Document:

EX-10.5

 Exhibit 10.5 

Execution Version 

FIFTH AMENDMENT AND WAIVER 

TO NOTE PURCHASE AND GUARANTEE AGREEMENT 

This Fifth Amendment and Waiver to Note Purchase and Guarantee Agreement (this “Amendment”), dated as of August 9, 2017,
is made by and among CHICAGO BRIDGE & IRON COMPANY (DELAWARE), a Delaware corporation (the “Company”), CHICAGO
BRIDGE & IRON COMPANY N.V., a corporation incorporated under the laws of The Netherlands (the “Parent Guarantor” and, together with the Company, the “Obligors”),
each of the Subsidiary Guarantors set forth on the signature pages to this Amendment and each of the holders of the Notes (as defined below) set forth on the signature pages to this Amendment (collectively, the “Noteholders”). 

RECITALS: 

A. The Obligors and each of the Noteholders have heretofore entered into the Note Purchase and Guarantee Agreement dated as of July 22,
2015 (as amended from time to time prior to the date hereof, the “Existing Note Purchase Agreement” and as amended by this Amendment and as may be further amended, amended and restated, supplemented or otherwise modified, the
“Note Purchase Agreement”), pursuant to which the Company issued U.S. $200,000,000 aggregate principal amount of its 4.53% Senior Notes, due July 30, 2025 (as amended from time to time prior to the date hereof, the
“Existing Notes” and as amended and restated pursuant to this Amendment and as may be further amended, amended and restated, supplemented or otherwise modified, the “Notes”). 

B. Pursuant to that certain Fourth Amendment to Note Purchase and Guarantee Agreement, dated as of May 8, 2017, by and among the Obligors
and the Noteholders, the applicable rate of interest on the Existing Notes was increased from 4.53% to 5.03% effective as of the Fourth Amendment Effective Date. 

C. The Obligors have notified the Noteholders that certain Defaults or Events of Default have occurred and are continuing under the Existing
Note Purchase Agreement. 
 D. The Obligors have requested that the Noteholders agree to amend certain provisions of the Existing Note
Purchase Agreement and the Existing Notes and waive the existing Defaults and Events of Default. 
 E. The Required Holders are willing to
amend the Existing Note Purchase Agreement and the Existing Notes and waive the existing Defaults and Events of Default pursuant to the terms and conditions set forth herein. 

 F. Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note
Purchase Agreement, as amended hereby, unless herein defined or the context shall otherwise require. 
 G. All requirements of law have been
fully complied with and all other acts and things necessary to make this Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed. 

NOW, THEREFORE, the Obligors and the requisite Noteholders, in consideration of good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged, do hereby agree as follows: 
 SECTION 1.
DEFINITIONS. 
 As used herein, the following terms have the respective meanings set forth below: 

“Curaçao Note Party” shall mean each Subsidiary Guarantor organized under the laws of Curaçao. 

“Dutch Collateral” shall mean and include all “Collateral” (or any similarly defined term) as defined in the Dutch
Security Instruments. 
 “Dutch Note Party” means each Subsidiary Guarantor organized under the laws of The Netherlands.

 “Dutch Security Agreement” shall mean each of the security documents expressed to be governed by the laws of The
Netherlands (as modified, supplemented, amended or amended and restated from time to time) covering certain of each Dutch Note Party’s present and future Dutch Collateral. 

“Dutch Security Instruments” shall mean the Dutch Security Agreements and all other agreements (including control
agreements), notices of security interest, instruments, joinders thereto, supplements thereto, and other documents, whether now existing or hereafter in effect, pursuant to which a Dutch Note Party shall grant or convey to the Collateral Agent or
the holders of Notes a Lien in, or any other Person shall acknowledge any such Lien in, property as security for all or any portion of the obligations under the Note Purchase Agreement or any other obligation under any Financing Agreement, as any of
them has been or may be amended, amended and restated, modified or supplemented from time to time. 
 “Flood Hazard
Property” means any Mortgaged Property that is in an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards. 

“Liechtenstein Note Party” shall mean each Subsidiary Guarantor organized under the laws of Liechtenstein. 

“UK Collateral” shall mean and include all “Collateral” (or any similarly defined term) as defined in the UK
Security Instruments. 

  
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 “UK Note Party” shall mean each Subsidiary Guarantor organized under the laws of
England. 
 “UK Security Agreement” shall mean each of the security documents expressed to be governed by the laws of
England (as modified, supplemented, amended or amended and restated from time to time) covering certain of each UK Note Party’s present and future UK Collateral. 

“UK Security Instruments” shall mean the UK Security Agreements and all other agreements (including control agreements),
notices of security interest, instruments, joinders thereto, supplements thereto, and other documents, whether now existing or hereafter in effect, pursuant to which a UK Note Party shall grant or convey to the Collateral Agent or the holders of
Notes a Lien in, or any other Person shall acknowledge any such Lien in, property as security for all or any portion of the obligations under the Note Purchase Agreement or any other obligation under any Financing Agreement, as any of them has been
or may be amended, amended and restated, modified or supplemented from time to time. 
 “U.S. Collateral” shall mean and
include all “Collateral” (or any similarly defined term) as defined in any of the U.S. Security Instruments. 
 “U.S.
Security Instruments” means, collectively, the U.S. Security Agreement, the Mortgages, and all other agreements (including control agreements), notices of security interest, instruments, joinders thereto, supplements thereto, Pledge
Supplements (as defined in the U.S. Security Agreement) and other documents, whether now existing or hereafter in effect, pursuant to which a U.S. Note Party shall grant or convey to the Collateral Agent or the holders of Notes a Lien in, or any
other Person shall acknowledge any such Lien in, property as security for all or any portion of the obligations under the Note Purchase Agreement or any other obligation under any Financing Agreement, as any of them has been or may be amended,
amended and restated, modified or supplemented from time to time. 
 SECTION 2. AMENDMENTS TO
EXISTING NOTE PURCHASE AGREEMENT; AMENDMENT AND RESTATEMENT OF EXISTING NOTES. 

(a) Amendments to Existing Note Purchase Agreement. Subject to the terms and conditions set forth herein, effective as
of the Fifth Amendment Effective Date, the Existing Note Purchase Agreement (exclusive of Schedules and Exhibits thereto, unless expressly provided herein) shall be amended such that, after giving effect to all such amendments, it shall read in its
entirety as set forth on Annex I attached hereto. 
 (b) Amendments to Exhibits to Existing Note Purchase
Agreement. Subject to the terms and conditions set forth herein, effective as of the Fifth Amendment Effective Date: 

(i) Exhibit 1 to the Existing Note Purchase Agreement is hereby amended and restated in its entirety to read as set
forth on Annex II attached hereto. 

  
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 (ii) The Existing Note Purchase Agreement is hereby amended by inserting a new
Schedule 10.10(b) (Permitted Existing Indebtedness) thereto in the form of Annex III attached hereto. 
 (iii)
The Existing Note Purchase Agreement is hereby amended by inserting a new Schedule 10.11(b) (Permitted Existing Investments) thereto in the form of Annex IV attached hereto. 

(iv) The Existing Note Purchase Agreement is hereby amended by inserting a new Schedule 10.11(g) (Permitted Existing J/V
Investments) thereto in the form of Annex V attached hereto. 
 (v) The Existing Note Purchase Agreement is hereby
amended by inserting a new Schedule 10.12 (Permitted Existing Contingent Obligations) thereto in the form of Annex VI attached hereto. 

(vi) The Existing Note Purchase Agreement is hereby amended by inserting a new Schedule C (Material Subsidiaries)
thereto in the form of Annex IX attached hereto. 
 (c) Amendment and Restatement of Existing Notes. Subject to
the terms and conditions set forth herein, effective as of the Fifth Amendment Effective Date: 
 (i) (A) the applicable
rate of interest stated in clauses (a) and (b)(i) of the first paragraph of each of the Existing Notes shall be increased by an amount equal to 2.50% per annum (the “Coupon Bump”) from 5.03% per annum to
7.53% per annum, (B) all references to the existing coupon rate applicable to the Existing Notes in the Existing Note Purchase Agreement and the Existing Notes shall be increased by an amount equal to the Coupon Bump and (C) the
Default Rate applicable to the Notes shall be the greater of (x) 2.0% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its “base” or “prime” rate or (y) 9.53% per
annum. The Coupon Bump shall not be taken into account for purposes of any calculation of the Make-Whole Amount or the Modified Make-Whole Amount under the Note Purchase Agreement and the Make-Whole Amount and the Modified Make-Whole Amount shall be
determined based on the original coupon rate applicable to the Existing Notes of 4.53% per annum. 
 (ii) each Existing
Note shall be, automatically and without any further action, amended and restated in its entirety to conform to the form of Note attached as Annex II attached hereto, except that the registration number, original principal amount and payee
set forth in each such Existing Note shall remain the same, and the date of issuance shall be changed to the Fifth Amendment Effective Date. 

At the request of any holder of the Notes, the Company shall, within five Business Days of such request, execute and deliver a new Note or
Notes in the form of Annex II hereto in exchange for, and in replacement of, the return of the original of its Existing Note (or, 

  
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as applicable, in exchange for a customary form of lost note affidavit in respect thereof), registered in the name of such holder, in the aggregate principal amount of the Existing Note owing to
such holder on the Fifth Amendment Effective Date and dated as of the Fifth Amendment Effective Date. All references to the Senior Notes due July 30, 2025 in the Note Purchase Agreement shall be deemed to refer to the Amended and Restated
Senior Notes due July 30, 2025 in the form attached as Annex II hereto. The parties hereto specifically agree and confirm that the transactions effected hereby and by the Notes shall in no way evidence a new debt of the Company or a
novation of the Existing Notes, but rather that all indebtedness of the Company evidenced by the Existing Notes is continued in full force and effect on the terms and conditions set forth in the Note Purchase Agreement and the Notes, in each case as
modified by this Amendment. All amounts owing by the Company in respect of the Existing Notes (including, without limitation, all accrued and unpaid interest on the Existing Notes to but excluding the Fifth Amendment Effective Date) shall continue
to be owing under, and shall after the Fifth Amendment Effective Date be evidenced by, the Note Purchase Agreement and the Notes (without any further action required on the part of any Person), and shall be payable in accordance with the Note
Purchase Agreement and the Notes (in each case as modified by this Amendment). 
 SECTION 3. WAIVERS. 

Subject to the terms and conditions set forth herein, effective as of the Fifth Amendment Effective Date, the undersigned Noteholders hereby
waive: 
 (a) any Default or Event of Default that occurred or may have occurred on or prior to the date hereof under
Section 11(c) of the Existing Note Purchase Agreement solely as a result of the failure of the Parent Guarantor to comply with (i) the Leverage Ratio set forth in Section 10.7(a) of the Existing Note Purchase Agreement for the Fiscal
Quarter ended June 30, 2017, (ii) the Senior Secured Leverage Ratio set forth in Section 10.7(b) of the Existing Note Purchase Agreement for the Fiscal Quarter ended June 30, 2017, (iii) the minimum Consolidated Net Worth
covenant set forth in Section 10.8 of the Existing Note Purchase Agreement for the Fiscal Quarter ended June 30, 2017, (iv) the Fixed Charge Coverage Ratio set forth in Section 10.9 of the Existing Note Purchase Agreement for the
Fiscal Quarter ended June 30, 2017; 
 (b) any Default or Event of Default that occurred or may have occurred on or
prior to the date hereof under Section 11(g) of the Existing Note Purchase Agreement solely as a result of the occurrence of any defaults or events of default arising under the 2012 NPA, the 2015 Term Loan Agreement, the 2013 Revolving Credit
Agreement and the 2015 Revolving Credit Agreement that are being waived on the Fifth Amendment Effective Date pursuant to the terms of the respective Transaction Facilities Amendments (as defined below); 

(c) any Default or Event of Default that occurred or may have occurred on or prior to the date hereof under Section 11(d)
of the Existing Note Purchase Agreement solely as a result of the failure of the Obligors to deliver notices of the Events of Default described in clauses (i) and (ii) above in accordance with Section 7.1(f) of the Existing Note
Purchase Agreement; and 

  
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 (d) any Default or Event of Default that occurred or may have occurred on or
prior to the date hereof under Section 11(d) of the Existing Note Purchase Agreement solely as a result of the failure of the Parent Guarantor and its Subsidiaries to timely deliver the Collateral in accordance with Section 9.15(c)(ii) of
the Existing Note Purchase Agreement, as described in Annex VII attached hereto; provided that such waiver will remain effective only if the Note Parties deliver to the Collateral Agent the items listed in Annex VII attached hereto by
the dates specified in such Annex VII. 
 The foregoing waivers apply solely to the matters expressly described herein, and no waiver or
modification of any of the other terms, covenants, rights, or remedies under the Existing Note Purchase Agreement, the Existing Notes or any other Financing Agreement is granted or implied herein. The foregoing waivers shall not obligate the
Noteholders to agree to any additional waiver of any provision of the Note Purchase Agreement, the Notes or any other Financing Agreement, nor be deemed to constitute or operate as a waiver of any right under the Note Purchase Agreement or any other
Financing Agreement to exercise remedies resulting from any existing Default or Event of Default of which such Noteholder is not actually aware or of any future Default or Event of Default. 

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS. 
 To induce the Noteholders to execute and deliver this Amendment (which representations shall survive the
execution and delivery of this Amendment), each Obligor represents and warrants to the Noteholders that: 
 (a) this
Amendment has been duly authorized, executed and delivered by it and this Amendment constitutes the legal, valid and binding obligation, contract and agreement of such Obligor enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

(b) the Note Purchase Agreement, as amended by this Amendment, constitutes the legal, valid and binding obligation, contract
and agreement of such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally; 
 (c) the execution, delivery and performance by such Obligor of this Amendment
(i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate
(1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision
of any indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, including, without limitation, any 

  
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Credit Agreement, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in
clause (iii)(A)(3) of this Section 4(c); 
 (d) as of the date hereof after giving effect to this Amendment and the
Transaction Facilities Amendments, no Default or Event of Default has occurred which is continuing; 
 (e) all of the
representations and warranties contained in Section 5 of the Note Purchase Agreement are true and correct in all material respects (in all respects in the case of representations and warranties qualified by materiality, Material Adverse Effect
or similar language in the text thereof) with the same force and effect as if made by such Obligor on and as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date or due solely
as a result of actions taken by the Obligors in accordance with the covenants set forth in the Note Purchase Agreement; 

(f) the Subsidiary Guarantors listed on Annex X hereto constitute all of the Subsidiary Guarantors as of the date
hereof; 
 (g) the information provided to the Collateral Agent and the holders of Notes with respect to each Mortgaged
Property is true and correct in all material respects; provided that any information with respect to flood due diligence and flood insurance compliance shall be true and correct in all respects; 

(h) the security interests created in favor of the Collateral Agent for the benefit of the Secured Creditors under the U.S.
Security Agreement constitute first priority perfected security interests (subject to Liens permitted by Section 10.6 of the Note Purchase Agreement) in the U.S. Collateral referred to therein to the extent that the laws of the United States or
any State thereof govern the creation and perfection of any such security interests, and (subject to Liens permitted by Section 10.6 of the Note Purchase Agreement) such U.S. Collateral is subject to no Lien of any other Person. Except for
filings and actions contemplated hereby and by the U.S. Security Agreement, no consents, filings or recordings are required under the laws of the United States or any State thereof in order to perfect, and/or maintain the perfection and priority of,
the security interests purported to be created by the U.S. Security Agreement; 
 (i) the security interests created in favor
of the Collateral Agent for the benefit of the Secured Creditors under each Dutch Security Agreement constitute first priority perfected security interests (subject to Liens permitted by Section 10.6 of the Note Purchase Agreement) in the
respective Dutch Collateral referred to therein to the extent that the laws of The Netherlands govern the creation and perfection of any such security interests, and (subject to Liens permitted by Section 10.6 of the Note Purchase Agreement)
such Dutch Collateral is subject to no Lien of any other Person. Except for filings and actions contemplated hereby and by the Dutch Security Agreements, no consents, filings or recordings are required under the laws of The Netherlands in order to
perfect, and/or maintain the perfection and priority of, the security interests purported to be created by any Dutch Security Agreement; 

  
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 (j) the security interests created in favor of the Collateral Agent for the
benefit of the Secured Creditors under each UK Security Agreement constitute, subject to the filings and actions contemplated in the next sentence below, first priority perfected security interests (subject to Liens permitted by Section 10.6 of
the Note Purchase Agreement) in the respective UK Collateral referred to therein to the extent that the laws of England govern the creation and perfection of any such security interests, and (subject to Liens permitted by Section 10.6 of the
Note Purchase Agreement) such UK Collateral is subject to no Lien of any other Person. Except for filings and actions contemplated hereby and by the UK Security Agreements, no consents, filings or recordings are required with any court or other
authority in England under the laws of England in order to perfect, and/or maintain the perfection and priority of, the security interests purported to be created by any UK Security Agreement; 

(k) no Mortgaged Property is a Flood Hazard Property unless the Collateral Agent shall have received the following:
(a) the applicable Obligor’s written acknowledgment of receipt of written notification from the Collateral Agent (i) as to the fact that such Mortgaged Property is a Flood Hazard Property, (ii) as to whether the community in
which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (iii) such other flood hazard determination forms, notices and confirmations thereof as requested by the Collateral Agent and
(b) copies of insurance policies or certificates of insurance of the applicable Obligor evidencing flood insurance reasonably satisfactory to the Collateral Agent and naming the Collateral Agent as loss payee on behalf of the holders of Notes.
All flood hazard insurance policies required hereunder have been obtained and remain in full force and effect, and the premiums thereon have been paid in full; 

(l) the Company has delivered to each of the holders of the Notes true, correct and complete copies of each of the Transaction
Facilities Amendments and the Transaction Facilities Amendments are in full force and effect as of the date hereof; 
 (m)
other than (i) the increase in the applicable rate of interest on the loans and notes under the Transaction Facilities as contemplated by this Amendment and the respective Transaction Facilities Amendments and (ii) the fees payable by the
Company pursuant to this Amendment, the respective Transaction Facilities Amendments and that certain separate fee letter, dated as of the date hereof, by and between the Obligors, and Bank of America, N.A., as Administrative Agent, and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, no fees or other consideration have been paid, are payable or will be paid, directly or indirectly, by the Obligors to any Person party to the any of the Transaction Facilities (or any agent for
any of the foregoing), as an inducement to such Person’s execution and delivery of this Amendment, any of the Transaction Facilities Amendments or any related amendment to any other loan agreement, note purchase agreement, indenture or other
agreement evidencing any other Indebtedness of the Obligors; and 

  
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 (n) Except as, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect (i) there are no strikes, lockouts or slowdowns against the Parent Guarantor or any of its Subsidiaries pending or, to the knowledge of the Parent Guarantor or any of its Subsidiaries, threatened and
(ii) the hours worked by and payments made to employees of the Parent Guarantor and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Requirements of Law dealing with such matters. 

