Document:

EXHIBIT
4.18

 

SINTX
TECHNOLOGIES, INC.

Issuer

 

AND

 

[TRUSTEE],

Trustee

 

INDENTURE

 

Dated
as of _______, 20__

 

Debt
Securities

 

    	 

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	article
    1	DEFINITIONS	1
	 	 	 
	Section
    1.01	Definitions
    of Terms	1
	 	 	 
	article
    2	ISSUE,
    DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	 	 	 
	Section
    2.01	Designation
    and Terms of Securities	4
	 	 	 
	Section
    2.02	Form
    of Securities and Trustee’s Certificate	6
	 	 	 
	Section
    2.03	Denominations:
    Provisions for Payment	6
	 	 	 
	Section
    2.04	Execution
    and Authentications	7
	 	 	 
	Section
    2.05	Registration
    of Transfer and Exchange	8
	 	 	 
	Section
    2.06	Temporary
    Securities	9
	 	 	 
	Section
    2.07	Mutilated,
    Destroyed, Lost or Stolen Securities	9
	 	 	 
	Section
    2.08	Cancellation	10
	 	 	 
	Section
    2.09	Benefits
    of Indenture	10
	 	 	 
	Section
    2.10	Authenticating
    Agent	10
	 	 	 
	Section
    2.11	Global
    Securities	11
	 	 	 
	Section
    2.12	CUSIP
    Numbers	11
	 	 	 
	article
    3	REDEMPTION
    OF SECURITIES AND SINKING FUND PROVISIONS	11
	 	 	 
	Section
    3.01	Redemption	11
	 	 	 
	Section
    3.02	Notice
    of Redemption	12
	 	 	 
	Section
    3.03	Payment
    Upon Redemption	12
	 	 	 
	Section
    3.04	Sinking
    Fund	13
	 	 	 
	Section
    3.05	Satisfaction
    of Sinking Fund Payments with Securities	13
	 	 	 
	Section
    3.06	Redemption
    of Securities for Sinking Fund	13
	 	 	 
	article
    4	COVENANTS	13
	 	 	 
	Section
    4.01	Payment
    of Principal, Premium and Interest	13
	 	 	 
	Section
    4.02	Maintenance
    of Office or Agency	14

 

    	i

     

    

 

	Section
    4.03	Paying
    Agents	14
	 	 	 
	Section
    4.04	Appointment
    to Fill Vacancy in Office of Trustee	15
	 	 	 
	article
    5	SECURITYHOLDERS’
    LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	15
	 	 	 
	Section
    5.01	Company
    to Furnish Trustee Names and Addresses of Securityholders	15
	 	 	 
	Section
    5.02	Preservation
    of Information; Communications With Securityholders	15
	 	 	 
	Section
    5.03	Reports
    by the Company	15
	 	 	 
	Section
    5.04	Reports
    by the Trustee	16
	 	 	 
	article
    6	REMEDIES
    OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	16
	 	 	 
	Section
    6.01	Events
    of Default	16
	 	 	 
	Section
    6.02	Collection
    of Indebtedness and Suits for Enforcement by Trustee	17
	 	 	 
	Section
    6.03	Application
    of Moneys Collected	18
	 	 	 
	Section
    6.04	Limitation
    on Suits	19
	 	 	 
	Section
    6.05	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	19
	 	 	 
	Section
    6.06	Control
    by Securityholders	20
	 	 	 
	Section
    6.07	Undertaking
    to Pay Costs	20
	 	 	 
	article
    7	CONCERNING
    THE TRUSTEE	20
	 	 	 
	Section
    7.01	Certain
    Duties and Responsibilities of Trustee	20
	 	 	 
	Section
    7.02	Certain
    Rights of Trustee	21
	 	 	 
	Section
    7.03	Trustee
    Not Responsible for Recitals or Issuance or Securities	23
	 	 	 
	Section
    7.04	May
    Hold Securities	23
	 	 	 
	Section
    7.05	Moneys
    Held in Trust	23
	 	 	 
	Section
    7.06	Compensation
    and Reimbursement	23
	 	 	 
	Section
    7.07	Reliance
    on Officer’s Certificate	24
	 	 	 
	Section
    7.08	Disqualification;
    Conflicting Interests	24
	 	 	 
	Section
    7.09	Corporate
    Trustee Required; Eligibility	24
	 	 	 
	Section
    7.10	Resignation
    and Removal; Appointment of Successor	24
	 	 	 
	Section
    7.11	Acceptance
    of Appointment By Successor	25
	 	 	 
	Section
    7.12	Merger,
    Conversion, Consolidation or Succession to Business	26

 

    	ii

     

    

 

	Section
    7.13	Preferential
    Collection of Claims Against the Company	26
	 	 	 
	Section
    7.14	Notice
    of Default.	27
	 	 	 
	article
    8	CONCERNING
    THE SECURITYHOLDERS	27
	 	 	 
	Section
    8.01	Evidence
    of Action by securityholders	27
	 	 	 
	Section
    8.02	Proof
    of Execution by Securityholders	27
	 	 	 
	Section
    8.03	Who
    May be Deemed Owners	27
	 	 	 
	Section
    8.04	Certain
    Securities Owned by Company Disregarded	28
	 	 	 
	Section
    8.05	Actions
    Binding on Future Securityholders	28
	 	 	 
	article
    9	SUPPLEMENTAL
    INDENTURES	28
	 	 	 
	Section
    9.01	Supplemental
    Indentures Without the Consent of Securityholders	28
	 	 	 
	Section
    9.02	Supplemental
    Indentures With Consent of Securityholders	29
	 	 	 
	Section
    9.03	Effect
    of Supplemental Indentures	29
	 	 	 
	Section
    9.04	Securities
    Affected by Supplemental Indentures	30
	 	 	 
	Section
    9.05	Execution
    of Supplemental Indentures	30
	 	 	 
	article
    10	SUCCESSOR
    ENTITY	30
	 	 	 
	Section
    10.01	Company
    May Consolidate, Etc.	30
	 	 	 
	Section
    10.02	Successor
    Entity Substituted	31
	 	 	 
	article
    11	SATISFACTION
    AND DISCHARGE	31
	 	 	 
	Section
    11.01	Satisfaction
    and Discharge of Indenture	31
	 	 	 
	Section
    11.02	Discharge
    of Obligations	31
	 	 	 
	Section
    11.03	Deposited
    Moneys to be Held in Trust	32
	 	 	 
	Section
    11.04	Payment
    of Moneys Held by Paying Agents	32
	 	 	 
	Section
    11.05	Repayment
    to Company	32
	 	 	 
	article
    12	IMMUNITY
    OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	32
	 	 	 
	Section
    12.01	No
    Recourse	32
	 	 	 
	article
    13	MISCELLANEOUS
    PROVISIONS	33
	 	 	 
	Section
    13.01	Effect
    on Successors and Assigns	33
	 	 	 
	Section
    13.02	Actions
    by Successor	33

 

    	iii

     

    

 

	Section
    13.03	Surrender
    of Company Powers	33
	 	 	 
	Section
    13.04	Notices	33
	 	 	 
	Section
    13.05	Governing
    Law; Jury Trial Waiver	33
	 	 	 
	Section
    13.06	Treatment
    of Securities as Debt	33
	 	 	 
	Section
    13.07	Certificates
    and Opinions as to Conditions Precedent	33
	 	 	 
	Section
    13.08	Payments
    on Business Days	34
	 	 	 
	Section
    13.09	Conflict
    with Trust Indenture Act	34
	 	 	 
	Section
    13.10	Counterparts	34
	 	 	 
	Section
    13.11	Separability	34
	 	 	 
	Section
    13.12	Compliance
    Certificates	34
	 	 	 
	Section
    13.13	U.S.A
    Patriot Act	35
	 	 	 
	Section
    13.14	Force
    Majeure	35
	 	 	 
	Section
    13.15	Table
    of Contents; Headings	35

 

    	iv

     

    

 

INDENTURE

 

Indenture,
dated as of _______, 20__, among SINTX Technologies, Inc., a Delaware corporation (the “Company”), and [Trustee],
as trustee (the “Trustee”):

 

Whereas,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal
amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee;

 

Whereas,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

Whereas,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

Now,
Therefore, in consideration of the premises
and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable
benefit of the holders of Securities:

 

article
1

 

DEFINITIONS

 

Section
1.01 Definitions of Terms.

 

The
terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in
this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in
the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized
committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on
the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are
authorized or obligated by law, executive order or regulation to close.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

    	1

     

    

 

“Company”
means SINTX Technologies, Inc., a corporation duly organized and existing under the Delaware General Corporation Law, and, subject
to the provisions of Article 10, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall
be principally administered, which office at the date hereof is located at _____________________________.

 

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

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant
to either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

“Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated
by the Commission thereunder.

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the
Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all
in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

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

 

“herein”,
“hereof” and “hereunder”, and other words of similar import, refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities
established as contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series
as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

    	2

     

    

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided
for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee
of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

“Person”
means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or
instrumentality thereof.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in
each case who shall have direct responsibility for the administration of this Indenture.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar term, means
the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose
in accordance with the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary”
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of
the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is
at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of
such Person; or (iii) one or more Subsidiaries of such Person.

 

    	3

     

    

 

“Trustee”
means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such
Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

article
2

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section
2.01 Designation and Terms of Securities.

 

(a)
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to
time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial
issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental hereto:

 

(1)
the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2)
any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of that series);

 

(3)
the maturity date or dates on which the principal of the Securities of the series is payable;

 

(4)
the form of the Securities of the series including the form of the certificate of authentication for such series;

 

(5)
the applicability of any guarantees;

 

(6)
whether or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7)
whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the
terms of any subordination;

 

(8)
if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued
is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

(9)
the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will
begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for
determining such dates;

 

    	4

     

    

 

(10)
the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11)
if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the
Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the
terms of those redemption provisions;

 

(12)
the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory
sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series
of Securities and the currency or currency unit in which the Securities are payable;

 

(13)
the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof;

 

(14)
any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security
for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with
the marketing of Securities of that series;

 

(15)
whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the
terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual
Securities; and the Depositary for such Global Security or Securities;

 

(16)
if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable,
or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’
option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion
or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

(17)
if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(18)
additions to or changes in the covenants applicable to the series of Securities being issued, including, among others, the
consolidation, merger or sale covenant;

 

(19)
additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee
or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be
due and payable;

 

(20)
additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21)
additions to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22)
additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent
of Securityholders of Securities issued under this Indenture;

 

(23)
the currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S.
dollars;

 

    	5

     

    

 

(24)
whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option
and the terms and conditions upon which the election may be made;

 

(25)
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if
any, and principal amounts of the Securities of the series to any Securityholder that is not a “United States person”
for federal tax purposes;

 

(26)
any restrictions on transfer, sale or assignment of the Securities of the series; and

 

(27)
any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or
changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

All
Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto.

 

If
any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates.

 

Section
2.02 Form of Securities and Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially
of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and
set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation
and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed,
or to conform to usage.

 

Section
2.03 Denominations: Provisions for Payment.

 

The
Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates
and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the
Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any
cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the United States of America
that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose.
Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day
year composed of twelve 30-day months.

 

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date
with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.03.

 

    	6

     

    

 

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder
on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company,
at its election, as provided in clause (1) or clause (2) below:

 

(1)
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than
15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of
such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special
record date.

 

(2)
The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to
a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur,
if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established
for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether
or not such date is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Security.

 

Section
2.04 Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature.

 

The
Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding
the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to
be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

    	7

     

    

 

A
Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and
the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

Upon
the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities
under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with
the provisions of this Indenture.

 

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.

 

Section
2.05 Registration of Transfer and Exchange.

 

(a)
Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for
such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office
or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the
exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)
The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein
referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable
times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities
as herein provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”).

 

Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a like aggregate principal amount.

 

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney
in writing.

 

The
Company initially appoints the Trustee as initial Security Registrar for each series of Securities.

 

(c)
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or
exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section
9.04 not involving any transfer.

 

    	8

     

    

 

(d)
The Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities
during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than
all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to
register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for
repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not
surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security,
subject to Section 2.11 hereof.

 

The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Section
2.06 Temporary Securities.

 

Pending
the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of
any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will
execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the
purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities
an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect
that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary
Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series
authenticated and delivered hereunder.

 

Section
2.07 Mutilated, Destroyed, Lost or Stolen Securities.

 

In
case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the
next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate
and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the
applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required
by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request
or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

 

In
case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity
as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company
and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

    	9

     

    

 

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing
provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall
preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

 

Section
2.08 Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall,
if surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation,
or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly
required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the
Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose
of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If
the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section
2.09 Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Securities.

 

Section
2.10 Authenticating Agent.

 

So
long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series
of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities
by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent
shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business
to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision
or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance
with these provisions, it shall resign immediately.

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties
of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

    	10

     

    

 

Section
2.11 Global Securities.

 

(a)
If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global
Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the
Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as
its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as
otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another
nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b)
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part
and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary
for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or
if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee,
this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to
Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons,
in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series
shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the
Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an
Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall
be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant
to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

Section
2.12 CUSIP Numbers.

 

The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall
use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the
Trustee of any change in the “CUSIP” numbers.

 

article
3

 

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.01 Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01 hereof.

 

    	11

     

    

 

Section
3.02 Notice of Redemption.

 

(a)
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company
shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed
by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in
accordance with the applicable procedures of the Depository), a notice of such redemption not less than 30 days and not more than
90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon
the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the
manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in
whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other
Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each
such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed
for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of
the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice,
that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case.
If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed
in part shall specify the particular Securities to be so redeemed.

 

In
case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security
or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)
If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner
as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal
to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of
the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions
signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name
of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption
is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain
with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable
copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section.

 

Section
3.03 Payment Upon Redemption.

 

(a)
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities
of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless
the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified
in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment
Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 2.03).

 

    	12

     

    

 

(b)
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee
shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense
of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion
of the Security so presented.

 

Section
3.04 Sinking Fund.

 

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section
3.05 Satisfaction of Sinking Fund Payments with Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities
as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section
3.06 Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together
with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Section 3.03.

 

article
4

 

COVENANTS

 

Section
4.01 Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments
of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S.
dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions
to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at
the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account
if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than
15 days prior to the relevant payment date.

 

    	13

     

    

 

Section
4.02 Maintenance of Office or Agency.

 

So
long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each
such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities
of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration
of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall,
by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying
agent with respect to the Securities.

 

Section
4.03 Paying Agents.

 

(a)
If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the
Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section:

 

(1)
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest
on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto;

 

(2)
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any
payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and
payable;

 

(3)
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)
that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)
If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due
date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

    	14

     

    

 

(c)
Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section
is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held
in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those
upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent
to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section
4.04 Appointment to Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

article
5

 

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.01 Company to Furnish Trustee Names and Addresses of Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish
such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the
Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security
Registrar.

 

Section
5.02 Preservation of Information; Communications With Securityholders.

 

(a)
The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses
of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names
and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)
The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)
Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect
to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall
satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of
the Trust Indenture Act.

 

Section
5.03 Reports by the Company.

 

(a)
The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide
(which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to
the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential
treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s
Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have
been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt,
a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed
thereof by the Commission shall not be deemed a breach of this Section 5.03.

 

    	15

     

    

 

(b)
Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Company’s compliance with any of their covenants
thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no
duty to examine any such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to
ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the
statements contained therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the
above referenced filings with the Commission on EDGAR (or any successor system) has occurred.

 

Section
5.04 Reports by the Trustee.

 

(a)
If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit
by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register,
a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees
to notify the Trustee when any Securities become listed on any securities exchange.

 

article
6

 

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section
6.01 Events of Default.

 

(a)
Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more
of the following events that has occurred and is continuing:

 

(1)
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when
the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension
of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2)
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and
when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default
in the payment of principal or premium, if any;

 

(3)
the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in
this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than
a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities
other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to
be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company
by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal
amount of the Securities of that series at the time Outstanding;

 

    	16

     

    

 

(4)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less
than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued
and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above
occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately
due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series
shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been
obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and
its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that
series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and,
to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment
of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become
due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No
such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture
and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason
or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings,
the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

Section
6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall
default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have
become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

    	17

     

    

 

(b)
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of
the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged
or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the
Securities of that series, wherever situated.

 

(c)
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or
judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d)
All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at
any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In
case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it
by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing
contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any
holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section
6.03 Application of Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully paid:

 

    	18

     

    

 

FIRST:
To the payment of costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively;
and

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section
6.04 Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute
any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event
of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of
such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee indemnity satisfactory to it
against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after
its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders
of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

Section
6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)
Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy
given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

 

    	19

     

    

 

Section
6.06 Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance
with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that
such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion
to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding
so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability
or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may
on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in
the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same
shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance
with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions
and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.

 

Section
6.07 Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective
due dates expressed in such Security or established pursuant to this Indenture.

 

article
7

 

CONCERNING
THE TRUSTEE

 

Section
7.01 Certain Duties and Responsibilities of Trustee.

 

(a)
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing
of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(b)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:

 

(i)
prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving
of all such Events of Default with respect to that series that may have occurred:

 

(A)
the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except
for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

    	20

     

    

 

(B)
in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

 

(ii)
the Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith
by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;

 

(iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;

 

(iv)
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if
there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it;

 

(v)
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder;

 

(vi)
The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee;
and

 

(vii)
No Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a
series of Securities hereunder.

 

Section
7.02 Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

(a)
The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution
or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect
thereof is specifically prescribed herein);

 

(c)
The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good
faith and in reliance thereon;

 

    	21

     

    

 

(d)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall
have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities
that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise
with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree
of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her
own affairs;

 

(e)
The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents
or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to
do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected
thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may
require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition
to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall
be repaid by the Company upon demand;

 

(g)
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;

 

(h)
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances;

 

(i)
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action; and

 

(j)
The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions
to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions,
the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic
instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception
and misuse by third parties. The Trustee may request that the Company deliver an Officer’s Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates,
Company Orders and any other matters or directions pursuant to this Indenture.

 

    	22

     

    

 

(k)
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

(l)
The Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default relating
to the failure to pay the interest on, or the principal of, the Securities) until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section
7.03 Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration
statement, prospectus, or any other document in connection with the sale of Securities. The Trustee shall not be responsible for
any rating on the Securities or any action or omission of any rating agency.

 

(b)
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds
of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other
than the Trustee.

 

Section
7.04 May Hold Securities.

 

The
Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of
Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section
7.05 Moneys Held in Trust.

 

Subject
to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree
with the Company to pay thereon.

 

Section
7.06 Compensation and Reimbursement.

 

(a)
The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services
as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s
agents and counsel.

 

(b)
The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense
(including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and
counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties
under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and
the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

    	23

     

    

 

(c)
The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer,
director, employee, shareholder or agent of the Trustee through negligence or bad faith.

 

(d)
To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on
all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular
Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4)
or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection
therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.

 

Section
7.07 Reliance on Officer’s Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem
it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s
Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee,
shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof.

 

Section
7.08 Disqualification; Conflicting Interests.

 

If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture
Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section
7.09 Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia,
or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
or examination by federal, state, territorial, or District of Columbia authority.

 

If
such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control
with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

Section
7.10 Resignation and Removal; Appointment of Successor.

 

(a)
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series
by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument,
in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee
and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any,
as it may deem proper and prescribe, appoint a successor trustee.

 

    	24

     

    

 

(b)
In case at any time any one of the following shall occur:

 

(i)
the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or

 

(iii)
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then,
in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security
or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any
time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee
for such series with the consent of the Company.

 

(d)
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee
as provided in Section 7.11.

 

(e)
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series
or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section
7.11 Acceptance of Appointment by Successor.

 

(a)
In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but,
on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any amounts due to it pursuant
to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers,
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money
held by such retiring Trustee hereunder.

 

    	25

     

    

 

(b)
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor trustee relates.

 

(c)
Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section, as the case may be.

 

(d)
No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article.

 

(e)
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the
succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section
7.12 Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be
the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08
and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities.

 

Section
7.13 Preferential Collection of Claims Against the Company.

 

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

 

    	26

     

    

 

Section
7.14 Notice of Default.

 

If
any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the
Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act
notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer
of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however,
that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the
Trustee shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interest of the Securityholders.

 

article
8

 

CONCERNING
THE SECURITYHOLDERS

 

Section
8.01 Evidence of Action by Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities
of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

If
the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record
date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date,
but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the
purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date.

 

Section
8.02 Proof of Execution by Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the
following manner:

 

(a)
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable
to the Trustee.

 

(b)
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security
Registrar thereof.

 

The
Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section
8.03 Who May be Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar
as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of
the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither
the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

    	27

     

    

 

Section
8.04 Certain Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred
in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other
obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned
shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes
of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect
to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the
Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section
8.05 Actions Binding on Future Securityholders.

 

At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included
in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon
proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such
action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners
of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

article
9

 

SUPPLEMENTAL
INDENTURES

 

Section
9.01 Supplemental Indentures Without the Consent of Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a)
to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)
to comply with Article Ten;

 

(c)
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)
to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of
all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less
than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred
upon the Company;

 

    	28

     

    

 

(e)
to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes
of issue, authentication, and delivery of Securities, as herein set forth;

 

(f)
to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided
in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture
or any series of Securities, or to add to the rights of the holders of any series of Securities;

 

(h)
to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)
to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture
under the Trust Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section
9.02 Supplemental Indentures With Consent of Securityholders.

 

With
the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of
the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then
Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption
thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental
indenture.

 

It
shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance
thereof.

 

Section
9.03 Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations
of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of
the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

    	29

     

    

 

Section
9.04 Securities Affected by Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided
such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in
the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may
be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section
9.05 Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion
but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01,
shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution
of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series
of Securities pursuant to Section 2.01 hereof.

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby .as their names and
addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

article
10

 

SUCCESSOR
ENTITY

 

Section
10.01 Company May Consolidate, Etc.

 

Nothing
contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or
not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or
its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with
the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon any such consolidation
or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other
disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the Company), the due and punctual
payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms
of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions
of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or
performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired
such property.

 

    	30

     

    

 

Section
10.02 Successor Entity Substituted.

 

(a)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of
the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon
the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)
Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any
Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase
or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

article
11

 

SATISFACTION
AND DISCHARGE

 

Section
11.01 Satisfaction and Discharge of Indenture.

 

If
at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and
that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations
have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered
to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys
or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption
all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if
any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture
shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03, 7.10, 11.05 and 13.04 that shall survive until the date of maturity or redemption date, as the case may be,
and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at
the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture
with respect to such series.

 

Section
11.02 Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not
become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities
of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this
Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07,
4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities shall mature and be paid.

 

    	31

     

    

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

Section
11.03 Deposited Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall
be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent),
to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations
have been deposited with the Trustee.

 

Section
11.04 Payment of Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section
11.05 Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed
by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat
or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request
or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be
released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

article
12

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section
12.01 No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future
as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance
of such Securities.

 

    	32

     

    

 

article
13

 

MISCELLANEOUS
PROVISIONS

 

Section
13.01 Effect on Successors and Assigns.

 

All
the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors
and assigns, whether so expressed or not.

 

Section
13.02 Actions by Successor.

 

Any
act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or
officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or
officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section
13.03 Surrender of Company Powers.

 

The
Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any
of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to
any successor corporation.

 

Section
13.04 Notices.

 

Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders
of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited
in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as
follows: 1885 West 2100 South, Salt Lake City, Utah 84119. Any notice, election, request or demand by the Company or any Securityholder
or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section
13.05 Governing Law; Jury Trial Waiver.

 

This
Indenture and each Security, and any claim, controversy or dispute under or related to this Indenture or any Security, shall be
governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture
Act is applicable.

 

EACH
PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS INDENTURE.

 

Section
13.06 Treatment of Securities as Debt.

 

It
is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions
of this Indenture shall be interpreted to further this intention.

 

Section
13.07 Certificates and Opinions as to Conditions Precedent.

 

(a)
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in
this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been
complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent
have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate
or opinion need be furnished.

 

    	33

     

    

 

(b)
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture
or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion
has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of
such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion
of such Person, such condition or covenant has been complied with.

 

Section
13.08 Payments on Business Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any
Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium,
if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity
or redemption, and no interest shall accrue for the period after such nominal date.

 

Section
13.09 Conflict with Trust Indenture Act.

 

If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c)
of the Trust Indenture Act, such imposed duties shall control.

 

Section
13.10 Counterparts.

 

This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

Section
13.11 Separability.

 

In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section
13.12 Compliance Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred
during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement
of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of such an Event
of Default, the certificate shall describe any such Event of Default and its status.

 

    	34

     

    

 

Section
13.13 U.S.A Patriot Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties
to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the U.S.A. Patriot Act.

 

Section
13.14 Force Majeure.

 

In
no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications
or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying agent or
any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

Section
13.15 Table of Contents; Headings.

 

The
table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

    	35

     

    

 

In
Witness Whereof, the parties hereto have
caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	SINTX
    Technologies, Inc.
	 	 	 
	 	By:	 
	 	 	                   
	 	Name:
    	 
	 	 	 
	 	Title:	 
	 	 	 
	 	[Trustee],
    as Trustee
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 

     

    

 

CROSS-REFERENCE
TABLE (1)

 

	Section
    of Trust Indenture Act of 1939, as Amended	 	Section
    of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	311(a)	 	7.13
	311(b)	 	7.13
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

	(1)	This
    Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any
    of its terms or provisions.ex10p1expimpcragr200930b

                                                         EXECUTION VERSION    EXPORT-IMPORT TRANSACTION SPECIFIC LOAN AND SECURITY AGREEMENT                       PNC BANK, NATIONAL ASSOCIATION                                   (AS AGENT)                         AND THE LENDERS PARTY HERETO                                       WITH                       UNITED STATES STEEL CORPORATION                   UNITED STATES STEEL INTERNATIONAL, INC.                                  (BORROWERS)                                  September 30, 2020                                        43871.00006

 

                            TABLE OF CONTENTS                                                                             Page   I.    DEFINITIONS. ..................................................................................................................1    1.1. Accounting Terms ............................................................................................................1    1.2. General Terms ..................................................................................................................1    1.3. Uniform Commercial Code Terms. ................................................................................23    1.4. Certain Matters of Construction. ....................................................................................23    1.5. LIBOR Notification ........................................................................................................24  II.   ADVANCES, PAYMENTS. ............................................................................................24    2.1. Transaction Specific Loans ............................................................................................24    2.2. Disbursement of Advance Proceeds. ..............................................................................24    2.3. Making and Settlement of Advances. ............................................................................24    2.4. Manner and Repayment of Advances. ...........................................................................25    2.5. Statement of Account. ....................................................................................................26    2.6. Prepayments ...................................................................................................................26    2.7. Use of Proceeds. .............................................................................................................27    2.8. Defaulting Lenders. ........................................................................................................28    2.9. Additional Obligations. ..................................................................................................29  III.  INTEREST AND FEES. ..................................................................................................29    3.1. Interest. ...........................................................................................................................29    3.2. [RESERVED]. ................................................................................................................29    3.3. Fee Letter. .......................................................................................................................29    3.4. Computation of Interest and Fees. ..................................................................................29    3.5. Maximum Charges .........................................................................................................30    3.6. Increased Costs. ..............................................................................................................30    3.7. Alternate Rate of Interest. ..............................................................................................30    3.8. Capital Adequacy. ..........................................................................................................33    3.9. Taxes. .............................................................................................................................33    3.10. Lender’s Obligation to Mitigate; Replacement of Lenders. ...........................................36  IV.   COLLATERAL: GENERAL TERMS .............................................................................37    4.1. Security Interest in the Collateral. ..................................................................................37    4.2. Perfection of Security Interest. .......................................................................................37    4.3. Ownership and Location of Collateral. ..........................................................................38    4.4. Defense of Agent’s and Lenders’ Interests.   .................................................................38    4.5. Specified Export Order Receivables and Deposit Accounts. .........................................38    4.6. Inventory . ......................................................................................................................41    4.7. Inspection of Premises. ..................................................................................................41    4.8. Exculpation of Liability. ................................................................................................41    4.9. Release. ..........................................................................................................................41    4.10. Payment in Full. .............................................................................................................41                                          i 

 

V.    REPRESENTATIONS AND WARRANTIES. ...............................................................41    5.1. Authority. .......................................................................................................................41    5.2. Formation and Qualification. .........................................................................................42    5.3. Survival of Representations and Warranties ..................................................................42    5.4. Tax Returns. ...................................................................................................................42    5.5. Financial Statements. .....................................................................................................43    5.6. Entity Names. .................................................................................................................43    5.7. Solvency; No Litigation, Violation of Environmental Law, or Default; ERISA         Compliance. ....................................................................................................................43    5.8. Margin Regulations ........................................................................................................44    5.9. Investment Company Act ...............................................................................................44    5.10. Anti-Corruption Laws, Anti-Terrorism Laws, and Sanctions. .......................................44    5.11. Suspensions and Debarment ...........................................................................................44    5.12. Eligible Person. ..............................................................................................................45    5.13. Disclosure. ......................................................................................................................45  VI.   AFFIRMATIVE COVENANTS. .....................................................................................45    6.1. Compliance with Laws. ..................................................................................................45    6.2. Conduct of Business and Maintenance of Existence and Assets. ..................................45    6.3. Books and Records. ........................................................................................................45    6.4. Taxes.. ............................................................................................................................46    6.5. Insurance . ......................................................................................................................46    6.6. Contract Performance.. ...................................................................................................46    6.7. Know-your-Customer Information.   .............................................................................46  VII.  NEGATIVE COVENANTS. ............................................................................................46    7.1. Merger, Consolidation, Acquisition and Sale of Assets. ................................................46    7.2. Creation of Liens ............................................................................................................47    7.3. Compliance with Borrower Agreement .........................................................................47  VIII. CONDITIONS PRECEDENT. .........................................................................................47    8.1. Conditions to Initial Advances .......................................................................................47    8.2. Conditions to Each Advance ..........................................................................................50    8.3. Post-Closing Covenants/Conditions ...............................................................................51  IX.   INFORMATION AS TO BORROWERS. .......................................................................51    9.1. Specified Export Reporting. ...........................................................................................51    9.2. Financial Reporting. .......................................................................................................52    9.3. Material Occurrences. ....................................................................................................54    9.4. Additional Information. ..................................................................................................54    9.5. Additional Documents ....................................................................................................54    9.6. Notices Required Under Ex-Im Borrower Agreement ...................................................54  X.    EVENTS OF DEFAULT..................................................................................................55    10.1. Nonpayment ...................................................................................................................55    10.2. Breach of Representation. ..............................................................................................55                                         ii 

