Document:

Exhibit

CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 
Exhibit 10.1
OMNIBUS AMENDMENT TO
MASTER SERVICES AGREEMENT, WAIVER AGREEMENT,
SERVICES LETTER AND FEE LETTER
THIS OMNIBUS AMENDMENT TO MASTER SERVICES AGREEMENT, WAIVER AGREEMENT, SERVICES LETTER AND FEE LETTER (this “Omnibus Amendment”) is made and entered into as of the 8th day of August, 2018 (the “Omnibus Amendment Effective Date”), by and between FRONT YARD RESIDENTIAL CORPORATION, f/k/a ALTISOURCE RESIDENTIAL CORPORATION, a Maryland corporation (“Residential”), and ALTISOURCE S.À R.L., as successor in interest to ALTISOURCE SOLUTIONS S.À R.L., a Luxembourg private limited liability company (“Altisource”).
RECITALS
A.WHEREAS, Altisource and Residential are parties to that certain Master Services Agreement dated as of December 21, 2012 (the “Original Agreement”), as amended by that certain Amendment and Waiver Agreement dated September 30, 2016 (the “Waiver Agreement”, which together with the Original Agreement is collectively, the “Agreement”);
B.    WHEREAS, pursuant to the Agreement, Altisource and Residential entered into that certain Services Letter dated as of December 21, 2012, as amended, modified or supplemented from time to time (the “Services Letter”) which incorporates a series of Statements of Work that set forth the Services Altisource provides to Residential including, but not limited to, that certain Statement of Work – Renovation Services dated December 21, 2012 and identified as Schedule A-2 within the Services Letter (the “Renovation SOW”), that certain Statement of Work – Acquisition and Sales Support Services dated December 21, 2012 and identified as Schedule A-5 within the Services Letter (the “Acquisition and Sales Support SOW”), that certain Statement of Work – Insurance Services dated December 21, 2012 and identified as Schedule A-6 within the Services Letter (the “Insurance SOW”), and that certain Statement of Work – Leasing and Property Management Services dated December 21, 2012 and identified as Schedule A-7 within the Services Letter (the “Property Management SOW”);
C.    WHEREAS, pursuant to the Agreement, Altisource and Residential entered into that certain Fee Letter dated as of December 21, 2012, as amended, modified or supplemented from time to time (the “Fee Letter”) which incorporates a series of Fee Schedules which set forth the Fees Residential is obligated to pay to Altisource in exchange for Altisource’s provision of the Services, including, but not limited to, that certain Fee Schedule – Renovation Services dated December 21, 2012 and identified a Schedule B-2 within the Fee Letter (the “Renovation Fee Schedule”) and that certain Fee Schedule – Leasing and Property Management Services dated December 21, 2012 and identified as Schedule B-7 to the Fee Letter (the “Property Management Fee Schedule”);
D.    WHEREAS, Residential desires to modify the Agreement and associated documents in order to permit Residential to undertake the services covered by the Property Management SOW and the Renovation SOW for the Service Periods defined herein and to address investments made by Altisource in connection with the provision of services pursuant to the Agreement;
E.    WHEREAS, Altisource desires to support Residential in its efforts to internalize the provision of these services; and

F.    WHEREAS, Altisource and Residential desire to further amend the Agreement, the Waiver Agreement, the Services Letter and the Fee Letter as set forth in this Omnibus Amendment.

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AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Altisource and Residential hereby agree as follows:
Capitalized terms used but not otherwise defined in this Omnibus Amendment shall have their respective meanings set forth in the Agreement.
1.Amendments to the Agreement.

		
	a.
	Section 20.13 of the Agreement is hereby amended as follows:

“Notwithstanding anything to the contrary set forth in the Agreements, as amended by the Omnibus Amendment, upon the occurrence of a Change of Control during the term of the Agreement (as amended by the Omnibus Amendment), the Surviving entity, to the extent Residential is not the Surviving Entity, shall assume (and Residential shall use commercially reasonable efforts to cause such Surviving Entity to assume) all rights and obligations of Residential pursuant to the Agreement, as modified by the Omnibus Amendment.  For the avoidance of doubt, the Surviving Entity shall assume the rights and obligations of Residential pursuant to the Service Letter, the Fee Letter and the statements of work to the Agreement, as amended by the Omnibus Amendment, only for the amended statement of work Service Periods set forth in Section 1(e)(i-vi) of the Omnibus Amendment. Residential or the Surviving Entity, as applicable, shall provide written notice of a Change of Control immediately upon the earlier of (i) the occurrence of the Change of Control or (ii) in the case of the occurrence of a series of events that results in a Change of Control, the date on which the first of such series of events becomes or is reasonably likely to become a Change of Control.”

		
	b.
	Section 20.14 of the Agreement is hereby amended as follows:

		
	i.
	Section 20.14(a) of the Agreement is deleted in its entirety; and

		
	ii.
	Section 20.14(b) of the Agreement is amended as follows:

“In the event of a breach of Section 20.13 by the Surviving Entity (including a breach of its obligations under Section 8 as amended by the Omnibus Agreement) or a liquidation of Residential by the Surviving Entity following the Change of Control, or a breach by Residential of its obligations set forth in Section 8 as amended by the Omnibus Amendment, Altisource shall have the right to seek specific performance and injunctive or other equitable relief, and to file a claim for monetary damages from the breaching party including, without limitation, for Altisource’s lost profits pursuant to the Agreement, Services Letter, Fee Letter and statements of work, all as amended by the Omnibus Amendment, that are then in effect at the time of such breach, which shall be Altisource’s sole and exclusive remedy. Such breaching party shall not oppose the granting of such relief or the award of such damages and any requirements for the securing of any bond with such remedy are waived.”

		
	c.
	The following shall be added as a new Section 20.15:

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“Section 20.15. OMNIBUS AMENDMENT FEE. Residential shall pay to Altisource an amount equal to Eighteen Million U.S. Dollars ($18,000,000) (the “Omnibus Amendment Fee”) in readily available funds at the time of payment, which shall be deemed earned by Altisource upon both parties signing this Amendment and which shall be payable as follows: (i) Fifteen Million U.S. Dollars ($15,000,000) shall be paid upon execution of this Omnibus Amendment, and (ii) Three Million U.S. Dollars ($3,000,000) shall be paid upon the occurrence of the earlier of (x) a Change of Control and (y) the fifth anniversary of the Omnibus Amendment Effective Date.”
 
		
	d.
	Section 2 of Exhibit 1 of the Agreement is amended as follows:

		
	i.
	To replace the definition of “Change of Control” with the following definition “CHANGE OF CONTROL.  The term “Change of Control” means (i) the consummation of any sale, lease, transfer, conveyance or other disposition by Residential, in a single transaction or series of related transactions, within a twelve (12) month period, of all or substantially all of the assets of Residential and its subsidiaries, taken as a whole, to any other unaffiliated “person” or “group” (for purposes of this definition, as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof) and which is not, immediately after giving effect thereto, a subsidiary of Residential, solely if such sale, lease, transfer or other disposition is made within two (2) years after the occurrence of the circumstances in (ii) or (iii) of this definition ; (ii) any person or group shall have obtained the power (whether or not exercised) to elect a majority of the board of directors of the Corporate Parent; (iii) any person or group is or shall become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date hereof), directly or indirectly, of [***] percent ([***]%)or more (on a fully diluted basis) of the combined voting power of the Corporate Parent’s outstanding capital stock; or (iv) the current members of the Corporate Parent’s board of directors as of the date hereof (the “Incumbent Board”) shall cease to represent a majority of the directors of the Corporate Parent’s board of directors (provided that any person becoming a director subsequent to the date hereof, whose election, or nomination for election by the Corporate Parent’s shareholders, was approved by a vote of a majority of the directors constituting the Incumbent Board shall be considered as though such person were a member of the Incumbent Board).” 

		
	ii.
	To include the following definition of Retail Property:

“RETAIL PROPERTY. The term “Retail Property” shall have the meaning set forth in the Retail Property Asset Management and Disposition Services (Schedule A-8 to the Services Letter).” 

		
	iii.
	To include the following definition of Subject REO Properties:

“SUBJECT REO PROPERTIES. The term “Subject REO Properties” means (a) the real properties owned by Residential but not active in Residential’s rental program as of the Omnibus Amendment Effective Date, which real properties are set forth on Schedule A to the Omnibus Amendment and (b) the real properties in any loan portfolio owned by Residential as of the Omnibus Amendment Effective Date that become real estate owned properties.”

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	e.
	The table set forth in Section 2 of Exhibit 2 of the Agreement is hereby amended as follows:

		
	i.
	To change the Service Period for Renovation Services (Schedule A-2 to the Services Letter) from “15 years” to “See Section 3.1 below”.

		
	ii.
	To change the Service Period for Leasing and Property Management Services (Schedule A-7 to the Services Letter) from “15 years” to “See Section 3.1 below”.

		
	iii.
	To change the Service Period for Asset Management Services (Schedule A-1 to the Services Letter) and Acquisition and Sales Services (Schedule A-5 to the Services Letter) from “15 years” to “until completion of the sale of the Subject REO Properties.”

		
	iv.
	To change the Service Period for Property Preservation and Inspection Services (Schedule A-3 to the Services Letter) and Valuation Services (Schedule A-4 to the Services Letter from “15 years” to “(a) as to the Subject REO Properties, until completion of the sale of the Subject REO Properties, and (b) as to the Retail Properties, until completion of the sale of the Retail Properties.”

		
	v.
	To change the Service Period for Insurance Services (Schedule A-6 to the Services Letter) from “15 years” to “four (4) years from the Omnibus Amendment Effective Date”.

		
	vi.
	To include a reference to the Retail Property Asset Management and Disposition Services (as defined in Schedule A-8 to the Services Letter).  The Service Period for the Retail Property Asset Management and Disposition Services shall begin on the Omnibus Amendment Effective Date and expire upon completion of the sale of the Retail Properties.

		
	f.
	Exhibit 2 of the Agreement is hereby amended to add the following new Section 3:

“SECTION 3. TERMS APPLICABLE TO THE RENOVATION SERVICES AND LEASING AND PROPERTY MANAGEMENT SERVICES. This Section 3 shall apply to the Renovation Services and Leasing and Property Management Services provided by Altisource to Residential pursuant to the Renovation SOW and the Property Management SOW, as amended by this Omnibus Amendment.

3.1     AMENDED SERVICE PERIODS FOR RENOVATION SERVICES AND PROPERTY MANAGEMENT SERVICES.  The Service Period for Renovation Services provided pursuant to this Agreement, the Services Letter, the Fee Letter and the Renovation SOW shall end on December 31, 2018 (the “Renovation Services Amended Service Period”) unless terminated earlier or extended solely pursuant to this Section 3.1.  The Service Period for Property Management Services provided pursuant to this Agreement, the Services Letter, the Fee Letter and the Property Management SOW shall end on December 31, 2018 (the “Property Management Services Amended Service Period”) unless terminated earlier or extended solely pursuant to this Section 3.1. So long as the Renovation SOW and the Property Management SOW, as applicable, have not been terminated prior to December 31, 2018, Residential shall have the option to extend the Renovation Services Amended Service Period, the Property Management Services Amended Service Period or both Service Periods (each, an “Amended Service 

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Period”) for up to an additional three (3) months by: (a) providing written notice to Altisource of its exercise of such option to extend and setting forth the number of months it desires to extend the applicable Amended Service Period (which, for clarity, shall not exceed three months), at least ninety (90) days prior to the end of each Amended Service Period (the “Option Exercise Notice”) and (b) paying to Altisource the Extension Option Amount within five (5) business days of the date of the Option Exercise Notice.  The Option Exercise Notice shall set forth the applicable Service(s) for which Residential requires the extension and the number of months of the extension period. The “Extension Option Amount” means an amount equal to one hundred fifty thousand dollars ($150,000) multiplied by the total number of months of the extension period.  For clarity, Altisource shall have no obligation to provide, and Residential hereby waives its rights to request and receive, any and all post-termination services as described in Section 6.5 of the Agreement with respect to the Renovation Services and the Property Management Services beyond the Amended Service Period, as may be adjusted under this Section 3.1.

3.2    RESIDENTIAL OFFERING EMPLOYMENT TO CERTAIN PERSONNEL.  Residential shall be permitted to, and shall use good faith efforts to, hire certain of the Altisource personnel that currently are providing Renovation and Property Management Services to Residential (the “Subject Personnel”).  The first such hire of Subject Personnel shall be made on or before October 1, 2018 (such dates, the “Permitted Transfer Dates”) and Residential shall be permitted to hire additional Subject Personnel on additional dates in 2018, provided that in all cases Residential may not hire any additional Subject Personnel at any time later than January 1, 2019 (the “Final Transfer Date”). On or prior to the Omnibus Amendment Effective Date, Altisource shall provide a job description, if available, the most recent performance rating and of the Altisource Employees available for hire under this Section 3.2 and will make available an appropriate manger to answer questions regarding the Altisource Employees. Within five (5) business days following the Omnibus Amendment Effective Date, Residential shall provide Altisource with a written proposal of the Subject Personnel to whom it desires to make employment offers and the schedule for such offers on or before October 1, 2018. On or before October 15, 2018, Residential shall provide Altisource with a written proposal of the Subject Personnel to whom it desires to make employment offers after October 1, 2018 and the schedule for such offers. The parties shall diligently discuss each such proposal and use good faith efforts to promptly agree upon the Subject Personnel and the applicable offer schedule. Residential shall provide Altisource with prompt written notice when such offers are communicated to such Subject Personnel. To the extent Residential determines in good faith that the agreed upon Subject Personnel or schedules need to be altered, Residential shall provide prompt written notice to Altisource and diligently engage with Altisource in good faith to agree upon necessary changes.  In connection with all Subject Personnel hired by Residential, Residential shall assume, and shall be obligated to pay to such Subject Personnel, all amounts that would have been earned by such Subject Personnel for the remainder of the 2018 calendar year including without limitation, their base salaries, benefits and incentive compensation in amounts at least as much as they would have received pursuant to the applicable Altisource incentive compensation plan had such Subject Personnel remained employed by Altisource as of the date of payment of such compensation.  Altisource shall use commercially reasonable efforts to retain the Subject Personnel during the period commencing on the Omnibus Amendment Effective Date and, in the case of each individual, ending on the earlier of (a) the date such individual is hired by Residential and (b) the Final Transfer Date.  Notwithstanding the foregoing, commercially reasonable efforts shall not include, nor is Altisource under any obligation to, make or provide any 

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increase in compensation, benefits or ancillary perks of, or pay retention bonuses or amounts to, any Subject Personnel or otherwise incur any out-of-pocket costs in connection with the attempted retention of such Subject Personnel (other than payment of salaries of the Subject Personnel as of the Omnibus Amendment Effective Date).  Altisource shall use commercially reasonable efforts to provide the Renovation Services and Leasing and Property Management Services pursuant to the Renovation SOW and Property Management SOW, respectively, taking into account the reductions in personnel and reductions of properties to which such SOWs apply, regardless of whether such reductions are caused by a transfer of employment to Residential as contemplated under this Section 3.2, subject to the provisions of Section 3.3 below.  For clarity, Residential is not permitted to terminate any SOW pursuant Section 6.2.2.4 (Performance Standards) where such failure to achieve any applicable Performance Standards is caused or contributed to by Altisource’s lack or shortage of personnel to perform the Renovation Services or Leasing and Property Management Services.  

3.3.    RENTAL PROPERTY TRANSITION SCHEDULE. On or before August 8, 2018, Residential provided Altisource with a written Rental Property transition schedule (the “Transition Plan”) pursuant to which Residential provided time frames by which Residential would assume from Altisource all leasing and property management services for the Rental Properties that are subject to the Leasing and Property Management Services SOW (Services Letter – Schedule A-7) following the Omnibus Amendment Effective Date, thereby removing such Rental Properties at the time of transfer from coverage under the Leasing and Property Management Services SOW. Altisource shall use commercially reasonable, good faith efforts to assist Residential in meeting the Transition Plan including, without limitation, transferring physical and actual ownership of the historical data with respect to the transitioned properties on or before the time that the properties are transitioned to Residential under the Transition Plan. Residential shall use commercially reasonable, good faith efforts to conduct the Rental Property transition in accordance with the Transition Plan. To the extent Residential determines in good faith that the Transition Plan needs to be altered, including due to Altisource’s inability to transfer the historical data with respect to the properties to be transferred, Residential shall provide prompt written notice to Altisource and diligently engage with Altisource in good faith to agree upon necessary changes. Nothing in this Section shall limit, modify, be deemed to conflict with or otherwise relieve Residential’s obligations pursuant to Section 3.1.

		
	g.
	A new Exhibit 3 of the Agreement is hereby added as set forth in Attachment C to this Omnibus Amendment.

		
	2.
	Amendments to the Services Letter.

		
	a.
	The Asset Management Services SOW (Schedule A-1 to the Services Letter) is hereby amended as follows:

Section 7.1 (Controlling Provisions) is amended and restated as follows:

Section 7.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, the provisions of Section 8.1 (inclusive) and 8.2 of the Agreement, shall apply solely to Subject REO Properties and shall terminate upon completion of the sale of the Subject REO Properties.” 

