an aggregate amount not to exceed $40 million in the aggregate outstanding at any time (after giving effect to any dividends, return of capital and subsequent reduction in the amount of any Investments made pursuant to this clause
(11) as a result of the repayment or other disposition thereof in an amount not to exceed the amount of such Investments previously made pursuant to this clause (11)); 

(12) repurchases of the Notes and the Public Notes, and repurchases of any senior notes issued after the date of this
Supplemental Indenture by the Company under the Indenture relating to tax-exempt bonds issued after the date of this Supplemental Indenture for the benefit of the Company, the principal or purchase price of, premium, if any, and interest of which
the Company is contractually obligated to pay; 
 (13) Investments in Joint Ventures or any Persons that, as a
result of such an Investment, become Joint Ventures; 
 (14) repurchases of the 2007 GO Zone Bonds and the GO
Zone Bonds, and repurchases of any other tax-exempt bonds issued after the date of this Supplemental Indenture for the benefit of the Company, the principal or purchase price of, premium, if any, and interest of which the Company is contractually
obligated to pay; and 
 (15) other Investments in any Person having an aggregate Fair Market Value (measured on
the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (15) that are at the time outstanding not to exceed the greater of
(i) $50.0 million and (ii) 5% of the Consolidated Net Tangible Assets of the Company (after giving effect to any dividends, return of capital and subsequent reduction in the amount of any Investments made pursuant to this clause
(15) as a result of the repayment or other disposition thereof, upon designation of an Unrestricted Subsidiary, the fair market value of such Subsidiary to the extent the Investment in such Subsidiary was made pursuant to this clause (15), in
an amount not to exceed the amount of such Investments previously made pursuant to this clause (15)). 
  

 -20- 

 “Permitted Liens” means: 

(1) Liens securing Hedging Obligations related to Indebtedness permitted to be incurred by the terms of the indenture;

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

(3) Liens on property of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged with or
into or consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such acquisition, merger or consolidation and do not extend to any assets other than
those of the Person merged into or consolidated with the Company or the Subsidiary or that becomes a Subsidiary; 

(4) Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any
Restricted Subsidiary of the Company, provided that such Liens were in existence prior to, and not incurred in contemplation of, such acquisition; 

(5) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.11(b)(4) covering only
the assets acquired with or financed by such Indebtedness (including during any period Section 4.11 is suspended, as though such Section 4.11 was still in effect); 

(6) Liens existing on the date of this Supplemental Indenture; 

(7) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each
case, incurred in the ordinary course of business; 
 (8) Liens created for the benefit of (or to secure) the
Notes (or Guarantees of the Notes); 
 (9) Liens securing reimbursement obligations with respect to commercial
letters of credit obtained in the ordinary course of business, consistent with past practices, which encumber documents and other property or assets relating to such letters of credit and products and proceeds thereof; 

(10) Liens incurred or assumed in connection with the issuance of revenue bonds the interest on which is exempt from
federal income taxation pursuant to Section 103(b) of the Internal Revenue Code, including, without limitation, liens as a cash collateral account securing existing reimbursement obligations with respect to a letter of credit issued pursuant
thereto; 
  

 -21- 

 (11) customary Liens for the fees, costs and expenses of trustees and escrow
agents pursuant to any indenture, escrow agreement or similar agreement establishing a trust or escrow arrangement; 

(12) Liens on assets of the Company or any Restricted Subsidiary arising as a result of a sale and leaseback transaction
with respect to such assets; provided that the proceeds from such sale and leaseback transaction are applied to the repayment of Indebtedness or acquisition of assets or the making of capital expenditures pursuant to Section 4.12;

 (13) Liens on accounts receivable and related property deemed to arise in connection with any Receivables
Facility; 
 (14) the interest of a lessor or licensor under an operating lease or license under which the
Company or any of its Restricted Subsidiaries are lessee, sublessee, or licensee, including protective financing statement filings; 

(15) Limited Recourse Stock Pledges; 

(16) Liens encumbering customary initial deposits and margin deposits, netting provisions and setoff rights, in each case
securing Indebtedness under Hedging Obligations; 
 (17) Liens to secure any Permitted Refinancing Indebtedness
permitted to be incurred under the indenture; provided, however, that: 
 (a) the new Lien shall be
limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or
distributions thereof); and 
 (b) the Indebtedness secured by the new Lien is not increased to any amount
greater than the sum of (x) the outstanding principal amount or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such
refinancings, refunding, extension, renewal or replacement; 
 (18) Liens securing Indebtedness incurred pursuant
to clause (1) and (12) of the definition of Permitted Debt (including during any period Section 4.11 is suspended, as though such Section 4.11 was still in effect); 

 

 -22- 

 (19) Liens securing senior Indebtedness of the Company or any Restricted
Subsidiary in an aggregate principal amount at the time of incurrence thereof not to exceed 10% of Tangible Assets; 

(20) Liens on cash used to make a defeasance of Indebtedness permitted by the agreements governing such Indebtedness;

 (21) Liens securing Indebtedness of Foreign Subsidiaries; and 

(22) Liens with respect to obligations that do not exceed the greater of (i) 5.0% of Consolidated Net Tangible Assets
and (ii) $100.0 million at any one time outstanding. 
 “Permitted Refinancing Indebtedness” means any
Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or
initial accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount outstanding, or in the case of a revolving line of credit, available (or accreted value, if applicable) of the Indebtedness
extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith); 

(2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of
payment to the Notes or the related Guarantees, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes or the Guarantees, as applicable, on
subordination terms at least as favorable to the Holders of the Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 
  

 -23- 

 “Principals” means the descendants of T.T. Chao, including by adoption, and
the spouses of any such individuals. 
 “Public Equity Offering” means any underwritten public equity offering
of common stock of the Company yielding gross proceeds to the issuer (from sources other than a Subsidiary of the Company) of at least $25.0 million. 

“Public Notes” means the $250,000,000 aggregate principal amount of the Company’s
6 5/8% Senior Notes due 2016 issued under the
Indenture, as supplemented by the First Supplemental Indenture dated as of January 13, 2006 and the $250,000,000 aggregate principal amount of the Company’s
6 3/4% Senior Notes due 2032 (the “2007
Senior Notes”) issued under the Indenture, as supplemented by the Second Supplemental Indenture dated as of November 1, 2007. 

“Receivables Facilities” means one or more receivables financing facilities or arrangements, as amended from time to
time, pursuant to which the Company or any of its Restricted Subsidiaries sells (including a sale in exchange for a promissory note of or Equity Interest in an Accounts Receivable Subsidiary) its accounts receivable, related assets and the provision
of billing, collection and other services in connection therewith, in each case to an Accounts Receivable Subsidiary. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any
participation interests issued or sold in connection with, and other fees paid to a Person that is not the Company or a Restricted Subsidiary in connection with, any Receivables Facility. 

“Registrar” means The Bank of New York Mellon Trust Company, N.A., or any successor registrar of the Notes. 

“Related Party” means: 

(1) any controlling stockholder, 80% (or more) owned Subsidiary, or immediate family member (in the case of an individual)
of any Principal; or 
 (2) any Person, the beneficiaries, stockholders, partners, owners or Persons beneficially
holding a 50% or more controlling interest of which consist of any one or more Principals and/or such other Persons referred to in the immediately preceding clause (1). 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Payments” has the meaning set forth in Section 4.09(a). 

 

 -24- 

 “Restricted Subsidiary” of a Person means any Subsidiary of the referent
Person which is not an Unrestricted Subsidiary. 
 “S&P” means Standard & Poor’s Ratings
Services. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect
to any specified Person: 
 (1) any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the
election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination
thereof); and 
 (2) any partnership (a) the sole general partner or the managing general partner of which
is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“Subsidiary Guarantors” means: 

(1) each of the Subsidiaries of the Company listed on Schedule A to this Supplemental Indenture; and 

(2) any other Subsidiary that executes a Guarantee in accordance with the provisions of this Supplemental Indenture;

 and their respective successors and assigns; provided that any Person constituting a Subsidiary Guarantor as described above shall
cease to constitute a Subsidiary Guarantor when its respective Guarantee is released in accordance with the terms of this Supplemental Indenture. 

“Successor” has the meaning set forth in Section 5.01. 

“Supplemental Indenture” has the meaning provided in the Preamble. 

“Tangible Assets” means the total consolidated assets, less goodwill and intangibles, of the Company and its Restricted
Subsidiaries, as determined in accordance with GAAP at the end of the most recent fiscal quarter for which financial statements are available in accordance with Section 4.21. 

 

 -25- 

 “Term Loan Facilities” means one or more facilities that make available
term loan borrowings. 
 “Total Assets” means, as of any determination date, the total assets of the Company
and its consolidated Subsidiaries, as determined in accordance with GAAP at the end of the most recent fiscal quarter for which financial statements are available in accordance with Section 4.21. 

“Trustee” has the meaning provided in the Preamble. 

“Unrestricted Subsidiary” means (i) any Accounts Receivable Subsidiary, (ii) unless and until designated a
Restricted Subsidiary in accordance with the terms of this Supplemental Indenture, Westlake Trinidad Unlimited, Westlake International Investments Corporation, Westlake International Services Corporation, Suzhou Huasu Plastics Co., Ltd., Westlake
Profiles Limited, Westech Building Products Limited, Westlake International Holdings C.V., Westlake International LLC, Westlake International Holdings Coöperatief U.A., Westlake International I B.V. and Westlake International II B.V.,
(iii) any Subsidiary of an Unrestricted Subsidiary and (iv) any other Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such
Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of
the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and

 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the
Company or any of its Restricted Subsidiaries. 
  

 -26- 

 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be
evidenced to the Trustee by filing with the Trustee a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was
permitted by Section 4.09. If, at any time, any Unrestricted Subsidiary designated after the date of the Indenture would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of the Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under
Section 4.11, the Company will be in default of such Section 4.11. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be
deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under
Section 4.11, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation. In the case
of any designation by the Company of a Person as an Unrestricted Subsidiary on the first day that such Person is a Subsidiary of the Company in accordance with the terms of the Indenture, such designation shall be deemed to have occurred for all
purposes of this Supplemental Indenture simultaneously with, and automatically upon, such Person becoming a Subsidiary of the Company. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products
obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2) the then outstanding principal amount of such Indebtedness. 

“Wholly-Owned Restricted Subsidiary” of any specified Person means a Restricted Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) will at the time be owned by such Person or by one or more Wholly-Owned Restricted Subsidiaries of such Person and one or more
Wholly-Owned Restricted Subsidiaries of such Person. 
  

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 ARTICLE THREE 

Redemption 

The following covenants are added to the Indenture for the benefit of Holders of the Notes: 

Section 3.12. Redemption Based on Article III of the GO Zone Indenture. 

Except as otherwise provided herein, the Notes shall not be redeemable at the option of the Company; provided, however, that in the event
of a redemption of GO Zone Bonds under Article III of the GO Zone Indenture and as reflected in the GO Zone Bonds set forth in Exhibit C thereto, the Company shall redeem Notes equal in principal amount to the GO Zone Bonds to be redeemed at a
Redemption Price equal to the redemption price of the GO Zone Bonds to be redeemed, plus accrued interest to the redemption date. 

Section 3.13. Mandatory Tender Based on Section 4.2(b) of the GO Zone Indenture. 

Except as otherwise provided herein, the Notes shall not be subject to mandatory tender at the option of the Company; provided, however,
that in the event of a mandatory tender of GO Zone Bonds under Section 4.2(b) of the GO Zone Indenture, the Company shall purchase Notes equal in principal amount to the GO Zone Bonds subject to mandatory purchase at a purchase price equal to
the Purchase Price of the GO Zone Bonds to be purchased, plus accrued interest to the Mandatory Purchase Date. 
 ARTICLE FOUR

 Covenants 

The following covenants are added to the Indenture for the benefit of Holders of the Notes: 

Section 4.08. Covenant Suspension. 

During any period of time that (i) the GO Zone Bonds are rated Investment Grade and (ii) no Default or Event of Default under
this Supplemental Indenture shall have occurred and be continuing, the Company and its Restricted Subsidiaries shall no longer be subject to the following sections: 
  

	 	•	 	 Section 4.09, 

  

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	 	•	 	 Section 4.10, 

  

	 	•	 	 Section 4.11, 

  

	 	•	 	 Section 4.12, 

  

	 	•	 	 Section 4.15, and 

  

	 	•	 	 clause (4) of Section 5.01(a) (collectively, the “Affected Covenants”). 

In the event that the Company and its Restricted Subsidiaries are not subject to the Affected Covenants for any period of time as a result of the
preceding sentence and, subsequently, the GO Zone Bonds are not rated Investment Grade, then the Company and its Restricted Subsidiaries will thereafter be subject to the Affected Covenants and compliance with respect to Restricted Payments made
after the time of a rating withdrawal or downgrade will be calculated in accordance with the provisions of Section 4.09 as if such covenant had been in effect since the date of execution of this Supplemental Indenture. 

Section 4.09. Restricted Payments. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect Holders of the Company’s or
any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary of the
Company); 
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in
connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 

(3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any
Indebtedness of the Company or any Subsidiary Guarantor that is contractually subordinated to the Notes or any Guarantee (excluding any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment
of interest or principal at or after the Stated Maturity of such interest or principal; or 
  

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 (4) make any Restricted Investment in an Unrestricted Subsidiary 

(all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (i) no Default
or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and 

(ii) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of
Section 4.11; and 
 (iii) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Company and its Restricted Subsidiaries since the date of this Supplemental Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (6), (7), (8), (9), (10), (11), (12) and (13) of
Section 4.09(b)), is less than the sum, without duplication, of: 
 (a) 50% of the Consolidated Net Income
of the Company for the period (taken as one accounting period) from October 1, 2003 to the end of the Company’s most recently ended fiscal quarter for which financial statements are available in accordance with Section 4.21 at the
time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus  

(b) 100% of the aggregate proceeds (including the Fair Market Value of any non-cash consideration) received by the Company
since October 1, 2003 as a contribution to its common equity capital or by the Company or any of its Restricted Subsidiaries from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of
convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company or any of its Restricted Subsidiaries that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or
Disqualified Stock or debt securities) sold to a Subsidiary of the Company), plus  
 (c) to the extent
that any Restricted Investment that was made after October 1, 2003 is sold for cash or otherwise liquidated, repaid for cash or otherwise reduced, including by way of dividend, on or before January 13, 2006 (or in the case of any
Restricted Investment in any Unrestricted Subsidiary so designated after January 13, 2006, so sold, liquidated, repaid or otherwise reduced on or after January 13, 2006), the lesser of (i) the cash return of capital with respect to
such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment, plus  
  

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 (d) to the extent that any Unrestricted Subsidiary of the Company designated
as such after January 13, 2006 is redesignated as a Restricted Subsidiary, the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation, plus  

(e) 50% of the net reduction in Investments in Unrestricted Subsidiaries designated as such January 13, 2006 or Joint
Ventures resulting from any dividends, repayment of loans or other transfer of assets received by the Company or a Restricted Subsidiary of the Company after October 1, 2003 from any such Unrestricted Subsidiary or a Joint Venture, to the
extent that such dividends, repayments or transfers were not otherwise included in Consolidated Net Income of the Company for such period. 

(b) So long as no Default has occurred and is continuing or would be caused thereby, the preceding provisions shall not
prohibit: 
 (1) the payment of any dividend within 60 days after the date of declaration of the dividend, if at
the date of declaration the dividend payment would have complied with the provisions of this Supplemental Indenture; 

(2) the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent
issuance or sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to the Company; provided that the
amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition will be excluded from clause (3)(b) of the preceding paragraph; 

(3) the defeasance, redemption, repurchase or other acquisition of Indebtedness of the Company or any Subsidiary Guarantor
that is contractually subordinated to the Notes or to any Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 

(4) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar
distribution) by a Restricted Subsidiary of the Company to the Company or another Restricted Subsidiary, or the purchase, redemption, or other acquisition or retirement of any Equity Interests in a Restricted Subsidiary held by the Company or
another Restricted Subsidiary; 
  

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 (5) the repurchase, redemption or other acquisition or retirement for value
of any Equity Interests of the Company or any Restricted Subsidiary of the Company held by any current or former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock
option agreement, shareholders’ agreement or similar plan or agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed the greater of (i) 0.2% of
Consolidated Net Tangible Assets and (ii) $5.0 million in any twelve-month period; 
 (6) the repurchase of
Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 

(7) the declaration and payment of dividends to Holders of any class or series of Disqualified Stock of the Company or any
Restricted Subsidiary of the Company issued on or after the date of this Supplemental Indenture in accordance with the Fixed Charge Coverage Ratio test described in Section 4.11; 

(8) distributions or payments of Receivables Fees; 

(9) the repurchase of any Indebtedness of the Company or any Subsidiary Guarantor that is contractually subordinated to
the Notes or to any Guarantee at a purchase price not greater than 101% of the principal amount thereof in the event of (x) a Change of Control pursuant to a provision no more favorable to the holders thereof than the provision described in
Section 4.13 or (y) an Asset Sale (pursuant to a provision no more favorable to the Holders thereof than the provision described in Section 4.12); provided that in each case, prior to such repurchase the Company has made a
Change of Control Offer or Asset Sale Offer, as applicable, and repurchased all Notes that were validly tendered for payment in connection with such Change of Control Offer or Asset Sale Offer; 

(10) the payment of dividends on common stock of the Company at a rate not to exceed $0.20 per share per quarter (such
amount to be appropriately adjusted to reflect any stock split, reverse split, stock dividend or similar transaction made after the date of execution of this Supplemental Indenture so that the aggregate amount of dividends payable after such
transaction is the same as the amount payable prior to such transaction); 
 (11) dividends or distributions on
account of the Equity Interests of a Restricted Subsidiary made to its equityholders on either a pro rata basis or on a basis more favorable to either the Company or a Restricted Subsidiary of the Company; 

 

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 (12) Investments in Unrestricted Subsidiaries; provided that, to the
extent such Investment consists of the direct or indirect transfer or contribution of Domestic Assets (including, without limitation, (i) due to the designation of a Restricted Subsidiary as an Unrestricted Subsidiary in accordance with the
terms of this Supplemental Indenture and (ii) the transfer of equity in a Restricted Subsidiary to the extent it and its Restricted Subsidiaries own Domestic Assets) (a “Domestic Investment”), the aggregate Fair Market Value at
the time of Investment of all such Domestic Investments outstanding at any one time permitted by this clause (12) shall not exceed 10% of Total Assets (after giving effect to any dividends, return of capital and subsequent reduction in the
amount of any Investments made pursuant to this clause (12) as a result of the repayment or other disposition thereof, or upon designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair market value of such Subsidiary to the
extent the Investment in such Subsidiary was made pursuant to this clause (12), in an amount not to exceed the amount of such Investments previously made pursuant to this clause (12)); and 

(13) other Restricted Payments in an aggregate amount not to exceed the greater of (i) 5.0% of Consolidated Net
Tangible Assets and (ii) $100.0 million outstanding at any time. 
 (c) The amount of all Restricted
Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the
Restricted Payment. The Fair Market Value of any assets or securities of $50.0 million or greater that are required to be valued by this covenant will be determined by the Board of Directors whose resolution with respect thereto will be delivered to
the Trustee. 
 (d) For purposes of this section, “substantially concurrent” shall be deemed to mean
within at least 45 days. 
 Section 4.10. Dividend and Other Payment Restrictions Affecting Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or
permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 

 

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 (2) make loans or advances to the Company or any of its Restricted
Subsidiaries; or 
 (3) transfer any of its properties or assets to the Company or any of its Restricted
Subsidiaries. 
 (b) The preceding restrictions will not apply to encumbrances or restrictions existing under or
by reason of: 
 (1) agreements governing Existing Indebtedness and Credit Facilities as in effect on the date of
this Supplemental Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this
Supplemental Indenture; 
 (2) this Supplemental Indenture, the Notes and the related Guarantees; 

(3) applicable law, rule, regulation or order; 

(4) any agreement or instrument governing Indebtedness or Capital Stock of a Person as in effect at the time of the
acquisition by the Company or any of its Restricted Subsidiaries of such Person or the properties or assets of such Person (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such
acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Supplemental Indenture to be incurred; 
 (5)
customary non-assignment provisions in contracts and leases entered into in the ordinary course of business; 

(6) construction loans and purchase money obligations for property acquired in the ordinary course of business and Capital
Lease Obligations that impose restrictions on the property constructed, purchased or leased of the nature described in Section 4.11(b)(4); 

(7) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that
Restricted Subsidiary pending the sale or other disposition; 
  

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 (8) Permitted Refinancing Indebtedness; provided that the
restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(9) Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Section 4.15 that limit
the right of the debtor to dispose of the assets subject to such Liens; 
 (10) any restriction under an
agreement governing Indebtedness of a Foreign Subsidiary permitted under Section 4.11; 
 (11) provisions
limiting or prohibiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the
Company’s Board of Directors, which limitation or prohibition is applicable only to the assets that are the subject of such agreements; 

(12) any agreement or instrument governing Indebtedness permitted to be incurred under this Supplemental Indenture,
provided that the terms and conditions of any such restrictions and encumbrances, taken as a whole, are not materially more restrictive than those contained in this Supplemental Indenture, taken as a whole; and 

(13) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business. 
 (c) For purposes of determining compliance with this Section 4.10, in the event that
a restriction meets the criteria of more than one of the categories of permitted restrictions described in clauses (1) through (13) above, the Company will be permitted to classify such restriction on the date of its incurrence, or later
reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.10. 
 Section 4.11.
Incurrence of Indebtedness and Issuance of Preferred Stock. 
 (a) The Company shall not, and shall not
permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any
Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company may incur
Indebtedness (including Acquired Debt) or issue Disqualified Stock and the Restricted Subsidiaries may incur Indebtedness or issue preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal
quarters for which financial statements are available in accordance with Section 4.21 would have been at least 2.0 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom and, in the case of
Acquired Debt, giving pro forma effect to the applicable transaction related thereto), as if the additional Indebtedness had been incurred (and such transaction had occurred) or the preferred stock or Disqualified Stock had been issued, as the case
may be, at the beginning of such four-quarter period. 
  