 

  10.3. Noncompliance ...............................................................................................................55    10.4. Judgments. ......................................................................................................................55    10.5. Bankruptcy. ....................................................................................................................56    10.6. Liens on Collateral .........................................................................................................56    10.7. Senior ABL Acceleration or Defaul  ..............................................................................56    10.8. Specified Export Order Contract Defaults .....................................................................56    10.9. Invalidit  .........................................................................................................................56    10.10. Seizures. .........................................................................................................................56    10.11. Prohibited Modification. ................................................................................................56  XI.   LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT57   11.1. Rights and Remedies. .....................................................................................................57    11.2. Agent’s Discretion.   .......................................................................................................58    11.3. Setoff ..............................................................................................................................58    11.4. Rights and Remedies not Exclusive ...............................................................................58    11.5. Allocation of Payments and Proceeds of Collateral after Event of Default. ..................58  XII.  WAIVERS AND JUDICIAL PROCEEDINGS. ..............................................................60    12.1. Waiver of Notice ............................................................................................................60    12.2. Delay. .............................................................................................................................60    12.3. Jury Waiver.  . ................................................................................................................60  XIII. EFFECTIVE DATE AND TERMINATION ...................................................................61    13.1. Term. ..............................................................................................................................61    13.2. Termination ....................................................................................................................61  XIV.  REGARDING AGENT. ...................................................................................................61    14.1. Appointment ...................................................................................................................61    14.2. Nature of Dutie . .............................................................................................................62    14.3. Lack of Reliance on Agent .............................................................................................62    14.4. Resignation of Agent; Successor Agent. ........................................................................63    14.5. Certain Rights of Agent ..................................................................................................63    14.6. Reliance. .........................................................................................................................63    14.7. Notice of Default. ...........................................................................................................64    14.8. Indemnification.   ...........................................................................................................64    14.9. Agent in its Individual Capacit  ......................................................................................64    14.10. Delivery of Documents. .................................................................................................64    14.11. Borrowers’ Undertaking to Agent. .................................................................................64    14.12. No Reliance on Agent’s Customer Identification Program. ..........................................65    14.13. Other Agreements. .........................................................................................................65  XV.   BORROWING AGENCY. ...............................................................................................65    15.1. Borrowing Agency Provisions. ......................................................................................65    15.2. Waiver of Subrogation.  . ...............................................................................................66                                          iii 

 

XVI.  MISCELLANEOUS. ........................................................................................................66   16.1. Governing Law; Venue; Jurisdiction. ............................................................................66    16.2. Entire Understanding. .....................................................................................................67    16.3. Successors and Assigns; Participations; New Lenders. .................................................68    16.4. Application of Payments.   .............................................................................................71    16.5. Indemnity. ......................................................................................................................71    16.6. Notice. ............................................................................................................................72    16.7. Survival.. ........................................................................................................................73    16.8. Severability. ....................................................................................................................73    16.9. Expenses.   ......................................................................................................................74    16.10. Injunctive Relief. ............................................................................................................74    16.11. Consequential Damages.. ...............................................................................................74    16.12. Captions ..........................................................................................................................74    16.13. Counterparts; Facsimile Signatures. ...............................................................................74    16.14. Construction.   ................................................................................................................74    16.15. Confidentiality; Sharing Information .............................................................................74    16.16. Publicity .........................................................................................................................75    16.17. Certifications From Banks and Participants; USA PATRIOT Act. ...............................75                                          iv 

 

                       LIST OF EXHIBITS AND SCHEDULES    Exhibits    Exhibit 2.1       Transaction Specific Loan Note   Exhibit 5.5       Projections   Exhibit 8.1(b)    Form of Financial Condition Certificate  Exhibit 9.1(b)    Form of Specified Export Order Receivables Report  Exhibit 16.3      Form of Commitment Transfer Supplement     Schedules    Schedule 1.1      Lenders and Commitments   Schedule 4.5      Chief Executive Office   Schedule 5.1      Consents   Schedule 5.2      Jurisdictions of Organization    Schedule 5.4      Federal Tax Identification Number   Schedule 5.6      Prior Names                                           v 

 

              EXPORT-IMPORT TRANSACTION SPECIFIC LOAN                           AND SECURITY AGREEMENT         Export-Import Transaction Specific Loan and Security Agreement dated as of September  30, 2020, by and among UNITED STATES STEEL CORPORATION, a corporation formed under  the laws of the State of Delaware (“USS”) and UNITED STATES STEEL INTERNATIONAL,  INC., a corporation formed under the laws of the State of New Jersey (“USSI”, and together with  USS and with each other Person (if any) joined hereto as a borrower from time to time, collectively,  the “Borrowers” and each, a “Borrower”), the financial institutions which are now or hereafter  become parties hereto (collectively, the “Lenders” and each a “Lender”), and PNC BANK,  NATIONAL ASSOCIATION (“PNC”), in its capacity as agent for the Lenders (in such capacity,  together with its successors and assigns in such capacity, the “Agent”).         IN CONSIDERATION of the mutual covenants and undertakings set forth herein,  Borrowers, Lenders and Agent hereby agree as follows:   I.    DEFINITIONS.        1.1.  Accounting Terms.  As used in this Agreement, the Other Documents or any certificate, report or other document made or delivered pursuant to this Agreement, all accounting  terms not defined in Section 1.2 hereof or elsewhere in this Agreement or partly defined in Section  1.2 hereof to the extent not defined shall have the respective meanings given to such terms under  GAAP.         1.2.  General Terms.  For purposes of this Agreement (x) the following terms shall have  the following meanings, and (y) capitalized terms which are not defined herein but which are  defined in the Ex-Im Borrower Agreement shall have the respective meanings given thereto in the  Ex-Im Borrower Agreement:         “Accounts Receivable” shall mean all of each Borrower's now owned or hereafter acquired  (a) "accounts" (as such term is defined in the Uniform Commercial Code), other receivables, book debts and other forms of obligations, whether arising out of goods sold or services rendered or from any other transaction; (b) rights in, to and under all purchase orders or receipts for goods or services; (c) rights to any goods represented or purported to be represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods); (d) moneys due or to become due to such Borrower under all purchase orders and contracts (which includes Export Orders) for the sale of goods or the performance of services or both by such Borrower (whether or not yet earned by performance on the part of such Borrower), including the proceeds of the foregoing; (e) any notes, drafts, letters of credit, insurance proceeds or other instruments, documents and writings evidencing or supporting the foregoing; and (f) all collateral security and guarantees of any kind given by any other Person with respect to any of the foregoing.        “Administrative Questionnaire” means the administrative questionnaire completed by each  Lender in a form supplied by the Agent.          “Advances” shall mean and include the Transaction Specific Loans and any Protective  Advances.    074658.20063/123721231v.10

 

       “Affected Lender” shall have the meaning set forth in Section 3.10 hereof.          “Affiliate” of any Person shall mean (a) any Person which, directly or indirectly through   one or more intermediaries, Controls or is Controlled by, or under common Control with such   Person.  For purposes of this definition, “Control” of a Person shall mean the power to direct or   cause the direction of the management or policies of a Person, whether through ownership of   voting Equity Interests, by contract or otherwise, and “Controlled” has a meaning correlative   thereto.          “Affiliated Foreign Person” shall have the meaning given thereto in the Ex-Im Borrower   Agreement.          “Agent” shall have the meaning set forth in the preamble to this Agreement and shall   include its successors and assigns.          “Agreement” shall mean this Export-Import Transaction Specific Loan and Security   Agreement, as the same may be amended, modified, supplemented, renewed, restated, or replaced   from time to time.          “Anti-Corruption Laws” shall mean all Laws, rules and regulations of any jurisdiction   applicable to the Borrowers from time to time concerning or relating to bribery or corruption.          “Anti-Terrorism Laws” shall mean any Anti-Corruption Laws, applicable Sanctions and   any Laws relating to terrorism, money laundering, or import/export licensing applicable to the  Borrowers, and any regulation, order, or directive promulgated, issued or enforced pursuant to  such Laws, all as amended, supplemented or replaced from time to time.          “Applicable Law” shall mean all Laws applicable to the Person, conduct, transaction,   covenant, Other Document or contract in question, all provisions of all applicable state, federal   and foreign constitutions, statutes, rules, regulations, treaties, directives and orders of any   Governmental Body, and all orders, judgments and decrees of all courts and arbitrators.          “Applicable Margin” shall mean 2.50%.          “Application Date” shall have the meaning set forth in Section 2.4(b) hereof.          “Approvals” shall have the meaning set forth in Section 5.7(b) hereof.          “Approved Electronic Communication” shall mean each notice, demand, communication,   information, document and other material transmitted, posted or otherwise made or communicated   by e-mail, E-Fax, the Credit Management Module of PNC’s PINACLE® system, or any other  equivalent electronic service agreed to by Agent, whether owned, operated or hosted by Agent,  any Lender, any of their Affiliates or any other Person, that any party is obligated to, or otherwise  chooses to, provide to Agent pursuant to this Agreement or any Other Document, including any  financial statement, financial and other report, notice, request, certificate and other information  material; provided that Approved Electronic Communications shall not include any notice,   demand, communication, information, document or other material that Agent specifically instructs   a Person to deliver in physical form.                                          2 

 

        “Approved Fund” shall mean, with respect to any Lender, any Fund that is administered   or managed by (a) such Lender, (b) an Affiliate of such Lender, or (c) an entity or an Affiliate of   an entity that administers or manages such Lender.           “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,”   as in effect from time to time, or any successor statute.          “Base Rate” shall mean the base commercial lending rate of PNC as publicly announced   to be in effect from time to time, such rate to be adjusted automatically, without notice, on the   effective date of any change in such rate.  This rate of interest is determined from time to time by   PNC as a means of pricing some loans to its customers and is neither tied to any external rate of   interest or index nor does it necessarily reflect the lowest rate of interest actually charged by PNC   to any particular class or category of customers of PNC.          “Beneficial Owner” shall mean, for each Borrower, each of the following:  (a) each   individual, if any, who, directly or indirectly, owns 25% or more of such Borrower’s Equity   Interests; and (b) a single individual with significant responsibility to control, manage, or direct   such Borrower.          “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of   ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal   Revenue Code to which Section 4975 of the Internal Revenue Code applies, and (c) any Person   whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title   I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit   plan” or “plan”.          “Benefited Lender” shall have the meaning set forth in Section 2.3(b) hereof.          “Borrower” or “Borrowers” shall have the meaning set forth in the preamble to this   Agreement and shall include the successors and permitted assigns of each applicable Person.          “Borrowers’ Account” shall have the meaning set forth in Section 2.5 hereof.          “Borrowing Agent” shall mean USS.          “Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on   which commercial banks are authorized or required by Law to be closed for business in East   Brunswick, New Jersey, and, if the applicable Business Day relates to any Advances accruing   interest based on the Daily LIBOR Rate, such day must also be a day on which banks are open for   dealings in dollar deposits in the London interbank market.          "Buyer" shall mean a Person that has entered into one or more Export Orders with   Borrower or who is an obligor on Export-Related Accounts Receivable or Export-Related  Overseas Accounts Receivable.          “Capital Good” shall mean a capital good (e.g., manufacturing equipment, licensing   agreements) that will establish or expand foreign production capacity of an exportable good.                                           3 

 

       “Certificate of Beneficial Ownership” shall mean, for each Borrower, a certificate in form   and substance acceptable to Agent (as amended or modified by Agent from time to time in its sole  discretion), certifying, among other things, the Beneficial Owner of such Borrower.          “Change in Law” shall mean the occurrence, after the Closing Date, of any of the   following: (a) the adoption or taking effect of any Applicable Law; (b) any change in any   Applicable Law or in the administration, implementation, interpretation or application thereof by   any Governmental Body; or (c) the making or issuance of any request, rule, guideline or directive   (whether or not having the force of Law) by any Governmental Body; provided that   notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and   Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or   directives thereunder or issued in connection therewith (whether or not having the force of   Applicable Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives   promulgated by the Bank for International Settlements, the Basel Committee on Banking   Supervision (or any successor or similar authority) or the United States or foreign regulatory   authorities, in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law   regardless of the date enacted, adopted, issued, promulgated or implemented.          “CIP Regulations” shall have the meaning set forth in Section 14.12 hereof.          “Claims” shall have the meaning given to such term in Section 16.5 hereof.          “Closing Date” shall mean, from and after the time all of the conditions precedent in   Section 8.1 have been satisfied (or waived in accordance with the terms of Section 8.1 hereof), the   date of this Agreement.           “Code” shall mean the Internal Revenue Code of 1986, as the same may be amended,   modified, or supplemented from time to time, and any successor statute of similar import, and the   rules and regulations thereunder, as from time to time in effect.          “Collateral” shall mean and include all right, title and interest of each Borrower in all of   the following property and assets of such Borrower, in each case whether now existing or hereafter   arising or created and whether now owned or hereafter acquired and wherever located:                (a)   all Specified Export Order Receivables, all contracts relating to such  Specified Export Order Receivables and other supporting obligations relating thereto (including   letter-of-credit rights in any letters of credit supporting such contracts);                (b)   to the extent evidencing or governing any of the items referred to in the  preceding clause (a), all payment intangibles, letters of credit (whether or not the respective letter   of credit is evidenced by a writing), chattel paper, letter-of-credit rights, and instruments;               (c)   the Controlled Collections Accounts;              (d)   books and records (including customer lists, credit files, computer programs, printouts and other computer materials and records), in each case to the extent related  to the property described in clauses (a) through (c) of this definition; and                                           4 

 

             (e)   all cash and non-cash proceeds and products of the property described in  clauses (a) through (d) of this definition, including any applicable credit insurance or other   insurance, in whatever form.     It is the intention of the parties that if Agent shall fail to have a perfected Lien in any particular   property or assets of any Borrower for any reason whatsoever, but the provisions of this Agreement   and/or of the Other Documents, together with all financing statements and other public filings   relating to Liens filed or recorded by Agent against Borrowers, would be sufficient to create a  perfected Lien in any property or assets that such Borrower may receive upon the sale, lease,  license, exchange, transfer or disposition of such particular property or assets, then all such  “proceeds” of such particular property or assets shall be included in the Collateral as original  collateral that is the subject of a direct and original grant of a security interest as provided for  herein and in the Other Documents (and not merely as proceeds (as defined in Article 9 of the  Uniform Commercial Code) in which a security interest is created or arises solely pursuant to  Section 9-315 of the Uniform Commercial Code); provided that it is understood and agreed that  the Borrowers shall not be obligated to cause the Agent to be named as a beneficiary in respect of  any letter of credit described in clause (b) of this definition.          “Commitment” shall mean, as to any applicable Lender, the obligation of such Lender to   fund a portion of the Transaction Specific Loans (as provided for on Schedule 1.1 hereto) in an   aggregate principal amount not to exceed the Commitment Amount of such Lender.          “Commitment Amount” shall mean, as to any Lender, the maximum Commitment amount   set forth opposite such Transaction Specific Loans Lender’s name on Schedule 1.1, and the “Total   Commitment Amount” shall mean the aggregate of all of the maximum Commitment amounts of   all Lenders reflected on Schedule 1.1.          “Commitment Percentage” shall mean, as to any Lender, (x) prior to the funding in full of   all Commitments in accordance herewith, the percentage equal to (a) the Commitment Amount of  such Transaction Specific Loans Lender set forth on Schedule 1.1 hereto divided by (b) the Total   Commitment Amount, and (y) at any time after the funding in full of all Commitments, the   percentage equal to (a) the outstanding principal balance of all Transaction Specific Loans owing   to such Term Lender at such time divided by (b) the outstanding principal balance of all   Transaction Specific Loans owing to all Term Lenders at such time.           “Commitment Transfer Supplement” shall mean a document in the form of Exhibit 16.3   hereto, properly completed and otherwise in form and substance satisfactory to Agent by which   the Purchasing Lender purchases and assumes a portion of the obligation of Lenders to make   Advances under this Agreement.           “Compliance Certificate” shall mean a compliance certificate of a Financial Officer   substantially in the form of Exhibit 1.2(b) hereto (x) certifying as to whether any Default or Event   of Default has occurred and is continuing and, if so, specifying the details thereof and any action   taken or proposed to be taken with respect thereto, and (y) identifying any change(s) in GAAP or   in the application thereof that have become effective since the date of, and have had an effect on,   USS’ audited financial statements referred to in Section 5.5(b) or delivered pursuant to Section   9.2(a) (and, if any such change has become effective, specifying the effect of such change on the   financial statements accompanying such certificate).                                           5 

 

       “Consents” shall mean all filings and all licenses, permits, consents, approvals,   authorizations, qualifications and orders of Governmental Bodies and other third parties, domestic   or foreign, necessary to carry on any Borrower’s business or necessary (including to avoid a   conflict or breach under any agreement, instrument, other document, license, permit or other   authorization) for the execution, delivery or performance of this Agreement or the Other  Documents, including any Consents required under all applicable federal, state or other Applicable  Law.          “Contract Rate” shall mean an interest rate equal to the sum of the Applicable Margin plus   the Daily LIBOR Rate, and the rate of interest charged to Borrowers hereunder will be adjusted   automatically as of each Business Day based on any applicable changes to either the Published   Rate for such Business Day or the Reserve Percentage for such Business Day without notice to the   Borrower; provided that:                (a)   If Agent or any Lender determines (which determination shall be final and  conclusive) that, (a) reasonable means do not exist for ascertaining the Daily LIBOR Rate; (b)   Dollar deposits in the relevant amount and for the relevant maturity for the determination of the   Daily LIBOR Rate are not available in the London interbank eurodollar market, (c) the making,   maintenance or funding of any Advance with interest accruing thereon at the Daily LIBOR Rate   has been made impracticable or unlawful by compliance by Agent or such Lender in good faith   with any Applicable Law or any interpretation or application thereof by any Governmental Body   or with any request or directive of any such Governmental Body (whether or not having the force   of law), or (d) the Daily LIBOR Rate will not adequately and fairly reflect the cost to such Lender   of the establishment or maintenance of any Advance, then Agent shall give prompt written or   telephonic notice to Borrowers and Lenders of such determination.  Then thereafter, until Agent   notifies Borrowers that the circumstances giving rise to such suspension no longer exist  (but   subject to the provisions of Section 3.7 hereof), the Contract Rate shall be equal to (A) the   Alternate Base Rate plus (B) 1.50%.  “Alternate Base Rate” shall mean, for any day, a rate per   annum equal to the highest of (a) the Prime Rate in effect on such day or (b) the sum of the   Overnight Bank Funding Rate in effect on such day plus one half of one percent (0.5%).  At any   time when the Contract Rate is computed based on the Alternate Base Rate, the rate of interest   charged to Borrowers hereunder will be adjusted automatically as of each Business Day based on   any applicable changes to  the Alternative Base Rate (or any component thereof), effective on the   date of any such change.  “Overnight Bank Funding Rate” shall mean, for any, day the rate per   annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal   funds and overnight Eurocurrency borrowings by  U.S.-managed banking offices of depository   institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York,   as set forth on its public website from time to time, and as published on the next succeeding   Business Day as the overnight bank funding rate by such Federal Reserve Bank  (or by such other   recognized electronic source (such as Bloomberg) selected by the Agent for the purpose of   displaying such rate) (an “Alternate Source”); provided, that if such day is not a Business Day, the   Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding   Business Day; provided, further,  that if such rate shall at any time, for any reason, no longer exist,   a comparable replacement rate determined by the Agent at such time (which determination shall   be conclusive absent manifest error) shall, upon notice to the Borrowers, be deemed to replace   such rate, and at any time when the Contract Rate is computed based on the Alternate Base Rate,   the rate of interest charged shall be adjusted as of each Business Day based on changes in the   Overnight Bank Funding Rate without notice to the Borrower, effective on the date of any such                                         6 

 

change.  If the Overnight Bank Funding Rate determined as above would be less than zero, then  such rate shall be deemed to be zero. “Prime Rate” shall mean the rate publicly announced by  Agent from time to time as its prime rate, and at any time when the Contract Rate is computed  based on the Alternate Base Rate, the rate of interest charged shall be adjusted as of each Business  Day based on changes in the Prime Rate without notice to the Borrower, effective on the date of  any such change.  The Prime Rate is determined from time to time by Agent as a means of pricing  some loans to its borrowers.  The Prime Rate is not tied to any external rate of interest or index,  and does not necessarily reflect the lowest rate of interest actually charged by Agent to any  particular class or category of customers; and          (ii)  In addition, if, after the Closing Date, if any Lender shall reasonably determine (which determination shall be final and conclusive) that any Change in Law, or compliance by  such Lender with any guideline, request or directive (whether or not having the force of law) of  any Governmental Body, shall make it unlawful or impossible for such to make or maintain or  fund loans based on the Daily LIBOR Rate, the Agent shall notify the Borrowers in writing of such  determination.  Upon receipt of such notice, until Agent notifies Borrower that such Lender has  notified Agent that the circumstances giving rise to such determination no longer apply, Contract  Rate shall be equal to (A) the Alternate Base Rate plus (B) 1.50%.         “Contractual Obligation” shall mean, as to any Person, any provision of any security issued  by such Person or of any agreement, instrument or other undertaking to which such Person is a  party or by which it or any of its property is bound.         “Controlled Collection Accounts” shall have the meaning set forth in Section 4.5(h) hereof.         “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits  Taxes.        “Covered Entity” shall mean (a) each Borrower, each of each Borrower’s Subsidiaries and  all pledgors of Collateral and (b) each Person that, directly or indirectly, is in control of a Person  described in clause (a) above.  For purposes of this definition, control of a Person shall mean the  direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding  Equity Interests having ordinary voting power for the election of directors of such Person or other  Persons performing similar functions for such Person, or (y) power to direct or cause the direction  of the management and policies of such Person whether by ownership of Equity Interests, contract  or otherwise.         “Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by Agent by  dividing (x) the Published Rate by (y) a number equal to 1.00 minus the Reserve Percentage;  provided, however, that if the Daily LIBOR Rate determined as provided above would be less than  1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.  Each determination  of the Daily LIBOR Rate shall be made by Agent and shall be conclusive in the absence of manifest  error.           “Debarment Regulations” shall mean, collectively, (a) the Governmentwide Debarment  and Suspension (Nonprocurement) regulations (Common Rule), 53 Fed. Reg. 19204 (May 26,  1988), (b) Subpart 9.4 (Debarment, Suspension, and Ineligibility) of the Federal Acquisition                                         7 

 

Regulations, 48 C.F.R. 9.400-9.409 and (c) the revised Governmentwide Debarment  and  Suspension (Nonprocurement) regulations (Common Rule), 60 Fed. Reg. 33037 (June 26, 1995).         “Default” shall mean an event, circumstance or condition which, with the giving of notice  or passage of time or both, would constitute an Event of Default.         “Default Rate” shall have the meaning set forth in Section 3.1 hereof.         “Defaulting Lender” shall mean any Lender that: (a) has failed, within two Business Days  of the date required to be funded or paid, to (i) to fund any portion of such Lender’s Commitment  Percentage of any Advances, or (ii) pay over to Agent or any Lender any other amount required to  be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies Agent in  writing that such failure is the result of such Lender’s good faith determination that a condition  precedent to funding (specifically identified and including a particular Default or Event of Default,  if any) has not been satisfied; (b) has notified Borrowers or Agent in writing, or has made a public  statement to the effect, that it does not intend or expect to comply with any of its funding  obligations under this Agreement (unless such writing or public statement indicates that such  position is based on such Lender’s good faith determination that a condition precedent (specifically  identified and including a particular Default or Event of Default, if any) to funding a loan under  this Agreement cannot be satisfied) or generally under other agreements in which it commits to  extend credit; (c) has failed, within two Business Days after request by Agent, acting in good faith,  to provide a certification in writing from an authorized officer of such Lender that it will comply  with its obligations (and is financially able to meet such obligations) to fund prospective Advances  under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant  to this clause (c) upon Agent’s receipt of such certification in form and substance satisfactory to  Agent; (d) has become the subject of an Insolvency Event; or (e) has failed at any time to comply  with the provisions of Section 2.3(b) hereof with respect to purchasing participations from the  other Lenders, whereby such Lender’s share of any payment received, whether by setoff or  otherwise, is in excess of its pro rata share of such payments due and payable to all of Lenders.          “Disposition” shall mean any sale, transfer, license, lease, or other disposition (including  any sale and leaseback transaction) of any property by any Person, including any sale, assignment,  transfer or other disposition, with or without recourse, of any notes or Receivables or any rights or  claims associated therewith, and “Dispose” shall have a cognate meaning (it being acknowledged  and agreed that the collection of Receivables in the ordinary course of business does not constitute  a Disposition).         “Dollar” and the sign “$” shall mean lawful money of the United States of America.         “Economic Impact Approval” shall mean a written approval issued by Ex-Im Bank stating  the conditions under which a Capital Good may be included as an Item in a Loan Facility consistent  with Ex-Im Bank’s economic impact procedures (or other mechanism for making this  determination that Ex-Im Bank notifies Agent of in writing).          “Economic Impact Certification” shall mean the Economic Impact Certificate (as defined  in the Ex-Im Borrower Agreement) executed and delivered by Borrowers prior to or on the Closing  Date in connection with this Transaction Specific Loan Facility, and each future such Economic  Impact Certificate executed and delivered by Borrowers in connection with any future extension                                         8 

 

 or renewal of this Transaction Specific Loan Facility, as any such Economic Impact Certificate   may be amended, modified, supplemented, restated or replaced from time to time.          “Eligible Person” shall mean a sole proprietorship, partnership, limited liability   partnership, corporation or limited liability company which (a) is domiciled, organized or formed,   as the case may be, in the United States, whether or not such entity is owned by a foreign national   or foreign entity; (b) is in good standing in the state of its formation or otherwise authorized to   conduct business in the United States; (c) is not currently suspended or debarred from doing   business with the United States government or any instrumentality, division, agency or department   thereof; (d) exports or plans to export Items; (e) operates and has operated as a going concern for   at least one (1) year; (f) has a positive tangible net worth determined in accordance with GAAP;   and (g) has revenue generating operations relating to its core business activities for at least one   year.  An Affiliated Foreign Person that meets all of the requirements of the foregoing definition  of Eligible Person other than subclause (a) thereof shall be deemed to be an Eligible Person.          “Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances,   orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into   by any Governmental Body, relating in any way to the environment, the preservation or   reclamation of natural resources, the management, release or threatened release of any Hazardous  Material or the effects of the environment on health and safety.            “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from   time to time, and the rules and regulations promulgated thereunder.           “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together   with any Borrower or any Subsidiary of any Borrower, is treated as a single employer under   Section 414(b) or (c) of the Internal Revenue Code or, solely for purposes of Section 302 of ERISA   and Section 412 of the Internal Revenue Code, is treated as a single employer under Section 414   of the Internal Revenue Code.            “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or   the regulations issued thereunder with respect to a Plan (except an event for which the 30-day   notice period is waived); (b) the failure to satisfy the applicable minimum funding standard under   Section 412 of the Internal Revenue Code or Section 302 of ERISA with respect to any Plan,   whether or not waived; (c) the filing pursuant to Section 412(c) of the Internal Revenue Code or   Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with   respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate of any liability   under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower   or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention   to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by   the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial   withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA   Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that   a Multiemployer Plan is, or is expected to be, insolvent or in “endangered” or “critical” status   (within the meaning of Section 432 of the Code or Section 305 of ERISA), within the meaning of   Title IV of ERISA.          “Event of Default” shall have the meaning set forth in Article X hereof.                                          9 

 

       “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.          “Excluded Taxes” shall mean any of the following Taxes with respect to Agent or any   Lender or required to be withheld or deducted from a payment to be made to Agent or any Lender   on account of any Obligations, (a) Taxes imposed on or measured by net income (however   denominated), franchise Taxes, and branch profits Taxes, in each case,  (i) imposed as a result of   Agent or such Lender being organized under the laws of, or having its principal office or, in the   case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or   any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a   Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such   Lender with respect to an applicable interest in a Commitment or Advance pursuant to Law in   effect on the date on which such (i) such Lender acquires such interests in such Commitment or   Advance (other than pursuant to an assignment requested by Borrowers pursuant to Section 3.10   hereof) or (ii) such Lender changes its lending office, except in each case to the extent that,   pursuant to Section 3.9 hereof, amounts with respect to such Taxes were payable either to such   Lender’s assignor immediately before such Lender became a party hereto or to such Lender   immediately before it changed its lending office, (c) Taxes attributable to Agent’s or such Lender’s   failure to comply with Section 3.9(e) hereof and (d) any withholding taxes imposed under FATCA.          “Ex-Im Agreements” shall mean, collectively, the Ex-Im Borrower Agreement, the Ex-Im   Joint Application, the Ex-Im Loan Authorization Notice, the Ex-Im Master Guarantee and the Ex-  Im Waivers.          “Ex-Im Bank” shall mean the Export-Import Bank of the United States.          “Ex-Im Borrower Agreement” shall mean collectively, (i) that certain Borrower Agreement   entered into by the Borrowers in favor of Ex-Im Bank, Agent and Lenders dated as of the Closing   Date, and (ii) each future Borrower Agreement entered into by Borrowers.in favor of Ex-Im Bank,  Agent and Lenders in connection with any future extension or renewal of this Agreement, as any   such Borrower Agreement may be amended, modified, supplemented, restated or replaced from   time to time and, in each case, as the same may be modified by any applicable Ex-Im Waivers.          “Ex-Im Joint Application” shall mean collectively (i) the Joint Application for Working   Capital Guarantee executed by USS and PNC and submitted to Ex-Im Bank in connection with  the Ex-Im Subfacility prior to or on the Closing Date, (ii) the Joint Application for Working Capital  Guarantee executed by USSI and PNC and submitted to Ex-Im Bank in connection with the Ex- Im Subfacility prior to or on the Closing Date, and (iii) each future Joint Application for Working  Capital Guarantee executed by Borrowers and Agent and Lenders and submitted to Ex-Im Bank  in connection with any future extension or renewal of the Ex-Im Subfacility, as any such Joint  Application may be amended, modified, supplemented, restated or replaced from time to time.          "Ex-Im Loan Authorization Agreement" shall mean (i) the duly executed Loan   Authorization Notice executed by PNC as of the Closing Date and delivered to Ex-Im Bank in   accordance with the Delegated Authority Letter Agreement (as defined in the Borrower   Agreement) setting forth the terms and conditions of the Ex-Im Subfacility, a copy of which is  attached to the Ex-Im Borrower Agreement under clause (i) of such defined term as Annex A, and  (ii) each future Loan Authorization Notice (or any other such “Loan Authorization Agreement” (as defined in the Borrower Agreement)) executed by Agent and Lenders and delivered to Ex-Im                                         10 