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	b.
	The Renovation SOW (Schedule A-2 to the Services Letter) is hereby amended as follows:

		
	i.
	Section 4.1 (Provision of Renovation Services) is amended and restated as follows:

“4.1 Provision of Renovation Services.  Subject to the terms and conditions of the MSA, Altisource shall provide, or cause to be provided, to Residential and any of Residential’s Affiliates, the Property Assessment Services and the Property Renovation Services with regard to REO Properties, Rental Properties, as well as any other properties owned by Residential and referred to Altisource for provision of Renovation Services (such properties, “Other Properties”) during the Renovation Services Amended Service Period. 

		
	ii.
	Section 4.2.1 (Initial Screening Assessment) is deleted in its entirety and replaced with the following:

“4.2.1 Renovation Estimate Assessment and Renovation Estimate.  In connection with each Turnover of Rental Property as described in Section 4.3.6 below during the Renovation Services Amended Service Period, Altisource shall conduct a Renovation Estimate Assessment at the Rental Property and prepare a Renovation Estimate.  Altisource shall also conduct a Renovation Estimate Assessment and prepare a Renovation Estimate on each Other Property as requested by Residential in writing from time to time during the Renovation Services Amended Service Period.  All Renovation Estimates shall be used by Altisource to develop the Preliminary Scope of Work in accordance with Section 4.3.1.”  

		
	iii.
	Section 4.2.2 (Renovation Estimate Assessment) is deleted in its entirety and replaced with the following:

“4.2.2  Pricing Catalogue.  Altisource and Residential may agree from time to time upon a fixed, geographic market-specific pricing schedule with respect to certain materials, equipment, appliances and fixtures and labor related to same to be used in providing Property Renovation Services (the “Pricing Catalogue”) during the Renovation Services Amended Service Period.  To the extent a Pricing Catalog exists in the geographic market where the Rental Property or Other Property is situated, the Pricing Catalogue shall be used to prepare the Renovation Estimate and the Preliminary Scope of Work.”

		
	iv.
	Section 4.2.3 is deleted in its entirety. 

		
	v.
	Section 4.3.2 is hereby deleted in its entirety and replaced with the following:

“4.3.2 Final Scope of Work.  The Final Scope of Work will be developed based on the Preliminary Scope of Work, plus any refinements approved by Residential and Change Orders as described in Section 4.3.3 herein.  The Final Scope of Work shall become effective upon approval by Residential and Altisource.”

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	vi.
	An incorrectly numbered Section 4.3.2 currently titled “Renovation of Property” is hereby deleted in its entirety and is (a) corrected to have a new section numbering of Section 4.3.3, and (b) replaced with the following: 

“4.3.3 Renovation of Property.  Altisource shall manage the Property Renovation Services as set forth in each Final Scope of Work consistent with local rules and regulations.  Altisource shall update the schedule set forth in the Final Scope of Work as may be required in Altisource’s judgment through completion.  Altisource shall use commercially reasonable efforts to meet the estimated schedule set forth in Final Scope of Work.  Any schedules or timelines are provided for information purposes only and Residential shall not rely on any estimated schedule as an obligation or deadline for completion of the applicable Property Renovation Services.”

		
	vii.
	An incorrectly numbered section heading for Section 4.3.3 currently titled “Management of Change Orders” is hereby amended to be correctly numbered as Section “4.3.4”.  All other sequential sub-section numbers in the corrected Section 4.3.4 are also hereby amended to have the root section numbering of 4.3.4.

		
	viii.
	An incorrectly numbered Section 4.3.4 currently titled “Turnover to Leasing” is hereby amended to be correctly numbered as Section “4.3.5”.

		
	ix.
	A new Section 4.3.6 is hereby added as follows:

4.3.6  Property Renovation Services for Rental Property Turnovers.  Following Altisource’s receipt of a notice of intent to vacate by a Tenant or vacancy due to eviction with respect to a Rental Property, Altisource shall coordinate the repair of the Rental Property for marketing and rent-ready condition (each, “Turnover”) during the Renovation Services Amended Service Period.  With respect to each Turnover, Altisource shall perform a Renovation Estimate Assessment pursuant to Section 4.2.2 above without any further instruction or request from Residential and thereafter prepare a Preliminary Scope of Work pursuant to Section 4.3.1 of the Renovation SOW.  In the event the work identified in the Preliminary Scope of Work is less than or equal to a total amount of $[***] in fees to Residential, then the Preliminary Scope of Work shall be deemed to be the Final Scope of Work without any further approval from Residential, and Residential hereby grants Altisource the authority to manage the Turnover pursuant to such Final Scope of Work and the terms and conditions of this Section 4.3 (each a “Delegated Turnover”).  In the event the work identified in the Preliminary Scope of work exceeds a total amount of $[***] in fees to Residential, then a Final Scope of Work shall be agreed pursuant to Section 4.3.2 above, and Altisource shall thereafter manage the Turnover pursuant to such Final Scope of Work and the terms and conditions of this Section 4.3.”

		
	x.
	Section 7.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, (a) the provisions of Section 8.1 (inclusive) shall be deemed to not apply to Residential in connection with Altisource’s provision of, and Residential’s receipt of, Renovation Services, and (b) the provisions of Section 8.2 of the Agreement 

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shall not apply in connection with Altisouce’s provision of, and Residential’s receipt of, Renovation Services.”

		
	c.
	The Property Preservation and Inspection Services SOW (Schedule A-3 to the Services Letter) is hereby amended as follows:

Section 8.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, the provisions of the provisions of Section 8.1 (inclusive) and 8.2 of the Agreement, shall apply solely to (a) Retail Properties and (b) Subject REO Properties and shall terminate upon completion of the sale of the Retail Properties and the Subject REO Properties.”

		
	d.
	The Valuation Services SOW (Schedule A-4 to the Services Letter) is hereby amended as follows:

Section 8.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, the provisions of the provisions of Section 8.1 (inclusive) and 8.2 of the Agreement, shall apply solely to (a) Retail Properties and (b) Subject REO Properties and shall terminate upon completion of the sale of the Retail Properties and the Subject REO Properties.”

		
	e.
	The Acquisition and Sales Support SOW (Schedule A-5 to the Services Letter) is hereby amended as follows:

Section 8.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, the provisions of the provisions of Section 8.1 (inclusive) and 8.2 of the Agreement, shall apply solely to the Subject REO Properties and shall terminate upon completion of the sale of the Subject REO Properties.”

		
	f.
	The Insurance SOW (Schedule A-6 to the Services Letter) is hereby amended as follows:

		
	i.
	Section 7.1 (Controlling Provisions) is amended to replace the word “None” with the following: “In addition to Altisource’s obligations set forth in Section 4.10 of the Agreement, as of the Omnibus Amendment Effective Date, Altisource will, at Residential’s request (which request may not be made more than once per calendar year), conduct pricing surveys with participation of Residential in determining the market participants in the pricing survey (the “Title Insurance Pricing Surveys”) related to the fees charged for title insurance and closing, escrow and settlement services and Altisource will take such Title Insurance Pricing Surveys into account in determining rates for such services as required under Section 4.10. The out-of-pocket costs for conducting such a survey will be paid [***] percent ([***]%) by Altisource and [***] percent ([***]%) by Residential. Residential shall not take any steps to reduce, modify or otherwise amend the structure or terms in effect as of the Omnibus Amendment Effective Date concerning the purchase of title insurance for buyers and credits issued at closing to help cover the costs related to use of Altisource as the provider of closing, escrow and settlement services. Notwithstanding the foregoing, in no event shall Altisource’s fees charged pursuant to Schedule B-6 of the Fee Letter for such title insurance and closing, escrow and settlement service exceed [***]% of the prices determined to be market for materially the same services under 

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the title Insurance Pricing Surveys. Further, to the extent the insurance services under the Insurance Services SOW are prohibited to be provided by Altisource by a particular lender of Residential, Residential shall use commercially reasonable efforts to enable Altisource to enable Altisource to provide such insurance services; provided that, despite such commercially reasonable efforts, if and only if the lender continues to prohibit such insurance services from being provided by Altisource, Residential may retain a lender-approved title insurance provider solely for such transaction, in which case Residential shall use commercially reasonable efforts to cause the lender-approved title insurance provider to retain Altisource to provide any related or supporting services which such provider hires one or more third parties to perform related to such insurance services. After the fourth anniversary of the Omnibus Amendment Effective Date, the provisions of Section 8.1 (inclusive) and 8.2 of the MSA shall not apply in connection with Altisource’s provisions of, and Residential’s receipt of, Insurance Services and the Insurance Services SOW (Schedule A-6 to the Services Letter) shall thereby terminate.”  

		
	g.
	The Property Management SOW (Schedule A-7 to the Services Letter) is hereby amended as follows:

		
	i.
	Section 4.3.6 (Manage Unit Turnover) is hereby and replaced with the following: “4.3.6. UNIT TURNOVERS FOR RENTAL PROPERTIES; HOA PAYMENTS.   All unit turnovers shall be addressed in the Renovation SOW as amended by the Omnibus Amendment.  Altisource shall mange the payment of periodic dues to any home owners association (“HOA”) affecting a Rental Property on Residential’s behalf at Residential’s expense during the Property Management Services Amended Service Period.  Residential shall forward all notices, bills and other HOA documentation to Altisource to the extent Residential desires that Altisource manage HOA payments.”

		
	ii.
	Section 7.1 (Controlling Provisions) is amended to replace the word “None” with the following: “As of the Omnibus Amendment Effective Date, (a) the provisions of Section 8.1 (inclusive) shall be deemed to not apply to Residential in connection with Altisouce’s provision of, and Residential’s receipt of, Renovation Services, and (b) the provisions of Section 8.2 of the Agreement shall not apply in connection with Altisouce’s provision of, and Residential’s receipt of, Renovation Services.

		
	h.
	The Services Letter is hereby amended to include and incorporate the Services set forth in a new Statement of Work (Retail Property Asset Management and Disposition Services) attached hereto as Attachment A and which is added and incorporated into the Services Letter as Schedule A-8.

		
	3.
	Amendments to the Fee Letter. 

		
	a.
	The Renovation Fee Schedule (Schedule B-2 to the Fee Letter) is hereby amended as follows:

		
	i.
	Section 4.1 of the Renovation Fee Schedule is hereby deleted in its entirety and replaced with the following:

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“4.1    Fee Amount.  Residential agrees to pay as compensation for the Services set forth in the Renovation SOW fees as follows:

		
	4.1.1
	Renovation Estimate Assessment for Delayed Rehab Properties and Vacant Acquired Properties.  $[***] each.

		
	4.1.2
	Renovation Estimate Assessment for Turnovers of Rental Properties.

		
	a.
	Georgia.  $[***] each for any Rental Property located in Georgia.

		
	b.
	Outside of Georgia.  At cost for each Rental Property not located in Georgia.

		
	4.1.3
	Property Renovation Services for Delayed Rehab Properties and Vacant Acquired Property.  The amounts set forth in each Final Scope of Work.

		
	4.1.4
	Property Renovation Services for Turnovers of Rental Property.

		
	a.
	Georgia.  The amounts set forth in each Final Scope of Work for each Rental Property located in Georgia.

		
	b.
	Outside of Georgia.  [***]”

		
	ii.
	Section 4.3 of the Renovation Fee Schedule is hereby deleted in its entirely and replaced with the following:

“4.3 Payment.  Altisource will submit invoices for payment of all fees and expenses to Residential (i) upon completion of a Turnover (including a Delegated Turnover) and Property Renovation Services pursuant to a Final Scope of Work, and (ii) on as performed basis for partial or pro-rated payments as permitted pursuant to the Renovation SOW.  Residential shall provide an electronic mail address to which invoices may be submitted. All payments are due from Residential within seven (7) calendar days from the date of the invoice via automated clearing house or similar electronic transfer, unless otherwise noted on an invoice, in which case the Residential agrees that it shall make payment for that invoice pursuant to terms as set forth in the invoice. Altisource’s failure or delay in submitting an invoice shall in no way waive or diminish Residential’s obligation to pay all amounts owed hereunder.”

		
	b.
	The Property Management Fee Schedule (Schedule B-7 to the Fee Letter) is hereby amended as follows:

		
	i.
	Section 4.1.4 of the Leasing and Management Fee Schedule is hereby deleted in its entirety to and replaced with the following:

“4.1.4    Repair and Maintenance.  $[***]  per calendar month for each Rental Property having an incident or multiple incidents requiring repair and maintenance during such month.”

		
	ii.
	Section 4.1.5 (Unit Turnovers) of the Property Management Fee Schedule is hereby deleted in its entirety and replaced with the following language.  “For purposes of clarity Fees for unit turnovers shall be paid as set forth in the Renovation Fee Schedule.”

12

		
	iii.
	A new Section 4.1.6 shall be added to the Property Management Fee Schedule that reads as follows:  “4.1.6 HOA Bill Payments.  $[***] per HOA payment.”

		
	c.
	The Fee Letter is hereby amended to include and incorporate the Fees for the corresponding Services as set forth in a new Fee Schedule (Retail Property Asset Management and Disposition Services) attached hereto as Attachment B and which is incorporated into the Fee Letter as Schedule B-8.

4.Termination of Certain Sections of the Waiver Agreement.  Sections 5, and 6 (inclusive) of the Waiver Agreement are hereby terminated effective as of the Omnibus Amendment Effective Date.

5.Obligation to Pay All Amounts Due.  Upon execution of this Omnibus Amendment, and notwithstanding Section 6, Residential shall pay to Altisource all fees, expenses or other amount outstanding or owing as of the Omnibus Amendment Effective Date pursuant to the terms and provisions of the Agreement. Upon execution of this Omnibus Amendment, and notwithstanding Section 6, Altisource shall pay to Residential an amount outstanding and invoiced by Residential and owing by Altisource as of the Omnibus Amendment Effective Date.

6.Mutual Release.  In consideration of the parties’ promises set forth herein, except as set forth in Section 5, each of Altisource and Residential and their respective parents, subsidiaries, affiliates, insurers, successors and assigns (as to Altisource, the “Altisource Releasing Parties” and as to Residential, the “Residential Releasing Parties”), hereby waives, releases, covenants not to sue and forever discharges the other party and their respective parents, subsidiaries, affiliates, successors and assigns, officers, directors, shareholders, clients, vendors, contractors, insurers, managers, employees, counsel, agents, and representatives (as to Altisource, the “Altisource Released Parties” and as to Residential, the “Residential Released Parties,” collectively, the “Released Parties”), and each of the Altisource Releasing Parties and Residential Releasing Parties hereby waives, releases, covenants not to sue, and forever discharges the Altisource Released Parties (in the case of the Residential Releasing Parties) and the Residential Released Parties (in the case of the Altisource Releasing Parties) of and from all known and unknown claims, rights, actions, complaints, charges, liabilities, causes of action, suits, demands, damages, costs, attorneys’ fees, losses, debts, and expenses of any nature whatsoever that each of them ever had, now have, or may claim to have against any of the respective Released Parties arising from the beginning of time until the execution of this Omnibus Amendment.  Notwithstanding the foregoing the Altisource Releasing Parties and the Residential Releasing Parties do not waive, release, covenant not to sue, or discharge the Altisource Released Parties (in the case of the Residential Releasing Parties) or the Residential Released Parties (in the case of the Altisource Releasing Parties) of and from any class actions or regulatory enforcement or similar governmental actions arising from allegations asserted by or on behalf of (a) tenants regarding wrongdoing and/or violations of federal or state regulations (excluding ordinary course code violations) related to the repair, preservation or maintenance of Rental Properties or the administration of leases for the Rental Properties; (b) tenant applicants regarding wrongdoing and/or violations of federal or state regulations (excluding ordinary course code violations) related to the rental application process, the process for approving rental applications or the rental of Rental Properties; or (c) tenants, tenant applicants and/or or former borrowers for REO properties regarding data breaches or wrongful disclosures of nonpublic personal information under the Gramm-Leach-Bliley Act under similar federal or state statute. 

7.Miscellaneous.  Each of Altisource and Residential hereby represent and warrant that the execution and delivery of this Omnibus Amendment has been duly authorized by appropriate corporate action.  This Omnibus Amendment, together with the Agreement, the Waiver Agreement, the Services Letter, the Fee Letter and the corresponding Statements of Work contains the entire agreement of the Parties with respect to the subject matter thereof and supersedes all prior written agreements and understandings, oral or written, with respect to such matters.  This Omnibus Amendment shall inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns in accordance with this Omnibus Amendment.  If any conflict exists 

13

between this Omnibus Amendment and the Agreement, the Waiver Agreement, the Services Letter, the Fee Letter or any of the corresponding Statements of Work, the terms and conditions of this Omnibus Amendment shall control.  Except to the extent modified by this Omnibus Amendment, all provisions of the Agreement, the Waiver Agreement, the Services Letter and the Fee Letter and the corresponding Statements of Work, shall remain in full force and effect.  This Omnibus Amendment may be executed in any number of counterparts, each of which will be deemed to be an original, but all of which together will constitute one instrument.  Electronic signatures on this Omnibus Amendment will be binding and effective. 

[SIGNATURE PAGES FOLLOWS]

14

IN WITNESS WHEREOF, Residential and Altisource have caused this Omnibus Amendment to Master Services Agreement, Waiver Agreement, Services Letter and Fee Letter to be executed by their duly authorized representatives as of the date first written above.

RESIDENTIAL:

FRONT YARD RESIDENTIAL CORPORATION

By:/s/ Stephen H. Gray    
Name:  Stephen H. Gray
Title:  Chief Administrative Officer

ALTISOURCE:

ALTISOURCE S.À R.L.

By:/s/ Indroneel Chatterjee    
Name:  Indroneel Chatterjee
Title:  Manager

15

Schedule A
Subject REO Properties

[***]

16

ATTACHMENT A
STATEMENT OF WORK
(RETAIL PROPERTY ASSET MANAGEMENT AND DISPOSITION SERVICES)
SERVICES LETTER - SCHEDULE A-8

This Statement of Work (Retail Property Asset Management and Disposition Services) (the “SOW”) is made by and between ALTISOURCE S.À R.L., as successor in interest to ALTISOURCE SOLUTIONS S.À R.L., a Luxembourg private limited liability company (“Altisource”) and FRONT YARD RESIDENTIAL CORPORATION, f/k/a ALTISOURCE RESIDENTIAL CORPORATION, a Maryland corporation (“Residential”, and together with Altisource, the “Parties” and each individually, a “Party”), and is dated as of the date of last execution of this SOW if not signed simultaneously by both Parties.