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 (b) Section 4.11(a) will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by the
Company or any Restricted Subsidiary of Indebtedness and letters of credit under one or more Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of the Company and its Subsidiaries thereunder) not to exceed the greater of (i) 30.0% of Consolidated Net Tangible Assets or (ii) $600.0 million; 

(2) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 

(3) the incurrence by the Company and the Subsidiary Guarantors of Indebtedness represented by the Notes and the related
Guarantees to be issued pursuant to this Supplemental Indenture; 
 (4) the incurrence by the Company or any of
its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design,
construction, installation or improvement of property, plant or equipment used or usable in a Permitted Business, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any
Indebtedness incurred pursuant to this clause (4), not to exceed the greater of (i) 1.0% of Consolidated Net Tangible Assets and (ii) $20.0 million at any time outstanding; 

(5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange
for, or the net proceeds of which are used to extend, refund, refinance, renew, defease or replace Indebtedness (other than intercompany Indebtedness) that was permitted by this Supplemental Indenture to be incurred under Section 4.11(a) or
clause (2), (3), (4), (5), (16) or (17) of this Section 4.11(b); 
  

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 (6) the incurrence by the Company or any of its Restricted Subsidiaries of
intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 

(A) if the Company or any Subsidiary Guarantor is the obligor on such Indebtedness and the payee is not the Company or a
Subsidiary Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Company, or the Guarantee, in the case of a Subsidiary Guarantor;
and 
 (B)(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness
being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company will be
deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted
Subsidiaries of shares of preferred stock; provided, however, that: 
 (A) any subsequent issuance
or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 

(B) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted
Subsidiary of the Company; 
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted
Subsidiary that was not permitted by this clause (7); 
 (8) the incurrence by the Company or any of its
Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not for speculative purposes; 

(9) the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted
Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.11; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee shall be
subordinated to the same extent as the Indebtedness guaranteed; 
  

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 (10) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness in respect of workers’ compensation claims; self-insurance or similar obligations; the financing of insurance premiums; bankers’ acceptances; performance, appeal, bid completion, guarantee and surety bonds; or similar
requirements (and, in all cases, letters of credit in respect thereof) in the ordinary course of business; 

(11) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 

(12) the incurrence by Foreign Subsidiaries of Indebtedness in an aggregate principal amount at any time outstanding
pursuant to this clause (12), including all Permitted Refinancing Indebtedness incurred to refund, refinance, defease, renew, extend or replace Indebtedness incurred pursuant to this clause (12), not to exceed the greater of (i) 5.0% of
Consolidated Net Tangible Assets and (ii) $100.0 million; 
 (13) the incurrence by the Company or a
Restricted Subsidiary of Indebtedness arising from agreements of the Company or such Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition
of any business, assets or subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or subsidiary for the purpose of financing such acquisition; provided that the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Company or such Restricted Subsidiary in connection with such disposition; 

(14) the incurrence by the Company or a Restricted Subsidiary of Indebtedness consisting of take-or-pay obligations
contained in supply agreements entered into in the ordinary course of business; 
 (15) the incurrence by the
Company of Indebtedness to any of its Subsidiaries incurred in connection with the purchase of accounts receivable and related assets by the Company from any such Subsidiary which assets are subsequently conveyed by the Company in connection with a
Receivable Facility; and 
 (16) the incurrence by the Company or any of its Restricted Subsidiaries of
additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to extend, refund, refinance, renew, defease or replace any Indebtedness
incurred pursuant to this clause (16), and the issuance by the Company of any Disqualified Stock and by any Restricted Subsidiary of any additional preferred stock, not to exceed the greater of (i) 5.0% of Consolidated Net Tangible Assets and
(ii) $100.0 million; and 
  

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 (17) the incurrence or issuance, as the case may be, by the Company or any
Restricted Subsidiary of Acquired Debt, Acquired Preferred Stock or Acquired Disqualified Stock; provided that immediately after giving effect to such incurrence or issuance, as the case may be, (i) the Fixed Charge Coverage Ratio for the
Company’s most recently ended four full fiscal quarters for which financial statements are available in accordance with Section 1.13 preceding the date of such incurrence or issuance, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom) as if such Acquired Debt, Acquired Preferred Stock or Acquired Disqualified Stock had been incurred or issued at the beginning of such four-quarter period, would be (x) at least 2.0 to 1 or
(y) equal to or greater than it would have been immediately preceding such incurrence or (ii) the Consolidated Net Worth of the Company would be greater than the Consolidated Net Worth of the Company immediately prior to such transaction.

 (c) The Company shall not incur, and shall not permit any Subsidiary Guarantor to incur, any Indebtedness
(including Permitted Debt) that is contractually subordinated in right of payment to any other Pari Passu Indebtedness of the Company or such Subsidiary Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the
Notes and the applicable Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue
of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 (d) For purposes of
determining compliance with this Section 4.11, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (17) of Section 4.11(b),
or is entitled to be incurred pursuant to Section 4.11(a), the Company will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that
complies with this Section 4.11. Indebtedness under Credit Facilities outstanding on the date on which Notes are first issued and authenticated under this Supplemental Indenture will initially be deemed to have been incurred on such date in
reliance on the exception provided by clause (1) of the definition of Permitted Debt. The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock
for purposes of this Section 4.11; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. Notwithstanding any other provision of this Section 4.11, the maximum amount of
Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.11 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 

 

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 Section 4.12. Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 (1) the Company or the Restricted Subsidiary, as the case may be, receives consideration at the time of the
Asset Sale at least equal to the Fair Market Value (as determined by the Company’s Board of Directors and evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee as to Asset Sales
having a Fair Market Value of $50.0 million or greater) of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the
form of cash or Cash Equivalents, publicly traded equity securities of a Person with a market capitalization (not held by Affiliates of such Person) of at least $500 million or a controlling interest in, or long-term assets used or useful in, a
business engaged in a Permitted Business. For purposes of this provision, each of the following will also be deemed to be cash: 

(A) any liabilities, as shown on its most recent balance sheet, of the Company or such Restricted Subsidiary (other than
contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted
Subsidiary from further liability; 
 (B) any securities, notes or other obligations received by the Company or
any such Restricted Subsidiary from such transferee that are promptly, subject to ordinary settlement periods, converted or monetized by the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion or
monetization; and 
 (C) any Capital Stock or assets of the kind referred to in clause (2) or (4) of
Section 4.12(b). 
  

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 (b) Within 360 days after the receipt of any Net Proceeds from an Asset
Sale, the Company or the applicable Restricted Subsidiary, as the case may be, may apply those Net Proceeds, at its option, to any one or more of the following: 

(1) to repay Indebtedness and other Obligations of the Company and its Restricted Subsidiaries; 

(2) to acquire all or substantially all of the assets of, or any Capital Stock of, any Person or division conducting a
Permitted Business, if, in the case of any such acquisition of Capital Stock and after giving effect thereto, such Person will be a Restricted Subsidiary of the Company (or enter into a binding commitment for any such acquisition); provided
that such binding commitment shall be treated as a permitted application of Net Proceeds from the date of such commitment until and only until the earlier of (x) the date on which such acquisition is consummated and (y) the 180th day
following the expiration of the aforementioned 360-day period. If the acquisition or expenditure contemplated by such binding commitment is not consummated on or before such 180th day and the Company or such Restricted Subsidiary shall not have
applied such Net Proceeds pursuant to clause (1), (3) or (4) of this Section 4.12(b) on or before such 180th day, such commitment shall be deemed not to have been a permitted application of Net Proceeds; 

(3) to make a capital expenditure; or 

(4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a
Permitted Business; 
 provided, however, that to the extent that the Asset Sale consists, directly or indirectly, of Domestic
Assets, in order to qualify under any of the foregoing clauses (1) through (4) of this Section 4.12(b), the Company must apply such proceeds to acquire additional Domestic Assets, acquire assets located in the United States or a
Person described in Section 4.12(b)(2) which will become a Domestic Subsidiary at the time it becomes a Restricted Subsidiary pursuant thereto, make domestic capital expenditures or repay Indebtedness that is an obligation of the Company or a
Subsidiary Guarantor. 
 (c) Pending the final application of any Net Proceeds, the Company may temporarily
reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Supplemental Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.12(b) will
constitute “Excess Proceeds.” On the 361st day after the Asset Sale (or, at the Company’s option, any earlier date), if the aggregate amount of Excess Proceeds exceeds $25.0 million, the Company will make an Asset Sale Offer to
all Holders of the GO Zone Bonds and to all holders of other Pari Passu Indebtedness (collectively, an “Asset Sale Offer”) in respect of which an offer to purchase is also required to purchase the maximum principal amount of GO Zone
Bonds and such other Pari Passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest to the date of purchase, and will be
payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Supplemental Indenture. If the aggregate principal amount of GO Zone
Bonds and other Pari Passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the GO Zone Bonds and such other Pari Passu Indebtedness to be purchased on a pro rata basis. Upon completion
of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
  

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 (d) To the extent that the provisions of any securities laws or regulations
conflict with the Change of Control or Asset Sale provisions of this Supplemental Indenture, the Company shall comply with the applicable securities laws and regulations and the Company will not be deemed to have breached its obligations under the
Change of Control or Asset Sale provisions of this Supplemental Indenture by virtue of such conflict. 
 (e)
Notwithstanding the provisions described in Sections 4.12(a), (b), (c) and (d) (other than the proviso to Section 4.12(b)), the Company and its Restricted Subsidiaries may consummate an Asset Sale without complying with such
provisions if (i) at least 80% of the consideration for such Asset Sale is in the form of assets used or useful in a Permitted Business and (ii) such Asset Sale is for at least Fair Market Value. 

Section 4.13. Change of Control. In respect of a Change of Control, the GO Zone Indenture shall provide as follows (capitalized terms used herein
have the meanings set forth in the GO Zone Indenture): 
 “(a) If a Change of Control occurs, each
Bondholder shall have the right to require the Company, who may designate a third party for this purpose (in either case, the “Company Designee”), to repurchase all or any part (which shall be in an amount equal to an Authorized
Denomination) of that Bondholder’s Bonds pursuant to an offer (the “Change of Control Offer”) on the terms set forth in this Indenture. In the Change of Control Offer, the Company Designee will offer a payment in cash equal to 101% of
the aggregate principal amount of Bonds repurchased plus accrued and unpaid interest on the Bonds repurchased, to the date of purchase, subject to the rights of Bondholders on the relevant record date to receive interest due on the relevant Interest
Payment Date (such payment, a “Change of Control Payment”). Within thirty (30) days following any Change of Control, at the direction of the Company Designee which shall be provided five (5) days prior to the mailing of the
notice, the Trustee will mail a notice to each Bondholder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Bonds on the date specified in the notice (such date, the “Change of Control
Payment Date”), which date will be no earlier than thirty (30) days and no later than sixty (60) days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such notice. 

 

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 (b) On the Change of Control Payment Date, the Company Designee shall, to
the extent lawful: 
 (i) accept for payment all Bonds or portions of Bonds properly tendered pursuant to the
Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment
in respect of all Bonds or portions of Bonds properly tendered; and 
 (iii) deliver or cause to be delivered to
the Trustee the Bonds properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Bonds or portions of Bonds being purchased by the Company Designee. 

(c) The Paying Agent shall promptly pay to each Bondholder of Bonds properly tendered the Change of Control Payment for
such Bonds, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Bondholder a new Bond equal in principal amount to any unpurchased portion of the Bonds surrendered, if any; provided that each new
Bond will be in a principal amount equal to an Authorized Denomination. 
 (d) Section (a) and Section
(b) will be applicable whether or not any other provisions of this Indenture are applicable to the transaction. 

(e) The Company Designee shall not be required to make a Change of Control Offer upon a Change of Control if (1) a
third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company Designee and purchases all Bonds
properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to this Indenture as described in Section 3.3 unless and until there is a default in payment of the applicable
Redemption Price.” 
  

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 Section 4.14. Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 
 (1) the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that might reasonably have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an
unrelated Person; and 
 (2) the Company delivers to the Trustee: 

(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $10.0 million, a resolution of the Board of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this covenant and such Affiliate Transaction been approved by a
majority of the members of the Board of Directors; and 
 (B) with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, (i) a Board Resolution certifying that such Affiliate Transaction complies with clause (1) above and that such Affiliate Transaction has been
approved by a majority of the disinterested members of the Board of Directors, if any, or if there are no such disinterested members, then (ii)(x) an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing or (y) with respect to assets classified, in accordance with GAAP, as property, plant or equipment, a written
appraisal from a nationally recognized appraiser showing the assets have a Fair Market Value of not less than the consideration paid (provided that if the Fair Market Value determined by such appraiser is a range of values or otherwise
inexact, the Board of Directors shall determine the exact Fair Market Value within such range). 
  

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 (b) The following items will not be deemed to be Affiliate Transactions and,
therefore, will not be subject to the provisions of Section 4.14(a): 
 (1) any fees, compensation and other
payments paid to any officer or employee pursuant to any employment agreement, employee or director benefit plan, officer and director indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business; 
 (2) transactions between or among the Company and/or its
Restricted Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of the Company)
that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

(4) payment of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company; 

(5) any issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company;

 (6) Restricted Payments that do not violate the provisions of Section 4.09; 

(7) loans or advances to employees in the ordinary course of business not to exceed $10.0 million in the aggregate at any
one time outstanding; 
 (8) sales (including a sale in exchange for a promissory note of or Equity Interest in
such Accounts Receivable Subsidiary) of accounts receivable, related assets and the provision of billing, collection and other services in connection therewith, in each case, to an Accounts Receivable Subsidiary in connection with any Receivables
Facility; 
 (9) transactions pursuant to any contract or agreement in effect on the Issue Date, as the same may
be amended, modified, extended or replaced from time to time, so long as any such contract or agreement as so amended, modified, extended or replaced is, taken as a whole, not materially less favorable to the Company and its Restricted Subsidiaries
than under those agreements in effect on the Issue Date; 
 (10) any transaction or series of transactions
between the Company or any Restricted Subsidiary and any of their Joint Ventures or any Unrestricted Subsidiary, provided that (a) such Affiliate Transaction complies with clause (1) of the initial paragraph above, and (b) with
respect to any such Affiliate Transaction involving aggregate consideration in excess of the greater of (i) 0.5% of Consolidated Net Tangible Assets and (ii) $10.0 million, such Affiliate Transaction has been approved by the Board of
Directors; 
  

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 (11) transactions between the Company or its Restricted Subsidiaries and any
Person who becomes an Unrestricted Subsidiary or Joint Venture pursuant to agreements entered into before, and not in contemplation of, the consummation of any such transaction; 

(12) Permitted Investments; 

(13) transactions entered into by a Person prior to the time such Person becomes a Subsidiary or is merged or consolidated
into the Company or a Subsidiary (provided such transaction is not entered into in contemplation of such event); and 

(14) transactions with any customer, client, supplier, distributor or any other purchaser or seller of goods or services
(including, without limitation, with any Unrestricted Subsidiary), in each case in the ordinary course of business and otherwise in compliance with the terms of this Supplemental Indenture, which when taken together with other transactions with the
same Person are, in the reasonable determination of the Board of Directors or senior management of the Company, fair to the Company and its Restricted Subsidiaries or on terms not less favorable than might have been obtained in a comparable
transaction at such time on an arm’s length basis from a person who is not an Affiliate. 
 Section 4.15. Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer
to exist any Lien, except Permitted Liens, to secure Indebtedness of any kind on any asset now owned or hereafter acquired, unless all payments due under this Supplemental Indenture and the Notes are secured on an equal and ratable basis with the
obligations so secured (or, if such obligations are subordinated by their terms to the Notes or the related Guarantees, prior to the obligations so secured) until such time as such obligations are no longer secured by a Lien. 

Section 4.16. Additional Guarantees. 

If, after the date of this Supplemental Indenture, any Domestic Subsidiary of the Company that is not already a Subsidiary Guarantor
(including, without limitation, any Domestic Subsidiary acquired or created after the date of this Supplemental Indenture) guarantees any other Indebtedness in excess of $5 million of either of the Company or a Subsidiary Guarantor, then in either
case that Subsidiary will become a Subsidiary Guarantor by executing a supplemental indenture and delivering it to the Trustee within 15 Business Days of the date on which it guaranteed or incurred such Indebtedness, as the case may be.
Notwithstanding the preceding, any guarantee of a Domestic Subsidiary that was incurred pursuant to this Section 4.16 as a result of a guarantee of any other Indebtedness in excess of $5 million shall provide by its terms that it shall be
automatically and unconditionally released upon the release or discharge of the guarantee that resulted in the creation of such Domestic Subsidiary’s Guarantee, except a discharge or release by, or as a result of payment under, such Guarantee.

  

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 Section 4.17. Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a
Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be
deemed to be an Investment made as of the time of the designation and, to the extent not otherwise permitted by Section 4.09(b) or under one or more clauses of the definition of Permitted Investments, as determined by the Company, will reduce
the amount available for Restricted Payments under Section 4.09. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary. The Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. If a Restricted Subsidiary that is a Subsidiary Guarantor is designated an Unrestricted
Subsidiary in accordance with the terms of this covenant, such Guarantee will be released. 
 Section 4.18. Sale and Leaseback
Transactions. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any sale and
leaseback transaction; provided that the Company or any Restricted Subsidiary may enter into a sale and leaseback transaction if: 

(1) the Company or that Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal
to the Attributable Debt relating to such sale and leaseback transaction under the Fixed Charge Coverage Ratio test in Section 4.11(a) and (b) incurred a Lien to secure such Indebtedness pursuant to Section 4.15; 

(2) the gross cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value, as
determined in good faith by the Board of Directors and set forth in an Officers’ Certificate delivered to the Trustee, of the property that is the subject of that sale and leaseback transaction; and 

(3) the transfer of assets in that sale and leaseback transaction is permitted by, and the Company applies the proceeds of
such transaction in compliance with, Section 4.12. 
  

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 Section 4.19. Accounts Receivable Facilities. 

Notwithstanding any other provisions of the Indenture relating to the Notes, the Company or any of its Restricted Subsidiaries may sell
(including a sale in exchange for a promissory note of or Equity Interest in such Accounts Receivable Subsidiary) at any time and from time to time, accounts receivable and related assets to any Accounts Receivable Subsidiary; provided that
the aggregate consideration received in each such sale is at least equal to the aggregate Fair Market Value of the receivables sold. 

Section 4.20. Payments for Consent. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Supplemental Indenture or the Notes unless such consideration is offered to be paid or
agreed to be paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.21. Other Reports 

(a) The Company will file with the SEC (unless the SEC will not accept such a filing): 

(1) all quarterly and annual reports required to be filed with the SEC on Forms 10-Q and 10-K; and 

(2) all current reports required to be filed with the SEC on Form 8-K, 

for public availability within the time periods specified in the rules and regulations applicable to such reports. 

(b) If, at any time the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any
reason, the Company will nevertheless continue filing the reports specified in Section 4.21(a) with the SEC within the time periods specified in Section 4.21(a) unless the SEC will not accept such a filing. The Company agrees that it will
not take any action for the purpose of causing the SEC not to accept any such filings. If the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in Section 4.21(a) on its website within
the time periods that would apply if the Company were required to file those reports with the SEC. 
  

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 ARTICLE FIVE 

Successors 

Section 5.01 of the Indenture is replaced in its entirety with the following: 

Section 5.01. Limitations on Mergers, Consolidations and Sales of Assets. 

(a) The Company shall not, directly or indirectly: (x) consolidate or merge with or into another Person (whether or not the Company
is the surviving corporation); or (y) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 
 (1) either: (x) the Company is the surviving or continuing
Person; or (y) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the
laws of the United States, any state of the United States or the District of Columbia; 
 (2) the Person formed
by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes and this
Indenture pursuant to agreements reasonably satisfactory to the Trustee; 
 (3) immediately after giving effect
to such transaction, no Default or Event of Default exists; and 
 (4) the Company or the Person formed by or
surviving any such consolidation or merger (if other than Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made will, on the date of such transaction after giving pro forma effect thereto and any
related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, (i) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the test set forth in Section 4.11(a),
(ii) have a Fixed Charge Coverage Ratio that is not less than the Fixed Charge Coverage Ratio of the Company immediately prior to such transaction or (iii) have Consolidated Net Worth immediately after the transaction equal to or greater
than the Consolidated Net Worth of the Company immediately preceding the transaction. 
  

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 (b) In addition, Company may not, directly or indirectly, lease all or substantially all of
its properties or assets, in one or more related transactions, to any other Person. 
 (c) This Article Five will not apply to:

 (A) a merger or consolidation of the Company with an Affiliate for the purpose of reincorporating or
reorganizing Company in another jurisdiction; 
 (B) a merger or consolidation of the Company with a Wholly-Owned
Restricted Subsidiary; provided that, in connection with any such merger or consolidation, no consideration, other than Equity Interests (other than Disqualified Stock) in the surviving or continuing Person or Company, shall be issued or
distributed to the holders of Equity Interests of the Company; and 
 (C) any sale, transfer, assignment,
conveyance or other disposition of assets between or among the Company and its Restricted Subsidiaries. 
 ARTICLE SIX

 Defaults and Remedies 

Section 6.01. Events of Default. 

The Events of Default in Section 6.01 of the Indenture are replaced with the following, which shall be the Events of Default under
the Indenture with respect to the Notes: 
 (1) the failure by the Company to pay interest on any Note when the
same becomes due and payable and the continuance of any such failure for a period of 30 days; 
 (2) the failure
by the Company to pay the principal or premium of any Note when the same becomes due and payable at maturity, upon acceleration or otherwise; 

(3) the failure by the Company or any Restricted Subsidiary to comply with Section 4.12, Section 4.13 or Article
Five of this Supplemental Indenture; 
 (4) the Company or any Subsidiary Guarantor fails to comply with any of
its other covenants or agreements in, or provisions of, the Notes or this Supplemental Indenture or the Indenture (other than an agreement, covenant or provision that has expressly been included in the Indenture solely for the benefit of one or more
series of Securities other than the Notes) which shall not have been remedied within the specified period after written notice, as specified in the last paragraph of Section 6.01 of the Indenture; 

 

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 (5) default under any mortgage, indenture or instrument under which there
may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Significant Subsidiaries)
whether such Indebtedness or guarantee now exists, or is created after the date of this Supplemental Indenture, if that default: 

(A) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(B) results in the acceleration of such Indebtedness prior to its express maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $40.0 million or more and has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such maturity or
acceleration; 
 (6) failure by the Company or any of its Significant Subsidiaries to pay or otherwise discharge
or stay final judgments aggregating in excess of $40.0 million, which are not covered by indemnities or third party insurance as to which the Person giving such indemnity or such insurer has not disclaimed coverage, for a period of 60 days after
such judgments become final and non-appealable; 
 (7) the Company or any Restricted Subsidiary that is a
Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
  

	 	(A)	commences a voluntary case, 

  

	 	(B)	consents to the entry of an order for relief against it in an involuntary case, 

 

	 	(C)	consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or 

 

	 	(D)	makes a general assignment for the benefit of its creditors; 

  

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 (8) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that remains unstayed and in effect for 90 days and that: 
  

	 	(A)	is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary as debtor in an involuntary case, 

 

	 	(B)	appoints a Bankruptcy Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or a Bankruptcy Custodian for all or substantially all of
the property of the Company or any Restricted Subsidiary that is a Significant Subsidiary, or 

  

	 	(C)	orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary; or 

(9) except as permitted by this Supplemental Indenture, any Guarantee of the Notes pursuant to the Indenture ceases to be
in full force and effect (other than in accordance with the terms of such Guarantee and the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor denies or disaffirms its obligations under the Indenture or its
Guarantee (other than by reason of release of a Subsidiary Guarantor from its Guarantee in accordance with the terms of the Indenture and the Guarantee). 

Section 6.02. Acceleration. 

Section 6.02 of the Indenture is replaced by the following with respect to the Notes: 

If an Event of Default with respect to the Notes (other than an Event of Default specified in clause (7) or (8) of
Section 6.01) occurs and is continuing, the Trustee by notice to the Company and the Subsidiary Guarantors, or the Holders of at least 25% in principal amount of the then outstanding Notes (or, in the case of an Event of Default described in
clause (4) of Section 6.01, if outstanding Securities of other series are affected by such Event of Default, then at least 25% in principal amount of the then outstanding Securities so affected) by notice to the Company, the Subsidiary
Guarantors and the Trustee, may declare the principal of and all accrued and unpaid interest on all then outstanding Notes or all series of Securities, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable
on the Notes shall be due and payable immediately. If an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any
declaration, notice or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default or all series so affected, as the case may
be, by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of or premium or interest on or any Additional Amounts with respect to the Securities) if (i) the rescission would not
conflict with any judgment or decree, (ii) all existing Events of Default with respect to the Securities of that series (or of all series, as the case may be) have been cured or waived, except nonpayment of principal, premium, interest or any
Additional Amounts that have become due solely because of the acceleration and (iii) the Trustee has been paid any amounts due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.07. 
  