 

 Bank in connection with any future extension or renewal of the Ex-Im Subfacility, as any such   Loan Authorization Notice may be amended, modified, supplemented, restated or replaced from   time to time.           “Ex-Im Guarantee” shall mean the Master Guarantee Agreement between Ex-Im Bank and   PNC dated March 15, 2019, as such Master Guarantee Agreement may be amended, modified,   supplemented, restated or replaced from time to time.          “Ex-Im Waivers” shall mean, collectively, (i) that certain waiver letter dated September   21, 2020 from the Ex-Im Bank to PNC regarding this Agreement, and (ii) any and all other waiver   letters sent prior to or after the Closing Date from Ex-Im Bank to Agent or Lenders regarding this   Agreement, as any such waiver letter may be amended, modified, supplemented, restated or   replaced from time to time            “Export Order” shall mean a documented purchase order or contract evidencing a Buyer’s   agreement to purchase the Items from a Borrower for export from the United States, which   documentation shall include written information that is necessary to confirm such purchase order   or contract, including identification of the Items, the name of the Buyer, the country of destination,   contact information for the Buyer and the total amount of the purchase order or contract.          “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this   Agreement (or any amended or successor version that is substantively comparable and not   materially more onerous to comply with), any current or future regulations thereunder or official   interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and   any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental   agreement, treaty or convention among Governmental Bodies and implementing such Sections of   the Code.           “Federal Funds Effective Rate” shall mean, for any day, the rate per annum (based on a   year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%)   calculated by the Federal Reserve Bank of New York (or any successor), based on such day’s   federal funds transactions by depositary institutions, as determined in such manner as such Federal   Reserve Bank (or any successor) shall set forth on its public website from time to time, and as   published on the next succeeding Business Day by such Federal Reserve Bank as the “Federal   Funds Effective Rate”; provided that if such Federal Reserve Bank (or its successor) does not   publish such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal   Funds Effective Rate for the last day on which such rate was announced.          “Financial Officer” means the chief financial officer, treasurer, any assistant treasurer, the   controller, or any assistant controller of the Borrowing Agent.            “Fiscal Quarter” shall mean a fiscal quarter of USS.          “Fiscal Year” shall mean a fiscal year of USS.          “Foreign Lender” shall mean any Lender that is organized under the Laws of a jurisdiction   other than that in which Borrowers are resident for tax purposes.  For purposes of this definition,  the United States of America, each State thereof and the District of Columbia shall be deemed to  constitute a single jurisdiction.                                          11 

 

      “Fund” shall mean any Person that is (or will be) engaged in making, purchasing, holding  or otherwise investing in commercial loans and similar extensions of credit in the ordinary course  of its business.          “GAAP” shall mean generally accepted accounting principles in the United States of  America in effect from time to time, applied on a basis consistent (except for changes concurred  with by USS’s independent public accountants) with the most recent audited consolidated financial  statements of USS and its consolidated Subsidiaries delivered to the Lenders.         “Governmental Acts” shall mean any act or omission, whether rightful or wrongful, of any  present or future de jure or de facto Governmental Body.          “Governmental Body” means the government of the United States, any other nation or, in  each case, any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive,  legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to  government (including any supra-national bodies such as the European Union or the European  Central Bank).         “Guarantor” shall mean each Person which may hereafter guarantee payment or  performance of the whole or any part of the Obligations, and shall also extend to all successors  and permitted and assigns of such Persons, and “Guarantors” shall mean collectively all such  Persons.         “Guarantor Security Agreement” shall mean any security agreement executed by any  Guarantor in favor of Agent securing the Obligations or the Guaranty of such Guarantor, in form  and substance satisfactory to Agent, as each may be amended, modified, supplemented, renewed,  restated, or replaced from time to time.         “Guaranty” shall mean any guaranty of the Obligations executed by a Guarantor in favor  of Agent for its benefit and for the ratable benefit of Lenders, in form and substance satisfactory  to Agent.          “Hazardous Materials” means all explosive or radioactive substances or wastes and all  hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum  distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,  infectious or medical wastes and all other hazardous or toxic materials, substances or wastes of  any nature regulated pursuant to any Environmental Law.          “Indebtedness” shall mean, as to any Person means, without duplication, (a) all obligations  of such Person for borrowed money or with respect to deposits or advances of any kind (other than  unspent cash deposits held in escrow by or in favor of such Person, or in a segregated deposit  account controlled by such Person, in each case in the ordinary course of business to secure the  performance obligations of, or damages owing from, one or more third parties); (b) all obligations  of such person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of  such Person on which interest charges are customarily paid (other than obligations where interest  is levied only on late or past due amounts); (d) all obligations of such Person under conditional  sale or other title retention agreements relating to property acquired by such Person; (e) all  obligations of such Person in respect of the deferred purchase price of property or services                                        12 

 

 (excluding current accounts payable incurred in the ordinary course of business); (f) all   Indebtedness of other Persons secured by (or for which the holder of such Indebtedness has an   existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired   by such Person, whether or not the Debt secured thereby has been assumed; (g) all Guarantees by   such Person of Indebtedness of other Persons; (h) all Capitalized Lease Obligations of such Person;  (i) all unpaid obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty (other than cash collateralized letters of credit to secure the performance of workers’ compensation, unemployment insurance, other social security laws or regulations, bids, trade contracts, leases, environmental and other statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, obtained in the ordinary course of business); (j) all capital stock of such Person which is required to be redeemed or is redeemable at the option of the holder if certain events or conditions occur or exist or otherwise; and (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.   The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent that such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except (i) to the extent that contractual provisions binding on the holder of such Indebtedness provide that such Person is not liable therefor and (ii) in the case of general partnerships where the interest is held by a Subsidiary with no other significant assets. Notwithstanding the foregoing, the term “Indebtedness” will exclude obligations that are no longer outstanding under the applicable indenture or instruments therefor.  Notwithstanding the foregoing, in connection with the purchase by the any Borrower or any Subsidiary of any business, the term “Indebtedness” will exclude post- closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing; provided that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid when due.        “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with   respect to any payment made by or on account of any obligation of the Borrowers under this  Agreement or any Other Document and (b) to the extent not otherwise described in (a), Other  Taxes.          “Ineligible Security(ies)” shall mean any security which may not be underwritten or dealt   in by member banks of the Federal Reserve System under Section 16 of the Banking Act of 1933   (12 U.S.C. Section 24, Seventh), as amended.           “Insolvency Event” shall mean, with respect to any Person, including without limitation   any Lender, such Person or such Person’s direct or indirect parent company (a) becomes the subject   of an Insolvency Proceeding (including any proceeding under the Bankruptcy Code), or regulatory   restrictions, (b) has had a receiver, conservator, trustee, administrator, custodian, assignee for the   benefit of creditors or similar Person charged with the reorganization or liquidation of its business   appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or be   generally unable, to pay its debts as they become due or ceases operations of its present business,   (d) with respect to a Lender, such Lender is unable to perform hereunder due to the application of  Applicable Law, or (e) in the good faith determination of Agent, has taken any action in furtherance  of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or  appointment of a type described in clauses (a) or (b), provided that an Insolvency Event shall not  result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in                                        13 

 

 such Person or such Person’s direct or indirect parent company by a Governmental Body or   instrumentality thereof if, and only if, such ownership interest does not result in or provide such   Person with immunity from the jurisdiction of courts within the United States or from the   enforcement of judgments or writs of attachment on its assets or permit such Person (or such   Governmental Body or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or   agreements made by such Person.          “Insolvency Law” shall mean as applicable, (a) the Bankruptcy Code and (b) any other   federal, state, provincial or foreign Law regarding insolvency or bankruptcy or for the relief or   reorganization or administration or receivership or liquidation of debtors and/or their assets or   liabilities or affecting creditors’ rights generally.          “Insolvency Proceeding” shall mean (a) any voluntary or involuntary case, receivership,   administration, liquidation, or other similar case or proceedings under any Insolvency Law   (whether or not of an interim nature) with respect to any Person or with respect to a material portion   of its assets, (b) any liquidation, dissolution, or winding up of any Person whether voluntary or   involuntary and whether or not involving any Insolvency Law or (c) any assignment for the benefit   of any creditors or any other marshaling of assets or liabilities of any Person.          “Intellectual Property” shall mean property constituting a patent, copyright, trademark (or   any application in respect of the foregoing), service mark, trade name, mask work, trade secrets,   design right, assumed name or license or other right to use any of the foregoing under Applicable   Law.           “Interest Rate Hedge” shall mean an interest rate exchange, collar, cap, swap, floor,   adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements entered  into by any Borrower or its Subsidiaries in order to provide protection to, or minimize the impact   upon, such Borrower and/or its Subsidiaries of increasing floating rates of interest applicable to   Indebtedness.          “Interest Rate Hedge Liabilities” shall mean the indebtedness, obligations, and liabilities   owing to the provider of any Interest Rate Hedge (including any applicable Post-Petition   Obligations).  For purposes of this Agreement and all of the Other Documents, all Interest Rate   Hedge Liabilities of any Borrower or Subsidiary that is party to any Lender-Provided Interest Rate  Hedge shall be “Obligations” hereunder and under the Other Documents, except to the extent  constituting Excluded Hedge Liabilities of such Person, and the Liens securing such Interest Rate  Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this   Agreement and the Other Documents, subject to the express provisions of Section 11.5 hereof.          “Items” shall mean the finished goods or services which are intended for direct export from   the United States, meet the U.S. Content requirements in accordance with Section 2.01(b)(ii) of   the Ex-Im Borrower Agreement and are specified in Section 4.A. of the Ex-Im Loan Authorization   Agreement.           “Law(s)” shall mean any law(s) (including common law and equitable principles),   constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, code, release,   ruling, order, executive order, injunction, writ, decree, bond judgment authorization or approval,                                          14 

 

 lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any   Governmental Body, foreign or domestic.           “Lender” and “Lenders” shall have the meanings given to such terms in the preamble to   this Agreement and shall include all of the transferees, successor, and permitted assigns of each   such Person in its capacity as a Lender under this Agreement.           “LIBOR Rate” shall mean the “London Interbank Offered Rate” for U.S. dollar deposits   as offered by leading banks in the London interbank deposit market, as calculated and published   (as of the Closing Date) by the ICE Benchmark Administration.          “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,   hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of   a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement   (or any financing lease having substantially the same economic effect as any of the foregoing)   relating to such asset and (c) in the case of securities, any purchase option, call or similar right of   a third party with respect to such securities.           “LLC Division” shall mean, in the event a Borrower is a limited liability company, (a) the   division of any such Borrower into two or more newly formed limited liability companies (whether   or not such Borrower is a surviving entity following any such division) pursuant to Section 18-217   of the Delaware Limited Liability Borrower Act or any similar provision under any similar act   governing limited liability companies organized under the laws of any other State or   Commonwealth or of the District of Columbia, or (b) the adoption of a plan contemplating, or the   filing of any certificate with any applicable Governmental Body that results or may result in, any   such division.          “Loan Facility” shall have the meaning set forth in the Ex-Im Borrower Agreement.          “Material Adverse Effect” shall mean a material adverse effect on (a) the business,   operations or financial condition of USS and its Subsidiaries taken as a whole, or (b) the ability   Borrowers, taken as a whole, to duly and punctually pay or perform the Obligations in accordance   with the terms thereof or (c) the value of the Collateral, taken as a whole. For the avoidance of  doubt, the parties hereto (x) acknowledge that the definition of “Material Adverse Effect” set forth   in the Ex-Im Borrower Agreement is different than the foregoing definition, and (y) agree that   such definition of “Material Adverse Effect” set forth in the Ex-Im Borrower Agreement shall only   be applicable with respect to those representations and covenants in the Ex-Im Borrower   Agreement that use the term “Material Adverse Effect”, and that all uses of the term “Material   Adverse Effect” in this Agreement shall be references to such term as defined in the foregoing   sentence.            “Modification” shall have the meaning set forth in Section 9.2(d) hereof.          “Modified Commitment Transfer Supplement” shall have the meaning set forth in Section   16.3(d) hereof.          “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of   ERISA.                                          15 

 

       “Net Cash Proceeds” shall mean, with respect to any Disposition of any Collateral, the cash   proceeds received by any Borrower (including cash proceeds subsequently received (as and when   received) in respect of non-cash consideration initially received) net of (i) selling expenses   (including reasonable brokers’ fees or commissions, legal, accounting and other professional and   transactional fees, and transfer and similar taxes); (ii) amounts provided as a reserve, in accordance   with GAAP, against (x) any liabilities under any indemnification obligations associated with such   Disposition or (y) any other liabilities retained by such Borrower associated with the properties   sold in such Disposition (provided that, to the extent and at the time any such amounts are released   from such reserves, such amounts shall constitute Net Cash Proceeds); and (iii) the principal   amount, premium or penalty, if any, interest, and other amounts on any Indebtedness for borrowed   money (other than any such Indebtedness assumed by the purchaser of such properties) which is   secured by a Lien on the properties sold in such Disposition (so long as such Lien was a Permitted   Encumbrance at the time of such Disposition) and which is repaid with such proceeds;          “Non-Defaulting Lender” shall mean, at any time, any Lender that is not a Defaulting   Lender at such time.           “Notes” shall have the meaning set forth in Section 2.1 hereof          “Obligations” shall mean and include any and all loans (including without limitation, all   Advances), advances, debts, liabilities, obligations, covenants and duties owing by any Borrower   under this Agreement or any Other Document (and any as the same may be amended, modified,   supplemented, increased, renewed, restated, or replaced from time to time), to Lenders or Agent   or any other Secured Party of any kind or nature, present or future ): (i) any interest or other  amounts accruing thereon, (ii) any fees accruing thereon or under or in connection with this  Agreement or any Other Document (and any as the same may be amended, modified,  supplemented, increased, renewed, restated, or replaced from time to time), (iii) any costs and  expenses of any Person payable/reimbursable by any Borrower or Subsidiary of any Borrower   under this Agreement or any Other Document (and any as the same may be amended, modified,   supplemented, increased, renewed, restated, or replaced from time to time), and (iv) any   indemnification obligations or other amounts or charges payable by any Borrower or Subsidiary   of any Borrower under this Agreement or any Other Document (and any as the same may be   amended, modified, supplemented, increased, renewed, restated, or replaced from time to time),   in each such case arising or payable after maturity, or after the filing or commencement of any  Insolvency Proceeding relating to any Borrower or Subsidiary of any Borrower, whether or not a  claim for post-Insolvency Proceeding interest, fees, payment/reimbursement obligations for costs  and expenses, indemnification, or other amounts or charges is allowable or allowed in such  Insolvency Proceeding (all collectively under this parenthetical, the “Post-Petition Obligations”),   whether direct or indirect (including those acquired by assignment or participation), absolute or   contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or   tortious, liquidated or unliquidated, regardless of how such indebtedness or liabilities arise   including all costs and expenses of Agent, , any Lender, or any other Secured Party incurred in the  documentation, negotiation, modification, enforcement, collection or otherwise in connection with  any of the foregoing, including but not limited to reasonable, documented and invoiced attorneys’  fees and expenses and all obligations of any Borrower or Subsidiary of any Borrower to Agent,   any Lender, or any other Secured Party to perform acts or refrain from taking any action.                                          16 

 

       “Obligations Receipts” shall have the meaning set forth in Section 11.5(a) hereof.          “Organizational Documents” shall mean, with respect to any Person, any charter, articles   or certificate of incorporation, certificate of organization, registration or formation, certificate of  partnership or limited partnership, bylaws, operating agreement, limited liability company  agreement, or partnership agreement of such Person and any and all other applicable documents   relating to such Person’s formation, organization or entity governance matters (including any   shareholders’ or equity holders’ agreement or voting trust agreement) and specifically includes,   without limitation, any certificates of designation for preferred stock or other forms of preferred   equity.           “Other Documents” shall mean (x) the Notes, the Ex-Im Agreements, any Guaranty, any   Guarantor Security Agreement, the Financial Condition Certificate delivered pursuant to Section   8.1(b) hereof, the closing certificate delivered pursuant to Section 8.1(c) hereof and each Specified   Export Order Receivables Report delivered hereunder, and (y) any and all other agreements,   instruments and documents, including intercreditor agreements, guaranties, pledges, powers of   attorney, consents, interest or currency swap agreements and all other agreements, documents and   instruments, in each case under this clause (y) that specify therein that such document is intended   to constitute an “Other Document” hereunder, heretofore,  now or hereafter executed by any   Borrower and/or delivered to Agent or any Lender in respect of the transactions contemplated by   this Agreement, in each case together with all amendments, modifications, supplements,   extensions, renewals, substitutions, restatements and replacements thereto and thereof.          “Other Connection Taxes” means, with respect to Agent or any Lender, Taxes imposed as   a result of a present or former connection between Agent or such Lender, as applicable, and the   jurisdiction imposing such Tax (other than connections arising from Agent or such Lender, as   applicable, having executed, delivered, become a party to, performed its obligations under,   received payments under, received or perfected a security interest under, engaged in any other   transaction pursuant to or enforced this Agreement or any Other Document, or sold or assigned an   interest in any Commitment or Advance or this Agreement or any Other Document).           “Other Taxes” means all present or future stamp, court or documentary, intangible,   recording, filing or similar Taxes that arise from any payment made under, from the execution,   delivery, performance, enforcement or registration of, from the receipt or perfection of a security   interest under, or otherwise with respect to, this Agreement or any Other Document, except any   such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an   assignment made pursuant to Section 3.10).          “Parent” of any Person shall mean a corporation or other entity owning, directly or   indirectly, fifty percent (50%) or more of the Equity Interests issued by such Person having   ordinary voting power to elect a majority of the directors of such Person, or other Persons   performing similar functions for any such Person.          “Participant” shall mean each Person who shall be granted the right by any Lender to   participate in any of the Advances and who shall have entered into a participation agreement in   form and substance satisfactory to such Lender.           “Payment in Full” or “Paid in Full” means (i) the termination of all commitments of the   Lenders to extend credit under this Agreement and (ii) the indefeasible payment in full in cash of                                         17 

 

 all of the Obligations (including Post-Petition Obligations) other than contingent obligations for   which no claim or demand for payment, whether oral or written, has been made at such time.          “Payment Office” shall mean initially Two Tower Center Boulevard, East Brunswick, New   Jersey 08816; thereafter, such other office of Agent, if any, which it may designate by notice to   Borrowing Agent and to each Lender to be the Payment Office.          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in   ERISA and any successor entity performing similar functions.          “Permitted Assignees” shall mean: (a) Agent, any Lender or any of their Affiliates; (b)   [reserved]; (c) any Approved Fund; and (d) any Fund to whom Agent or any Lender assigns its   rights and obligations under this Agreement as part of an assignment and transfer of such Agent’s   or Lender’s rights in and to a material portion of such Agent’s or Lender’s portfolio of asset-based  or commercial credit facilities; and shall exclude any natural person (or a holding company,  investment vehicle or trust for, or owned or operated for the primary benefit of, a natural person)   and the Borrowers and any of their Affiliates.           “Permitted Encumbrances” shall mean:                (a)   Liens in favor of Agent, for the benefit of Secured Parties;               (b)   Liens for taxes that are not yet due or are being contested in good faith by  appropriate proceedings;                (c)   Liens arising by virtue of the rendition, entry or issuance against any  Borrower, or any property of any Borrower, of any judgment, writ, order, or decree that does not   constitute of an Event of Default under Section 10.4 hereof; and                (d)   each other “Permitted Lien” as defined under the Ex-Im Borrower  Agreement;    provided that the term “Permitted Encumbrances” shall not include any Lien that secures   Indebtedness.           “Principals” shall mean any officer, director, owner, partner, key employee, or other Person   with primary management or supervisory responsibilities with respect to Borrowers or any other   Person (whether or not an employee) who has critical influence on or substantive control over the   transactions covered by this Agreement.          “Person” shall mean any individual, sole proprietorship, partnership, corporation, business   trust, joint stock company, trust, unincorporated organization, association, limited liability   company, limited liability partnership, institution, public benefit corporation, joint venture, entity   or Governmental Body (whether federal, state, county, city, municipal or otherwise, including any   instrumentality, division, agency, body or department thereof).          “Plan” means any employee pension benefit plan (except a Multiemployer Plan) subject to   the provisions of Title IV of ERISA or Section 412 of the Internal Revenue Code or Section 302   of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were                                          18 

 

 terminated, would under Section 4069 of ERISA be deemed to be) a “contributing sponsor” as   defined in Section 4001(a)(13) of ERISA.           “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section   3(42) of ERISA, as amended from time to time.           “PNC” shall have the meaning set forth in the preamble to this Agreement and shall include   all of its successors and assigns.          “Post-Petition Obligations” shall have the meaning set forth in the definition of   “Obligations”.          “Prohibited Modification” shall have the meaning set forth in Section 9.2(d) hereof.          “Projections” shall have the meaning set forth in Section 5.5(a) hereof.          “Protective Advances” shall have the meaning set forth in Section 16.2(f) hereof.          “Published Rate” shall mean the rate of interest published each Business Day in the Wall   Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a   one month period (or, if no such rate is published therein for any reason, then the Published Rate   shall be the LIBOR Rate for a one month period as published in another publication selected by   Agent).          “Purchasing CLO” shall have the meaning set forth in Section 16.3(d) hereof.          “Purchasing Lender” shall have the meaning set forth in Section 16.3(c) hereof.          “Receivables” shall mean and include, as to any Person, all of such Person’s accounts (as   defined in Article 9 of the Uniform Commercial Code) and all of such Person’s contract rights,   instruments (including those evidencing indebtedness owed to such Person by its Affiliates),   documents, chattel paper (including electronic chattel paper), general intangibles relating to   accounts, contract rights, instruments, documents and chattel paper, and drafts and acceptances,   credit card receivables and all other forms of obligations owing to such Person arising out of or in   connection with the sale or lease of Inventory or the rendition of services, all supporting   obligations, guarantees and other security therefor, whether secured or unsecured, now existing or   hereafter created, and whether or not specifically sold or assigned to Agent hereunder, and without   limiting the generality of the foregoing, Receivables includes all Accounts Receivable and any and  all such Receivables and/or Accounts Receivable arising out of or pursuant to any Specified Export  Order Contract.          “Register” shall have the meaning set forth in Section 16.3(c) hereof.          “Release” shall have the meaning set forth in Section 5.7(c)(i) hereof.          “Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned   Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned,   or custodially detained in connection either with any Anti-Terrorism Law or with any predicate  crime to any money laundering law constituting an Anti-Terrorism Law, or any officer of any                                          19 

 

Borrower has knowledge of facts or circumstances to the effect that it is reasonably likely that any  aspect of the operations of any Person is in material violation of any Anti-Terrorism Law.         “Replacement Notice” shall have the meaning set forth in Section 3.10 hereof.         “Required Lenders” shall mean Lenders (not including any Defaulting Lender) holding  more than fifty percent (50.00%) of the aggregate of (x) the unfunded and unterminated  Commitment Amounts of all Lenders (excluding any Defaulting Lender) and (y) the outstanding  principal amount of the Transaction Specific Loans; provided, however, (x) if there are fewer than  three (3) Lenders (excluding any Defaulting Lender), Required Lenders shall mean all Lenders  (excluding any Defaulting Lender), and (y) for purposes of this definition, all Lenders that are  Affiliates of each other shall be deemed to constitute only one Lender.         “Reserve Percentage” shall mean as of any day the maximum effective percentage in effect  on such day as prescribed by the Board of Governors of the Federal Reserve System (or any  successor) for determining the reserve requirements (including supplemental, marginal and  emergency reserve requirements) with respect to eurocurrency funding (currently referred to as  “Eurocurrency Liabilities”).         “Retainage” shall mean that portion of the purchase price of an Export Order that a Buyer  is not obligated to pay until the end of a specified period of time following the satisfactory  performance under such Export Order.         “Sanctioned Country” shall mean, at any time, a country or territory that is the subject or  target of any Sanctions.          “Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related  list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.  Department of the Treasury, the U.S. Department of State, the United Nations Security Council,  Her Majesty’s Treasury of the United Kingdom, the European Union or any European Union  member state (each, a “Sanctions Authority”), (b) any Person operating, organized or resident in a  Sanctioned Country, (c) any Person owned (individually or in the aggregate, directly or indirectly)  or Controlled by any such Person or Persons described in the foregoing clauses (a) or (b) or (d)  any Person otherwise the subject of Sanctions.         “Sanctions” means economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by a Sanctions Authority.         “SEC” shall mean the Securities and Exchange Commission or any successor thereto.         “Secured Parties” shall mean, collectively, Agent and Lenders, and the respective  successors and assigns of each of them.         “Securities Act” shall mean the Securities Act of 1933, as amended.         “Senior ABL Agreement” shall mean that certain Fifth Amended and Restated Credit  Agreement, dated as of October 25, 2019, among USS, as borrower, the financial institutions party  thereto as lender from time to time, and JPMorgan Chase Bank, N.A., as administrative agent and                                         20 

 

collateral agent, as the same may be amended, modified, supplemented, renewed, restated,  replaced, extended, or refinanced from time to time.          “Senior ABL Amendment” shall mean that certain Amendment No. 1 to Fifth Amended  and Restated Credit Agreement, Second Amended and Restated Security Agreement, and Second  Amended and Restated Subsidiary Security Agreement, dated on or about the Closing Date, among  USS, as borrower, USSI and certain other Subsidiaries of USS, as subsidiary guarantors, the  financial institutions party to the Senior ABL Agreement as lenders, and JPMorgan Chase Bank,  N.A., as administrative agent and collateral agent under the Senior ABL Agreement.        “Senior ABL Documents” shall mean, collectively, the Senior ABL Agreements and all  other “Loan Documents” as defined in the Senior ABL Agreement, each as may be amended,  modified, supplemented, renewed, restated, replaced, extended, or refinanced from time to time.         “Senior ABL Event of Default”  shall mean the occurrence any event or circumstances  which, after giving effect to any applicable grace or cure period(s) and/or notice requirements,  would result in the acceleration of and/or permit any agent(s) or lender(s) to accelerate the  indebtedness and obligations owing under the Senor ABL Documents (even in no such  acceleration shall have occurred).         “Specified Export Order” shall mean each Export Order arising under or pursuant to the  Specified Export Order Contracts as a result of any sale of goods or services by a Borrower to the  applicable Specified Export Order Buyer, each of which is a  “Specified Export Order” as defined  in the Ex-Im Borrower Agreement.         “Specified Export Order Buyers” shall mean, collectively, each Person party to one of the  Specified Export Order Contract as the “Buyer” thereunder (including, in each case, the successors  and assigns of each such “Buyer”), each of which is a “Buyer” as defined .         “Specified Export Order Contracts” shall mean, collectively:                     (i)   that certain Pellet Sale and Purchase Contract, effective as of [REDACTED], between, inter alios, USS, as “Seller”, and [REDACTED], as “Buyer”,                     (ii)  that certain Amended and Restated Pellet Sale and Purchase Contract, effective as of [REDACTED], between, inter alios, USS, as “Seller”, and  [REDACTED], as “Buyer”, and                     (iii) that certain Sale and Purchase Contract; MINN 2017-01, effective as of [REDACTED], between, inter alios, USSI, as “Seller”, and [REDACTED], as “Buyer”,   each as in effect on the date hereof and as hereafter amended, modified, supplemented, restated,  extended, or replaced in accordance with the terms of this Agreement.         “Specified Export Order Receivables” shall mean, collectively, any and all Receivables  and Accounts Receivable arising out of or pursuant to any Specified Export Order Contract and/or  any Specified Export Order arising out of or pursuant to any such Specified Export Order Contract.                                          21 

 

       “Specified Export Order Receivables Report” shall have the meaning set forth in Section   9.2(b) hereof.          “Subsidiary” shall mean of any Person a corporation or other entity of whose Equity   Interests having ordinary voting power (other than Equity Interests having such power only by   reason of the happening of a contingency) to elect a majority of the directors of such corporation,   or other Persons performing similar functions for such entity, are owned, directly or indirectly, by   such Person.          “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,   withholdings (including backup withholding), assessments, fees or other charges imposed by any   Governmental Body, including any interest, additions to tax or penalties applicable thereto.          “Term” shall have the meaning set forth in Section 13.1 hereof.          "Transaction Specific Loan Facility" shall mean the credit facility established by Lenders   hereunder in favor of Borrower for the purpose of providing working capital in the form of loans   to finance the manufacture, production or purchase and subsequent export sale of Items pursuant   to this Agreement and the Other  Documents, which constitutes a “Transaction Specific Loan   Facility” as defined in the Ex-Im Borrower Agreement.          “Transaction Specific Loans” shall have the meaning given thereto in Section 2.1 hereof   (and, if and to the extent the context may provide, may also mean any portion of such Transaction   Specific Loans and/or of the advance in respect of such Transaction Specific Loans made by any  Lender).           “Transactions” shall mean, collectively, the execution, delivery, and effectiveness of this   Agreement and any Other Documents being executed and delivered on the Closing Date, the   granting of the Liens provided for herein, the making of the Transaction Specific Loans, and the   disbursement of the proceeds thereof in accordance with this Agreement and the Closing Date   Flow of Funds Agreement.          “Uniform Commercial Code” shall have the meaning set forth in Section 1.3 hereof.          “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing   Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56,   as the same has been, or shall hereafter be, amended, modified, renewed, extended or replaced.          "U.S." or "United States" shall mean the United States of America including any division   or agency thereof (including United States embassies or United States military bases located   overseas), and any United States Territory (including without limitation, Puerto Rico, Guam or the   United States Virgin Islands).          “U.S. Content” shall mean, with respect to any Item, all the costs, including labor,   materials, services and overhead, but not markup or profit margin, which are of U.S. origin or   manufacture, and which are incorporated into an Item in the United States.          “Warranty” shall mean any Borrower’s guarantee to a Buyer that the Items will function   as intended during the warranty period set forth in the applicable Export Order.                                          22 