SECTION 5. EFFECTIVENESS; CONDITIONS PRECEDENT AND CONDITION
SUBSEQUENT. 
 This Amendment and the amendments and waivers to the Existing Note Purchase Agreement provided in
Sections 2 and 3 hereof shall be effective as of the date first written above (the “Fifth Amendment Effective Date”) upon the satisfaction of the following conditions precedent: 

(a) executed counterparts of this Amendment, duly executed and delivered by the Obligors, the Required Holders and the
Subsidiary Guarantors, shall have been delivered to the Noteholders; 
 (b) the representations and warranties of the
Obligors set forth in Section 4 hereof are true and correct on and with respect to the date hereof; 
 (c) the
Noteholders shall have received a copy of an amendment to each outstanding Transaction Facility, in each case, in the form previously provided to them and otherwise in form and substance reasonably satisfactory to the Noteholders (collectively, the
“Transaction Facilities Amendments”); 
 (d) the Noteholders shall have received fully executed copies of
the Dutch Security Instruments and the UK Security Instruments, each in form and substance reasonably satisfactory to the Noteholders, and the applicable Note Parties shall have taken all such actions and executed and delivered, or caused to be
executed and delivered, all such other documents, instruments, agreements, opinions and certificates as may be necessary in order to create in favor of the Collateral Agent, for the benefit of the Noteholders, a valid, perfected first priority Lien
(subject only to Liens permitted under this Agreement and subject further to the Agreed Collateral Principles) in all of the Collateral granted under each of the Dutch Security Instruments and the UK Security Instruments; 

(e) the Noteholders shall have received a favorable legal opinion in form and substance satisfactory to each such Noteholder
from each of (i) K&L Gates LLP, as special New York counsel to the Note Parties, (ii) Van Campen Liem, as special Dutch counsel to the Note Parties, and (iii) the general counsel of the Company, each dated as of the Fifth
Amendment Effective Date and covering such matters incident to the transactions contemplated hereby as the Noteholders may reasonably request (and the Note Parties hereby instruct their counsel to deliver such opinions to the Noteholders on the
Fifth Amendment Effective Date); 

  
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 (f) the Noteholders shall have received an addendum to that certain engagement
letter, dated May 18, 2017, between the Company and FTI Consulting, Inc., in form and substance satisfactory to the Required Holders, providing, among other things, for a strategic review of the Parent Guarantor and its Subsidiaries and their
business in light of the potential Tech Business Sale, with a focus on alternative deleveraging strategies and detailed implementation of same; 

(g) the Company shall have paid to each Noteholder a non-refundable amendment fee in an amount equal to 0.50% (50 basis points)
of the outstanding principal amount of the Notes held by such Noteholder by federal funds wire transfer in immediately available funds according to the wiring instructions as set forth in Schedule A to the Existing Note Purchase Agreement or such
other wiring instructions as such Noteholder shall have provided in writing; 
 (h) (i) the Obligors shall have paid to
(A) Evercore Group L.L.C. and RPA Advisors, LLC, in their capacities as Financial Advisors to the Noteholders, an amendment fee in the amount required under their respective engagement letters (such fee to paid allocated equally between such
Financial Advisors) and separate retainers each in the amount previously requested by such Financial Advisors and (iii) to Morgan, Lewis & Bockius LLP, in its capacity as counsel to the Noteholders, a retainer in the amount previously
requested by such counsel; 
 (i) the Obligors shall have paid all fees and expenses of Morgan, Lewis & Bockius LLP,
Evercore Group L.L.C. and RPA Advisors, LLC for which invoices have been presented at least two days prior to the effectiveness hereof (without prejudice to the Obligors’ obligations to pay the amounts set forth in clause (h) above and any
additional fees and expenses attributable to such work and which was not included in such invoice); and 
 (j) the
Noteholders shall have received a copy of the resolutions of the board of directors of each Obligor authorizing the transactions contemplated by this Amendment. 

For purposes of determining compliance with the conditions set forth in this Section 5, each Noteholder that has signed this Amendment shall be deemed to
have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to such Noteholder unless the Obligors shall have received notice from
such Noteholder prior to the date hereof specifying its objection thereto. 
 SECTION 6. RELEASE. 

In consideration of the agreements of the Noteholders contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each of the Obligors and the Subsidiary Guarantors and their respective successors, assigns, and other legal representatives (collectively, the “Releasors”), hereby absolutely,
unconditionally and irrevocably releases, remises and forever discharges the Noteholders and the Collateral  

  
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Agent, and their respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys,
advisors, employees, agents and other representatives (the Noteholders, the Collateral Agent and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a
“Releasee”), of and from all demands, actions, causes of action, suits, disputes, controversies, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands
and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any of the Releasors may now or
hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the date and effectiveness of this Amendment for
or on account of, or in relation to, or in any way in connection with the Existing Note Purchase Agreement, the Existing Notes or any of the other Financing Agreements or transactions thereunder or related thereto. 

Each of the Obligors and the Subsidiary Guarantors understands, acknowledges and agrees that the release set forth above may be pleaded as a
full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

Each of the Obligors and the Subsidiary Guarantors agrees that no fact, event, circumstance, evidence or transaction which could now be
asserted, whether known or unknown, shall affect in any manner the final, absolute and unconditional nature of the release set forth above. 

SECTION 7. CONFIRMATION AND REAFFIRMATION OF SUBSIDIARY
GUARANTEE AGREEMENT. 
 Each Subsidiary Guarantor hereby agrees, acknowledges and affirms that (i) it
is a “Guarantor” for all purposes under, and as defined in, the Subsidiary Guarantee to which it is a party, (ii) its obligations and liabilities under such Subsidiary Guarantee continue to be in full force and effect, (iii) such
obligations and liabilities extend to, and the “Guaranteed Obligations” under, and as defined in, such Subsidiary Guarantee shall include, the obligations and liabilities of the Obligors under, and in respect of, the Note Purchase
Agreement, the Notes and the other Financing Agreements (in each case, as modified by this Amendment), and (iv) it has no defense, offset, counterclaim, right of recoupment or independent claim against the Noteholders with respect to such
Subsidiary Guarantee, the Note Purchase Agreement, the Notes, any other Financing Agreement or otherwise. 
 SECTION 8.
MISCELLANEOUS. 
 (a) The Obligors covenant and agree to promptly, and in any event within the time
allotted to the Obligors pursuant to Annex VIII, deliver, or cause to be delivered, to the Noteholders or the Collateral Agent, as applicable, each of the agreements, instruments and other documents (each in form and substance reasonably
acceptable to the Required Holders or Collateral Agent, as applicable) set forth on Annex VIII, or otherwise satisfy, those items set forth on Annex VIII. 

  
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 (b) This Amendment shall be construed in connection with and as part of the Note
Purchase Agreement and the Notes, and except as modified and expressly amended by this Amendment, all terms, conditions and covenants contained in the Existing Note Purchase Agreement and the Existing Notes are hereby ratified and shall be and
remain in full force and effect. 
 (c) Each of the Parent Guarantor and the Subsidiary Guarantors (i) acknowledges and
consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Parent Guarantee and its Subsidiary Guarantee, as applicable, and (iii) agrees that this Amendment and all documents delivered in
connection herewith do not operate to reduce or discharge its obligations under the Existing Note Purchase Agreement (including, without limitation, the Parent Guarantee) or its Subsidiary Guarantee. 

(d) Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery
of this Amendment may refer to the Note Purchase Agreement without making specific reference to this Amendment but nevertheless all such references shall include this Amendment unless the context otherwise requires. 

(e) The descriptive headings of the various Sections or parts of this Amendment are for convenience only and shall not affect
the meaning or construction of any of the provisions hereof. 
 (f) This Amendment shall be governed by and construed in
accordance with New York law and shall be further subject to the provisions of Section 24.7 and Section 24.8 of the Note Purchase Agreement. 

(g) Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more
of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 
 (h)
Neither the execution and delivery of this Amendment nor the consummation of any other transaction contemplated hereunder is intended to constitute a novation of the Existing Note Purchase Agreement, the Existing Notes or any of the other Financing
Agreements or any obligations thereunder. 
 (i) This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other
electronic means (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 [Signature pages
follow.] 

  
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 IN WITNESS WHEREOF, the undersigned has duly executed this Amendment as of the date first written above.

 CHICAGO BRIDGE & IRON COMPANY N.V., as the Parent Guarantor  

By: CHICAGO BRIDGE & IRON COMPANY B.V., as its Managing Director 
  

					
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Authorized Signatory

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 CHICAGO BRIDGE & IRON COMPANY, a Delaware corporation 

					
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Authorized Signatory

 CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer
	
	CB&I TYLER COMPANY
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer
	
	CB&I LLC
	By:	 	CB&I HoldCo, LLC, its Sole Member
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary

 CHICAGO BRIDGE & IRON COMPANY, an Illinois
corporation 

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer
	
	A & B BUILDERS, LTD.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	ASIA PACIFIC SUPPLY CO.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CBI AMERICAS LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CSA TRADING COMPANY LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CB&I WOODLANDS LLC

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CBI COMPANY LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CENTRAL TRADING COMPANY LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	CONSTRUCTORS INTERNATIONAL, L.L.C.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	HBI HOLDINGS, LLC

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	HOWE-BAKER INTERNATIONAL, L.L.C.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	HOWE-BAKER ENGINEERS, LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	HOWE-BAKER HOLDINGS, L.L.C.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	HOWE-BAKER MANAGEMENT, L.L.C.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	HOWE-BAKER INTERNATIONAL MANAGEMENT, LLC

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

					
	
	MATRIX ENGINEERING, LTD.

					
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 MATRIX MANAGEMENT SERVICES, LLC 
  

					
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer
	
	OCEANIC CONTRACTORS, INC.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer
	
	CBI VENEZOLANA, S.A.
		
	By:	 	 /s/ Rui Orlando Gomes

		 	Name:	 	Rui Orlando Gomes
		 	Title:	 	Treasurer
	
	CBI MONTAJES DE CHILE LIMITADA
		
	By:	 	 /s/ Rui Orlando Gomes

		 	Name:	 	Rui Orlando Gomes
		 	Title:	 	Director/Legal Representative
	
	CB&I EUROPE B.V.
		
	By:	 	 /s/ Raymond Buckley

		 	Name:	 	Raymond Buckley
		 	Title:	 	Director
	
	CBI EASTERN ANSTALT
		
	By:	 	 /s/ Raymond Buckley

		 	Name:	 	Raymond Buckley
		 	Title:	 	Director
	
	 CB&I POWER COMPANY B.V.

(f/k/a CMP HOLDINGS B.V.)

		
	By:	 	 /s/ Raymond Buckley

		 	Name:	 	Raymond Buckley
		 	Title:	 	Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CBI CONSTRUCTORS PTY LTD
		
	By:	 	 /s/ Ian Michael Bendesh

		 	Name:	 	Ian Michael Bendesh
		 	Title:	 	Director
	
	 CBI ENGINEERING AND CONSTRUCTION

CONSULTANT (SHANGHAI) CO. LTD.

		
	By:	 	 /s/ Raymond Buckley

		 	Name:	 	Raymond Buckley
		 	Title:	 	Chairman
	
	CBI (PHILIPPINES), INC.
		
	By:	 	 /s/ Tom Anderson

		 	Name:	 	Tom Anderson
		 	Title:	 	President
	
	CBI OVERSEAS, LLC
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary
	
	CB&I CONSTRUCTORS LIMITED
		
	By:	 	 /s/ Duncan Wigney

		 	Name:	 	Duncan Wigney
		 	Title:	 	Director
	
	CB&I HOLDINGS (U.K.) LIMITED
		
	By:	 	 /s/ Duncan Wigney

		 	Name:	 	Duncan Wigney
		 	Title:	 	Director
	
	CB&I UK LIMITED
		
	By:	 	 /s/ Duncan Wigney

		 	Name:	 	Duncan Wigney
		 	Title:	 	Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CB&I MALTA LIMITED
		
	By:	 	 /s/ Duncan Wigney

		 	Name:	 	Duncan Wigney
		 	Title:	 	Director
	
	LUTECH RESOURCES LIMITED
		
	By:	 	 /s/ Jonathan Stephenson

		 	Name:	 	Jonathan Stephenson
		 	Title:	 	Secretary
	
	 NETHERLANDS OPERATING

COMPANY B.V.

		
	By:	 	 /s/ H. M. Koese

		 	Name:	 	H. M. Koese
		 	Title:	 	Director
	
	CBI NEDERLAND B.V.
		
	By:	 	 /s/ Ashok Joshi

		 	Name:	 	Ashok Joshi
		 	Title:	 	Director

 ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD. 

 

					
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Director

 PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD. 

 

					
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Director

 SOUTHERN TROPIC MATERIAL SUPPLY COMPANY, LTD. 

 

					
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 CHICAGO BRIDGE & IRON (ANTILLES) N.V. 

 

					
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Managing Director

 LUMMUS TECHNOLOGY HEAT TRANSFER B.V. 

 

					
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Director
	
	LEALAND FINANCE COMPANY B.V.
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Managing Director
	
	CB&I FINANCE COMPANY LIMITED
		
	By:	 	 /s/ Jan Broekman

		 	Name:	 	Jan Broekman
		 	Title:	 	Authorized Signatory
	
	CB&I OIL & GAS EUROPE B.V.
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Managing Director
	
	CBI COLOMBIANA S.A.
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Director

 CHICAGO BRIDGE & IRON COMPANY B.V. 

					
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Managing Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CB&I TECHNOLOGY INTERNATIONAL CORPORATION (f/k/a LUMMUS INTERNATIONAL CORPORATION)
		
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Vice President – Finance – Treasurer

 CB&I TECHNOLOGY
VENTURES, INC. 
 (f/k/a LUMMUS CATALYST COMPANY LTD.) 
  

					
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Vice President & Treasurer

					
	
	CB&I TECHNOLOGY OVERSEAS CORPORATION (f/k/a LUMMUS OVERSEAS CORPORATION)

					
		
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Vice President & Treasurer

					
	
	CATALYTIC DISTILLATION TECHNOLOGIES

					
		
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Management Committee Member

					
	
	CB&I TECHNOLOGY INC. (f/k/a LUMMUS TECHNOLOGY, INC.)

					
		
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	CFO & Treasurer

					
	
	CBI SERVICES, LLC

					
	By:	 	CB&I HoldCo, LLC, its Sole Member
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	WOODLANDS INTERNATIONAL INSURANCE COMPANY

					
		
	By:	 	 /s/ Timothy Moran

		 	Name:	 	Timothy Moran
		 	Title:	 	Director

					
	
	CB&I HUNGARY HOLDING LIMITED LIABILITY COMPANY

					
		
	By:	 	 /s/ William G. Lamb

		 	Name:	 	William G. Lamb
		 	Title:	 	Director

					
	
	LUMMUS NOVOLEN TECHNOLOGY GMBH

					
		
	By:	 	 /s/ Godofredo Follmer

		 	Name:	 	Godofredo Follmer
		 	Title:	 	Managing Director

					
	
	CB&I LUMMUS GMBH

					
		
	By:	 	 /s/ Andreas Schwarzhaupt

		 	Name:	 	Andreas Schwarzhaupt
		 	Title:	 	Managing Director

					
	
	CB&I S.R.O.

					
		
	By:	 	 /s/ Jiri Gregor

		 	Name:	 	Jiri Gregor
		 	Title:	 	Managing Director

					
	
	CBI PERUANA S.A.C.

					
		
	By:	 	 /s/ James E. Bishop

		 	Name:	 	James E. Bishop
		 	Title:	 	General Manager

					
	
	HORTON CBI, LIMITED

					
		
	By:	 	 /s/ Gregory L. Guse

		 	Name:	 	Gregory L. Guse
		 	Title:	 	Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CB&I (NIGERIA) LIMITED
		
	By:	 	 /s/ Andy Dadosky

		 	Name:	 	Andy Dadosky
		 	Title:	 	Director

  

					
	CB&I SINGAPORE PTE LTD.
		
	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Director

  

					
	CB&I NORTH CAROLINA, INC.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Director

  

					
	SHAW ALLOY PIPING PRODUCTS, LLC
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Manager

  

					
	CB&I WALKER LA, L.L.C.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Manager

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CBI OVERSEAS (FAR EAST) INC.
		
	By:	 	 /s/ Joseph Christaldi

		 	Name:	 	Joseph Christaldi
		 	Title:	 	Director
	
	THE SHAW GROUP INC.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

 LUMMUS GASIFICATION TECHNOLOGY LICENSING COMPANY 

 

					
	By:	 	 /s/ John R. Albanese, Jr.

		 	Name:	 	John R. Albanese, Jr.
		 	Title:	 	Director
	
	CB&I LAURENS, INC.
		
	By:	 	 /s/ William G. Lamb

		 	Name:	 	William G. Lamb
		 	Title:	 	Vice President – Global Tax
	
	SHAW SSS FABRICATORS, INC.
		
	By:	 	 /s/ Luciano Reyes

		 	Name:	 	Luciano Reyes
		 	Title:	 	Treasurer

 CHICAGO BRIDGE & IRON COMPANY (NETHERLANDS), LLC

  

					
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

					
	CBI US HOLDING COMPANY INC.
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary
	
	CBI HOLDCO TWO INC.
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary
	
	CBI COMPANY BV
		
	By:	 	 /s/ Ashok Joshi

		 	Name:	 	Ashok Joshi
		 	Title:	 	Director
	
	CB&I HOLDCO, LLC
		
	By:	 	 /s/ Regina N. Hamilton

		 	Name:	 	Regina N. Hamilton
		 	Title:	 	Secretary

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 
			
	METROPOLITAN LIFE INSURANCE COMPANY
		
	By:	 	 /s/ John Wills

	Name:	 	John Wills
	Title:	 	Senior Vice President and Managing Director
	
	 METLIFE INSURANCE K.K.

by MetLife Investment Advisors, LLC, Its Investment Manager

		
	By:	 	 /s/ John Wills

	Name:	 	John Wills
	Title:	 	Senior Vice President and Managing Director
	
	 NEW ENGLAND LIFE INSURANCE COMPANY

by MetLife Investment Advisors, LLC, Its      Investment Manager

	
	SYMETRA LIFE INSURANCE COMPANY
	by MetLife Investment Advisors, LLC, Its      Investment Manager
		
	By:	 	 /s/ Judith A. Gulotta

	Name:	 	Judith A. Gulotta
	Title:	 	Managing Director

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 
					
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact
			
		 	By:	 	 /s/ Alexander Alston

		 	Name:	 	Alexander Alston
		 	Title:	 	Senior Vice President

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 
					
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	 Prudential Investment Management Japan

Co., Ltd., as Investment Manager

 

					
	By:	 	PGIM, Inc., as Sub-Adviser
			
		 	By:	 	 /s/ Paul H. Procyk

		 	Name:	 	Paul H. Procyk
		 	Title:	 	Vice President

  

					
	 THE PRUDENTIAL INSURANCE COMPANY

OF AMERICA

		
	By:	 	 /s/ Paul H. Procyk

	Name:	 	Paul H. Procyk
	Title:	 	Vice President

  

					
	 PRUDENTIAL RETIREMENT GUARANTEED

COST BUSINESS TRUST

		
	By:	 	PGIM, Inc., as investment manager
			
		 	By:	 	 /s/ Paul H. Procyk

		 	Name:	 	Paul H. Procyk
		 	Title:	 	Vice President

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 
					
	FARMERS INSURANCE EXCHANGE
		
	By:	 	Prudential Private Placement Investors, L.P.
		 	(as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Paul H. Procyk

		 	Name: Paul H. Procyk
		 	Title: Vice President
	
	MID CENTURY INSURANCE COMPANY
		
	By:	 	Prudential Private Placement Investors, L.P.
		 	(as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Paul H. Procyk

		 	Name: Paul H. Procyk
		 	Title: Vice President

 [Signature to Fifth Amendment to 2015 Note Purchase Agreement] 