RECITAL
WHEREAS, Residential desires to receive, and Altisource is willing to provide, or cause to be provided, certain asset management and disposition Services in connection with a designated portion of its rental property portfolio pursuant to the terms and conditions set forth herein. 
AGREEMENT
NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties agree as follows: 
		
	1.
	INTEGRATION WITH SERVICES LETTER. 

This SOW is attached to, and incorporated into, that certain Services Letter, dated as of December 21, 2012, as amended by the Omnibus Amendment Agreement dated of even date herewith (as amended, the “Services Letter”) as Schedule A-8 to the Services Letter.  Neither the Services Letter nor this SOW shall be construed or interpreted without the other.
		
	2.
	GOVERNED BY MASTER SERVICES AGREEMENT. 

This SOW is governed by that certain Master Services Agreement by and between Altisource and 
Residential and dated as of December 21, 2012, as amended and supplemented by the Parties from time to time (collectively, the “MSA”), the terms of which are hereby incorporated by this reference. This SOW shall not be construed or interpreted without the MSA. 
		
	3.
	DEFINED TERMS. 

Definitions of certain capitalized terms used in this SOW are contained in Exhibit 1 to this SOW, attached hereto and incorporated herein by this reference. Any capitalized term not defined in this SOW, including any exhibits to this SOW, shall have the meaning given that term in the MSA.  Definitions contained in the other schedules to the Service Letter shall not apply to this SOW.
		
	4.
	SERVICES.

		
	4.1
	Provision of Retail Property Asset Management and Disposition Services.  Subject to the terms and conditions of the MSA, Altisource shall provide, or cause to be provided to Residential and any of Residential’s Affiliates, the following services in connection with Retail Properties each as further described below:

		
	(a)
	Agency Services;

		
	(b)
	Property Management Services;

		
	(c)
	Valuation Services;

		
	(d)
	Sales Support Services; and

		
	(e)
	Insurance Services.

Except as expressly agreed and undertaken by Altisource in writing, Altisource shall have no obligation to provide any Services contemplated under the Services Letter for any Retail Property except for the Retail Management and Disposition Services specified in this SOW.  For the avoidance of doubt, the Services 

17

described in Statement of Work (Acquisition and Sales Support) attached to the MSA as Schedule A-5 shall not apply to the Retail Properties.
		
	4.2
	Agency Services.  

		
	4.2.1
	Appointment. Residential hereby appoints Altisource, and Altisource hereby accepts this appointment, as Residential’s duly authorized representative, agent, attorney-in-fact and asset manager, as the context may require, for the purpose of delegating authority to Altisource in order to enable Altisource to perform the Retail Management and Disposition Services in connection with Retail Properties on Residential’s behalf as further described herein.

		
	4.2.2
	Powers of Attorney.  Upon the written request of Altisource, Residential agrees to execute, or cause to be executed, and furnish to Altisource appropriate powers of attorney and other documents necessary or appropriate to enable Altisource to carry out its duties hereunder.

		
	4.3
	Property Management Services.  Altisource will manage property conditions and defects for all Retail Properties as follows: 

		
	4.3.1
	Preservation and Repair Services.  Altisource will, at Residential’s cost and on Residential’s behalf, manage the preservation of each Retail Property and the remediation of property conditions and defects to maintain each Retail Property in a clean and marketable condition at the direction of Residential and pursuant to the Delegated Authority Matrix as defined in the Leasing and Property Management SOW as of the Omnibus Amendment Effective Date. 

		
	4.3.2
	Code Violation Management and Mitigation.  Where code violations exist and Altisource has been provided notice of violations, Altisource will manage the mitigation of such code violations and negotiate code violation fines on behalf of Residential.  Residential authorizes to Altisource to expend up to $[***] on any item on Residential’s behalf to mitigate any code violation without any further approval from Residential, including paying such amount as a fine, expending such amount in repair work or offering up to such amount as a seller concession to a buyer at closing.  Any fine, remediation work item or a seller concession anticipated to exceed $[***] shall require Residential’s approval.  Notwithstanding the foregoing, if any fine is the result of Altisource’s failure to timely mitigate a violation for which Altisource was aware and could have reasonably cured such violation prior to accruing the fine, then Altisource shall be responsible for payment of such fine.

		
	4.3.3
	Management of Utilities and HOA.  Altisource will provide utility activation and management for water, gas and electric utilities, and meet service providers where required to activate utilities for vacant property held by Residential.  Residential authorizes Altisource to timely pay, on Residential’s behalf, any periodic fees or dues to Home Owners Association (“HOA”) until the sale of the Retail Property is completed.  Residential authorizes Altisource to expend on Residential’s behalf up to $[***] on any item in connection with any HOA violation or unpaid dues and fees without any further approval from Residential, including paying such amount as a fine, expending such amount on a repair work item or offering up to such amount as a seller concession to a buyer at closing.  Any fine, remediation work item or a seller concession anticipated to exceed $[***] to resolve an HOA matter shall require Residential’s approval.  Notwithstanding the foregoing, if any fine is the result of Altisource’s failure to timely mitigate a violation for which Altisource was aware and could have reasonably cured such violation prior to accruing the fine, then Altisource shall be responsible for payment of such fine.

		
	4.3.4
	Property Tax Mitigation.  Residential authorizes Altisource to, on Residential’s behalf, pay or otherwise offer a credit to buyer at closing to cover all unpaid taxes and assessments preventing a closing in an amount equal to the lessor of (i) the actual amount of the unpaid taxes and assessments, or (ii) [***] percent ([***] %) of the [***] of such Retail Property without any further approval from Residential.  Payments or a seller concession relating to unpaid taxes and assessments in an amount exceeding the actual amounts of 

18

the unpaid taxes and assessments or [***] percent ([***]%) of the [***] shall require the approval of Residential.
		
	4.4
	Valuation Services.  Altisource will provide Valuation Services in connection with Retail Properties pursuant to the Valuation Services SOW only as requested by Residential.  Altisource will request that each Referral Listing Agent (as defined below) provide a comparative market analysis or broker price opinion as a basis for Residential’s determination of a list price for such Retail Property.  

		
	4.5
	Sales Support Services.

		
	4.5.1
	Assignment of Broker.  For each Retail Property, Altisource or its Affiliate will recommend to Residential a duly licensed real estate agent experienced in the market in which such Retail Property is situated (the “Referral Listing Agent”) to list and market the Retail Property.  Altisource’s recommendation shall be accompanied by such Referral Listing Agent’s list of homes sold in the subject market in the last 12 months and any other relevant information requested by Residential for evaluating the Referral Listing Agent’s ability.  Residential shall have 5 business days to approve or disapprove such Referral Listing Agent.  Any failure by Residential to disapprove such Referral Listing Agent within this 5 business day period shall be deemed an approval of such Referral listing Agent. If the Referral Listing Agent is disapproved Altisource shall use commercially reasonable efforts to provide a new recommendation within 5 business days.  If Residential approves or is deemed to have approved the Referral Listing Agent, then Residential authorizes Altisource to execute and enter into a listing agreement on Residential’s behalf with each Referral Listing Agent.  Notwithstanding the foregoing or anything to the contrary contained herein, Altisource shall not be responsible or held liable for the errors and omissions of any Referral Listing Agent.  Residential agrees that the Referral Listing Agent shall be authorized to act as a dual agent or other similar capacity such that the Referral Listing Agent would have obligations to both Residential as the seller and to the buyer of any Retail Property.  Residential authorizes Altisource to execute on Residential’s behalf any consents, disclosures or other documents relating to the Referral Listing Agent’s dual agent capacity in accordance with local customs and practice.  

		
	4.5.2
	Listing; Registration.  Altisource will require that the Referral Listing Agent list the property in the local MLS in accordance with MLS guidelines and at a set list price as specified by Residential.  Retail Properties shall not be marketed in a time-limited bidding format or otherwise be sold via an auction process or website without Residential’s approval.  Additionally, Altisource shall request, and Residential hereby authorizes, that each Referral Listing Agent obtain any property registrations and inspections as required by local and state laws for any Retail Property. [***]

		
	4.5.3
	Marketing.  All marketing activities will be handled by the Referral Listing Agent, including, but not limited to:

		
	(a)
	Arranging advertising and cooperating fully with other brokers;

		
	(b)
	Placing or using existing access devices on each Retail Property; and

		
	(c)
	Placing “for sale” signs on each Retail Property.

Residential shall not be obligated to pay any costs for marketing unless Altisource obtains Residential’s prior approval.
		
	4.5.4
	Offers; Market Evaluation.  Altisource shall instruct the Referral Listing Agent to communicate all offers to Altisource from prospective buyers.  Altisource shall have the authority to accept on Residential’s behalf any offer which is (i) of at least [***] percent ([***]%) of the list price, and (ii) complies with local payment customs.  During the period that is between the [***] and [***] day of being listed on the market without an acceptable purchase offer, Altisource may review the offer history and submit a revised marketing strategy to Residential for approval.  All list price reductions shall require the approval of Residential.

19

		
	4.5.5
	Contracts.  Altisource shall ensure that each Referral Agent is instructed to cause all contracts for the sale of Retail Property to: (a) be prepared using Residential’s preferred form of purchase and sale agreement (PSA) for single-family, residential real property, and (b) identify as Seller the Residential subsidiary holding title to the Property as provided by Residential.  

		
	4.5.6
	Property Condition; Disclosures.  Altisource will communicate to each Referral Listing Agent that each Residential Property has never been owner-occupied by Residential and that Residential is an institutional seller.  Altisource will communicate to each Referral Agent that Residential prefers to sell each Retail Property on an “as-is, where-is” basis without any representations or warranties as to the condition of the property, improvements or appurtenances to the extent permissible under applicable laws.  Residential shall provide Altisource with all information and documentation required to be disclosed by a seller of any Retail Property in the jurisdiction where each Retail Property is situated.  If the Referral Listing Agent requires supplemental information or documentation or seller disclosures to comply with applicable laws, Residential agrees to provide all such information to Altisource and authorizes Altisource to cooperate with Referral Listing Agent to provide the requested information and execute such documentation as appropriate. 

		
	4.5.7
	Earnest Money.  Earnest money will be held by the entity designated in the PSA as providing escrow services in an amount as recommended by the Referral Listing Agent and agreed to in the PSA.  Except as may otherwise be required by applicable law, each sales contract will provide that in the event of default by purchaser, earnest money will be forfeited in full and the entire amount paid to Residential immediately upon demand.

		
	4.5.8
	Document Management and Closing.  Altisource will coordinate with the title company, settlement agent and Referral Agent assigned to each closing to facilitate Residential’s receipt and review of all closing documents at Residential’s direction.  Residential acknowledges and agrees that it shall solely be responsible for the review, accuracy, execution and delivery of all closing documents, including the deed, settlement statement, FIRPTA, owner’s affidavit, release, assignment, bill of sale and any other documents required by the settlement agent and title company to close on the sale of a Retail Property pursuant to the terms of the applicable PSA.

		
	4.6
	Insurance Services and Settlement Services.  If any PSA permits Residential to choose a title insurance or settlement services provider, then Residential shall designate Altisource’s licensed Affiliate for such services.  Altisource shall provide such services, to the extent applicable to a Retail Property, in accordance with the Insurance SOW.

		
	5.
	FEES. 

Altisource shall charge, and Residential agrees to pay, the Fee for the Retail Management and Disposition Services as set forth on that certain Retail Management and Disposition Services Fee Schedule, which is attached to the Fee Letter as Schedule B-8. 
		
	6.
	SPECIAL PROVISIONS.

NONE
		
	7.
	INTERPRETATION.

		
	7.1. 
	CONTROLLING PROVISIONS. Notwithstanding anything set forth in the MSA to the contrary, the Parties agree that the following provisions shall, in connection with the Services provided pursuant to this SOW, either are (i) in addition to the terms of the MSA; or (ii) to the extent that this SOW is inconsistent with the terms of the MSA, then the terms of the MSA shall control to the extent of any conflict, unless noted below:

The provisions in Section 8 of the MSA shall not apply to any Retail Property which is not identified on Schedule 1 attached hereto.

20

All other terms and conditions as set forth in the MSA shall remain in full force and effect and the Retail Property Management and Disposition Services shall terminate upon the completion of the sale of the Retail Properties identified on Schedule 1 attached hereto.

		
	8.
	COUNTERPARTS, ELECTRONIC SIGNATURES.

This SOW may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all of which shall together constitute one and the same SOW. This SOW may be executed by providing an electronic signature under the terms of the Electronic Signatures Act, 15 U.S.C. § 7001 et. seq., and may not be denied legal effect solely because it is in electronic form or permits the completion of the business transaction referenced herein electronically instead of in person.

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK}

21

IN WITNESS WHEREOF, the Parties hereto have executed and delivered this SOW as of the dates set forth below.

	
			
	RESIDENTIAL:
	 
	ALTISOURCE:

	 
	 
	 

	FRONT YARD RESIDENTIAL CORPORATION
	 
	ALTISOURCE S.À R.L.

	 
	 
	 

	 
	 
	 

	By: /s/Stephen H. Gray        
	 
	By:  /s/Indroneel Chatterjee        

	Name: Stephen H. Gray
	 
	Name: Indroneel Chatterjee

	Title:  Chief Administrative Officer
	 
	Title: Manager

	Date: August 8, 2018
	 
	Date: August 8, 2018

22

STATEMENT OF WORK
EXHIBIT 1 to SERVICES LETTER - SCHEDULE A-8 
(RETAIL PROPERTY ASSET MANAGEMENT AND DISPOSITION SERVICES)
(DEFINITIONS)

		
	1.
	INTEGRATION WITH SOW. 

This “Exhibit 1” (“Exhibit 1”) is attached to, and incorporated into, that certain Statement of Work (Retail Property Asset Management and Disposition Services), dated as of the date of later execution, by and between Altisource S.á r.l. (“Altisource”) and Front Yard Residential Corporation, a Maryland corporation (“Residential”) (the “SOW”). Neither the SOW nor this Exhibit 1 shall be construed or interpreted without the other. 
		
	2.
	DEFINITIONS. 

For purposes of the SOW, the following defined terms shall have the meanings set forth in this Section. Unless otherwise defined in this SOW, capitalized terms used herein shall have the meaning set forth in the MSA. 
		
	2.1.
	AGENCY SERVICES. The term “Agency Services” means those Services described in Section 4.2 of the SOW. 

		
	2.2.
	INSURANCE SERVICES. The term “Insurance Services” means those Services described in Section 4.6 of the SOW. 

		
	2.3.
	INSURANCE SOW.  The term “Insurance SOW” means that certain Statement of Work (Insurance Services), dated as of December 21, 2012, by and between Altisource and Residential, which is attached to the Services Letter as Schedule A-6, as such Insurance SOW has been amended under the Omnibus Amendment Agreement, the terms of which will be deemed to survive and continue in full force and effect if the such Statement of Work (Insurance Services) has otherwise been previously terminated, but in such case solely as to this SOW and only for so long as necessary to effect the purposes of and provision of services pursuant to this SOW. 

		
	2.4.
	LEASING AND PROPERTY MANAGEMENT SOW.  The term “Leasing and Property Management SOW” means that certain Statement of Work (Leasing and Property Management Services) dated as of December 21, 2012, by and between Altisource and Residential, which is attached to the Services Letter as Schedule A-7, as such Leasing and Property Management SOW has been amended under the Omnibus Amendment Agreement, the terms of which will be deemed to survive and continue in full force and effect if the such Statement of Work (Leasing and Property Management Services) has otherwise been previously terminated, but in such case solely as to this SOW and only for so long as necessary to effect the purposes of and provision of services pursuant to this SOW.

		
	2.5.
	MLS.  The term “MLS” means Multiple Listing Service.

		
	2.6.
	MSA. The term “MSA” has the meaning set forth in Section 2 of the SOW. 

		
	2.7.
	PROPERTY MANAGEMENT SERVICES. The term “Property Management Services” means those Services described in Section 4.3 of the SOW. 

		
	2.8.
	RENTAL PROPERTY.  The term “Rental Property” means the real property owned by Residential that is active in Residential’s rental property program and indicated by an active status in the Propertyware system.

		
	2.9.
	RETAIL PROPERTY. The term “Retail Property” means the real property owned by Residential which (a) is removed from Residential’s rental property program and designated by Residential for sale in a non-auction format to the general public, and (b) is currently vacant and Altisource has completed its unit turnover work pursuant to Section 4.3.6 of the Leasing and Property Management SOW as set forth on Schedule 1 hereto.  

		
	2.10.
	RETAIL PROPERTY ASSET MANAGEMENT AND DISPOSITION SERVICES. The term “Retail Property Asset Management and Disposition Services” means those services provided by Altisource to 

23

Residential for Retail Properties as described in Section 4.1 of this SOW, either individually or in the aggregate as the context requires.
		
	2.11.
	SALES SUPPORT SERVICES.  The term “Sales Support Services” means those Services described in Section 4.6 of the SOW.

		
	2.12.
	SERVICES LETTER. The term “Services Letter” has the meaning set forth in Section 1 of the SOW. 

		
	2.13.
	VALUATION SERVICES. The term “Valuation Services” means those Services described in the Valuation SOW. 

		
	2.14.
	VALUATION SOW.  The term “Valuation SOW” means that certain Statement of Work (Valuation Services), dated as of December 21, 2012, by and between Altisource and Residential, which is attached to the Services Letter as Schedule A-4, as such Valuation SOW has been amended under the Omnibus Amendment Agreement, the terms of which will be deemed to survive and continue in full force and effect if the such Statement of Work (Valuation Services) has otherwise been previously terminated, but in such case solely as to this SOW and only for so long as necessary to effect the purposes of and provision of services pursuant to this SOW. 

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK}

24

Schedule 1
List of Retail Properties
[***]

25

ATTACHMENT B
FEE SCHEDULE
(RETAIL PROPERTY ASSET MANAGEMENT AND DISPOSITION SERVICES)
FEE LETTER - SCHEDULE B-8

[***]

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK}

26

IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Fee Schedule as of the dates set forth below.