 

       “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete   or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle   E of Title IV of ERISA.          1.3.  Uniform Commercial Code Terms.  All terms used herein and defined in the   Uniform Commercial Code as adopted in the State of New York from time to time (the “Uniform   Commercial Code”) shall have the meaning given therein unless otherwise defined herein.   Without limiting the foregoing, the terms “accounts”, “chattel paper” (and “electronic chattel   paper” and “tangible chattel paper”), “deposit accounts”, “documents”, “equipment”, “financial   asset”, “general intangibles”, “goods”, “instruments”, “inventory”, “letter-of-credit rights”,  “payment intangibles”, “proceeds”, “promissory note” “securities”, “software” and “supporting  obligations” as and when used in the description of Collateral shall have the meanings given to  such terms in Articles 8 or 9 of the Uniform Commercial Code.  To the extent the definition of any  category or type of collateral is expanded by any amendment, modification or revision to the  Uniform Commercial Code, such expanded definition will apply automatically as of the date of  such amendment, modification or revision.          1.4.  Certain Matters of Construction.  The terms “herein”, “hereof” and “hereunder”   and other words of similar import refer to this Agreement as a whole and not to any particular   section, paragraph or subdivision.  All references herein to Articles, Sections, Exhibits and   Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,   this Agreement.  Any pronoun used shall be deemed to cover all genders.  Wherever appropriate   in the context, terms used herein in the singular also include the plural and vice versa.  All   references to statutes and related regulations shall include any amendments of same and any   successor statutes and regulations.  Unless otherwise provided, all references to any instruments   or agreements to which Agent is a party, including references to any of the Other Documents, shall   include any and all modifications, supplements or amendments thereto, any and all restatements   or replacements thereof and any and all extensions or renewals thereof.  Except as otherwise   expressly provided for herein, all references herein to the time of day shall mean the time in New   York, New York.  Whenever the words “including” or “include” shall be used, such words shall   be understood to mean “including, without limitation” or “include, without limitation”.  A Default   or an Event of Default shall be deemed to exist at all times during the period commencing on the   date that such Default or Event of Default occurs to the date on which such Default or Event of   Default is waived in writing pursuant to this Agreement or, in the case of a Default, is cured within   the applicable cure period expressly provided for in this Agreement; and an Event of Default shall   “continue” or be “continuing” until such Event of Default has been waived in writing by Required   Lenders.  Any Lien referred to in this Agreement or any of the Other Documents as having been   created in favor of Agent, any agreement entered into by Agent pursuant to this Agreement or any   of the Other Documents, any payment made by or to or funds received by Agent pursuant to or as   contemplated by this Agreement or any of the Other Documents, or any act taken or omitted to be   taken by Agent, shall, unless otherwise expressly provided, be created, entered into, made or   received, or taken or omitted, for the benefit or account of Secured Parties.  Wherever the phrase   “to the best of Borrowers’ knowledge” or words of similar import relating to the knowledge or the   awareness of any Borrower are used in this Agreement or Other Documents, such phrase shall   mean and refer to (i) the actual knowledge of a senior officer of any Borrower or (ii) the knowledge   that a senior officer would have obtained if he/she had engaged in a good faith and diligent   performance of his/her duties, including the making of such reasonably specific inquiries as may                                         23 

 

 be necessary of the employees or agents of such Borrower and a good faith attempt to ascertain   the existence or accuracy of the matter to which such phrase relates.  All covenants hereunder shall   be given independent effect so that if a particular action or condition is not permitted by any of   such covenants, the fact that it would be permitted by an exception to, or otherwise within the   limitations of, another covenant shall not avoid the occurrence of a default if such action is taken   or condition exists.  In addition, all representations and warranties hereunder shall be given   independent effect so that if a particular representation or warranty proves to be incorrect or is   breached, the fact that another representation or warranty concerning the same or similar subject   matter is correct or is not breached will not affect the incorrectness of a breach of a representation   or warranty hereunder.          1.5.  LIBOR Notification.  Section  3.7 of this Agreement provides a mechanism for   determining an alternate rate of interest in the event that the Daily LIBOR Rate is no longer  available or in certain other circumstances.  The Agent does not warrant or accept any  responsibility for and shall not have any liability with respect to, the administration, submission  or any other matter related to the London interbank offered rate or other rates in the definition of  Daily LIBOR Rate or Contract Rate (or any defined term used in such definition) or with respect  to any alternative or successor rate thereto, or replacement rate therefor.       II.   ADVANCES, PAYMENTS.         2.1.  Transaction Specific Loans.   Subject to the terms and conditions of this Agreement,  each Lender, severally and not jointly, will make a Transaction Specific Loan advance to   Borrowers in the amount equal to such Lender’s Commitment Percentage of the lesser of (x)   $250,000,000 or (y) seventy percent (70%) of the projected value of the cash flow under  the   Specified Export Order Contracts as reflected in the Projections (collectively, the “Transaction   Specific Loans”).  The Transaction Specific Loans shall be advanced on the Closing Date.      The Transaction Specific Loans shall be evidenced by one or more secured promissory notes   (collectively, the “Notes”) in substantially the form attached hereto as Exhibit 2.1 to the extent   requested by the applicable Lender.          2.2.  Disbursement of Advance Proceeds.  All Advances shall be disbursed from   whichever office or other place Agent may designate from time to time and, together with any and   all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers’ Account   on Agent’s books.            2.3.  Making and Settlement of Advances.                (a)   The Transaction Specific Loans shall be advanced on the Closing Date  according to the applicable Commitment Percentages of the respective Transaction Specific Loan   Lenders.                  (b)   If any Lender or Participant (a “Benefited Lender”) shall at any time receive  any payment of all or part of its Advances, or interest thereon, or receive any Collateral in respect   thereof (whether voluntarily or involuntarily or by set-off) in a greater proportion than any such  payment to and Collateral received by any other Lender, if any, in respect of such other Lender’s  Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is  not expressly permitted hereunder, such Benefited Lender shall purchase for cash from the other                                         24 

 

Lenders a participation in such portion of each such other Lender’s Advances, or shall provide  such other Lender with the benefits of any such Collateral, or the proceeds thereof, as shall be  necessary to cause such Benefited Lender to share the excess payment or benefits of such  Collateral or proceeds ratably with each of the other Lenders; provided, however, that if all or any  portion of such excess payment or benefits is thereafter recovered from such Benefited Lender,  such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of  such recovery, but without interest.  Each Borrower consents to the foregoing and agrees, to the  extent it may effectively do so under Applicable Law, that each Lender so purchasing a portion of  another Lender’s Advances may exercise rights of set-off and counterclaim with respect to such  portion as fully as if such Lender were the direct holder of such portion, and the obligations owing  to each such purchasing Lender in respect of such participation and such purchased portion of any  other Lender’s Advances shall be part of the Obligations secured by the Collateral, and the  obligations owing to each such purchasing Lender in respect of such participation and such  purchased portion of any other Lender’s Advances shall be part of the Obligations secured by the  Collateral.         2.4.  Manner and Repayment of Advances.               (a)   The Transaction Specific Loans shall be due and payable as provided in Section  2.6 and 4.5(h)  hereof,  and without limiting the generality of the foregoing or any  provisions of such Sections, the Transaction Specific Loans, and all interest accrued thereon but  yet unpaid, shall be due and payable in full on the last day of the Term, subject to mandatory  prepayments as herein provided.  Notwithstanding the foregoing, all Advances shall be subject to  earlier repayment upon (x) acceleration upon the occurrence of an Event of Default in accordance  with Section 11.1(a) of this Agreement or (y) termination of this Agreement.  Subject to the  provisions of Sections 2.6 and 11.5 hereof and also to any separate written agreements among any  applicable Lenders, each payment (including each prepayment) by or on behalf of any Borrower  on account of the principal of and/or interest on the Transaction Specific Loans shall be applied to  the Transaction Specific Loans pro rata according to the Transaction Specific Loans Commitment  Percentages of the Transaction Specific Loans.                 (b)   Each Borrower recognizes that the amounts evidenced by checks, notes, drafts or any other items of payment relating to and/or proceeds of Collateral may not be collectible  by Agent on the date received by Agent.  Agent shall conditionally credit Borrowers’ Account for  each item of payment (i) if received by Agent on or prior to 2:00 p.m. on a Business Day, on such  Business Day and (ii) if received by Agent after 2:00 p.m. on a Business Day, or on a day which  is not a Business Day, on the next Business Day after the day on which such item of payment is  received by Agent (and the Business Day on which each such item of payment is so credited shall  be referred to, with respect to such item, as the “Application Date”).  Agent is not, however,  required to credit Borrowers’ Account for the amount of any item of payment which is not  reasonably satisfactory to Agent and Agent may charge Borrowers’ Account for the amount of any  item of payment which is returned, for any reason whatsoever, to Agent unpaid.  Subject to the  foregoing, Borrowers agree that for purposes of computing the interest charges under this  Agreement, each item of payment received by Agent shall be deemed applied by Agent on account  of the Obligations on its respective Application Date.  All proceeds of the Collateral received by  Agent shall be applied to the Obligations in accordance with Section 4.5(h).                                          25 

 

            (c)   All payments of principal, interest and other amounts payable hereunder, or under any of the Other Documents shall be made to Agent at the Payment Office not later than  2:00 p.m. on the due date therefor in Dollars in federal funds or other funds immediately available  to Agent.                 (d)   Except as expressly provided herein, all payments (including prepayments) to be made by Borrowers on account of principal, interest, fees and other amounts payable  hereunder shall be made without deduction, setoff or counterclaim and shall be made to Agent on  behalf of Lenders to the Payment Office, in each case on or prior to 2:00 p.m., in Dollars and in  immediately available funds.         2.5.  Statement of Account.  Agent shall maintain, in accordance with its customary  procedures, a loan account (“Borrowers’ Account”) in the name of Borrowers in which shall be  recorded the date and amount of each Advance made by Agent or Lenders and the date and amount  of each payment in respect thereof; provided, however, the failure by Agent to record the date and  amount of any Advance shall not adversely affect Agent or any Lender.  On the first Business Day  of each month, Agent shall send to Borrowing Agent a statement (each, a “Monthly Statement”)  showing (a) the accounting for the Advances made, payments made or credited in respect thereof,  and other transactions between Agent, Lenders and Borrowers during such month and (b) the  amount of accrued and unpaid interest on the Advances due in respect of such month.  The monthly  statements shall be deemed correct and binding upon Borrowers in the absence of manifest error  and shall constitute an account stated between Lenders and Borrowers unless Agent receives a  written statement of Borrowers’ specific exceptions thereto within thirty (30) days after such  statement is received by Borrowing Agent.  The records of Agent with respect to Borrowers’  Account shall be conclusive evidence absent manifest error of the amounts of Advances and other  charges thereto and of payments applicable thereto.          2.6.  Prepayments               (a)   Voluntary Prepayments.                    (i)   Voluntary Prepayments of the Transaction Specific Loans. Borrowers may, at their option exercisable in their sole discretion, voluntarily prepay the  Transaction Specific Loans in whole or in part (provided that any such prepayment of Transaction  Specific Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in  excess thereof (or, if less, the entire principal amount thereof then outstanding)) at any time and  from time to time upon written notice given to Agent at least three (3) Business Days’ prior to the  date of such prepayment.  Each such notice shall specify the date and amount of such prepayment  and the Transaction Specific Loans to be prepaid.  Agent will promptly notify each Lender of its  receipt of each such notice, and of the amount of such Lender’s applicable pro rata share of such  prepayment.  The Borrowers may revoke, rescind or extend a prepayment notice relative to  proposed payment in full of the Transaction Specific Loans with the proceeds of third party  Indebtedness or other transactions if the closing for such issuance or incurrence or other  transactions does not happen on the date of the proposed termination.  Unless all Term Lenders  shall agree otherwise in any particular case (which establishing any course of dealing or course of  conduct for any such voluntary prepayment of the Transaction Specific Loans made thereafter),  such any voluntary prepayment shall be accompanied by all accrued interest on the amount  prepaid.                                           26 

 

             (b)   Mandatory Prepayments.                     (i)   When any proceeds of any Collateral are received by any Borrower  (including but not limited to any such receipt by direct remittance of such proceeds by the   applicable Specified Export Order Buyer into the Controlled Collections Account in accordance   with Section 4.5(h) hereof), Borrowers shall prepay the Advances in an amount equal to 100% of   such  proceeds, such prepayment to be due and payable (x) in the case of any such proceeds   received by direct remittance of such proceeds by the applicable Specified Export Order Buyer   into the Controlled Collections Account, on the date of the remittance thereof to the Controlled   Collections Account (subject to the provisions of Sections 2.4 and 4.5(h)), and (y) in the case of  any such proceeds received directly by any Borrower (notwithstanding the provisions of Section  4.5(a)), no later than five (5) Business Days  following an officer of the applicable Borrower  obtaining knowledge of such Borrower’s receipt of such proceeds, and until the date of payment,  such proceeds shall be held in trust for Secured Parties;                      (ii) When any Borrower sells or otherwise Disposes of any Collateral, Borrowers shall prepay the Advances in an amount equal to the Net Cash Proceeds of such event,  such prepayment to be due and payable no later than ten (10) Business Days following an officer   of the applicable Borrower obtaining knowledge of such Borrower’s following receipt of such Net   Cash Proceeds, and until the date of payment, such proceeds shall be held in trust for Secured   Parties (the foregoing shall not be deemed to be implied consent to any such sale otherwise   prohibited by the terms and conditions hereof).                  (c)   Subject to the provisions of Section 11.5 hereof, voluntary and mandatory  prepayments paid pursuant to this Section 2.6 shall be applied, ratably among the Lenders, to the   then-outstanding principal of the Transaction Specific Loans until paid in full           2.7.  Use of Proceeds.                (a)   Borrowers shall use the proceeds of the Advances to (i) pay fees and  expenses relating to the Transactions, and (ii) for the purpose of enabling Borrowers to finance the  cost of manufacturing, producing, purchasing or selling the Items.  No part of the proceeds of any  Advance will be used for “purchasing” or “carrying” “margin stock” as defined in Regulation U  of such Board of Governors.  No proceeds of any Advance will be used, directly or indirectly, by  the Borrower (x) in violation of the U.S Foreign Corrupt Practices Act or any other applicable  Anti-Corruption Laws, (y) for the purpose of funding or financing any activities or business of or  with any Sanctioned Person, or in any Sanctioned Country, except to the extent it would be  permissible for a Lender to finance such activities or business or (z) in any manner that would  result in the violation of any Sanctions by any party hereto.  Borrowers may not use any of the  Advances for the purpose of: (1) servicing or repaying any of Borrowers’ pre-existing or future  indebtedness unrelated to this Transaction Specific Loan Facility and this Agreement unless  approved by Ex-Im Bank in writing; (2) acquiring fixed assets or capital assets for use in  Borrowers’ business; (3) acquiring, equipping or renting commercial space outside of the United  States; (4) paying the salaries of non U.S. citizens or non-U.S. permanent residents who are located  in offices outside of the United States; or (5) in connection with a Retainage or Warranty unless  approved by Lender in writing.  In addition, no Advances may be used by the Borrowers to finance  the manufacture, purchase or sale of any of the following:                                           27 

 

                   (i)   Items to be sold to a Buyer located in a country as to which Ex-Im  Bank is prohibited from doing business as designated in the Country Limitation Schedule;                      (ii)  that part of the cost of the Items which is not U.S. Content unless  such part is not greater than fifty percent (50%) of the cost of the Items and is incorporated into   the Items in the United States;                      (iii) defense articles or defense services;                     (iv)  Capital Goods unless in accordance with Section 2.14 of the Ex-Im  Borrower Agreement; or                      (v)   without Ex-Im Bank's prior written consent, any Items to be used in  the construction, alteration, operation or maintenance of nuclear power, enrichment, reprocessing,   research or heavy water production facilities.                (b)   Without limiting the generality of Section 2.7(a) above, neither the  Borrowers nor any other Person which may in the future become party to this Agreement or the  Other Documents as a Borrower or Guarantor, intends to use nor shall they use any portion of the  proceeds of the Advances, directly or indirectly, for any purpose in violation of Applicable Law.          2.8.  Defaulting Lenders.                (a)   Notwithstanding anything to the contrary contained herein, in the event any  Lender is a Defaulting Lender, all rights and obligations hereunder of such Defaulting Lender and   of the other parties hereto shall be modified to the extent of the express provisions of this  Section 2.8.  So long as such Lender is a Defaulting Lender advances in respect of any   Commitments shall be made pro rata from the Lenders holding the Commitments which are not   Defaulting Lenders based on their respective Commitment Percentage, and no Commitment   Percentage of any Lender or any pro rata share of any Advances required to be advanced by any   Lender shall be increased as a result of any Lender being a Defaulting Lender.  Amounts received   in respect of principal of any type of Advances shall be applied to reduce such type of Advances   of each Lender (other than any Defaulting Lender) in accordance with their Commitment   Percentages; provided, that, Agent shall not be obligated to transfer to a Defaulting Lender any   payments received by Agent for Defaulting Lender’s benefit, nor shall a Defaulting Lender be   entitled to the sharing of any payments hereunder (including any principal, interest or fees).   Amounts payable to a Defaulting Lender shall instead be paid to or retained by Agent.  Agent may   hold the amount of such payments received or retained by it for the account of such Defaulting   Lender.                (b)   A Defaulting Lender shall not be entitled to give instructions to Agent or to  approve, disapprove, consent to or vote on any matters relating to this Agreement and the Other   Documents, and all amendments, waivers and other modifications of this Agreement and the Other   Documents may be made without regard to a Defaulting Lender and, for purposes of the definition   of Required Lenders, a Defaulting Lender shall not be deemed to be a Lender, to have any   outstanding Advances or a Commitment or any Commitment, provided, that this clause (c) shall   not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other   modification described in clauses (i) or (ii) of Section 16.2(b) hereof.                                          28 

 

             (c)   Other than as expressly set forth in this Section 2.8, the rights and  obligations of a Defaulting Lender (including the obligation to indemnify Agent) and the other   parties hereto shall remain unchanged.  Nothing in this Section 2.8 shall be deemed to release any   Defaulting Lender from its obligations under this Agreement and the Other Documents, shall alter   such obligations, shall operate as a waiver of any default by such Defaulting Lender hereunder, or   shall prejudice any rights which any Borrower, Agent or any Lender may have against any   Defaulting Lender as a result of any default by such Defaulting Lender hereunder.                (d)   In the event that Agent and Borrowers agree in writing that a Defaulting  Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender,   then Agent will so notify the parties hereto.          2.9.  Additional Obligations.  All (i) amounts expended by Agent or any Lender pursuant   to Sections 4.2 or 4.3 hereof, (ii) expenses which Agent incurs in connection with the forwarding   of Advance proceeds and the establishment and maintenance of the Controlled Collection   Accounts, and (iii) sums expended by Agent or any Lender due to any Borrower’s failure to   perform or comply with its obligations under this Agreement or any Other Document including   any  Borrower’s obligations under Section 4.4 hereof, shall, in each case, be added to the  Obligations and shall be secured by the Collateral.      III.  INTEREST AND FEES.         3.1.  Interest.  Interest on Advances shall be payable in arrears within three (3) Business  Days after the Borrowing Agent’s receipt of each Monthly Statement, provided that all accrued   and unpaid interest shall be due and payable at the end of the Term.  Interest charges shall be   computed on the actual principal amount of Advances outstanding for each day during the month   in this Agreement, any Obligations other than the Advances that are not paid when due shall accrue  interest at the Contract Rate, subject to the provision of the final sentence of this Section 3.1  regarding the Default Rate.  Any overdue principal of, or overdue interest on, any Advance shall,   at the option of Agent or at the direction of Required Lenders (or, in the case of any failure to pay  upon any acceleration of the Obligations following an Event of Default under Section 10.5,  immediately and automatically without the requirement of any affirmative action of any Person),  bear interest, payable on demand, at a rate per annum equal to the applicable Contract Rate plus  two percent (2%) (as applicable, the “Default Rate”).          3.2.  [RESERVED].          3.3.  Fee Letter. Borrowers shall pay the amounts required to be paid in the Fee   Letter to the applicable parties, in the manner, in the applicable amounts and as and when due as   provided for in the Fee Letter.          3.4.  Computation of Interest and Fees.  Interest and fees hereunder shall be computed   on the basis of a year of 360 days and for the actual number of days elapsed; provided that if any   such interest or fees are determined at any time by reference to the Alternate Base Rate, such   interest or fees shall be computed on the basis of a year of 365 days.  If any payment to be made   hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall   be extended to the next succeeding Business Day and interest thereon shall be payable at the   applicable Contract Rate during such extension.                                          29 

 

       3.5.  Maximum Charges.  In no event whatsoever shall interest and other charges   charged hereunder exceed the highest rate permissible under Applicable Law.  In the event interest   and other charges as computed hereunder would otherwise exceed the highest rate permitted under   Applicable Law: (i) the interest rates hereunder will be reduced to the maximum rate permitted   under Applicable Law; (ii) such excess amount shall be first applied to any unpaid principal   balance owed by Borrowers; and (iii) if the then remaining excess amount is greater than the   previously unpaid principal balance, Lenders shall promptly refund such excess amount to   Borrowers and the provisions hereof shall be deemed amended to provide for such permissible   rate.          3.6.  Increased Costs.  In the event that any Change in Law (for purposes of this Section   3.6, the term “Lender” shall include Agent, any Lender, and bank holding company Controlling   Agent or such Lender) shall:                (a)   subject Agent or any Lender to any Taxes (other than (A) Indemnified  Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C)   Connection Income Taxes) with respect to its Commitments or Advances, loan principal, or other   Obligations, or its deposits, reserves, other liabilities or capital or liquidity attributable thereto;                (b)   impose, modify or deem applicable any reserve, special deposit or similar  requirement against assets held by, or deposits with or for the account of other credit extended by,   any Lender (except any such reserve requirement reflected in the Reserve Percentage; or                (c)   impose on Agent or any Lender, or the London interbank market, any other  condition (other than Taxes) affecting this Agreement or any Other Document or any Advance   based on the Daily LIBOR Rate made by any Lender;    and the result of any of the foregoing is to increase the cost to Agent or any Lender of making, or   maintaining its Advances based on the Daily LIBOR Rate (or of maintaining its obligation to make   Advances based on the Daily LIBOR Rate) or to reduce any amount received or receivable by   Agent or such Lender hereunder (whether of principal, interest or otherwise), in each case, by an   amount deemed by Agent or such Lender to be material, then Borrowers shall promptly pay to   Agent or such Lender, upon its demand, such additional amount as will compensate Agent or such   Lender for such additional cost incurred or such reduction suffered.  Together with any such   demand, such Lender shall certify the amount of such additional cost or reduced amount to   Borrowing Agent (and such demand and certification shall be delivered not later than 180 calendar   days following the applicable Change in Law), and such certification shall be conclusive absent  manifest error.          3.7.  Alternate Rate of Interest.                (a)   Benchmark Replacement.  Notwithstanding anything to the contrary herein  or in the Other Documents, if Agent determines that a Benchmark Transition Event or an Early   Opt-in Event has occurred, Agent and Borrowers may amend this Agreement to replace the Daily   LIBOR Rate with a Benchmark Replacement; and any such amendment will become effective at   5:00 p.m. on the fifth (5th) Business Day after Agent has provided such proposed amendment to   all Lenders, so long as the Agent has not received, by such time, written notice of objection to such   amendment from Lenders comprising the Required Lenders.  Until the Benchmark Replacement                                          30 

 

 is effective, subject to the provisions of the definition of Contract Rate, each Advance will continue   to bear interest with reference to the LIBOR Rate.                 (b)   Benchmark Replacement Conforming Changes.  In connection with the  implementation of a Benchmark Replacement, Agent will have the right to make Benchmark   Replacement Conforming Changes from time to time and, notwithstanding anything to the   contrary herein or in the Other Documents, any amendments implementing such Benchmark   Replacement Conforming Changes will become effective without any further action or consent of   any other party to this Agreement.                  (c)   Notices; Standards for Decisions and Determinations.  Agent will promptly  notify Borrowers and Lenders of (i) the implementation of any Benchmark Replacement, (ii) the   effectiveness of any Benchmark Replacement Conforming Changes and (iii) the commencement   of any Benchmark Unavailability Period.  Any determination, decision or election that may be   made by Agent or Lenders pursuant to this Section 3.7 including any determination with respect   to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or   date and any decision to take or refrain from taking any action, will be conclusive and binding   absent manifest error and may be made in its or their sole discretion and without consent from any   other party hereto, except, in each case, as expressly required pursuant to this Section 3.7                (d)   Certain Defined Terms.  As used in this Section 3.7:               “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate that   has been selected by the Agent and the Borrower giving due consideration to (i) any selection or   recommendation of a replacement rate or the mechanism for determining such a rate by the   Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for   determining a rate of interest as a replacement to interest rates based on the LIBOR Rate for U.S.   dollar-denominated credit facilities and (b) the Benchmark Replacement Adjustment; provided   that, if the Benchmark Replacement as so determined would be less than 1.00%, the Benchmark   Replacement will be deemed to be 1.00% for the purposes of this Agreement.                  “Benchmark Replacement Adjustment” means, with respect to any replacement of   the Daily LIBOR Rate with an alternate benchmark rate, the spread adjustment, or method for   calculating or determining such spread adjustment, (which may be a positive or negative value or   zero) that has been selected by Agent and Borrowers (a) giving due consideration to (i) any   selection or recommendation of a spread adjustment, or method for calculating or determining  such spread adjustment, for the replacement of the Daily LIBOR Rate with the applicable   Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body   or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or   method for calculating or determining such spread adjustment, for such replacement of interest   rates based on the LIBOR Rate for U.S. dollar denominated credit facilities at such time and (b)  which may also reflect adjustments to account for (i) the effects of the transition from the Daily  LIBOR Rate to the Benchmark Replacement and (ii) yield- or risk-based differences between the   Daily LIBOR Rate and the Benchmark Replacement.                 “Benchmark Replacement Conforming Changes” means, with respect to any   Benchmark Replacement, any technical, administrative or operational changes (including changes   to  the timing and frequency of determining rates and making payments of interest and other                                          31 

 

administrative matters) that Agent decides may be appropriate to reflect the adoption and  implementation of such Benchmark Replacement and to permit the administration thereof by  Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption  of any portion of such market practice is not administratively feasible or if Agent determines that  no market practice for the administration of the Benchmark Replacement exists, in such other  manner of administration as Agent decides is reasonably necessary in connection with the  administration of this Agreement).                “Benchmark Replacement Date” means the earlier to occur of the following events  with respect to the LIBOR Rate:                (1)   in the case of clause (1) or (2) of the definition of Benchmark Transition Event, the later of (a) the date of the public statement or publication of information referenced  therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely  ceases to provide the LIBOR Rate; or                (2)   in the case of clause (3) of the definition of Benchmark Transition Event, the date of the public statement or publication of information referenced therein.                “Benchmark Transition Event” means the occurrence of one or more of the  following events with respect to the LIBOR Rate               (1)   a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to  provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement  or publication, there is no successor administrator that will continue to provide the LIBOR Rate;                (2)   a public statement or publication of information by a Governmental Body having jurisdiction over Agent, the regulatory supervisor for the administrator of the LIBOR Rate,  the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator  for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR  Rate or a court or an entity with similar insolvency or resolution authority over the administrator  for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will  cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such  statement or publication, there is no successor administrator that will continue to provide the  LIBOR Rate; or               (3)   a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate or a Governmental Body having jurisdiction  over Agent announcing that the LIBOR Rate is no longer representative.                “Benchmark Unavailability Period” means, if a Benchmark Transition Event and  its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely  to the extent that the Daily LIBOR Rate has not been replaced with a Benchmark Replacement,  the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at  such time, no Benchmark Replacement has replaced the Daily LIBOR Rate for all purposes  hereunder in accordance with Section 3.7 and (y) ending at the time that a Benchmark Replacement  has replaced the Daily LIBOR Rate for all purposes hereunder pursuant to Section 3.7.                                         32 

 

             “Early Opt-in Event” means a determination by Agent that U.S. dollar denominated   credit facilities being executed at such time, or that include language similar to that contained in   this Section 3.7, are being executed or amended, as applicable, to incorporate or adopt a new   benchmark interest rate to replace LIBOR Rate for interest rates based on the LIBOR Rate.                  “Relevant Governmental Body” means the Federal Reserve Board and/or the   Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal   Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.            3.8.  Capital Adequacy.                (a)   In the event that any Lender shall have determined that any Change in Law  regarding capital requirements or liquidity requirements or compliance by Agent or any Lender   therewith (for purposes of this Section 3.8, the term “Lender” shall include Agent or any Lender   and any bank holding company Controlling Agent or such Lender) has or would have the effect of  reducing the rate of return on such Lender’s capital as a consequence of this Agreement or the  Advances made by such Lender to a level below that which Agent or such Lender could have  achieved but for such Change in Law (taking into consideration such Lender’s policies with respect  to capital adequacy) by an amount deemed by such Lender to be material, then, from time to time,  Borrowers shall pay within 10 days of a demand (which demand must be made within 180 days of  the applicable Change in Law) to such Lender such additional amount or amounts as will  compensate such Lender for such reduction suffered .                 (b)   A certificate of such Lender setting forth such amount or amounts as shall be necessary to compensate such Lender with respect to Section 3.8(a) hereof shall be delivered  to Borrowing Agent concurrently with any such demand and shall be conclusive absent manifest  error.  Each such certificate shall contain a representation and warranty on the part of such Lender  to the effect that such Lender has complied with its obligations pursuant to Section 3.10(a) in an  effort to eliminate or reduce such amount.          3.9.  Taxes.                (a)   Any and all payments by or on account of any Obligations hereunder or  under any Other Document shall be made free and clear of and without reduction or withholding   for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in   the good faith discretion of an applicable withholding agent) requires the deduction or withholding   of any Tax from any such payment by a withholding agent, then the applicable withholding agent   shall be entitled to make such deduction or withholding and shall timely pay the full amount   deducted or withheld to the relevant Governmental Body in accordance with Applicable Law and,   if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be   increased as necessary so that after such deduction or withholding has been made (including such   deductions and withholdings applicable to additional sums payable under this Section 3.9) Agent   or the applicable Lender receives an amount equal to the sum it would have received had no such   deduction or withholding been made.  For purposes of this Section 3.9, the term “Applicable Law”   shall include, without limitation, FATCA.                                           33 