 ANNEX I 

AMENDMENTS TO EXISTING NOTE PURCHASE AGREEMENT 

(see attached) 

 Execution Versions 

Conformed to Include First Through Fifth Amendments 
  

 
  

CHICAGO BRIDGE & IRON COMPANY (DELAWARE), 

THE COMPANY 

CHICAGO BRIDGE & IRON COMPANY N.V., 

as Parent Guarantor 

U.S.$200,000,000 7.53% SENIOR NOTES DUE JULY 30, 2025 

 
  

NOTE PURCHASE AND GUARANTEE AGREEMENT 

 
  

DATED JULY 22, 2015 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	  	HEADING	  	PAGE	 
		
	 SECTION 1. AUTHORIZATION OF
NOTES
	  	 	1	 
		
	 SECTION 2. SALE AND
PURCHASE OF NOTES
	  	 	1	 
		
	 Section 2.1. Notes
	  	 	1	 
	 Section 2.2. Parent Guarantee
	  	 	2	 
	 Section 2.3. Subsidiary Guarantees
	  	 	2	 
		
	 SECTION 3. CLOSING
	  	 	2	 
		
	 SECTION 4. CONDITIONS TO
CLOSING
	  	 	2	 
		
	 Section 4.1. Representations and Warranties
	  	 	3	 
	 Section 4.2. Performance; No Default
	  	 	3	 
	 Section 4.3. Compliance Certificates
	  	 	3	 
	 Section 4.4. Opinions of Counsel
	  	 	3	 
	 Section 4.5. Purchase Permitted By Applicable Law, Etc
	  	 	4	 
	 Section 4.6. Sale of Other Notes
	  	 	4	 
	 Section 4.7. Payment of Special Counsel Fees
	  	 	4	 
	 Section 4.8. Private Placement Number
	  	 	4	 
	 Section 4.9. Changes in Corporate Structure
	  	 	4	 
	 Section 4.10. Funding Instructions
	  	 	4	 
	 Section 4.11. Acceptance of Appointment to Receive Service of Process
	  	 	4	 
	 Section 4.12. Subsidiary Guarantee
	  	 	5	 
	 Section 4.13. Credit Agreement
	  	 	5	 
	 Section 4.14. Proceedings and Documents
	  	 	5	 
		
	 SECTION 5. REPRESENTATIONS AND
WARRANTIES OF THE OBLIGORS
	  	 	5	 
		
	 Section 5.1. Organization; Power and Authority
	  	 	5	 
	 Section 5.2. Authorization, Etc
	  	 	5	 
	 Section 5.3. Disclosure
	  	 	6	 
	 Section 5.4. Organization and Ownership of Shares of Subsidiaries;
Affiliates
	  	 	6	 
	 Section 5.5. Financial Statements; Material Liabilities
	  	 	7	 
	 Section 5.6. Compliance with Laws, Other Instruments, Etc
	  	 	7	 
	 Section 5.7. Governmental Authorizations, Etc
	  	 	7	 
	 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders
	  	 	8	 
	 Section 5.9. Taxes
	  	 	8	 
	 Section 5.10. Title to Property; Leases
	  	 	9	 
	 Section 5.11. Licenses, Permits, Etc
	  	 	9	 
	 Section 5.12. Compliance with ERISA
	  	 	9	 
	 Section 5.13. Private Offering
	  	 	10	 
	 Section 5.14. Use of Proceeds; Margin Regulations
	  	 	11	 

					
	 Section 5.15. Existing Indebtedness; Future Liens
	  	 	11	 
	 Section 5.16. Foreign Assets Control Regulations, Etc
	  	 	12	 
	 Section 5.17. Status under Certain Statutes
	  	 	13	 
	 Section 5.18. Environmental Matters
	  	 	13	 
	 Section 5.19. Notes Rank Pari Passu
	  	 	14	 
		
	SECTION 6. REPRESENTATIONS OF THE PURCHASERS	  	 	14	 
		
	 Section 6.1. Purchase for Investment; Accredited Investor
	  	 	14	 
	 Section 6.2. Source of Funds
	  	 	14	 
		
	SECTION 7. INFORMATION AS TO COMPANY	  	 	16	 
		
	 Section 7.1. Financial and Business Information
	  	 	16	 
	 Section 7.2. Officer’s Certificate
	  	 	21	 
	 Section 7.3. Visitation
	  	 	22	 
	 Section 7.4. Limitation on Disclosure Obligation
	  	 	22	 
		
	SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES	  	 	23	 
		
	 Section 8.1. Maturity
	  	 	23	 
	 Section 8.2. Optional Prepayments with Make-Whole Amount
	  	 	23	 
	 Section 8.3. Allocation of Partial Prepayments
	  	 	24	 
	 Section 8.4. Maturity; Surrender, Etc.
	  	 	24	 
	 Section 8.5. Purchase of Notes
	  	 	24	 
	 Section 8.6. Make-Whole Amount
	  	 	24	 
	 Section 8.7. Change of Control
	  	 	26	 
		
	 SECTION 9. AFFIRMATIVE COVENANTS.
	  	 	27	 
		
	 Section 9.1. Compliance with Law
	  	 	28	 
	 Section 9.2. Insurance
	  	 	28	 
	 Section 9.3. Maintenance of Properties
	  	 	28	 
	 Section 9.4. Payment of Taxes and Claims
	  	 	29	 
	 Section 9.5. Corporate Existence, Etc
	  	 	29	 
	 Section 9.6. Books and Records
	  	 	29	 
	 Section 9.7. Pari Passu Ranking
	  	 	29	 
	 Section 9.8. Subsidiary Guarantors
	  	 	30	 
	 Section 9.9. Maintenance of Ownership
	  	 	33	 
	 Section 9.10. Maintenance of Rating on Notes
	  	 	33	 
	 Section 9.11. Most Favored Lender Status
	  	 	33	 
	 Section 9.12. Payment of Certain Fees
	  	 	34	 
	 Section 9.13. Prepayment in Connection with Capital Services Business Sale
	  	 	35	 
	 Section 9.14. Special Mandatory Offers of Prepayment
	  	 	36	 
	 Section 9.15. Collateral Delivery Obligation
	  	 	39	 
	 Section 9.16. Financial Advisor
	  	 	40	 
	 Section 9.17. Appraisals
	  	 	41	 
	 Section 9.18. Further Assurances
	  	 	41	 

					
	 Section 9.19. Strategic Review
	  	 	41	 
		
	SECTION 10. NEGATIVE COVENANTS.	  	 	42	 
		
	 Section 10.1. Transactions with Affiliates
	  	 	42	 
	 Section 10.2. Merger, Consolidation, Etc
	  	 	42	 
	 Section 10.3. Sales of Assets
	  	 	44	 
	 Section 10.4. Line of Business
	  	 	45	 
	 Section 10.5. Terrorism Sanctions Regulations
	  	 	46	 
	 Section 10.6. Liens
	  	 	46	 
	 Section 10.7. Leverage Ratios, Capital Markets Indebtedness.
	  	 	49	 
	 Section 10.8. Consolidated Net Worth
	  	 	49	 
	 Section 10.9. Fixed Charge Coverage Ratio
	  	 	49	 
	 Section 10.10. Priority Debt
	  	 	49	 
	 Section 10.11. Investments
	  	 	51	 
	 Section 10.12. Contingent Obligations
	  	 	52	 
	 Section 10.13. Subsidiaries; Permitted Acquisitions
	  	 	53	 
	 Section 10.14. Sales and Leasebacks
	  	 	53	 
	 Section 10.15. Subsidiary Covenants
	  	 	53	 
	 Section 10.16. Hedging Obligations
	  	 	54	 
	 Section 10.17. Issuance of Disqualified Stock
	  	 	54	 
	 Section 10.18. Non-Guarantor Subsidiaries
	  	 	54	 
	 Section 10.19. Intercompany Indebtedness
	  	 	54	 
	 Section 10.20. Restricted Payments
	  	 	54	 
	 Section 10.21. Minimum EBITDA
	  	 	55	 
	 Section 10.22. Minimum Availability
	  	 	55	 
		
	SECTION 11. EVENTS OF DEFAULT	  	 	55	 
		
	SECTION 12. REMEDIES ON DEFAULT, ETC	  	 	59	 
		
	 Section 12.1. Acceleration
	  	 	59	 
	 Section 12.2. Other Remedies
	  	 	59	 
	 Section 12.3. Rescission
	  	 	60	 
	 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc
	  	 	60	 
		
	 SECTION 13. TAX INDEMNIFICATION
	  	 	60	 
		
	 SECTION 14. REGISTRATION; EXCHANGE;
SUBSTITUTION OF NOTES
	  	 	64	 
		
	 Section 14.1. Registration of Notes
	  	 	64	 
	 Section 14.2. Transfer and Exchange of Notes
	  	 	64	 
	 Section 14.3. Replacement of Notes
	  	 	64	 
		
	 SECTION 15. PAYMENTS ON
NOTES
	  	 	65	 
		
	 Section 15.1. Place of Payment
	  	 	65	 
	 Section 15.2. Home Office Payment
	  	 	65	 

					
	 SECTION 16. EXPENSES, ETC
	  	 	65	 
		
	 Section 16.1. Transaction Expenses
	  	 	65	 
	 Section 16.2. Survival
	  	 	66	 
		
	 SECTION 17. SURVIVAL OF
REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	  	 	66	 
		
	 SECTION 18. AMENDMENT AND
WAIVER
	  	 	67	 
		
	 Section 18.1. Requirements
	  	 	67	 
	 Section 18.2. Solicitation of Holders of Notes
	  	 	67	 
	 Section 18.3. Binding Effect, etc
	  	 	68	 
	 Section 18.4. Notes Held by Obligors, etc
	  	 	68	 
		
	 SECTION 19. NOTICES; ENGLISH
LANGUAGE
	  	 	68	 
		
	 SECTION 20. REPRODUCTION OF
DOCUMENTS
	  	 	71	 
		
	 SECTION 21. CONFIDENTIAL INFORMATION
	  	 	71	 
		
	 SECTION 22. SUBSTITUTION OF
PURCHASER
	  	 	72	 
		
	 SECTION 23. PARENT GUARANTEE
	  	 	72	 
		
	 Section 23.1. Guarantee
	  	 	72	 
	 Section 23.2. Parent Guarantor’s Obligations Unconditional
	  	 	73	 
	 Section 23.3. Full Recourse Obligations
	  	 	78	 
	 Section 23.4. Waiver
	  	 	78	 
	 Section 23.5. WAIVER OF SUBROGATION
	  	 	79	 
	 Section 23.6. Subordination
	  	 	80	 
	 Section 23.7. Effect of Bankruptcy Proceedings, Etc
	  	 	80	 
	 Section 23.8. Term of Guarantee
	  	 	81	 
		
	 SECTION 24. MISCELLANEOUS
	  	 	81	 
		
	 Section 24.1. Successors and Assigns
	  	 	81	 
	 Section 24.2. Payments Due on Non-Business Days
	  	 	81	 
	 Section 24.3. Accounting Terms
	  	 	81	 
	 Section 24.4. Severability
	  	 	82	 
	 Section 24.5. Construction, etc
	  	 	82	 
	 Section 24.6. Counterparts
	  	 	82	 
	 Section 24.7. Governing Law
	  	 	82	 
	 Section 24.8. Jurisdiction and Process; Waiver of Jury Trial
	  	 	83	 
	 Section 24.9. Obligation to Make Payment in Dollars
	  	 	84	 
		
	 Signature
	  			

					
	SCHEDULE A	  	—	  	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE B	  	—	  	DEFINED TERMS
			
	SCHEDULE C	  	—	  	MATERIAL SUBSIDIARIES
			
	SCHEDULE 5.3	  	—	  	Disclosure Materials
			
	SCHEDULE 5.4	  	—	  	Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock; Liens; Restrictive Agreements
			
	SCHEDULE 5.5	  	—	  	Financial Statements
			
	SCHEDULE 5.15	  	—	  	Existing Indebtedness
			
	SCHEDULE 10.10(b)	  	—	  	Permitted Existing Indebtedness
			
	SCHEDULE 10.11(b)	  	—	  	Permitted Existing Investments
			
	SCHEDULE 10.11(g)	  	—	  	Permitted Existing J/V Investments
			
	SCHEDULE 10.12	  	—	  	Permitted Existing Contingent Obligations
			
	EXHIBIT 1	  	—	  	Form of 7.53% Senior Note due July 30, 2025
			
	EXHIBIT 2.3	  	—	  	Form of Subsidiary Guarantee
			
	EXHIBIT 4.4(a)(i)	  	—	  	Form of Opinion of Special U.S. Counsel for the Obligors and the Initial Material Subsidiary Guarantors
			
	EXHIBIT 4.4(a)(ii)	  	—	  	Form of Opinion of Internal Counsel and certain local counsel for the Company and the Initial Material Domestic Subsidiary Guarantors
			
	EXHIBIT 4.4(a)(iii)	  	—	  	Form of Opinion of Special Dutch Counsel for the Parent Guarantor
			
	EXHIBIT 4.4(b)	  	—	  	Form of Opinion of Special Counsel for the Purchasers

 CHICAGO BRIDGE & IRON
COMPANY (DELAWARE) 
 One CB&I Plaza 

2103 Research Forest Drive 

The Woodlands, Texas 77380 

CHICAGO BRIDGE & IRON COMPANY N.V. 

Prinses Beatrixlaan 35 

2596 AK’s-Gravenhage 

The Netherlands 

31-70-3732010 

U.S.$200,000,000 7.53% SENIOR NOTES DUE JULY 30, 2025 

July 22, 2015 
 TO
EACH OF THE PURCHASERS LISTED IN 

SCHEDULE A HERETO: 

Ladies and Gentlemen: 
 Each of
CHICAGO BRIDGE & IRON COMPANY (DELAWARE), a Delaware corporation (the “Company”) and CHICAGO BRIDGE &
IRON COMPANY N.V., a corporation incorporated under the laws of The Netherlands (the “Parent Guarantor” and, together with the Company, the “Obligors”), hereby agrees with each of the
purchasers whose names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 

SECTION 1. AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of U.S.$200,000,000 aggregate principal amount of its 4.53% Senior Notes due July 30,
2025 (the “Notes”, such term to include any such notes issued in substitution therefor pursuant to Section 14. The Notes shall be substantially in the form set out in Exhibit 1. Certain capitalized and other terms used in
this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

SECTION 2. SALE AND PURCHASE OF NOTES. 

Section 2.1. Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and
each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal

  
 1 

 
amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of
any obligation by any other Purchaser hereunder. 
 Section 2.2. Parent Guarantee. The payment by the Company of its obligations
hereunder and under the Notes are unconditionally guaranteed by the Parent Guarantor pursuant and subject to the terms of the Parent Guarantee contained in Section 23 hereof. 

Section 2.3. Subsidiary Guarantees. The payment by the Company of all amounts due on the Notes and all of its other payment
obligations under this Agreement may from time to time be absolutely and unconditionally guaranteed by the Subsidiary Guarantors pursuant to and subject to the terms of the Subsidiary Guarantee of each Subsidiary Guarantor, which shall be
substantially in the form of Exhibit 2.3 attached hereto (as amended, modified or supplemented from time to time, each a “Subsidiary Guarantee,” and collectively, the “Subsidiary Guarantees”), and otherwise in
accordance with the provisions of Section 9.8 hereof. 
 SECTION 3. CLOSING. 

This Agreement shall be executed and delivered on July 22, 2015 (the “Execution Date”) at the offices of Chapman and
Cutler LLP, 111 West Monroe St., Chicago, Illinois 60603. The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe St., Chicago, Illinois 60603, at
10:00 a.m. Central time, at a closing (the “Closing”) on July 30, 2015. At the Closing, the Company will deliver to each Purchaser or its special counsel the Notes to be purchased by such Purchaser in the form of a single
Note (or such greater number of Notes in denominations of at least U.S.$100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such
Purchaser’s payment of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 3752174320 at Bank of America, Dallas, Texas, ABA
No. 026009593, SWIFT CODE BOFAUS3N. If at the Closing the Company shall fail to tender such Notes to any Purchaser (or its special counsel) as provided above in this Section 3, or any of the conditions specified in Section 4 shall not
have been fulfilled to such Purchaser’s reasonable satisfaction (or, in such Purchaser’s sole discretion, waived), such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving
any rights such Purchaser may have by reason of such failure or such nonfulfillment. For purposes of this Agreement, the phrases “special counsel to each Purchaser,” “Purchaser or its special counsel,” “special counsel to
the Purchasers” or words of similar import mean (i) through the Fourth Amendment Effective Date, Chapman and Cutler LLP and (ii) thereafter, Morgan Lewis & Bockius LLP. 

SECTION 4. CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to
such Purchaser’s reasonable satisfaction (or, in such Purchaser’s sole discretion, waived), prior to or at the Closing, of the following conditions: 

  
 2 

 Section 4.1. Representations and Warranties. The representations and warranties of
each Obligor in the Financing Agreements to which it is a party and of each Initial Subsidiary Guarantor in its Subsidiary Guarantee shall be correct when made and at the time of the Closing. 

Section 4.2. Performance; No Default. Each Obligor and each Initial Subsidiary Guarantor shall have performed and complied with
all agreements and conditions contained in the Financing Agreements and the Subsidiary Guarantee required to be performed or complied with by it prior to or at the Closing, before and after giving effect to the issue and sale of the Notes (and the
application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing and no Change of Control shall have occurred. Neither Obligor nor any Subsidiary shall have entered into
any transaction since the date of the Memorandum that would have been prohibited by Section 10 had such Section applied since such date. 

Section 4.3. Compliance Certificates. 

(a) Officer’s Certificate. Each Obligor and each Initial Material Subsidiary Guarantor specifically identified (without
duplication) in clauses (A)(1) - (5) and (B)(1) - (4) in the definition of “Initial Material Subsidiary Guarantor” shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying
that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s Certificate. Each Obligor and
each Initial Material Subsidiary Guarantor specifically identified (without duplication) in clauses (A)(1) - (5) and (B)(1) - (4) in the definition of “Initial Material Subsidiary Guarantor” shall have delivered to such Purchaser
a certificate of its Secretary or Assistant Secretary or authorized representative, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of
the Notes (in the case of the Company), the other Financing Agreements to which it is a party and the Subsidiary Guarantee (in the case of such Initial Material Subsidiary Guarantors). 

Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance reasonably satisfactory to
such Purchaser, dated the date of the Closing (a) from (i) Weil, Gotshal & Manges LLP, U.S. counsel for the Obligors and the Initial Material Subsidiary Guarantors specifically identified (without duplication) in clauses (A)(1)
– (5) and (B)(1) – (4) in the definition of “Initial Material Subsidiary Guarantor”, covering the matters set forth in Exhibit 4.4(a)(i), (ii) from internal counsel and certain local counsel for the Company
and the Initial Material Domestic Subsidiary Guarantors, covering the matters set forth in Exhibit 4.4(a)(ii) and (iii) from Van Campen Liem, Dutch counsel to the Parent Guarantor, covering the matters set forth in
Exhibit 4.4(a)(iii), and in each case, covering such other matters incident to the transactions contemplated hereby as such Purchaser or its special counsel may reasonably request (and the Obligors hereby instruct their respective counsel to
deliver such opinion to the Purchasers), and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters
incident to such transactions as such Purchaser may reasonably request. 