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 ARTICLE SEVEN 

Miscellaneous 

Section 7.01. Governing Law. 

The laws of the State of New York shall govern this Supplemental Indenture, the Notes and the related Guarantees. 

Section 7.02. No Adverse Interpretation of Other Agreements. 

This Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company, any Subsidiary
Guarantor or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture. 

Section 7.03. Successors and Assigns; Transfer Restrictions. 

All covenants and agreements of the Company and each of the Subsidiary Guarantors in this Supplemental Indenture and the Notes shall bind
its successors and assigns. All agreements of the Trustee in this Supplemental Indenture shall bind its successors and assigns. The Notes issued under this Supplemental Indenture shall not be transferable except as required to effect an assignment
thereof to a successor or an assign of the Holder hereof. 
 Section 7.04. Duplicate Originals. 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. 
 Section 7.05. Severability. 

In case any provision in this Indenture or in the Notes or in any Guarantee of a Subsidiary Guarantor shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby. 

 

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 Section 7.06. Amendments Without Consent of Holders. 

Section 9.01 of the Indenture is supplemented with the addition of the following with respect to the Notes: 

(12) to confirm as further assurance any mortgage or pledge of additional property, revenues, securities or funds;

 (13) to provide any other modifications which, in the sole judgment of the Trustee, are not prejudicial to the
interests of the holder of the Notes; or 
 (14) to conform the covenants and provisions of the Company contained
herein to any different financial statement presentation required by the Financial Accounting Standard Board which is different than the presentation required as of the date of issuance of the Notes, so long as the effect of such conformed covenants
and provisions is substantially identical to the effect of the covenants and provisions as in effect on the date of issuance of the Notes. 

Section 7.07. Release of Subsidiary Guarantors from Guarantee. 

Section 10.04 of the Indenture is replaced with the following in its entirety with respect to the Notes: 

(a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Subsidiary Guarantor may be released upon
the terms and subject to the conditions set forth in this Section 10.04. Provided that no Default shall have occurred and shall be continuing under this Indenture, any Guarantee incurred by a Subsidiary Guarantor pursuant to this Article X
shall be unconditionally released and discharged 
 (i) automatically: 

(1) upon any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger
or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.12; 

(2) upon any sale or other disposition of all of the Capital Stock of a Subsidiary Guarantor to a Person that is not (either before or
after giving effect to such transaction) the Company or a Subsidiary of the Company, if the sale or other disposition does not violate Section 4.12; 
  

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 (3) if the Company designates any Restricted Subsidiary that is a Subsidiary Guarantor to be
an Unrestricted Subsidiary in accordance with the applicable provisions of this Supplemental Indenture; 
 (4) upon legal
defeasance or satisfaction and discharge of the Notes as provided in Article Eight; or 
 (5) at such time as such Guarantor
ceases to guarantee any other Indebtedness of the Company or a Guarantor in excess of $5 million; 
 or 

(ii) following delivery of a written notice of such release or discharge by the Company to the Trustee, upon the release
or discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Company other than obligations arising under the Indenture and any Securities issued thereunder, except a discharge or release by or as a result of payment under such
guarantees. 
 (b) The Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary
Guarantor from its Guarantee upon receipt of a written request of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel that the Subsidiary Guarantor is entitled to such release in accordance with the provisions of this
Indenture. If the Subsidiary Guarantor is not so released it shall remain liable for the full amount of principal of (and premium, if any, on) and interest on the Securities entitled to the benefits of such Guarantee as provided in this Indenture,
subject to the limitations of Section 10.03. 
  

 -55- 

 SIGNATURES 

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

  

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	 /s/ Albert Chao

	Name:	 	Albert Chao
	Title:	 	President

 SUBSIDIARY GUARANTORS: 

 

			
	 GVGP, Inc.
 Geismar
Holdings, Inc.
 Westlake Chemical Investments, Inc.

Westlake Development Corporation
 Westlake
Ethylene Pipeline Corporation
 Westlake Longview Corporation

Westlake Management Services, Inc.
 Westlake NG I
Corporation
 Westlake NG III Corporation

Westlake NG IV Corporation
 Westlake NG V
Corporation
 Westlake Olefins Corporation

Westlake Petrochemicals LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake Polymers LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake PVC Corporation
 Westlake Resources
Corporation
 Westlake Styrene LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake Supply and Trading Company
 Westlake
Vinyl Corporation
 Westlake Vinyls Company LP,

By GVGP, Inc., its General Partner

Westlake Vinyls, Inc.
 WPT LLC,

By Westlake Chemical Investments, Inc.
its Manager

		
	By:	 	 /s/ Albert Chao

	Name:	 	Albert Chao
	Title:	 	President

			
	 North American Pipe Corporation

Van Buren Pipe Corporation
 Westech Building
Products, Inc.

		
	By:	 	 /s/ Robert F. Buesinger

	Name:	 	Robert F. Buesinger
	Title:	 	President

			
	 The Bank of New York Mellon Trust Company, N.A.,

as Trustee

			
		
	By:	 	 /s/ Charles Spivey

	Name:	 	Charles Spivey
	Title:	 	Senior Administrator

 Exhibit A 

[FORM OF NOTE] 
 THE HOLDER
OF THIS NOTE BY ACCEPTANCE HEREOF AGREES TO RESTRICTIONS ON TRANSFER AND TO INDEMNIFICATION PROVISIONS AS SET FORTH BELOW. IN ADDITION, THE NOTE REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND SUCH NOTE
MAY NOT BE TRANSFERRED WITHOUT COMPLIANCE WITH APPLICABLE SECURITIES LAWS. 
 THIS NOTE IS NOT TRANSFERABLE EXCEPT, AS FURTHER PROVIDED
HEREIN, TO A SUCCESSOR OR ASSIGN OF THE GO ZONE TRUSTEE UNDER THE GO ZONE INDENTURE REFERRED TO HEREIN BETWEEN THE ISSUER AND SUCH TRUSTEE. 

WESTLAKE CHEMICAL CORPORATION 

6.50% Senior Notes due 2029 
  

							
	Original Interest Accrual Date:	  	July 2, 2010	  	Redeemable by Company:	  	Yes X No __
	Stated Maturity:	  	August 1, 2029	  	Redemption Date:	  	See below
	Interest Rate:	  	6.50%	  	Redemption Price:	  	See below
	Interest Payment Dates:	  	February 1 and August 1	  	
	Regular Record Dates:	  	January 15 and July 15	  	

  
  

 

			
	Principal Amount	  	
	$100,000,000	  	No. 001

 WESTLAKE CHEMICAL CORPORATION, a corporation
duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor under the Indenture referred to below), for value received, hereby promises to pay to THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., a national banking organization, as Trustee under the GO Zone Indenture (as herein defined) or its registered assigns (the “GO Zone Trustee”), the principal sum of ONE HUNDRED MILLION DOLLARS, in
whole or in installments on such date or dates (subject to the tenth paragraph hereof) and in such amounts, and to pay to the GO Zone Trustee premium, if any, in whole or in installments on such date or dates and in such amounts, as the Issuer (as
defined herein) has any obligations under the Amended and Restated Indenture of Trust (as amended and supplemented, the “GO Zone Indenture”), dated as of July 2, 2010, between the Louisiana Local Government Environmental
Facilities and Community Development Authority (the “Issuer”) and the GO Zone Trustee to repay any principal or to pay premium, if any, in respect of the Revenue Bonds (Westlake Chemical Corporation Projects), Series 2009A issued
under the GO Zone Indenture (hereinafter referred to as the “GO Zone Bonds”), but not later than the Stated Maturity specified above. The obligation of the Company to make any payment of principal or premium, if any, on this Note,
whether at maturity or otherwise, shall be fully or partially, as the case may be, deemed to have been paid or otherwise satisfied and discharged to the extent that the Company has paid or caused to be paid to the GO Zone Trustee the Payments (as
defined below) in respect of the principal or premium, if any, then due and payable on the GO Zone Bonds. 
  

 A-1 

 Interest shall be payable on this Note on the same dates as interest is payable from time to time in respect
of the GO Zone Bonds pursuant to the GO Zone Indenture (each such date herein called an “Interest Payment Date”), at such rate or rates per annum as shall cause the amount of interest payable on such Interest Payment Date on this
Note to equal the amount of interest payable on such Interest Payment Date in respect of the GO Zone Bonds under the GO Zone Indenture. Such interest shall be payable until the maturity of this Note, or, if the Company shall default in the payment
of the principal due on this Note, until the Company’s obligation with respect to the payment of such principal shall be discharged as provided in the Indenture (as defined below). The amount of interest payable from time to time in respect of
the GO Zone Bonds under the GO Zone Indenture, the basis on which such interest is computed and the dates on which such interest is payable are set forth in the GO Zone Indenture. This Note shall bear interest from the Original Interest Accrual Date
listed on the first page of this Note. The obligation of the Company to make any payment of interest on this Note shall be fully or partially, as the case may be, deemed to have been paid or otherwise satisfied and discharged to the extent that the
Company has paid or caused to be paid to the GO Zone Trustee the Payments in respect of the interest then due and payable on the GO Zone Bonds. 

This Note is issued to the GO Zone Trustee in order that the GO Zone Trustee shall have the benefit as a holder (the “Holder”) of this
Note of the lien of the Indenture in the event of the non-payment by the Company of the Payments (the “Payments”), as defined in and pursuant to the Amended and Restated Loan Agreement (as amended and supplemented, the “Loan
Agreement”), dated as of July 2, 2010, between the Issuer and the Company entered into with respect to the GO Zone Bonds. Any capitalized terms used herein and not defined herein shall have the meanings specified in the Indenture,
unless otherwise noted. 
 THIS NOTE SHALL NOT BE TRANSFERABLE EXCEPT AS REQUIRED TO EFFECT AN ASSIGNMENT HEREOF TO A SUCCESSOR OR AN ASSIGN OF
THE GO ZONE TRUSTEE UNDER THE GO ZONE INDENTURE. 
 The GO Zone Trustee shall surrender this Note to the Trustee (as defined below) in
accordance with Section 4.6(d) of the Loan Agreement. 
 Payments of the principal of, premium, if any, and interest on this Note shall be
made at the Corporate Trust Department of The Bank of New York Mellon Trust Company, N.A., as Trustee, located at 601 Travis Street, 18th Floor, Houston, Texas 77002, or at such other office or agency as may be designated for such purpose by the
Company from time to time. Payment of the principal of, premium, if any, and interest on this Note, as aforesaid, shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment
of public and private debts. 
  

 A-2 

 This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and issuable in one or more series under and equally secured by an Indenture, by and among the Company, the Potential Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company,
N.A. (as successor to JPMorgan Chase Bank, National Association), as trustee, dated as of January 1, 2006, as supplemented by the Third Supplemental Indenture, by and among the Company, the Subsidiary Guarantors (as defined therein) and The
Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), dated as of July 2, 2010 (the “Indenture”), to which
Indenture reference is hereby made for a description of the nature and extent of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the
terms and conditions upon which the Securities are, and are to be, authenticated and delivered and secured. The acceptance of this Note shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions
of the Indenture. This Note is one of the series designated above. 
 Except as otherwise provided in this Note and the Third Supplemental
Indenture, the Notes of this series will not be entitled to the benefit of any sinking fund or voluntary redemption provisions. 
 If an Event
of Default, as defined in the Indenture, shall occur and be continuing, the principal of this Note may be declared due and payable in the manner and with the effect provided in the Indenture. 

Except as otherwise provided in this Note and the Third Supplemental Indenture, this Note shall not be redeemable at the option of the Company or
otherwise pursuant to the requirements of the Indenture, provided however that in the event of a redemption of GO Zone Bonds under Section 3.4 of the GO Zone Indenture and as reflected in the GO Zone Bonds set forth in Exhibit C thereto,
the Company will redeem Notes equal in principal amount to the GO Zone Bonds to be redeemed at a redemption price equal to the redemption price of the GO Zone Bonds to be redeemed, plus accrued interest to the date fixed for redemption. 

The Indenture permits, with certain exceptions as therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of all series then outstanding
under the Indenture, considered as one class; PROVIDED, HOWEVER, that if there shall be Securities of more than one series outstanding under the Indenture and if a proposed supplemental indenture shall directly affect the rights of the Holders of
Securities of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the outstanding Securities of all series so directly affected, considered as one class, shall be
required; and PROVIDED, FURTHER, that if the Securities of any series shall have been issued in more than one tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less
than all, of such tranches, then the consent only of the Holders of a majority in aggregate principal amount of the outstanding Securities of all tranches so directly affected, considered as one class, shall be required; and PROVIDED, FURTHER, that
the Indenture permits the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities. The Indenture also contains provisions permitting the Holders of a majority in principal
amount of the Securities then outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Note. 
  

 A-3 

 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the Corporate Trust Office of The Bank of New York Mellon Trust Company, N.A., in Houston, Texas or such other office or agency as may
be designated by the Company from time to time, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series of authorized denominations and of like tenor and aggregate principal amount, will be issued to the designated transferee or transferees. 

The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name this Note shall be registered upon the
Security Register for the Notes of this series as the absolute owner of such Note for the purpose of receiving payment of or on account of the principal of and interest on this Note and for all other purposes, whether or not this Note be overdue,
and neither the Company nor the Trustee shall be affected by any notice to the contrary; and all such payments so made to such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon this Note to
the extent of the sum or sums paid. 
 The Trustee may conclusively presume that the obligation of the Company to pay the principal of, premium,
if any, and interest on this Note shall have been fully satisfied and discharged unless and until it shall have received a written notice from the GO Zone Trustee, signed by an authorized officer of the GO Zone Trustee and attested by the Secretary
or an Assistant Secretary of the GO Zone Trustee, stating that the payment of principal of, premium, if any, or interest on this Note has not been fully paid when due and specifying the amount of funds required to make such payment. 

The obligation of the Company to make any payment of the principal of, premium, if any, or interest on this Note, whether at maturity, upon redemption
(including any redemption due to the occurrence of a Determination of Taxability, as such term is defined in subsection (c) of Section 3.4 of the GO Zone Indenture and reflected in the Form of the GO Zone Bonds set forth in Exhibit C
thereof) or otherwise, shall be fully or partially, as the case may be, deemed to have been paid or otherwise satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal, premium, if any, or interest
on the GO Zone Bonds which corresponds to such amounts under this Note shall have been fully or partially paid, deemed to have been paid or otherwise satisfied and discharged. In addition, such obligation to make any payment of the principal of,
premium, if any, or interest on this Note at any time shall be deemed to have been satisfied and discharged to the extent that the amount of the Company’s obligation to make any payment of the principal of, premium, if any, or interest on this
Note exceeds the obligation of the Company at that time to make any Payment. 
  

 A-4 

 No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any
indenture supplemental thereto, or in any Note or coupon thereby secured, or because of any indebtedness thereby secured, shall be had against any incorporator, member, manager, stockholder, officer, director or employee, as such, past, present or
future, of the Company or any predecessor or successor corporation or company, either directly or through the Company or any predecessor or successor corporation or company, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture, any indenture supplemental thereto and the obligations thereby secured, are solely corporate obligations of the Company, and that no
personal liability whatsoever shall attach to, or be incurred by, such incorporators, members, managers, stockholders, officers, directors or employees, as such, of the Company or of any predecessor or successor corporation or company, or any of
them, because of the creation of the indebtedness thereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the Indenture or in any indenture supplemental thereto or in any of the Notes or coupons
thereby secured, or implied therefrom. 
 The Holder of this Note by acceptance of this Note agrees to restrictions on transfer and to waivers
of certain rights of exchange as set forth herein. THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. No
service charge shall be made for the registration of transfer or exchange of this Note. 
 This Note shall be governed by and construed in
accordance with the law of the State of New York except as provided in the Indenture. 
 Unless the certificate of authentication hereon has
been executed by the Trustee or an Authenticating Agent by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page is intentionally left blank.] 
  

 A-5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 Attest: 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Date of Authentication:             , 2010 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

			
	Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 A-6 

 ASSIGNMENT FORM 

If you the Holder want to assign this Security, fill in the form below: 

I or we assign and transfer this Security to 
  

 
  

 
 (Insert assignee’s social
security or tax ID number) 
  
  

 
  

 
  

 
 (Print or type
assignee’s name, address, and zip code) 
 and irrevocably appoint 

 
  

agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 
  
  

							
	Date:                     	 		 	Your signature:	 	  

		 		 	(Sign exactly as your name appears on the other side of this Security)

  

			
	Signature Guarantee:	  	  

		  	Signature must be guaranteed by participant in a recognized Signature Guarantee Medallion Program (or other signature Subsidiary Guarantor program reasonably acceptable to the
Trustee)

  

 A-7 

 [FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE] 

GUARANTEE 
 The undersigned (the
“Subsidiary Guarantors”) have unconditionally guaranteed, jointly and severally (such guarantee by each Subsidiary Guarantor being referred to herein as the “Guarantee”), (i) the due and punctual payment of the
principal of and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the Notes, to the extent lawful, and the due and punctual
performance of all other obligations of the Company to the Holders or the Trustee all in accordance with, and subject to the limitations of, the terms set forth in Article Ten of the Indenture and (ii) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

 The obligation of the Subsidiary Guarantors to make any payment under this Guarantee shall be fully or partially, as the case may be, deemed
to have been paid or otherwise satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal, premium, if any, or interest on the GO Zone Bonds which corresponds to such amounts under this Guarantee
shall have been fully or partially paid, deemed to have been paid or otherwise satisfied and discharged. In addition, such obligation to make any payment on this Guarantee at any time shall be deemed to have been satisfied and discharged to the
extent that the amount of the Company’s obligation to make any payment of the principal of, premium, if any, or interest on the Note exceeds the obligation of the Company at that time to make any Payment. 

No past, present or future stockholder, officer, director, employee or incorporator, as such, of any of the Subsidiary Guarantors shall have any
liability under the Guarantee by reason of such person’s status as stockholder, officer, director, employee or incorporator. Each holder of a Note by accepting a Note waives and releases all such liability. This waiver and release are part of
the consideration for the issuance of the Guarantees. 
 Each holder of a Note by accepting a Note agrees that any Subsidiary Guarantor named
below shall have no further liability with respect to its Guarantee if such Subsidiary Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. 

 

 A-8 

 The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on
the Notes upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

 

			
	 GVGP, Inc.
 Geismar
Holdings, Inc.
 Westlake Chemical Investments, Inc.

Westlake Development Corporation
 Westlake
Ethylene Pipeline Corporation
 Westlake Longview Corporation

Westlake Management Services, Inc.
 Westlake NG I
Corporation
 Westlake NG III Corporation

Westlake NG IV Corporation
 Westlake NG V
Corporation
 Westlake Olefins Corporation

Westlake Petrochemicals LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake Polymers LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake PVC Corporation
 Westlake Resources
Corporation
 Westlake Styrene LLC,

By Westlake Chemical Investments, Inc.,
its Manager

Westlake Supply and Trading Company
 Westlake
Vinyl Corporation
 Westlake Vinyls Company LP,

         By GVGP, Inc., its General Partner

Westlake Vinyls, Inc.
 WPT LLC,

By Westlake Chemical Investments, Inc.
its Manager

		
	By:	 	  

	Name:	 	Albert Chao
	Title:	 	President

  

 A-9 

			
	 North American Pipe Corporation

Van Buren Pipe Corporation
 Westech Building
Products, Inc.

		
	By:	 	  

	Name:	 	Robert F. Buesinger
	Title:	 	President

  

 A-10Amended and Restated Loan Agreement

 Exhibit 10.1 

Execution 

AMENDED AND RESTATED 

LOAN AGREEMENT 

By and Between 

LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL 

FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY 

and 

WESTLAKE CHEMICAL CORPORATION 

Relating to 

$100,000,000 

LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES 

AND COMMUNITY DEVELOPMENT AUTHORITY 

REVENUE BONDS 

(WESTLAKE CHEMICAL CORPORATION PROJECTS) 

SERIES 2009A 

 TABLE OF CONTENTS 

 

					
	 	  	 	 	Page
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION
	 	4
			
	 SECTION 1.1
	  	Definitions	 	4
	 SECTION 1.2
	  	Rules of Construction	 	8
		
	ARTICLE II REPRESENTATIONS	 	9
			
	 SECTION 2.1
	  	Representations of the Authority	 	9
	 SECTION 2.2
	  	Representations of the Borrower	 	9
		
	 ARTICLE III TERM, NATURE AND BENEFITS OF AGREEMENT; PERFORMANCE OF THE PROJECTS
	 	11
			
	 SECTION 3.1
	  	Term	 	11
	 SECTION 3.2
	  	Agreement to Undertake and Complete the Project	 	11
	 SECTION 3.3
	  	Nature and Benefits	 	12
	 SECTION 3.4
	  	Performance of the Projects	 	12
	 SECTION 3.5
	  	Revision of Project Documents	 	12
	 SECTION 3.6
	  	Disbursements from the Construction Fund	 	13
	 SECTION 3.7
	  	Completion of Payment of Cost of the Projects	 	14
	 SECTION 3.8
	  	Additional Cost of the Projects	 	14
	 SECTION 3.9
	  	Establishment of Completion Date	 	14
	 SECTION 3.10
	  	No Warranty of Condition or Suitability	 	15
		
	 ARTICLE IV AGREEMENT TO ISSUE BONDS; USE OF BOND PROCEEDS
	 	15
			
	 SECTION 4.1
	  	Agreement to Issue Bonds; Bond Proceeds	 	15
	 SECTION 4.2
	  	Other Amounts Payable	 	15
	 SECTION 4.3
	  	Credits Against Payments	 	17
	 SECTION 4.4
	  	Obligation to Make Payments	 	17
	 SECTION 4.5
	  	Investment of Moneys	 	18
	 SECTION 4.6
	  	Issuance, Delivery and Surrender of Notes	 	18
		
	 ARTICLE V NON-ARBITRAGE
	 	20
			
	 SECTION 5.1
	  	Covenants as to Arbitrage	 	20
		
	 ARTICLE VI CERTAIN COVENANTS
	 	20
			
	 SECTION 6.1
	  	Covenants Regarding the Projects	 	20
	 SECTION 6.2
	  	Environmental Covenants	 	21
	 SECTION 6.3
	  	Indemnification	 	22
	 SECTION 6.4
	  	Compliance with Continuing Disclosure	 	23

  

 i 

					
	 SECTION 6.5
	  	Covenants, Representations and Warranties Relating to Federal Income Taxation	 	24
	 SECTION 6.6
	  	Reliance	 	25
	 SECTION 6.7
	  	No Violations of Law	 	25
	 SECTION 6.8
	  	Immunity of Officers, Employees and Members of the Authority	 	25
	 SECTION 6.9
	  	Borrower Option to Elect Interest Rate	 	26
		
	 ARTICLE VII OPTIONAL AND MANDATORY PREPAYMENT
	 	26
			
	 SECTION 7.1
	  	Obligation to Prepay Installments	 	26
	 SECTION 7.2
	  	Option to Prepay Installments	 	26
	 SECTION 7.3
	  	Amount of Prepayment in Certain Events	 	26
	 SECTION 7.4
	  	Option to Prepay Installments for Optional Redemption of Bonds	 	27
	 SECTION 7.5
	  	Notice of Prepayment	 	27
	 SECTION 7.6
	  	Redemption of Bonds With Prepayment Moneys	 	28
	 SECTION 7.7
	  	Borrower to Purchase in Lieu of Redemption	 	28
		
	 ARTICLE VIII ASSIGNMENT
	 	28
			
	 SECTION 8.1
	  	Assignment of this Agreement	 	28
	 SECTION 8.2
	  	Restrictions on Transfer of Authority’s Rights	 	28
	 SECTION 8.3
	  	Assignment by the Authority	 	28
		
	 ARTICLE IX SUPPLEMENTS AND AMENDMENTS
	 	29
			
	 SECTION 9.1
	  	Amendments, Changes and Modifications	 	29
	 SECTION 9.2
	  	Filing	 	29
	 SECTION 9.3
	  	Reliance on Counsel	 	29
		
	 ARTICLE X EVENTS OF DEFAULT; REMEDIES
	 	30
			
	 SECTION 10.1
	  	Events of Default Defined	 	30
	 SECTION 10.2
	  	Remedies	 	31
	 SECTION 10.3
	  	No Remedy Exclusive; Selective Enforcement	 	31
	 SECTION 10.4
	  	Indenture Overriding	 	31
	 SECTION 10.5
	  	Agreement to Pay Attorneys’ Fees and Expenses	 	31
	 SECTION 10.6
	  	Authority and Borrower to Give Notice of Default	 	31
	 SECTION 10.7
	  	Correlative Waivers	 	32
		
	 ARTICLE XI MISCELLANEOUS
	 	32
			
	 SECTION 11.1
	  	References to the Bonds Ineffective After Bonds Paid	 	32
	 SECTION 11.2
	  	[Intentionally Omitted]	 	32
	 SECTION 11.3
	  	Notices	 	32
	 SECTION 11.4
	  	Binding Effect	 	32
	 SECTION 11.5
	  	Performance on Legal Holidays	 	33
	 SECTION 11.6
	  	Execution In Counterparts	 	33
	 SECTION 11.7
	  	Amounts Remaining in Any Fund With the Trustee	 	33

  

 ii 

					
	 SECTION 11.8
	  	Governing Law	 	33
	 SECTION 11.9
	  	Severability	 	33
	 SECTION 11.10
	  	Captions	 	33
	 SECTION 11.11
	  	Consents and Approvals	 	33
	 SECTION 11.12
	  	Obligations	 	34
	 SECTION 11.13
	  	Third Party Beneficiaries	 	34
	 SECTION 11.14
	  	Exculpatory Provision	 	34
	 SECTION 11.15
	  	Accounts and Audits	 	34
		
	 Annex A – Components of the Projects
	 	
		
	 Annex B – Form of Continuing Disclosure Agreement
	 	

  

 iii 

 AMENDED AND RESTATED LOAN AGREEMENT 

This AMENDED AND RESTATED LOAN AGREEMENT dated as of July 2, 2010 (together with any amendments and supplements hereto as
permitted hereunder, this “Agreement”), is made by and between the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority”), a political subdivision of the
State of Louisiana created pursuant to the authority of Chapter 10-D of Title 33 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 33:4548.1 through 4548.16), (and all future acts supplemental thereto and amendatory thereof,
the “Act”), and Westlake Chemical Corporation, a Delaware corporation (the “Borrower”). 