 

            (b)   Without limiting the provisions of Section 3.9(a) above, Borrowers shall timely pay to the relevant Governmental Body in accordance with Applicable Law, or at the option  of the Agent, timely reimburse the Agent for the payment of, Other Taxes.                (c)                     (i)   Each Borrower shall indemnify Agent and each Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.9) paid by Agent or such Lender, as the case may be, or required to be withheld or deducted from a payment to Agent or such Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Body.  A certificate as to the amount of such payment or liability delivered to Borrowers by any Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.                    (ii)  Each Lender shall severally indemnify Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent  that the Borrower has not already indemnified Agent for such Indemnified Taxes and without  limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s  failure to comply with the provisions of Section 16.3(b) relating to the maintenance of a Participant  Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or  paid by Agent in connection with this Agreement or any Other Document, and any reasonable  expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or  legally imposed or asserted by the relevant Governmental Body.  A certificate as to the amount of  such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest  error.  Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time  owing to such Lender under this Agreement or any Other Document or otherwise payable by Agent  to the Lender from any other source against any amount due to the Agent under this Section  3.9(c)(ii).               (d)   As soon as practicable after any payment of Taxes by any Borrower to a Governmental Body pursuant to this Section 3.9, Borrowers shall deliver to Agent the original or  a certified copy of a receipt issued by such Governmental Body, if it exists, evidencing such  payment, a copy of the return reporting such payment or other evidence of such payment  reasonably satisfactory to Agent.               (e)   Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments hereunder or under any Other Document shall deliver  to Borrowers and Agent, at the time or times prescribed by Applicable Law or reasonably requested  by Borrowers or Agent, such properly completed and executed documentation or reasonably  requested by Borrowers or Agent as will permit such payments to be made without withholding or  at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by Borrowers  or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably  requested by Borrowers or Agent as will enable Borrowers or Agent to determine whether or not  such Lender is subject to backup withholding or information reporting requirements.   Notwithstanding anything to the contrary in the preceding two sentences, the completion,  execution and submission of such documentation (other than such documentation set forth in                                         34 

 

 paragraphs (e)(i), (ii), (iii), (v) and (f) of this Section 3.9) shall not be required if in the Lender’s   reasonable judgment such completion, execution or submission would subject such Lender to any   material unreimbursed cost or expense or would materially prejudice the legal or commercial   position of such Lender.  Without limiting the generality of the foregoing, each Lender shall deliver   to Borrowers and Agent (in such number of copies as shall be requested by the recipient) on or   prior to the date on which such Lender becomes a Lender under this Agreement (and from time to   time thereafter upon the request of Borrowers or Agent), whichever of the following is applicable:                      (i)   two (2) duly completed valid copies of IRS Form W-8BEN or W- 8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States of  America is a party,                      (ii)  two (2) duly completed valid copies of IRS Form W-8ECI,                     (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that  such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code,  (B) a “10 percent shareholder” of Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) two duly completed valid copies of IRS Form W-8BEN or W-8BEN-E,                     (iv) any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together  with such supplementary documentation as may be prescribed by Applicable Law to permit  Borrowers to determine the withholding or deduction required to be made, or                      (v)  to the extent that any Lender is not a Foreign Lender, such Lender shall submit to Agent two (2) copies of an IRS Form W-9 or any other form prescribed by  Applicable Law demonstrating that such Lender is not a Foreign Lender.               (f)   If a payment made to any Lender under this Agreement or any Other Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender  were to fail to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to  Agent and Borrowers at the time or times prescribed by Applicable Law and at such time or times  reasonably requested by Borrowers or Agent such documentation prescribed by Applicable Law  (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional  documentation reasonably requested by Agent or any Borrower as may be necessary for Agent  and Borrowers to comply with their obligations under FATCA and to determine that such Lender  has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (f), “FATCA” shall  include any amendments made to FATCA after the Closing Date.                 (g)   If Agent or any Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.9 (including  the payment of additional amounts pursuant to this Section 3.9), it shall pay to the indemnifying  party an amount equal to such refund (but only to the extent of indemnity payments made under  this Section 3.9 with respect to Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by                                         35 

 

 the relevant Governmental Body with respect to such refund), provided that such indemnifying   party, upon the request of such indemnified party, agrees to repay the amount paid over to such   indemnified party pursuant to this clause (g) (plus any penalties, interest or other charges imposed   by the relevant Governmental Body) if such indemnified party is required to repay such refund to   such Governmental Body.  Notwithstanding anything to the contrary in this clause (g), in no event   will the indemnified party be required to pay any amount to an indemnifying party pursuant to this   clause (g) the payment of which would place the indemnified party in a less favorable net after-  Tax position than the indemnified party would have been in if the Tax subject to indemnification   and giving rise to such refund had not been deducted, withheld or otherwise imposed and the   indemnification payments or additional amounts with respect to such Tax had never been paid.   This paragraph shall not be construed to require Agent or any Lender to make available its tax   returns (or any other information relating to its taxes that it deems confidential) to Borrowers or   any other Person.                (h)   Each Lender agrees that if any form or certification it previously delivered  expired or becomes obsolete or inaccurate in any respect, it shall update such form or certification   or promptly notify the Borrower or Agent in writing of its legal inability to do so.  Each party’s   obligations under this Section 3.9 shall survive the resignation or replacement of the Agent or any   assignment of rights by, or replacement of, a Lender, the termination of the Commitments and   Payment in Full of the Obligations.          3.10. Lender’s Obligation to Mitigate; Replacement of Lenders.                 (a)   If any Lender (an “Affected Lender”) makes demand upon Borrowers for  (or if Borrowers are otherwise required to pay) amounts pursuant to Section 3.6, 3.8 or 3.9 hereof,   then such Lender shall use all commercially reasonable efforts to mitigate or eliminate the amount   of such compensation or additional amount, including by designating a different lending office for   funding or booking its Advances hereunder or by assigning its rights and obligations hereunder to   another of its offices, branches or Affiliates; provided that no Lender shall be required to take any   action under this Section 3.10(a) unless, in the judgment of such Lender, such designation or   assignment or other action would (i) eliminate or reduce amounts payable pursuant to Section 3.6,   3.8 or 3.9, as the case may be, in the future, (ii) would not subject such Lender to any unreimbursed  cost or expense or (iii) would not otherwise be disadvantageous to such Lender.  Borrowers shall  pay all reasonable costs and expenses incurred by any Lender in connection with any such  designation or assignment.                (b)   If any Lender (a) is an Affected Lender, (b) is a Defaulting Lender, or (c)  denies any consent requested pursuant to Section 16.2(b) hereof (each such Lender, a “Subject   Lender”), Borrowers may, by notice (a “Replacement Notice”) in writing to Agent and such   Subject Lender (i) request the Subject Lender to cooperate with Borrowers in obtaining a   replacement Lender satisfactory to Agent and Borrowers (the “Replacement Lender”); (ii) request   the non- Subject Lenders to acquire and assume all of the Affected Lender’s Advances and to the   extent any portion thereof remains unterminated, unexpired, and unfunded its Commitment, all as   provided herein, but none of such Lenders shall be under any obligation to do so; or (iii) propose   a Replacement Lender subject to approval by Agent in their good faith business judgment.  If any   satisfactory Replacement Lender shall be obtained, and/or if any one or more of the non- Subject   Lender(s) shall agree to acquire and assume all of the Subject Lender’s Advances and, to the extent   any portion thereof remains unterminated, unexpired and unfunded its Commitment, then such                                          36 

 

 Subject Lender shall assign, in accordance with Section 16.3 hereof, all of its Advances and, if and   as applicable, its Commitment and/or, to the extent any portion thereof remains unterminated,   unexpired and unfunded its Commitment portion thereof remains unterminated, unexpired and   unfunded, its Commitment, and, and other rights and obligations under this Agreement and the   Other Documents to such Replacement Lender or non-Subject Lender(s), as the case may be, in   exchange for payment of the principal amount so assigned and all interest and fees accrued on the   amount so assigned, plus all other Obligations then due and payable to the Subject Lender, as   applicable, assigned, plus all other Obligations then due and payable to the Affected Lender, as   applicable. Such assignment may be effected pursuant to a Commitment Transfer Supplement  executed by the Agent, the Replacement Lender or non- Subject Lender(s), as applicable, and the  Borrower, and the applicable Subject Lender need not be party thereto in order for such assignment  to be effective and shall be deemed to have consented to and be bound by the terms thereof.   IV.   COLLATERAL: GENERAL TERMS         4.1.  Security Interest in the Collateral.  To secure the prompt payment and performance  to Agent and each other Secured Party of the Obligations, each Borrower hereby assigns, pledges   and grants to Agent for its benefit and for the ratable benefit of each other Secured Party, a   continuing security interest in and to and Lien on all of its Collateral, whether now owned or   existing or hereafter created, acquired or arising and wheresoever located.  Each Borrower shall  mark its books and records as may be necessary or appropriate to evidence, protect, and perfect   Agent’s security interest and shall cause its financial statements to reflect such security interest.            4.2.  Perfection of Security Interest.  Each Borrower shall take all action that may be   necessary or desirable, or that Agent may reasonably request, so as at all times to maintain the   validity, perfection, enforceability and priority of Agent’s security interest in and Lien on the   Collateral or to enable Agent to protect, exercise or enforce its rights hereunder and in the   Collateral, including, but not limited to, (a) immediately discharging all Liens on the Collateral   other than Permitted Encumbrances, (b) delivering to Agent, endorsed or accompanied by such   instruments of assignment as Agent may specify, and stamping or marking, in such manner as   Agent may specify, any and all chattel paper, instruments, letters of credit and advices thereof   evidencing or forming a part of the Collateral, and (c) executing and delivering financing   statements, Control Agreements, instruments of pledge, notices and assignments, in each case in   form and substance reasonably satisfactory to Agent, relating to the creation, validity, perfection,   maintenance, or continuation of Agent’s security interest and Lien under the Uniform Commercial   Code or other Applicable Law .  By its signature hereto and to the extent permitted by Applicable   Law, each Borrower hereby authorizes Agent to file against such Borrower with respect to the   Collateral, one or more financing, continuation or amendment statements pursuant to the Uniform   Commercial Code in form and substance reasonably satisfactory to Agent (which statements may   have a description of collateral which is broader than that set forth herein); provided that Agent   shall provide the Borrowers with copies of any such financing, continuation or amendment   statements.  All reasonable and documented out-of-pocket charges, expenses and fees Agent may   incur in doing any of the foregoing, and any local taxes relating thereto, shall be included in the   Obligations, or, at Agent’s option, shall be paid by Borrowers to Agent for its benefit promptly   after receiving demand therefor.                                           37 

 

       4.3.  Ownership and Location of Collateral.                (a)   With respect to the Collateral, at the time the Collateral becomes subject to  Agent’s security interest: (i) each Borrower has good and marketable title to all its Collateral   (subject to exceptions that are, in the aggregate, not material), free and clear of all Liens (other   than Permitted Encumbrances) and has been duly authorized to sell, transfer, pledge, and/or grant   a Lien in its respective Collateral to Agent; (ii) each document and agreement executed by each   Borrower or delivered to Agent or any Lender in connection with this the Collateral shall be true  and correct in all material respects; and (iii) all signatures and endorsements of each Borrower that  appear on such documents and agreements referred to in the foregoing clause (ii) shall be genuine  and each Borrower has capacity to execute the same.          4.4.  Defense of Agent’s and Lenders’ Interests.  Until Payment in Full of all of the   Obligations, Agent’s interests in the Collateral shall continue in full force and effect.  During such   period no Borrower shall, without Agent’s prior written consent, pledge, sell (except for sales or   other dispositions otherwise permitted in Section 7.1(b) hereof), assign, transfer, create or suffer   to exist a Lien upon or encumber or allow or suffer to be encumbered in any way except for   Permitted Encumbrances, any part of the Collateral.  Subject to the foregoing sentence, each   Borrower shall defend Agent’s interests in the Collateral against any and all Persons whatsoever.  At any time following and during the continuance of any Event of Default, Agent shall have the   right to take possession of the indicia of the Collateral and the Collateral in whatever physical form   contained.  If Agent exercises this right to take possession of the Collateral, each Borrower shall,   upon demand, assemble it in a reasonable manner and make it available to Agent at a place   reasonably convenient to Agent.  In addition, with respect to all Collateral, Agent and Lenders   shall be entitled to all of the rights and remedies set forth herein and further provided by the   Uniform Commercial Code or other Applicable Law.  At any time following and during the   continuance of any Event of Default, each Borrower shall, and Agent may, instruct all Persons   receiving or holding cash, checks, or instruments in which Agent holds a security interest to deliver   same to Agent and/or subject to Agent’s order.  At any time when and if any cash, checks, or   instruments in which Agent holds a security interest shall come into any Borrower’s possession,  they, and each of them, shall be held by such Borrower in trust as Agent’s trustee, and such  Borrower will comply with the provisions of Sections 4.8(d) and (h) with respect thereto.          4.5.  Specified Export Order Receivables and Deposit Accounts.                (a)   Each of the Specified Export Order Receivables shall be a bona fide and  valid account representing a bona fide indebtedness incurred by the Specified Export Order Buyer   therein named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or   unintentional invoice errors shall not be deemed to be a breach hereof) with respect to an absolute   sale or lease and delivery of goods upon stated terms of a Borrower, or work, labor or services   theretofore rendered by a Borrower as of the date each Specified Export Order Receivable is   created.  Same shall be due and owing in accordance with the applicable Borrower’s standard   terms of sale without dispute, setoff or counterclaim except as may be stated on the accounts   Specified Export Order Receivable schedules delivered by Borrowers to Agent.                (b)   With respect to such Specified Export Order Buyers of any Borrower who  are not solvent, such Borrower has set up on its books and in its financial records appropriate bad                                          38 

 

 debt reserves adequate to cover such Specified Export Order Receivables in accordance with   GAAP.                (c)   Each Borrower’s (i) chief executive office  and (ii)  principal place of business is located as set forth on Schedule 4.5 hereto.  Until written notice is given to Agent by  Borrowing Agent of any other office at which any Borrower keeps its records pertaining to   Specified Export Order Receivables, all such records shall be kept at either such chief executive   office or such principle place of business.                (d)   Subject to the provisions of Section 8.3(a) hereof, Borrowers shall instruct  the Specified Export Order Buyers to deliver all remittances upon Specified Export Order   Receivables (whether paid by check or by wire transfer of funds or by ACH or other electronic   transfer of funds) to the Controlled Collection Accounts (and any associated lockboxes) as  contemplated by Section 4.5(h) hereof.  Notwithstanding the foregoing, to the extent any Borrower   directly receives any remittances upon Specified Export Order Receivables, such Borrower shall,   at such Borrower’s sole cost and expense, but on Agent’s behalf and for Agent’s account, collect   as Agent’s property and in trust for Agent all amounts received on Specified Export Order   Receivables, and shall not commingle such collections with any Borrower’s funds or use the same   except to pay Obligations, and shall immediately and in any event no later than the fifth (5th)   Business Day after an officer of such Borrower obtains knowledge of receipt thereof (i) in the case  of remittances paid by check, deposit all such remittances in their original form (after supplying  any necessary endorsements) and (ii) in the case of remittances paid by wire transfer of funds,  transfer all such remittances, in each case, into such Blocked Accounts(s) and/or Depository   Account(s).  Each Borrower shall deposit in its Controlled Collection Account or, upon request by  Agent, deliver to Agent, in original form and on the date of receipt thereof, all checks, drafts, notes,  money orders, acceptances, cash and other evidences of Indebtedness.               (e)   At any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right to send notice of the assignment of, and Agent’s  security interest in and Lien on, the applicable Specified Export Order Receivables to any and all  Specified Export Order Buyers or any third party holding or otherwise concerned with any of the  Collateral.  Thereafter, Agent shall have the sole right to collect the Specified Export Order  Receivables, take possession of the Collateral, or both.  Agent’s actual collection expenses,  including, but not limited to, stationery and postage, telephone and facsimile, secretarial and  clerical expenses and the salaries of any collection personnel used for collection, may be charged  added to the Obligations.               (f)   Agent shall have the right to receive, endorse, assign and/or deliver in the name of Agent or any Borrower any and all checks, drafts and other instruments for the payment  of money relating to the Specified Export Order Receivables, and each Borrower hereby waives  notice of presentment, protest and non-payment of any instrument so endorsed.  Each Borrower   hereby constitutes Agent or Agent’s designee as such Borrower’s attorney with power (i) at any   time: (A) to endorse such Borrower’s name upon any notes, acceptances, checks, drafts, money  orders or other evidences of payment constituting Collateral; (B) to sign such Borrower’s name on   any assignments and verifications of Specified Export Order Receivables; (C) to send verifications   of Specified Export Order Receivables to any Specified Export Order Buyer; and (D) to sign such   Borrower’s name on all financing statements, agreements, documents or instruments deemed   necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral                                          39 

 

 and to file same; and (ii) at any time following the occurrence and during the continuance of an   Event of Default: (A) to demand payment of the Specified Export Order Receivables; (B) to   enforce payment of the Specified Export Order Receivables by legal proceedings or otherwise; (C)   to exercise all of such Borrower’s rights and remedies with respect to the collection of the Specified   Export Order Receivables and any other Collateral; (D) to sue upon or otherwise collect, extend   the time of payment of, settle, adjust, compromise, extend or renew the Specified Export Order   Receivables, (E) to settle, adjust or compromise any legal proceedings brought to collect Specified   Export Order Receivables; (F) to prepare, file and sign such Borrower’s name on a proof of claim  in bankruptcy or similar document against any Specified Export Order Buyer; (G) to prepare, file  and sign such Borrower’s name on any notice of Lien, assignment or satisfaction of Lien or similar  document in connection with the Specified Export Order Receivables; (H) to accept the return of  goods represented by any of the Specified Export Order Receivables; and (I) to do all other acts  and things necessary to carry out this Agreement.  All acts of such attorney or designee are hereby  ratified and approved, and such attorney or designee shall not be liable for any acts of omission or  commission nor for any error of judgment or mistake of fact or of law, unless done in bad faith,  maliciously, with gross (not mere) negligence or constituting an act of willful misconduct (in each  case, as determined by a court of competent jurisdiction in a final non-appealable judgment); this  power being coupled with an interest is irrevocable while any of the Obligations remain unpaid.                (g)   Neither Agent nor any Lender shall, under any circumstances or in any event whatsoever (excluding events determined by a court of competent jurisdiction in a final and  non-appealable judgment to have resulted from the bad faith, gross (not mere) negligence or willful  misconduct of Agent or such Lender), have any liability for any error or omission or delay of any  kind occurring in the settlement, collection or payment of any of the Specified Export Order  Receivables or any instrument received in payment thereof, or for any damage resulting therefrom.                (h)   All proceeds of Collateral shall be deposited by Borrowers  into  account  #1077769496 established  by USSI with PNC or account #1077769357 established by USS   (collectively, the “Controlled Collections Accounts”), as applicable, each of which was established   to be used and shall be used solely for the deposit of such proceeds, and Borrowers hereby  irrevocably acknowledge and agree that, until Payment in Full of the Obligations, such Controlled   Collection Accounts shall be part of the Collateral and shall be under the sole control and dominion   of Agent for the benefit of Secured Parties.  All funds deposited in the Controlled Collection   Accounts shall immediately become subject to the security interest of Agent for the ratable benefit  of the Secured Parties.  Subject to the provisions of Sections 2.4(b) and 11.5 hereof, Agent shall  apply all funds received into the Controlled Collection Accounts on a daily basis to the satisfaction  of the Obligations in such order as Agent shall determine in its sole discretion, provided that (x)  in the absence of any Event of Default, Agent shall apply all such funds representing collection of  Specified Export Order Receivables first to the prepayment of the principal amount of the  Transaction Specific Loans and (y) in the event funds that are not part of or proceeds of Collateral  and are mistakenly deposited in any Controlled Collection Account, Agent shall return such funds   to (or on the order of) Borrowing Agent  promptly upon Agent’s receipt of written notice of such   event from Borrowing Agent and evidence reasonably satisfactory to Agent that such funds have   been so mistakenly deposited and are not part of or proceeds of the Collateral.                (i)   No  Borrower will, without Agent’s consent (such consent not to be  unreasonably withheld, delayed or conditioned), compromise or adjust any Specified Export Order                                          40 

 

 Receivables (or extend the time for payment thereof) or accept any returns of merchandise or grant   any additional discounts, allowances or credits thereon.          4.6.  Inventory.  To the extent Inventory held for sale or lease pursuant to any Specified   Export Order Contract has been produced by any Borrower, it has been and will be produced by   such Borrower in accordance in all material respects with the Federal Fair Labor Standards Act of   1938, as amended, modified or supplemented and all rules, regulations and orders thereunder.           4.7.  Inspection of Premises.  Borrowers shall permit Agent and Ex-Im Bank to perform   inspections and field examinations at Borrowers’ facilities from time to time as provided for in   Section 2.12 of the Ex-Im Borrower Agreement (subject to any modification regarding the   requirements of Section 2.12 of the Ex-Im Borrower Agreement pursuant to any Ex-Im Waiver).           4.8.  Exculpation of Liability.  Nothing set forth herein shall be construed to constitute   Agent or any Lender as any Borrower’s agent for any purpose whatsoever, nor shall Agent or any   Lender be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any   part of the Collateral wherever the same may be located and regardless of the cause thereof (other  than any such shortage, discrepancy, damage, loss or destruction that has been determined by a  court of competent jurisdiction to have resulted from Agent or such Lender’s bad faith, gross (not  mere) negligence or willful misconduct).  Neither Agent nor any Lender, whether by anything  herein or in any assignment or otherwise, assume any of any Borrower’s obligations under any  contract or agreement assigned to Agent or such Lender, and neither Agent nor any Lender shall  be responsible in any way for the performance by any Borrower of any of the terms and conditions  thereof.            4.9.  Release.    Upon any Disposition of any item of Collateral permitted by, and in   accordance with, the terms of this Agreement or with the consent of the Required Lenders, such   Collateral shall be automatically and without further action released from the security interests and   Liens created by this Agreement.  The Agent will, at the Borrowers’ expense, execute and deliver   without recourse and without any representation or warranty of any kind (either express or implied)   to Borrowers such documents as Borrowers shall reasonably request to evidence the release of   such item of Collateral from the assignment and security interest granted hereby.          4.10. Payment in Full.  Upon Payment in Full of the Obligations, the security   interests and Liens granted hereby shall automatically and without further action terminate, all   rights to the Collateral shall automatically and without further action revert to the applicable   Borrower and the Controlled Collection Accounts shall automatically and without further action   be under the sole control and dominion of the Borrowers.  Upon Payment in Full of the Obligations,   the Agent will, at the Borrowers’ expense, execute and deliver to Borrowers such documents as   Borrower shall reasonably request to evidence such termination.    V.    REPRESENTATIONS AND WARRANTIES.         Each Borrower represents and warrants as follows:         5.1.  Authority.  Each Borrower has full power, authority and legal right to enter into  this Agreement and the Other Documents to which it is a party and to perform all its respective   Obligations hereunder and thereunder.  This Agreement and the Other Documents to which it is a   party have been duly executed and delivered by each Borrower, and this Agreement and the Other                                         41 

 

 Documents to which it is a party constitute the legal, valid and binding obligation of such Borrower   enforceable in accordance with their terms, except as such enforceability may be limited by any   Insolvency Law or other similar Laws affecting creditors’ rights generally and subject to general   principles of equity, regardless of whether considered in a proceeding in equity or at law.  The   execution, delivery and performance of this Agreement and of the Other Documents to which it is   a party (a) are within such Borrower’s corporate or company powers, as applicable, have been duly   authorized by all necessary corporate or company action, as applicable, (b) are not in contravention   of, conflict with, or violation of any Applicable Law, and will not require any Consent of any   Governmental Body, except such as have been obtained or made and are in full force and effect,   (c) are not in contravention of, conflict with, or violation  of  the terms of such Borrower’s  Organizational Documents (d) are not in contravention of, conflict with, or violation of  the terms  of, and will not require the Consent of any other Person party to, of any Specified Export Order  Contract or the Senior ABL Documents, other than the Consents set forth on Schedule 5.1 hereto, all of which, except as described in Section 8.3 hereof, will have been duly obtained, made, and  are in full force and effect, (e) are not in contravention of, conflict with, or violation of  the terms  of, and will not require the Consent of any other Person party to, any other material contract or  undertaking to which such Borrower is a party or by which such Borrower is bound, to the extent  that such contravention, conflict, or violation, or failure to obtain such Consent would reasonably  be expected to result in a Material Adverse Effect, and (f) result in the creation of any Lien except  Permitted Encumbrances upon any Collateral under the provisions of any agreement, instrument,  or other document to which such Borrower is a party or by which it or its property is a party or by which it may be bound,  in each case, that would reasonably be expected to result in a Material Adverse Effect.         5.2.  Formation and Qualification.  Each Borrower is duly incorporated or formed, as   applicable, and in good standing under the laws of the state listed on Schedule 5.2(a) hereto.  Each   Borrower has delivered to Agent true and complete copies of its Organizational Documents and   will promptly notify Agent of any amendment or changes thereto.          5.3.  Survival of Representations and Warranties.  All representations and warranties of   each Borrower set forth in this Agreement and the Other Documents to which it is a party shall be   true at the time of such Borrower’s execution of this Agreement and the Other Documents to which   it is a party, and shall survive the execution, delivery and acceptance thereof by the parties thereto   and the closing of the transactions described therein or related thereto.           5.4.  Tax Returns.  Each Borrower’s federal tax identification number is set forth on   Schedule 5.4 hereto.  Each Borrower has filed all material Tax returns that are required to be filed   by it and has paid all Taxes shown to be due and payable on said returns or on any material   assessments made against it or any of its property and all other material taxes, fees or charges   imposed on it or any of its property by any Governmental Body (other than any Taxes (a) the   amount or validity of which are being contested in good faith by appropriate proceedings and with   respect to which reserves in conformity with GAAP have been provided on the books of the   Borrowers or (y) the failure to pay which would not reasonably be expected to result in a Material   Adverse Effect).                                             42 

 

       5.5.  Financial Statements.                (a)   The projections of orders, sales, and collections and revenues under the  Specified Export Order Contracts, copies of which have been delivered to Agent and attached  hereto as Exhibit 5.5 (the “Projections”) were prepared by the Vice President and Chief   Procurement Officer of USS, were prepared in good faith based on underlying assumptions which,   at the time so prepared, provided a reasonable basis for the projections set forth therein, and reflect   Borrowers’ judgment, at the time so prepared based on the then-present circumstances, of the most   likely set of conditions and course of action for the projected period.                 (b)   The audited consolidated balance sheet of USS and its Subsidiaries, and  such other Persons described therein, as of December 31,  2019, and the related audited   consolidated statements of income and cash flows for the Fiscal Year ended on such date, as set   forth in the Borrowers’ Form 10-K report most recently filed with the SEC pursuant to the   Exchange Act prior to the Closing Date (the “Closing Date 10-K”), present fairly in all material   respects the consolidated financial position of USS and its Subsidiaries as of such date and its   consolidated results of operations and cash flows for such period in accordance with GAAP.                (c)   Except as set forth in the Borrowers’ 10-Q report most recently filed with  the SEC pursuant to the Exchange Act following the date of the Closing Date 10-K but prior to the  Closing Date (the “Closing Date 10-Q”), since December 31, 2019, there has occurred any event,   condition or state of facts which could reasonably be expected to have a Material Adverse Effect.           5.6.  Entity Names.  No Borrower has been known by any other company or corporate   name, as applicable, in the past five (5) years, nor, except as set forth on Schedule 5.6 hereto, has   any Borrower been the surviving corporation or company, as applicable, of a merger or  consolidation or acquired all or substantially all of the assets of any Person during the preceding  five (5) years.          5.7.  Solvency; No Litigation, Violation of Environmental Law, or Default; ERISA   Compliance.                (a)   Immediately upon giving effect to this Agreement and to funding of the Transaction Specific Loans on the Closing Date, (i) the fair value of the assets of USS, at a fair   valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise,  (ii) each  Borrower will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such  debts and liabilities become absolute and matured and (iii) each the Borrower will not have  unreasonably small capital with which to conduct the business in which it is engaged as such  business is now conducted and proposed to be conducted after the Closing Date.               (b)   Except as set forth in the Closing Date 10-K or the Closing Date 10-Q, there is no action, suit, arbitration proceeding or other proceeding, inquiry or investigation, at law or in  equity, before or by any arbitrator or Governmental Body pending against any Borrower or of  which any Borrower has otherwise received official notice or which, to the knowledge of any  Borrower, is threatened against any Borrower (i) as to which there is a reasonable possibility of an  unfavorable decision, ruling or finding which would reasonably be expected to result in a Material  Adverse Effect or (ii) that involves any of this Agreement or the Other Documents or the  Transactions.                                          43 

 