	
			
	RESIDENTIAL:
	 
	ALTISOURCE:

	 
	 
	 

	FRONT YARD RESIDENTIAL CORPORATION
	 
	ALTISOURCE S.À R.L.

	 
	 
	 

	 
	 
	 

	By: /s/Stephen H. Gray        
	 
	By:  /s/Indroneel Chatterjee        

	Name: Stephen H. Gray
	 
	Name: Indroneel Chatterjee

	Title:  Chief Administrative Officer
	 
	Title: Manager

	Date: August 8, 2018
	 
	Date: August 8, 2018

1

ATTACHMENT C

EXHIBIT 3 TO MSA AGREEMENT
1.INTEGRATION WITH AGREEMENT. This “Exhibit 3” (“Exhibit 3”) is attached to, and incorporated into, that certain Master Services Agreement by and between Altisource Solutions S.á r.l. (“Altisource”) and Altisource Residential Corporation (“Residential”) and dated as of December 21, 2012 as amended by the Omnibus Amendment. Neither the Agreement nor this Exhibit 3 shall be construed or interpreted without the other.

2.DEFINITIONS.  Capitalized terms used herein but not defined in following sections shall have the meaning ascribed them hereto or the meaning given that term in the MSA:
		
	(a)
	 “Lockup Period” means the period of time between the Agreement Effective Date and December 31, 2018.

		
	(b)
	“Quarterly Shares” means, at a given time, the lesser of (a) one million thirty-six thousand one hundred one (1,036,101) shares from the Current Shares and (b) the number of Current Shares that Altisource holds at such time.

3.RESTRICTIONS. Subject in all respects to Section 4 (Exceptions to Restrictions) below and sales of stock effectuated thereto via Exempted Share Sales, and solely with respect to the Current Shares, but otherwise notwithstanding anything to the contrary in any agreements between the Parties or their affiliates, Altisource shall be permitted to sell, trade, transact or otherwise transfer any shares from the Current Shares except to the extent (a) prohibited by applicable law or (b) such Current Shares are not permitted to be sold pursuant to an Exempted Share Sale and remain subject to one or more of the Restrictions specified in clauses (i)-(v) below:
		
	(i)
	For the Lockup Period, Altisource shall not be initially permitted to sell any of the Current Shares (the “Initial Restrictions”);

		
	(ii)
	Upon expiration of the Lockup Period, the Initial Restrictions shall be removed as to a number of shares from the Current Shares equal to the Quarterly Shares (the “First Quarter Shares”);

		
	(iii)
	Ninety (90) days following the expiration of the Lockup Period (the “Second Quarter Start”), the Initial Restrictions shall be removed as to an additional number of Quarterly Shares from the Current Shares, less fifty percent (50%) of the number of First Quarter Shares that Altisource has not sold as of the Second Quarter Start (the “Second Quarter Shares”);

		
	(iv)
	Ninety (90) days following the Second Quarter Start (the “Third Quarter Start”), the Initial Restrictions shall be removed as to an additional number of Quarterly Shares from the Current Shares, less fifty percent (50%) of the sum of the number of First Quarter Shares that Altisource has not sold and 50% of the number of Second Quarter Shares that Altisource has not sold, as of the Third Quarter Start (the “Third Quarter Shares”);

2

		
	(v)
	Ninety (90) days following the Third Quarter Start (the “Fourth Quarter Start”), the Initial Restrictions shall be removed as to an additional number of Quarterly Shares from the Current Shares, less fifty percent (50%) of the sum of the number of First Quarter Shares that Altisource has not sold, the 50% of the number of Second Quarter Shares that Altisource has not sold and 50% of the number of Third Quarter Shares that Altisource has not sold, as of the Third Quarter Start;

		
	(vi)
	Ninety (90) days following the Fourth Quarter Start (the “Unrestricted Period Start”), the Initial Restrictions shall be removed as to all remaining Current Shares; for the avoidance of doubt, commencing on the Unrestricted Period Start, this Exhibit 3 shall not Restrict Altisource in any way from selling any of the Current Shares.

4.EXCEPTIONS TO RESTRICTIONS. Notwithstanding anything to the contrary herein (including without limitation Section 3 hereto), this Agreement shall not preclude, prevent, limit or otherwise restrict Altisource from selling any or all of the Current Shares at any time to the extent (any of the following being the “Excepted Share Sales”): 
		
	(i)
	Altisource believes in good faith that Altisource’s (or its affiliates’) liquidity should be increased and that such sale of shares is reasonably necessary to achieve such increase;

		
	(ii)
	Altisource uses the proceeds of such sale to finance an acquisition of the assets, equity or other similar right in a third party or a similar strategic acquisition transaction; 

		
	(iii)
	Altisource conducts such sale as a privately negotiated block transaction with an unrelated third party or similar transaction; or

		
	(iv)
	Residential is the subject of a tender offer that would be reasonably likely to result in a Change of Control if effectuated or undergoes a Change of Control.

5.TERM. THE PROVISIONS OF THIS EXHIBIT 3 SHALL AUTOMATICALLY EXPIRE AND BE OF NO FURTHER EFFECT UPON THE EARLIER OF (A) THE UNRESTRICTED PERIOD START OR (B) ALTISOURCE NOT POSSESSING ANY OF THE CURRENT SHARES.

3Exhibit

EXHIBIT 10.47

RESTRICTED PROPRIETARY INFORMATION

 

Confidential information has been omitted in places marked “*****” and has been filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to this omitted information.

PURCHASE AND SALE AGREEMENT

between

Orano Cycle

and

UNITED STATES ENRICHMENT CORPORATION

Orano Cycle CONTRACT NO. C18 012 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

RESTRICTED PROPRIETARY INFORMATION
Orano Cycle CONTRACT NO. C18 012 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

Table of Contents
Page

ARTICLE 1 – DEFINITIONS1
ARTICLE 2 – TERM5
ARTICLE 3 – SCOPE5
ARTICLE 4 – ENRICHED PRODUCT DELIVERY AND WITHDRAWAL10
ARTICLE 5 – FEED MATERIAL DELIVERIES18
ARTICLE 6 – PRICES AND PAYMENT22
ARTICLE 7 – TAILS MATERIAL28
ARTICLE 8 – REPRESENTATIONS AND WARRANTIES28
ARTICLE 9 – FORCE MAJEURE30
ARTICLE 10 – NUCLEAR LIABILITY31
ARTICLE 11 – OTHER LIABILITY33
ARTICLE 12 – GOVERNMENTAL AUTHORIZATIONS AND REQUIREMENTS34
ARTICLE 13 – ENTIRE AGREEMENT; TERMINATION OF PRIOR AGREEMENTS35
ARTICLE 14 – TERMINATION AND SUSPENSION35
ARTICLE 15 – ASSIGNMENT AND TRANSFER OF INTEREST37
ARTICLE 16 – CONFIDENTIALITY38
ARTICLE 17 – DISPUTE RESOLUTION39
ARTICLE 18 – NOTICES AND ADDRESSES41
ARTICLE 19 – GENERAL42
APPENDIX A:  ORDER FOR DELIVERYA-1
APPENDIX B:  PLANNING DATAB-1

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Orano Cycle CONTRACT NO. C18 012 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

APPENDIX C – CYLINDERSC-1
APPENDIX D – SAMPLING, ACCEPTANCE AND DISAGREEMENTSD-1
		
	E – ENRICHED PRODUCT CERTIFICATION
	E-1

		
	DETERMINATION OF RESPECTIVE AMOUNTS OF FEED MATERIAL AND SWU
	F-1

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Orano Cycle CONTRACT NO. C18 012 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

AGREEMENT
This Agreement is entered into as of the 27th day of April, 2018 (the “Effective Date”) by and between Orano Cycle, a company organized under the laws of France (“Supplier”), and United States Enrichment Corporation (“Customer”), a corporation organized under the laws of Delaware (Customer and Supplier being sometimes referred to herein individually as a “Party” and collectively as the “Parties”).

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Orano Cycle CONTRACT NO. C18 012 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

ARTICLE 1 – DEFINITIONS
For purposes of this Agreement, the following terms and expressions, when used with initial capitalization, shall have the meanings assigned to them hereunder and cognate expressions shall have corresponding meanings.
These definitions are intended to supplement and not to replace any definitions contained in any of the documents incorporated by reference herein, but in case of any conflict or inconsistencies, the definitions appearing herein below shall prevail.  
Words importing natural persons include legal entities (corporate and unincorporated) and vice-versa.
Where any term appears in this Agreement with initial capitalization that is not defined herein or in any amendment, modification or supplement hereto agreed by the Parties after the Effective Date, then that term shall have the meaning commonly used in the nuclear industry at the date of signing of this Agreement.
		
	1.1
	“AD Duties” means the antidumping duties deriving from the implementation of the AD Order.

		
	1.2
	“AD Order” means the antidumping order on low enriched uranium (“LEU”) from France.

		
	1.3
	“Affiliate” of a Party means an entity that, through one or more intermediaries, controls, is controlled by, or is under common control with, such Party.

		
	1.4
	 “Assay” means the total weight of 235U per kilogram of Material divided by the total weight of all uranium isotopes per kilogram of Material, the quotient of which is multiplied by 100 and expressed as a weight percent.

		
	1.5
	“Book Transfer” or “Book Transferred” means the transfer of credits for a given quantity of Feed Material, Enriched Product or SWU (all as defined below) between accounts maintained by a Party or by another nuclear fuel processor (such as an Orano Cycle Facility).

		
	1.6
	“Book Transfer Delivery” means a delivery of Enriched Product by means of a Book Transfer pursuant to Section 4.1.

		
	1.7
	“Business Day” means a day that is not a Saturday, Sunday or Holiday (which is a day for which employees of Supplier or Customer are excused from work with pay pursuant to a holiday recognized by the national government of France or the United States, respectively.)  Unless qualified by the term “Business,” references in this Agreement to “day” or “days” refer to a calendar day or days, respectively.

		
	1.8
	 “Calendar Year”, “CY” or “Year” means a period of twelve (12) months from January 1 through December 31.

		
	1.9
	“Client” means (a) third party with whom Customer has an agreement to Deliver Enriched Product or (b) another third party who is designated by the third party in (a) to take Delivery; 

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provided, that in the case of a Physical Delivery to such third party, the third party is qualified by Supplier to take Physical Delivery of such Enriched Product.
		
	1.10
	“Client Product Account” means an account established by Supplier for the Client within the Orano Cycle Enrichment Facility accounting system to which the Enriched Product, or its Feed Material and SWU Components, can be Delivered by means of a Book Transfer Delivery. 

		
	1.11
	“Conforming Material” means, as the context requires, (a) Enriched Product that meets *****; or (b) Feed Material that meets *****.

		
	1.12
	“Converter” means the natural uranium conversion facility selected by Customer in its Order where Feed Material will be Delivered. *****.

		
	1.13
	“Customer Product Account” means the account established by Supplier for Customer under this Agreement N° C18 012 CEN SW 00, to which the Enriched Product Delivered to Customer, or its Feed and SWU Components, can be Delivered by means of a Book Transfer Delivery. 

		
	1.14
	“Cylinder” means a container (such as a “30B” cylinder) certified by the appropriate government agencies and used for transporting Uranium Hexafluoride.  As the context requires, Cylinder also includes any overpack required for the transportation of such container or of any Material which it contains.

		
	1.15
	“Deliver” or “Delivery” shall mean, as the context requires, (a) in reference to Enriched Product, a Book Transfer Delivery or a Physical Delivery under Article 4; and (b) in reference to Feed Material, the Book Transfer of Feed Material into or out of an account under Article 5. 

		
	1.16
	“Delivery Year” at a given point in time, shall mean a Year in which Customer has a binding purchase obligation under Section 3.1 of this Agreement, taking into account all options under Section 3.2 that, up to that time, Customer has exercised.

		
	1.17
	“Effective Date” has the meaning ascribed to that term on the first page of this Agreement.

		
	1.18
	“Enriched Product” means Uranium Hexafluoride with an Assay greater than 0.711.

		
	1.19
	“Enrichment” means the process, measured in Separative Work Units, by which the Assay of Feed Material is increased.

		
	1.20
	“EP Delivery Date” or “Enriched Product Delivery Date” means a date selected by Customer for Book Transfer Delivery or Physical Delivery of the Enriched Product ordered pursuant to Article 4. In the case of a Physical Delivery, if the Physical Delivery cannot be made on one date, the EP Delivery Date shall be *****.

		
	1.21
	“Fabricator” means, as the context requires, (a) one of the following nuclear fuel fabricator facilities - *****.

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	1.22
	“Feed Component” means the amount of Feed Material (in KgU as UF6) required to produce Enriched Product with a given Assay, and Tails Material with a given Tails Assay, calculated as shown in Appendix F.

		
	1.23
	“Feed Delivery Date” has the meaning ascribed to that term in Article 5.

		
	1.24
	“Feed Material” means natural uranium in the form of UF6 which has not been irradiated, enriched or depleted, with an approximate Assay of 0.711.

		
	1.25
	“Material” means, as the context requires, Feed Material, Tails Material and/or Enriched Product.

		
	1.26
	“Notice” shall have the meaning ascribed to that term in Article 18 of this Agreement.

		
	1.27
	“Obligation Code” means a code assigned by EURATOM or the United States, as the case may be, to indicate under which bilateral agreement the peaceful use obligations are applicable to Material.

		
	1.28
	“Orano Cycle” means the company formerly named AREVA NC, with registered number 305 207 169 RCS Nanterre.

		
	1.29
	“Orano Cycle Conversion Facility” means both of the natural uranium conversion plants operated by Supplier in Malvési and Tricastin, France.

		
	1.30
	“Orano Cycle Enrichment Facility” means the enrichment facility operated by Supplier or its Affiliate in Tricastin, France and commonly known as George Besse II.

		
	1.31
	“Orano Cycle Facility” means either of the Orano Cycle Enrichment Facility or a Orano Cycle Conversion Facility.

		
	1.32
	“Orano Cycle Feed Account” means an account established by Supplier in Customer’s name under that certain Agreement between United States Enrichment Corporation and Orano Cycle (formerly named AREVA NC), governing a United States Enrichment Corporation UF6 Holding Account at Orano Cycle, *****, or any successor agreement, including all amendments thereto and the change of name from AREVA NC to Orano Cycle. 

		
	1.33
	“Order” shall have the meaning ascribed to that term in Section 3.3.

		
	1.34
	“Origin” means, in the case of Feed Material, or the Feed Component of Enriched Product, the country where the ore contained in a particular quantity of Feed Material was mined, or deemed to have been mined or, in the case of the SWU Component of Enriched Product, the country where the Feed Material in the Feed Component of such Enriched Product was enriched, or deemed to have been enriched.  The Origin can be reflected in the U.S. Obligation Code applicable to the Material. 

		
	1.35
	“Payment Due Date” shall have the meaning ascribed to that term in Section 6.4. 

		
	1.36
	“Physical Delivery” means the Delivery of Enriched Product in Customer-supplied Cylinders, *****. 

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	1.37
	“Physical Material Release” means the availability of Enriched Product in Customer-supplied Cylinders for Physical Delivery to Customer or Client at the Orano Cycle Facility. 

		
	1.38
	“Replacement Value” shall mean *****; 

		
	1.39
	“Separative Work Unit” (“SWU”) means the measure of work required to produce Enriched Product through Enrichment, as calculated using the formula in Appendix F. 

		
	1.40
	“Spot Market Feed Value” means the applicable quantity of Feed Material (in KgU) multiplied by *****.

		
	1.41
	“Spot Market SWU Value” means the applicable quantity of SWU multiplied by *****.

		
	1.42
	“SWU Component” means the amount of SWU required to enrich Feed Material to produce Enriched Product with a given Assay, and Tails Material with a given Tails Assay, calculated as shown in Appendix F.

		
	1.43
	 “Tails” or “Tails Material” means the UF6 residue, the Assay of which has been depleted in the process of Enrichment.

		
	1.44
	“Uranium Hexafluoride” or “UF6” means a chemical compound of uranium and fluorine.

		
	1.45
	“235U” or “U235” means the fissionable uranium isotope with mass number 235.

		
	1.46
	“Withdrawal Delivery Date” means the date specified in a Withdrawal Notice for withdrawal of Enriched Product from the Customer Product Account by Book Transfer or Physical Delivery to Customer or its Client pursuant to Article 4.

		
	1.47
	“Withdrawal Notice” means a binding Notice of the Withdrawal Delivery Date, the amount and the means of withdrawal from the Customer Product Account pursuant to Article 4.

ARTICLE 2 – TERM
This Agreement shall be effective as of the Effective Date and, unless earlier terminated in accordance with the terms hereof, shall remain in force until the last day of Calendar Year 2028 (or, if one or more options are exercised under Section 3.2, the last day of the latest Delivery Year after the exercise of such options) or the date on which all purchase and payment obligations of Customer and supply obligations of Supplier (other than those set forth in Section 14.3) hereunder are fulfilled, whichever is later (such period from effectiveness to expiration is referred as the “Term”).

ARTICLE 3 – SCOPE
		
	3.1
	Commitments of the Parties.  Under this Agreement, Customer shall purchase from Supplier, and Supplier shall sell to Customer, the nominal quantities of SWU in Row 2 of the table below for Delivery beginning in Delivery Year 2023 through 2028, subject to (i) the flexibility in Row 4, which shall allow Customer to modify its purchase obligation for the Years listed in the table to fall between the minimum in Row 1 and the maximum in Row 3, (ii) the possible addition of the Years 2029 and 2030 to the Parties’ obligations under this 

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Agreement pursuant to Section 3.2.1; and (iii) the possible advancement or postponement of purchases under this Agreement pursuant to Section 3.2.2 or Section 3.2.3, respectively;
The annual SWU quantities purchased in a Delivery Year during the Term by Customer and Delivered by Supplier shall fall within the range of the applicable minimum and maximum quantities in the table below.  Purchases above the nominal amount in a Delivery Year shall not be credited against Customer’s purchase obligations in a future Delivery Year, and purchases below the nominal amount in a Delivery Year shall not be added to Customer’s purchase obligations for a future Delivery Year.  
	