W I T N E S S E T H: 

WHEREAS, the Authority was duly created under and pursuant to the provisions of the Act as a political subdivision of the State of
Louisiana; and 
 WHEREAS, the Authority is a political subdivision of the State and, in accordance with the provisions of the
Gulf Opportunity Zone Act of 2005 (Public Law 109-135) and any rules and regulations promulgated thereunder (the “GO Zone Act”), is qualified to issue the Bonds (as such term is defined below); and 

WHEREAS, the Authority is authorized by the Act, among other things, to assist in financing acquisitions for the furtherance of economic
development or other public functions or purposes of any political subdivision, including but not limited to economic development, industrial and manufacturing facilities located in the State of Louisiana (the “State”); and

 WHEREAS, pursuant to the Act, and in order to encourage the construction of such facilities, which the Authority believes to
be in the public interest and for the benefit of the wealth, health and safety of the citizens of the State, the Authority is authorized to issue its revenue bonds and loan the proceeds of the revenue bonds to the Borrower; and 

WHEREAS, pursuant to the Act and the GO Zone Act, the Authority is authorized to, and believes it to be in the best interest of the
Authority and the State, to issue its revenue bonds and loan the funds derived from the sale thereof to the Borrower for the purpose of providing funds to allow the Borrower to finance: (1) (a) the costs of designing, constructing and
equipping a new expansion to the Borrower’s manufacturing facilities in the Parish of Ascension, State of Louisiana (the “Geismar Facilities”), consisting of a chlor alkali facility and including all equipment, furnishings,
fixtures and facilities incidental or necessary in connection therewith that are allowed to be financed under the GO Zone Act, and/or (b) the costs of expanding, renovating, equipping and improving the Geismar Facilities, including all
equipment, furnishings, fixtures and facilities incidental or necessary in connection therewith that are allowed to be financed under the GO Zone Act (collectively, the “Ascension Projects”); (2) the costs of expanding,
equipping and improving the Borrower’s manufacturing facilities located in the Parish of Calcasieu, State of Louisiana (the “Lake Charles Facilities” and, together with the Geismar Facilities, the
“Facilities”), including all equipment, furnishings, fixtures and facilities incidental or necessary in connection therewith that are allowed to be financed under the GO Zone Act (the “Calcasieu Projects” and,
together with the Ascension Projects, the “Projects”); (3) the costs of funding the reserve fund for the Bonds, if necessary; and (4) the costs of issuance of the Bonds; and 

 WHEREAS, subject to any change in such percentages by resolution of the Louisiana State Bond
Commission, 75% of the net proceeds of the Bonds will be used to finance the costs of expanding, equipping and improving the Calcasieu Projects and 25% of the net proceeds of the Bonds will be used to finance the costs of designing, constructing,
expanding, renovating, equipping and improving the Ascension Projects; and 
 WHEREAS, on August 13, 2009, the Authority
issued its $100,000,000 Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds (Westlake Chemical Corporation Projects), Series 2009A (the “Bonds”), pursuant to the
provisions of the Act, the GO Zone Act and the Indenture of Trust dated as of August 1, 2009 (the “Original Indenture”), by and between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee
(the “Trustee”); and 
 WHEREAS, the Authority issued the Bonds as draw-down bonds under
Sections 149(e) and 150 of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation § 1.149(e)-1(e)(2)(ii) and Treasury Regulation § 1.150-1(c)(4); and 

WHEREAS, the initial drawing under the Bonds was in an aggregate principal amount of $5,000,000, were designated as the Series
2009A-1 Bonds, and prior to July 1, 2010 (the “Conversion Date”) boar interest at the Weekly Rate; and 

WHEREAS, the Authority and the Borrower entered into that certain Loan Agreement dated as of August 1, 2009 relating to the Bonds
(the “Original Loan Agreement”), wherein the proceeds of the Bonds were loaned by the Authority to the Borrower for purposes of constructing the Projects; and 

WHEREAS, the Original Indenture authorized the Authority to issue up to $100,000,000 of its revenue bonds and loan the funds derived from
the sale thereof to the Borrower; and 
 WHEREAS, pursuant to the Original Loan Agreement, a direct pay irrevocable letter of
credit (the “Initial Credit Facility”) delivered by Bank of America, N.A. was issued to the Trustee to further secure the payment of the principal and purchase price of and interest on the Initial Bonds; and

 WHEREAS, pursuant to the Original Indenture, the Authority has requested the draw-down of the remaining $95,000,000 of Bonds
and the conversion of all Bonds, including the Initial Bonds, to a Term Rate to the Maturity Date; and 
 WHEREAS, in connection
with the conversion of the Interest Rate on the Initial Bonds from a Weekly Rate to a Term Rate, all of the Initial Bonds have been mandatorily tendered and purchased pursuant to Section 4.2 of the Original Indenture; and 

WHEREAS, the Initial Credit Facility has been terminated and all of the Initial Bonds (representing 100% of the Outstanding Bonds) are
Company Bonds; and 
  

 2 

 WHEREAS, pursuant to Section 11.1 of the Original Indenture and in connection with the
execution of this Agreement, the Drawing of an additional $95,000,000 of Bonds and the reoffering of the Bonds, the Authority and the Trustee, with the consent of the Borrower, as the sole holder of Outstanding Bonds, have entered into that certain
Amended and Restated Indenture dated as of July 2, 2010 relating to the Bonds (the “Indenture”); and 

WHEREAS, in connection with the execution of the Indenture, the Drawing of an additional $95,000,000 of Bonds and the reoffering of the
Bonds, the Authority and the Borrower are executing this Agreement pursuant to Section 9.1 of the Original Loan Agreement and Section 12.2 of the Original Indenture and intend that this Agreement shall amend and restate the Original Loan
Agreement in its entirety and that this Agreement shall supersede the Original Loan Agreement as heretofore in effect for all purposes; and 

WHEREAS, the Borrower and the Authority are empowered to consummate the transactions contemplated hereunder and to do all acts and
exercise all powers and assume all obligations necessary, or incident thereto; and 
 WHEREAS, in consideration of the issuance
of the Bonds by the Authority, the Borrower will agree to make payments pursuant to this Agreement in an amount sufficient to pay the principal of, premium, if any, and interest on and purchase price of the Bonds (as hereinafter defined) and to pay
such other amounts as are required by this Agreement; and 
 WHEREAS, the Authority has adopted a resolution authorizing the
sale and the issuance of the Bonds, the execution and delivery of instruments pertaining to the issuance thereof and other actions to be taken by the Executive Committee of the Authority in connection with the authorization, issuance, sale and
delivery of the Bonds and the application of the proceeds thereof; and 
 WHEREAS, all acts, conditions and things required by
the laws of the State to happen, exist and be performed precedent to and in the execution and delivery of this Agreement have happened, exist and have been performed as so required in order to make this Agreement a valid and binding agreement in
accordance with its terms; and 
 WHEREAS, each of the parties hereto represents that it is fully authorized to enter into and
perform and fulfill the obligations imposed upon it under this Agreement and the parties are now prepared to execute and deliver this Agreement; and 
  

 3 

 WHEREAS, in consideration of the respective representations and agreements contained herein,
the parties hereto, recognizing that under the Act this Agreement shall not in any way obligate the State or any political subdivision thereof, including, without limitation, the Authority, to raise any money by taxation or use other public moneys
for any purpose in relation to the Bonds and that neither the State nor the Authority, shall pay or promise to pay any debt or meet any financial obligation to any person at any time in relation to the Bonds except from moneys received or to be
received under the provisions of this Agreement and the Indenture or derived from the exercise of the rights of the Authority thereunder, agree as follows: 

NOW, THEREFORE, THIS LOAN AGREEMENT WITNESSETH (provided that any obligation of the Authority created by or arising out of this Agreement
will not constitute a debt or a general obligation or a pledge of the faith and credit of the Authority, the State or any political subdivision thereof, and the Bondholders (as hereinafter defined) will have no right to compel the exercise of the
taxing powers of the State or any political subdivision thereof for the payment of principal of or any interest on the Bonds): 

ARTICLE I 

DEFINITIONS AND RULES OF CONSTRUCTION 

SECTION 1.1 Definitions. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the
Indenture. In addition to words and terms elsewhere defined in this Agreement, the following words and terms as used in this Agreement shall have the following meanings, unless some other meaning is plainly intended: 

“Act” has the meaning set forth in the Preamble hereto. 

“Agreement” has the meaning set forth in the Preamble hereto. 

“Ascension Projects” has the meaning set forth in the Recitals hereto. 

“Asset Sale Payment” has the meaning set forth in Section 4.2(f) hereof. 

“Authority” has the meaning set forth in the Preamble hereto. 

“Authority Indemnitees” has the meaning set forth in Section 6.3(a) hereof. 

“Authorized Borrower Representative” means either (i) the President and Chief Executive Officer of the Borrower,
(ii) the Senior Vice President, Chief Financial Officer and Treasurer of the Borrower or (iii) any person subsequently designated to act under this Agreement and the Indenture on behalf of the Borrower by a written certificate furnished to
the Trustee containing the specimen signature of such person(s) and signed on behalf of the Borrower by either (i) the President and Chief Executive Officer of the Borrower or (ii) the Senior Vice President, Chief Financial Officer and
Treasurer of the Borrower. 
 “Bond Counsel” means Breazeale, Sachse & Wilson, L.L.P. and its
successors, or such other nationally recognized bond counsel as may be selected by the Authority and acceptable to the Borrower. 

“Bondholder” or “owner”, when used with reference to a Bond or Bonds, means the registered owner of any
Outstanding Bond or Bonds. 
 “Bond” or “Bonds” means the Louisiana Local Government
Environmental Facilities and Community Development Authority Revenue Bonds (Westlake Chemical Corporation Project), Series 2009A, in the aggregate principal amount of $100,000,000, including such Bonds issued in exchange for other such Bonds
pursuant to the Indenture, or in replacement for mutilated, destroyed, lost or stolen Bonds pursuant to the Indenture. 

“Borrower” has the meaning set forth in the Preamble hereto. 

 

 4 

 “Business Day” means any day other than (i) a Saturday, (ii) a
Sunday, (iii) any other day on which banking institutions in New York, New York or Baton Rouge, Louisiana are authorized or required not to be open for the transaction of regular banking business, and (iv) any other day on which the New
York Stock Exchange is closed. 
 “Calcasieu Project” has the meaning set forth in the Recitals hereto.

 “Change of Control Payment” has the meaning set forth in Section 4.2(e) hereof. 

“Code” means the Internal Revenue Code of 1986, as amended, together with any regulations promulgated thereunder or
applicable thereto, and shall include the applicable provisions of the GO Zone Act. 
 “Company Bonds (Series
2009A-1)” means $5,000,000 in aggregate principal amount of the Bonds which were originally designated as the Series 2009A-1 Bonds and which were not remarketed by the Remarketing Agents in accordance with directions of the Borrower as
authorized pursuant to the provisions of Section 4.3 of the Original Indenture. 
 “Completion Date” means
the date of completion of construction of the Projects, as set forth in Section 3.9 hereof. 
 “Construction
Fund” means the fund of that name created under the Indenture. 
 “Construction Period” means the
period between the beginning of construction of the Projects or the date on which the Bonds are first delivered to the purchaser thereof, whichever is earlier, and the Completion Date. 

“Continuing Disclosure Agreement” means the agreement substantially in the form of Annex B attached hereto. 

“Conversion Date” means July 1, 2010, the date the Bonds are being converted to the Term Rate Period.

 “Cost of the Projects” means those costs incurred by the Borrower in connection with the Projects, as
defined in the Indenture. 
 “Environmental Regulation” means any federal, state or local law, statute, code,
ordinance, regulation, requirement or rule relating to dangerous, toxic or hazardous pollutants, contaminants, chemical waste, materials or substances. 

“Event of Default” and “Default” have the meanings set forth in Article X hereof. 

“Facilities” has the meaning set forth in the Recitals hereto. 

“Final Drawing Date” means July 2, 2010. 

 

 5 

 “Geismar Facilities” has the meaning set forth in the Recitals hereto.

 “GO Zone Act” has the meaning set forth in the Recitals hereto. 

“Hazardous Substance” means dangerous, toxic or hazardous pollutants, contaminants, chemicals, waste, materials or
substances as defined in Environmental Regulations, and also any urea formaldehyde, polychlorinated biphenyls, asbestos, asbestos-containing materials, nuclear fuel or waste, radioactive materials, explosives, carcinogens and petroleum products, or
any other waste, material, substance, pollutant or contaminant which would subject the owner or mortgagee or any holder to any damages, penalties or liabilities under any applicable Environmental Regulation. 

“Indemnified Party” has the meaning set forth in Section 11.14 hereof. 

“Indenture” means the Amended and Restated Indenture of Trust, dated as of July 2, 2010, between the Authority and
the Trustee providing for the issuance of the Bonds, as it may be further amended or supplemented from time to time by supplemental indentures in accordance with the provisions thereof. 

“Initial Credit Facility” has the meaning set forth in the Recitals hereto. 

“Interest Payment Date” or “interest payment date”, when used with
respect to the Bonds, means each February 1 and August 1, commencing August 1, 2010; provided however, with respect to the Company Bonds (Series 2009A-1) held on the Final Drawing Date only, Interest Payment Date shall mean
July 2, 2010. 
 “Investment Grade” means a rating of (i) Baa3 or better by
Moody’s or BBB- or better by S&P (or, if either such entity ceases to rate the unsecured senior debt securities of the Borrower for reasons outside of the control of the Borrower, the equivalent investment grade credit rating from any other
“nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Borrower as a replacement agency) and (ii) the equivalent investment grade credit
rating from another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act (including, for the avoidance of doubt, S&P if the agency referred to in clause
(i) is Moody’s, or vice versa). 
 “Lake Charles Facilities” has the meaning set forth in the
Recitals hereto. 
 “Loan” means the aggregate amount of the moneys loaned to the Borrower pursuant to this
Agreement. 
 “Losses” has the meaning set forth in Section 6.3(b) hereof. 

“Maturity Date” means the stated maturity or such earlier date as the Bonds shall be redeemed. 

 

 6 

 “Net Proceeds” means amounts received upon the issuance and sale of the
Bonds, together with any investment earnings thereon, prior to the expenditure thereof pursuant to Article III of this Agreement. 

“Notes” has the meaning set forth in Section 4.6(a) hereof. 

“Notes Trustee” has the meaning set forth in Section 4.6(a) hereof. 

“Original Indenture” has the meaning set forth in the Recitals hereto. 

“Original Loan Agreement” has the meaning set forth in the Recitals hereto. 

“Outstanding” or “Outstanding Bonds”, when used with reference to Bonds, means all Bonds which have
been authenticated and delivered by the Trustee under the Indenture, except: 
 (a) Bonds canceled after purchase or because of
payment at redemption or at maturity; 
 (b) Bonds or portions thereof deemed to be paid, as provided in Article VIII of the
Indenture; 
 (c) Bonds in lieu of which other Bonds have been authenticated under Sections 2.7, 2.8, 3.2, 4.1 and 4.2 of the
Indenture; and 
 (d) Unsurrendered Bonds. 

If the Indenture shall have been discharged pursuant to the provisions of Article VIII thereof, no Bonds shall be deemed to be
Outstanding within the meaning of this provision. 
 “Payments” means the amounts to be paid by the Borrower as
provided in Article IV of this Agreement for the purpose of repaying the loan made by the Authority under this Agreement from the proceeds of the Bonds. 

“Person”, “person” or words importing persons mean and include firms, associations, partnerships
(including without limitation, general and limited partnerships), joint ventures, estates, trusts, corporations, limited liability companies, public or governmental bodies or other legal entities and natural persons. 

“Project Documents” means collectively this Agreement, and any asset purchase agreements (and amendments thereto),
construction contracts (and amendments thereto), other contract documents and agreements (and amendments thereto), and surety bonds and instruments pertaining to any component of the Projects. 

“Projects” has the meaning set forth in the Recitals hereto. 

“Qualified Project Costs” means the Cost of the Projects that were paid or incurred after August 29,
2005 and that are incurred for those components of the Projects that constitute “nonresidential real property, including fixed improvements associated with such property” located in the Gulf Opportunity Zone within the meaning of the GO
Zone Act. 
  

 7 

 “Redemption Date” has the meaning set forth in
Section 7.5 of this Agreement. 
 “Senior Notes Indenture” means that certain Indenture among the
Borrower, the Potential Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, National Association), as trustee, dated as of January 1, 2006, as supplemented by the
Third Supplemental Indenture, by and among the Borrower, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee, dated as of July 2, 2010. 

“State” has the meaning set forth in the Recitals hereto. 

“Tax Certificate” means the Tax Certificate of the Borrower dated the date of issuance of the Bonds, as supplemented to
the date hereof. 
 “Trustee” means the state banking corporation or national banking association with
corporate trust powers qualified to act as Trustee under the Indenture which may be designated (originally or as a successor) as Trustee for the owners of the Bonds issued and secured under the terms of the Indenture, initially The Bank of New York
Mellon Trust Company, N.A. “Corporate Trust Office” of the Trustee means its designated corporate trust office, initially 601 Travis Street, 16th Floor, Houston, TX 77002 and thereafter the office designated as such in writing to the
Bondholders, the Authority and the Borrower. 
 “Trustee Indemnitees” has the meaning set forth in
Section 6.3(b) hereof. 
 SECTION 1.2 Rules of Construction. 

(a) Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter
genders. 
 (b) Unless the context shall otherwise indicate, the word “person” shall include the plural
as well as the singular number, and “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or
political subdivision thereof. 
 (c) Provisions calling for the redemption of Bonds or the calling of Bonds for
redemption do not mean or include the payment of Bonds at their stated maturity or maturities. 
 (d) All
references in this Agreement to designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement. The words “herein”, “hereof,
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision. 
  

 8 

 ARTICLE II 

REPRESENTATIONS 

SECTION 2.1 Representations of the Authority. The Authority represents and warrants as follows: 

(a) The Authority is a political subdivision of the State existing under the Constitution and laws of the State;

 (b) The Authority has complied and continues to comply and will comply in all respects with all applicable
provisions of the laws of the State relating to its organization and existence; 
 (c) The Authority has duly
accomplished all conditions and has taken all steps necessary to be accomplished or taken by it prior to issuance and delivery of the Bonds and the execution and delivery of this Agreement and the Indenture; 

(d) The Authority is not in violation of or conflict with any provisions of the laws of the State which would impair its
ability to undertake the transactions contemplated by this Agreement and the Indenture or carry out its obligations under this Agreement and the Indenture; 

(e) The Authority is empowered to enter into the transactions contemplated by this Agreement and the Indenture, and the
execution and performance of this Agreement by the Authority will not violate or conflict with any document or instrument by which the Authority or its properties are bound; 

(f) The Authority has duly authorized the execution, delivery and performance of this Agreement and the Indenture and such
authorization has not been repealed or modified; and 
 (g) The Authority will do all things in its power in
order to maintain its existence or assure the assumption of its obligations under this Agreement and the Indenture by any successor public body. 