             (c)   Except as set forth in the Closing Date 10-K or the Closing Date 10-Q, no  Borrower presently anticipates that remediation costs and penalties associated with  any   Environmental Law, to the extent not previously provided for, will result in a Material Adverse   Change.                (d)   [Reserved].               (e)   No ERISA Event has occurred or is reasonably expected to occur that, when  taken together with all other ERISA Events for which liability is reasonably expected to occur,   would reasonably be expected to result in a Material Adverse Change.          5.8.  Margin Regulations.  No Borrower is engaged principally, or as one of its important   activities, in the business of “purchasing” or “carrying” any “margin stock”, or extending credit   for the purpose of “purchasing” or “carrying” any “margin stock” (within the respective meanings  of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve  System as now and from time to time hereafter in effect).            5.9.  Investment Company Act.  No Borrower is an “investment company” or a company   “controlled” by an “investment company” within the meaning of the Investment Company Act of   1940, as amended, that is required to register under such Act.          5.10. Anti-Corruption Laws, Anti-Terrorism Laws, and Sanctions.  The Borrowing   Agent has implemented and maintains in effect policies and procedures designed to promote and   achieve compliance by the Borrowers and their respective directors, officers, employees and   agents with Anti-Corruption Laws, Anti-Terrorism Laws, and applicable Sanctions.  Each   Borrower and its respective officers and, to the knowledge of each Borrower, their respective   directors, employees and agents are in compliance with Anti-Corruption Laws, Anti-Terrorism   Laws,  and applicable Sanctions in all material respects.  Neither Borrower nor, to the knowledge   of the Borrowers, any of their respective directors, officers, employees or agents that will act in   any capacity in connection with or benefit from the credit facility established hereby is a  Sanctioned Person.  No Advance, use of proceeds thereof or other transaction contemplated by  this Agreement will violate Anti-Corruption Laws, Anti-Terrorism Laws, or Sanctions applicable  to either Borrower          5.11. Suspensions and Debarment.  Neither any Borrower nor any Principals of any   Borrower are (a) debarred, suspended, proposed for debarment with a final determination still   pending, declared ineligible or voluntarily excluded (as such terms are defined under any of the   Debarment Regulations) from participating in procurement or nonprocurement transactions with   any United States federal government department or agency pursuant to any of the Debarment   Regulations or (b) indicted, convicted or had a civil judgment rendered against any Borrower or  any of Principals of any Borrower for any of the offenses listed in any of the Debarment  Regulations.  Unless authorized by Ex-Im Bank, Borrowers will not knowingly enter into any  transactions in connection with the Items with any person who is debarred, suspended, declared  ineligible or voluntarily excluded from participation in procurement or nonprocurement  transactions with any United States federal government department or agency pursuant to any of  the Debarment Regulations.  Borrowers will provide immediate written notice to Agent if at any   time any Borrower learns that the representations set forth in this Section 5.11 was erroneous when   made or has become erroneous by reason of changed circumstances.                                           44 

 

       5.12. Eligible Person.  Each Borrower is an Eligible Person.  Borrowers will provide   immediate written notice to Agent if at any time any Borrower learns that the representations set   forth in this Section 5.12 was erroneous when made or has become erroneous by reason of changed   circumstances.            5.13. Disclosure.  Each Borrower has disclosed to Agent and Lenders all agreements,   instruments and corporate or other restrictions to which it is subject, and all other matters known   to it, that, individually or in the aggregate, would reasonably be expected to have in a Material   Adverse Effect.  All of the reports, financial statements, certificates and other written information   (other than projected financial information) that have been made available by or on behalf of the   Borrower to Agent or any Lender in connection with the negotiation of this Agreement or any  Other Document or delivered hereunder or thereunder, are complete and correct in all material  respects and do not contain any untrue statement of a material fact or omit to state a material fact  necessary in order to make the statements contained therein not materially misleading in light of  the circumstances under which such statements are made; provided that, with respect to the  Projections or any other projected financial information, the Borrowers represent only that the  Projections or such other information were prepared in good faith based on assumptions believed  to be reasonable at the time.     VI.   AFFIRMATIVE COVENANTS.         Each Borrower shall, until the Payment in Full of the Obligations:         6.1.  Compliance with Laws.               (a)   Each Borrower will, and will cause each of its Subsidiaries to, comply with  all Applicable Laws (including all Environmental Laws and ERISA and the respective rules and  regulations thereunder) applicable to it or its property, other than such laws, rules or regulations  (a) the validity or applicability of which the Borrower or any Subsidiary is contesting in good faith by appropriate proceedings or (b) the failure to comply with which could not reasonably be expected to result in a Material Adverse Effect.              (b)   The Borrowing Agent will maintain in effect and enforce policies and procedures designed to promote compliance by each Borrower and their respective directors,  officers, employees, and agents with Anti-Corruption Laws, Anti-Terrorism Laws, and applicable  Sanctions.           6.2.  Conduct of Business and Maintenance of Existence and Assets.  (a) Maintain all of   its properties material to its business in good working order and condition (reasonable wear and   tear excepted) and take all actions necessary to enforce and protect the validity of material rights   included in the Collateral; and (b) do or cause to be done all things necessary to preserve, renew   and keep in full force and effect its legal existence and the rights, licenses, permits, privileges,   franchises, patents, copyrights, trademarks and trade names material to the conduct of its business;   provided that the foregoing shall not prohibit (i)  any merger, consolidation, liquidation or   dissolution involving any Borrower which is expressly permitted under Section 7.1(a) or (ii) any   other transaction which would not reasonably be expected to result in a Material Adverse Change.          6.3.  Books and Records.  Keep proper books of record and account in which complete   and correct entries will be made of all transactions relating to its business and activities.  Each                                         45 

 

 Borrower will permit any representatives designated by Agent, at reasonable times during normal   business hours and upon reasonable prior notice, to visit and inspect its properties for the purposes   of examining and making extracts from its books and records relating to the Collateral, and to   discuss matters relating to the Collateral with its officers, all at such reasonable times and as often   as reasonably requested.  Any representatives of Agent shall comply with Borrowers’ rules   regarding safety and security while visiting Borrowers’ facilities.          6.4.  Taxes.  Borrowers shall file all material Tax returns that are required to be filed by   them and has paid all Taxes shown to be due and payable on said returns or on any material   assessments made against them or any of their property and all other material taxes, fees, or charges   imposed on them or any of their property by any Governmental Body (other than any Taxes (a)   the amount or validity of which are being contested in good faith by appropriate proceedings and   with respect to which reserves in conformity with GAAP have been provided on the books of the   Borrowers or (y) the failure to pay which would not reasonably be expected to result in a Material   Adverse Effect.            6.5.  Insurance.  Maintain the insurance required by Section 5.5(a) of the Senior ABL   Agreement.  To the extent any Borrower maintains any policy of credit insurance which would  provide coverage with respect to any Specified Export Order Receivables, Borrowers shall provide   Agent with written notice of the existence of such policy, and enforce any rights and remedies of   Borrowers that Borrowers deem commercially reasonable or advisable.  Without limiting the   generality of Section 4.5 hereof. in the event any proceeds are payable under any such policy of   credit insurance with respect to any Specified Export Order Receivable, Borrowers shall instruct   the applicable insurer to remit such proceeds directly to the Controlled Collections Account (and,   if notwithstanding Borrowers’ efforts, Borrowers shall receive any such proceeds directly,   Borrowers shall remit and deposit such proceeds into the Controlled Collections Account in   accordance with Sections 4.8(d) and (h)).          6.6.   Contract Performance.  At all times perform, in all material respects, all of its   obligations under each of the Specified Export Order Contracts in accordance with the terms and   conditions thereof.          6.7.  Know-your-Customer  Information.  Provide to Agent and the Lenders such    information and documentation as may reasonably be requested by Agent or any Lender from time   to time for purposes of compliance by Agent or such Lender with applicable laws (including   without limitation the USA Patriot Act and other “know your customer” and anti-money   laundering rules and regulations), and any policy or procedure of general applicability   implemented by Agent or such Lender to comply therewith.    VII.  NEGATIVE COVENANTS.         No Borrower shall, until the Payment in Full of the Obligations:         7.1.  Merger, Consolidation, Acquisition and Sale of Assets.               (a)   Enter into any merger, consolidation or other reorganization with or into  any other Person, or permit any other Person to consolidate with or merge with it, or consummate   an LLC Division, provided that either Borrower may permit any corporation or other corporate  form of Person to be merged into such Borrower, or may consolidate with or merge into to any                                         46 

 

 solvent corporation or other corporate form of Person organized under the laws of the United   States, any state thereof or the District of Columbia, which expressly assumes in writing   reasonably satisfactory to Agent the due and punctual payment and performance of the Obligations   by joining this Agreement and the Other Documents as a Borrower hereunder (pursuant to such   agreements, legal opinions, and customary certificates as shall be reasonably required by and   satisfactory in form and substance to Agent), if after giving effect to such consolidation or merger,  no Event of Default shall have occurred and be continuing.                (b)   Dispose of any of the Collateral; or              (c)   Liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), except for the liquidation or dissolution of a Borrower so long as all of the assets of  such liquidating or dissolving Borrower are transferred to a Borrower that is not liquidating or  dissolving.           7.2.  Creation of Liens.  Create or suffer to exist any Lien upon or against any Collateral   now owned or hereafter created or acquired, except Permitted Encumbrances.          7.3.  Compliance with Borrower Agreement.  Fail to comply with any of the provisions   of or any undertaking, covenant or duty under the Ex-Im Borrower Agreement (taking into account  any materiality, “material adverse effect”, or other qualifiers to any such provisions, undertakings,  covenants, or duties as provided for therein); provided that, notwithstanding anything to the  contrary provided for in this Agreement, the Ex-Im Borrower Agreement, any other Ex-Im  Agreement or any Other Document (i) in all circumstances, the provisions of this Agreement, the  Ex-Im Borrower Agreement, any other Ex-Im Agreement and the Other Documents and the  undertakings, covenants and duties of Borrowers thereunder shall be interpreted as complementary  and supplementary to one another and not as limiting one another, so as to give the fullest and  most expansive possible effect to all such provisions, undertakings, covenants and duties and to  avoid any conflict or contradiction amongst them and (ii) in the event that, after application of the  principles set forth in the preceding clause (i), an irreconcilable conflict exists between any of the  provisions of this Agreement, the Ex-Im Borrower Agreement, any other Ex-Im Agreement and/or  the Other Documents and/or any of the undertakings, covenants and duties of Borrowers  thereunder, the provision, undertaking, covenants and/or duty that is more restrictive upon or  requires a higher (or more frequent) level of performance from or is otherwise “stricter” with  respect to Borrower shall control (but provided further that, to the extent the application of the  principles set forth in this clause (ii) would result in the violation of any provision of any Ex-Im  Agreement, the provisions of the applicable Ex-Im Agreement shall control).    VIII. CONDITIONS PRECEDENT.         8.1.  Conditions to Initial Advances.  The effectiveness of this Agreement and agreement  of Lenders to make the Transaction Specific Loans on the Closing Date is subject to the satisfaction   (or waiver by Agent in its sole discretion) of the following conditions precedent:                 (a)   Loan Documents.  Agent shall have received on or before the Closing Date  the following, each in form and substance reasonably satisfactory to the Agent and, unless   indicated otherwise, dated as of the Closing Date:                      (i)   this Agreement, duly executed and delivered by each Borrower;                                        47 

 

                   (ii)  a Note in favor of PNC as sole Lender as of the Closing Date;                     (iii) the Fee Letter;                    (iv)  the Ex-Im Borrower Agreement; and                    (v)   the Economic Impact Certification.               (b)   Financial Condition Certificate.  Agent shall have received an executed  Financial Condition Certificate in the form of Exhibit 8.1(b) attached hereto, signed by the Chief   Financial Officer of Borrowing Agent, dated as of the Closing Date, attaching true, correct, and   complete copies of the Projections, and certifying that the representations set forth in Section 5.5(a)   with respect to such Projections are true and correct in all material respects as of the Closing Date;                (c)   Closing Certificate.  Agent shall have received a closing certificate signed  by the Chief Financial Officer of Borrowing Agent, dated as of the Closing Date,  (i) certifying   that  each of the representations and warranties made by any Borrower in or pursuant to this   Agreement and/or the Other Documents is true and correct in all material respects (except in the   case of any such representation or warranty that is qualified as to materiality or as to the occurrence   of (or the absence of the occurrence of) a Material Adverse Effect (specifically including without   limitation the representation set forth in Section 5.5(c) hereof), each of which such representations  and warranties was true and correct in all respects) on and as of the Closing Date as if made on  and as of such Closing Date (except to the extent any such representation or warranty expressly  relates only to any earlier and/or specified date, in which case such representation or warranty is   true and correct in all material respects (except in the case of any such representation or warranty   that is qualified as to materiality or as to the occurrence of (or the absence of the occurrence of) a   Material Adverse Effect (specifically including without limitation the representation set forth in   Section 5.5(c) hereof), each of which such representations and warranties were true and correct in   all respects) on and as of such earlier and/or specified date), (ii) certifying that both prior and   immediately after giving effect to the Transactions, no Event of Default or Default has occurred   and is continuing as of the Closing Date immediately prior to giving effect to the Transactions, or   would exist immediately after giving effect to the Transactions, including the initial Advances to   be made on the Closing Date, , (iii) certifying that all of the conditions set forth in Sections 8.1(g)   and (k) are satisfied, and (iii) attaching thereto true, complete, and correct copies of each of the   Specified Export Order Contracts as in effect on the Closing Date (including all exhibits, annexes,   schedules, supplements, and amendments thereto) and the executed and final Senior ABL   Amendment;                (d)   Specified Export Order Receivables Report.  Agent shall have received a  Specified Export Order Receivables Report prepared as of August 31, 2020;                (e)   Controlled Collections  Account.  Borrowers shall have established the  Controlled Collections Account with PNC;                (f)   Filings, Registrations and Recordings.  Each document (including any  Uniform Commercial Code financing statement) required by this Agreement, any of the Other   Documents or under Applicable Law or reasonably requested by Agent to be filed, registered or   recorded in order to perfect Agent’s,  Lien upon the Collateral shall have, or substantially   concurrently with the initial Advances hereunder, shall be, been properly filed, registered or                                         48 

 

 recorded in each jurisdiction in which the filing, registration or recordation thereof is so required   or requested;                (g)   Senior ABL Amendment.  Agent shall have received a final executed copy  of the Senior ABL Amendment, fully executed and delivered by all parties thereto, and all   conditions precedent to the effectiveness thereof (other than the effectiveness of this Agreement   and the Other Documents) shall have been satisfied;                (h)   Ex-Im Bank Approvals and Waivers and Conditions Precedent.  (i) Agent  shall have received all necessary approvals and waivers from the Ex-Im Bank for the terms and   conditions of the Transaction Specific Loan Facility as set forth in herein and the Other   Documents, and (ii) the Transactions shall be in full compliance with the Ex-Im Bank’s Working   Capital Guarantee Program                (i)   Secretary’s Certificates, Authorizing Resolutions and Good Standings of  Borrowers.  Agent shall have received, in form and substance satisfactory to Agent, a certificate   of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) of each   Borrower dated as of the Closing Date which shall certify (i) copies of resolutions, in form and   substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing   body, member or partner) of such Borrower authorizing (x) the execution, delivery and   performance of this Agreement and each Other Document to which each such Borrower is a party  (including authorization of the incurrence of indebtedness and borrowing of Advances on a joint  and several basis with all Borrowers as provided for herein), and (y)  the granting by such Borrower  of the security interests in and liens upon the Collateral to secure the Obligations (and such  certificate shall state that such resolutions have not been amended, modified, revoked or rescinded  as of the date of such certificate), (ii) the incumbency and signature of the officers of such  Borrower authorized to execute this Agreement and the Other Documents, (iii) true, correct, and   complete copies of the Organizational Documents of such Borrower as in effect on such date,   complete with all amendments thereto, and (iv) the good standing (or equivalent status) of such   Borrower in its jurisdiction of organization and each applicable jurisdiction where the conduct of   such Borrower’s business activities or the ownership of its properties necessitates qualification, as   evidenced by good standing certificates (or the equivalent thereof issued by any applicable   jurisdiction) dated not more than twenty-five (25) days prior to the Closing Date, issued by the  Secretary of State or other appropriate official of each such jurisdiction;                (j)   Legal Opinion.  Agent shall have received the executed legal opinion of (i)  Milbank LLP with respect to matters of New York and Delaware law and (ii) Dentons US LLP   with respect to matters of New Jersey law and, in each case, otherwise in form and substance   reasonably satisfactory to Agent which shall cover such matters incident to the Transactions as  Agent may reasonably require, and each Borrower hereby authorizes and directs such counsel to  deliver such opinions to Agent and Lenders;                (k)   No Litigation.  (i) Except as set forth in the Closing Date 10-K or the  Closing Date 10-Q, there is no action, suit, arbitration proceeding or other proceeding, inquiry or   investigation, at law or in equity, before or by any arbitrator or Governmental Borrower pending   against any Borrower or of which any Borrower has otherwise received official notice or which,   to the knowledge of any Borrower, is threatened against any Borrower (x) as to which there is a   reasonable possibility of an unfavorable decision, ruling or finding which would reasonably be                                          49 

 

 expected to result in a Material Adverse Effect or (y) that involves any of this Agreement or the   Other Documents or the Transactions; and (ii) no injunction, writ, restraining order or other order   of any nature materially adverse to any Borrower or the conduct of its business or inconsistent   with the due consummation of the Transactions shall have been issued by any Governmental Body;                (l)   Fees.  Agent shall have received all fees payable to Agent and Lenders  under this Agreement and/or the Fee Letter on or prior to the Closing Date;                (m)   Insurance.  Agent shall have received copies of the certificates of  property/casualty/business interruption insurance and liability insurance most recently delivered   in connection with the Senior ABL Agreement;                (n)   Flow of Funds Agreement. Agent shall have received a flow of funds  agreement, including schedule(s) of detailed flow of funds/sources and uses, disbursements, and   wire transfer instruction prepared by Borrowers and approved by Agent in its reasonable discretion   (the “Closing Date Flow of Funds Agreement”), duly executed and delivered by Borrowing Agent,   pursuant to which Borrowing Agent directs Agent to disburse the initial Advances hereunder so   as to consummate the Transactions; and                  (o)   USA Patriot Act Diligence.  Agent and each Lender shall have received, in  form and substance acceptable to Agent and each Lender such documentation and other   information requested in connection with applicable “know your customer” and anti-money   laundering rules and regulations, including the USA Patriot Act.          8.2.  Conditions to Each Advance.  The agreement of Lenders to make any Advance   requested to be made on any date (excluding the initial Advances to be made on the Closing Date),  is subject to the satisfaction of the following conditions precedent as of the date such Advance is  made:                (a)   Representations and Warranties.  Each of the representations and warranties  made by any Borrower in or pursuant to this Agreement and/or the Other Documents shall be true   and correct in all material respects (except in the case of any such representation or warranty that   is qualified as to materiality or as to the occurrence of (or the absence of the occurrence of) a   Material Adverse Effect (specifically including without limitation the representation set forth in   Section 5.5(c) hereof), each of which such representations and warranties shall be true and correct   in all respects) on and as of such date as if made on and as of such date (except to the extent any   such representation or warranty expressly relates only to any earlier and/or specified date, in which   case such representation or warranty shall have been true and correct in all material respects   (except in the case of any such representation or warranty that is qualified as to materiality or as   to the occurrence of (or the absence of the occurrence of) a Material Adverse Effect (specifically   including without limitation the representation set forth in Section 5.5(c) hereof), each of which   such representations and warranties shall have been true and correct in all respects) on and as of   such earlier and/or specified date); and                (b)   No Default.  No Event of Default or Default shall have occurred and be  continuing on such date, or would exist after giving effect to the Advances requested to be made,   on such date and, in the case of the initial Advances, after giving effect to the consummation of   the Transactions.                                          50 

 

 Each request for an Advance by Borrowing Agent or Borrowers hereunder shall constitute a   representation and warranty by each Borrower and each other Borrower as of the date of such   Advance that the conditions set forth in this Section shall have been satisfied.           8.3.  Post-Closing Covenants/Conditions.  Borrowers hereby acknowledge and agree   that Agent and Lenders have agreed to execute and deliver this Agreement and make the initial   Advances on the Closing Date notwithstanding the fact that certain conditions precedent more   fully described in this Section  8.3 have not been satisfied as of the Closing Date, and/or that   Borrowers have asked (and Agent and Lenders have agreed) for certain temporary exceptions to   certain of the covenants herein, and Borrowers hereby covenant and agree to satisfy each of such   conditions no later than the respective deadlines for each such condition set forth below as follows   (as any such deadline may be extended from time to time by Agent in its sole discretion):                (a)   notwithstanding anything to the contrary provided for otherwise in this  Agreement, Borrowers shall not be required to instruct [REDACTED]. to delivery all remittances  on the Specified Export Order Receivables owing from [REDACTED] under that certain Pellet  Sale and Purchase Contract, effective as of [REDACTED], between, inter alios, USS, as “Seller”,  and [REDACTED], as “Buyer”, as otherwise required under the first sentence of Section 4.5(d)  hereof, during the first thirty (30) days following the Closing Date; provided that (x) at all times   from and after October 31, 2020, Borrowers shall comply with the requirements of such first  sentence of Section 4.5(d) hereof as to Specified Export Order Receivables, and (y)  notwithstanding the foregoing provisions of this paragraph, at all times from and after the Closing  Date (including during the period of the first thirty (30) days thereafter), Borrowers shall otherwise  comply with all of requirements of the other provisions of Section 4.5(d) and the requirements of  Section 4.5(h) with respect to the remittances in respect of the Specified Export Order Receivables  owing from [REDACTED]   under such Specified Export Order Contract.  In addition, and  notwithstanding anything to the contrary provided for otherwise in this Agreement or any Other  Document, this Section 8.3 expressly qualifies the representation and warranty set forth in Section  5.1(d).    IX.   INFORMATION AS TO BORROWERS.         Each Borrower shall, or shall cause Borrowing Agent on its behalf to, until the Payment in Full of the Obligations:          9.1.  Specified Export Reporting.  Deliver to Agent:                (a)   with respect to each shipment of Inventory to a Specific Export Order Buyer  pursuant to a Specific Export Order Contract, written notice of such shipment, including copies of   the bills of lading and/or other shipping documents relating thereto and of the invoice issued to   such Specific Export Order Buyer in respect thereof, no later than three (3) Business Days after   the generation by US Steel of the invoice for such Specific Export Order Buyer for such shipment;                (b)   on or before the twentieth (20th) calendar day of each month, a report  substantially in the form of Exhibit 9.1(b) hereto (with such changes as are reasonably acceptable   to Agent), duly executed and certified by the President or a Financial Officer of the Borrowing   Agent (a “Specified Export Order Receivables Report”) as of the last day of the prior month (in   each case, the “Report Month”) including:                                          51 

 

                  (i)   a listing of all outstanding Specified Export Order Receivables and an accounts receivable aging with respect thereto (reflecting, if applicable, any issuance of any  updated invoice or revised or restated invoice during the Report Month with respect to any  shipment of Inventory to any Specified Export Order Buyer),                       (ii)  a summary of all sales/shipments of Inventory to a Specified Export Order Buyer pursuant to a Specified Export Order Contract during the Report Month, and                     (iii) in the event any sale/shipment of Inventory to a Specified Export Order Buyer contemplated/scheduled to occur in such Report Month under the applicable  Specified Export Order Contract and/or the Projection did not take place for any reason (including  any cancellation of such sale/shipment by the applicable Specified Export Order Buyer or any  failure by the applicable Specified Export Order Buyer to place an order or accept such  sale/shipment), notice of such event and an update to the Projections showing the effect thereof;               (c)   no later than five (5) Business Days after the receipt by Borrowers from any Specified Export Order Buyer or the giving by Borrowers to any Specified Export Order Buyer of  (x) any written notice of (or alleging the occurrence of) any material breach by any party to any Specified Export Order Contract or (y) any written notice of termination (or purporting to terminate) any Specified Export Order Contract: and              (d)   at such intervals as Agent may reasonably require: (i) confirmatory assignment schedules and (ii) such further schedules, documents and/or information regarding the  Collateral as Agent may reasonably request.  Agent shall have the right to confirm and verify all  Specified Export Order Receivables by any manner and through any medium it reasonably  considers advisable and do whatever it may deem reasonably necessary to protect its interests  hereunder; provided that, absent the occurrence and continuance of any Event of Default, Agent  shall make all such verifications in the name of the applicable Borrower.                 (e)   The items to be provided under this Section are to be in form reasonably satisfactory to Agent and executed by each Borrower and delivered to Agent from time to time  solely for Agent’s convenience in maintaining records of the Collateral, and any Borrower’s failure  to deliver any of such items to Agent shall not affect, terminate, modify or otherwise limit Agent’s  Lien with respect to the Collateral.  Unless otherwise agreed to by Agent, the items to be provided  under this Section 9.1 shall be delivered to Agent by the specific method of Approved Electronic  Communication designated by Agent.          9.2.  Financial Reporting.               (a)   Annual Financial Statements.  Deliver to Agent, as soon as available and in any event within 90 days after the end of each Fiscal Year commencing with the Fiscal Year ending  December 31, 2020, its audited consolidated balance sheet as of the end of such Fiscal Year and  the related statements of income and cash flows for such Fiscal Year, setting forth in each case in  comparative form the figures for the previous Fiscal Year, all reported on by  PricewaterhouseCoopers LLC or another “registered public accounting firm” as defined in Section  2 of the Sarbanes-Oxley Act of 2002 (without a “going concern” or like qualification or exception  and without any qualification or exception as to the scope of such audit except as permitted by the  Exchange Act and the regulations promulgated thereunder) as presenting fairly in all material  respects the financial position, results of operations and cash flows of USS and its consolidated                                        52 

 

 Subsidiaries on a consolidated basis in accordance with GAAP.   In addition, such financial   statements shall be accompanied by a Compliance Certificate.                (b)   Quarterly Financial Statements.  Deliver to Agent as soon as available and  in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal   Year, its consolidated balance sheet as of the end of such Fiscal Quarter and the related statement   of income for such Fiscal Quarter and statements of income and cash flows for the then elapsed   portion of such Fiscal Year, setting forth in each case in comparative form the figures for the   corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the   previous Fiscal Year, all certified by a Financial Officer as (x) reflecting all adjustments (which   adjustments are normal and recurring unless otherwise disclosed) necessary for a fair presentation  of the results for the period covered and (y) having been prepared in accordance with the applicable  rules of the SEC.  In addition, such financial statements shall be accompanied by a Compliance  Certificate.                 (c)   SEC Reports.  Deliver to Agent promptly after the same become publicly  available, copies of all periodic and other material reports and proxy statements filed by the   Borrower or any Subsidiary with the SEC, or any Governmental Body succeeding to any or all of   the functions of the SEC.                 (d)   Senior ABL Documents.  Deliver to Agent promptly after the execution and  delivery thereof and/or receipt by Borrowers of (as applicable) (x) written notice, including true,   complete, and correct copies thereof, of each material waiver, amendment, supplement, or   modification to, and/or restatement, extension, replacement, or refinancing of, the Senior ABL   Documents (each a “Modification”) (provided that, the parties hereto agree that any such   Modification which shall result in (i) this Agreement and/or the Advances hereunder no longer   constituting permitted Indebtedness under the Senior ABL Agreement, (ii) the Liens in the   Collateral securing the Obligations provided for herein no longer constituting permitted Liens   under the Senior ABL Agreement, (iii) any Lien securing the Indebtedness under the Senior ABL   Documents being created or granted as to any of the Collateral, (iv) any purported revocation (or   event of similar effect) with respect to the Senior ABL Amendment or any of the provisions thereof   (specifically including the provisions thereof providing for the release of all Liens in the Collateral   securing the Indebtedness under the Senior ABL Agreement), or (v) any prohibition on payment   of the Indebtedness hereunder in accordance with the terms hereof shall constitute a material   Modification for purposes of this clause (x) (any such Modification, a “Prohibited Modification”)),   or (y) any written notice of the occurrence of a Senior ABL Event of Default from any agent or   lender party to the Senior ABL Agreement.    Information required to be delivered pursuant to this Section 9.2 shall be deemed to have been   delivered on the date on which the Borrowers provide notice to Agent that such information has   been posted on USS’ website on the Internet at the website address listed on the signature pages   hereof, at                                      https://www.sec.gov/cgi-bin/browse-  edgar?CIK=x&owner=exclude&action=getcompany&Find=Search or at another website   identified in such notice and accessible by the Lenders without charge; provided that (i) such notice   may be included in a Compliance Certificate delivered pursuant to Section 9.2(a) or 9.2(b), and   (ii) USS shall deliver paper copies of the information referred to in Section 9.2(a) or 9.2(b) to  Agent for any Lender which requests such delivery.                                         53 

 

       9.3.  Material Occurrences.                 (a)   Promptly notify Agent in writing upon any officer of a Borrower obtaining  knowledge of (a) the occurrence of any Event of Default or Default, (b) any Borrower, at any time,   learning that any representation set forth in Section 5.11 was erroneous when made or has become   erroneous by reason of changed circumstances, and (c) the occurrence of any other development   in the business or affairs of any Borrower that has resulted in, or would reasonably be expected to   result in, a Material Adverse Effect; in each case describing the nature thereof and the action   Borrowers propose to take with respect thereto.                (b)   Promptly (and in any event within five (5) Business Days of the occurrence  thereof) notify Agent in writing upon any officer of a Borrower obtaining knowledge of the   occurrence of a Reportable Compliance Event.                  (c)   No later than thirty (30) days prior to any such event, notify Agent in writing  of (x) any change in (i) any Borrower’s legal corporate name as set forth in its articles/certificate   of incorporation as filed with the Secretary of State (or other applicable Governmental Body) of   its jurisdiction of organization, (ii) any Borrower’s jurisdiction of organization, or (iii) any   Borrower’s chief executive office or principal place of business, or (y) the establishment of or   change in any location (other than the chief executive office or principal place of business of any   Borrower) at which any unique books and records relating to the Collateral that are not also   duplicated/maintained at the chief executive office or principal place of business of a Borrower   are maintained.             9.4.  Additional Information.  Promptly following any request therefor, provide Agent   with such other information regarding the operations, business affairs and financial condition of   Borrowers or compliance with the terms of this Agreement or any Other Document as Agent may   reasonably request.          9.5.  Additional Documents.  Execute and/or deliver to Agent, upon request, such   documents, financing statements, agreements and instruments as Agent may from time to time   reasonably request in furtherance of the requirements of Section 4 of this Agreement and all other   documents any Borrower is required to deliver upon request of Agent under the Ex-Im Borrower   Agreement (subject to any modification of the provisions of the Ex-Im Borrower Agreement  pursuant to any Ex-Im Waiver).           9.6.  Notices Required Under Ex-Im Borrower Agreement.  Without limiting the   generality of any other provision of this Article IX or this Agreement, Loan Parties shall promptly,   but in any event within five (5) Business Days, provide written notice to Agent of any of the events   specified in Sections 2.18 and 2.24 of the Ex-Im Borrower Agreement, provided that, if any other   provision of this Article IX or this Agreement shall require earlier notice of any such event, such   earlier deadline shall control.  For the avoidance of doubt and without limiting the generality of   Section 7.3 of this Agreement, if the provisions of Sections 2.18 and 2.24 of the Ex-Im Borrower   Agreement shall require Borrowers to give notice of an event which would otherwise not be   covered by the specific terms of any other provisions of this Article IX or this Agreement requiring   notice in the case of similar events (e.g., if Section 2.18(e) of the Ex-Im Borrower Agreement   would require notice of any litigation which would not be covered by the notice requirements   under Section 9.3 above), or vice versa, the stricter notice provision shall control.                                           54 