  
 3 

 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing
such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law)
permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which laws or regulations referred to in each of the preceding clauses
(a) through (c) were not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify, and
which are known by the Person from whom the Officer’s Certificate is being requested to be, as requested by such Purchaser, correct, to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each
other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 
 Section 4.7.
Payment of Special Counsel Fees. Without limiting the provisions of Section 16.1, the Company shall have paid on or before the date of Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in
Section 4.4 to the extent reflected in a reasonably-detailed statement of such counsel rendered to the Company at least one Business Day prior to the date of Closing. 

Section 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau
(in cooperation with the SVO) shall have been obtained for the Notes. 
 Section 4.9. Changes in Corporate Structure. None of
the Obligors nor any Initial Subsidiary Guarantor shall have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of
any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5 and through and including the date of Closing, other than as permitted under Section 10.2 hereof. 

Section 4.10. Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have
received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee’s ABA
number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 
 Section 4.11.
Acceptance of Appointment to Receive Service of Process. Such Purchaser shall have received evidence of the acceptance of CT Corporation System of the appointment and designation provided for by Section 24.8 for the period from the date of
the Closing to one year after the date of final maturity (and payment in full of all fees, if any, in respect thereof). 

  
 4 

 Section 4.12. Subsidiary Guarantee. The Initial Subsidiary Guarantors shall have duly
authorized, executed and delivered the Subsidiary Guarantee and such Purchaser shall have received a copy thereof. 
 Section 4.13.
Credit Agreement. The Obligors shall have provided to the Purchasers a true, correct and complete copy of each Credit Agreement that is in full force and effect as of the Closing (which shall include copies of each Credit Agreement identified in
clauses (ii) through (v) of the definition of “Credit Agreement” as such Credit Agreement is in full force and effect as of the Closing). 

Section 4.14. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by
the Financing Agreements and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart
copies of such documents as such Purchaser or such special counsel may reasonably request. Delivery of all Notes, agreements, certificates, opinions and other documents and instruments referred to in this Section 4 (other than, for the
avoidance of doubt, the funding instructions referred to in Section 4.10), shall be deemed delivered to each Purchaser if delivered to its special counsel or, if the Company receives written notice and reasonably detailed instructions at least
five (5) Business Days prior to the Closing, to the Person and at the address specified in such notice and instruction. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS. 
 Each Obligor jointly and severally represents and warrants to each Purchaser as of the Execution Date and as
of the Closing that: 
 Section 5.1. Organization; Power and Authority. Each Obligor is a corporation duly organized, validly
existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each other jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Obligor has the corporate power and authority to own or hold
under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver each Financing Agreement to which it is a party (including in the case of the Company, the
Notes) and to perform its obligations pursuant to the provisions hereof and thereof. 
 Section 5.2. Authorization, Etc. Each
Financing Agreement to which an Obligor is a party (including in the case of the Company, the Notes) has been duly authorized by all necessary corporate action on the part of such Obligor, and each Financing Agreement to which an Obligor is a party
constitutes a legal, valid and binding obligation of such Obligor enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited 

  
 5 

 
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and fraudulent conveyance laws or other similar laws affecting the enforcement of creditors’
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Disclosure. The Obligors, through their agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Credit Agricole Corporate and Investment Bank, have delivered to each Purchaser a copy of a Private Placement Memorandum, dated June 2015 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly
describes, in all material respects, the general nature of the business and principal properties of the Obligors and their respective Subsidiaries. The Financing Agreements, the Memorandum and the documents, certificates or other writings delivered
to the Purchasers by or on behalf of the Obligors in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (the Financing Agreements, the Memorandum and
such documents, certificates or other writings and such financial statements delivered to each Purchaser prior to June 30, 2015 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since
December 31, 2014, there has been no change in the financial condition, operations, business or properties of the Obligors or any Subsidiary except changes that individually or in the aggregate could not reasonably be expected to have a
Material Adverse Effect. There is no fact known by any Obligor that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as
noted therein) complete and correct lists of the Parent Guarantor’s Subsidiaries (including the Company), showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class
of its capital stock or similar equity interests outstanding owned by the Parent Guarantor and each other Subsidiary. 
 (b) All of the
outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Obligors and their Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Obligors
or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each Subsidiary identified in
Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and, where legally applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal
entity and, where legally applicable, is in good standing in each other jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to
transact the business it transacts and proposes to transact. 

  
 6 

 (d) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or
other restriction (other than any Financing Agreement, the agreements listed in Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or
make any other similar distributions of profits to the Parent Guarantor or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.5. Financial Statements; Material Liabilities. The Obligors have delivered to each Purchaser copies of the financial
statements of the Parent Guarantor and its Subsidiaries listed in Schedule 5.5. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of
the Parent Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Parent Guarantor and its Subsidiaries do not have any
Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents. 

Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance of its obligations by each
Obligor of each Financing Agreement to which such Obligor is a party (including in the case of the Company, the Notes) will not (i) result in any breach of, or constitute a default under, or result in the creation of any Lien (except, with
respect to Liens to secure the Senior Secured Indebtedness, as contemplated by the Transaction Facilities) in respect of any property of either Obligor or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit
agreement, lease, corporate charter, memorandum of association, articles of association, regulations or by-laws, shareholders agreement or any other agreement or instrument to which either Obligor or any Subsidiary is bound or by which any Obligor
or any Subsidiary or any of their respective properties may be bound or affected, (ii) violate any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to
either Obligor or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any Subsidiary. 

Section 5.7. Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required to be obtained or made by any Obligor pursuant to any statute, regulation, or rule applicable to it as a condition to the effectiveness or the enforceability of the execution, delivery or performance by
either Obligor of any Financing Agreement to which it is a party (including in the case of the Company, the Notes), including, without limitation, any thereof required in connection with the obtaining of Dollars to make payments under the Financing
Agreements (including in the case of the Company, the Notes) and the payment of such Dollars to Persons resident in the United States of America. It is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in
The Netherlands of any Financing Agreement or the Notes that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar
transaction tax. 

  
 7 

 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders.
(a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of either Obligor, threatened against or affecting either Obligor or any Subsidiary or any property of either Obligor or any Subsidiary in any court or
before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

(b) None of the Obligors or any Subsidiary is (i) in default under any term of any agreement or instrument to which it is a party or by
which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any statute, rule or regulation of any Governmental Authority applicable to it
(including, without limitation and if applicable, Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. Each Obligor and each Subsidiary has filed all
Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the aggregate Material or
(ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which either Obligor or a Subsidiary, as the case may be, has established adequate reserves in
accordance with GAAP. The Obligors know of no basis for any other tax or assessment that would reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of each of the Obligors and their Subsidiaries
in respect of federal, state or other taxes for all fiscal periods are adequate. The tax liabilities for the account of any Governmental Authority of The Netherlands of the Parent Guarantor and its Subsidiaries (excluding The Shaw Group Inc.) have
been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2010. The U.S. federal income tax liabilities of the Company
and its Subsidiaries and of The Shaw Group Inc., in each case, have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended
December 31, 2011 and December 31, 2013, respectively. 
 No liability for any Tax, directly or indirectly, imposed, assessed,
levied or collected by or for the account of any Governmental Authority of The Netherlands or any political subdivision thereof will be incurred by the Parent Guarantor or any holder of a Note as a result of the execution or delivery of any
Financing Agreement or the Notes and no deduction or withholding in respect of Taxes imposed by or for the account of The Netherlands or, to the knowledge of the Parent Guarantor, any other Taxing Jurisdiction, is required to be made from any
payment by the Parent Guarantor under any Financing Agreement or the Notes except for 

  
 8 

 
any such liability, withholding or deduction imposed, assessed, levied or collected by or for the account of any such Governmental Authority of The Netherlands arising out of circumstances
described in clause (a), (b) or (c) of Section 13. 
 Section 5.10. Title to Property; Leases. Each Obligor and
its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or
purported to have been acquired by either Obligor or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases in which
an Obligor or Initial Subsidiary Guarantor is a party as a lessee, which individually or in the aggregate are Material, are valid and subsisting and are in full force and effect in all material respects. 

Section 5.11. Licenses, Permits, Etc. (a) Each Obligor and its Subsidiaries owns or possesses all licenses, permits,
franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others. 

(b) To the best knowledge of each Obligor, no product of either Obligor or any of their Subsidiaries infringes in any material respect any
license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person. 

(c) To the best knowledge of each Obligor, there is no Material violation by any Person of any right of either Obligor or any of their
Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Obligors or any of their Subsidiaries. 

Section 5.12. Compliance with ERISA. (a) Each Obligor and each ERISA Affiliate have operated and administered each Plan in
compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither any Obligor nor any ERISA Affiliate has incurred any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to Employee Benefit Plans, and no event, transaction or condition has occurred or exists that could reasonably be expected to result in
the incurrence of any such liability by any Obligor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or
to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such
Plan allocable to such benefit liabilities by more than $51,500,000 in the case of any single Plan 

  
 9 

 
and by more than $56,900,000 in the aggregate for all Plans. The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of
the end of the Parent Guarantor’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than
$156,800,000. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

(c) None of the Obligors or their ERISA Affiliates have incurred (i) withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii) any obligation in connection with the termination of or withdrawal from any Non U.S. Plan. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Parent Guarantor’s most recently ended fiscal
year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of any Obligor and its Subsidiaries is $51,500,000. 

(e) The execution and delivery of the Financing Agreements and the issuance and sale of the Notes hereunder will not involve any transaction
that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Obligors to each Purchaser in the first
sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such
Purchaser. 
 (f) All Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations
and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws
to be paid or accrued by the Obligors and their Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue would not be reasonably expected to have a Material Adverse Effect. 

Section 5.13. Private Offering. Neither any Obligor nor anyone acting on its behalf has offered the Notes, the Parent Guarantee,
the Subsidiary Guarantees or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not more than 56 other
Institutional Investors (as defined in clause (c) of the definition of such term), each of which has been offered the Notes at a private sale for investment. Neither any Obligor nor anyone acting on its behalf has taken, or will take, any
action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 

  
 10 

 Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the
proceeds of the sale of the Notes hereunder for general corporate purposes (including, without limitation, to repay outstanding revolving loans). No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly,
(a) for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under
such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220) or (b) to finance dealings or transactions with
any Person described or designated in the Specially Designated Nationals and Blocked Person List published by OFAC or in Section 1 of the Anti-Terrorism Order. Margin stock does not constitute more than 5% of the value of the consolidated
assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and
“purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15.
Existing Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of (i) all outstanding Indebtedness of the Parent Guarantor and its Subsidiaries as of June 30, 2015
(including a description of the obligors, principal amount outstanding and general description of the collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rate, index
or formula, sinking funds, installment payments or maturities of such Indebtedness of the Parent Guarantor or its Subsidiaries and (ii) all agreements providing for committed financing facilities (subject to the terms and conditions specified
therein) to the Parent Guarantor or its Subsidiaries as of the date of Closing. Neither any Obligor nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness
either Obligor or such Subsidiary and no event or condition exists with respect to any Indebtedness of any Obligor or any Subsidiary the outstanding principal amount of which exceeds $1,000,000 that would permit (or that with notice or the lapse of
time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Except as disclosed in Schedule 5.15, neither any Obligor nor any Subsidiary has agreed or consented to cause or permit in the future
(upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.6. 

(c) Neither any Obligor nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of such Obligor or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the
incurring of, Indebtedness of such Obligor, except as specifically indicated in Schedule 5.15. 

  
 11 

 Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither of the
Obligors nor any Controlled Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States Department of the Treasury
(“OFAC”) (an “OFAC Listed Person”) (ii) an agent, department, or instrumentality of, or is otherwise known by such Obligor or Controlled Entity to be beneficially owned by, controlled by or acting on behalf of,
directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii) otherwise blocked, subject to sanctions under or engaged in
any activity in violation of other United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act
(“CISADA”) or any similar law or regulation with respect to Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the
United States or any enabling legislation or executive order relating to any of the foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country
described in clause (i), clause (ii) or clause (iii), a “Blocked Person”). Neither of the Obligors nor any Controlled Entity has been notified that its name appears or may in the future appear on a state list of Persons that
engage in investment or other commercial activities in Iran or any other country that is subject to U.S. Economic Sanctions. 
 (b) No part
of the proceeds from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by any Obligor or any Controlled Entity, directly or indirectly, (i) in connection with
any investment in, or any transactions or dealings with, any Blocked Person, or (ii) otherwise in violation of U.S. Economic Sanctions. 

(c) Neither of the Obligors nor any Controlled Entity (i) has been found in violation of, charged with, or convicted of, money
laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy
Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, “Anti-Money Laundering Laws”) or any U.S. Economic Sanctions violations,
(ii) to the Company’s actual knowledge after making due inquiry, is under investigation by any Governmental Authority for possible violation of Anti-Money Laundering Laws or any U.S. Economic
Sanctions violations, (iii) has been assessed civil penalties under any Anti-Money Laundering Laws or any U.S. Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action
under any Anti-Money Laundering Laws. Each Obligor has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that such Obligor and
each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws and U.S. Economic Sanctions. 

(d) (1) Neither of the Obligors nor any Controlled Entity (i) has been charged with, or convicted of bribery or any other anti-corruption related activity under any applicable law or regulation in a U.S. or any non-U.S. country or jurisdiction, including but not limited to, the U.S. Foreign
Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively, 

  
 12 

 
“Anti-Corruption Laws”), (ii) to the Obligors’ actual knowledge after making due inquiry, is under investigation by any U.S. or non-U.S. Governmental Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed civil or criminal penalties under any Anti-Corruption Laws or (iv) has been or is the target of sanctions imposed by the United Nations or the European Union; 

(2) To the Obligors’ actual knowledge after making due inquiry, neither of the Obligors nor any Controlled Entity has, within the last
five years, directly or indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a Governmental Official or a commercial counterparty for the purposes of: (i) influencing any act,
decision or failure to act by such Governmental Official in his or her official capacity or such commercial counterparty, (ii) inducing a Governmental Official to do or omit to do any act in violation of the Governmental Official’s lawful
duty, or (iii) inducing a Governmental Official or a commercial counterparty to use his or her influence with a government or instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or
direct business or to otherwise secure an improper advantage in violation of any applicable law or regulation or which would cause any holder to be in violation of any law or regulation applicable to such holder; and 

(3) No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments, including
bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage. Each Obligor has established procedures and controls which it reasonably believes are adequate (and
otherwise comply with applicable law) to ensure that such Obligor and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Corruption Laws. 

Section 5.17. Status under Certain Statutes. Neither any Obligor nor any Subsidiary is subject to regulation under the Investment
Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

Section 5.18. Environmental Matters. (a) Neither Obligor nor any Subsidiary has knowledge of any claim or has received any
notice of any claim, and no proceeding has been instituted raising any claim against either Obligor or any of its Subsidiaries or relating to their operations on any of their respective real properties now or formerly owned, leased or operated by
any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither Obligor nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of
Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not
reasonably be expected to result in a Material Adverse Effect. 

  
 13 

 (c) Neither Obligor nor any Subsidiary has stored any Hazardous Materials on real properties now
or formerly owned, leased or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect;
and 
 (d) All buildings on all real properties now owned, leased or operated by each Obligor or any Subsidiary are in compliance with
applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect. 

Section 5.19. Notes Rank Pari Passu. The payment obligations of each Obligor under this Agreement (including the Parent Guarantor)
rank and, upon issuance, the Notes (in the case of the Company) will rank, at least pari passu in right of payment with (a) prior to the Collateral Effective Date, all other unsecured and unsubordinated Indebtedness (actual or
contingent) of such Obligor, including, without limitation, all unsecured Indebtedness of the Obligors described on Schedule 5.15 hereto, which is not therein designated as subordinated Indebtedness and (b) from and after the Collateral
Effective Date, all Senior Secured Indebtedness outstanding under the Transaction Facilities. 
 SECTION 6.
REPRESENTATIONS OF THE PURCHASERS. 
 Section 6.1. Purchase for
Investment; Accredited Investor. (a) Each Purchaser severally represents as of the Execution Date and at the Closing that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or
for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their
control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except
under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes. 

(b) Each Purchaser severally represents that it is an “accredited investor” within the meaning of subparagraph (a)(1), (2),
(3) or (7) of Rule 501 of Regulation D under the Securities Act. 
 Section 6.2. Source of Funds. Each Purchaser
severally represents as of the Execution Date and at the Closing that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase
price of the Notes to be purchased by such Purchaser hereunder: 
 (a) the Source is an “insurance company general
account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life
insurance companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any Employee Benefit Plan together with the amount

  
 14 

 
of the reserves and liabilities for the general account contract(s) held by or on behalf of any other Employee Benefit Plans maintained by the same employer (or affiliate thereof as defined in
PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account (as defined in Section 3 of ERISA (“Separate
Account”)) liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a Separate Account that is maintained solely in connection with such Purchaser’s fixed contractual
obligations under which the amounts payable, or credited, to any Employee Benefit Plan (or its related trust) that has any interest in such Separate Account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the Separate Account; or 
 (c) the Source is either (i) an
insurance company pooled Separate Account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
clause (c), no Employee Benefit Plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled Separate Account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the
“QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no Employee Benefit Plan’s assets that are managed by the QPAM in such
investment fund, when combined with the assets of all other Employee Benefit Plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee
organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by
the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any
Employee Benefit Plans whose assets in the investment fund, when combined with the assets of all other Employee Benefit Plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM
Exemption) of such employer or by the same employee organization, represent 20% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or 

(e) the Source constitutes assets of a “plan(s)” (within the meaning of section IV of PTE 96-23 (the
“INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the 

  
 15 

 
conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of
“control” in section IV(d) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the Employee Benefit Plan(s) whose assets constitute the Source have been
disclosed to the Company in writing pursuant to this clause (e); or 
 (f) the Source is a governmental plan (as defined in
Section 3 of ERISA); or 
 (g) the Source is one or more Employee Benefit Plans, or a separate account or trust fund
comprised of one or more Employee Benefit Plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 

(h) the Source does not include assets of any Employee Benefit Plan, other than a plan exempt from the coverage of ERISA. 

SECTION 7. INFORMATION AS TO OBLIGORS. 