SECTION 2.2 Representations of the Borrower. The Borrower makes the following representations and warranties: 

(a) The Borrower is a corporation duly organized and validly existing under the laws of the State of Delaware; 

(b) The Borrower has full power and authority to execute and deliver this Agreement and to enter into and carry out the
transactions contemplated on its part herein and therein. Such execution, delivery and performance are not in contravention of applicable local, state or federal law or the Borrower’s certificate of incorporation, or any indenture, agreement or
undertaking which is material to the Borrower to which the Borrower is a party or by which it is bound (provided that the foregoing does not apply to any action required under state securities or Blue Sky laws in connection with the original sale by
the Authority and purchase and distribution of the Bonds). This Agreement has, by proper action, been duly authorized, executed and delivered by the Borrower and all steps necessary have been taken by the Borrower to constitute this Agreement valid
and binding obligations of the Borrower, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity
(regardless of whether enforcement thereof is sought in a proceeding at law or in equity); 
  

 9 

 (c) Each component of the Projects constitutes “nonresidential real
property” within the meaning of the GO Zone Act, including fixed improvements associated with such property, and is or, when acquired, will be located within the geographical limits of the State of Louisiana and within the area comprising the
“Gulf Opportunity Zone” pursuant to the GO Zone Act; 
 (d) The Projects constitute an “Authorized
Project” under La. R.S. 33:4548.3.B, and the Borrower presently intends to operate the Projects as an “Authorized Project” under La. R.S. 33:4548.3.B for so long as the Bonds remain Outstanding in accordance with
Section 6.1; 
 (e) The Borrower presently does not intend to sell or dispose of the Projects or any portion
thereof; 
 (f) No Cost of the Projects to be paid or incurred by or on behalf of the Borrower out of the
Construction Fund were paid or incurred prior to August 29, 2005; 
 (g) The Projects are substantially the
same in all material respects to that described in the notice of public hearing published on May 28, 2009; 

(h) The Projects will be acquired, constructed and installed and will be operated by the Borrower in such manner as to
conform with all applicable zoning, planning, building, environmental and other regulations of the governmental authorities having jurisdiction over the Projects; 

(i) The Borrower will cause all of the proceeds of the Bonds to be applied solely to the payment of (x) Cost of the
Projects, (y) the costs of funding the reserve fund for the Bonds, if any and (z) the costs of issuance and reoffering of the Bonds; 

(j) Subject to Section 6.1 and any change in such percentages by resolution of the Louisiana State Bond Commission,
the Borrower will cause 75% of the net proceeds of the Bonds to be used to finance the costs of expanding, equipping and improving the Calcasieu Projects, and 25% of the net proceeds of the Bonds to be used to finance the costs of designing,
constructing, expanding, renovating, equipping and improving the Ascension Projects; provided, however, the Borrower may request the Authority to file an application with the Louisiana State Bond Commission requesting a change in the allocation of
the use of the net proceeds of the Bonds, and upon the adoption of a revised Application for Approval by the Louisiana State Bond Commission, the Borrower will thereafter use the net proceeds of the Bonds with respect to the Calcasieu Projects and
the Ascension Projects as set forth in such revised Application for Approval of the Louisiana State Bond Commission; 
  

 10 

 (k) The Borrower has taken no action, and has not omitted to take any
action, which action or omission to take action would in any way affect or impair the excludability of interest on the Bonds from gross income of the Holders thereof for federal income tax purposes; 

(l) All of the representations and warranties of the Borrower contained in the Tax Certificate are hereby reaffirmed and
incorporated herein by reference; 
 (m) The Borrower presently in good faith estimates the Cost of the Projects
to equal or exceed the original principal amount of the Bonds; and 
 (n) All certificates, approvals, permits
and authorizations of applicable local governmental agencies, the State and the federal government with respect to the construction of the Projects have been obtained, or if not yet obtained, are expected to be obtained in due course. 

ARTICLE III 

TERM, NATURE AND BENEFITS OF AGREEMENT; 

PERFORMANCE OF THE PROJECTS 

SECTION 3.1 Term. The term of this Agreement commenced on August 13, 2009, and shall terminate (unless discharged upon
prepayment of all sums due hereunder by the Borrower prior thereto as hereinafter provided) on the date on which the Bonds and all other sums due hereunder shall have been paid or provision for their payment shall have been made in accordance
herewith. Notwithstanding the foregoing, the indemnification provisions of this Agreement shall survive the termination thereof and the defeasance of the Bonds under the Indenture. 

SECTION 3.2 Agreement to Undertake and Complete the Project. Subject to Section 6.1, the Borrower covenants and agrees to
undertake and complete the Projects. Upon written request of the Authority or the Trustee, the Borrower agrees to make available to the Authority and the Trustee (for review and copying) all the then current plans and specifications for the
Projects. 
 Subject to Section 6.1, the Borrower agrees to cause the Projects to be completed as soon as may be
practicable and to cause all proceeds of the Bonds, including investment earnings, to be expended no later than three years from the Issue Date. For Cost of the Projects incurred prior to receipt by the Authority of the proceeds of the Bonds, the
Borrower agrees to advance all funds necessary for such purpose. Such advances may be reimbursed from the Construction Fund to the extent permitted by Section 3.6. 

Subject to Section 6.1, the Borrower shall obtain or cause to be obtained all necessary permits and approvals for the acquisition,
operation and maintenance of the Projects. 
  

 11 

 SECTION 3.3 Nature and Benefits. This Agreement has been executed and delivered in
part to induce concurrently herewith the purchase by others of the Bonds, and, accordingly, all covenants and agreements on the part of the Borrower and the Authority, as set forth therein and herein, are hereby declared to be for the benefit of the
Trustee for the owners from time to time of the Bonds. The Borrower consents and agrees to the assignment by the Authority to the Trustee under the Indenture of all of the Authority’s right, title and interest (except for certain rights
relating to receipt of notices, exculpation, indemnification and payment of expenses) in, to and under this Agreement and agrees that the provisions hereof may be enforced by the Trustee under the provisions of the Indenture. The Borrower agrees to
do all things within its power in order to comply with, and to enable the Authority to comply with, all requirements and to fulfill, and to enable the Authority to fulfill, all covenants of the Indenture and the Bonds. 

This Agreement is a debt obligation of the Borrower not subject to cancellation due to inability to appropriate funds to make Payments
and shall remain in full force and effect until the Bonds and the interest thereon and all amounts due and owing hereunder and under the Indenture have been fully paid or otherwise provided for or discharged. 

SECTION 3.4 Performance of the Projects. The Projects shall consist of the components of the Projects set forth on
Annex A to this Agreement; provided, however, that additional components of the Projects may be added or the components of the Projects may be revised in accordance with Section 12.1(iv) of the Indenture. 

In the event that Annex A hereto is to be amended or supplemented in accordance with the provisions of Section 12.1 of the
Indenture, the Authority will enter into, and will instruct the Trustee to consent to, an amendment of or supplement to Annex A hereto upon receipt of: 

(i) a certificate of an Authorized Borrower Representative describing in detail the proposed changes; 

(ii) a copy of the proposed form of amendment or supplement to Annex A hereto and such other documents, certificates and
showings as may be required by counsel rendering the opinion in clause (iii) of this paragraph; and 
 (iii)
an opinion of Bond Counsel to the effect that such amendment complies with the requirements of this Section 3.4 and Section 12.1 of the Indenture, is in proper form for execution and delivery by the Authority and is authorized or permitted
by this Agreement and will not affect the exclusion of the interest on the Bonds from the gross income of the owners thereof for federal income tax purposes. 

The Borrower, to the extent that it uses funds held in the funds and accounts created under the Indenture to fund such components, shall
perform the components of the Projects with reasonable dispatch in accordance with the relevant Project Documents and shall take reasonable action necessary to enforce the provisions of such Project Documents. 

SECTION 3.5 Revision of Project Documents. The Borrower may revise the Project Documents and the description of the Projects from
time to time without the consent of the Authority, the Trustee or the holders of the Bonds, but only upon receipt of the opinion of Bond Counsel that such revision shall not impair the exclusion from gross income of interest on the Bonds for Federal
income tax purposes. 
  

 12 

 SECTION 3.6 Disbursements from the Construction Fund. The Authority hereby authorizes
and directs the Trustee, upon the Borrower’s compliance with the requirements of Section 6.7 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Borrower for the following purposes (but, subject to the
provisions of Section 3.9 hereof, for no other purpose): 
 (a) Payment to the Borrower of such amounts, if
any, as shall be necessary to reimburse the Borrower in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of the plans and specifications
(including any preliminary study or planning of the Projects or any aspect thereof) and the construction and acquisition of the Projects. 

(b) Payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the
Authority’s fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing
of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds.

 (c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition
of the Projects, and payment of amounts due under contracts for the acquisition, construction and installation of the Projects, all as provided in the plans, specifications and work orders therefor. 

(d) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect
to the Projects. 
 (e) To the extent not paid by a contractor for construction or installation with respect to
any part of the Projects, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period. 

(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period
with respect to the Projects, or reimbursement thereof if paid by the Borrower. 
 (g) Payment of expenses
incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Projects. 

(h) Interest on the Bonds and payment of certain fees due and payable during the Construction Period (but in no event
after three (3) years from the Issue Date). 
 (i) Payment of any other costs which constitute part of the
Cost of the Projects in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exclusion from gross income for federal income tax purposes of interest on any of the Bonds. 

 

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 All moneys remaining in the Construction Fund after the Completion Date and after payment or
provision for payment of all other items provided for in the preceding subsections (a) to (i), inclusive, of this Section, shall at the written direction of the Borrower be used in accordance with Section 3.9 hereof. 

SECTION 3.7 Completion of Payment of Cost of the Projects. At such time as the Borrower has notice that the funds on deposit in
the Construction Fund, together with the investment earnings thereon, are insufficient to pay for all of the components of the Projects, the Borrower (i) shall deliver to the Trustee and the Authority written estimates by an Authorized Borrower
Representative of the additional funds required to pay the costs of completing such remaining components of the Projects, or (ii) shall advise the Trustee and the Authority that it will not complete such components of the Projects, but only in
the event the failure to complete such components of the Projects will not materially adversely impact the operations of the Borrower at the applicable Facilities. 

SECTION 3.8 Additional Cost of the Projects. If after exhaustion of the money in the Construction Fund the Borrower should pay any
portion of the Cost of the Projects, it shall not be entitled to any reimbursement therefor from the Authority or from the Trustee, and shall not be entitled to any abatement, diminution or postponement of payments required to be made by it under
this Agreement. 
 SECTION 3.9 Establishment of Completion Date. The date upon which the money in the Construction Fund
has been substantially exhausted, or the date upon which the Projects are substantially complete, shall be evidenced to the Authority and the Trustee by a certificate signed by an Authorized Borrower Representative. Subject to Section 3.7, the
certificate shall set forth the total Cost of the Projects and state that, except for amounts not then due and payable, or the liability for the payment of which is being contested or disputed in good faith by the Borrower, (a) the acquisition,
construction and equipping of the components of the Projects have been completed and the Cost of the Projects have been paid, and (b) all other facilities necessary in connection with the Projects have been acquired, constructed and installed
and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate shall state that it is given without prejudice to any rights against third parties that exist at the date of such certificate
or which may subsequently come into being. 
 Moneys (including investment proceeds) remaining in the Construction Fund on the
date of such certificate may be used, at the direction of an Authorized Borrower Representative, to the extent indicated, for the payment, in accordance with the provisions of this Agreement, of any Cost of the Projects not then paid as specified in
the above-mentioned certificate. Any moneys (including investment proceeds) remaining in the Construction Fund on the date of the aforesaid certificate and not so set aside for the payment of such Cost of the Projects shall be transferred into the
Bond Fund or disbursed in accordance with Section 1.142-2 of the Regulations or any successor thereto. The Borrower acknowledges that these provisions generally require that a portion of the Bonds be redeemed, or defeased to the first call date
(with appropriate notice to the Internal Revenue Service), within 90 days of the earlier of (i) the date on which the Borrower determines that the Projects will not be completed or (ii) the date on which the last of the Projects is placed
in service. 
  

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 SECTION 3.10 No Warranty of Condition or Suitability. The Borrower acknowledges its
full familiarity with the Projects and that the Authority has no responsibility for the construction or completion of the Projects. The Authority makes no representation or warranty, either express or implied, and offers no assurance that the
proceeds of the Bonds will be sufficient to pay in full the Cost of the Projects in accordance with the Project Documents. 

ARTICLE IV 

AGREEMENT TO ISSUE BONDS; USE OF BOND PROCEEDS 

SECTION 4.1 Agreement to Issue Bonds; Bond Proceeds. 

(a) To provide funds for the Projects, the Authority agrees that it will sell, issue and deliver the Bonds in the aggregate principal
amount of $100,000,000 and make the proceeds of sale of the Bonds available to the Borrower pursuant to this Agreement for the acquisition, construction and installation of the Projects and paying the costs of issuance of the Bonds. The aggregate
principal amount of the Bonds issued under the Indenture shall not exceed $100,000,000. The proceeds of the Bonds, and any and all earnings thereon, shall be applied, invested, reinvested and disbursed in the manner provided in the Indenture.

 (b) The Authority agrees, upon the terms and conditions contained in this Agreement and the Indenture, to lend to the
Borrower the proceeds derived by the Authority from the sale of the Bonds. The loan shall be made by depositing the proceeds from the sale of the Initial Bonds and the subsequent Drawing of $95,000,000 of Bonds on the Final Drawing Date into the
Construction Fund in accordance with Section 6.7 of the Indenture. 
 (c) Subject to any change in such percentages by
resolution of the Louisiana State Bond Commission, the Borrower agrees that 25% of the net proceeds of the Bonds are to be or will be used on Cost of the Projects in Ascension Parish and 75% of the net proceeds of the Bonds are to be or will be used
on Cost of the Projects in Calcasieu Parish. 
 SECTION 4.2 Other Amounts Payable. 

(a) On or before each date provided in or pursuant to the Indenture for the payment of principal of, premium, if any, and/or interest on
the Bonds, including Company Bonds, until the principal of, premium, if any, and interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture, the Borrower covenants and
agrees to pay to the Trustee in federal or other immediately available funds at the Corporate Trust Office of the Trustee for deposit in the Bond Fund, a sum equal to the amount payable on such date as principal (whether at maturity, or upon
redemption or acceleration), premium, if any, and interest upon the Bonds, including Company Bonds, as provided in the Indenture; provided, however, that the obligation of the Borrower to make any such payment shall be reduced by the amount of
moneys on deposit in the Bond Fund on any such date and available to pay the principal of and premium, if any, and interest on the Bonds on such date (excluding moneys on deposit in the Bond Fund for the payment of past due principal of or premium,
if any, or interest on Bonds in cases where Bonds have not been presented for payment or interest checks have not been cashed); provided further, that in any event the payments under this Section 4.2(a) shall at all times be sufficient to pay
the principal of and premium, if any, and interest on the Bonds, and if on any date on which the payment of the principal of, or premium, if any, or interest on, Bonds is due, the Trustee shall not have sufficient moneys on deposit in the Bond Fund
and available therefor to make each such payment in full, the Borrower shall immediately pay to the Trustee in immediately available funds an amount equal to such deficiency. Each payment made pursuant to this Section 4.2(a) shall be made
during normal banking hours. In the event the Borrower should fail to make any of the payments required in this Section 4.2(a), the item or installment so in default shall continue as an obligation of the Borrower until the amount in default
shall have been fully paid, and the Borrower agrees to pay the same with interest thereon to the extent permitted by law at the rate of interest then borne by the Bonds from the due date thereof until paid. 

 

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 (b) The Borrower agrees to pay the Trustee (1) the reasonable costs and expenses of the
Trustee, including, without limitation, reasonable attorneys’ fees and expenses, incurred by the Trustee in entering into and executing the Indenture and (2) (i) an amount equal to the reasonable annual fee of the Trustee for the
ordinary services of the Trustee, as trustee, rendered and its reasonable ordinary expenses incurred under the Indenture, as and when the same become due, (ii) the reasonable fees, charges and expenses of the Trustee, as paying agent, as tender
agent and as bond registrar, as and when the same become due and (iii) the reasonable fees, charges and expenses (including reasonable attorneys’ fees and expenses) of the Trustee for any reasonable extraordinary services rendered by it
and extraordinary expenses incurred by it under the Indenture, as and when the same become due. 
 (c) The Borrower also agrees
to pay when due, upon written request, or to promptly reimburse the Authority for (i) all reasonable costs incurred by the Authority in connection with the issuance of the Bonds or the financing of the Projects, except as may be paid out of the
proceeds of the Bonds, including without limitation, any necessary reasonable expenses incurred or advances reasonably made by the Authority or any officer of the Authority while engaged in the performance of their duties as such directors or
officers of the Authority, (ii) the reasonable fees and expenses of counsel to the Authority and (iii) all publication, filing and recording fees. In the event the Borrower should fail to make any of the payments required in this
Section 4.2(c), the item or installment so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and the Borrower agrees to pay the same with interest thereon to the extent permitted
by law at the rate of interest then borne by the Bonds from the due date thereof until paid. 
 (d) The Borrower agrees to pay
to the Trustee amounts sufficient and at such times as to enable the Trustee to pay the purchase price of any Bonds to be purchased pursuant to Section 4.1 or Section 4.2 of the Indenture on each purchase date of such Bonds as set forth in
said Section 4.1 or Section 4.2, as the case may be. All such payments shall be made to the Trustee in lawful money of the United States of America in federal or other immediately available funds at the Corporate Trust Office of the
Trustee with instructions from the Borrower to the Trustee to deposit such payments into the Bond Purchase Fund in accordance with the provisions of Section 6.10(iii) of the Indenture. Each payment pursuant to this Section 4.2(d) shall at
all times be sufficient to pay the purchase price of any Bonds to be purchased on such date pursuant to Section 4.1 or Section 4.2 of the Indenture; provided that any amount held by the Trustee in the Bond Purchase Fund on any such date
and available to pay any such purchase price pursuant to Section 6.11(b)(i) of the Indenture shall be credited against the amount due on such date pursuant to this Section 4.2(d) to the extent available to pay the purchase price of such
Bonds on such date. 
  

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 (e) The Borrower agrees to pay to the Trustee amounts sufficient for the payment in full in
satisfaction of a Change of Control Offer (“Change of Control Payment”). The Change of Control Payment with respect to the Bonds shall be payable directly to the Trustee for the account of the Borrower Designee on the Change of
Control Payment Date. 
 (f) The Borrower agrees to pay to the Trustee amounts sufficient for the payment in full in
satisfaction of an Asset Sale Offer (as defined in the Senior Notes Indenture) (“Asset Sale Payment”). The Asset Sale Payment with respect to the Bonds shall be payable directly to the Trustee for the account of the Borrower on the
completion of the Asset Sale Offer. 
 SECTION 4.3 Credits Against Payments. A credit against and reduction of the
Payments shall be derived only from the following sources: 
 (a) Any capitalization of interest from the
proceeds of the Bonds; 
 (b) Surplus moneys (including investment earnings) contained in the funds and accounts
held by the Trustee under the Indenture; 
 (c) Advance payments or prepayments of Payments; and 

(d) Reductions in principal and interest requirements of Bonds due to the purchase or redemption of Bonds as provided in
the Indenture. 
 SECTION 4.4 Obligation to Make Payments. As authorized by the Act, the obligation of the Borrower to
repay the Loan by making the Payments in accordance with the terms hereof, shall be absolute and unconditional and shall not be subject to, nor shall the Borrower be entitled to assert, any rights of non-appropriation, abatement, deduction,
reduction, deferment, recoupment, setoff, offset or counterclaim by the Borrower or any other person, nor shall the same be abated, abrogated, waived, diminished, postponed, delayed or otherwise modified under or by reason of any circumstance or
occurrence that may arise or take place, irrespective of what statutory rights the Borrower may have to the contrary, including but without limiting the generality of the foregoing: 

(a) Any damage to or destruction of part or all of the Projects; 

(b) The taking or damaging of part or all of the Projects or any temporary or partial use thereof by any public authority or agency in
the exercise of the power of eminent domain, sequestration or otherwise; 
 (c) Any assignment, novation, merger, consolidation,
transfer of assets, leasing or other similar transaction of, by or affecting the Borrower, except as otherwise provided in this Agreement; 
  

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 (d) Any change in the tax or other laws of the United States, the State or any governmental
authority; 
 (e) Any failure of title or any lawful or unlawful prohibition of the Borrower’s use of the Projects or any
portion thereof or the interference with such use by any person or any commercial frustration of purpose or loss or revocation of any permits, licenses or other authorizations required for the operation of the Projects; and 

(f) Any failure of the Authority or the Trustee to perform and observe any agreement or covenant, express or implied, or any duty,
liability or obligation arising out of or in connection with this Agreement, the invalidity, enforceability or disaffirmance of any of this Agreement, the Indenture or the Bonds or for any other cause similar or dissimilar to the foregoing.

 Furthermore, the Borrower covenants and agrees that it will remain obligated under this Agreement in accordance with its
terms, and that it will not take or participate or acquiesce in any action to terminate, rescind or avoid this Agreement. 

SECTION 4.5 Investment of Moneys. Any moneys held as a part of the Construction Fund, the Bond Fund and the Bond Purchase Fund
shall at the written direction of an Authorized Borrower Representative be invested or reinvested by the Trustee as provided in Article VII of the Indenture, to the extent permitted by law, in Permitted Investments. Any such direction shall certify
that any investment so directed to be made constitutes a Permitted Investment and that such investment is permitted to be made under the Indenture and this Agreement. The Trustee may make any and all such investments through its own trust investment
department or the trust investment department of any of its affiliates. 
 The investments purchased pursuant to this
Section 4.5 and Article VII of the Indenture shall be held by the Trustee and shall be deemed at all times a part of the Construction Fund, the Bond Fund and the Bond Purchase Fund, and any account or subaccount of any of the foregoing, as the
case may be, and the interest accruing thereon and any profit realized therefrom shall be credited to such fund, and any account or subaccount therein, and any net losses resulting from such investment shall be charged to such fund, and any account
or subaccount therein. 
 The Borrower covenants that any funds (including investment proceeds) on deposit in the Construction
Fund more than three years after the date of delivery of the Bonds will not be invested to produce a yield greater than the yield on the Bonds, all as such terms are used in and determined in accordance with the regulations promulgated or proposed
under relevant provisions of the Code. 
 SECTION 4.6 Issuance, Delivery and Surrender of Notes. 

(a) In order to secure, on behalf of the Authority, the obligation of the Borrower to make Payments, concurrently with the
reoffering of the Bonds, the Borrower shall issue and deliver to the Trustee a series of its notes (the “Notes”) under the Senior Notes Indenture (i) maturing on the same date and in the same principal amount as the Bonds,
(ii) bearing interest at an interest rate at all times equal to the interest rate borne by the Bonds, payable on the dates on which interest is payable on the Bonds, (iii) containing correlative redemption provisions (a) to the
provisions of Section 3.1 of the Indenture and reflected in the Form of Bond set forth in Exhibit C thereto and (b) providing that upon receipt by the trustee under the Senior Notes Indenture (the “Notes Trustee”) of a
written demand from the Trustee stating that the principal amount of all Bonds then outstanding under the Indenture has been declared immediately due and payable, the Borrower, subject to the terms and provisions of the Notes, will redeem the Notes
not more than 180 days after receipt by the Notes Trustee of such written demand, and (iv) subject to the provisions of subsection (b) of this Section 4.6, requiring payments of the principal thereof and the premium, if any, and
interest thereon to be made to the Trustee. 
  

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 (b) The obligation of the Borrower to make any payment of the principal of, premium, if any,
or interest on the Notes, whether at maturity, upon redemption (including any redemption due to the occurrence of a Determination of Taxability, as such term is defined in Section 3.1(c) of the Indenture and reflected in the Form of the Bonds
set forth in Exhibit C thereto) or otherwise, shall be fully or partially, as the case may be, deemed to have been paid or otherwise satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal or
purchase price of, premium, if any, or interest on the Bonds which corresponds to such amounts under the Notes shall have been fully or partially paid, deemed to have been paid or otherwise satisfied and discharged. In addition, such obligation to
make any payment of the principal of, premium, if any, or interest on the Notes at any time shall be deemed to have been satisfied and discharged to the extent that the amount of the Borrower’s obligation to make any payment of the principal
of, premium, if any, or interest on the Notes exceeds the obligation of the Borrower at that time to make any Payment. 
 (c)
The Authority shall not attempt to sell, assign or transfer the Notes, except to the extent of the assignment and pledge thereof to the Trustee under the Indenture. In view of such pledge and assignment, (i) the Notes shall be issued and
delivered to, registered in the name of and held by the Trustee for the benefit of the Bondholders and in no respect shall the Notes be deemed to be owned or held by or for the account, benefit or interest of the Borrower; (ii) the Senior Notes
Indenture shall provide that the Trustee shall not sell, assign or transfer the Notes except to a successor trustee under the Indenture, and shall surrender Notes to the Notes Trustee in accordance with the provisions of subsection (d) of this
Section 4.6; and (iii) the Borrower may take such actions as it shall deem to be desirable to effect compliance with such restrictions on transfer, including the placing of an appropriate legend on each Note and the issuance of
stop-transfer instructions to the Notes Trustee or any other transfer agent under the Senior Notes Indenture. 
 (d) At the time
any Bonds cease to be outstanding (other than by reason of the payment or redemption of Notes), the Authority shall cause the Trustee to surrender to the Notes Trustee a corresponding principal amount of Notes, bearing interest at a rate equal to
the interest rate borne by such Bonds, and maturing on the same date as such Bonds. 
 (e) The Trustee, as a holder of the
Notes, shall have and exercise the remedies provided under the Senior Notes Indenture for holders of notes issued thereunder. To the extent that moneys recovered under the Senior Notes Indenture are insufficient to pay in full the Payments, the
Borrower shall remain liable for any such deficiency under the terms of Section 4.4. 
  