 

 X.    EVENTS OF DEFAULT.         The occurrence of any one or more of the following events shall constitute an “Event of  Default”:          10.1. Nonpayment.  Failure by any Borrower to pay when due (a) any principal on the   Obligations (including without limitation pursuant to Sections 2.6 or 4.5(d) or (h) hereof), or   (b) any interest or other fee, charge, amount or liability provided for herein or in any Other  Document, in each case whether at maturity, by reason of acceleration pursuant to the terms of this  Agreement, by notice of intention to prepay, or by required prepayment, and, in the case of clause  (b) only, such failure shall continue unremedied for a period of five (5) Business Days;         10.2. Breach of Representation.                 (a)   Any representation or warranty made or deemed made by any Borrower in  this Agreement, any of the Other Documents or any related agreement, document, certificate or   financial or other statement provided at any time in connection herewith or therewith shall prove   to have been incorrect or misleading in any material respect on the date when made or deemed to   have been made and, if the circumstances giving rise to such incorrect or misleading representation   or warranty shall not be cured in all material respects for five days after the earlier to occur of (i)   the date on which an officer of the Borrowing Agent shall obtain knowledge thereof or (ii) the date   on which written notice thereof shall have been given to the Borrowing Agent by the Agent; or                 (b)   any representation set forth in Section 5.11 or 5.12 hereof has become  erroneous in any material respect by reason of changed circumstances;          10.3. Noncompliance.  Any (a) failure or neglect of any Borrower to perform, keep or   observe any material term, provision, condition or covenant, contained in (i) Section 4.5(d) or   Section 9.5(h) hereof, (ii) Section 9.1(a) hereof, and such failure continues for ten (10) Business   Days after the earlier of notice of such failure or neglect to the Borrowing Agent from the Agent   or the knowledge of such failure or neglect by an officer of the Borrowing Agent (ii) Section 9.1(b)   hereof, and such failure continues for three (3) Business Days after the earlier of notice of such   failure or neglect to the Borrowing Agent from the Agent or the knowledge of such failure or   neglect by an officer of the Borrowing Agent, (iii) Article VII hereof (with respect to Section 7.3,   after giving effect to any grace periods included in the Ex-Im Borrower Agreement), (iv) Section   9.2(a), (b) or (c) hereof. or (v) Section 9.1(c), Section 9.1(d), or Section 9.3(b) hereof which is not   cured within five (5) Business Days, or (b) failure or neglect of any Borrower to perform, keep or   observe any other material term, provision, condition, covenant herein contained, or contained in   any Other Document or any other agreement or arrangement, now or hereafter entered into   between any Borrower and Agent, which is not cured within thirty (30) days from the earlier of   notice of such failure or neglect to such Borrower from Agent or knowledge of such failure or   neglect by an officer of such Borrower;          10.4. Judgments.  Any (a) judgment(s), writ(s), order(s) or decree(s) for the payment of   money are rendered against any Borrower in an aggregate amount in excess of $100,000,000 and   (b) (i) action shall be legally taken by any judgment creditor to levy upon, assess, or attach any  Collateral of any Borrower to enforce any such judgment  or (ii) such judgment shall remain undischarged for a period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, shall not be in effect, or (iii) any Liens                                        55 

 

 securing judgment indebtedness in excess of $100,000,000 arising by virtue of the rendition, entry   or issuance of such judgment upon assets or properties of any Borrower shall be senior to any   Liens in favor of Agent on any of the Collateral;           10.5. Bankruptcy.  Any Borrower shall (a) voluntarily commence any proceeding or file   any petition seeking liquidation, reorganization or other relief under any Insolvency Law, (b)   consent to the institution of, or fail to contest in a timely or appropriate manner, any proceeding or  petition described in clause (a), (c) apply for or consent to the appointment of a receiver, trustee,  custodian, sequestrator, conservator or similar official for such Borrower or for a substantial part  of its assets, (d) admit in writing its inability, or be generally unable, to pay its debts as they become  due or cease operations of its present business, (e) file an answer admitting the material allegations  of a petition filed against it in any such proceeding, (f) make a general assignment for the benefit  of creditors, (g) acquiesce to, or fail to have dismissed, within sixty (60) days, an involuntary  proceeding commenced or petition filed seeking (i) liquidation, reorganization or other relief in  respect of such Borrower or its debts or a substantial part of its assets under any Insolvency Law  or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official  for such Borrower or for a substantial part of its assets, or (h) take any action for the purpose of  effecting any of the foregoing;          10.6. Liens on Collateral.  The Liens on all or a substantial part of the Collateral created   hereunder or provided for hereby or under any of the Other Documents for any reason ceases to   be or is not a valid and perfected Lien having a first priority interest;          10.7. Senior ABL Acceleration or Default.  Any event or condition occurs that (i) results   acceleration of the maturity of the Indebtedness under the Senior ABL Agreement or (ii) enables   or permits the agent or lenders in respect of the Senior ABL Agreement to cause such Indebtedness   to become due and accelerated prior to the scheduled maturity thereof or to require the prepayment,  repurchase, redemption or defeasance thereof before its scheduled maturity but in the case of any  event described in this clause (ii), only after the lapse of a cure period equal to the greater of five  (5) Business Days or the cure period or periods specified in the Senior ABL Agreement;         10.8. Specified Export Order Contract Defaults.  The material breach by any Borrower   of any Specified Export Order Contract; provided that, to the extent that such material breach is   subject to any cure opportunity or cure period or cure right, no Event of Default shall occur under   this Section 10.8 to the extent that, prior to the expiration of such cure opportunity/cure period/cure   right, Borrowers shall have provided to Agent evidence reasonably satisfactory to Agent that   Borrowers have cured such material breach.          10.9. Invalidity.  Any material provision of this Agreement or any Other Document shall,   for any reason, cease to be valid and binding on any Borrower, or any Borrower shall so claim in   writing to Agent or any Lender or any Borrower challenges in writing the validity of or its liability   under this Agreement or any Other Document;           10.10. Seizures.  Any material portion of the Collateral shall be seized, subject to   garnishment or taken by a Governmental Body, or          10.11. Prohibited Modification.  The becoming effective of any Prohibited Modification.                                          56 

 

XI.   LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT.        11.1. Rights and Remedies.              (a)   Upon the occurrence of: (i) an Event of Default pursuant to Section 10.5 hereof, all Obligations shall be immediately due and payable (including, without limitation, any  fees pursuant to Section 13.1 hereof, if applicable) and this Agreement and the Commitments shall  be deemed terminated, and (ii) any of the other Events of Default and at any time thereafter when  any such other Event of Default is continuing, at the direction of Required Lenders all Obligations  shall be immediately due and payable (including, without limitation, any fees pursuant to Section  13.1 hereof, if applicable) and Required Lenders shall have the right to instruct Agent to terminate  this Agreement and to terminate the Commitment  Upon the occurrence and during the continuance  of any Event of Default, Agent shall have, at the direction of Required Lenders, the right to exercise  any and all rights and remedies provided for herein, under the Other Documents, under the  Uniform Commercial Code and at law or equity generally, including the right to foreclose the  security interests granted herein and to realize upon any Collateral by any available judicial  procedure and/or to take possession of and sell any or all of the Collateral with or without judicial  process.  Subject to the foregoing, Agent may enter any of any Borrower’s premises or other  premises without legal process and without incurring liability to any Borrower therefor, and Agent  may thereupon, or at any time thereafter, in its discretion without notice or demand, take the  Collateral and remove the same to such place as Agent may deem advisable and Agent may require  Borrowers to make the Collateral available to Agent at a convenient place.  With or without having  the Collateral at the time or place of sale, Agent may sell the Collateral, or any part thereof, at  public or private sale, at any time or place, in one or more sales, at such price or prices, and upon  such terms, either for cash, credit or future delivery, as Agent may elect.  Except as to that part of  the Collateral which is perishable or threatens to decline speedily in value or is of a type  customarily sold on a recognized market, Agent shall give Borrowers reasonable notification of  such sale or sales, it being agreed that in all events written notice mailed to Borrowing Agent at  least ten (10) Business Days prior to such sale or sales is reasonable notification.  At any public  sale Agent or any Lender may bid (including credit bid) for and become the purchaser, and Agent,  any Lender or any other purchaser at any such sale thereafter shall hold the Collateral sold  absolutely free from any claim or right of whatsoever kind, including any equity of redemption  and all such claims, rights and equities are hereby expressly waived and released by each  Borrower.  In connection with the exercise of the foregoing remedies, including the sale of  Inventory, upon the occurrence and during the continuance of an Event of Default, Agent is granted  a perpetual non-revocable, royalty free, nonexclusive license and Agent is granted permission to  use all of each Borrower’s (a) Intellectual Property which is used or useful in connection with  Inventory for the purpose of marketing, advertising for sale and selling or otherwise disposing of  such Inventory (but not any other Intellectual Property of any Borrower) and (b) equipment for the  purpose of completing the manufacture of unfinished goods (but not any other equipment of any  Borrower).  The Net Cash Proceeds realized from the sale of any Collateral shall be applied to the  Obligations in the order set forth in Section 11.5 hereof.  Non-cash proceeds will only be applied  to the Obligations as they are converted into cash.  If any deficiency shall arise, Borrowers shall  remain liable to Agent and Lenders therefor.               (b)   To the extent that Applicable Law imposes duties on Agent to exercise remedies in a commercially reasonable manner, each Borrower acknowledges and agrees that it is  not commercially unreasonable for Agent: (i) to fail to exercise collection remedies against                                        57 

 

 Specified Export Order Buyers or other Persons obligated on Collateral or to remove Liens on or   any adverse claims against Collateral; (ii) to exercise collection remedies against Specified Export   Order Buyers and other Persons obligated on Collateral directly or through the use of collection   agencies and other collection specialists; (iii) to advertise dispositions of Collateral through  publications or media of general circulation, whether or not the Collateral is of a specialized nature;  (iv) to contact other Persons, whether or not in the same business as any Borrower, for expressions of interest in acquiring all or any portion of such Collateral; (v) to purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of Collateral or to provide to Agent a guaranteed return from the collection or disposition of Collateral; or (vi) to the extent deemed appropriate by Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any of the Collateral. Each Borrower acknowledges that the purpose of this Section 11.1(b) is to provide non- exhaustive indications of what actions or omissions by Agent would not be commercially unreasonable in Agent’s exercise of remedies against the Collateral and that other actions or omissions by Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.1(b).  Without limitation upon the foregoing, nothing set forth in this Section 11.1(b) shall be construed to grant any rights to any Borrower or to impose any duties on Agent that would not have been granted or imposed by this Agreement or by Applicable Law in the absence of this Section 11.1(b).         11.2. Agent’s Discretion.  Agent shall have the right to determine which rights, Liens,   security interests or remedies Agent may at any time pursue, relinquish, subordinate, or modify,   which procedures, timing and methodologies to employ, and what any other action to take with   respect to any or all of the collateral and in what order, thereto and such determination will not in   any way modify or affect any of Agent’s or Lenders’ rights hereunder as against Borrowers or   each other.          11.3. Setoff.  Subject to Section 14.13 hereof, in addition to any other rights which Agent   or any Lender may have under Applicable Law, upon the occurrence and during the continuance   of an Event of Default hereunder, Agent and such Lender shall have a right, immediately and   without notice of any kind, to apply any Borrower’s property held by Agent and such Lender or  any of their Affiliates to reduce the Obligations and to exercise any and all rights of setoff which  may be available to Agent and such Lender with respect to any deposits held by Agent or such  Lender.          11.4. Rights and Remedies not Exclusive.  The enumeration of the foregoing rights and   remedies is not intended to be exhaustive and the exercise of any rights or remedy shall not   preclude the exercise of any other right or remedies provided for herein or otherwise provided by   law, all of which shall be cumulative and not alternative.          11.5. Allocation of Payments and Proceeds of Collateral after Event of Default.    Notwithstanding any provisions of this Agreement to the contrary:                (a)   After the occurrence and during the continuance of an Event of Default, all  amounts collected or received by any Secured Party on account of the Obligations or in respect of  the Collateral (including without limitation any and all payments paid by or on behalf of any   Borrower (including any and all payments by or on behalf of any Guarantor in respect of its  obligations and liabilities under its Guaranty), any and all proceeds of Collateral, any and all                                          58 

 

 amount obtained by any  Secured Party in respect of the Obligations by exercise of any rights of   setoff or recoupment, any and all adequate protection payments payable to any Secured Party, and  any and all distributions to any Secured Party under a plan of reorganization) (all of the foregoing,  the “Obligations Receipts”) shall be, if received by any Secured Party other than Agent, turned over to   promptly by such Secured Party to Agent in the form received (together with any applicable endorsement),   and upon receipt by Agent, may be, at Agent’s discretion, applied or paid over as follows:                FIRST, to the payment until paid in full of (x) all out-of-pocket costs and expenses  (including without limitation all legal expenses and reasonable attorneys’ fees) of Agent to the  extent payable and/or reimbursable by Borrowers under the provisions of Section 16.9 hereof  and/or any other applicable provisions hereof or of any Other Document, including all such costs  and expenses incurred by Agent in connection with enforcing the rights and remedies of Agent  and/or any other Secured Parties under this Agreement and the Other Documents, (y) all  indemnification obligations owing to Agent to the extent payable by Borrowers under the  provisions of Section 16.5 hereof and/or any other applicable provisions hereof or of any Other  Document, and (z) all interest and principal with respect to any Protective Advances funded by  Agent under or pursuant to the terms of this Agreement;               SECOND, to payment until paid in full of any fees owing and payable to Agent  hereunder and/or under any Other Document;               THIRD, ratably, to the payment until paid in full of (x) all out-of-pocket costs and  expenses (including without limitation all legal expenses and reasonable attorneys’ fees) of each  of the Lenders to the extent payable and/or reimbursable by Borrowers under the provisions of  Section 16.9 hereof and/or any other applicable provisions hereof or of any Other Document, and  (y) all indemnification obligations owing to each of the Lenders to the extent payable by Borrowers under the provisions of Section 16.5 hereof and/or any other applicable provisions hereof or of any Other Document;              FOURTH, to the payment of all of the Obligations consisting of accrued and unpaid  interest with respect to any Protective Advances;               FIFTH, to the payment of the outstanding principal amount of any Protective   Advances;                SIXTH, to the payment of all of the Obligations consisting of accrued and unpaid   interest with respect to the Advances other than Protective Advances;                SEVENTH, to the payment of the outstanding principal amount of the Advances   other than Protective Advances;                EIGHTH, to the payment until paid in full of all other Obligations arising under   this Agreement and the Other Documents which shall have become due and payable and not repaid   pursuant to clauses “FIRST” through “FIFTH” above; and                NINTH, to the payment of the surplus, if any, to whoever may be lawfully entitled   to receive such surplus.                                           59 

 

 In carrying out the foregoing, and subject in all cases to the other provisions of this Section 11.5,   (i) amounts received shall be applied in the numerical order provided until exhausted and each applicable category is paid in full prior to application to the next succeeding category, and (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to each applicable clause above.               (b)   In the event that, notwithstanding the foregoing provisions of this  Section 11.5, any Obligations Receipts shall be received by any Secured Party in violation of the   terms of this Section 11.5, such amounts shall be held in trust for the benefit of the Secured Parties   as a whole and shall promptly be paid over to or delivered to Agent in the form received (together with   any applicable endorsement) for application.                 (c)   For the avoidance of doubt, for all purposes under this Section 11.5, as  applied to any category of Obligations and/or any clause under Section 11.5(a) hereof, “paid in  full” means payment in cash of all amounts owing hereunder and under the Other Documents in  respect of such Obligations and/or such clause of Section 11.5(a) hereof according to the terms  hereof and of the Other Documents, including loan fees, service fees, professional fees and interest,  default interest calculated at default rates, interest on interest and expense reimbursements,  whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency  Proceeding, and specifically including without limitation in the case of each clause under Section  11.5(a) hereof all Obligations of the type described in such clause 11.5(a) constituting Post-Petition  Obligations, but, in each case, excluding contingent obligations for which no claim or demand for  payment, whether oral or written, has been made.    XII.  WAIVERS AND JUDICIAL PROCEEDINGS.         12.1. Waiver of Notice.  Each Borrower hereby waives notice of non-payment of any of  the Specified Export Order Receivables, demand, presentment, protest and notice thereof with   respect to any and all instruments, notice of acceptance hereof, notice of Advances made, credit   extended, Collateral received or delivered, or any other action taken in reliance hereon, and all   other demands and notices of any description, except such as are expressly provided for herein.          12.2. Delay.  No delay or omission on Agent’s or any Lender’s part in exercising any   right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of   any Default or Event of Default.          12.3. Jury Waiver.  EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY   WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, COUNTERCLAIM,   DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT,   ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR   AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN   ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF   THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, ANY   OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT   EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS   RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR                                          60 

 

 HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR   OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM,   COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY   COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT   MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY   COURT AS WRITTEN EVIDENCE OF THE CONSENTS         OF THE PARTIES HERETO TO   THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.    XIII. EFFECTIVE DATE AND TERMINATION.         13.1. Term.  This Agreement, which shall inure to the benefit of and shall be binding  upon the respective successors and permitted assigns of each Borrower, Agent and each Lender,   shall become effective on the Closing Date and shall continue in full force and effect until the   earlier of (a) August 30, 2021, and (b) any voluntary termination by the Borrowers of all of the   Commitments hereunder (the “Term”), unless sooner terminated as herein provided; provided that,   (x) Borrower may request extension of the last day of the Term to July 30, 2022 by sending written  notice of such request to Agent no earlier than April 3, 2021, (y) upon receipt of any such notice requesting such an extension, Agent shall provide copies thereof promptly to Lenders, and (z) so long as and only if (I) the loan facility hereunder shall continue to be a Transaction Specific Loan Facility eligible for coverage (at a 95% level) under the Ex-Im Guarantee and (II) each Lender hereunder shall consent (in the exercise of its sole discretion) to such extension no later than thirty (30) days after Lenders’ shall have received copies of such notice from Agent, then such extension of the Term to July 30, 2022 shall occur (but further provided that, in connection therewith, Borrowers shall execute and/or deliver such amendments to this Agreement and/or the Notes, additional legal opinions, and additional/updated Ex-Im Agreement in order to effectuate such request as Agent shall reasonably request and Borrowers shall pay such additional fees with respect to such agreement to extend as any Lender and/or Ex-Im Bank shall require).         13.2. Termination.  The termination of this Agreement shall not affect Agent’s or any   Lender’s rights, or any of the Obligations having their inception prior to the effective date of such   termination or any Obligations which pursuant to the terms hereof continue to accrue after such   date, and the provisions hereof shall continue to be fully operative until all transactions entered   into, rights or interests created and all of the Obligations have been Paid in Full.  The security   interests, Liens and rights granted to Agent and Lenders hereunder and the financing statements   filed in connection herewith shall continue in full force and effect, notwithstanding the termination   of this Agreement or the fact that Borrowers’ Account may from time to time be temporarily in a   zero or credit position, until all of the Obligations have Paid in Full, the Commitments and this   Agreement and the Other Documents have been terminated.  Accordingly, each Borrower waives   any rights which it may have under the Uniform Commercial Code to demand the filing of   termination statements with respect to the Collateral, and Agent shall not be required to send such   termination statements to each Borrower, or to file them with any filing office, unless and until   this Agreement shall have been terminated in accordance with its terms and all Obligations have   been Paid in Full.      XIV.  REGARDING AGENT.         14.1. Appointment.  Each Lender hereby designates PNC to act as Agent for such Lender  under this Agreement and the Other Documents.  Each Lender hereby irrevocably authorizes                                          61 

 

 Agent to take such action on its behalf under the provisions of this Agreement and the Other   Documents and to exercise such powers and to perform such duties hereunder and thereunder as   are specifically delegated to or required of Agent by the terms hereof and thereof and such other   powers as are reasonably incidental thereto and Agent shall hold all Collateral, payments of   principal and interest, fees (except the fees set forth in Sections 2.4(b) and in the Fee Letter),   charges and collections received pursuant to this Agreement, for the ratable benefit of Lenders.   Agent may perform any of its duties hereunder by or through its agents or employees.  As to any   matters not expressly provided for by this Agreement (including collection of the Note), Agent  shall not be required to exercise any discretion or take any action, but shall be required to act or to  refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the  instructions of Required Lenders, and such instructions shall be binding; provided, however, that  Agent shall not be required to take any action which, in Agent’s discretion, exposes Agent to  liability or which is contrary to this Agreement or the Other Documents or Applicable Law unless  Agent is furnished with an indemnification reasonably satisfactory to Agent with respect thereto.          14.2. Nature of Duties.  Agent shall have no duties or responsibilities except those   expressly set forth in this Agreement and the Other Documents.  Neither Agent nor any of its   officers, directors, employees or agents shall be (i) liable for any action taken or omitted by them   as such hereunder or in connection herewith, unless caused by their bad faith, gross (not mere)   negligence or willful misconduct (as determined by a court of competent jurisdiction in a final   non-appealable judgment), or (ii) responsible in any manner for any recitals, statements,   representations or warranties made by any Borrower or any officer thereof set forth in this  Agreement, or in any of the Other Documents or in any certificate, report, statement or other  document referred to or provided for in, or received by Agent under or in connection with, this  Agreement or any of the Other Documents or for the value, validity, effectiveness, genuineness,  due execution, enforceability or sufficiency of this Agreement, or any of the Other Documents or  for any failure of any Borrower to perform its obligations hereunder.  Agent shall not be under any  obligation to any Lender to ascertain or to inquire as to the observance or performance of any of  the agreements set forth in, or conditions of, this Agreement or any of the Other Documents, or to  inspect the properties, books or records of any Borrower.  The duties of Agent as respects the  Advances to Borrowers shall be mechanical and administrative in nature. Agent shall not have by  reason of this Agreement a fiduciary relationship in respect of any Lender and nothing in this  Agreement, expressed or implied, is intended to or shall be so construed as to impose upon Agent  any obligations in respect of this Agreement or the transactions described herein except as  expressly set forth herein.          14.3. Lack of Reliance on Agent.  Independently and without reliance upon Agent or any   other Lender, each Lender has made and shall continue to make (i) its own independent   investigation of the financial condition and affairs of each Borrower in connection with the making   and the continuance of the Advances hereunder and the taking or not taking of any action in   connection herewith, and (ii) its own appraisal of the creditworthiness of each Borrower.  Agent   shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender   with any credit or other information with respect thereto, whether coming into its possession before   making of the Advances or at any time or times thereafter except as shall be provided by any   Borrower pursuant to the terms hereof.  Agent shall not be responsible to any Lender for any   recitals, statements, information, representations or warranties herein or in any agreement,   document, certificate or a statement delivered in connection with or for the execution,   effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Agreement                                         62 

 

or any Other Document, or of the financial condition of any Borrower, or be required to make any  inquiry concerning either the performance or observance of any of the terms, provisions or  conditions of this Agreement, the Notes, the Other Documents or the financial condition or  prospects of any Borrower, or the existence of any Event of Default or any Default.         14.4. Resignation of Agent; Successor Agent.  Agent may resign on sixty (60) days  written notice to each of Lenders and Borrowing Agent and upon such resignation, Required  Lenders will promptly designate a successor Agent reasonably satisfactory to Borrowing Agent  (provided that no such approval by Borrowing Agent shall be required (i) in any case where the  successor Agent is one of Lenders or (ii) after the occurrence and during the continuance of any  Event of Default).  Any such successor Agent shall succeed to the rights, powers and duties of  Agent, and shall in particular succeed to all of Agent’s right, title and interest in and to all of the  Liens in the Collateral securing the Obligations created hereunder or any Other Document, and the  term “Agent” shall mean such successor agent effective upon its appointment, and the former  Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or  deed on the part of such former Agent.  However, notwithstanding the foregoing, if at the time of  the effectiveness of the new Agent’s appointment, any further actions need to be taken in order to  provide for the legally binding and valid transfer of any Liens in the Collateral from former Agent  to new Agent and/or for the perfection of any Liens in the Collateral as held by new Agent or it is  otherwise not then possible for new Agent to become the holder of a fully valid, enforceable and  perfected Lien as to any of the Collateral, former Agent shall continue to hold such Liens solely  as agent for perfection of such Liens on behalf of new Agent until such time as new Agent can  obtain a fully valid, enforceable and perfected Lien on all Collateral, provided that Agent shall not  be required to or have any liability or responsibility to take any further actions after such date as  such agent for perfection to continue the perfection of any such Liens (other than to forego from  taking any affirmative action to release any such Liens).  After Agent’s resignation as Agent, the  provisions of this Article XIV, and any indemnification rights under this Agreement, including  without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any  actions taken or omitted to be taken by it while it was Agent under this Agreement (and in the  event resigning Agent continues to hold any Liens pursuant to the provisions of the immediately  preceding sentence, the provisions of this Article XIV and any indemnification rights under this  Agreement, including without limitation, rights arising under Section 16.5 hereof, shall inure to its  benefit as to any actions taken or omitted to be taken by it in connection with such Liens).          14.5. Certain Rights of Agent.  If Agent shall request instructions from Lenders with  respect to any act or action (including failure to act) in connection with this Agreement or any  Other Document, Agent shall be entitled to refrain from such act or taking such action unless and  until Agent shall have received instructions from Required Lenders; and Agent shall not incur  liability to any Person by reason of so refraining.  Without limiting the foregoing, Lenders shall  not have any right of action whatsoever against Agent as a result of its acting or refraining from  acting hereunder in accordance with the instructions of Required Lenders.         14.6. Reliance.  Agent shall be entitled to rely, and shall be fully protected in relying,  upon any note, writing, resolution, notice, statement, certificate, email, facsimile or telecopier  message, order or other document or telephone message believed by it to be genuine and correct  and to have been signed, sent or made by the proper person or entity, and, with respect to all legal  matters pertaining to this Agreement and the Other Documents and its duties hereunder, upon  advice of counsel selected by it.  Agent may employ agents and attorneys-in-fact and shall not be                                        63 

 

 liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with   reasonable care.          14.7. Notice of Default.  Agent shall not be deemed to have knowledge or notice of the   occurrence of any Default or Event of Default hereunder or under the Other Documents, unless   Agent has received notice from a Lender or Borrowing Agent referring to this Agreement or the   Other Documents, describing such Default or Event of Default and stating that such notice is a   “notice of default”.  In the event that Agent receives such a notice, Agent shall give notice thereof   to Lenders.  Agent shall take such action with respect to such Default or Event of Default as shall   be reasonably directed by Required Lenders; provided, that, unless and until Agent shall have   received such directions, Agent may (but shall not be obligated to) take such action, or refrain   from taking such action, with respect to such Default or Event of Default as it shall deem advisable   in the best interests of Lenders.          14.8. Indemnification.  To the extent Agent is not reimbursed and indemnified by   Borrowers, each Lender will reimburse and indemnify Agent in proportion to its respective portion   of the outstanding Advances (or, if no Advances are outstanding, pro rata according to the   percentage that its Commitment Amount constitutes of the total aggregate Commitment Amounts),   from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,   suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed   on, incurred by or asserted against Agent in performing its duties hereunder, or in any way relating   to or arising out of this Agreement or any Other Document; provided that Lenders shall not be   liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,   suits, costs, expenses or disbursements resulting from Agent’s bad faith, gross (not mere)  negligence or willful misconduct (as determined by a court of competent jurisdiction in a final  non-appealable judgment).          14.9. Agent in its Individual Capacity.  With respect to the obligation of Agent to lend   under this Agreement, the Advances made by it shall have the same rights and powers hereunder   as any other Lender and as if it were not performing the duties as Agent specified herein; and the   term “Lender” or any similar term shall, unless the context clearly otherwise indicates, include   Agent in its individual capacity as a Lender.  Agent may engage in business with any Borrower as  if it were not performing the duties specified herein, and may accept fees and other consideration  from any Borrower for services in connection with this Agreement or otherwise without having to  account for the same to Lenders.          14.10. Delivery of Documents.  To the extent Agent receives reports, information, or   financial statements required under Sections 9.1 and 9.2 hereof any Borrower pursuant to the terms   of this Agreement which any Borrower is not obligated to deliver to each Lender, Agent will   promptly deliver such documents and information to Lenders.          14.11. Borrowers’ Undertaking to Agent.  Without prejudice to their respective   obligations to Lenders under the other provisions of this Agreement, each Borrower  hereby   undertakes with Agent to pay to Agent from time to time on demand all amounts from time to time   due and payable by it for the account of Agent or Lenders or any of them pursuant to this   Agreement to the extent not already paid.  Any payment made pursuant to any such demand shall   pro tanto satisfy the relevant Borrower’s obligations to make payments for the account of Lenders   or the relevant one or more of them pursuant to this Agreement.                                          64 

 