											
	Row
	Quantity (KSWU)
	2023
	2024
	2025
	2026
	2027
	2028
	2029
	2030
	Total

	1
	Minimum
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	3,689**

	2
	Nominal
	300
	400
	500
	750
	750
	750
	750*
	750*
	4,950**

	3
	Maximum
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	6,211**

	4
	Flexibility
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	*****
	 

* Years 2029-2030 are optional Years under Section 3.2.

** Totals assume optional Years are elected under Section 3.2. *****.

		
	3.2
	Options.

		
	3.2.1
	Optional Years: 2029 and 2030.

The Years 2029 and 2030 are optional Years, where Customer can elect to undertake to purchase a nominal annual quantity of 750 KSWU each Year, with a ***** flexibility as shown in the Table under Section 3.1.
To elect an optional Year, Customer shall provide a Notice *****.
*****.
		
	3.2.2
	Advancement of Purchases and Deliveries.

*****, Customer shall have the right to advance the contractual Delivery schedule by one (1) or two (2) Years, i.e., to start purchases and Deliveries under Section 3.1, from Year 2021 or 2022. *****. 
            *****.
		
	3.2.3
	Postponement of Purchases and Deliveries.

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*****, Customer shall have the right to postpone the contractual Delivery schedule by one (1) Year, i.e. to start purchases and Deliveries under Section 3.1, from Year 2024. *****.  
		
	         
	*****. 

		
	3.2.4
	Section 3.2 Notices; Effect of Advancement or Postponement on Optional Years.

For avoidance of doubt, any Notice given under this Section 3.2 shall be in addition to the standard Notices given under Section 3.3. In addition, Customer’s election to advance or postpone the firm Delivery Years in the Table shall not automatically firm up any of the optional Years; rather, the option shall remain in effect but the optional Years (and the timing in Section 3.2.1 for giving Notices regarding the optional Years) shall shift along with the firm Delivery Years *****.
		
	3.3
	Standard Notices. 

 For each Delivery Year, Customer shall provide the following Notices.
		
	3.3.1
	First Annual Non-Binding Notice

A “First Annual Non-Binding Notice” shall be issued by Customer no later than *****, specifying, on a non-binding basis, the anticipated Enriched Product Delivery location(s), if known, and Customer’s first selection of SWU quantity to be purchased for that Delivery Year within the minimum and maximum quantities as described in the Table in Section 3.1.
		
	3.3.2
	Second Annual Non-Binding Notice.

A “Second Annual Non-Binding Notice” shall be issued by Customer no later than *****, specifying, on a non-binding basis, the anticipated Enriched Product Delivery location(s), if different than the ones specified in the First Annual Non-Binding Notice, and the anticipated method(s) of Delivery and selecting a second SWU quantity within ***** of the first selection under Section 3.3.1 *****.
		
	3.3.3
	Binding Delivery Notice.

		
	3.3.3.1
	For each Delivery Year, binding Delivery Notices (“Orders”) for Deliveries of SWU in Enriched Product by Supplier and associated Feed Material by Customer, shall be issued by Customer at least: *****.

		
	3.3.3.2
	Each Order shall specify the information required by Appendix A: 

		
	i)
	The EP Delivery Date and if applicable, the period that Customer will take Physical Delivery of the Enriched Product; 

		
	ii)
	The quantity (in KgU) of Enriched Product to be Delivered by Supplier pursuant to the Order; 

		
	iii)
	The Assay(s) of the Enriched Product to be Delivered by Supplier;

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	iv)
	The quantity of SWU to be supplied in the Enriched Product pursuant to the Order;

		
	v)
	The quantity (in KgU of natural UF6) of Feed Material to be supplied by Customer pursuant to the Order; 

		
	vi)
	The Tails Assay;

		
	vii)
	The Enriched Product Delivery location(s) applicable to the Order;

		
	viii)
	The method of Enriched Product Delivery (i.e., Physical Delivery or Book Transfer) pursuant to the Order;

		
	ix)
	The Feed Delivery location(s) for the Feed Material to be supplied by Customer pursuant to the Order, if then known; otherwise this information shall be provided in accordance with Section 3.3.3.6; 

		
	x)
	Origin(s) of Feed Material to be supplied by Customer, if available; and 

		
	xi)
	Confirmation from Customer that the Feed Material to be supplied by Customer pursuant to the Order will be of legal use in licensed commercial nuclear reactors in the United States.

		
	3.3.3.3
	The total quantity of SWU indicated in all Orders submitted for a Delivery Year shall not ***** and shall be within the applicable minimum and maximum quantities for that Delivery Year in the Table under Section 3.1.

		
	3.3.3.4
	In case, for an Order in which Customer requires Supplier to Deliver by Book Transfer Enriched Product with a Feed Component matching the same Origins as the Feed Material to be Delivered to Supplier by Customer for such Order, Customer shall notify Supplier of the Origin(s), not later than *****. 

		
	3.3.3.5
	In case, for an Order, Customer requires Supplier to Deliver by Physical Delivery the Enriched Product with a Feed Component matching the same Origins as the delivered Feed Material, Customer shall notify Supplier of the Origin(s), not later than *****. 

		
	3.3.3.6
	For all Orders (i.e., whether Delivery is by Book Transfer or by Physical Delivery), Customer shall notify Supplier of the Delivery location(s) for Feed Material for the Order not later than *****.

		
	3.4
	Assays.  

		
	3.4.1
	In its Order, Customer may select one or more Assays for Enriched Product in the range of *****.

		
	3.4.2
	In its Order, Customer shall select *****. 

		
	3.5
	Planning Data.  

For planning purposes, Appendix B shows non-binding planning data about the Assays and quantities of Enriched Product that Customer expects to take during the Term of the Agreement.  *****, Customer shall update this non-binding planning data *****. 

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ARTICLE 4 – ENRICHED PRODUCT DELIVERY AND WITHDRAWAL
		
	4.1
	Book Transfer Delivery.          

		
	4.1.1
	In its Order, Customer may direct Supplier to make a Book Transfer Delivery of the Enriched Product to (a) the account of Customer or the account of a Client or other third party at a Fabricator, including *****; or (b) the Customer Product Account or; (c) subject to the terms of the agreement with Supplier that governs such account, the account of a Client or other third party on the books of Supplier.  

		
	4.1.1.1
	*****, Supplier shall open the Customer Product Account within the accounting system of the Orano Cycle Enrichment Facility to be used for the Delivery of Enriched Product under this Agreement. 

		
	4.1.1.2
	*****. 

		
	4.1.1.3
	*****. 

		
	4.1.1.4
	*****. 

		
	4.1.2
	Where Customer has specified a Book Transfer Delivery in its Order, Supplier shall, subject to Delivery to, or purchase of Feed Material from, Supplier pursuant to Article 5, Deliver Enriched Product to Customer by means of a Book Transfer Delivery to the account, and at the location, specified by Customer in the applicable Order. Supplier shall give Customer a Notice of the completion of such Book Transfer Delivery immediately upon the completion of the Book Transfer. 

		
	4.1.3
	*****.  

		
	4.2
	Physical Delivery. 

		
	4.2.1
	A Physical Delivery of Enriched Product may occur under this Agreement pursuant to either (a) an Order in which Customer directs Supplier to make a Physical Delivery to Customer or a Client, or (b) a withdrawal from the Customer Product Account, in cases where Customer selected a Book Transfer Delivery to the Customer Product Account in its Order, and subsequently wants to withdraw the Enriched Product by Physical Delivery from the Customer Product Account. The applicable Delivery term for a Physical Delivery shall be *****. 

*****.
		
	4.2.2
	In the case of an Order for Physical Delivery, Customer shall give Supplier the Order according to the lead time pursuant to Section 3.3.3.

		
	4.2.3
	In the case of a withdrawal by Physical Delivery from the Customer Product Account, Customer shall give Supplier its Withdrawal Notice not later than *****. 

		
	4.2.4
	Any requests for sampling and witnessing in accordance with Appendix D shall be included in the Order or Withdrawal Notice, as applicable. 

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	4.2.5
	For each Assay, *****.

4.2.6  Absent consent of Supplier (such consent not to be unreasonably withheld or delayed): *****. 
4.2.7  *****.

4.3    Cylinders.  
Customer shall provide the Cylinders for the Physical Delivery pursuant to an Order, or withdrawal by Physical Delivery from the Customer Product Account, of Enriched Product under Section 4.2 not later than *****.
For any Book Transfer Delivery under Section 4.1, the Customer shall not provide Cylinders. 

*****.

4.4    Quality and Origin.  

		
	4.4.1 
	All Enriched Product Delivered under this Agreement shall be Conforming Material lawful and suitable for use in the fabrication of nuclear fuel for commercial nuclear reactors in Japan, the European Union, the United Kingdom or the United States. 

     
		
	4.4.2
	For Enriched Product Delivered by Physical Delivery, the SWU Component of the Enriched Product shall be French Origin and, subject to Section 5.4, the Feed Component shall have the same Origin as the Feed Material supplied by Customer under Article 5. 

		
	4.4.3
	The Customer acknowledges that the Enriched Product Physically Delivered under this Agreement is of French Origin, and will be considered as “LEU from France”, which could be subject to the AD Order on such Enriched Product if imported into the United States. 

		
	4.4.4.
	*****.  

		
	4.4.5
	*****.

		
	4.4.6 
	For Deliveries by Book Transfer at U.S. Fabricators as per Section 4.1, Supplier shall Deliver ***** SWU in Enriched Product that will be suitable for use in the United States as fuel in a U.S. commercial nuclear power reactor without payment of any tariff stemming from the AD Order or an obligation to reexport the Enriched Product or fuel within a certain period of time due to the AD Order.  In no event shall Supplier Deliver by Book Transfer in the United States LEU that is subject to the AD Order or any successor restriction on LEU from France.

		
	4.5
	Adjustment.

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If ***** 1st of any Delivery Year under this Agreement, should “LEU from France” still be subject to the AD Order if imported into the United States for sale in the United States, Supplier shall be entitled to limit the Enriched Product volumes to be Delivered to a U.S. Fabricator by Book Transfer to not more than *****.
Supplier shall give Customer Notice of the exercise of Supplier’s right under Section 4. for a Delivery Year *****. Customer shall have a right to rescind any pending Order affected by Customer’s Notice if Notice of such rescission is given to Supplier not later than *****. Rescission does not reduce Customer’s purchase obligation for the Delivery Year, but instead is intended to give Customer an opportunity to adjust its plans. Both Parties shall work cooperatively where Supplier gives Notice of election under this Section 4.5 to ensure that such election does not disrupt Deliveries of Enriched Product by Customer to its Clients or of Feed Material by Customer to Supplier.
		
	4.6
	Title and Risk of Loss.  

		
	4.6.1
	Title – Customer Product Account

On the books of Supplier, Customer shall hold at all times title to the Material credited to the Customer Product Account.  This shall not preclude Customer from holding such title on behalf of its Clients.
		
	4.6.2
	Risk of Loss – Customer Product Account 

The Parties agree that while Customer holds title to all Enriched Product in the Customer Product Account, Supplier bears risk of loss to such Enriched Product at all times until withdrawal from the Customer Product Account. 
Risk of loss of such Enriched Product shall pass to Customer when such Enriched Product is withdrawn from the Customer Product Account by Physical Delivery, with risk of loss transferring at the moment the Cylinders filled with the Enriched Product are loaded on board Customer’s vehicle or that of its subcontractor.

		
	4.6.3
	Title and Risk of Loss - Book Transfer

In case of Book Transfer at a Fabricator, title to, and risk of loss of, Enriched Product shall pass to Customer upon completion of the Book Transfer to Customer’s account at the Fabricator. If the Parties agree that the Enriched Product shall be Book Transferred to a third party’s account at the Fabricator, title and risk of loss shall transfer to the third party upon the completion of such Book Transfer. In this case, upon completion of the Book Transfer at the Fabricator, Supplier shall not thereafter be liable to Customer regarding the quality of the Enriched Product Delivered by Book Transfer anymore. 
		
	4.6.4
	Title and Risk of Loss – Physical Delivery

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Title and risk of loss to Enriched Product Physically Delivered to Customer shall transfer to Customer upon completion of Supplier’s delivery obligations as seller in accordance with *****.
4.7    Delayed Delivery.
		
	4.7.1
	If for any reason other than (i) a delay excused under Article 9; or (ii) an act or omission of Customer, or a person acting on Customer’s behalf, Supplier fails to Deliver the Enriched Product required by this Agreement to Customer by the Enriched Product Delivery Date or Withdrawal Delivery Date, Supplier shall reimburse Customer for any reasonable penalty or fee assessed against Customer by its Client or by a fabricator, as a result of such delay. In addition, Customer may cancel the Delivery with respect to the Enriched Product that Supplier failed to Deliver and procure an equivalent amount of substitute Enriched Product from another source if the failure to Deliver continues for more than ***** (the “Cure Period”) after the Enriched Product Delivery Date or Withdrawal Delivery Date, as applicable. For these purposes, procuring substitute Enriched Product from another source may include obtaining it from a third party or using Customer’s own inventories as the source of substitute Enriched Product.

		
	4.7.2
	If, pursuant to Section 4.7.1, Customer cancels a Delivery and elects to replace the Enriched Product that Supplier failed to Deliver with substitute Enriched Product, the following remedies shall apply:

		
	4.7.2.1
	In the case of a Delivery pursuant to an Order, Supplier shall *****.

		
	4.7.2.2
	In the case of a Physical Delivery pursuant to a Withdrawal Notice, Supplier shall reimburse Customer for *****. 

		
	4.7.2.3
	In all remedies under this Section 4.7.2, Customer shall use its commercially reasonable efforts to procure substitute Enriched Product on reasonable terms, conditions, and prices reasonably available to Customer, taking into account the market conditions prevailing at the time.  Following cancellation of a Delivery pursuant to any of these remedies, Customer shall submit an invoice for *****.  

		
	4.7.3
	Customer shall not have the right to cancel a Delivery if during the Cure Period, Supplier is able to procure, and Delivers to Customer, substitute Enriched Product that complies with the specification defined under this Agreement.

		
	4.7.4
	In addition to its reimbursement obligation under Sections 4.7.1 and 4.7.2, Supplier also shall reimburse Customer for *****.  

		
	4.7.5
	If, pursuant to Section 4.7.1, Customer cancels part of or all of a Delivery for an Order and procures substitute Enriched Product from another source pursuant to Section 4.7.2, Customer’s purchase obligation shall be reduced by the SWU Component of the Enriched Product that Supplier failed to Deliver.

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	4.7.6
	Reimbursement under this Section 4.7 shall be Customer’s exclusive remedy for Supplier’s failure to Deliver Enriched Product under this Agreement; provided however that such right shall not preclude Customer from exercising any other remedy under this Agreement. 

4.8    *****.

ARTICLE 5 – FEED MATERIAL DELIVERIES
5.1    Required Delivery of Feed Material.
		
	5.1.1
	Customer shall have the right to provide the Feed Material to meet its obligation under Section 5.1.4 by *****.

		
	5.1.2
	Customer shall also have the right to provide the Feed Material to meet its obligation under Section 5.1.4 *****. 

		
	5.1.3
	*****.

		
	5.1.4
	Customer shall ensure that, no later than ***** the Feed Material required to produce the quantity of Enriched Product to be Delivered by Supplier to Customer (as determined using Appendix F using the Assay(s) ordered and the Tails Assay stipulated in the Order) is *****. 

		
	5.1.5
	*****.

		
	5.1.6
	*****. Supplier shall comply with the instructions provided by Customer on or prior to the applicable Feed Delivery Date concerning the quantity of each Origin to allocate to the Enriched Product Delivery.  If there is an insufficient quantity of Feed Material of the Origin(s) specified by Customer, Supplier shall notify Customer and Customer shall promptly designate other Origins to allocate.

5.2    *****.
*****. 
*****.
5.3    Late Delivery of Feed Material
		
	5.3.1
	If all the required Feed Material for the Delivery of Enriched Product has not been supplied to Supplier under Section 5.1 by the close of business on the Enriched Product Delivery Date, Supplier shall, effective on the Enriched Product Delivery Date, *****.

		
	5.3.2
	*****. 

		
	5.3.3
	With respect to any portion of the Remaining Feed Shortfall that is satisfied by ***** (the “Late Delivered Feed”), Customer may withdraw from the Customer Product 

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Account, pursuant to Article 4, Enriched Product containing such Late Delivered Feed and a corresponding portion of the SWU *****.  
		
	5.3.4
	*****.

		
	5.3.5
	The ***** penalties in Section 5.2 and this Section 5.3 shall not apply if Customer’s failure to Deliver Feed Material occurs due to reasons excused under Article 9, but in no event shall Supplier be obligated to Deliver Enriched Product until the Feed Material for such Enriched Product has been Delivered. 

		
	5.3.6
	If only a portion of the required Feed Material for the Delivery of Enriched Product pursuant to the Order has been Delivered by the Feed Delivery Date, Sections 5.2 and 5.3 shall apply only to an amount of Enriched Product, the Feed Component of which equals the Feed Shortfall. All other Enriched Product (in other words, the Enriched Product for which adequate Feed Material has been Delivered) shall be Delivered, notwithstanding the Feed Shortfall. 

		
	5.4
	Country of Origin.  

		
	5.4.1
	Customer shall supply Feed Material of any Origin, except *****, which is not subject to any restrictions, i.e. which is acceptable for use in commercial nuclear power reactors in the United States of America and the European Union without restriction or duty on the Feed Delivery Date.

		
	5.4.2
	Supplier shall supply Enriched Product with a Feed Component of any Origin, except *****, which is not subject to any restrictions, i.e. which is acceptable for use in commercial nuclear power reactors in the United States of America and the European Union without restriction or duty on the delivery date.