Section 7.1. Financial and Business Information. The Obligors shall deliver to each Purchaser and each holder of Notes that is an
Institutional Investor: 
 (a) Quarterly Statements — within 45 days (or such shorter period as is 15 days
greater than the period applicable to the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC
regardless of whether the Parent Guarantor is subject to the filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Parent Guarantor (other than the last quarterly fiscal period of each such fiscal
year), copies of, 
 (i) a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such
quarter, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent
Guarantor and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, and 

(iii) a consolidating balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such quarters and
consolidating statements of income of the Parent Guarantor and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the

  
 16 

 
companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified
above of copies of the Parent Guarantor’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC (but only so long as such
Form 10-Q includes the consolidating financial statements required hereby) shall be deemed to satisfy the requirements of this Section 7.1(a), provided, further, that the Obligors shall be
deemed to have made such delivery of such Form 10-Q if any of them shall have timely made such Form 10-Q available on “EDGAR” (or any successor
filing system) and on its home page on the worldwide web (at the date of this Agreement located at: http//www.cbi.com) and shall have given each Purchaser prior notice of such availability on EDGAR (or any successor filing system) and on its home
page in connection with each delivery (such availability and notice thereof being referred to as “Electronic Delivery”); 

(b) Annual Statements — within 90 days (or such shorter period as is 15 days greater than the period applicable to
the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Parent Guarantor
is subject to the filing requirements thereof) after the end of each fiscal year of the Parent Guarantor, copies of 
 (i) a
consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and 
 (ii) consolidated
statements of income, changes in shareholders’ equity and cash flows of the Parent Guarantor and its Subsidiaries for such year, and 

(iii) an unaudited consolidating balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year and
consolidating statements of income of the Parent Guarantor and its Subsidiaries for such year, 
 setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP (except with respect to Section 7.1(b)(iii)), and except with respect to Section 7.1(b)(iii) accompanied by an opinion thereon
(without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing,
which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with
GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the
circumstances, 
 provided that the delivery within the time period specified above of the Parent Guarantor’s Form 10-K for such fiscal year (together with the Parent Guarantor’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange
Act) 

  
 17 

 
prepared in accordance with the requirements therefor and filed with the SEC (but only so long as such Form 10-K includes the consolidating financial
statements required hereby) shall be deemed to satisfy the requirements of this Section 7.1(b), provided, further, that the Obligors shall be deemed to have made such delivery of such
Form 10-K if any of them shall have timely made Electronic Delivery thereof; 

(c) Budgets; Business Plans; Financial Projections – as soon as practicable and in any event not later than ninety
(90) days after the beginning of each fiscal year commencing with the fiscal year beginning January 1, 2018, a copy of the plan and forecast (including a projected balance sheet, income statement and a statement of cash flow) of the Parent
Guarantor and its Subsidiaries for the upcoming three (3) fiscal years prepared in such detail as shall be reasonably satisfactory to the Required Holders; 

(d) Additional Quarterly Reports – within the time period set forth in Section 7.1(a) above, and in addition
to the information to be provided pursuant to Section 7.1(a), a report of a Senior Financial Officer of the Parent Guarantor setting forth (i) a cash forecast report with such detail and requirements as to be determined among the Required
Holders, the Financial Advisor and the Parent Guarantor, (ii) a discussion of the status of, and material developments with respect to, the 10 largest projects and for each other project for which material deviations from budget or schedule
have developed, (iii) a discussion of the status of, and material developments during the quarter then ended, with respect to all material litigation, and (iv) such other matters as requested by the holders; 

(e) SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement,
report, notice, documents, proxy statement or other information sent by the Parent Guarantor or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank
facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally, and (ii) each regular or periodic report, each effective registration statement (without exhibits except as expressly
requested by such holder), each final prospectus and all amendments thereto and each press release filed by the Parent Guarantor or any Subsidiary with the SEC or any other similar governmental or regulatory body in any non-U.S. jurisdiction,
provided that the Obligors shall be deemed to have made such delivery of the items provided for by this clause (c) if any of them shall have made an Electronic Delivery thereof (without regard to any notice requirement provided in such
defined term); 
 (f) Notice of Default or Event of Default — promptly, and in any event within five Business
Days after a Responsible Officer (i) has knowledge of the existence of any Default or Event of Default or (ii) has received (A) any written notice of, or taken any action with respect to, a Default claimed hereunder or (B) any
written notice or taken any action with respect to a claimed default of the type referred to in Section 11(g), a written notice specifying the nature and period of existence thereof and what action the Obligors are taking or propose to take
with respect thereto; 

  
 18 

 (g) ERISA Matters — promptly, and in any event within five Business
Days after a Responsible Officer has knowledge of any of the following, a written notice setting forth the nature thereof and the action, if any, that an Obligor or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by any
Obligor or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that reasonably could result in the incurrence of any liability by any Obligor or any
ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to Employee Benefit Plans, or in the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA
Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;
or 
 (iv) receipt of notice of the imposition of a financial penalty greater than U.S.$5,000,000 (which for this purpose
shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; 

(h) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of
any notice to any Obligor or any Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that would reasonably be expected to have a Material Adverse Effect; 

(i) Special Mandatory Offers of Prepayment — prompt written notice of (i) the occurrence of any Disposition of
property or assets, (ii) the incurrence or issuance of any Indebtedness, or (iii) the occurrence of any sale of Capital Stock, in each case, giving rise to the mandatory offers of prepayment provisions in Section 9.14; 

(j) Cash Flow Forecast – (i) on a bi-weekly basis commencing on September 15, 2017 (by no later than
Wednesday every two weeks thereafter), an updated weekly 13-week cash flow forecast setting forth all sources and uses of cash and beginning and ending cash balances (the most recently-delivered such forecast as of any date, the “Cash

  
 19 

 
Flow Forecast”), (ii) by no later than the close of business on Wednesday of each week after September 15, 2017, a variance report reconciling the most recent Cash Flow
Forecast to the actual sources and uses of cash for the prior week, along with a line-by-line reconciliation and detailed explanation of variances in excess of 10% from the most recent Cash Flow Forecast, (iii) on September 15, 2017 and
thereafter on the 15th day of each calendar month, a monthly roll-forward report of accounts receivable and aging of accounts payable of the Parent Guarantor and its Subsidiaries, and (iv) by close of business on August 16, 2017 and on
Wednesday of each week thereafter, a report containing detailed calculations of Minimum Availability, Restricted Cash, Unrestricted Cash, Restricted Joint Venture Cash, Unrestricted Joint Venture Cash and Asset Sales Proceeds (Bank Debt) Cash for
each Business Day of the prior week, in each case, in form and detail reasonably acceptable to the Required Holders; 
 (k)
Specified Requested Information – promptly, and in any event within 10 days following any change in the corporate organization of the Obligors or any of the Subsidiary Guarantors, an updated legal organization chart reflecting such
change; 
 (l) Requested Information – such other data and information relating to the business, operations,
affairs, financial condition, assets or properties of any Obligor or any of its Subsidiaries (including, but without limitation, actual copies of the Parent Guarantor’s Form 10-Q and Form 10-K) or relating to the ability of each Obligor to perform its obligations hereunder and under the Notes (in the case of the Company) as from time to time may be reasonably requested by any such Purchaser
or holder of Notes or by the Financial Advisor, such data and information to be provided within the time periods specified in any such request so long as the Obligors have such data and information or can obtain it within such time periods using
commercially reasonable efforts. Each Obligor acknowledges and agrees that (i) the information requests set forth in the letter from counsel to the holders of the Notes (on behalf, and at the request of, the holders of the Notes) to the Parent
Guarantor, dated on or about August 9, 2017, are reasonable, (ii) such information can be provided within the time periods specified in such letter and (iii) Section 7.4 does not apply to any of such requests; 

(m) Daily Liquidity Report – beginning on the first Business Day following the Fifth Amendment Effective Date, a
report setting forth (i) the total borrowing availability under the revolving credit commitments under each of the 2013 Revolving Credit Agreement, the 2015 Revolving Credit Commitment and the Bilateral Revolving Credit Agreements and
(ii) the aggregate amount of Unrestricted Cash of the Parent Guarantor and its Subsidiaries in its US deposit accounts and cash pooling accounts, in each case as of the close of business on the immediately preceding day; 

(n) Monthly Projections; Contracts; Cost Reduction Measures – as soon as practicable and in any event not
later than September 15, 2017 and on the 15th day of each month thereafter: 
 (i) a copy of the integrated financial
projections (including a projected balance sheet, income statement and a statement of cash flows) of the Parent 

  
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Guarantor and its Subsidiaries for each month through October 31, 2018, which includes cash flow projections with respect to all active construction projects with a contract price of
$300,000,000 or greater and otherwise in such form and detail as shall be reasonably satisfactory to the Required Holders; 

(ii) a work-in-progress report with respect to each contract with a contract value in excess of $200,000,000 (or if greater, at
least 80% coverage of backlog), provided that such report shall also include all projects which have “cost plus profit in excess of billings” balances in excess of $20,000,000; 

(iii) a report on (A) all new contracts awarded to the Parent Guarantor or any of its Subsidiaries with a contract value
in excess of $20,000,000 and (B) the new contract awards pipeline with respect to contracts with an individual contract price in excess of $20,000,000, in each case, including estimated letter of credit and bonding requirements for each such
contract; and 
 (iv) a progress report on the implementation of cost reduction measures implemented by the Parent Guarantor
and its Subsidiaries; and 
 (o) Intercompany Transaction Reports - within 60 days of the calendar month ending
July 31, 2017, and thereafter within 30 days of the end of each calendar month, a report detailing (i) each loan advanced during such calendar month by a Collateral Note Party to a Non-Collateral Note Party (including the name of the
creditor and debtor of each such loan and the outstanding balance thereof) and the aggregate balance of all such loans (including any such loans advanced in a prior month which remained outstanding as of such date) and (ii) each Disposition by
a Collateral Note Party to a Non-Collateral Note Party involving assets with an aggregate value of $2,500,000 or greater (including the name of the buyer and the seller, a description in reasonable detail of the assets subject to such Disposition
and a description of the consideration received by the seller for such Disposition). 
 Section 7.2. Officer’s Certificate.
Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of
any such financial statements, shall be by separate concurrent delivery of such certificate to each Purchaser or holder of Notes): 

(a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether
the Obligors were in compliance with the requirements of Sections 10.7, 10.9, 10.10, 10.21 and 10.22 during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable,
the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any
Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining 

  
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compliance with this Agreement pursuant to Section 24.3) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall
include a reconciliation from GAAP with respect to such election; and 
 (b) Event of Default — a statement that
such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Obligors and their Subsidiaries from the beginning of the
quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event
of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of any Obligor or any Subsidiary to comply with any Environmental Law), specifying the nature and
period of existence thereof and what action the Obligors shall have taken or proposes to take with respect thereto. 
 Section 7.3.
Visitation. The Obligors shall permit the representatives of each Purchaser and each holder of Notes that is an Institutional Investor: 

(a) No Default — at any time other than the period specified in clause (b) below and so long as no Default or
Event of Default then exists, at the expense of such Purchaser or such holder (except for the work of the Financial Advisor) and upon reasonable prior notice to any Obligor, to visit the principal executive office of any Obligor, to discuss the
affairs, finances and accounts of the Obligors and their Subsidiaries with each Obligor’s officers, and (with the consent of the such Obligor, which consent will not be unreasonably withheld) its independent public accountants, and (with the
consent of such Obligor, which consent will not be unreasonably withheld) to visit the other offices and properties of the Parent Guarantor and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and

 (b) Default — at any time during the period from the Fifth Amendment Effective Date through the date, if any,
on which the Tech Business Sale is consummated or at any time thereafter if a Default or Event of Default then exists, at the expense of the Obligors to visit and inspect any of the offices or properties of any Obligor or any Subsidiary, to examine
all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and (with the consent of an Obligor, which
consent shall not be unreasonably withheld or delayed) independent public accountants, all at such times and as often as may be reasonably requested. 

Section 7.4. Limitation on Disclosure Obligation. 

The Obligors shall not be required to disclose the following information pursuant to Section 7.1(l) or 7.3: 

  
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 (a) information that the Obligors determine after consultation with counsel
qualified to advise on such matters that, notwithstanding the confidentiality requirements of Section 21, they would be prohibited from disclosing by applicable law or regulations without making public disclosure thereof; 

(b) information that, notwithstanding the confidentiality requirements of Section 21, the Obligors are prohibited from
disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Obligors and not entered into in contemplation of this clause (b), provided that the Obligors shall use commercially
reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information and provided further that the Obligors have received a written opinion of counsel
confirming that disclosure of such information without consent from such other contractual party would constitute a breach of such agreement; or 

(c) information that constitutes non-financial trade secrets or non-financial proprietary information of the Parent Guarantor
and its Subsidiaries and/or of any of its customers and/or suppliers. 
 Promptly after a request therefor from any Purchaser or holder of Notes that is an
Institutional Investor, the Obligors will provide such holder with a written opinion of counsel (which may be addressed to the Obligors) relied upon as to any requested information that the Obligors are prohibited from disclosing to such holder
under circumstances described in this Section 7.4. 
 SECTION 8. PAYMENT AND
PREPAYMENT OF THE NOTES. 
 Section 8.1. Maturity. As provided
therein, the entire unpaid principal balance of the Notes shall be due and payable on the stated maturity date thereof. 

Section 8.2. Optional Prepayments with Make-Whole Amount. Subject to Section 10.20(a), the Company may, at its option, upon
notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the
principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not
less than 30 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 18. Each such notice shall specify such date (which shall be a
Business Day), the aggregate principal amount of such Notes to be prepaid on such date, the principal amount of such Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the
prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of
such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the
calculation of such Make-Whole Amount as of the specified prepayment date. 

  
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 Section 8.3. Allocation of Partial Prepayments. In the case of each partial
prepayment of the Notes, other than any offer of prepayment of the Notes pursuant to Section 8.5, 8.7 or 10.3(a) that has been rejected by any holder or holders of Notes, the principal amount of the Notes to be repaid shall be allocated among
all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

Section 8.4. Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the
principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable
Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall
cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5. Purchase of Notes. The Obligors will not and will not permit any of their Affiliates to purchase, redeem, prepay or
otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) to a written offer to purchase any
outstanding Notes made by any Obligor or an Affiliate pro rata to the holders of the Notes upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with
respect to such offer, and shall remain open for at least 10 Business Days. If the Required Holders accept such offer, the Company shall promptly notify the remaining holders of Notes of such fact and the expiration date for the acceptance by
holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by
either Obligor or any of their Affiliates pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6. Make-Whole Amount. 

“Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the
Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole
Amount, the following terms have the following meanings: 
 “Called Principal” means, with respect to any Note, the
principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

  
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 “Discounted Value” means, with respect to the Called Principal of any Note, the
amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial
practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% (i.e., 50 basis points) over the
yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or
such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such
Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury
bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury
securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in
the interest rate of the applicable Note. 
 If such yields are not Reported or the yields Reported as of such time are not ascertainable
(including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, .50% (i.e., 50 basis points) over the yield to maturity implied by the U.S. Treasury constant
maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any
comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal
to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and
(2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note. 
 “Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing
(i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the
basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 

  
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 “Remaining Scheduled Payments” means, with respect to the Called Principal of
any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided
that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to
Section 12.1, as the context requires. 
 Section 8.7. Change of Control. (a) Notice of Change of Control. The
Obligors will, within 20 Business Days after any Responsible Officer has knowledge of the occurrence of any Change of Control give written notice of such Change of Control to each holder of Notes. If a Change of Control has occurred, such
notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this Section 8.7 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.7. 

(b) Offer to Prepay Notes. The offer to prepay Notes contemplated by subparagraph (a) of this Section 8.7 shall be an offer
to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed
beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”). If such Proposed Prepayment Date is in connection with an offer contemplated by subparagraph (a) of this
Section 8.7, such date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the 45th day
after the date of such offer). 
 (c) Acceptance; Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant
to this Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company at least 5 Business Days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant
to this Section 8.7, or to accept an offer as to all of the Notes held by the holder, in each case on or before the fifth (5th) Business Day preceding the Proposed Prepayment Date shall be deemed to constitute a rejection of such offer by
such holder. 
 (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the
principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment. 
 (e) Officer’s
Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed
Prepayment Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of each Note offered to be 

  
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prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.7 have been
fulfilled; and (vi) in reasonable detail, the nature and date or proposed date of the Change of Control. 
 (f) Effect on Required
Payments. The amount of each payment of the principal of the Notes made pursuant to this Section 8.7 shall be applied against and reduce each of the then remaining principal payments due pursuant to Section 8.1 by a percentage equal to
the aggregate principal amount of the Notes so paid divided by the aggregate principal amount of the Notes outstanding immediately prior to such payment. 

(g) “Change of Control” Defined. “Change of Control” means an event or series of events by which: 

(1) any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange
Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of twenty percent (20%) or more of the voting power of
the then outstanding Capital Stock of the Parent Guarantor entitled to vote generally in the election of the directors of the Parent Guarantor; or 

(2) the majority of the board of directors of the Company fails to consist of Continuing Directors; or 

(3) except as expressly permitted under the terms of this Agreement, any Obligor or any Subsidiary that is a borrower under the
Credit Agreement (each, a “Subsidiary Borrower”) consolidates with or merges into another Person or conveys, transfers or leases all or substantially all of its property to any Person, or any Person consolidates with or merges into
an Obligor or any Subsidiary Borrower, in either event pursuant to a transaction in which the outstanding Capital Stock of such Obligor or such Subsidiary Borrower, as applicable, is reclassified or changed into or exchanged for cash, securities or
other property; or 
 (4) except as otherwise expressly permitted under the terms of this Agreement, the Parent Guarantor
shall cease to own and control, either directly or indirectly, all of the economic and voting rights associated with all of the outstanding Capital Stock of each of the Subsidiary Guarantors or shall cease to have the power, directly or indirectly,
to elect all of the members of the board of directors of each of the Subsidiary Guarantors. 
 Notwithstanding the foregoing, the consummation of the Tech
Business Sale shall not constitute a Change of Control. 
 SECTION 9. AFFIRMATIVE COVENANTS. 

Each Obligor, jointly and severally, covenants that from the Execution Date until the Closing and thereafter, so long as any of the Notes are
outstanding: 

  
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 Section 9.1. Compliance with Law. Without limiting Section 10.5, each Obligor
will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other
laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or
to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses,
certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2. Insurance. (a) Each Obligor will, and, if not maintained by an Obligor, will cause each of its Subsidiaries to,
maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles,
co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated; and (b) the Obligors
and each applicable Note Party shall, without limiting the foregoing, at all times, (i) maintain, if available, fully paid flood hazard insurance with respect to each Mortgaged Property containing a Building (as defined in Section 208.25
of Regulation H of the FRB) that is located in a special flood hazard area, as designated by the Federal Emergency Management Agency of the United States Department of Homeland Security (“FEMA”), on such terms and in such amounts as
required by The National Flood Insurance Reform Act of 1994 or as otherwise reasonably required by the Collateral Agent, (ii) upon request, furnish to the Collateral Agent evidence of the renewal of all such policies, and (iii) furnish to
the Collateral Agent written notice of any redesignation by FEMA of any such Building into or out of a special flood hazard area promptly upon obtaining knowledge of such redesignation. Additionally, the Company shall deliver to the Collateral Agent
(x) standard flood hazard determination forms and (y) if any Mortgaged Property is located in a special flood hazard area (A) notices to (and confirmations of receipt by) such Note Party as to the existence of a special flood hazard
and, if applicable, the unavailability of flood hazard insurance under the National Flood Insurance Program and (B) evidence of applicable flood insurance, if available, in each case in such form, on such terms and in such amounts as required
by The National Flood Insurance Reform Act of 1994 or as otherwise required by the Collateral Agent. The Note Parties shall deliver to the Collateral Agent at the Collateral Agent’s request an Authorization to Share Insurance Information. 

Section 9.3. Maintenance of Properties. Each Obligor will, and will cause each of its Subsidiaries to, maintain and keep, or cause
to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided
that this Section shall not prevent either Obligor or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and such Obligor has concluded that
such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 Section 9.4. Payment of Taxes and Claims. Each Obligor will, and will cause each of
its Subsidiaries to, file all material tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on
them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on
properties or assets of either Obligor or any Subsidiary, provided that neither any Obligor nor any Subsidiary need pay any such tax, assessment, charge or levy or claim if the amount, applicability or validity thereof is contested by such
Obligor or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and such Obligor or such Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of such Obligor or such Subsidiary. 