       14.12. No Reliance on Agent’s Customer Identification Program.  To the extent the   Advances or this Agreement is, or becomes, syndicated in cooperation with other Lenders, each   Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or   assignees, may rely on Agent to carry out such Lender's, Affiliate's, participant's or assignee's   customer identification program, or other obligations required or imposed under or pursuant to the   USA PATRIOT Act or the regulations thereunder, including the regulations contained in 31 CFR   103.121 (as hereafter amended, modified, supplemented or replaced, the “CIP Regulations”), or   any other Anti-Terrorism Law, including any programs involving any of the following items   relating to or in connection with any of Borrowers, their Affiliates or their agents, the Other   Documents or the transactions hereunder or contemplated hereby: (i) any identity verification   procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices   or (v) other procedures required under the CIP Regulations or such Anti-Terrorism Laws.           14.13. Other Agreements.  Each of Lenders agrees that it shall not, without the prior   written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the   request of Agent, set off against the Obligations, any amounts owing by such Lender to any   Borrower or any deposit accounts of any Borrower now or hereafter maintained with such Lender.  Anything in this Agreement to the contrary notwithstanding, each of Lenders further agrees that it  shall not, unless specifically requested to do so by Agent, take any action to protect or enforce its  rights arising out of this Agreement or the Other Documents, it being the intent of Lenders that  any such action to protect or enforce rights under this Agreement and the Other Documents shall  be taken in concert and at the direction or with the consent of Agent or Required Lenders.     XV.   BORROWING AGENCY.         15.1. Borrowing Agency Provisions.               (a)   Each Borrower hereby irrevocably designates Borrowing Agent to be its attorney and agent and in such capacity whether verbally, in writing or through electronic methods  (including, without limitation, an Approved Electronic Communication) to (i) borrow, (ii) request  advances, (iii) sign and endorse notes, (iv) execute and deliver all instruments, documents,   applications, security agreements, and other agreements, documents, instruments, certificates,   notices, writings and further assurances now or hereafter required hereunder, (v) make elections   regarding interest rates, and (vii) otherwise take action under and in connection with this   Agreement and the Other Documents, all on behalf of and in the name of such Borrower or   Borrowers, and hereby authorizes Agent to pay over or credit all loan proceeds hereunder in   accordance with the request of Borrowing Agent.                 (b)   The handling of this credit facility as a co-borrowing facility with a  borrowing agent in the manner set forth in this Agreement is solely as an accommodation  to   Borrowers and at their request.  Neither Agent nor any Lender shall incur liability to Borrowers as   a result thereof.  To induce Agent and Lenders to do so and in consideration thereof, each Borrower   hereby indemnifies Agent and each Lender and holds Agent and each Lender harmless from and   against any and all liabilities, expenses, losses, damages and claims of damage or injury asserted   against Agent or any Lender by any Person arising from or incurred by reason of the handling of   the financing arrangements of Borrowers as provided herein, reliance by Agent or any Lender on   any request or instruction from Borrowing Agent or any other action taken by Agent or any Lender   with respect to this Section 15.1 except due to bad faith, willful misconduct or gross (not mere)                                          65 

 

negligence by the indemnified party (as determined by a court of competent jurisdiction in a final  and non-appealable judgment).               (c)   All Obligations shall be joint and several, and each Borrower shall make payment upon the maturity of the Obligations by acceleration or otherwise, and such obligation  and liability on the part of each Borrower shall in no way be affected by any extensions, renewals  and forbearance granted by Agent or any Lender to any Borrower, failure of Agent or any Lender  to give any Borrower notice of borrowing or any other notice, any failure of Agent or any Lender  to pursue or preserve its rights against any Borrower, the release by Agent or any Lender of any  Collateral now or thereafter acquired from any Borrower, and such agreement by each Borrower  to pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse  by Agent or any Lender to the other Borrowers or any Collateral for such Borrower’s Obligations  or the lack thereof.  Each Borrower waives all suretyship defenses.           15.2. Waiver of Subrogation.  Each Borrower expressly waives any and all rights of  subrogation, reimbursement, indemnity, exoneration, contribution of any other claim which such  Borrower may now or hereafter have against the other Borrowers or any other Person directly or  contingently liable for the Obligations hereunder, or against or with respect to any other  Borrower’s property (including, without limitation, any property which is Collateral for the  Obligations), arising from the existence or performance of this Agreement, until the termination  of the Commitments, the termination of this Agreement and the Payment in Full of the Obligations.   XVI.  MISCELLANEOUS.        16.1. Governing Law; Venue; Jurisdiction.  This Agreement and each Other Document (unless and except to the extent expressly provided otherwise in any such Other Document), and  all matters relating hereto or thereto or arising herefrom or therefrom (whether arising under  contract law, tort law or otherwise) shall, in accordance with Section 5-1401 of the General  Obligations Law of the State of New York, be governed by and construed in accordance with the  laws of the State of New York.  Any judicial proceeding brought by or against any Borrower with  respect to any of the Obligations, this Agreement or any of the Other Documents shall be brought  in any court of competent jurisdiction in the County of New York, State of New York, United  States of America, and, by execution and delivery of this Agreement, each Borrower accepts for  itself and in connection with its properties, generally and unconditionally, the non-exclusive  jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered  thereby in connection with this Agreement.  Each Borrower hereby waives personal service of any  and all process upon it and consents that all such service of process may be made by certified or  registered mail (return receipt requested) directed to Borrowing Agent at its address set forth in  Section 16.6 hereof and service so made shall be deemed completed five (5) days after the same  shall have been so deposited in the mails of the United States of America.  Nothing herein shall  affect the right to serve process in any manner permitted by law.  Each Borrower waives any  objection to jurisdiction and venue of any action instituted hereunder in compliance with this  Section 16.1 and shall not assert any defense based on lack of jurisdiction or venue or based upon  forum non conveniens.  Any judicial proceeding by any Borrower against Agent or any Lender  involving, directly or indirectly, any matter or claim in any way arising out of, related to or  connected with this Agreement or any of the Other Documents shall be brought only in a federal  or state court located in the County of New York, State of New York.                                         66 

 

       16.2. Entire Understanding.                (a)   This Agreement and the Other Documents contain the entire understanding  between each Borrower, Agent and each Lender and supersedes all prior agreements and   understandings, if any, relating to the subject matter hereof.  Any promises, representations,   warranties or guarantees not herein contained and hereinafter made shall have no force and effect   unless in writing, signed by each Borrower’s, Agent’s and each Lender’s respective officers.   Neither this Agreement nor any portion or provisions hereof may be amended, modified, waived,   supplemented, discharged, cancelled or terminated orally or by any course of dealing, or in any   manner other than by an agreement in writing, signed by the party to be charged.  Notwithstanding   the foregoing, Agent may modify this Agreement or any of the Other Documents for the purposes   of completing missing content or correcting erroneous content of an administrative nature, without   the need for a written amendment, provided that Agent shall send a copy of any such modification   to Borrowers and each Lender (which copy may be provided by electronic mail).  Each Borrower   acknowledges that it has been advised by counsel in connection with the execution of this   Agreement and Other Documents and is not relying upon oral representations or statements   inconsistent with the terms and provisions of this Agreement.                (b)   Required Lenders, Agent with the consent in writing of Required Lenders,  and the Borrowers may, subject to the provisions of this Section 16.2(b), from time to time enter   into any written amendments to this Agreement or any of the Other Documents or any other   supplemental agreements, documents or instruments for the purpose of adding or deleting any   provisions or otherwise amending, modifying, supplementing, changing, varying or waiving in   any manner the conditions, provisions or terms hereof or thereof or waiving any Event of Default   hereunder or thereunder, but only to the extent specified in such written amendments or other   agreements, documents or instruments; provided, however, that no such amendment, or other   agreement, document or instrument shall:                      (i)   increase the Commitment or the maximum dollar amount of the  Commitment Amount of any Lender without the consent of such Lender directly affected thereby;                      (ii)  whether or not any Advances are outstanding, extend the Term or  the time for payment of principal or interest of any Advance (excluding the due date of any   mandatory prepayment of an Advance), or any fee payable to any Lender, or reduce the principal   amount of or the rate of interest borne by any Advances or reduce any fee payable to any Lender,   without the consent of each Lender directly affected thereby (except that Required Lenders may   elect to waive or rescind any imposition of the Default Rate under Section 3.1 hereof);                      (iii) alter the definition of the term “Required Lenders” or alter, amend or modify this Section 16.2(b) without the consent of all Lenders;                      (iv) alter, amend or modify the provisions of Section 11.5 hereof without the consent of all Lenders;                      (v)  release all or substantially all of the Collateral without the consent of each Lender directly and adversely affected thereby;                      (vi)  change the rights and duties of Agent without the consent of all  Lenders and Agent;                                        67 

 

                   (vii) release any Borrower without the consent of all Lenders; or                     (viii) subordinate the Liens of Agent in the Collateral in favor of any other Liens without the consent of all Lenders.               (c)   Any such supplemental agreement shall apply equally to each Lender and shall be binding upon Borrowers, Lenders and Agent and all future holders of the Obligations.  In  the case of any waiver, Borrowers, Agent and Lenders shall be restored to their former positions  and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but  no waiver of a specific Event of Default shall extend to any subsequent Event of Default (whether  or not the subsequent Event of Default is the same as the Event of Default which was waived), or  impair any right consequent thereon.                (d)   Agent is hereby authorized by Borrowers and Lenders, at any time in  Agent’s sole discretion regardless of (i) the existence of a Default or an Event of Default, (ii)   whether any of the other applicable conditions precedent set forth in Section 8.2 hereof have not   been satisfied or the Commitments have been terminated for any reason, or (iii) any other contrary   provision of this Agreement, to make Advances to Borrowers on behalf of Lenders which Agent,   in its reasonable business judgment, deems necessary or desirable (a) to preserve or protect the   Collateral, or any portion thereof, (b) to enhance the likelihood of, or maximize the amount of,   repayment of the Advances and other Obligations, or (c) to pay any other amount chargeable to   Borrowers pursuant to the terms of this Agreement (any such Advances, the “Protective   Advances”); provided, that the Protective Advances made hereunder shall not exceed $25,000,000   in the aggregate without the consent of Required Lenders.  The Lenders shall be obligated to fund   such Advances and effect a settlement with Agent therefore upon demand of Agent in accordance   with their respective Commitment Percentages.  To the extent any Protective Advances are not   actually funded by the other Lenders as provided for in this Section 16.2(f), any such Protective   Advances funded by Agent shall be deemed to be Advances made by and owing to Agent, and   Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender under   this Agreement and the Other Documents with respect to such Advances.            16.3. Successors and Assigns; Participations; New Lenders.                (a)   This Agreement shall be binding upon and inure to the benefit of Borrowers, Agent, each Lender, all future holders of the Obligations and their respective successors and  assigns, except that no Borrower may assign or transfer any of its rights or obligations under this  Agreement without the prior written consent of Agent and each Lender.                (b)   Each Borrower acknowledges that in the regular course of commercial  banking business one or more Lenders may at any time and from time to time sell participating  interests in the Advances to other Persons (other than natural person (or a holding company,  investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person)))   (each such transferee or purchaser of a participating interest, a “Participant”); provided that (i)   such Lender’s obligations under this Agreement and the Other Documents shall remain unchanged,   (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of  such obligations and (iii) each Borrower, Agent and the other Lenders shall continue to deal solely  and directly with such Lender in connection with such Lender’s rights and obligations under this  Agreement.  Any agreement or instrument pursuant to which a Lender sells a participation shall  provide that such Lender shall retain the sole right to enforce this Agreement and the Other                                        68 

 

 Documents and to approve any amendment, modification or waiver hereto or thereto; provided   that such agreement or instrument may provide that such Lender will not, without the consent of   the Participant, agree to any amendment, modification or waiver described in clause (i) or (ii) of   the first proviso to Section 16.2(b) that affects such Participant.  Each Borrower agrees that each  Participant shall be entitled to the benefits of Sections 3.6, 3.8 and 3.9 of this Agreement (subject  to the requirements and limitations therein, including the obligation to deliver documentation  under Section 3.9(e) it being understood that such documentation shall be delivered to the  participating Lender) to the same extent as if it were a Purchasing Lender; provided that  (i) Borrowers shall not be required to pay to any Participant more than the amount which it would have been required to pay to Lender which granted an interest in its Advances or other Obligations payable hereunder to such Participant had such Lender retained such interest in the Advances hereunder or other Obligations payable hereunder unless the sale of the participation to such Participant is made with Borrower’s prior written consent and (ii) in no event shall Borrowers be required to pay any such amount arising from the same circumstances and with respect to the same Advances or other Obligations payable hereunder to both such Lender and such Participant.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amount (and stated interest) of each Participant’s interest in the Advances or other Obligations (the “Participant Register”); provided that no Lender shall have any obligation to  disclose the identity or any information relating to a Participant’s interest in any Advances or other  Obligations to any Person except to the extent that such disclosure is necessary to establish that  such Advance or other Obligation is in registered form under Section 5f.103-1(c) of the United  States Treasury Regulations.  The entries in each Participant Register shall be conclusive absent  manifest error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement.  For the avoidance  of doubt Agent (in its capacity as such) shall have no responsibility for maintaining a Participant  Register.               (c)   Any Lender may sell, assign or transfer all or any part of its rights and  obligations under or relating to any of the Advances or Commitments of such Lender under this   Agreement and the Other Documents to one or more entities (other than (x) a natural person (or a   holding company, investment vehicle or trust for, or owned and operated for the primary benefit   of, a natural person) or (y) a Defaulting Lender) (each a “Purchasing Lender”), in minimum   amounts of not less than $5,000,000, pursuant to a Commitment Transfer Supplement, executed   by a Purchasing Lender, the transferor Lender, and Agent and delivered to Agent for recording,   provided, however, each such sale, assignment or transfer by any Lender prior to the termination   of such Lender’s Commitment must consist of an assignment by such Lender of both the   designated portion of such Lender’s Commitment (which may be all of such Commitment) and of   that portion of the Advances held by such Lender as is proportionate to that portion of such   Lender’s Commitment so sold, assigned or transferred. Upon such execution, delivery, acceptance   and recording, from and after the transfer effective date determined pursuant to such Commitment   Transfer Supplement, (i) Purchasing Lender thereunder shall be a party hereto and, to the extent   provided in such Commitment Transfer Supplement, have the rights and obligations of a Lender   hereunder with respect to the Advances and, if applicable, Commitments transferred to such   Purchasing Lender under such Commitment Transfer Supplement, and (ii) the transferor Lender   thereunder shall, to the extent provided in such Commitment Transfer Supplement, be released   from its obligations under this Agreement.  Such Commitment Transfer Supplement shall be   deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the                                         69 

 

addition of such Purchasing Lender and, if and as applicable, the resulting adjustment of the  Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion  of the rights and obligations of such transferor Lender under this Agreement and the Other  Documents.  Each Borrower hereby consents to the addition of such Purchasing Lender and, if and  as applicable, the resulting adjustment of the Commitment Percentages arising from the purchase  by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender  under this Agreement and the Other Documents.  Borrowers shall execute and deliver such further  documents and do such further acts and things in order to effectuate the foregoing; provided,  however, that the consent of Borrowers (such consent not to be unreasonably withheld or delayed)  shall be required unless (x) an Event of Default under Section 10.1 or 10.5 has occurred and is  continuing at the time of such assignment or (y) such assignment is to a Permitted Assignee;  provided that Borrowers shall be deemed to have consented to any such assignment unless  Borrowing Agent shall object thereto by written notice to Agent within ten (10) Business Days  after having received prior notice thereof.                (d)   [Reserved].              (e)   Agent shall maintain at its address a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement delivered to it and a register (the  “Register”) for the recordation of the names and addresses of each Lender and the outstanding  principal, accrued and unpaid interest and other fees due hereunder.  The entries in the Register  shall be conclusive, in the absence of manifest error, and each Borrower, Agent and Lenders may  treat each Person whose name is recorded in the Register as the owner of the Advance recorded  therein for the purposes of this Agreement.  The Register shall be available for inspection by  Borrowing Agent or any Lender (with respect to its own holdings) at any reasonable time and from  time to time upon reasonable prior notice.  Agent shall receive a fee in the amount of $3,500  payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective date of  each transfer or assignment (other than to an intermediate purchaser or to a Permitted Assignee)  to such Purchasing Lender and/or Purchasing CLO and, if and as applicable, the resulting  adjustment of the Commitment Percentages arising therefrom.               (f)   Each Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender and any prospective Participant or Purchasing Lender any and all financial  information in such Lender’s possession concerning such Borrower which has been delivered to  such Lender by or on behalf of such Borrower pursuant to this Agreement or in connection with  such Lender’s credit evaluation of such Borrower, subject to such Participant, Purchasing Lender,  prospective Participant or prospective Purchasing Lender agreeing to confidentiality restrictions  substantially consistent with Section 16.15.               (g)   Notwithstanding anything to the contrary set forth in this Agreement, any Lender may at any time and from time to time pledge or assign a security interest in all or any  portion of its rights under this Agreement to secure obligations of such Lender, including any  pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge  or assignment shall release such Lender from any of its obligations hereunder or substitute any  such pledgee or assignee for such Lender as a party hereto.                (h)   Notwithstanding anything to the contrary contained in this Section 16.3 (specifically including subsections (b), (c) or (d) hereof) or otherwise provided for in this                                         70 

 

 Agreement or in any Other Document including any Note, following the occurrence and during   the continuance of any Event of Default, Agent may, in its sole discretion, elect to exercise all   rights and remedies under the Ex-Im Master Guarantee on behalf of itself and all Lenders (and   Lenders hereby authorize Agent to do the same), and each Lender hereby agrees to take any and  all actions requested by Agent (at Borrowers’ expense (and Borrower’s liabilities to pay for such  expenses shall be part of the Obligations hereunder secured by the Collateral)), including execution  and delivery of any instruments of assignment in favor of Ex-Im Bank with respect to its Notes   and its interests in this Agreement and the Other Documents and in the Advances hereunder, as   shall be necessary for Agent to fully exercise all such rights and remedies in compliance with all   the requirements of the Ex-Im Agreements including Section 5.01(a) and 5.01(b) of the Ex-Im   Master Guarantee.            16.4. Application of Payments.  Agent shall have the continuing and exclusive right to   apply or reverse and re-apply any payment and any and all proceeds of Collateral to any portion   of the Obligations.  To the extent that any Borrower makes a payment or Agent or any Lender   receives any payment or proceeds of the Collateral for any Borrower’s benefit, which are   subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid   to a trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law,   common law or equitable cause, then, to such extent, the Obligations or part thereof intended to   be satisfied shall be revived and continue as if such payment or proceeds had not been received by   Agent or such Lender.          16.5. Indemnity.  Each Borrower shall indemnify and hold harmless Agent, each Lender   and each of their respective officers, directors, Affiliates, attorneys, employees and agents (each   an “Indemnified Party”) for and from and against any and all claims, liabilities, losses, damages   and related expenses (including fees and disbursements of a single firm of counsel to the   Indemnified Parties, taken as a whole) (collectively, “Claims”) which may be imposed on, incurred   by, or asserted against any Indemnified Party in arising out of or in connection with: (i) the   execution or delivery of this Agreement, the Other Documents, the performance thereof by the  parties thereto, the Advances and other Obligations and/or the transactions contemplated hereby  including the Transactions, (ii) any action or failure to act or action taken only after delay or the  satisfaction of any conditions by any Indemnified Party in connection with and/or relating to the  negotiation, execution, delivery or administration of the Agreement and the Other Documents, the  credit facilities established hereunder and thereunder and/or the transactions contemplated hereby  including the Transactions, (iii) the enforcement of any of the rights and remedies of Agent  or any   Lender under the Agreement and the Other Documents, (iv) any actual alleged presence or release   of Hazardous Materials on or from any property currently or formerly owned by a Borrower and   (v) any claim, litigation, proceeding or investigation instituted or conducted by any Governmental  Body or instrumentality, any Borrower, any Affiliate or Subsidiary of any Borrower or any other  Person with respect to any aspect of, or any transaction contemplated by, or referred to in, or any  matter related to, this Agreement or the Other Documents, whether or not Agent or any Lender is  a party thereto; provided that (u) such indemnity shall not be available to any Indemnified Party  to the extent that such Claims are determined by a court of competent jurisdiction in a final and  nonappealable judgment to have resulted from the bad faith, gross (not mere) negligence or willful  misconduct of such Indemnified Party, (w) such indemnity shall not be available to any  Indemnified Party for Claims arising out of a proceeding in which such Indemnified Party and any  Borrower or any Affiliate thereof are adverse parties involving a material breach in bad faith by  such Indemnified Party to the extent that such Borrower or Affiliate thereof prevails on the merits,                                        71 

 

 as determined by a court of competent jurisdiction in a final and nonappealable judgment (it being   understood that nothing in this Agreement shall preclude a claim or suit by any Borrower against   any Indemnified Party for such Indemnified Party’s failure to perform any of its obligations under   this Agreement or any Other Document), (x) the Borrowers shall not, in connection with any such   proceeding or related proceedings in the same jurisdiction and in the absence of actual conflicts of   interest, be liable for the fees and expenses of more than one firm of counsel at any one time for   the Indemnified Parties, (y) each Indemnified Party shall give the Borrowers (I) prompt notice of   any such action brought against such Indemnified Party in connection with a Claim for which it   intends to assert entitlement to the indemnity hereunder and (II) an opportunity to consult from   time to time with such Indemnified Party regarding defensive measures and potential settlement   and (z) the Borrowers shall not be obligated to pay the amount of any settlement entered into   without its written consent.            16.6. Notice.  Any notice or request hereunder may be given to Borrowing Agent or any   Borrower or to Agent or any Lender at their respective addresses set forth below or at such other  address as may hereafter be specified in a notice designated as a notice of change of address under  this Section.  Any notice, request, demand, direction or other communication (for purposes of this  Section 16.6 only, a “Notice”) to be given to or made upon any party hereto under any provision   of this Agreement shall be given or made by telephone or in writing (which includes by means of   electronic transmission (i.e., “e-mail”) or facsimile transmission or by setting forth such Notice on   a website to which Borrowers are directed (an “Internet Posting”) if Notice of such Internet Posting   (including the information necessary to access such site) has previously been delivered to the   applicable parties hereto by another means set forth in this Section 16.6) in accordance with this   Section 16.6.  Any such Notice must be delivered to the applicable parties hereto at the addresses   and numbers set forth under their respective names set forth below in this Section 16.6 or in   accordance with any subsequent unrevoked Notice from any such party that is given in accordance   with this Section 16.6.  Any Notice shall be effective:                (a)   In the case of hand-delivery, when delivered;               (b)   If given by mail, four (4) days after such Notice is deposited with the United  States Postal Service, with first-class postage prepaid, return receipt requested;                (c)   In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no later than the next Business Day by hand  delivery, a facsimile or electronic transmission, an Internet Posting or an overnight courier delivery  of a confirmatory Notice (received at or before 12:00 Noon on such next Business Day);               (d)   In the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number, if the party sending such Notice receives confirmation of  the delivery thereof from its own facsimile machine;               (e)   In the case of electronic transmission, when actually received;              (f)   In the case of an Internet Posting, upon delivery of a Notice of such posting (including the information necessary to access such site) by another means set forth in this Section  16.6; and                                          72 

 

            (g)   If given by any other means (including by overnight courier), when actually received.         Any Lender giving a Notice to Borrowing Agent or any Borrower shall concurrently send  a copy thereof to Agent, and Agent shall promptly notify the other Lenders of its receipt of such  Notice.               (A)   If to Agent or PNC at:                    PNC Bank, National Association                   The Tower at PNC Plaza                   300 Fifth Avenue                   Pittsburgh, PA 15222                   Attention:  Relationship Manager –  United States Steel/Joe                    McElhinny                    Telephone: (412) 762-2480                     with an additional copy to:                     Blank Rome LLP                    1271 Avenue of the America                    New York, New York 10020                    Attention: Lawrence F. Flick.                    Facsimile: (212) 885-5001               (B)   If to a Lender other than Agent, as specified on its signature page hereto or in the Commitment Transfer Supplement or joinder agreement under which such Lender became  a party hereto.               (C)If to Borrowing Agent or any Borrower:                    United States Steel Corporation                   600 Grant Street, 61st Floor                   Pittsburgh, PA 15219                   Attention: Treasurer and Chief Risk Officer                   Facsimile: (412) 433-1167                   Attention: Manager – Corporate Finance                   Facsimile: (412) 433-2222        16.7. Survival.  The obligations of Borrowers under Sections 3.6, 3.8, 3.9, 16.5 and 16.9  hereof and the obligations of Lenders under Sections 14.8 and 16.5 hereof shall survive the  termination of this Agreement and the Other Documents and the Payment in Full of the  Obligations.         16.8. Severability.  If any part of this Agreement is contrary to, prohibited by, or deemed  invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the  extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby  and shall be given effect so far as possible.                                        73 

 

       16.9. Expenses.  The Borrowers shall pay (a) if the Closing Date occurs, all reasonable   and documented out-of-pocket expenses incurred by Agent  and its Affiliates (including the  reasonable, documented and invoiced fees, charges and disbursements of a single firm of counsel  for Agent) in connection with the syndication of the credit facilities provided for herein, the  preparation, negotiation, execution, delivery and administration of this Agreement and the Other  Documents or any amendments, modifications or waivers of the provisions hereof or thereof,  (b) all reasonable and documented out-of-pocket expenses incurred by Agent  or any Lender (including the reasonable, documented and invoiced fees, charges and disbursements of a single firm of counsel for Agent and the Lenders, taken as a whole) in connection with the enforcement or protection of its rights (i) in connection with this Agreement and the Other Documents, including its rights under this Section, or (ii) in connection with the Advances made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances, and (c) all reasonable and documented out-of-pocket expenses of Agent and its’ agents engaged periodically to perform audits of the Borrowers’ books, records and business properties in accordance with the terms hereof.         16.10. Injunctive Relief.  Each Borrower recognizes that, in the event any Borrower fails   to perform, observe or discharge any of its obligations or liabilities under this Agreement, or   threatens to fail to perform, observe or discharge such obligations or liabilities, any remedy at law   may prove to be inadequate relief to Lenders; therefore, Agent, if Agent so requests, shall be   entitled to temporary and permanent injunctive relief in any such case without the necessity of   proving that actual damages are not an adequate remedy.          16.11. Consequential Damages.  No party hereto, nor any agent or attorney for any of   them, shall be liable to any other party hereto (or any Affiliate thereof) for indirect, punitive,   exemplary or consequential damages arising from any breach of contract, tort or other wrong   relating to the establishment, administration or collection of the Obligations or as a result of any   transaction contemplated under this Agreement or any Other Document.          16.12. Captions.  The captions at various places in this Agreement are intended for   convenience only and do not constitute and shall not be interpreted as part of this Agreement.          16.13. Counterparts; Facsimile Signatures.  This Agreement may be executed in any   number of and by different parties hereto on separate counterparts, all of which, when so executed,   shall be deemed an original, but all such counterparts shall constitute one and the same agreement.   Any signature delivered by a party by facsimile or electronic transmission (including email   transmission of a PDF image), or any electronic signature complying with the U.S. federal ESIGN   Act of 2000 or the New York Electronic Signature and Records Act shall, in each case, be deemed   to be an original signature hereto.          16.14. Construction.  The parties acknowledge that each party and its counsel have   reviewed this Agreement and that the normal rule of construction to the effect that any ambiguities   are to be resolved against the drafting party shall not be employed in the interpretation of this   Agreement or any amendments, schedules or exhibits thereto.          16.15. Confidentiality; Sharing Information.  Agent, each Lender, each Participant and   each Purchasing Lender shall maintain the confidentiality of all non-public information obtained   by Agent, such Lender, such Participant or such Purchasing Lender; provided, however, Agent,   each Lender, each Participant and each Purchasing Lender may disclose such confidential                                         74 

 

 information (a) to its examiners, Affiliates, directors, officers, partners, employees,  agents,   auditors, counsel and other professional advisors (it being understood that the Persons to whom   such disclosure is made will be informed of the confidential nature of such information and   instructed to keep such information confidential), (b) to Agent, any Lender or, subject to an   agreement containing provisions substantially the same as those of this Section 16.15, to any   prospective Participant or Purchasing Lender, and (c) as required or requested by any   Governmental Body or representative thereof or pursuant to legal process; provided, further that   unless specifically prohibited by Applicable Law, Agent, each Lender, each Participant and each   Purchasing Lender shall use its reasonable best efforts prior to disclosure thereof, to notify the  applicable Borrower of the applicable request for disclosure of such non-public information and,   to the extent feasible, give the applicable Borrower an opportunity to lawfully object to such   disclosure (A) by a Governmental Body or representative thereof (other than any such request in   connection with an examination of the financial condition of a Lender, Participant or Purchasing   Lender by such Governmental Body) or (B) pursuant to legal process.  Each Borrower   acknowledges that from time to time financial advisory, investment banking and other services   may be offered or provided to such Borrower or one or more of its Affiliates (in connection with   this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such   Lender and each Borrower hereby authorizes each Lender to share any information delivered to   such Lender by such Borrower and its Subsidiaries pursuant to this Agreement, or in connection   with the decision of such Lender to enter into this Agreement, to any such Subsidiary or Affiliate   of such Lender, it being understood that any such Subsidiary or Affiliate of any Lender receiving   such information shall be bound by the provisions of this Section 16.15 as if it were a Lender   hereunder.  Such authorization shall survive the repayment of the other Obligations and the   termination of this Agreement.  Notwithstanding any non-disclosure agreement or similar   document executed by Agent in favor of any Borrower or any of any Borrower’s affiliates, the  provisions of this Agreement shall supersede such agreements.          16.16. Publicity.  With the reasonable consent of the Borrowing Agent, the Agent may   make appropriate announcements of the financial arrangement entered into among Borrowers,   Agent and Lenders, including announcements which are commonly known as tombstones, in such   publications and to such selected parties as Agent and Borrowing Agent may reasonably deem   appropriate.          16.17. Certifications From Banks and Participants; USA PATRIOT Act.                (a)   Each Lender or assignee or participant of a Lender that is not incorporated  under the Laws of the United States of America or a state thereof (and is not excepted from the   certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable   regulations because it is both (i) an affiliate of a depository institution or foreign bank that   maintains a physical presence in the United States or foreign country, and (ii) subject to supervision   by a banking authority regulating such affiliated depository institution or foreign bank) shall   deliver to Agent the certification, or, if applicable, recertification, certifying that such Lender is   not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act   and the applicable regulations: (1) within ten (10) days after the Closing Date, and (2) as such   other times as are required under the USA PATRIOT Act.                (b)   The USA PATRIOT Act requires all financial institutions to obtain, verify  and record certain information that identifies individuals or business entities which open an                                          75 

 

“account” with such financial institution. Consequently, Agent and each Lender may from time to  time request, and each Borrower shall provide to Agent or such Lender, such Borrower’s name,  address, tax identification number and/or such other identifying information as shall be necessary  for Agent or such Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism  Law.                       [Remainder of Page Intentionally Left Blank]                                          76 

 

      Each of the parties has signed this Agreement as of the day and year first above written.   BORROWERS:                                     UNITED STATES STEEL CORPORATION                                      By:   ________________________/s/ Arne Jahn                                      Name:   Arne Jahn                                    Title:  Vice President - Treasurer & Chief Risk Officer                                     UNITED STATES STEEL INTERNATIONAL,                                     INC.                                      By:   ________________________/s/ Arne Jahn                                      Name:  Arne Jahn                                    Title:  Treasurer

 

PNC BANK, NATIONAL ASSOCIATION,  as Agent and a Lender   By:   ________________________/s/ John Engel   Name:  John Engel Title:  Vice President

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