		
	5.4.3
	If Customer notifies Supplier of the Origin of the Feed Material later than the applicable deadline for such Notice in Section 3.3.3.4 or Section 3.3.3.5, as applicable, but prior to the Enriched Product Delivery Date, Supplier shall use its reasonable efforts to Deliver the Enriched Product with the same Origin(s) of Feed Material provided in Customer’s Notice.   However, if Supplier is not in a position to do so, it shall use Feed Material of another Origin or Origins that meets the requirements of this Section 5.4 in order to avoid any delay in the Delivery of the Enriched Product.  In such a case, Supplier shall not be liable to Customer regarding the Origin(s) of the Feed Component of the Enriched Product and shall notify Customer of the Origin(s) of the Feed Component of the Enriched Product it shall Deliver.  

5.5    Title and Risk of Loss.
		
	5.5.1
	Customer shall hold title to all Feed Material Delivered ***** under Section 5.1.1. or ***** under Section 5.1.2, either in its own name or on behalf of its Client, and Supplier shall at least quarterly provide to Customer a Notice of the balance of Feed Material to which Customer holds title *****.  Once Feed Material is allocated under 

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Section 5.1 to Enriched Product to be Delivered pursuant to Customer’s Order, Customer shall continue to hold title to the allocated Feed Material until Delivery of the corresponding Enriched Product to Customer or its Client. Upon such Delivery of Enriched Product, Customer or its Client shall hold title to the Enriched Product Delivered and such Enriched Product shall be deemed to include the Feed Material allocated to the Delivery pursuant to Section 5.1. Accordingly, with respect to the allocated Feed Material ******, this Feed Material shall be *****. 
		
	5.5.2
	Supplier shall bear risk of loss of, and shall enjoy the exclusive and unrestricted right to use, Feed Material ***** under Section 5.1.1 or ***** under Section 5.1.2, and such Feed Material may be commingled and treated as fungible with other uranium inventories of Supplier. Supplier shall remain responsible for all Feed Material *****.

ARTICLE 6 – PRICES AND PAYMENT
6.1    Price.  
		
	6.1.1.
	The Customer shall pay Supplier *****.

		
	6.1.1.1
	*****.

		
	6.1.1.2
	*****. 

		
	6.1.1.3
	*****. 

		
	6.1.1.4
	*****.

		
	6.1.1.5
	*****.  

6.2    *****. 
6.3    Taxes and Other Governmental Impositions.
*****.
		
	6.3.1
	*****. 

		
	6.3.2
	*****.  

		
	6.3.3
	*****.

		
	6.3.4
	*****.

		
	6.3.5
	Nothing herein shall require a Party to manage its inventories or modify its operations except as it deems appropriate in its sole discretion.

		
	6.3.6
	*****. 

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	6.3.7
	In the event of a change in tax law or regulation after the Effective Date of the Agreement which was not foreseen by a Party at such date, and which may have an economic impact that would  materially increase the cost to a Party under this Agreement of the purchase or sale of SWU or the costs of Delivery of Feed Material, SWU or Enriched Product, such Party may give a Notice to the other Party, and ***** after receipt of such Notice,  the Parties shall endeavor in good faith to reach an agreement on measures to mitigate such economic impact to the mutual satisfaction of the Parties.

6.4    Supplier Invoices.
		
	6.4.1
	*****, Supplier shall issue to Customer an invoice (a “Delivery Invoice”) for the SWU Component of the Enriched Product Delivered.  For other prices, fees, charges or costs which Supplier is entitled to charge or collect from Customer under this Agreement (*****), Supplier shall issue an invoice (an “Other Invoice”) according to Supplier’s invoicing procedures. A Delivery Invoice and an Other Invoice are referred to herein individually as an “Invoice” and all such Delivery Invoices and Other Invoices are referred to herein collectively as “Invoices”. 

		
	6.4.2
	All invoiced amounts shall be paid in United States dollars (“USD” or “US$”) and Euros (“EUR”).

		
	6.4.3
	Customer shall pay each Invoice ***** in EUR and ***** in USD ***** by wire transfer of immediately available funds in accordance with Supplier’s invoice instructions not later than ***** the “Payment Due Date”). 

		
	6.4.4
	*****. 

		
	6.4.5
	*****. 

		
	6.4.6
	*****. 

		
	6.4.7
	If Customer fails to pay an invoice in full on, or prior to, the Payment Due Date, Customer shall pay Supplier interest *****. 

		
	6.4.8
	*****.  

		
	6.4.9
	Notwithstanding any other provision of this Agreement, Supplier’s failure to issue an invoice in accordance with this Section for a payment due to Supplier shall not be deemed to be a waiver by Supplier of its right to receive such payment, but the ***** payment period shall run from the date the invoice is received.

6.5    Customer Invoices.

		
	6.5.1
	In the case of charges that can be billed by Customer under this Agreement (for example, under Section 4.7), an invoice shall be issued according to Customer’s invoicing procedures.

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6.5.2    All invoiced amounts shall be expressed and paid in United States dollars.
		
	6.5.3
	Supplier shall pay each Customer invoice by wire transfer to a U.S. bank of immediately available funds in accordance with Customer’s invoice instructions (and without deduction for any amounts owed by Customer with respect to goods and services not covered by the invoice or for any bank fees or any other charges) no later than the Payment Due Date (as defined in Section 6.4);  

		
	6.5.4
	If Supplier fails to pay the invoice in full on, or prior to, the Payment Due Date, Supplier shall pay Customer interest *****.

		
	6.5.5
	*****.

		
	6.5.6
	Notwithstanding any other provision of this Agreement, Customer’s failure to issue an invoice in accordance with this Section shall not be deemed to be a waiver by Customer of its right to receive payment pursuant to this Agreement, but the ***** payment period shall run from the date the invoice is received. 

ARTICLE 7 – TAILS MATERIAL
Title to Tails Material associated with the Enriched Product Delivered to Customer under this Agreement shall be transferred to Supplier free of charge at the Enriched Product Delivery Date and Supplier shall be responsible for storage and disposal thereof.  If, however, Customer wishes to obtain Tails Material, it shall notify Supplier and the Parties shall work cooperatively to implement such Delivery under mutually agreed terms and pricing.

ARTICLE 8 – REPRESENTATIONS AND WARRANTIES
8.1    Supplier Representations.  
Supplier represents to Customer as follows:
		
	8.1.1
	This Agreement is a valid and binding obligation of Supplier, enforceable against Supplier in accordance with its terms.

		
	8.1.2
	Supplier has, or will have at the time required, all necessary licenses and governmental approvals required to engage in the transactions contemplated by this Agreement.

		
	8.1.3
	All Enriched Product Delivered by Supplier to Customer or a Client under this Agreement shall be Delivered free and clear of all liens, pledges, encumbrances, security interests or title claims created by Supplier, its agents or others acting on its behalf and Supplier shall indemnify, hold harmless and, at Customer’s option, defend Customer from any claim contrary to the representations in this Section 8.1.3.

		
	8.1.4
	Material credited to the Orano Cycle Feed Account, the Customer Product Account or any other account at a facility of Supplier or its Affiliate pursuant to a Book Transfer Delivery shall at all times be free and clear of any lien, pledge, encumbrance, security interest or other claim arising from or on account of Supplier or its Affiliates; 

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and Supplier shall indemnify, hold harmless and, at Customer’s option, defend Customer from any claim contrary to the representations in this Section 8.1.4.
		
	8.1.5
	*****.

8.2    Customer Representations. 
Customer represents to Supplier as follows:
		
	8.2.1
	This Agreement is a valid and binding obligation of Customer, enforceable against it in accordance with its terms.

		
	8.2.2
	Customer has, or will have at the time required, all necessary licenses and governmental approvals required to engage in the transactions contemplated by this Agreement.

		
	8.2.3
	Material credited to the Orano Cycle Feed Account shall at all times be free and clear of any lien, pledge, encumbrance, security interest or other claim that could impair Supplier’s right to the exclusive use of such Material and shall be free and clear of any lien, pledge, encumbrance, security interest or other claim that could impair Supplier’s right to produce Enriched Product with such Material for Delivery to Customer; and Customer shall indemnify, hold harmless and, at Supplier’s option, defend Supplier from any claim contrary to the representations in this Section 8.2.3. 

8.3    Supplier Warranties.  
		
	8.3.1
	Supplier warrants to Customer that Enriched Product Delivered by Supplier to Customer pursuant to Article 4 shall be Conforming Material and shall also conform to the quantity and Assay ordered and to the Origin requirements in Article 4. Replacement by Supplier in accordance with the terms of this Agreement of Enriched Product that fails to meet this warranty and payment by Supplier of any costs provided for in Section 4.7 shall be Customer’s exclusive remedies for (i) any breach of this warranty by Supplier or (ii) Supplier’s failure to Deliver Enriched Product in accordance with the terms of this Agreement; provided, that, *****,  replacement shall not be required in the event Customer procures substitute Enriched Product from another source pursuant to Section 4.7.

		
	8.3.2
	Supplier warrants to Customer that Supplier is authorized to use ***** by Supplier to Customer under Article 5.  

		
	8.3.3
	Supplier warrants to Customer that Supplier shall not impair or diminish Customer’s right to title to, and ownership of, all of Customer’s Material whether or not processed and/or held for processing while in Supplier’s possession, care, custody or control, and shall not issue a document of title purporting to convey ownership of Customer’s Material to a third party.  Supplier shall indemnify, hold harmless and, at Customer’s option, defend Customer from any claim, liability, cost or expense, including reasonable attorney’s fees incurred in defending itself against such claim, liability, 

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cost or expense, arising from a breach of this warranty, up to the Replacement Value of the affected Customer’s Material as of the date of such breach by Supplier. 
8.4    Supplier Affiliates.
Supplier warrants that all of its Affiliates shall comply with the representation and warranties of Supplier as if made by such Affiliates to Customer. Supplier shall indemnify, hold harmless and, at Customer’s option, defend Customer from any claim, liability, cost or expense, arising from a breach of any of these representations and warranties by Supplier’s Affiliate, up to the amount that Supplier would be required to pay if Supplier itself had breached the applicable representation or warranty.    
8.5    Disclaimer.    
EACH PARTY’S EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT ARE EXCLUSIVE AND IT MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR WARRANTY (A) OF MERCHANTABILITY; (B) OF FITNESS FOR ANY PARTICULAR PURPOSE; (C) ARISING FROM COURSE OF DEALING OR USAGE OF TRADE; OR (D) THAT MATERIAL DELIVERED BY SUCH PARTY WILL NOT RESULT IN INJURY OR DAMAGE WHEN USED FOR ANY PURPOSE.
		
	8.6
	Transferability. All Supplier warranties in this Agreement regarding Enriched Product shall be transferable to the third parties to whom Customer shall convey or transfer such Enriched Product (each a “Transferee”), provided that (i) Customer notifies Supplier of the identity of such Transferee in the Order given pursuant Section 3.3 or the Withdrawal Notice given pursuant to Article 4, or (ii) if Customer does not provide such identity in the Order or Withdrawal Notice, Customer provides the name of such third party or parties to Customer prior to Acceptance, provided that the Acceptance (as defined in Appendix D) occurs no later than ***** and identifies the specific Cylinders containing such Enriched Product. For the avoidance of doubt, the transferred warranties shall only apply to the Enriched Product Delivered by Supplier.

ARTICLE 9 – FORCE MAJEURE
9.1    Excused Delays.  
A Party shall not be liable for any expense, loss or damage resulting from delay in, or prevention of, performance of its obligations under this Agreement to the extent due to a cause beyond the reasonable control (a “Force Majeure”) of that Party (the “Affected Party”) which may include (but only to the extent they are beyond the reasonable control of the Affected Party) but is not limited to the following:  fires; floods; explosions; acts of God; strikes; labor disputes; war; insurrection or riots; sabotage; terrorist acts; transportation delays; acts or failures to act of governmental authorities, third parties, or the other Party (irrespective of whether excused); or inability to secure labor, materials, equipment or utilities. A delay in, or prevention of, performance of obligations resulting from the failure of a subcontractor engaged specifically to provide goods and services for this Agreement 

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(as distinct from suppliers who provide utilities and other goods or services that are not specific to this Agreement) may only be claimed as a Force Majeure if the cause of the subcontractor’s failure to perform was beyond the subcontractor’s reasonable control. In the event of any delay or prevention of performance arising by reason of a Force Majeure, the time for performance shall be extended by a period of time equal to the time lost by reason of such delay or prevention of performance.  Notwithstanding the above, in no event shall a Force Majeure excuse either Party from the obligation to pay money when due under this Agreement, or require the Affected Party to settle any labor difficulty except as the Affected Party, in its sole discretion, determines appropriate.
9.2    Notification.  
The Affected Party shall notify the other Party, in writing, of the Force Majeure for which excuse is claimed under Section 9.1 and the expected duration of the resultant delay within a reasonable period of time after it appears that the Force Majeure is likely to prevent or delay the performance of the Affected Party’s obligation under this Agreement, and the Affected Party shall use reasonable efforts to keep the other Party informed of any change in the facts set forth in the Notice.
9.3    Delayed Deliveries.    
If a Force Majeure other than an act or omission of Customer or Customer’s agent, contractor or a person acting on Customer’s behalf (irrespective of whether such act or omission is excused) prevents Supplier from Delivering Enriched Product hereunder for more than *****, Customer shall have the option to cancel up to the quantity that Supplier has been unable to Deliver and to procure the canceled quantity of Enriched Product from another source, without cost or liability to or by Supplier. If, however, Supplier provides Notice prior to the end of such ***** period that it can resume performance before the end of such period, Customer shall take Delivery of the previously canceled quantity of Material from Supplier. If Customer elects to cancel pursuant to the first sentence of this Section 9.3, Customer's minimum commitment as specified in Article 3 for the Delivery Year in which Delivery of the delayed Enriched Product was to have been made shall be reduced accordingly. Further, the Feed Material allocated to the cancelled Delivery pursuant to Section 5.1 shall no longer be subject to such allocation, and instead, shall be returned to Customer at a Converter in North America where it can be used to procure substitute Enriched Product from a third party. If not returned to Customer within *****, Supplier shall *****.

ARTICLE 10 – NUCLEAR LIABILITY
		
	10.1
	Responsibility and Indemnification 

		
	10.1.1 
	Regarding Physical Delivery of Material ***** and also regarding Physical Delivery by Supplier further to a Book Transfer Delivery, Supplier shall be responsible for, and shall hold harmless and fully indemnify Customer under the conditions and within the limit of the Paris Convention and of the provisions of Chapter VII of Title IX – Book V of the French Environmental Code applicable to third party nuclear liability in respect of, any and  all risk of injury to third parties or damage to third party property arising 

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from any nuclear incident (as defined in the Paris Convention) at the Orano Cycle Facility, or during transportation of Material up to the moment the Material:
		
	(a)
	enters the boundary of the Fabricator facility when located in a country that is a contracting party to the Paris Convention, or

		
	(b)
	enters the territorial limits (including territorial waters) of the country of the Fabricator facility when such country is not a contracting party to the Paris Convention.

10.1.2   Customer shall be responsible for, and Customer shall hold harmless and fully indemnify Supplier in respect of, any and all risk of injury to third parties or damage to third party property arising from any nuclear incident (as defined in the Paris Convention) caused by Material Physically Delivered to Customer at an Orano Cycle Facility, during the portion of transportation by Customer from the moment such Material has left the territorial limits of the Paris Convention up to a Fabricator facility located in a country that is not a contracting party to the Paris Convention but before such Material arrives at  the boundary of such facility. 

Further, Customer agrees not to ship the Enriched Product to any facility outside the territory of the Paris Convention other than a Fabricator unless the operator  of such other facility either (i) under applicable law is responsible for any and all risk of injury to third parties or damage to third party property arising from any nuclear incident (as defined in the Paris Convention) occurring at such facility or (ii) has agreed to indemnify Customer and its suppliers (under a definition that includes Supplier) for such risk.

		
	10.1.3
	“Paris Convention” shall mean the Convention on Third Party Liability in the Field of Nuclear Energy signed in Paris on July 29, 1960.

10.1.4 Nothing herein shall be deemed to limit any greater financial or legal protection afforded to a Party under applicable law or the Paris Convention.
		
	10.1.5
	The allocation of liability in this Section 10.1 is without prejudice to the liability of a Fabricator under the laws or treaties applicable to it, or to the liability of an insurer under any indemnifications or policy of insurance applicable at the Fabricator facility or during transportation to or from such facility, which laws, treaties, indemnifications and insurance in all cases shall be deemed primary over any indemnification provided by a Party under this Section 10.1.

10.2    Waiver of Liability.  
In no event shall a Party or its directors, officers, employees, suppliers, agents or Affiliates or the directors, officers, employees or suppliers of such directors, officers, employees, suppliers, agents or Affiliates (collectively, the “Protected Party”) be liable to the other Party or its directors, officers, employees, suppliers, Affiliates or agents for loss of, or damage to 

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property of the other Party or its Affiliates resulting from a Nuclear Incident involving Material Delivered to the other Party by the Protected Party under this Agreement and occurring after the point at which risk of loss for such Material transferred to the other Party.  

ARTICLE 11 – OTHER LIABILITY
11.1    Limitation of Liability.
		
	11.1.1
	Neither Party shall be liable to the other Party for any incidental, consequential, special, exemplary, penal, indirect or punitive damages of any nature arising out of or relating to the performance or breach of this Agreement including, but not limited to, replacement power costs, loss of revenue, loss of business opportunities, loss of anticipated profits or loss of use of, or damage to, plant or other property; provided, however, that expenses, penalties or other charges incurred by a Party that are expressly reimbursable under this Agreement by the other Party shall not be considered “damages” for purposes of this Section 11.1.1.