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 ARTICLE V 

NON-ARBITRAGE 

SECTION 5.1 Covenants as to Arbitrage. The Borrower hereby agrees to prepare, or to have prepared and provided, instructions to
the Trustee as to the investment and reinvestment of moneys held as part of any fund or account relating to the Bonds. Any such moneys so held as part of any fund or account shall be invested or reinvested by the Trustee in Permitted Investments as
specified in Section 4.5 hereof and Article VII of the Indenture. The Borrower hereby covenants that it will comply with the terms of the Tax Certificate and that it will make such use of the proceeds of the Bonds and all other funds held by
the Trustee under the Indenture, regulate the investment of such proceeds and other funds and take such other and further action as may be required so that the Bonds will not constitute arbitrage bonds under Section 148 of the Code and the
regulations promulgated thereunder. The Borrower agrees that it will comply with the terms of any letter of instructions provided to it by nationally recognized bond counsel relating to compliance with the provisions of Section 148 of the Code.

 If the Borrower determines that it is necessary to restrict or limit the yield on the investment of any money paid to or held
by the Trustee hereunder or under the Indenture in order to avoid classification of the Bonds as arbitrage bonds within the meaning of the Code, the Borrower may issue to the Trustee an instrument to such effect (along with appropriate written
instructions) instructing the Trustee which investments to invest in so as to restrict or limit the yield of such moneys. 

ARTICLE VI 

CERTAIN COVENANTS 

SECTION 6.1 Covenants Regarding the Projects. 

(a) The Borrower expressly covenants and agrees: 

(i) That the Authority and its duly authorized agents shall have the right at any reasonable time upon not less than three
day’s prior written notice to inspect the Projects in a manner which will not interfere unreasonably with the Borrower’s use thereof; 

(ii) That it shall maintain or cause to be maintained the Projects in good operating order and condition, reasonable and
ordinary wear and tear alone excepted, and make all necessary repairs thereto, interior and exterior, structural and non-structural, ordinary and extraordinary, foreseen and unforeseen, and otherwise to make all replacements, alterations,
improvements and modifications to the Projects necessary to ensure that the same at all times shall be suitable for the efficient operation thereof for the purpose intended; 

 

 20 

 (iii) That it shall have full and sole responsibility for the condition,
repair, replacement, maintenance and management of the Projects; provided, however, no such condition, repair, replacement, maintenance and management shall be made to any inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary
portions of the Projects; and 
 (iv) That, subject to its obligations and rights to maintain, repair or remove
portions of the Projects as provided by this Section 6.1, it will use commercially reasonable efforts to continue operation of the Projects so long as and to the extent that operation thereof is, in the judgment of the Borrower, in the
Borrower’s best interest. 
 (b) The Authority and Borrower expressly covenant and agree that the Borrower shall have the
right from time to time to substitute personal property or fixtures for any portions of the Projects. Any such substituted property or fixtures shall, when so substituted, become a part of the Projects. The Borrower shall also have the right to
remove any portions of the Projects, without substitution therefor. 
 (c) If, during the term of this Agreement, the Projects
or any substantial portion thereof is destroyed or damaged in whole or in part by fire or other casualty, or title to, or the temporary use of, the Projects or any portion thereof shall have been taken by the exercise of the power of eminent domain,
the Borrower shall (unless it shall have exercised its option to prepay the Bonds pursuant to the Indenture) promptly repair, rebuild or restore the portion of the Projects so damaged, destroyed or taken with such changes, alterations and
modifications (including the substitution and addition of other property) as may be necessary or desirable for the administration and operation of the Projects and as shall not impair the character or significance of the Projects as furthering the
purposes of the Act. 
 Nothing in this Section 6.1 shall prevent or restrict the Borrower, in its sole discretion, at any
time, from discontinuing or suspending either permanently or temporarily its use of any facility of the Borrower served by the Projects and in the event such discontinuance or suspension shall render unnecessary the continued operation of the
Projects, the Authority and the Borrower agree that the Borrower shall have the right to discontinue the operation of the Projects during the period of any such discontinuance or suspension. 

SECTION 6.2 Environmental Covenants. 

(a) The Borrower shall not engage in any activities relating to the Projects that will result in the material violation of any current or
future Environmental Regulations. The Borrower shall obtain from time to time all permits required under any current or future environmental laws so that its operation of the Projects will be in accordance with such laws, except where the failure to
so obtain would not result in a material adverse effect on the Projects or the Borrower’s ability to meet its obligations hereunder. 
  

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 (b) The Borrower shall indemnify the Trustee and the Authority and shall hold the Trustee
and the Authority harmless from, and shall reimburse the Trustee and the Authority for, any and all claims, demands, judgments, penalties, liabilities, costs or damages imposed upon and out-of-pocket expenses incurred, including court costs and
reasonable attorneys’ fees directly or indirectly incurred by the Trustee or the Authority (prior to trial, at trial and on appeal) in any action against or involving the Trustee or the Authority, resulting from any breach of
Section 6.2(a), or from the discovery of any Hazardous Substance, in, upon, under or over, or emanating from, the Projects, whether or not the Borrower is responsible therefor, it being the intent of the Borrower that the Trustee and the
Authority shall have no liability or responsibility for damage or injury to human health, the environment or natural resources caused by, for abatement and/or clean-up of, or other with respect to, Hazardous Substances by virtue of their interests,
if any, in the Projects created by the Indenture and this Agreement or otherwise, or hereafter created, or as the result of the Trustee or the Authority exercising any instrument, including but not limited to becoming the owner thereof. The
foregoing covenants shall be deemed continuing covenants for the benefit of the Trustee and the Authority and any successors and assigns thereof, including but not limited to any transferee of the title of the Trustee and any subsequent owner of the
Projects, and shall survive the satisfaction and release of the Indenture and this Agreement, or under any other instrument. 

(c) In case any action or proceeding is brought against the Authority or the Trustee in respect of which indemnity may be sought under
this Section 6.2, the party seeking indemnity promptly shall give notice of that action or proceeding to the Borrower, and the Borrower, upon receipt of such notice, shall have the obligation and the right to assume the defense of the action or
proceeding; provided, that failure of a party to give such notice shall not relieve the Borrower from any of its obligations under this Section 6.2 unless such failure prejudices the defense of the action or proceeding by the Borrower. The
Borrower agrees that in the case of any action or proceeding involving the Authority or the Trustee, any counsel employed by the Borrower shall be reasonably acceptable to the Authority and Trustee. At its own expense, an indemnified party may
employ separate counsel and participate in the defense; provided, however, where it is ethically inappropriate for one firm to represent the interests of the Authority, the Trustee and/or any other indemnified party or parties, the Borrower shall
pay such indemnified party’s reasonable legal expenses in connection with its retention of separate counsel. The Borrower shall not be liable for any settlement made without its written consent. 

SECTION 6.3 Indemnification. The Borrower further expressly covenants and agrees: 

(a) That it shall indemnify and hold harmless the Authority and its directors, officers, agents and employees (collectively, the
“Authority Indemnitees”) from and against any and all liabilities, claims, costs and reasonable out-of-pocket expenses imposed upon or asserted against the Authority Indemnitees on account of (i) any loss or damage to property
or injury to or death of or loss by any Person that may be occasioned by any cause whatsoever pertaining to the maintenance, operation and use of the Projects; (ii) any breach or default on the part of the Borrower in the performance of any
covenant or agreement of the Borrower under this Agreement or any related document, or arising from any act or failure to act by the Borrower, or any of its agents, contractors, servants, employees or licensees; (iii) the authorization,
issuance and sale of the Bonds, and the provision of any information furnished in connection therewith concerning the Projects or the Borrower (including, without limitation, any information furnished by the Borrower for inclusion in any
certifications made by the Authority or for inclusion in, or as a basis for preparation of, the information statements filed by the Authority pursuant to the Code or otherwise included in the Preliminary Official Statement or the Official Statement
relating to the Bonds (except for information regarding the Authority)); and (iv) any claim or action or proceeding with respect to the matters set forth in clauses (i), (ii) and (iii) above brought thereon. The Borrower shall
not be liable for any of the foregoing arising from the Authority Indemnitee’s gross negligence or bad faith; 
  

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 (b) That it shall indemnify and hold harmless the Trustee and its directors, officers,
agents and employees (collectively, the “Trustee Indemnitees”) from and against any and all claims, liabilities, losses, damages, fines, penalties and expenses (including out-of-pocket and incidental expenses and reasonable fees and
expenses of in-house or outside counsel) (“Losses”) that may be imposed on, incurred by, or asserted against, the Trustee Indemnitees or any of them for following any instruction or other direction upon which the Trustee is
authorized to rely pursuant to the terms of this Agreement and the Indenture. In addition to and not in limitation of the immediately preceding sentence, the Borrower also covenants and agrees to indemnify and hold the Trustee Indemnitees and each
of them harmless from and against any and all Losses that may be imposed on, incurred by, or asserted against the Trustee Indemnitees or any of them in connection with or arising out of the Trustee’s performance and/or exercise of its rights
under this Agreement and the Indenture provided the Trustee has not acted with negligence or engaged in willful misconduct. The provisions of this Section 6.3(b) shall survive the termination of this Agreement and the Indenture, the final
payment defeasance of the Bonds and the resignation or removal of the Trustee for any reason; and 
 (c) In case any action or
proceeding brought against the Authority and the Trustee in respect of which indemnity may be sought under this Section 6.3, the party seeking indemnity promptly shall give notice of that action or proceeding to the Borrower, and the Borrower,
upon receipt of such notice, shall have the obligation and the right to assume the defense of the action or proceeding; provided, that failure of a party to give such notice shall not relieve the Borrower from any of its obligations under this
Section 6.3 unless such failure prejudices the defense of the action or proceeding by the Borrower. The Borrower agrees that in the case of any action or proceeding involving the Authority or the Trustee, any counsel employed by the Borrower
shall be reasonably acceptable to the Authority and Trustee. At its own expense, an indemnified party may employ separate counsel and participate in the defense; provided, however, where it is ethically inappropriate for one firm to represent the
interests of the Authority and any other indemnified party or parties, the Borrower shall pay such indemnified party’s reasonable legal expenses in connection with the its retention of separate counsel. The Borrower shall not be liable for any
settlement made without its written consent. 
 SECTION 6.4 Compliance with Continuing Disclosure. The Borrower has
executed the Continuing Disclosure Agreement and has agreed to comply timely with the requirements set forth therein. The Borrower shall cause copies of any filings and/or disclosures that are required to be made pursuant to the terms of the
Continuing Disclosure Agreement to be delivered to the Authority within five days of any such filing or disclosure. 
  

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 SECTION 6.5 Covenants, Representations and Warranties Relating to Federal Income
Taxation. The Borrower covenants that it shall make such use of the proceeds of the Bonds, regulate investment of proceeds thereof and take such other and further actions as may be required by the Code and applicable temporary, proposed and
final Regulations and procedures, necessary to assure that interest on the Bonds is excludable from gross income for Federal income tax purposes. Without limiting the generality of the foregoing covenant, the Borrower hereby covenants, represents
and warrants, as follows: 
 (a) The Borrower will not take, fail to take or permit the commission of any action within its
control necessary to be taken in order that interest on the Bonds will continue to be excludable from gross income for Federal income tax purposes; 

(b) The Borrower will timely file a statement with the United States Internal Revenue Service setting forth the information required
pursuant to Section 149(e) of the Code; 
 (c) The average term of the Bonds, calculated in proportion to the “issue
price” (as defined in Section 1273 of the Code) of the Bonds of each stated maturity of such Bonds, will not exceed 120% of the average reasonably expected economic life of the Projects financed with the proceeds of the Bonds or the
investment earnings thereon, weighted in proportion to the respective cost of each item comprising the Projects financed with the proceeds of such Bonds. For purposes of the preceding sentence, the reasonably expected economic life of property shall
be determined as of the later of (i) the date on which the Bonds are issued or (ii) the date on which such property is placed in service (or expected to be placed in service); 

(d) The Borrower will not cause the Bonds to be treated as “federally guaranteed” obligations within the meaning of
Section 149(b) of the Code (as may be modified in any applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the Department of the Treasury or the Internal Revenue Service with
respect to “federally guaranteed” obligations described in Section 149(b) of the Code); 
 (e) Based upon all
facts and estimates now known or reasonably expected to be in existence on the date the Bonds are delivered, the Borrower reasonably expects that the proceeds of the Bonds will not be used in a manner that would cause the Bonds or any portion
thereof to be an “arbitrage bond” within the meaning of Section 148 of the Code; 
 (f) As provided in
Section 5.1 hereof, the Borrower will monitor or cause to have monitored the yield on the investment of the proceeds of the Bonds and moneys pledged to the repayment of the Bonds, other than amounts not subject to yield restriction and will
restrict the yield on such investments to the extent required by the Code or the Regulations; 
 (g) The Borrower agrees to
comply with all its covenants and agreements set forth in the Tax Certificate executed in connection with the issuance and sale of the Bonds, and to perform the covenants and duties imposed on it contained therein; 

(h) The Borrower agrees that it will cause not less than 95% of the Net Proceeds of the Bonds to be expended to pay, or reimburse the
Borrower for, Cost of the Projects which constitute Qualified Project Costs. The Borrower further agrees that the amount of costs of issuance of the Bonds financed by the Net Proceeds of the Bonds shall not exceed 2% of the principal amount of the
Bonds; 
 (i) The Borrower agrees that less than 25% of the Net Proceeds of the Bonds are to be or will be used (directly or
indirectly) for the acquisition of land (or an interest therein), and no portion of the Net Proceeds of the Bonds is to be used (directly or indirectly) for the acquisition of land (or an interest therein) to be used for farming purposes;

  

 24 

 (j) The Borrower agrees that no portion of the Net Proceeds of the Bonds is to be or will be
used for the acquisition of any property (or an interest therein) unless the first use of such property is pursuant to such acquisition; and 

(k) The Borrower agrees that no portion of the Net Proceeds of the Bonds is to be used to provide any airplane, skybox or other private
luxury box, health club facility, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises. 

All officers, employees and agents of the Borrower are authorized and directed to provide certifications of facts and estimates that are
material to the reasonable expectations of the Borrower as of the date the Bonds are delivered. In complying with the foregoing covenants, the Borrower may rely from time to time upon a written opinion issued by Bond Counsel to the effect that any
action by the Borrower or reliance upon any interpretation of the Code or Regulations contained in such opinion will not cause interest on the Bonds to be includable in gross income for federal income tax purposes under existing law. 

SECTION 6.6 Reliance. The Authority may rely conclusively on the truth and accuracy of any document furnished to it by the
Trustee, the Borrower or any Bondholder as to a matter required to be noticed by the Authority hereunder. The Authority shall not be under any obligation to perform any recordkeeping or to provide any legal service, it being understood that such
services shall be performed or caused to be performed by the Trustee or the Borrower. 
 SECTION 6.7 No Violations of
Law. In no event shall this Agreement be construed as depriving the Authority of any right or privilege or requiring the Authority or any agent, employee, representative or advisor of the Authority to take or omit to take, or to permit or suffer
the taking of, any action by itself or by anyone else, which deprivation or requirement would violate or result in the Authority’s being in violation of the Act or any other applicable state or federal law. At no time and in no event will the
Borrower permit, suffer or allow any of the proceeds of this Agreement or the Bonds to be transferred to any Person in violation of, or to be used in any manner that is prohibited by, the Act, the GO Zone Act or any other state or federal law.

 SECTION 6.8 Immunity of Officers, Employees and Members of the Authority. No recourse shall be had for the payment of
the principal of, premium, if any, or interest on any of the Bonds or for any claim based thereon or upon any obligation, covenant or agreement contained in this Agreement against any past, present or future officer, director, member, employee or
agent of the Authority, or of any successor public corporation, under any rule of law or equity, statute or constitution, or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers, directors,
members, employees or agents as such is hereby expressly waived and released as a condition of and consideration for the execution of this Agreement and the issuance of such Bonds. 

 

 25 

 SECTION 6.9 Borrower Option to Elect Interest Rate. The Borrower shall have, and is
hereby granted, the option to elect to convert the interest rate borne by the Bonds to any Interest Rate pursuant to the provisions of Section 2.2 of the Indenture, subject to the terms and conditions set forth therein. 

ARTICLE VII 

OPTIONAL AND MANDATORY PREPAYMENT 

SECTION 7.1 Obligation to Prepay Installments. The Borrower shall have the obligation to prepay installments payable hereunder in
whole (or in the case of the events stated in (b) or (c) of this Section 7.1 in whole or in part), if any of the following shall have occurred: 

(a) As a result of any changes in the Constitution of the State or the Constitution of the United States of America or by
legislative or administrative action (whether state or federal) or by final decree, judgment or order of any court or administrative body (whether state or federal) this Agreement shall have become void or unenforceable or impossible of performance
in accordance with the intent and purposes of the parties as expressed in this Agreement; or 
 (b) A
Determination of Taxability shall have occurred; or 
 (c) Proceeds of the Bonds, including income from the
investment thereof, shall remain after completion of the Projects and the payment of the Cost of the Projects. 
 In case of any
of the events stated in this Section 7.1, the Borrower agrees it will fulfill its obligation and prepay within 180 days (or 90 days in the case of (c) of this Section) after the Borrower has notice or actual knowledge of such event (which
in the case of (c) of this Section shall be deemed to occur on the date of the filing of the completion certificate in accordance with Section 3.9 hereof). 

SECTION 7.2 Option to Prepay Installments. The Borrower shall have the option to prepay the installments payable hereunder in
whole, but not in part, if any of events described in Section 3.1(b) of the Indenture shall occur. If the Borrower elects to exercise an option granted in this Section 7.2, it must exercise such option and prepay within 180 days after it
has notice or actual knowledge of the event permitting the exercise of such option. 
 SECTION 7.3 Amount of Prepayment in
Certain Events. The amount payable by the Borrower upon the occurrence of an event set forth in Section 7.1(a) hereof or in the event of the Borrower’s exercise of the option granted in Section 7.2 hereof to prepay installments in
whole shall be the sum of the following: 
 (1) an amount of money which, when added to the amount then on
deposit in the Bond Fund, will be sufficient to redeem (or when invested in Governmental Obligations in which such money is required to be invested will without reinvestment mature as to principal and interest, if any, at times and in amounts
sufficient to redeem) the Outstanding Bonds on the Redemption Date, which amount shall consist of the principal amount thereof, all interest accrued and to accrue to the Redemption Date and expenses incurred or to be incurred in connection with the
prepayment of installments and the redemption of the Bonds, 
  

 26 

 (2) an amount of money equal to the Trustee’s fees and expenses under
the Indenture accrued and to accrue until the Redemption Date, and 
 (3) an amount of money sufficient to
discharge all other liabilities of the Borrower accrued under this Agreement. 
 Upon the occurrence of the event stated in
Section 7.1(b) hereof: (a) if all of the Bonds then Outstanding are to be redeemed, as provided in Section 3.1(c) of the Indenture, the amount payable by the Borrower hereunder will be the sum of the amounts specified in the next
preceding paragraph; and (b) if less than all of the Bonds then Outstanding are to be redeemed, as provided in Section 3.1(c) of the Indenture, the amount payable by the Borrower hereunder will be an amount which will be sufficient to
redeem (or when invested in Governmental Obligations in which such money is required to be invested will without reinvestment mature as to principal and interest, if any, at times and in amounts sufficient to redeem) the Bonds or portions thereof
(in Authorized Denominations) to be redeemed on the Redemption Date, which amount shall consist of the principal amount thereof, all interest accrued and to accrue thereon to said Redemption Date, and expenses incurred or to be incurred in
connection with such prepayment of installments and such redemption of Bonds. 
 Upon the occurrence of the event stated in
Section 7.1(c) hereof, the amount payable by the Borrower hereunder will be an amount which, together with the amount then remaining on deposit in the Construction Fund and available for such purpose, will be sufficient to redeem (or when
invested in Governmental Obligations in which such money is required to be invested will without reinvestment mature as to principal and interest, if any, at times and in amounts sufficient to redeem) the Bonds or portions thereof (in Authorized
Denominations) to be redeemed on the Redemption Date, which amount shall consist of the principal amount thereof, all interest accrued and to accrue thereon to said Redemption Date, and expenses incurred or to be incurred in connection with such
prepayment of installments and such redemption of Bonds. 
 SECTION 7.4 Option to Prepay Installments for Optional Redemption
of Bonds. The Borrower shall have, and is hereby granted, the option to prepay from time to time installments under this Agreement in the manner, from the sources and on the dates specified in Section 3.1(a) of the Indenture and at prices
sufficient to redeem (or when invested in Governmental Obligations in which such money is required to be invested will without reinvestment mature as to principal and interest, if any, at times and in amounts sufficient to redeem) all or part of the
Bonds in Authorized Denominations in accordance with the provisions of the Indenture. 
 SECTION 7.5 Notice of
Prepayment. To exercise an option granted in or an obligation required by this Article VII, the Borrower shall give written notice to the Authority and the Trustee not less than 45 days prior to the redemption date for the Bonds (the date for
redemption of the Bonds being hereinafter called the “Redemption Date”) (or such later date as is acceptable to the Authority and the Trustee) which shall specify therein the amount of such prepayment, the provisions of this
Agreement permitting or requiring such prepayment and the date upon which such prepayment will be made, which date shall be not later than the Redemption Date, together with such other information, if any, as shall be reasonably necessary in order
to enable the Trustee to call Bonds for redemption under the applicable provisions of the Indenture. In the Indenture the Authority will authorize the Trustee forthwith to take all steps necessary under the applicable provisions of the Indenture to
effect redemption of all or part of the then Outstanding Bonds, as may be the case, under applicable provisions of the Indenture. 
  