Section 9.5. Corporate Existence, Etc. Subject to Section 10.2, each Obligor will at all times preserve and keep its
corporate existence in full force and effect. Subject to Sections 10.2 and 10.3, each Obligor will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries and all rights and franchises of the
Obligors and their Subsidiaries unless, in the good faith judgment of the Obligors, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate,
have a Material Adverse Effect. 
 Section 9.6. Books and Records. Each Obligor will, and will cause each of its Subsidiaries
to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over such Obligor or such Subsidiary, as the case may be. The Company will,
and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. Upon the request of the Required Holders, the Parent Guarantor shall turn over
copies of any such records to the holders of the Notes or their representatives. The Company and its Subsidiaries have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records,
and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of its Subsidiaries to, continue to maintain such system. 

Section 9.7. Pari Passu Ranking. Prior to the Collateral Effective Date, the Notes (in the case of the Company) and all other
obligations under this Agreement and the other Financing Agreements of each Note Party are and at all times shall remain direct and unsecured obligations of such Note Party, as applicable, ranking at least pari passu in right of payment with
all Indebtedness outstanding under the Credit Agreements and all other present and future unsecured Indebtedness (actual or contingent) of such Note Party that is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness
of such Note Party. From and after the Collateral Effective Date, the Notes (in the case of the Company) and all other obligations under this Agreement and the other Financing Agreements of each Note Party will be and at all times thereafter shall
remain direct and secured obligations of such Note Party ranking at least pari passu in right of payment with all secured Indebtedness outstanding under the Transaction Facilities and other secured Credit Agreements. 

  
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 Section 9.8. Subsidiary Guarantors. The Obligors will cause the Initial Subsidiary
Guarantors and, after the date of Closing, any Subsidiary which is required by the terms of any Credit Agreement to become obligated for, or otherwise guarantee, Indebtedness of either Obligor in respect of any Credit Agreement, to deliver to each
of the holders of the Notes (concurrently with the delivery thereof under such Credit Agreement) or to the Collateral Agent, as applicable, subject to the Agreed Collateral Principles and Sections 2.2 and 2.3 of the US Security Agreement, the
following items: 
 (a) a duly executed Subsidiary Guarantee in scope, form and substance reasonably satisfactory to the
Required Holders or a joinder agreement in respect of the Subsidiary Guarantee, as applicable; 
 (b) (A) where a security
interest is being granted by a Domestic Subsidiary under the laws of any state of the United States, or under the laws of the District of Columbia, a Security Joinder Agreement of such Subsidiary (including without limitation completed schedules and
supplements thereto as well as, to the extent applicable, intellectual property security interest notices executed in blank in accordance with the terms of the U.S. Security Agreement), together with such Uniform Commercial Code financing statements
naming such Subsidiary as “Debtor” and naming the Collateral Agent for the benefit of the Secured Creditors as “Secured Party,” in form, substance and number sufficient in the reasonable opinion of the Collateral Agent and its
special counsel to be filed in all Uniform Commercial Code filing offices in all jurisdictions in which filing is necessary or advisable to perfect in favor of the Collateral Agent for the benefit of the Secured Creditors the Lien on Collateral
conferred under such Security Document to the extent such Lien may be perfected by Uniform Commercial Code filing or (B) in all other cases, such instruments, agreements and other documents as are effective under the applicable local law to
grant a valid and perfected security interest (or the local law equivalent thereof) in favor of the Collateral Agent for the benefit of the Secured Creditors in the Collateral of the relevant Subsidiary; 

(c) Mortgages, together with Mortgage Instruments, with respect to each individual real property (and related improvements)
with a fair market value in excess of $2,500,000 (as determined by the Company and the Collateral Agent in good faith) owned by such Subsidiary, together with evidence that the casualty and other insurance (including, without limitation, flood
insurance) required pursuant to the Financing Agreements is in full force and effect; provided that with respect to any real property being added as Collateral, the Company will give at least 45 days’ prior written notice prior to
pledging such real property to the Collateral Agent, and, upon confirmation from the Collateral Agent that all flood insurance due diligence and flood insurance compliance verification has been completed, such real property may be pledged; 

(d) if the Subsidiary Securities issued by such Subsidiary that are, or are required to become, Pledged Interests are owned by
a Subsidiary who has not then executed and delivered to the Collateral Agent a security agreement granting a Lien to the Collateral Agent, for the benefit of the Secured Creditors, in such Equity Interests, (A) where the relevant Pledged
Interests may be validly pledged under the laws of any state 

  
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of the United States, or under the laws of the District of Columbia, (x) a Security Agreement Joinder executed by the Subsidiary that directly owns such Subsidiary Securities, and
(y) if such Subsidiary Securities shall be owned by the Company or a Subsidiary who has previously executed a U.S. Security Agreement, a security agreement supplement in form and substance reasonably acceptable to the Collateral Agent,
pertaining to such Subsidiary Securities or (B) in all other cases, such instruments, agreements and other documents as are effective under applicable local law to grant a valid and perfected security interest (or the equivalent thereof under
local law) in favor of the Collateral Agent, for the benefit of the Secured Creditors, in the Subsidiary Securities issued by such Subsidiary; 

(e) if the Pledged Interests issued by such Subsidiary constitute securities under (and which are capable under applicable law
of being pledged pursuant to the provisions of) Article 8 of the Uniform Commercial Code, (a) the certificates representing 100% of such Subsidiary Securities and (b) duly executed, undated stock powers or other appropriate powers of
assignment in blank affixed thereto; 
 (f) where relevant or required under applicable law for the creation or perfection of
security instruments in the relevant jurisdiction, a supplement to the appropriate schedule (or other documents which are effective under applicable law to grant a security interest or pledge in the relevant Collateral) attached to the appropriate
Security Documents listing the additional Collateral, certified as true, correct in all material respects and complete by the Responsible Officer (provided that the failure to deliver such supplement shall not impair the rights conferred under the
Security Documents in after-acquired Collateral); 
 (g) documents of the types referred to in Section 4.3(b) and, if
requested by the Collateral Agent, customary opinions of counsel to such Subsidiary (including, without limitation, customary opinions as to the Liens created by the applicable Security Documents executed by such Person in favor of the Collateral
Agent for the benefit of the Secured Creditors in the Collateral of such Person), all in form, content and scope reasonably satisfactory to the Collateral Agent; 

(h) a certificate signed by an authorized Responsible Officer of each Obligor making representations and warranties to the
effect of those contained in Sections 5.1, 5.2, 5.4, 5.6, 5.7 and 5.19, with respect to such Subsidiary and its Subsidiary Guarantee, as applicable; 

(i) with respect to each Material Subsidiary incorporated under the laws of the United States of America, any state thereof or
the District of Columbia, and with respect to any other Subsidiary Guarantor upon request by the Required Holders, an opinion of counsel addressed to each of the holders of the Notes reasonably satisfactory to the Required Holders, to the effect
that the Subsidiary Guarantee by such Person has been duly authorized, executed and delivered and that the Subsidiary Guarantee constitutes the legal, valid and binding obligation of such Person, enforceable in accordance with its terms, except as
an enforcement of such terms may be limited by 

  
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bankruptcy, insolvency, fraudulent conveyance and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles and containing other usual and
customary assumptions, qualifications and exceptions; and 
 (j) such other assurances, certificates, documents, consents or
opinions as the Collateral Agent reasonably may require. 
 Notwithstanding anything contained in clause (d) above, (1) in the
event any such Subsidiary is a Domestic Subsidiary that is a “disregarded entity” for United States federal income tax purposes (a “Domestic Disregarded Subsidiary”), and such Domestic Disregarded Subsidiary owns stock in
a Direct Foreign Subsidiary, then the Subsidiary Securities of such Domestic Disregarded Subsidiary shall not be pledged or provide any guaranty or serve as collateral in connection herewith; provided, however, that only the assets of such
Domestic Disregarded Subsidiary (other than the stock in the Direct Foreign Subsidiary) shall be pledged or provide any guaranty or serve as collateral in connection herewith, as well as up to sixty-five percent (65%) in the aggregate of the
Voting Securities and 100% of any other Subsidiary Securities of such Direct Foreign Subsidiary of such Domestic Disregarded Subsidiary, subject to such further limitations as otherwise provided herein and (2) in the event any such Subsidiary
is a Domestic Subsidiary that is a U.S. entity that is treated as a corporation for U.S. federal income tax purposes substantially all of the fair market value of whose assets consist of one or more controlled foreign corporations within the meaning
of Section 957 of the Code (a “US CFC HoldCo”), then the Subsidiary Securities of such US CFC HoldCo shall not be pledged or provide any guaranty or serve as collateral in connection herewith; provided, however, that up to
sixty-five percent (65%) in the aggregate of the Voting Securities and 100% of any other Subsidiary Securities of such US CFC HoldCo shall be pledged or serve as collateral in connection herewith. 

If any Subsidiary otherwise required to become a Subsidiary Guarantor under this Section 9.8 is a joint venture or
unincorporated association, and such Subsidiary’s becoming a Subsidiary Guarantor shall be restricted by such Subsidiary’s constitutive documents, then, provided such Subsidiary is not obligated under any Credit Agreement for more than the
Limited Guarantee Amount, notwithstanding anything to the contrary contained in any Financing Agreement, the obligations guaranteed by such Subsidiary under the Subsidiary Guarantees shall not be required to exceed the amount (the
“Limited Guarantee Amount”) that may be so guaranteed under applicable Requirements of Law (including, without limitation, the Uniform Fraudulent Conveyance Act and the Uniform Fraudulent Transfer Act), multiplied by the
percentage of such Subsidiary’s outstanding Capital Stock or interest in the profits owned, in each case, by the Company or any of its other Subsidiaries. 

In the event any Subsidiary otherwise required to become a Subsidiary Guarantor under this Section 9.8 would cause the Company adverse
tax consequences if it were to become a Subsidiary Guarantor or is restricted from becoming a Subsidiary Guarantor as a result of domestic laws or otherwise, the Required Holders may, in their discretion, permit such Subsidiary to be treated as an
Excluded Foreign Subsidiary, and, accordingly, such Subsidiary would not be required to become a Subsidiary Guarantor. 

  
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 Section 9.9. Maintenance of Ownership. The Company shall at all times remain a
Subsidiary of the Parent Guarantor and the Parent Guarantor shall at all times own, directly or indirectly, 100% of all equity interests and voting interests of the Company free and clear of any Lien other than any Liens granted to secure Senior
Secured Indebtedness pursuant to the Transaction Facilities. 
 Section 9.10. Maintenance of Rating on Notes. The Company will
at all times maintain a rating by a Designated Rating Agency on the Notes. The Company shall notify each holder of a Note in writing of any change in, or withdrawal of, the rating on the Notes, and of its receipt of any written notice that such a
change or withdrawal is likely to occur (and of any resulting obligation to pay the fee pursuant to Section 9.12(a)) promptly, and in any event within 5 days, thereafter. 

Section 9.11. Most Favored Lender Status. 

(a) If at any time after the date of this Agreement (i) any Credit Agreement contains a covenant (whether constituting a covenant or
event of default) by an Obligor (A) to maintain the Leverage Ratio (or a similar covenant or limitation on Indebtedness contained in any such Credit Agreement) at a level more favorable to the lenders under such Credit Agreement than the level
set forth in Section 10.7, (B) to maintain a minimum amount of Consolidated Net Worth (or a similar covenant contained in any such Credit Agreement), (C) to maintain the Fixed Charge Coverage Ratio (or a similar covenant contained in
any such Credit Agreement) at a level more favorable to the lenders under such Credit Agreement than the level set forth in Section 10.9, (D) constituting an Additional Covenant (in addition to the covenants described in clauses (i),
(ii) and (iii) above) or (E) constituting an Additional Default, together with all definitions and interpretive provisions from such Credit Agreement to the extent used in relation thereto, or (ii) the Required Holders, acting in
their sole discretion, determine that the Parent Guarantor or any Subsidiary has provided any other creditor with greater rights, protections, compensation or other benefits under any instruments relating to Indebtedness than the holders of the
Notes have received under this Agreement or any other Financing Agreement (any such provision described in clauses (i) or (ii) above, a “Most Favorable Covenant”), then the Obligors shall provide a Most Favored Lender
Notice in respect of such Most Favorable Covenant. Such Most Favorable Covenant shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the date when such
Most Favorable Covenant shall have become effective under such Credit Agreement (unless such date is prior to the date of the Closing, in which case such covenant will be deemed incorporated effective as of the date of the Closing). Thereafter, upon
the request of any holder of a Note, the Obligors shall, as soon as reasonably practicable, enter into any additional agreement or amendment to this Agreement and any other Financing Agreement reasonably requested by such holder to further evidence
any of the foregoing. 
 (b) “Most Favored Lender Notice” means, in respect of any Most Favorable Covenant, a written
notice to each of the holders of the Notes (and in the case of any Note registered in the name of a nominee for a disclosed beneficial owner, to such beneficial owner, rather than such nominee, on the date of such notice) delivered promptly, and in
any event within ten Business Days after the inclusion of such Most Favorable Covenant in any Credit Agreement 

  
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from a Responsible Officer referring to the provisions of this Section 9.11 and setting forth a reasonably detailed description of such Most Favorable Covenant and related explanatory
calculations, as applicable. 
 (c) For the avoidance of doubt, in no event shall the Leverage Ratio set forth in Section 10.7 or the
Fixed Charge Coverage Ratio set forth in Section 10.9 and related definitions contained in this Agreement be deemed or construed to be loosened or relaxed by operation of the terms of this Section 9.11. 

Section 9.12. Payment of Certain Fees. 

(a) Investment Grade Rating. If on the last day of any fiscal quarter, the Company fails to have an Investment Grade Rating on the
Notes, the Obligors shall pay a fee (a “Rating Fee”) to each holder in an amount equal to 1.50% (150 bps) per annum (0.375% (37.50 bps) per quarter) of the aggregate principal amount of Notes held by such holder as of such last day,
payable within 30 days of such last day; provided, that if at any time the Leverage Fee (defined in clause (b) below) payable pursuant to Section 9.12(b)(ii) is also payable, the Rating Fee payable pursuant to this
Section 9.12(a) shall be an amount equal to 1.00% (100 bps) per annum (0.25% (25 bps) per quarter) of the aggregate principal amount of Notes held by such holder. For purposes of clarity, at any time that both the Rating Fee and Leverage Fee
are payable, the aggregate fees payable under this Section 9.12 shall equal 2.00% (200 bps) per annum (0.50% (50 bps) per quarter) as of such last day. 

(b) Leverage Ratio. During the period beginning with the fiscal quarter ending December 31, 2016 and ending December 31,
2018: 
 (i) if the Leverage Ratio as of the last day of any fiscal quarter is greater than 3.00 to 1.00 and less than or
equal to 3.50 to 1.00, the Obligors shall pay a fee to each holder of the Notes equal to 0.50% (50 bps) per annum (0.125% (12.5 bps) per quarter) of the aggregate principal amount of Notes held by such holder as of such last day, or 

(ii) if the Leverage Ratio as of the last day of any fiscal quarter is greater than 3.50 to 1.00, the Obligors shall pay a fee
to each holder of the Notes equal to 1.00% (100 bps) per annum (0.25% (25 bps) per quarter) of the aggregate principal amount of Notes held by such holder as of such last day. 

The fee payable pursuant to this Section 9.12(b) is referred to herein as the “Leverage Fee”. The Leverage Fee shall be payable with
respect to the fiscal quarter in which such ratio exceeded 3.00:1.00 on the date of delivery of corresponding financial statements pursuant to Section 7.1(a) or Section 7.1(b) and, in any event, not later than the last date such financial
statements are required to be delivered, if not earlier delivered. Payment of the Leverage Fee shall not excuse or cure any Default or Event of Default arising from the Obligors’ failure to comply with the terms of Section 10.7.

  
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 (c) Any fee payable pursuant to Section 9.12(a) or Section 9.12(b) shall be in addition
to any increased interest payable at any applicable Default Rate and any other amount due in connection with an Event of Default. 

Section 9.13. Mandatory Offer of Prepayment in Connection with Tech Business Sale. (a) In the event the Tech Business Sale is
consummated following the consent of the Required Holders thereto as required by Section 10.3(b)(3) and so long as (1) the Notes have not been accelerated prior to the closing of such sale and (2) such sale is consummated on or prior
to February 28, 2018 (or such later date as the Required Holders may agree in the exercise of their discretion), the Obligors shall apply the Net Cash Proceeds of the Tech Business Sale to prepay Senior Indebtedness outstanding under this
Agreement and the other Transaction Facilities on a pro rata basis, based on the Applicable Balances outstanding under the Transaction Facilities as of the date on which the Tech Business Sale is consummated (such pro rata portion of
Net Cash Proceeds applicable to the Notes, herein the “Ratable Amount”), in accordance with this Section 9.13. The Obligors shall immediately deposit the Net Cash Proceeds received from the Tech Business Sale in a blocked
account held with the Collateral Agent, for the benefit of the Secured Creditors, on the date on which the Tech Business Sale is consummated and promptly (and in any event within five (5) Business Days) following the closing of the Tech
Business Sale, make a written offer to prepay the Notes in an aggregate amount equal to the Ratable Amount (which Ratable Amount shall include interest accrued to the proposed date of prepayment), and the Modified Make-Whole Amount specifying a
prepayment date that is not later than thirty days following the closing of the Tech Business Sale. Such offer of prepayment shall be made pro rata among all of the Notes under this Agreement, without regard to series. Following the
application of such Net Cash Proceeds to prepay the Applicable Balances outstanding under the 2015 Term Loan Agreement, the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement but pending the prepayment of the Notes as
contemplated by this Section 9.13, the remaining balance of the Net Cash Proceeds shall be held in such blocked account with the Collateral Agent for the benefit of the holders of the Notes and the 2012 Notes. If (x) a holder of the Notes
or a holder of 2012 Notes declines all or a portion of its pro rata share of such prepayment, or (y) the Applicable Balance allocable to the lenders under the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement
exceeds the Applicable Outstandings thereunder as of the Relevant Completion Date, the amount of such declined proceeds and any such excess as provided in clauses (x) and (y) above, shall be offered on a pro rata basis to the
holders of the Notes and the 2012 Notes that have accepted such initial offer of prepayment and the lenders under the other Transaction Facilities based on the Applicable Balances thereof (it being agreed that any such secondary offer may be made
concurrently with the initial offer). The initial offer to prepay the Notes shall be made pursuant to Section 8.5 of this Agreement. The failure of any holder to respond to the offer shall be deemed an acceptance of the offer. Any acceptance
(or deemed acceptance) by a holder of such initial prepayment offer shall be deemed to constitute an acceptance of any such secondary offer. To the extent any Net Cash Proceeds of the Tech Business Sale offered to the holders of the Notes for
prepayment are ultimately declined for prepayment (after any declined proceeds are re-offered to the holders of Notes and holders of 2012 Notes that have accepted the initial offer of prepayment, as provided above), the amount of such declined
proceeds shall be applied by the Obligors to prepay Senior Indebtedness outstanding under the other Transaction Facilities, as determined by the Company. Proceeds payable to a holder pursuant to this Section 9.13 shall be applied, first,

  
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to accrued interest on the principal balance being repaid to the date of payment, second, to the principal balance of the Notes, and finally, to the Modified Make-Whole Amount in accordance with
the Intercreditor Agreement as proposed to be amended pursuant to Section 9.13(b) or the subordination terms of Section 9.13(b), as applicable. 