		
	11.1.2
	Either Party’s maximum liability for any claims arising out of or relating to the performance or breach of this Agreement (including, without limitation, claims under Section 4.7), whether based upon contract, tort (regardless of degree of fault or negligence), strict liability, warranty, or otherwise, shall in no event exceed an amount *****. However, this Section 11.1.2 shall not limit the liability of Supplier to Customer under Section 11.1.4 to pay the Replacement Value of Material for which Supplier bears the risk of loss or the liability for failure to return under this Agreement or for any failure of a Party to comply with its obligations under Article 10. 

		
	11.1.3
	Subject to Section 11.1.6, either Party’s maximum aggregate liability for all claims arising out of or relating to the performance or breach of this Agreement, other than a failure to perform the obligation to purchase or sell SWU, or to Deliver Enriched Product, shall be limited to *****.  This liability limitation also shall not limit the liability of Supplier for the cost of replacement (based on Replacement Value) of Feed Material, or Enriched Product pursuant to Section 11.1.4.

		
	11.1.4
	In the event of loss or damage to Customer’s Material for which Supplier bears the risk of loss, or in the event Supplier fails to return Material to Customer ***** under Section 4.7, Section 9.3 or Section 14.3 or Supplier breaches its warranty in Section 8.3.3, Customer shall have the right to procure replacement Material or seek compensation for the impaired value of Customer’s Material and Supplier shall pay up to the Replacement Value of Customer’s Material, as determined on the date of such loss, damage, failure to return or breach, to cover the reasonable costs of such replacement or compensation.

		
	11.1.5
	All claims that a Party (the “Claiming Party”) may have against the other Party, whether based upon contract, tort (regardless of degree of fault or negligence), strict liability, warranty, or otherwise, for any losses or damages arising out of, connected with, or resulting from the performance or breach of this Agreement shall be limited to specifically identified written claims submitted by the Claiming Party to the other 

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Party prior to the expiration of one (1) year after the Claiming Party knows or should have known of the occurrence of the event or the first of a series of events which gives rise to the claim; provided, however, that this one (1) year limit shall not (i) bar any counterclaim, setoff or similar cause of action asserted subsequent to the expiration of such one (1) year limit in response to any written claim submitted prior thereto; nor (ii) be construed as extending or waiving any shorter statute of limitations applicable to any claim, counterclaim, or setoff.
		
	11.1.6
	Nothing in this Section 11.1 (other than Section 11.1.1 in the case of item (ii) and (iii) hereof) shall be construed as limiting the liability of a Party (i) for any failure to comply with Article 10; (ii) to purchase or sell the quantities of SWU required to be purchased hereunder; (iii) to pay the Price per SWU for the SWU Component of Enriched Product Delivered hereunder or any cost or charge that is specifically payable by such Party under this Agreement, including the Replacement Value of Feed Material, or any indemnity provision hereof; or (iv) for willful misconduct or gross negligence.

11.2    Effect of Acceptance. 
Supplier’s obligation to Physically Deliver Conforming Material of the Assay(s) required by this Agreement shall be deemed to have been satisfied upon Acceptance of such Material by Customer in accordance with Appendix D.  After Acceptance of Material Physically Delivered to Customer, Supplier shall have no responsibility for damages or other claims arising from such Material except to the extent provided in Section 10.1.1 with respect to nuclear incidents occurring in the territory of a contracting party to the Paris Convention.
11.3    Scope of Protection.  
The provisions of this Article and of the other Articles of this Agreement that provide for limitation or protection against liability of a Party shall (i) also protect such Party’s agents, and, to the extent they are acting on behalf of such Party, such Party’s Affiliates, contractors, subcontractors, suppliers and vendors of every tier; (ii) apply to the full extent permitted by law and regardless of fault; and (iii) survive termination or suspension of this Agreement, as well as the fulfillment of the obligations of the Parties hereunder.

ARTICLE 12 – GOVERNMENTAL AUTHORIZATIONS AND REQUIREMENTS
		
	12.1
	Each Party shall (i) obtain (or cause its agents to obtain) all permits, licenses or approvals required for performance of its obligations under this Agreement, including any special nuclear material licenses and those required for the possession, storage and transportation of Material; and (ii) comply with all applicable treaties, conventions and similar international agreements to which the United States or France is a party.

		
	12.2
	The Delivery of Enriched Product is subject to the granting of an export license by the relevant French Authorities. This Agreement shall be subject to such reasonable actions as each Party may make in order to comply with any applicable law, regulation, ruling, or request of their respective authorities. In the event of occurrence of prohibition of export or 

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of import due to a French or U.S. governmental authority, then the Parties shall promptly confer to determine the consequences of the situation. The Parties shall not be held liable in case of prohibition of export or of import under this Agreement; provided, however, that such a prohibition shall not excuse Supplier from its obligation to Deliver by Book Transfer to the extent Supplier holds sufficient inventory of Enriched Product in the country where Book Transfer is to be made to permit the completion of the Book Transfer or to the extent the prohibition does not constitute a Force Majeure for which Supplier can claim excuse under Article 9 hereof.

ARTICLE 13 – ENTIRE AGREEMENT; TERMINATION OF PRIOR AGREEMENTS
The terms and conditions set forth herein are intended by Customer and Supplier to constitute the final, complete and exclusive statement of their agreement, and all prior proposals, communications, negotiations, understandings, representations, contracts and agreements, whether oral or written, relating to the supply of the Enriched Product that is subject to this Agreement (the “Prior Agreements”), are hereby terminated and superseded.  The Parties hereby mutually release each other from any claim, liability or obligation under or arising from such terminated Prior Agreements other than any agreement of confidentiality arising from such Prior Agreements. The executed agreements between the Parties as of the Effective Date, including the agreement cited in Section 1.32, are not Prior Agreements and are not terminated and superseded.  *****.

ARTICLE 14 – TERMINATION AND SUSPENSION
14.1    Right to Terminate.
		
	14.1.1
	In addition to any other rights it may have and subject to applicable law, a Party shall have the right, at no cost to the either Party, to terminate or suspend this Agreement in whole or in part, by Notice to the other Party, in the event the other Party enters into any voluntary or involuntary receivership, bankruptcy or insolvency proceeding, other than a proceeding under Chapter 11 of the United States Bankruptcy Code; provided, however, that in the case of an involuntary proceeding, the right to terminate or suspend shall arise only if the proceeding has not been dismissed within *****.  In addition, Customer’s obligations under this Agreement to take Delivery of Enriched Product shall be deemed suspended if Supplier’s right to Deliver Enriched Product expires or is suspended or terminated by any governmental authority having the power to take such action.  The Parties shall promptly discuss the situation to clarify the extent and impact of the suspension of Customer’s obligations and to agree upon a date for resumption of Delivery, if applicable.

		
	14.1.2
	In addition to (and without limiting) any other rights it may have under this Agreement (including under Section 4.7, 5.3 or 9.3) and subject to applicable law, a Party (a “Suspending/Terminating Party”) shall have the right, at no cost to such Suspending/Terminating Party, to terminate or suspend this Agreement in whole or in part, by Notice to the other Party (a “Breaching Party”), in the event:

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	14.1.2.1
	the Breaching Party fails to perform its material obligations under this Agreement other than a failure to perform attributable to a cause meeting the definition of Force Majeure in Section 9.1 (each, a “Material Breach”); and 

		
	14.1.2.2
	the Terminating Party delivers Notice of such breach to the Breaching Party (the "Material Breach Notice"); and 

		
	14.1.2.3
	the Breaching Party (A) fails to timely and fully complete any remedy for such Material Breach provided in this Agreement (e.g., Section 4.7), or (B) if no remedy is provided in this Agreement, does not cure the Material Breach ***** after it receives the Material Breach Notice; provided, such failure to complete the remedy or to cure the Material Breach is not attributable to a cause meeting the definition of Force Majeure in Section 9.1.

For these purposes, a Material Breach shall not include any failure to perform that does not materially reduce the financial benefits of this Agreement for the Suspending/Terminating Party. 
		
	14.1.3
	A Party that has delivered a Material Breach Notice shall have the right to suspend its obligations under this Agreement, but may not exercise such right until (i) it has notified the Breaching Party of its intention so to do (the "Suspension Warning Notice"); and (ii) the Breaching Party has failed to cure the Material Breach ***** after receiving such Suspension Warning Notice with respect to a Material Breach of this Agreement or such shorter Cure Period as may be provided in this Agreement (for example, in Section 4.7.1). 

14.2    Obligations upon Termination, Suspension or Expiration.  
A Party shall not be required to purchase or sell SWU on or after the effective date of any termination, suspension or expiration of this Agreement. Customer shall deliver Feed Material, and pay Supplier for SWU sold in connection with Deliveries of Enriched Product completed before such date.  
14.3    Return of Material. 
		
	14.3.1
	No later than ***** after the effective date of any termination or expiration of this Agreement, Supplier and Customer shall agree upon terms for the return of any Material remaining in the Orano Cycle Feed Account or the Customer Product Account.  In case of termination of this Agreement for a reason attributable to a Party, that Party shall *****. 

		
	14.3.2
	If, for any reason, Supplier is not willing to agree to terms for such a return, Customer shall have the replacement rights set forth in Section 11.1.4. 

		
	14.3.3
	If, for any reason, Customer is not willing to agree to terms for such a return, Supplier shall send Customer a request to agree, with its best and final offer of terms. If 

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Customer thereafter fails to agree ***** after receiving Supplier’s request, Supplier may *****.

ARTICLE 15 – ASSIGNMENT AND TRANSFER OF INTEREST
15.1    General.  
Except as provided in this Article 15, this Agreement shall not be assigned by either Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld.
15.2    Permitted Assignments.
		
	15.2.1
	A Party’s consent shall not be required for an assignment by the other Party of this Agreement as collateral for financing of the other Party’s business, or for an assignment of the other Party’s right to receive any payment owed to the assigning Party hereunder, or any further assignment thereof, provided that the assignee receives no greater rights under this Agreement than the assignor and the other Party remains the primary obligor under the Agreement following the assignment subject to the assignee’s right to perform in the event of enforcement of its lien.

		
	15.2.2
	A Party’s consent shall not be required for an assignment (in whole or in part) by the other Party to its Affiliate, to an entity that succeeds to substantially all of the assets or business of the assigning Party or, in the case of an assignment by Customer, a trust, corporation, or other entity utilized by Customer for purposes of financing the acquisition, use and/or maintenance of Enriched Product or nuclear fuel; provided that (i) the assignor notifies the non-assigning Party in writing that this Agreement has been assigned; (ii) the assignee notifies the non-assigning Party in writing that it agrees to be bound by this Agreement; (iii) the assignee’s rights and obligations hereunder shall be subject to any defenses or claims of the non-assigning Party under this Agreement; (iv) the assignment does not reduce the amount of SWU sold, or Enriched Product Delivered, under this Agreement; and (v) the assigning Party shall not be released from its obligations under this Agreement.  

		
	15.2.3
	Neither the disposition of a Party’s stock nor a transfer of ownership of such a Party (whether in whole or in part) by merger or otherwise shall be construed as an assignment or otherwise require consent of the other Party.

15.3    Successors.  
Subject to Sections 15.1 and 15.2, this Agreement shall be binding upon and shall inure to the benefit of the legal representatives, successors and permitted assigns of the Parties hereto.

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ARTICLE 16 – CONFIDENTIALITY
16.1    Restricted Proprietary Information.
		
	16.1.1
	Except as provided in Section 16.1.3, Supplier and Customer shall treat this Agreement, its terms and conditions, and appendices, including all modifications, and all related communications as “Restricted Proprietary Information.”

		
	16.1.2
	Except as provided in Section 16.1.3 a Party shall not disclose any part of such Restricted Proprietary Information to any other person or entity other than officers, directors, or employees of a Party, and accountants, bankers, and legal counsel acting on behalf of such Party (provided such accountants, bankers, and legal counsel have agreed in writing to maintain such Restricted Proprietary Information in confidence or are otherwise subject to an obligation of confidentiality that will provide at least the level of protection afforded by this Article 16), without the prior written consent of an authorized representative of the other Party (which consent shall not be unreasonably withheld), except as such disclosure may be required (i) by court order, subpoena, or other appropriate governmental authority or to meet legal reporting obligations to a government agency or a Party’s shareholders under, for example, the rules of the U.S. Securities and Exchange Commission; (ii) to fulfill obligations under this Agreement (including communications by either Party with Fabricators, transporters or others concerning matters necessary to effect a Delivery of Material or a payment required under this Agreement) or obligations under a Party’s agreements with financial institutions; or (iii) to enforce either Party’s rights hereunder.  In all cases under this Section 16.1.2, the disclosing Party shall take reasonable precautions to protect the confidentiality of the disclosed Restricted Proprietary Information.  Further, if disclosure of Restricted Proprietary Information is required under item (i) above, the disclosing Party shall promptly notify the other Party of the requirement and shall take such further measures as necessary to minimize or oppose the disclosure, if requested by the other Party.

		
	16.1.3
	Following execution of this Agreement, the Parties shall agree upon the terms that Customer may share on a confidential basis with a Client or its agents on a confidential basis to the extent Customer deems necessary to ensure performance of this Agreement or deliver and/or sell the Material provided by Supplier under this Agreement. Subject to further review of details of these provisions by each Party, it is the Parties’ intention that these terms shall include the Restricted Proprietary Information in Articles 1 and 4 and Appendices C and D, which is relevant to the Delivery of Enriched Product to such Client or the handling of such Delivery by its agents and not commercially sensitive.

16.2    Applicability.  
The provisions of this Article are applicable to all officers, directors, employees, and agents of each Party and its Affiliates. Each Party shall be responsible for ensuring the compliance with the terms hereof by all such officers, directors, employees, and agents.

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ARTICLE 17 – DISPUTE RESOLUTION
17.1    Disputes.
		
	17.1.1
	This Article 17 shall provide the exclusive means of resolving any other dispute, claim, controversy or failure to agree arising out of, relating to, or connected with this Agreement or the breach, termination, or validity thereof (a “Dispute”).

		
	17.1.2
	Either Party may invoke the provisions of this Article by giving Notice thereof to the other Party with a detailed description of the matters involved in the Dispute.  The Parties shall attempt to resolve such Dispute through good faith negotiations, including one or more meetings between senior executive representatives of the Parties, during the ***** following such Notice.  The ***** for negotiation may be shortened or lengthened by mutual agreement.  The failure to conduct such negotiations for any reason shall not bar the referral of the Dispute to arbitration pursuant to the remaining provisions of this Article.

		
	17.2
	Arbitration Rules.  

Any Dispute that the Parties have not resolved within the ***** period in Section 17.1 (or with respect to which either Party elects to forego negotiations under Section 17.1) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the “Rules”) by three (3) arbitrators (the “Tribunal”) appointed as follows:   Each Party shall appoint one of the arbiters, and the third arbiter shall be selected in accordance with the Rules. The seat of the arbitration shall be Stockholm, Sweden.  The Parties shall use their reasonable efforts to select an arbitrator who has experience in complex commercial matters involving the application of Swedish Law.
17.3    Hearings and Award.  
All hearings shall be held, if possible, within ***** following the appointment of the arbitrator.  At a time designated by the Tribunal, each Party shall simultaneously submit to the Tribunal and exchange with each other its final proposed award, and in rendering the final award, the Tribunal shall be limited to choosing the award proposed by one Party or the other, in either case without modification; provided, however, that in no event shall the Tribunal award any damages prohibited under Article 11 hereof, or make any award that is otherwise inconsistent with the terms and conditions of this Agreement or exceeds the ***** caps on liability imposed hereunder.  Unless the Tribunal determines that extraordinary circumstances require additional time or both Parties jointly request an extension in writing, the Tribunal shall issue the final and binding award, which shall not be subject to appeal, no later than ***** after completion of the hearings, and judgment on any award may be entered in any court having jurisdiction thereof.  Nothing herein shall limit the rights of either Party under the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
17.4    Notice.  

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Each Party consents to service of the Notice of arbitration, and any other paper in the arbitration or in any proceeding brought pursuant to this Agreement, by registered mail or personal delivery at its address specified in Article 18.
17.5    Confidentiality.  
The fact that either Party has invoked the provisions of this Article 17, the arbitration proceedings and related communications or disclosures, and the decision of the Tribunal, shall all be considered Restricted Propriety Information under Article 16, and the Parties shall ensure that the Tribunal agrees not to make disclosure of any Restricted Proprietary Information that would not be permitted to be disclosed by a Party under the terms of Article 16.
17.6    Binding Upon Successors.  
This agreement to arbitrate and any award made hereunder shall be binding upon the successors and assigns and any trustee or receiver of each Party.
17.7    Effect of Arbitration on Performance.  
The fact that either Party has invoked the provisions of this Article 17 shall not relieve either Party of any obligations it may otherwise have to continue performance in accordance with the provisions of the Agreement.
17.8    Waiver.  
To the extent either Party has or hereafter may acquire any immunity (including sovereign immunity) from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Party hereby irrevocably waives such immunity in respect of its obligations and liabilities under, or in connection with, this Agreement.
17.9    Costs.  
Each Party shall *****.

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ARTICLE 18 – NOTICES AND ADDRESSES
18.1    Notices.  
Any notice, request, demand, claim or other communication related to this Agreement (a “Notice”) must be in writing and delivered by hand, registered mail (return receipt requested), overnight courier, or transmitted by electronic mail if a confirming copy is promptly delivered to the other Party by one of the foregoing methods (or by first class mail) at the following addresses and numbers:
Customer:
United States Enrichment Corporation
c/o Centrus Energy Corp.
6901 Rockledge Drive
Bethesda, Maryland 20817
ATTENTION:  Vice President, Sales and Chief Marketing Officer
Electronic mail:  donelsonj@centrusenergy.com

Supplier:
Orano Cycle Site du Tricastin - BP 16
26702 Pierrelatte Cedex
FRANCE 
ATTENTION: Sandra Mateos
Electronic mail: sandra.mateos@orano.group

Either Party may change its address, including electronic mail address, for receiving Notices by giving Notice of such change to the other Party no later than thirty (30) Business Days prior thereto.