 27 

 SECTION 7.6 Redemption of Bonds With Prepayment Moneys. By virtue of the assignment
of the rights of the Authority under this Agreement to the Trustee as provided in Section 8.3 hereof, the Borrower agrees to and shall pay out of Available Moneys the amount required or permitted to be paid by it under this Article VII directly
to the Trustee. The Trustee shall use the moneys so paid to it by the Borrower to redeem (directly or through the application of maturing principal and interest, if any, of Governmental Obligations in which such moneys are required to be invested)
the Bonds on the date set for such redemption pursuant to Section 7.5 hereof. 
 SECTION 7.7 Borrower to Purchase in
Lieu of Redemption. The Borrower shall have, and is hereby granted, the option to elect to purchase Bonds using Available Moneys in lieu of optional redemption pursuant to the provisions of Section 3.1(f) of the Indenture, subject to the
terms and conditions set forth therein. 
 ARTICLE VIII 

ASSIGNMENT 

SECTION 8.1 Assignment of this Agreement. The Borrower may, without the consent of the Authority or the Trustee, transfer or
assign this Agreement or transfer or assign all or a portion of the Projects and any or all of its rights and delegate any or all of its duties hereunder, but no such transfer, assignment or delegation shall relieve the Borrower from its obligations
hereunder. 
 Each transferee of the Borrower’s interest in this Agreement shall assume the obligations of the Borrower
hereunder to the extent of the interest transferred or assigned, and the Borrower shall, on or prior to the effective date of any such transfer or assignment, furnish or cause to be furnished to the Authority and the Trustee a true and complete copy
of each such transfer or assignment. 
 SECTION 8.2 Restrictions on Transfer of Authority’s Rights. The Authority
agrees that, except for the assignment of certain of its rights, title and interest under this Agreement (including its rights to receive payments to be made hereunder) to the Trustee pursuant to the Indenture, it will not during the term of this
Agreement sell, assign, transfer or convey its interests in this Agreement except pursuant to the Indenture and as hereinafter in Section 8.3 provided. 

SECTION 8.3 Assignment by the Authority. It is understood, agreed and acknowledged that the Authority will assign to the Trustee
pursuant to the Indenture certain of its rights, title and interests in and to this Agreement (reserving its rights, however, pursuant to sections of this Agreement providing that notices, reports and other statements be given to the Authority and
also reserving its rights to reimbursement and payment of costs and expenses under Section 4.2 hereof and its individual and corporate rights to exemption from liability under Sections 6.2, 6.3, 6.8 and 11.14 hereof) and the Borrower hereby
assents to such assignment and pledge. 
  

 28 

 ARTICLE IX 

SUPPLEMENTS AND AMENDMENTS 

SECTION 9.1 Amendments, Changes and Modifications. Except as otherwise provided in this Agreement or the Indenture, prior to the
payment in full of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture), this Agreement may not be amended, changed, modified, altered or terminated without the written consent of the
Trustee, and only in accordance with the provisions of Article XII of the Indenture. To the extent that the Louisiana State Bond Commission, upon application by the Authority, adopts a Revised Application for Approval which authorizes the change of
the percentage of net proceeds to be used to fund the Calcasieu Projects and the Ascension Projects, the provisions of Sections 2.2(j) and 4.1(c) hereof shall be changed without the written consent of the Bondholders upon delivery by the Borrower to
the Trustee of the Revised Application for Approval of the Louisiana State Bond Commission approving such change. Any such change will not otherwise be treated under this Agreement and the Indenture as an amendment, change or modification of this
Agreement. 
 SECTION 9.2 Filing. Copies of any such supplement or amendment shall be filed with the Trustee and
delivered to the Authority and the Borrower before such supplement or amendment may become effective. 
 SECTION 9.3 Reliance
on Counsel. The Authority and the Trustee shall be entitled to receive, and shall be fully protected in relying upon the opinion of counsel satisfactory to the Trustee, who may be counsel for the Authority, as conclusive evidence that any such
proposed supplement or amendment complies with the provisions of this Agreement and the Indenture and that it is proper for the Authority and the Trustee under the provisions of this Article to execute or approve such supplement or amendment.

 In connection with any amendment of this Agreement, there shall also be delivered to the Authority and the Trustee a written
opinion of Bond Counsel (which counsel and opinion, including without limitation, the scope, form, substance and other aspects thereof, are acceptable to the Trustee) to the effect that under existing laws the proposed supplement or amendment would
not adversely affect the validity of the Bonds or the exclusion otherwise available from gross income of interest on the Bonds for federal or state income tax purposes. 
  

 29 

 ARTICLE X 

EVENTS OF DEFAULT; REMEDIES 

SECTION 10.1 Events of Default Defined. The terms “Event of Default” and “Default” shall mean
any one or more of the following events: 
 (a) An Event of Default shall exist under the Indenture, the Notes or the Senior
Notes Indenture; 
 (b) The Borrower shall default in the timely payment of any Payment pursuant to Article IV of this
Agreement; provided that such default with respect to an interest payment in the case of a Bond bearing interest at a Term Rate shall be deemed to occur upon the continuance of any such failure of payment for a period of 30 days after the applicable
Interest Payment Date; 
 (c) The Borrower shall fail duly to perform, observe or comply with any other covenant, condition or
agreement on its part under this Agreement (other than a failure to make any Payment required under this Agreement), and such failure continues for a period of 30 days after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Borrower by the Trustee; provided, however, that if such performance, observation or compliance requires work to be done, action to be taken, or conditions to be remedied, which by their nature cannot
reasonably be done, taken or remedied, as the case may be, within such 30-day period, no Event of Default shall be deemed to have occurred or to exist if, and so long as the Borrower shall commence such performance, observation or compliance within
such period and shall diligently and continuously prosecute the same to completion; 
 (d) The entry of a decree or order by a
court having jurisdiction in the premises adjudging the Borrower a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Borrower under the United
States Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, custodian, assignee, or sequestrator (or other similar official) of the Borrower or of any substantial part of its property, or ordering the
winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for it period of 90 consecutive days; and 

(e) The institution by the Borrower of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the United States Bankruptcy Code or any other similar applicable federal or state law, or the consent by it to the
filing of any such petition or to the appointment of a receiver, liquidator, custodian, assignee, trustee or sequestrator (or other similar official) of the Borrower or of any substantial part of its property, or the making by it of all assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due. 
  

 30 

 SECTION 10.2 Remedies. Whenever any Event of Default under Section 10.1 hereof
shall have happened and be continuing, any one or more of the following remedial steps may be taken: 
 (a) The Authority or the
Trustee may declare all Payments under Section 4.2 hereof to be immediately due and payable, whereupon the same shall become immediately due and payable; 

(b) The Authority or the Trustee may take whatever action at law or in equity may appear necessary or desirable to collect the Payments
then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of the Borrower under this Agreement; 

(c) The Authority or the Trustee may have access to and inspect, examine and make copies of any and all books, accounts and records of
the Borrower; and 
 (d) The Authority or the Trustee (or the owners of the Bonds in the circumstances permitted by the
Indenture) may exercise any option and pursue any remedy provided by the Indenture. 
 Payments under subsections (a) and
(b) of this Section 10.2 shall be deemed to have been made to the extent of any corresponding payments by the Borrower upon an Event of Default (as defined in the Senior Notes Indenture) under the Notes. 

SECTION 10.3 No Remedy Exclusive; Selective Enforcement. No remedy conferred upon or reserved to the Authority or the Trustee by
this Agreement is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement and as now or hereafter existing at
law or in equity. No delay or omission to exercise any right or power accruing upon any event of nonperformance shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from
time to time and as often as may be deemed expedient. 
 SECTION 10.4 Indenture Overriding. All of the provisions of this
Article are subject to and subordinate to the rights and remedies of the Bondholders and the Trustee pursuant to the Indenture. The Authority shall have no power to waive any event of default hereunder, except with respect to indemnification and its
administrative payments, without the consent of the Trustee to such waiver. 
 SECTION 10.5 Agreement to Pay Attorneys’
Fees and Expenses. In any Event of Default, if the Authority or the Trustee employs attorneys or incurs other expenses to collect any amounts payable hereunder or to enforce the performance or observance of any covenants or agreements in the
event of a breach of this Agreement by the Borrower, the Borrower agrees that it will on demand therefor pay to the Authority or the Trustee the reasonable fees of such attorneys and such other reasonable expenses so incurred by the Authority or the
Trustee. 
 SECTION 10.6 Authority and Borrower to Give Notice of Default. The Authority and the Borrower covenant that
they will, at the expense of the Borrower, promptly give to the Trustee written notice of any Event of Default under this Agreement of which they shall have actual knowledge or written notice, but the Authority shall not be liable (except as
otherwise expressly provided herein) for failing to give such notice. 
  

 31 

 SECTION 10.7 Correlative Waivers. If an Event of Default under Section 10.1 of
the Indenture shall be cured or waived and any remedial action by the Trustee rescinded, any correlative Default under this Agreement shall be deemed to have been cured or waived. 

ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1 References to the Bonds Ineffective After Bonds Paid. Upon payment of the Bonds by the Authority in accordance with
the Indenture, all references in this Agreement to the Bondholders shall be ineffective and the Authority and any holder of the Bonds shall not thereafter have any rights hereunder, excepting those that shall have theretofore vested. 

SECTION 11.2 [Intentionally Omitted] 

SECTION 11.3 Notices. All notices, demands and requests to be given or made hereunder to or by the Authority, the Trustee or the
Borrower or their designated successors, shall be in writing and shall be properly made if hand delivered or sent by United States mail, postage prepaid and addressed as follows: 

 

			
	If to the Authority:	  	 Louisiana Local Government Environmental Facilities and

Community Development Authority

		  	8712 Jefferson Highway, Suite A
		  	Baton Rouge, Louisiana 70809
		  	Attention: Executive Director
		
	If to the Borrower:	  	Westlake Chemical Corporation
		  	2801 Post Oak Blvd., Suite 600
		  	Houston, Texas 77056
		  	Attention: Chief Financial Officer
		
	If to the Trustee:	  	The Bank of New York Mellon Trust Company, N.A.
		  	601 Travis Street, 16th Floor
		  	Houston, Texas 77002
		  	Attention: Corporate Trust Department

Notice hereunder shall be deemed effective on the date of its receipt by the addressee. The Borrower, the Authority and the Trustee may,
by notice given hereunder, designate any further or different addresses, counsel or counsel addresses to which subsequent notices, certificates, requests or other communications shall be sent. 

SECTION 11.4 Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the Authority, the Borrower
and their respective successors and assigns, subject to the limitation that any obligation of the Authority created by or arising out of this Agreement shall not be a general debt of the Authority, but shall be payable solely out of the proceeds
derived from this Agreement and the sale of the Bonds under the Indenture. 
  

 32 

 SECTION 11.5 Performance on Legal Holidays. In any case where the date of maturity of
interest on or principal of the Bonds or the date fixed for redemption or purchase of any Bonds or the date fixed for the giving of notice or the taking of any action under the Indenture shall not be a Business Day, then payment of such interest,
principal, purchase price and redemption premium, if any, the giving of such notice or the taking of such action need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the date
of maturity or the date fixed for redemption or purchase, and no interest on such payment shall accrue for the period after such date. 

SECTION 11.6 Execution In Counterparts. This Agreement may be executed in several counterparts, each of which shall be regarded as
an original and all of which shall constitute but one and the same instrument. 
 SECTION 11.7 Amounts Remaining in Any Fund
With the Trustee. It is agreed by the parties hereto that after payment in full of (i) the principal of, premium, if any, and interest on the Bonds (or provision for the payment thereof having been made in accordance with the provisions of
the Indenture), (ii) the purchase price of all Bonds (other than Company Bonds) tendered or deemed to be tendered to the Trustee pursuant to Sections 4.1 and 4.2 of the Indenture (or the cancellation of all Bonds pursuant to Section 6.11
of the Indenture), (iii) the fees, charges and expenses of the Authority, the Trustee and the Remarketing Agent in accordance with this Agreement and the Indenture and (iv) all other amounts required to be paid under this Agreement and the
Indenture, any amounts remaining in any fund or accounts maintained under this Agreement or the Indenture and not applied to the payments of the above in accordance with the provisions of this Agreement and the Indenture shall belong to and be paid
by the Trustee to the Borrower as an overpayment of repayment installments. 
 SECTION 11.8 Governing Law. This Agreement
shall be deemed to be a contract made under the laws of the State of Louisiana and for all purposes shall be governed exclusively by and construed in accordance with the laws of the State of Louisiana. 

SECTION 11.9 Severability. If any clause, provision, section or article of this Agreement be held illegal or invalid by any court,
the invalidity of such clause, provision, section or article shall not affect any of the remaining clauses, provisions, sections or articles hereof and this Agreement shall be construed and enforced as if such illegal or invalid clause, provision,
section or article had not been contained herein. In case any agreement or obligation contained in this Agreement be held to be in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the Authority
or the Borrower, as the case may be, only to the extent permitted by law. 
 SECTION 11.10 Captions. The table of
contents, captions or headings of the several articles and sections of this Agreement are for convenience only and shall not control, affect the meaning of or be taken as an interpretation of any provisions of this Agreement. 

SECTION 11.11 Consents and Approvals. Whenever the consent or approval of the Authority, the Borrower or the Trustee shall be
required under the provisions of this Agreement, such consent or approval shall not be unreasonably withheld or delayed. 
  

 33 

 SECTION 11.12 Obligations. The obligations of the Borrower under this Agreement
constitute unsecured, general obligations of the Borrower. 
 SECTION 11.13 Third Party Beneficiaries. It is specifically
agreed between the parties executing this Agreement that it is not intended by any of the provisions of any part of this Agreement to make any Person not a party to this Agreement, except as expressly provided herein or as contemplated in the
Indenture, a third party beneficiary hereunder, or to authorize anyone not a party to this Agreement to maintain a suit for personal injuries or property damage pursuant to the terms or provisions of this Agreement. The duties, obligations and
responsibilities, if any, of the parties to this Agreement with respect to third parties shall remain as imposed by law. 

SECTION 11.14 Exculpatory Provision. In the exercise of the powers of the Authority, the Trustee and their respective trustees,
directors, officers, employees and agents (each, an “Indemnified Party”) under this Agreement, each Indemnified Party shall not be accountable or liable to the Borrower for any actions taken or omitted by such Indemnified
Party in good faith and believed by it or them to be authorized or within their discretion or rights or powers conferred upon them (other than the negligence or willful misconduct of such Indemnified Party), all such liability, if any, being
expressly waived by the Borrower by the execution of this Agreement. The Borrower shall indemnify and hold harmless each Indemnified Party against any claim or liability based on the foregoing asserted by any other Person. 

In case any action shall be brought against an Indemnified Party in respect of which indemnity may be sought against the Borrower, such
Indemnified Party shall promptly notify the Borrower in writing and the Borrower shall assume the defense thereof, including the employment of counsel of the Borrower’s choice and the payment of all expenses. Such Indemnified Party shall have
the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by such Indemnified Party unless the employment of such counsel has been authorized by the
Borrower. The Borrower shall not be liable for any settlement of any such action without its consent but if any such action is settled with the consent of the Borrower or if there be final judgment for the plaintiff of any such action, the Borrower
agrees to indemnify and hold harmless such Indemnified Party from and against any loss or liability by reason of such settlement or judgment. 

SECTION 11.15 Accounts and Audits. The Authority shall cause the Trustee to keep proper books of records and accounts (separate
from all other records and accounts) in which complete and correct entries shall be made of its transactions relating to the Bonds. 
  

 34 

 IN WITNESS WHEREOF, the Authority has caused this Agreement to be executed by its Chairman
and has caused the seal of the Authority to be affixed hereto and attested by its Executive Director, and the Borrower has caused this Agreement to be executed by a duly authorized officer, all as of the day and year first above written. 

 

			
	 LOUISIANA LOCAL GOVERNMENT

ENVIRONMENTAL FACILITIES AND

COMMUNITY DEVELOPMENT
 AUTHORITY

		
	By:	 	 /s/ Steve A. Dicharry

		 	Executive Director
	
	ATTEST:
		
	By:	 	 /s/ Linda Martin

		 	Assistant Secretary

 [SEAL] 

 

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	 /s/ Albert Chao

	Name:	 	Albert Chao
	Title:	 	President & Chief Executive Officer

(Signature Page to Amended and Restated Loan Agreement) 

 IN WITNESS WHEREOF, and in accordance with Section 9.1 of the Original Loan Agreement,
the Borrower, as the sole owner of the Company Bonds (Series 2009A-1), and the Trustee hereby consent to the amendments, changes and modifications of the Original Loan Agreement as set forth in this Agreement, all as of the day and year first above
written. 
  

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	 /s/ Albert Chao

	Name:	 	Albert Chao
	Title:	 	President & Chief Executive Officer

  

			
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.

		
	By:	 	 /s/ Charles Spivey

	Name:	 	 Charles Spivey

	Title:	 	 Senior Administrator

 

 2 

 ANNEX A 

PROJECT DESCRIPTION 

The projects consist of (1) designing, constructing and equipping a new expansion to the Borrower’s manufacturing facilities in
the Parish of Ascension, State of Louisiana consisting of a chlor alkali facility and including all equipment, furnishings, fixtures and facilities incidental or necessary in connection therewith and/or the costs of expanding, renovating, equipping
and improving the Ascension Parish Facilities, including all equipment, furnishings, fixtures and facilities incidental or necessary in connection therewith, as provided for in the Gulf Opportunity Zone Act of 2005; (2) the costs of expanding,
equipping and improving the Borrower’s manufacturing facilities located in the Parish of Calcasieu, State of Louisiana, including all equipment, furnishings, fixtures and facilities incidental or necessary in connection therewith as provided
for in the Gulf Opportunity Zone Act of 2005. 

 ANNEX B 

CONTINUING DISCLOSURE AGREEMENT 

 Execution Version 

 
  

CONTINUING DISCLOSURE AGREEMENT 

between 

WESTLAKE CHEMICAL CORPORATION, 

and 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., 
 As Dissemination Agent 

 
  

Dated as of August 1, 2009 
  

 
 $100,000,000

 Louisiana Local Government Environmental Facilities and 

Community Development Authority 

Revenue Bonds 

(Westlake Chemical Corporation Projects) 

Series 2009A 
  

 

 CONTINUING DISCLOSURE AGREEMENT 

THIS CONTINUING DISCLOSURE AGREEMENT, dated as of August 1, 2009 (this “Agreement”), is made by and between Westlake
Chemical Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized and existing under the laws of the United States of America, as Dissemination
Agent (the “Agent”) under the Indenture, under the circumstances summarized in the following recitals (with each capitalized term used but not otherwise defined therein having the meaning assigned to it in Section 1): 

A. The Issuer has determined to issue and sell the Bonds and loan the proceeds of the Bonds to the Company, with the Bonds to be drawn
down from time to time in accordance with the Indenture. The initial Drawing of the Bonds is in the principal amount of $5,000,000. 

B. The Bonds have been issued pursuant to and secured by the Indenture, under which the Issuer has assigned to The Bank of New York
Mellon Trust Company, N.A., in its capacity as Trustee under the Indenture, any rights it may have under the Loan Agreement to receive payments from the Company for payment of principal of and interest and any premium on the Bonds. 

C. The Company has agreed to make payments under the Loan Agreement directly to the Trustee to pay principal of and interest and any
premium on the Bonds, and the Company has represented that (i) it is the only obligated person (within the meaning of the Rule) with respect to the Bonds at the time the Bonds are delivered by the Issuer to the Original Purchaser and
(ii) no other person is expected to become an obligated person (within the meaning of the Rule) with respect to the Bonds by becoming committed by contract or any other arrangement to support payment of any part of the obligations on the Bonds
at any time. 
 D. The Company and the Agent acknowledge that the Issuer (i) has undertaken no responsibility with respect
to any reports, notices or disclosures provided or required under this Agreement and (ii) has no liability to any person, including any Bondholder or beneficial owner of the Bonds with respect to the Rule. 

NOW, THEREFORE, in consideration of the recitals and the mutual representations and agreements hereinafter contained, the Company and the
Agent agree, in accordance with the provisions of the Rule, for the benefit of the Bondholders and beneficial owners from time to time of the Bonds, as follows: 

Section 1. Definitions and Interpretation. In addition to the words and terms defined elsewhere in this Agreement or by
reference to the Loan Agreement or Indenture, unless the context or use clearly indicates another or different meaning or intent: 

“Accounting Principles” means the accounting principles applied from time to time in the preparation of the Company’s
annual financial statements, initially the generally accepted accounting principles as promulgated from time to time by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants. 

 “Annual Information” means (i) so long as the Company files reports with the
SEC on Form 10-K or a successor form, such reports, or, (ii) if the Company no longer is required to file such reports on Form 10-K or a successor form, information concerning the Company’s selected financial and operating data and
management’s discussion and analysis comparable to the information contained in its current quarterly filings with the SEC on Form 10-Q, together with the Company’s audited financial statements prepared in accordance with generally
accepted accounting principles. 
 “Authorized Disclosure Representative” means the person or persons at the time
designated to act on behalf of the Company by a written certificate furnished to the Agent (substantially in the form of Exhibit D hereto), containing the specimen signature of such person or persons and signed on behalf of the Company by an
authorized officer. That certificate may designate an alternate or alternates, each of whom shall have the same authority, duties and powers as such Authorized Disclosure Representative. 

“Bonds” means $100,000,000 Louisiana Local Government Environmental Facilities and Community Development Authority Revenue
Bonds (Westlake Chemical Corporation Projects), Series 2009A, dated as of the date of their delivery, of which the Initial Drawing is in the principal amount of $5,000,000. 

“Bondholder” has the meaning assigned to it in the Indenture. 

“Business Day” means any day other than a Saturday, Sunday or a day on which the Agent is required, or authorized or not
prohibited by law (including executive orders), to close and is closed. 
 “Drawing” has the meaning assigned to it in
the Indenture. 
 “EMMA” means the electronic system operated by the MSRB that enables obligated persons to meet the
filing requirements of the Rule by means of a single filing location: http://emma.msrb.org. 
 “Filing Date” means for
each Fiscal Year as to which the Company was an obligated person with respect to the Bonds (i) the 30th day (or the next Business Day if that day is not a Business Day) following the date by which the Company is required to file annual reports
with the SEC or (ii) in the event that the Company no longer is required to file annual reports with the SEC, the 120th day (or the next Business Day if that day is not a Business Day) following the end of each Fiscal Year. 

“Fiscal Year” means each fiscal year of the Company (currently each calendar year), commencing with the fiscal year ending
December 31, 2009. 
 “Indenture” means the Indenture of Trust, dated as of August 1, 2009 between the
Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee. 
 “Issuer” means the Louisiana Local
Government Environmental Facilities and Community Development Authority. 
  

 2 

 “Loan Agreement” means the Loan Agreement relating to the Bonds made and entered
into as of August 1, 2009, between the Company and the Issuer. 
 “MSRB” means the Municipal Securities
Rulemaking Board. 
 “Notice Addresses”: 

 

			
	If to the Agent:	 	The Bank of New York Mellon Trust Company, N.A.
		 	601 Travis Street,
16th Floor
		 	Houston, Texas 77002
		 	Fax: 713-483-7037
		 	Attention: Corporate Trust Department
		
	If to the Company:	 	Westlake Chemical Corporation
		 	 2801 Post Oak Blvd., Suite 600

Houston, Texas 77056

		 	Fax: 713-629-6239
		 	Attention: Chief Financial Officer

“Original Purchaser” means initially J.P. Morgan Securities Inc., on behalf of itself and the other underwriters identified in
the Bond Purchase Agreement dated August 12, 2009 between the Original Purchaser and the Issuer. 
 “Rule” means
Rule 15c2-12 promulgated by the SEC pursuant to the Securities Exchange Act of 1934. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Specified Events” means the occurrence of any of the following events with
respect to the Bonds: (i) principal and interest payment delinquencies; (ii) nonpayment related defaults; (iii) unscheduled draws on debt service reserves reflecting financial difficulties; (iv) unscheduled draws on credit
enhancements reflecting financial difficulties; (v) substitution of credit or liquidity providers, or their failure to perform; (vi) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (vii) modifications to
rights of Bondholders or beneficial owners; (viii) Bond calls; (ix) defeasances; (x) release, substitution, or sale of property securing repayment of the Bonds; and (xi) rating changes. 