(b) Notwithstanding anything else in this Agreement, prior to the consummation of the Tech Business Sale, the Obligors, the Collateral Agent, the Required
Holders, and any other requisite parties to the Intercreditor Agreement shall enter into an amendment to the Intercreditor Agreement (which shall be in form and substance satisfactory to the Required Holders, the requisite holders under the 2012
NPA, the Collateral Agent and any requisite parties under (1) the 2013 Revolving Credit Agreement, (2) the 2015 Revolving Credit Agreement and (3) the 2015 Term Loan Agreement) which (i) subordinates the payment of the Modified
Make-Whole Amount to the payment in full in cash of the Maximum Senior Obligations; and (ii) amends other terms of the Intercreditor Agreement necessary to reflect the subordination of the Modified Make-Whole Amount described in the previous
clause. The Noteholders expressly agree and acknowledge that in the event that the Obligors, the Required Holders, the Collateral Agent, the requisite holders under the 2012 NPA and any requisite parties under the (1) 2013 Revolving Credit
Agreement, (2) the 2015 Revolving Credit Agreement and (3) the 2015 Term Loan Agreement fail to reach agreement on the amendment to the Intercreditor Agreement prior to the consummation of the Tech Business Sale, but (x) the Required
Holders have consented to the Tech Business Sale (whether or not the other conditions set forth in Section 10.3(b) have been satisfied) and (y) no Event of Default (under and as defined in any of the Transaction Facilities, as in effect on
the Fifth Amendment Effective Date) has occurred and is continuing on the date the Tech Business Sale has been consummated or will result therefrom, then the Obligors and the Collateral Agent shall apply the Net Cash Proceeds from such sale to
payment in full in cash of the Maximum Senior Obligations in accordance with the terms of the Transaction Facilities prior to any distribution on account of the Modified Make-Whole Amount due under Section 9.13 hereof or under Section 9.13
of the 2012 NPA. The Collateral Agent on behalf of all Secured Creditors, is a third party beneficiary of this Section 9.13(b) and this section shall not be amended without its consent. 

Section 9.14. Special Mandatory Offers of Prepayment. 

(a) If the Parent Guarantor or any of its Subsidiaries Disposes of any property in accordance with and permitted by Section 10.3(a)(2),
Section 10.3(a)(4) (excluding a Permitted Sale and Leaseback Transaction under clause (a)(i) of the definition thereof) or Section 10.3(a)(6) hereof, then the Obligors shall apply 100% of the Net Cash Proceeds of such Disposal to the
pro rata payment of Senior Indebtedness outstanding under this Agreement and the other Transaction Facilities. Such prepayment of the Notes shall be made pursuant to a written offer of prepayment at a price equal to 100% of the principal
amount to be prepaid (at par) plus accrued interest to the date of prepayment, and as otherwise more fully set forth in Section 9.14(d) below; provided that the Tech Business Sale shall be governed by and subject to
Section 9.13. For the avoidance of doubt, “property” includes Equity Interests of any other Person by the Person making the applicable Disposition. 

  
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 (b) Upon the incurrence or issuance by the Parent Guarantor or any of its Subsidiaries of any
unsecured Indebtedness and/or Indebtedness that is subordinated or otherwise junior to the Notes (including any Subordinated Indebtedness), in each case, pursuant to a capital markets transaction or any substitutions thereof, in each case after the
Fourth Amendment Effective Date, the Obligors shall apply 100% of the Net Cash Proceeds of such incurrence or issuance to the pro rata payment of Senior Indebtedness outstanding under this Agreement and the other Transaction Facilities. Such
prepayment of the Notes shall be made pursuant to a written offer of prepayment at a price equal to 100% of the principal amount to be prepaid, accrued interest thereon to the date of prepayment, and the Modified Make-Whole Amount, and as otherwise
more fully set forth in Section 9.14(d) below. 
 (c) From and after the Fifth Amendment Effective Date, upon the issuance by
the Parent Guarantor or any of its Subsidiaries of any of its own Capital Stock (other than any issuance of Capital Stock in connection with employee benefit arrangements), the Obligors shall apply 100% of the Net Cash Proceeds of such issuance to
the pro rata payment of Senior Indebtedness outstanding under this Agreement and the other Transaction Facilities. Such prepayment of the Notes shall be made pursuant to a written offer of prepayment at a price equal to 100% of the principal
amount to be prepaid, accrued interest thereon to the date of prepayment, and the Modified Make-Whole Amount, and as otherwise more fully set forth in Section 9.14(d) below. 

(d) Each prepayment of Senior Indebtedness outstanding under this Agreement and the other Transaction Facilities pursuant to any Disposition,
incurrence of Indebtedness, issuance of Capital Stock or event or claim giving rise to Net Insurance/Condemnation Proceeds as described in this Section 9.14 (a “Prepayment Event”) shall be made on a pro rata basis
based on the Applicable Balance outstanding under the Transaction Facilities as of the Relevant Completion Date (such pro rata portion of Net Cash Proceeds or Net Insurance/Condemnation Proceeds applicable to the Notes, herein the
“Section 9.14 Ratable Amount”). The Obligors shall deposit the Net Cash Proceeds or Net Insurance/Condemnation Proceeds, as applicable, from any such Prepayment Event in a blocked account held with the Collateral Agent, for the
benefit of the Secured Creditors, on the Relevant Completion Date and promptly (and in any event within five (5) Business Days) following the Relevant Completion Date, make a written offer to prepay the Notes in an aggregate amount equal to the
Section 9.14 Ratable Amount, together with accrued interest thereon and the Modified Make-Whole Amount, if applicable, specifying a prepayment date that is not later than 30 days following the closing of the Prepayment Event. Such offer of
prepayment shall be made pro rata among all of the Notes under this Agreement, without regard to series. Following the application of such Net Cash Proceeds or Net Insurance/Condemnation Proceeds, as applicable, to prepay the Applicable
Balances outstanding under the 2015 Term Loan Agreement, the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement but pending the prepayment of the Notes as contemplated by this Section 9.14, the remaining balance of the Net
Cash Proceeds or Net Insurance/Condemnation Proceeds, as applicable, shall be held in such blocked account with the Collateral Agent for the benefit of the holders of the Notes and the 2012 Notes. If (x) a holder of the Notes or a holder of
2012 Notes declines all or a portion of its pro rata share of such prepayment, or (y) the Applicable Balance allocable to the lenders under the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement exceeds the
Applicable 

  
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Outstandings thereunder as of the Relevant Completion Date, the amount of such declined proceeds and any such excess as provided in clauses (x) and (y) above, shall be offered on a
pro rata basis to holders of the Notes and the 2012 Notes that have accepted such initial offer of prepayment and the lenders under the other Transaction Facilities based on the Applicable Balances thereof (it being agreed that any such
secondary offer may be made concurrently with the initial offer). The initial offer to prepay the Notes shall be made pursuant to Section 8.5 of this Agreement. The failure of any holder to respond to the offer shall be deemed an acceptance of
the offer. Any acceptance (or deemed acceptance) by a holder of such initial prepayment offer shall be deemed to constitute an acceptance of any such secondary offer. To the extent any Net Cash Proceeds or Net Insurance/Condemnation Proceeds of a
Prepayment Event offered to the holders of the Notes for prepayment are ultimately declined for prepayment (after any declined proceeds are re-offered to the holders of Notes and holders of 2012 Notes that have accepted the initial offer of
prepayment, as provided above), the amount of such declined proceeds shall be applied by the Obligors to prepay Senior Indebtedness outstanding under the other Transaction Facilities, as determined by the Company. Proceeds payable to each holder
pursuant to Section 9.14 shall be applied, first, to accrued interest on the principal balance being repaid to the date of payment, second, to the Modified Make-Whole Amount, if any, and finally, to the principal balance of the Notes. 

(e) If the Parent Guarantor or any of its Subsidiaries receives any Net Insurance/Condemnation Proceeds, the Company shall prepay an aggregate
principal amount of the Notes and other Senior Indebtedness under the Transaction Facilities equal to 100% of such Net Insurance/Condemnation Proceeds immediately upon receipt thereof by such Person (such prepayments to be made and applied as set
forth in clause (d) above); provided that, if, prior to the date any such prepayment is required to be made, the Parent Guarantor notifies the holders of the Notes of its intention to reinvest all or any portion of the Net
Insurance/Condemnation Proceeds in assets used or useful in the business (other than cash or Cash Equivalents) of the Parent Guarantor or any of its Subsidiaries up to a maximum of $25,000,000 in respect of each individual event or claim giving rise
to Net Insurance/Condemnation Proceeds (such Net Insurance/Condemnation Proceeds or portion thereof, the “Eligible Reinvestment Proceeds”), then so long as (a) no Default or Event of Default has occurred and is continuing and
(b) such Eligible Reinvestment Proceeds are held in a blocked account opened with the Collateral Agent, for the benefit of the Secured Creditors, until such time as they are reinvested, the Company shall not be required to make a mandatory
prepayment under this clause (e) in respect of such Eligible Reinvestment Proceeds to the extent such Eligible Reinvestment Proceeds are so reinvested within 180 days following receipt thereof, or if the Parent Guarantor or any of its
Subsidiaries has committed to so reinvest such Eligible Reinvestment Proceeds during such 180-day period and such Eligible Reinvestment Proceeds are so reinvested within 90 days after the expiration of such 180-day period; provided further that, if
any Eligible Reinvestment Proceeds have not been so reinvested prior to the expiration of the applicable period, the Parent Guarantor shall promptly prepay the outstanding principal amount of the Notes and other Indebtedness with the Eligible
Reinvestment Proceeds not so reinvested as set forth in clause (d) above (without regard to the immediately preceding proviso). Any such prepayment of the Notes pursuant to this Section 9.14(e) shall be made pursuant to a written offer of
prepayment to the holders of the Notes at a price equal to 100% of the principal amount to be prepaid (at par) plus accrued interest to the date of prepayment, and as otherwise more fully set forth in Section 9.14(d) above. 

  
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 Section 9.15. Collateral Delivery Obligation. 

(a) Within the time periods specified in Section 9.15(c) below, all obligations under the Notes, this Agreement and the other Financing
Agreements shall be secured by valid and perfected first priority Liens and security interests in all of the Collateral, subject to (x) Liens permitted under this Agreement, (y) the Agreed Collateral Principles and (z) Sections 2.2
and 2.3 of the U.S. Security Agreement. 
 Notwithstanding the foregoing, in no event shall the Collateral include any property to the
extent that such grant of a security interest would contravene the Agreed Collateral Principles or Section 2.3 of the U.S. Security Agreement (other than with respect to any request by the Collateral Agent contemplated thereunder) (the
“Excluded Collateral”). 
 The “Agreed Collateral Principles” are as follows: (i) no lien by any
Person organized outside of the United States shall be made that would result in any breach of any law or regulation (or analogous restriction) of the jurisdiction of organization of such Person or result in any risk to the officers or directors of
such Person or a civil or criminal liability, (ii) the Note Parties shall take all such actions as may be necessary to create and perfect security interests in motor vehicles and any other assets subject to a certificate of title to the extent
requested by the Required Holders, and (iii) the Note Parties shall take all reasonable actions necessary to create and perfect security interests in all property (other than Excluded Collateral) of the Note Parties subject to the laws of the
United Kingdom, Liechtenstein, Netherlands, Curaçao, Australia, Canada and each other non-U.S. jurisdiction reasonably required by the Required Holders (including, if so required, entering into local law-governed instruments pledging the
Capital Stock of foreign Subsidiaries), it being expressly acknowledged that in certain jurisdictions it may be (A) impossible or impractical (including for legal and regulatory reasons) to create security over certain categories of assets or
(B) it may take longer than agreed upon to grant or create such security over certain categories of assets, in which event the Required Holders will act reasonably in granting the necessary extension of timing for obtaining such security,
provided, that with respect to subsections (A) and (B), the applicable Note Party has exercised commercially reasonable efforts in providing such security. 

(b) Notwithstanding anything to the contrary in this Agreement or the Financing Agreements, the Liens on the Collateral shall be created
pursuant to security agreements and other instruments (the “Security Documents”) in favor of the Collateral Agent for the equal and ratable benefit of the holders of the Notes, the holders of the 2012 Notes, and the credit providers
(including, without limitation, lenders, providers of cash management and hedge obligations) under each of the 2013 Revolving Credit Agreement, the 2015 Revolving Credit Agreement, the 2015 Term Loan Agreement and the letter of credit facilities
referred to in clause (v) below, in each case, that are parties to the hereinafter defined Intercreditor Agreement, and securing the relevant Note Party’s obligations under such Transaction Facilities and the letter of credit facilities
referred to in clause (v) below. The enforcement of the rights and benefits in respect of the Security Documents will be subject to the Intercreditor Agreement. 

(c) The Liens and security interests on the Collateral contemplated hereby shall be granted and perfected within the following time periods:
(i) for Collateral with respect to which 

  
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Liens may be perfected by filing of a UCC-1 financing statement, within 21 days following the Fourth Amendment Effective Date and for Collateral of any Note Party organized under the laws of the
United States, any state thereof or the District of Columbia that may not be perfected by filing of a UCC-1 financing statement, within the time period set forth in and to the extent required by the Fifth Amendment and the Security Documents to
which such Note Party is a party as in effect on the Fifth Amendment Effective Date, (ii) for all Collateral of the Note Parties organized under the laws of the United Kingdom and the Netherlands to the extent perfection thereof is governed by
the laws of such jurisdictions, respectively, on or prior to the Fifth Amendment Effective Date (or such later date as set forth in the Security Documents therefor as in effect on the Fifth Amendment Effective Date) and (iii) for all Collateral
of the Note Parties organized under the laws of Liechtenstein, Curaçao, Australia or Canada to the extent perfection thereof is governed by the laws of such jurisdictions, respectively, within 30 days following the Fifth Amendment Effective
Date or such other date as may be specified in Annex VIII to the Fifth Amendment, (iv) with respect to all real property of the Note Parties located in the United States and valued in excess of $2,500,000, within 30 days following request by
the Collateral Agent in accordance herewith (or such later date as may be agreed to by the Required Holders) and (vi) for all other Collateral, within 60 days following the written request of the Required Holders, subject to the Agreed
Collateral Principles, Sections 2.2 and 2.3 of the U.S. Security Agreement and as may otherwise be agreed by the Required Holders. 
 (d)
Bank of America, N.A. shall act as the “collateral agent” (including any successors, the “Collateral Agent”) under the Security Documents and any other security instruments, and each of the holders hereby irrevocably
appoints and authorizes Bank of America, N.A. (i) to act as the agent of such holder for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Note Parties to secure any of the obligations under the
Notes and the other Financing Agreements, together with such powers and discretion as are reasonably incidental thereto, in all cases, subject to the Intercreditor Agreement, and (ii) to enter into security documents and any other related
security instruments on behalf of the holders. 
 (e) The Obligors shall promptly upon execution thereof provide the Collateral Agent with
copies of all executed Security Documents and all documents and instruments evidencing that the Liens and security interests contemplated hereby have been filed for record or have been otherwise perfected. 

(f) Upon the grant of Liens and security interests pursuant to this Section 9.15, the remedies available to the holders under
Section 12.2 hereof at any time an Event of Default has occurred and is continuing shall include the right to enforce any Security Document, subject to the Intercreditor Agreement and the terms of such Security Documents. 

Section 9.16. Financial Advisor. In consideration of the execution and delivery by the holders of the Fourth Amendment, the
Obligors have agreed that the holders of the Notes and the holders of the 2012 Notes shall be entitled to engage Evercore Group L.L.C. and RPA Advisors, LLC (or any replacement thereof or successor thereto designated by the Required Holders) as
financial advisors to such holders (together, the “Financial Advisor”) not later than July 15, 2017. The Obligors agree (a) to cooperate with the holders in the engagement of the Financial

  
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Advisor, which engagement shall be on terms reasonably acceptable to the Obligors, including terms of confidentiality reasonably acceptable to the Obligors and the Required Holders
(provided the selection of the Financial Advisor shall be in the sole discretion of the holders), and (b) to provide (i) financial information requested by the Financial Advisor regarding the Parent Guarantor and its Subsidiaries,
their businesses and properties, and (ii) access to senior management of the Obligors and their Subsidiaries, in each case, in accordance with the Engagement Letter. The Obligors agree to pay the fees and expenses of the Financial Advisor in
accordance with the Engagement Letter. The obligations of the Obligors with respect to the Financial Advisor shall end on the date following the Fourth Amendment Effective Date on which the Senior Secured Leverage Ratio has been less than 2.50 to
1.00 for four (4) consecutive fiscal quarters (as evidenced to the holders and such evidence reasonably satisfactory to the Required Holders). 

Section 9.17. Appraisals. The Collateral Agent or the holders of Notes may obtain from time to time an appraisal of all or any
part of any Collateral, prepared in accordance with written instructions from the Collateral Agent or the Required Holders, from a third-party appraiser satisfactory to, and engaged directly by, the Required Holders. The cost of any appraisal shall
be borne by the Obligors and such cost shall be part of the Indebtedness, and constitute an obligation (without duplication under any Transaction Facility) hereunder and shall be payable by the Obligors to the holders on written demand (which
obligation the Obligors hereby promise to pay). 
 Section 9.18. Further Assurances. Promptly upon request by the Collateral
Agent or the Required Holders, the Company and its Subsidiaries shall (a) correct any material defect or error that may be discovered in any Financing Agreement or in the execution, acknowledgment, filing or recordation thereof, and
(b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent or the Required Holders may
reasonably require from time to time in order to (i) carry out more effectively the purposes of the Financing Agreements, (ii) to the fullest extent permitted by applicable law, subject any Collateral Note Party’s properties, assets,
rights or interests to the Liens now or hereafter intended to be covered by any of the Security Documents, subject to the terms thereof, (iii) perfect and maintain the validity, effectiveness and priority of any of the Security Documents and
any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Creditors the rights granted or now or hereafter intended to be granted to the
Secured Creditors under any Financing Agreement or under any other instrument executed in connection with any Financing Agreement to which any Note Party is or is to be a party. 