18.2    Giving of Notice. 
All Notices shall be deemed given upon actual receipt thereof.  Compliance with Section 18.1 for a particular Notice shall be deemed waived if the other Party acknowledges actual receipt of the Notice by one of the means in Section 18.1.   

ARTICLE 19 – GENERAL
19.1    Governing Law.  
The validity, performance, and all matters relating to interpretation and effect of this Agreement and any amendment hereto shall be governed by the laws of Sweden.
19.2    Captions and Headings of No Effect.  
The captions and headings in this Agreement are inserted for convenience only and shall not affect the interpretation or construction of this Agreement or any provision hereof.
19.3    Invalid or Unenforceable Provisions.  

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If any provision of this Agreement is or becomes invalid or unenforceable, the remainder of this Agreement shall not be affected.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, only as to such jurisdiction, be ineffective only to the extent of the prohibition or unenforceability.  The Parties shall cooperate to negotiate mutually acceptable terms to replace any invalid or unenforceable provision.
19.4    No Waiver.  
The failure of either Party to enforce any of the provisions of this Agreement, or to require at any time strict performance by the other Party of any of the provisions hereof, shall in no way be construed to be a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part hereof, or the right of such Party thereafter to enforce each and every such provision.
19.5    Contractors.
		
	19.5.1
	A Party may fulfill its obligations under this Agreement through one or more contractors. No such contractor and/or subcontractor is authorized to modify the terms of this Agreement, waive any requirement hereof, or settle any claim or dispute arising hereunder. 

		
	19.5.2
	References in this Agreement to the liability of a Party for its negligence or intentional acts shall be deemed to include the negligence or intentional acts or omissions of the Party’s contractors, subcontractors, employees, or agents if, under applicable law, the Party would be vicariously liable for such acts or omissions.

19.6    Survival.  
This Article and the provisions set forth in Articles 1, 7 (first sentence only) 8, 9, 10, 11, 13, 16, 17 and 18; and Sections 5.4, 5.5, 6.2, 6.3, 6.4, 6.5, 14.2 and 14.3 and the Appendices  (Appendices shall survive for twelve (12) months following the month the Agreement terminates or expires) shall survive termination or expiration of this Agreement.
19.7    Amendment.  
No modification or amendment of this Agreement shall be effective unless it is in writing and signed by both Parties.

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19.8    No Third Party Beneficiaries.  
Except where the Agreement specifically states otherwise (for example, in Section 11.3), nothing in this Agreement shall be interpreted as creating any right of enforcement of any provision herein by any person or entity that is not a Party to this Agreement.
19.9    Consent to be Reasonably Given.  
Where a Party must give its consent under this Agreement, such consent may not be unreasonably withheld or delayed unless the Agreement provides that such consent is at the sole discretion of such Party.
19.10    Execution in Counterparts.  
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be signed in two (2) originals by their duly authorized officers as of the Effective Date.
Orano Cycle                        UNITED STATES ENRICHMENT
CORPORATION
By: /s/     Philippe T. Knoche                By: /s/ Daniel B. Poneman
Name: Philippe T. Knoche                Name: Daniel B. Poneman 
Title:    Chief Executive Officer             Title: President and Chief Executive Officer 

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APPENDIX A:  ORDER FOR DELIVERY 

1.    EP Delivery Date 
2.    Quantity (in KgU) of Enriched Product to be Delivered by Supplier 
3.    The Assay(s) of the Enriched Product to be Delivered by Supplier

		
	4.
	The quantity of SWU to be supplied in the Enriched Product

		
	5.
	The quantity (in KgU of natural UF6) of Feed Material to be supplied by Customer, as well as, if known, the Feed Delivery location(s) for such quantity and the Feed Material Origin(s)

	
		
	Quantity
	Delivery location(s) and Origin(s) (if known; otherwise provide under Section 3.3)

	[fill in]
	[fill in]

	[fill in]
	[fill in]

6.    Tails Assay
8.    Enriched Product Delivery location(s)
		
	9.
	Method of Enriched Product Delivery (i.e., Physical Delivery or Book Transfer) and, if a Book Transfer *****

		
	10.
	Confirmation from Customer that the Feed Material to be Delivered has an Origin or Origins that can lawfully be used in licensed commercial nuclear reactors in the United States

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APPENDIX B:  PLANNING DATA
Subject to Section 3.5, Customer provides the following non-binding information, which will be update annually:  
	
							
	Delivery Year
	2023
	2024
	2025
	2026
	2027
	2028

	The amount of SWU expected to be purchased in the Delivery Year
	*****
	*****
	*****
	*****
	*****
	*****

	The anticipated Enriched Product Delivery location(s)
	*****
	*****
	*****
	*****
	*****
	*****

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APPENDIX C – CYLINDERS
1.    Obligation to Provide Cylinders and Overpacks.
(a)    Where Customer has requested a Physical Delivery in an Order or Withdrawal Notice, Customer shall physically deliver to Supplier, *****, all Cylinders necessary for Supplier to make a Physical Delivery of Material to Customer or Client, no later than *****. In the case of replacement or additional Enriched Product to be provided by Supplier under Appendix D, Supplier shall provide all Cylinders and overpacks required for Deliveries of replacement or additional Enriched Product under such Appendix, unless Customer elects to supply Cylinders and overpacks for such replacement or additional Enriched Product. Overpacks required for a Physical Delivery need not be provided until *****.
(b)    If Customer does not supply Cylinders as required in Paragraph 1(a) of this Appendix for a Physical Delivery of Enriched Product pursuant to an Order or Withdrawal Notice, Supplier may offer to rent Cylinders to Customer subject to Supplier’s terms and conditions for use and return of Cylinders.
2.    Specifications.
All Cylinders, overpacks or equipment supplied by either Party must meet all applicable                 regulatory specifications and requirements as to safety, design criteria, cleanliness and freedom from contamination in effect at the time furnished under vacuum, utilized or returned, as the case may be, and shall conform to the requirements described in USEC-651(Rev.10) (The UF6 Manual: Good Handling Practices for Uranium Hexafluoride) or any successor publication or revision thereof provided to Supplier.
3.    Other Equipment.
In addition to Cylinders and overpacks, Customer shall supply P-10 sample containers for the samples to be provided to Customer by Supplier except that sample containers required for Physical Delivery of replacement or additional Enriched Product shall be provided by Supplier. All equipment other than Cylinders, overpacks and sample containers required to make a Physical Delivery, including sample containers for Official Samples to be retained by Supplier (as defined in Appendix D) and for use in analysis of samples by Supplier, shall, unless otherwise agreed, be supplied by Supplier.
4.    Responsibility for Loss or Damage.
Upon physical delivery of a Cylinder, overpack, or other equipment to Supplier, Supplier shall bear risk of loss of, or damage to, such Cylinder, overpack, or other equipment until such Cylinder, overpack, or equipment is physically delivered to *****, at which point responsibility for loss or damage shall transfer back to Customer. Supplier also shall bear risk of loss of, or damage to, to P-10 sample containers provided by Customer until such sample containers are physically delivered to Customer, *****, at which point responsibility for loss or damage shall transfer back to Customer.

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APPENDIX D – SAMPLING, ACCEPTANCE AND DISAGREEMENTS  
1.    Statement of Quantities and Properties.
With each Physical Delivery of Material, Supplier shall furnish Customer with a Certificate of Quality and Quantity (“CQQ” or “Statement”) for the Material Physically Delivered by Supplier,  that includes the empty gross weight of the Cylinder, the gross weight of the filled Cylinder, the net weight of the Material it contains, the Assay, the technical information needed to establish that the Material is Conforming Material, and Supplier’s certification that the Material is Conforming Material and meets the terms of the Order or Withdrawal Notice.  The Statement may be provided in a form agreed by the Parties, but if not agreed by the Parties, it shall be provided in the form commonly used by Supplier with customers in Japan.
2.    Official Samples.
(a)    Supplier shall sample Material Physically Delivered in accordance with Supplier’s procedures.  *****.  Samples of Material taken by Supplier in accordance with Supplier’s procedures shall be the official samples (the “Official Samples”) and shall be binding upon Supplier, Customer, and any umpire selected by the Parties. The amount of Enriched Product in any samples that are taken by Supplier at Customer’s request shall be paid for by Customer at the prices established for SWU under this Agreement.
(b)    From each Cylinder of Enriched Product to be Delivered to Customer or from each mother cylinder use to fill such Cylinders, *****.

(c)    *****; 
(d)    Supplier shall retain Official Samples from all Cylinders of Enriched Product until *****, provided that such Official Samples may be provided to an umpire under Paragraph 7.  All Official Samples held pursuant to the proceeding sentence shall be held in sample containers provided by Supplier at no cost to Customer that are suitable for shipment to an umpire as needed.
3.    Official Weights.
(a)    Supplier shall determine the gross weight of all filled Cylinders, the empty gross weight of all empty Cylinders, and the net weight of all Material Physically Delivered by or to Supplier using Supplier’s weighing procedures and equipment.  For purposes of this Appendix D, “net weight” shall mean the difference between the gross weight of a Cylinder filled with Material and the empty gross weight of such Cylinder.  “Empty gross weight” shall mean the weight of the Cylinder after it has been emptied, but including any Material left in the Cylinder after emptying (“heels”).  Supplier’s gross weight determination shall be final unless the gross weight determined by Customer (or Fabricator, if Supplier Physically Delivers such Cylinder to Fabricator) differs from Supplier’s gross weight determination by more than the “Applicable Dispute Limit,” which shall mean, *****; provided, that Customer notifies Supplier of such discrepancy prior to Acceptance of the Material.

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(b)    The Parties shall follow the check-weight procedures in Paragraph 8 of this Appendix D in resolving such disputes, and the resolution of such disputes in accordance with Paragraph 8 shall be final and binding on the Parties.  Notwithstanding the existence of a discrepancy in gross weight or a dispute concerning such discrepancy, Supplier’s gross weight determination shall be final and binding on the Parties if Customer or its agent (including Fabricator) breaks the seal on, or evacuates any of the Material from, the disputed Cylinder prior to resolution of the discrepancy or Supplier’s agreement to accept Customer’s (or Fabricator’s) gross weight determination.
(c)    As between the Parties, the weight determined by the Parties under this Paragraph 3 shall be considered the “official weight” for purposes of this Agreement.
4.    Observation of Filling Cylinder, Weighing and Sampling.
If requested in Customer’s Order or Withdrawal Notice, Customer (or its representative, which may be a Client if qualified and approved in advance by Supplier for plant access to the Orano Cycle Enrichment Facility) shall be given an opportunity to observe, at Customer’s expense, (a) the filling of any Cylinder; (b) the weighing of any Cylinder pursuant to Paragraph 3 of this Appendix; and (c) the taking of Official Samples by Supplier pursuant to Paragraph 2 of this Appendix. Supplier shall notify Customer of the date(s) and place(s) for observing such events.
5.    Acceptance.
(a)    Acceptance shall be deemed to have occurred in the event:
(i)    Customer fails to notify Supplier of its disagreement with the Statement, or that the Material is not Conforming Material, within *****; or
(ii)    Customer uses, commingles or otherwise disposes of such Material, except to the extent necessary for storage or protection against health and safety hazards; or
(iii)    an umpire determines (or the Parties agree) that the Parties must accept the Statement as correct and that the Material is Conforming Material.
(b)    The Customer’s right to reject Material shall terminate upon Acceptance of such Material.
6.    Rejection and Replacement.
(a)    If Customer disagrees with the Statement (other than net weight, which shall be finally determined by Supplier under Paragraph 3 of this Appendix) or determines that the Material is not Conforming Material, Customer may, prior to Acceptance, notify Supplier of its disagreement, including the measurements and analytical data supporting Customer’s position (Customer’s Notice being referred to herein as a “Rejection Notification”), and, subject to resolution of such disagreement, require Supplier to replace the Material with Conforming Material, or in the case of an alleged shortage in quantity, to Deliver the shortfall.  The Supplier shall make such replacement or additions as soon as practicable, but in no event later than: *****.

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(b)    *****.  If Supplier disputes the Rejection Notification, and such dispute is resolved in favor of Customer, Supplier shall *****.  Customer shall use its reasonable efforts to assist Supplier *****.
(c)    Title to, and risk of loss of, Material that is rejected by Customer pursuant to this Paragraph shall pass to Supplier upon *****.  Title to and risk of loss of replacement or additional Material Delivered pursuant to this Paragraph shall pass to Customer upon *****.
(d)    *****.  If the defect in the Material can be corrected through a means other than replacement of the defective Material, Supplier may utilize such means.  The Parties shall finally resolve disputes concerning the Assay of Material and its conformance with the applicable specification under the procedures set forth in Paragraph 7.  The procedures in Paragraph 8 shall apply to weight disputes. All other disputes shall be subject to Article 17.
7.    Resolution of Disputed Rejection Notification.
(a)    If a dispute of a Rejection Notification is not resolved by mutual agreement *****, the applicable Official Sample(s) shall be submitted to a mutually agreed-upon umpire for analysis.  The umpire’s results shall be conclusive on both Parties if such results are within the range determined by both Parties’ results.  If the umpire’s results are outside the range determined by the Parties’ results, the Parties shall accept the results of the Party that are nearest to the umpire’s results.
(b)    *****.
8.    Resolution of Weight Disputes.
If, in accordance with Paragraph 3 of this Appendix D, Customer notifies Supplier that the gross weight of a filled Cylinder Physically Delivered by Supplier differs by more than the Applicable Dispute Limit (as defined in Paragraph 3) from the gross weight determined by Supplier, then, if the discrepancy cannot be resolved by mutual agreement within *****, Customer shall arrange for a separate check weighing to determine the gross weight of the filled Cylinder.  Supplier shall have the right to witness the check weighing.  Customer shall give Supplier ***** notice of the time and place for the check weighing.  The check weighing shall be conducted on calibrated scales and weighing machines properly certified for such purpose.  The check weighing procedure shall be as follows:
(a)    All Cylinders and/or weights shall be first removed from the scales, and the scales shall be zero-checked.
(b)    A mutually agreed standard weight shall then be placed on the scales in order to verify their accuracy. If the indicated weight of the standard weight differs from its known weight by more than *****, the scales shall be recalibrated.
(c)    The Cylinder to be check-weighed shall be examined to ensure that the valve protector and other removable items have been removed and then it shall be reweighed.  The results of the reweighing shall be defined as the “Check Weight.”

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(d)    If the Check Weight and Supplier’s gross weight determination differ by an amount equal to or less than the Applicable Dispute Limit, Supplier’s gross weight determination shall be binding.
(e)    If the Check Weight and Supplier’s original gross weight differ by more than the Applicable Dispute Limit, the Check Weight shall be binding.
(f)    *****.
(g)    *****.
Neither Customer nor any party acting on its behalf shall evacuate or break the seal of a Cylinder which is the subject of a dispute concerning gross weight until any discrepancy concerning weight is resolved under this Appendix.

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APPENDIX E – ENRICHED PRODUCT CERTIFICATION
*****

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USEC CONTRACT NO. EC-SC01-18MI03174

APPENDIX F - DETERMINATION OF RESPECTIVE AMOUNTS OF FEED MATERIAL AND SWU

1.    Determination of the amount of SWU

The relationship between the amount of SWU, the amount of Enriched Product, the amount of Feed Material and the isotopic Assay is:

Q = Qp [V (Np) - V (Nw)] - Qf [V (Nf) - V (Nw)]

where:
V (Nx) = (2 Nx - 1) Ln [Nx/ (1-Nx)]

and:
Qf = Qp (Np - Nw) / (Nf - Nw)

where:

Q    =    amount of SWU to be invoiced

Qp    =    amount of Enriched Product (kgU) Delivered by Supplier

Qf    =    amount of Feed Material (kgU) as UF6 supplied by Customer 

Np    =    Enriched Product Assay

Nf    =    Feed Material Assay equal to 0.00711 U-235 

Nw    =    Tails Material Assay

V(Nx)    =    function of Nx, the value of which must be calculated for Nx = Np, Nx 
=     Nw, Nx = Nf

Ln    =    natural logarithm (base e)

For the application of the above formula the figures shall be treated as follows:

		
	•
	Intermediate calculation (i.e. V(Np), V(Nf) and V(Nw)) will be rounded to the eighth decimal place. 

		
	•
	The amount of Enriched Product is expressed in kilograms of uranium, rounded to the nearest third decimal place (i.e. to the gram).

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RESTRICTED PROPRIETARY INFORMATION
AREVA CONTRACT NO. C16 017 CEN SW 00
USEC CONTRACT NO. EC-SC01-18MI03174

		
	•
	The amount of Feed Material to be supplied is expressed in kilograms of uranium, rounded to the nearest third decimal place (i.e. to the gram).

		
	•
	The amount of Feed material used in the formula to calculate the amount of SWU to be invoiced will be rounded to the eighth decimal place.

		
	•
	Amounts of uranium, either Feed Material or Enriched Product, are obtained by multiplying the measured quantities of corresponding UF6 material (expressed in Kilograms rounded up to the nearest first decimal place for the UF6 weighed in 30B containers and, in the case of UF6 weighed in 48Y containers, rounded up to the nearest integral number) by the measured ratio of uranium content.  This ratio is expressed to the nearest fourth decimal place.

		
	•
	The Enriched Product Assay is expressed in weight fraction and rounded up to the nearest fifth decimal place.

		
	•
	The amounts of separative work, expressed in SWU, are rounded up to the nearest third decimal (i.e. to the 1/1,000 SWU).

2.    Determination of the amount of Feed Material

The amount of Feed Material to be supplied by Customer for a given amount of Enriched Product is defined by the relationship mentioned in the above Paragraph 1:

Qf = Qp (Np - Nw) / (Nf - Nw)

The Tails Assay used in this formula is the Tails Assay in Customer’s Order.

It is not necessary to take into account any losses which might arise during Enrichment.  These losses are for the sole account of Supplier.

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