The terms “obligated person” and “primary offering” have the respective meanings assigned in paragraph (f) of
the Rule. 
 The captions and headings in this Agreement are solely for convenience of reference and in no way define, limit or
describe the scope or intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this Agreement and to an Exhibit means an exhibit to this Agreement, unless otherwise indicated.

  

 3 

 Section 2. Provision of Annual Information; Audited Financial Statements.

 (a) For each Fiscal Year, the Company hereby agrees to provide or cause to be provided the Annual Information to the MSRB
through EMMA, and to the Agent, not later than the Filing Date for that Fiscal Year. The audited annual financial statements of the Company to be provided as part of the Annual Information will be prepared in accordance with the Accounting
Principles. 
 (b) The Company also agrees to provide or cause to be provided to the MSRB, through EMMA, and
to the Agent unaudited quarterly financial statements (to the extent that such quarterly financial statements are otherwise available) not later than the
60th day following the end of the fiscal quarter of the
Company (other than the last quarter of any Fiscal Year). 
 (c) If the Annual Information will be provided by cross-reference
to documents filed by the Company with the SEC, including, but not limited to, the Annual Report on Form 10-K, then the Company hereby agrees to provide or cause to be provided to the MSRB, through EMMA, and to the Agent, not later than the Filing
Date for each Fiscal Year, either: 
  

	 	(i)	a copy of such documents filed with the SEC, or 

  

	 	(ii)	a notice of any filings made with the SEC that include the Annual Information for the preceding Fiscal Year. 

(d) If the Agent has not received the Annual Information for a Fiscal Year, or the notice of filing of such information with the SEC, by
its close of business on the fifth Business Day preceding the Filing Date for that Fiscal Year, then the Agent shall provide a notice to the Authorized Disclosure Representative, not later than its close of business on the next Business Day,
substantially in the form of Exhibit A, by facsimile transmission (or other means that are similarly prompt) and by certified or registered mail, postage prepaid, return receipt requested or overnight delivery. If the Agent has not received
the Annual Information, or the notice of filing of such information with the SEC, by its close of business on the Filing Date, the Agent shall provide a notice to the Authorized Disclosure Representative, not later than its close of business on the
next Business Day, substantially in the form of Exhibit B, by facsimile transmission (or other means that are similarly prompt). If the Annual Information has been submitted in accordance with Section 2 of this Agreement, then the
Authorized Disclosure Representative shall provide written evidence of such submission of the Annual Information, including a certificate of the Authorized Disclosure Representative as to the relevant facts. If such submission has not been made, the
Authorized Disclosure Representative may provide a written statement regarding the reasons for any failure to comply with this Section 2. The Agent shall be entitled to rely conclusively upon any written evidence provided by the Authorized
Disclosure Representative regarding the submission of that information to the MSRB or to the SEC. If, in any instance, the required information was not timely filed or the Authorized Disclosure Representative fails to provide evidence, by 3:00 p.m.,
New York, New York time, on the second Business Day following the Filing Date, of its timely filing with the MSRB through EMMA or to the SEC, then the Agent shall send or cause to be sent promptly after its receipt or lack thereof, as the case may
be, of any such evidence or statement regarding the reasons for the failure to comply with this Section 2 from the Authorized Disclosure Representative, but in any event not later than its close of business on the third Business Day following
the Filing Date, a notice substantially in the form of Exhibit C, modified to reflect the pertinent facts, to the MSRB through EMMA. 
  

 4 

 (e) The Company acknowledges that it, and not the Agent, is solely responsible for the
accuracy, completeness, and timeliness of the Annual Information and the notices required by Section 3 below. The Annual Information shall be accompanied by a written certificate from the Company that the information provided to the Agent
pursuant to this Section 2 (i) constitutes the Annual Information that it purports to be and (ii) complies with this Agreement and the Rule, and the Agent shall be entitled to rely conclusively on such certificate. 

(f) Unless otherwise required by law and subject to technical and economic feasibility, the Company and the Agent shall employ such
methods of information transmission in complying with this Section 2 and with Section 3 below as shall be requested or recommended by the designated recipients of the Annual Information or of notices of Specified Events (as applicable).

 Section 3. Notice of Specified Events and Filing Failures. The Company hereby agrees to provide or cause to be
provided to the MSRB, through EMMA, and to the Agent, in a timely manner, (i) notice of the occurrence of any Specified Event if that Event is material and (ii) notice of its failure to provide or cause to be provided the Annual
Information with respect to itself on or prior to the Filing Date. 
 Section 4. Obligated Persons; Agents.

 (a) The Company represents that it is the only obligated person with respect to the Bonds. The Company does not expect, as of
the date hereof, that any other person will hereafter become an obligated person with respect to the Bonds, although such may occur in accordance with the Loan Agreement, in which case the Company may not assign any of its obligations hereunder
except in accordance with Section 10 of this Agreement. 
 (b) The Company or the Agent may, from time to time, appoint or
engage an agent to act on its behalf in performing its respective obligations under this Agreement and may discharge any such agent, with or without appointing a successor; provided, that the Company and the Agent shall not be relieved in any
respect by appointment of an agent from primary liability for the performance of its respective obligations under this Agreement. 

Section 5. Remedy for Breach. The Company agrees that the undertaking set forth in this Agreement pursuant to the Rule is
intended to be for the benefit of the beneficial owners from time to time of the Bonds, and the exclusive remedy for its breach shall be a right to obtain its specific performance. The Agent may, and at the written direction of Bondholders holding
not less than 25% in aggregate principal amount of the Bonds then outstanding shall, institute and maintain proceedings to enforce any obligation of the Company under this Agreement; provided that the Agent shall be entitled to be indemnified as
provided in Section 6 herein before taking any such action. In addition, in the absence of any pertinent filing when a filing is due, any individual Bondholder or beneficial owner may institute and maintain proceedings to enforce the
Company’s obligation to provide or cause to be provided a pertinent filing; provided, that an individual holder or beneficial owner shall not be entitled to institute or maintain proceedings to challenge the sufficiency of any pertinent filing
that is made. Any failure of the Company to comply with the provisions of this Agreement shall not be a default or an Event of Default with respect to the Bonds under the Loan Agreement or the Indenture. 

 

 5 

 Section 6. Performance by the Agent; Compensation. 

(a) Solely for the purpose of (i) defining the rights, protections, immunities and indemnities applicable to the Agent in the
performance of its obligations under this Agreement, (ii) the manner of execution by the Agent of those obligations and (iii) defining the manner in which, and the conditions under which, the Agent may be required to take any action at the
direction of Bondholders, including the condition that indemnification be provided, Article X of the Indenture is hereby made applicable to this Agreement as if this Agreement were contained in the Indenture, provided that the provisions of the
Indenture incorporated herein shall apply to the Agent in place of the Trustee under the Indenture; provided further that the Agent shall have only such duties under this Agreement as are specifically set forth in this Agreement, and the Company
agrees to indemnify, defend and hold harmless the Agent, its officers, directors, employees and agents, from and against any loss, cost, expense, liability, damage or claim that it may incur arising out of or in the exercise of its rights and/or
performance of its obligations under this Agreement, including, without limitation, any reasonable costs and expenses (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons
regularly in its employ but excluding general overhead costs) of defending any claim of liability, but excluding liabilities due to the gross negligence or willful misconduct of the Agent. 

(b) The Company agrees (i) to pay to the Agent from time to time reasonable compensation for services provided by the Agent under
this Agreement as agreed upon in writing by the Agent and the Company and (ii) to pay or reimburse the Agent upon request for all reasonable expenses, disbursements and advances incurred or made in accordance with this Agreement (including,
without limitation, the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons regularly in its employ but excluding general overhead costs), except to the extent that any such expense,
disbursement or advance is due to the gross negligence or willful default of the Agent. 
 (c) The obligations of the Company
under this Section shall survive resignation or removal of the Agent, the termination of this Agreement and the termination of other provisions of this Agreement pursuant to Section 8 hereof. 

(d) The Agent shall not have any obligation under this Agreement to investigate or determine whether any filing was made or whether any
filing made by the Company pursuant to this Agreement for which it has received notice complies with federal or state securities laws or rules. 

(e) The Company hereby appoints the Agent to assist the Company in carrying out its obligations under this Agreement. The Agent shall not
be responsible in any manner for the content, validity or sufficiency of any notice, report or information prepared by or on behalf of the Company pursuant to this Agreement. 

 

 6 

 (f) The Agent accepts and agrees to perform the duties imposed upon it by this Agreement,
but only upon the terms and conditions set forth herein. The Agent shall have only such duties in its capacity as such are specifically set forth in this Agreement. 

(g) The Agent shall be under no obligation to institute any suit, or to take any proceeding under this Agreement, or to enter any
appearance or in any way defend in any suit in which it may be made a defendant, or to take any steps in the execution of the duties hereby created or in the enforcement of any rights and powers hereunder, unless and until it shall be indemnified to
its satisfaction against any and all costs and expenses, outlays and counsel fees and expenses and other reasonable disbursements, and against all liability; the Agent may, nevertheless, begin a suit, or appear in and defend a suit, or do anything
else that is, in its judgment, proper to be done by it as Agent, without indemnity, and in such case the Company shall reimburse the Agent upon demand for all reasonable costs and expenses, outlays and counsel fees and other reasonable disbursements
properly incurred and against all liabilities in connection therewith. 
 (h) In case at any time it shall be necessary or
desirable for the Agent to make any investigation with respect to any fact which is preparatory to taking or not taking any action or doing or not doing anything as Agent, and in any case in which this Agreement provides for permitting or taking any
action, the Agent may rely upon any certificate required or permitted to be filed with it under the provisions of the Agreement, and any such certificate shall be evidence of such fact to protect the Agent in any action that it may or may not do, in
good faith, by reason of the supposed existence of such fact. Except as otherwise provided in this Agreement, any request, notice, or other instrument from the Company to the Agent shall be deemed to have been signed by the proper party or parties
if signed by the Authorized Disclosure Representative, and the Agent may accept a certificate, if signed by an individual who represents to the Agent in writing that he or she is an authorized officer of the Company, as to any action taken by the
Company. 
 (i) The Agent shall be protected and shall incur no liability in acting or proceeding, or in not acting or not
proceeding, in good faith, reasonably believed by it to be in accordance with the terms of this Agreement, or upon any resolution, order, notice, request, consent, waiver, certificate, statement, affidavit, requisition, bond, or other paper or
document which it shall in good faith believe to be genuine and to have been adopted or signed by the proper board or person or to have been prepared and furnished pursuant to any of the provisions of the Agreement, or upon the written opinion of
any attorney or accountant, and the Agent shall be under no duty to make any investigation or inquiry as to statements contained or matters referred to in any such instrument or opinion, but may accept and rely upon the same as conclusive evidence
of the truth and accuracy of such statements. The Agent may execute any of the powers hereof and perform the duties required of it hereunder by or through attorneys, agents, receivers or employees, and shall be entitled to advice of counsel
concerning all matters of law and its duties hereunder, and the Agent shall not be answerable for any act or omission of any such attorney, agent, or employee selected by it with reasonable care. The Agent shall not be answerable for the exercise of
any discretion or power under this Agreement or for anything whatsoever in connection with the performance of its duties hereunder, except only for its own willful misconduct or gross negligence. For the purposes of this Agreement, matters shall not
be deemed to be known to the Agent unless they are known by a responsible officer of the Agent. 
  

 7 

 (j) The Agent may resign and thereby become discharged from the duties as such under this
Agreement by notice in writing mailed postage prepaid to the Company, such resignation to become effective on the tenth (10th) Business Day following the Company’s receipt of notice thereof (or at such different date and time as stated in
such notice). Any such resignation shall take effect immediately upon the appointment of a new Agent hereunder if such new Agent shall be appointed and accept the duties of Agent hereunder before the time stated in such notice (if any). 

Section 7. Amendment. This Agreement may not be amended except by written instrument duly executed by the Company and the
Agent. The Agent and the Company shall amend this Agreement as may be necessary or appropriate (a) in connection with additional Drawings of the Bonds to comply with the requirements of the Rule as then in effect and (b) from time to time
to achieve compliance with the Rule, as it may be amended or modified, and any other applicable federal securities law or rule. The Agent and the Company may amend this Agreement to cure any ambiguity, inconsistency or formal defect or omission,
and, if a change in circumstances arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Company or type of business conducted by the Company, to address any such change in circumstances. Any
such amendment shall not be effective unless and until the Company and the Agent shall have received a written opinion of bond counsel or other independent special counsel that is expert in federal securities laws that (i) this Agreement (as so
amended) complies with the requirements of the Rule on the date thereof, after taking into account any amendments to or interpretations of the Rule, as well as any change in circumstances and (ii) such amendment is permitted under this
Agreement. The Agent may enter into any such amendment to this Agreement which, in the opinion of bond counsel or other independent special counsel, would not materially impair the interests of Bondholders without the requirement of obtaining
approval from the Bondholders, and the Agent shall enter into any such amendment to this Agreement for which it has received the written approval of a majority of the Bondholders obtained in the manner set forth in the Indenture for amendments to
the Indenture; provided, however, that the Agent shall not be obligated to enter into any such amendment that affects the Agent’s own rights, duties or immunities under this Agreement or otherwise. Annual Information containing any materially
amended operating data or financial information shall explain, in narrative form, the reasons for any such amendment and the impact of the change on the type of operating data or financial information being provided, but such amended operating data
or financial information shall not be viewed as an amendment to this Agreement. 
 Section 8. Term. The obligations
of the Company under this Agreement shall remain in effect only for such period that (i) the Bonds are outstanding in accordance with their terms and (ii) the Company remains an obligated person with respect to the Bonds (within the
meaning of the Rule), subject to the survival of certain provisions to the extent expressly provided in Section 6 hereto. The obligation of the Company to provide the Annual Information pursuant to Section 2 hereto and notices of Specified
Events pursuant to Section 3 hereto shall terminate, if and when the Company no longer remains an obligated person with respect to the Bonds, provided that the Authorized Disclosure Representative shall provide notice of such termination to the
MSRB and the Agent. 
  

 8 

 Section 9. Notices. 

(a) Except as otherwise expressly provided in this Agreement, it shall be sufficient service or giving of any notice if that notice is in
writing and either mailed by first class mail, postage prepaid, addressed to the relevant party at its Notice Address, or transmitted by facsimile transmission addressed to the relevant party at its number for receipt of facsimile transmissions set
forth in its Notice Address. The Company and the Agent may designate from time to time, by notice given hereunder, any further or different addresses (including facsimile transmission numbers) to which any subsequent notice shall be sent. Notice
shall only be deemed effective upon actual receipt thereof. 
 (b) In respect of this Agreement, the Agent shall not have any
duty or obligation to verify or confirm that the person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a person authorized to give such instructions, directions,
reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Agent shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any
party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out of the use of electronic methods to submit
instructions, directions, reports, notices or other communications or information to the Agent, including without limitation the risk of the Agent acting on unauthorized instructions, notices, reports or other communications or information, and the
risk of interception and misuse by third parties. 
 Section 10. Assignment. The Company may assign its obligations
under this Agreement only in connection with the assignment of its obligations under and in accordance with the provisions of any contractual commitment or other arrangement to support payment of all or any part of the Bonds, including without
limitation the Loan Agreement; provided, that the Company shall not assign its obligations under this Agreement so long as it remains an obligated person with respect to the Bonds, except to the assignee of its obligations under any such contractual
commitment or other arrangement to support payment of the Bonds. The Company may assign its obligations under any such contractual commitment or other arrangement, without remaining primarily liable for the performance of those obligations, only if
the assignee of the Company assumes its obligations under this Agreement. Any assignment by the Company of its obligations under this Agreement shall not be effective unless and until the assignee of the Company (i) shall have expressly assumed
in writing, for the benefit of the Bondholders and beneficial owners from time to time of the Bonds, by an instrument in form and substance satisfactory to the Company, the obligations of the Company under this Agreement or (ii) enters into a
new agreement for purposes of the Rule that is substantially similar to the undertaking of the Company under this Agreement. 

Section 11. Beneficiaries. This Agreement shall inure solely to the benefit of the Issuer, the Company, the Agent and the
Bondholders and beneficial owners from time to time of the Bonds, and any official, employee or agent thereof acting for and on their respective behalf, and shall not create any rights in any other person or entity. 

 

 9 

 Section 12. Severability. In case any section or provision of this Agreement, or
any covenant, stipulation, obligation, agreement, act or action, or part thereof made, assumed, entered into, or taken thereunder or any application thereof, is for any reason held to be illegal or invalid, such illegality or invalidity shall not
affect the remainder thereof or any other section or provision thereof or any other covenant, stipulation, obligation, agreement, act or action, or part thereof made, assumed, entered into, or taken thereunder (except to the extent that such
remainder or section or provision or other covenant, stipulation, obligation, agreement, act or action, or part thereof is wholly dependent for its operation on the provision determined to be invalid), which shall be construed and enforced as if
such illegal or invalid portion were not contained therein, nor shall such illegality or invalidity of any application thereof affect any legal and valid application thereof, and each such section, provision, covenant, stipulation, obligation,
agreement, act or action, or part thereof shall be deemed to be effective, operative, made, entered into or taken in the manner and to the full extent permitted by law. 

Section 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all
of which shall constitute but one and the same instrument. 
 Section 14. Governing Law. This Agreement shall be
deemed to be an agreement made under the laws of the State of Texas and for all purposes shall be governed by and construed in accordance with the laws of the State of Texas and the Rule. 

(balance of page intentionally left blank) 
  

 10 

 IN WITNESS WHEREOF, the Company and the Agent have caused this Agreement to be duly executed
in their respective names, all as of the date set forth above. 
  

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	  

	Name:	 	Albert Chao
	Title:	 	President & Chief Executive Officer

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Dissemination Agent

		
	By:	 	  

	Name:	 	Charles W. Spivey
	Title:	 	Assistant Treasurer

 (Signature
Page to Continuing Disclosure Agreement) 

 EXHIBIT A 

$100,000,000 

Louisiana Local Government Environmental Facilities and 

Community Development Authority 

Revenue Bonds 

(Westlake Chemical Corporation Projects) 

Series 2009A 

NOTICE OF FAILURE TO FILE 

ANNUAL INFORMATION 
  

	TO:	[Authorized Disclosure Representative] 

The undersigned, as the Dissemination Agent under the Continuing Disclosure Agreement dated as of August 1, 2009 (the
“Agreement”) between the undersigned and Westlake Chemical Corporation, hereby notifies you (with each capitalized term used but not defined herein having the meaning assigned to it in the Agreement), that, as of the date of this notice,
you have not provided or caused to be provided to the undersigned (i) the Annual Information required by the Agreement to be so provided or (ii) a notice confirming that such Annual Information has been filed with the SEC. 

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Dissemination Agent

		
	 By:
	 	  

	 Title:
	 	  

	 Dated:
	 	  

 

 A-1 

 EXHIBIT B 

$100,000,000 

Louisiana Local Government Environmental Facilities and 

Community Development Authority 

Revenue Bonds 

(Westlake Chemical Corporation Projects) 

Series 2009A 

SECOND NOTICE OF FAILURE TO FILE 

ANNUAL INFORMATION 
  

	TO:	[Authorized Disclosure Representative] 

The undersigned, as Dissemination Agent under the Continuing Disclosure Agreement dated as of August 1, 2009 (the
“Agreement”) between the undersigned and Westlake Chemical Corporation, hereby notifies you (with each capitalized term used but not defined herein having the meaning assigned to it in the Agreement), that, as of the date of this notice,
you have not provided or caused to be provided to the undersigned (i) the Annual Information required under the Agreement to be so provided or (ii) a notice confirming that such Annual Information has been filed with the SEC. 

Please provide the required Annual Information to the undersigned, together with written evidence as to whether that information, or a
notice of the filing of such information with the SEC, has been provided to the MSRB through EMMA and, if so, when it was provided. If, in any instance, the Annual Information or such notice was not timely provided to the MSRB in accordance with the
Agreement, you may submit a written statement regarding the reasons for any failure to comply that would be provided to the MSRB with the notice that the undersigned must give of that failure to comply under subsection 2(d) of the Agreement. Any
such written evidence or statement must be received by the undersigned not later than 3:00 p.m., New York, New York time, on
                    . If the undersigned has not received written evidence by that time that a timely filing was made, a notice will be filed
promptly thereafter with the MSRB through EMMA, substantially in the form attached as Exhibit C to the Agreement. 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Dissemination Agent

		
	 By:
	 	  

	 Title:
	 	  

	 Dated:
	 	  

 

 B-1 

 EXHIBIT C 

$100,000,000 

Louisiana Local Government Environmental Facilities and 

Community Development Authority 

Revenue Bonds 

(Westlake Chemical Corporation Projects) 

Series 2009A 

NOTICE OF FAILURE TO [TIMELY] FILE 

ANNUAL INFORMATION 
  

	TO:	EMMA 

 The undersigned, as
Dissemination Agent under the Continuing Disclosure Agreement dated as of August 1, 2009 (the “Agreement”) between the undersigned and Westlake Chemical Corporation (the “Company”), hereby notifies you (with each capitalized
term used but not defined herein having the meaning assigned to it in the Agreement), that: 
 [1. The Company, as of the
date of this notice, has not provided or caused to be provided to the Dissemination Agent the Annual Information for its Fiscal Year that ended             ,
20    , and has not provided any written evidence to the Dissemination Agent concerning the timeliness of its filing of that Annual Information with the MSRB or notice of such filing with the SEC. That Annual Information
or notice of such filing with the SEC was required under the Agreement to be provided to the Dissemination Agent and the MSRB not later than             ,
20    .] 
 or 

[1. The Company provided or caused to be provided the Annual Information or notice of such filing with the SEC that was required
to be provided to the MSRB not later than             , 20    to
[            ] on             , 20    .] 

[2. The Company has provided the attached statement concerning the reasons for the failure to provide or cause to be provided the
Annual Information in accordance with the Agreement. The Dissemination Agent does not assume any responsibility for the accuracy or completeness of that statement and has not and will not undertake any investigation to determine its accuracy or
completeness.] 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Dissemination Agent

		
	 By:
	 	  

	 Title:
	 	  

	 Dated:
	 	  

cc: [Authorized Disclosure Representative] 
  

 C-1 

 EXHIBIT D 

$100,000,000 

Louisiana Local Government Environmental Facilities and 

Community Development Authority 

Revenue Bonds 

(Westlake Chemical Corporation Projects) 

Series 2009A 

DESIGNATION OF AUTHORIZED 

DISCLOSURE REPRESENTATIVE 
  

	To:	The Bank of New York Mellon Trust Company, N.A., as Dissemination Agent 

The undersigned hereby designates, pursuant to the Continuing Disclosure Agreement between Westlake Chemical Corporation and The Bank of
New York Mellon Trust Company, N.A., as Dissemination Agent, dated as of August 1, 2009, the individuals listed below as Authorized Disclosure Representative and Alternates, respectively, and certifies that the signatures opposite the name of
each individual is the true signature of that individual. 
  

					
	 Authorized Disclosure

Representative
	  	 Title
	 	 Signature

			
	M. Steven Bender	  	 Senior Vice President,

Chief Financial Officer and Treasurer
	 	  

			
	Alternate	  		 	
			
	Stephen Wallace	  	 Vice President,

General Counsel and Secretary
	 	  

	Alternate	  		 	
	  
	  	  
	 	  

 

			
	WESTLAKE CHEMICAL CORPORATION
		
	By:	 	  

	Name:	 	Albert Chao
	Title:	 	President & Chief Executive Officer

 Date:
August 13, 2009 
  

 D-1

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