Section 9.19. Strategic Review. Effective as of August 9, 2017, the Parent Guarantor’s financial advisor, FTI
Consulting, Inc. (“FTI”), shall engage in a strategic review of the Parent Guarantor and its business in light of the Tech Business Sale, with a focus on alternative deleveraging strategies and detailed implementation of same, such
review to be conducted in accordance with, and a report and presentation in respect thereof to be given to the holders on the dates specified in, the addendum to that certain engagement contract, dated May 18, 2017, between the Parent Guarantor
and FTI. The Parent Guarantor shall not amend, modify, vary or 

  
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supplement the scope of FTI’s engagement for the strategic review or terminate such engagement, at any time on and following the Fifth Amendment Effective Date, without the prior written
consent of the Required Holders (provided that the Required Holders’ written consent shall not be required to the extent the scope of the FTI engagement is expanded or broadened, so long as a copy of the FTI engagement letter documenting such
expanded scope is promptly delivered to the holders of the Notes upon being agreed between FTI and the Parent Guarantor). FTI shall present a report of its findings to the Parent Guarantor’s Board of Directors no later than October 8,
2017. Within five (5) Business Days following FTI’s presentation to the Parent Guarantor’s Board of Directors, the Parent Guarantor and FTI shall meet with the holders of the Notes and their professional advisors to discuss any
strategic alternatives and/or initiatives to be recommended as a result of the strategic review. 
 SECTION 10.
NEGATIVE COVENANTS. 
 Each Obligor, jointly and severally, covenants that from the Execution Date until
the Closing and thereafter, so long as any of the Notes are outstanding: 
 Section 10.1. Transactions with Affiliates. Other
than transactions otherwise permitted by Section 10.11, the Obligors will not, and will not permit any Subsidiary to, enter into directly or indirectly any transaction (including without limitation the purchase, lease, sale or exchange of
properties of any kind or the rendering of any service) with any Affiliate (other than the Obligors or a Note Party), or make loans or advances to any holder or holders of any Equity Interests of the Parent Guarantor, except in the ordinary course
and pursuant to the reasonable requirements of any Obligor’s or such Note Party’s business and upon fair and reasonable terms no less favorable to such Obligor or such Note Party than would be obtainable in a comparable arm’s-length
transaction with a Person not an Affiliate. 
 Section 10.2. Merger, Consolidation, Etc. The Obligors will not, and will not
permit any Subsidiary to, consolidate with or merge with any other Person, or liquidate, wind-up or dissolve (or suffer any liquidation or dissolution) or convey, transfer or lease (as lessor) all or substantially all of its assets in a single
transaction or series of related transactions to any Person (each such transaction a “Fundamental Change”), except: 

(a) the Parent Guarantor may consolidate with or merge with, or convey, transfer or lease substantially all of its assets in a
single transaction or series of related transactions to, any other Person if (i) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of
the assets of the Parent Guarantor as an entirety, as the case may be (the “Surviving Parent”), shall be a solvent corporation or limited liability company organized and existing under the laws of an Acceptable Jurisdiction,
(ii) if the Parent Guarantor is not the Surviving Parent, the due and punctual performance and observation of all of the obligations in the Financing Agreements to be performed or observed by the Parent Guarantor are expressly assumed in
writing by the Surviving Parent and the Surviving Parent shall furnish to the holders of the Notes an opinion of nationally recognized independent counsel to the effect that each agreement or instrument effecting such assumption has been duly
authorized, executed and delivered and constitutes the 

  
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legal, valid and binding obligation of the Surviving Parent enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles and containing other usual and customary assumptions, qualifications and exceptions, (iii) each of the Subsidiary
Guarantors shall have confirmed and ratified in writing reasonably satisfactory to the Required Holders its obligations under its Subsidiary Guarantee, and (iv) immediately before and after giving effect to any such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (b) the Company may consolidate with or merge with, or convey,
transfer or lease substantially all of its assets in a single transaction or series of related transactions to, any other Person if (i) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by
conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Surviving Company”), shall be a solvent corporation or limited liability company organized and existing
under the laws of the United States or any State thereof (including the District of Columbia), (ii) if the Company is not the Surviving Company, the due and punctual performance and observation of all of the obligations in the Financing
Agreements (including the Notes) to be performed or observed by the Company are expressly assumed in writing by the Surviving Company and the Surviving Company shall furnish to the holders of the Notes an opinion of nationally recognized independent
counsel to the effect that each agreement or instrument effecting such assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of the Surviving Company, enforceable in accordance with its
terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles and containing other
usual and customary assumptions, qualifications and exceptions, (iii) each of the Parent Guarantor and Subsidiary Guarantors shall have confirmed and ratified in writing reasonably satisfactory to the Required Holders its obligations under the
Parent Guarantee and Subsidiary Guarantee, respectively, and (iv) immediately before and after giving effect to any such transaction, no Default or Event of Default shall have occurred and be continuing; 

(c) a Subsidiary of the Parent Guarantor may be merged into or consolidated with the Parent Guarantor (in which case the Parent
Guarantor shall be the surviving corporation) or any wholly-owned Subsidiary of the Parent Guarantor provided the Parent Guarantor owns, directly or indirectly, a percentage of the equity of the merged entity not less than the percentage it owned of
the Subsidiary prior to such Fundamental Change and if the predecessor Subsidiary was (i) a Non-Collateral Note Party, the surviving Subsidiary shall be a Note Party hereunder or (ii) a Collateral Note Party, the surviving Subsidiary shall
be a Collateral Note Party hereunder; 
 (d) Fundamental Changes permitted under Sections 10.1, 10.3 and 10.11; and 

  
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 (e) any liquidation of any Subsidiary of the Parent Guarantor, provided the
holder of its Equity Interests, to whom its assets upon liquidation are distributed, is the Parent Guarantor or another Subsidiary of the Parent Guarantor, as applicable; 

(f) any Material Subsidiary may dissolve, liquidate or wind-up its affairs at any time if such dissolution, liquidation or
winding up is not disadvantageous to the holders of the Notes in any material respect (as determined by the Required Holders and notified to the Parent Guarantor); and 

(g) any Subsidiary that is not a Material Subsidiary may dissolve, liquidate or wind-up its affairs at any time. 

No such conveyance, transfer or lease of substantially all of the assets of any Obligor or any Subsidiary Guarantor shall have the effect of releasing any
Obligor or any Subsidiary Guarantor or any Surviving Parent, Surviving Company or any other Person that becomes the surviving or continuing Person in the manner prescribed in this Section 10.2 from its liability under the Financing Agreements,
the Notes or any Subsidiary Guarantee, as applicable. 
 Section 10.3. Sales of Assets. (a) At all times from and after the
Fifth Amendment Effective Date, the Obligors will not, and will not permit any Subsidiary to, consummate any Asset Sale, except: 

(1) sales of inventory in the ordinary course of business; 

(2) the Disposition in the ordinary course of business of equipment that is obsolete, excess or no longer used or useful in the
Parent Guarantor’s or its Subsidiaries’ businesses; 
 (3) (i) Dispositions of assets from a Collateral Note Party
to any other Collateral Note Party, (ii) Dispositions of assets from a Non-Collateral Note Party to a Collateral Note Party, (iii) Dispositions of assets from a Non-Note Party to the Parent Guarantor or any of its Subsidiaries,
(iv) Dispositions of assets from a Collateral Note Party to a Non-Collateral Note Party made in the ordinary course of business and upon fair and reasonable terms no less favorable to such Collateral Note Party than would be obtainable in a
comparable arm’s length transaction with a Person that is neither the Parent Guarantor nor one of its Subsidiaries, and (v) Dispositions of assets in the ordinary course of business from a Note Party to a Subsidiary of the Parent Guarantor
that is not a Note Party and not otherwise prohibited by this Agreement in an aggregate amount not to exceed $25,000,000 in the aggregate from and after the Fourth Amendment Effective Date; 

(4) the Permitted Sale and Leaseback Transactions; 

(5) [Reserved]; 

  
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 (6) other leases, sales or other Dispositions of assets not otherwise permitted
by this Section 10.3(a) (but for the avoidance of doubt, not including the Tech Business Sale) if such transaction (A) is for consideration consisting of one hundred percent (100%) cash, (B) is for not less than fair market value
(as determined in good faith by the Parent Guarantor’s board of directors), and (C) has been approved in writing by the Required Holders prior to the consummation thereof; and 

(7) Dispositions in connection with the Tech Business Sale (A) so long as the Obligors comply with the requirements of
Section Section 9.13 in connection therewith, and (B) either (i) the requirements of Section 10.3(b) have been met, or (ii) the Required Holders otherwise consent to the consummation of the Tech Business Sale. 

(b) The Obligors shall (1) prepare a confidential information memorandum, financial model and transaction structure
memorandum, in each case, for the Tech Business Sale (collectively, the “Tech Sale Marketing Materials”), and deliver copies of such Tech Sale Marketing Materials to the Required Holders no later than September 8, 2017,
(2) prepare, for distribution to prospective purchasers, a form of purchase and sale agreement for the Tech Business Sale, in form and substance reasonably satisfactory to the Required Holders, by no later than October 15, 2017;
(3) obtain the prior written consent of the Required Holders to the final terms and conditions upon which the Tech Business Sale will be completed (including, without limitation, as to purchase price, closing conditions, holdbacks, etc.) prior
to the execution of any definitive purchase and sale documentation, (4) execute definitive purchase and sale documentation in form and substance satisfactory to the Required Holders on or before December 8, 2017, provided the Required
Holders may, in their sole discretion, extend such deadline for up to 15 days at no additional cost or expense to the Obligors (to the extent such extension relates solely to the extension of such deadline), (5) prior to the consummation of the
Tech Business Sale, deliver detailed information regarding the closing calculations for the Tech Business Sale, including estimated working capital adjustments, which shall be reasonably acceptable to the Required Holders, and (6) consummate
the Tech Business Sale (and the accompanying closing funds flow) on or before December 27, 2017, provided, that at no additional cost to the Obligors, the Required Holders may, in their sole discretion, extend such deadline for up to 64 days at
no additional cost or expense to the Obligors (to the extent such extension relates solely to the extension of such deadline). 

Section 10.4. Line of Business. The Obligors will not, and will not permit any Subsidiary to, engage in any business if, as a
result, the general nature of the business in which the Obligors and their Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Obligors and their Subsidiaries,
taken as a whole, are engaged on the date of this Agreement as described in the Memorandum. 

  
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 Section 10.5. Terrorism Sanctions Regulations. No Obligor will or will permit any
Controlled Entity (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or by the European Union, or
(b) directly or indirectly to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing
or transaction (i) would cause any holder to be in material violation of any U.S. Economic Sanctions applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor,
to such Obligor or Controlled Entity’s knowledge, shall any Affiliate of either engage, in any activity that would subject such Person or any Purchaser or any holder to sanctions under CISADA or any similar law or regulation with respect to
Iran or any other country that is subject to U.S. Economic Sanctions. 
 Section 10.6. Liens. The Obligors will not, and will
not permit any Subsidiary to, create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien securing Indebtedness for borrowed money on or with respect to any property or asset (including, without limitation,
any document or instrument in respect of goods or accounts receivable) of any Obligor or any such Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive
income or profits, except: 
 (a) Liens (other than Environmental Liens and Liens in favor of the Internal Revenue Service or
the PBGC) for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not at the time required by Section 9.4; 

(b) statutory Liens of landlords and carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested by any Obligor or such Subsidiary on a timely basis in good faith and in appropriate
proceedings in compliance with Section 9.4; 
 (c) pledges and deposits made in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance, pensions or other employee benefits and other social security laws or regulations; provided that all such Liens do not in the aggregate materially detract from the value of the
Parent Guarantor’s or its Subsidiary’s assets or property taken as a whole or materially impair the use thereof in the operation of the businesses taken as a whole; 

(d) any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after entry thereof, have been
discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of such stay; 

(e) other Liens incidental to the normal course of the business of the Obligors and their Subsidiaries or the ownership of
their property, including, without limitation, 

  
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deposits and Liens with respect to the performance of statutory obligations, in each case which are not securing Indebtedness, but specifically excluding any such Liens securing the performance
of bids, trade contracts, leases, surety and appeal bonds or performance bonds; 
 (f) covenants, easements, zoning
restrictions, rights of way, governmental permitting and operation restrictions and similar encumbrances on real property imposed by law as arising in the ordinary course of business that do not secure any monetary obligation and do not materially
detract from the value of the affected property or interfere with the ordinary conduct of business of the Obligors and their Subsidiaries taken as a whole; 

(g) licenses, leases or subleases granted to other Persons in the ordinary course of business and not interfering in any
material respect with the business of the Obligors and their Subsidiaries; 
 (h) customary bankers’ Liens and rights of
setoff arising, in each case, in the ordinary course of business and incurred on deposits made in the ordinary course of business; 

(i) Liens on property or assets of any Obligor or any of its Subsidiaries securing Indebtedness owing to either Obligor or to a
Note Party; 
 (j) Liens on property or assets securing the Indebtedness of any Obligor or any Subsidiary as of the date of
the Closing and reflected in Schedule 5.15; 
 (k) any Lien created to secure all or part of the purchase price, or to
secure Indebtedness incurred or assumed to pay all or any part of the purchase price or cost of construction or improvement, of property (or any improvement thereon) acquired or constructed by any Obligor or a Subsidiary after the date of the
Closing, provided that (i) any such Lien shall extend solely to the item or items of such property (or improvement thereon and proceeds thereof) so acquired or constructed and, if required by the terms of the instrument originally
creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement
thereon), and (ii) any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property; 

(l) any Lien existing on property of a Person immediately prior to its being consolidated with or merged into either Obligor or
a Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by either Obligor or a Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have assumed), provided
that (i) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Subsidiary or such acquisition of property, and (ii) each such Lien shall

  
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extend solely to the item or items of property so acquired (and proceeds thereof) and, if required by the terms of the instrument originally creating such Lien, other property which is an
improvement to or is acquired for specific use in connection with such acquired property; 
 (m) any Lien renewing,
extending, replacing or refunding any Lien permitted by paragraphs (j), (k) or (l) of this Section 10.6, provided that (i) the principal amount of Indebtedness secured by such Lien immediately prior to such extension,
renewal, replacement or refunding is not increased or the maturity thereof reduced, (ii) such Lien is not extended to any other property, and (iii) immediately after such extension, renewal, replacement or refunding, no Default or Event of
Default would exist; 
 (n) Liens on pledged cash of the Parent Guarantor and its Subsidiaries required for notional cash
pooling arrangements in the ordinary course of business and not securing Indebtedness for borrowed money; 
 (o) Liens on
property or assets of the Parent Guarantor and its Subsidiaries securing Senior Indebtedness under this Agreement, the Notes and the other Transaction Facilities and the other obligations of the Parent Guarantor and its Subsidiaries under the
Transaction Facilities, provided that each lender or holder thereunder (or an authorized administrative agent on its behalf) is a party to or otherwise bound by the Intercreditor Agreement; and 

(p) Liens not to exceed $500,000,000, on terms and conditions satisfactory to the Required Holders, securing performance and
financial letters of credit issued by lenders under the 2013 Revolving Credit Agreement, the 2015 Term Loan Agreement and/or the 2015 Revolving Credit Agreement (but outside of such Credit Agreements) to the extent such Liens (i) arise under
the Security Documents (or any other documents that grant a Lien on assets of the Parent Guarantor and its Subsidiaries to secure the obligations hereunder and under the other Transaction Facilities) and (ii) are subject to the Intercreditor
Agreement (up to such $500,000,000 limit), including the requirement that such lenders shall vote in the same class as the lenders under the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement. 

In addition, neither the Parent Guarantor nor any of its Subsidiaries shall become a party to any agreement, note, indenture or other
instrument, or take any other action, which would prohibit the creation of a Lien on any of its properties or other assets in favor of the Collateral Agent as collateral for the Notes; provided that (x) any agreement, note, indenture or other
instrument in connection with purchase money Indebtedness (including Capitalized Leases) incurred in compliance with the terms of this Agreement may prohibit the creation of a Lien in favor of the Collateral Agent and the holders of the Notes on the
items of property obtained with the proceeds of such Indebtedness and (y) the Transaction Facilities (and any Permitted Refinancing thereof) may prohibit the creation of a Lien in favor of the Collateral Agent and the holders of the Notes
unless such Indebtedness is secured equally and ratably with the Notes. 

  
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 Section 10.7. Leverage Ratios, Capital Markets Indebtedness. (a) The Parent
Guarantor shall not permit the ratio (the “Leverage Ratio”) of (i) all Adjusted Indebtedness of the Parent Guarantor and its Subsidiaries as of any date of determination (but excluding Joint Venture Indebtedness) to
(ii) EBITDA for the most recently-ended period of four-fiscal quarters for which financial statements were required to be delivered to exceed the lesser of (x) commencing with the four fiscal quarter period ending March 31, 2018, 1.75
to 1.00 and (y) the level required to be maintained under a similar leverage covenant contained in any Credit Agreement for such applicable fiscal period. 

(b) The Leverage Ratio shall be calculated as of the last day of each fiscal quarter commencing with the fiscal quarter ending March 31,
2018 based upon, (A) for Adjusted Indebtedness, Adjusted Indebtedness (but excluding Joint Venture Indebtedness) as of the last day of each such fiscal quarter, and (B) for EBITDA, the actual amount for the four quarter period ending on
such day. 
 (c) From and after the Fifth Amendment Effective Date, the Parent Guarantor shall not, nor shall it permit any Subsidiary to,
create, incur, assume or otherwise become directly or indirectly liable with respect to any unsecured Indebtedness pursuant to a capital markets transaction or any substitution thereof, unless such unsecured Indebtedness constitutes Subordinated
Indebtedness. 
 Section 10.8. [Reserved]. 

Section 10.9. Fixed Charge Coverage Ratio. From and after March 31, 2018, the Parent Guarantor and its consolidated
Subsidiaries shall maintain a ratio (“Fixed Charge Coverage Ratio”), without duplication, of Consolidated Net Income Available for Fixed Charges to Consolidated Fixed Charges of at least 2.25 to 1.00 for the most recently-ended
period of four fiscal quarters for which financial statements were required to be delivered. 
 Section 10.10. Indebtedness.
(a) After the Fifth Amendment Effective Date, the Parent Guarantor shall not, nor shall it permit any Subsidiary to, create, incur, assume or otherwise become or remain directly or indirectly liable with respect to any secured Indebtedness
except with respect to (i) secured Indebtedness in existence on the Fifth Amendment Effective Date (and any Permitted Refinancing thereof) to the extent not otherwise in violation of Section 10.10(b) and (ii) to the extent such
Indebtedness is secured, Indebtedness permitted pursuant to Sections 10.10(b)(1), 10.10(b)(2), 10.10(b)(3), 10.10(b)(8), 10.10(b)(10) and 10.10(b)(11) (in each case to the extent that notwithstanding this Section 10.10(a) such Indebtedness is
permitted to be secured under this Agreement). 
 (b) From and after the Fifth Amendment Effective Date, the Parent Guarantor shall not, nor
shall it permit any Subsidiary to, create, incur, assume or otherwise become or remain directly or indirectly liable with respect to any Indebtedness at any time, except: 

(1) Indebtedness of the Obligors under this Agreement and of the Subsidiaries under the Subsidiary Guarantees; 

  
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 (2) Indebtedness in respect of guaranties executed by any Subsidiary Guarantor
with respect to any Indebtedness of the Parent Guarantor and Indebtedness in respect of guaranties executed by the Parent Guarantor with respect to any Indebtedness of the Parent Guarantor’s Subsidiaries, provided that such underlying
Indebtedness is not incurred by the Parent Guarantor or any such Subsidiary, as applicable, in violation of this Agreement; 

(3) Indebtedness in respect of obligations secured by Customary Permitted Liens; 

(4) Indebtedness constituting Contingent Obligations permitted by Section 10.12; 

(5) Unsecured Indebtedness arising from loans from (i) any Collateral Note Party to any other Collateral Note Party,
(ii) any Non-Collateral Note Party to a Note Party, (iii) any Collateral Note Party to a Non-Collateral Note Party, provided that (A) such Indebtedness has arisen in the ordinary course of business, and (B) to the extent the
principal amount of such Indebtedness is $1,000,000 or greater, a promissory note evidencing such Indebtedness has been delivered as additional Collateral in favor of the Collateral Agent, (iv) any Non-Note Party to the Parent Guarantor or any
of its Subsidiaries, (v) Lealand Finance Company B.V. to any Subsidiary (other than any Subsidiary Guarantor) in an aggregate outstanding principal amount not to exceed $100,000,000 at any time and (vi) any one or more Subsidiary
Guarantors to Horton CBI, Limited in an aggregate outstanding principal amount not to exceed $100,000,000; provided, that if (x) any Note Party is the obligor on such Indebtedness or (y) such Indebtedness has been incurred under clause
(v) or (vi) hereof, such Indebtedness shall be expressly subordinate to the payment in full in cash of the Notes on terms satisfactory to the Required Holders; provided further that the creditor in respect of any such unsecured
Indebtedness must be permitted to make an Investment in the relevant debtor in the amount of such Indebtedness under Section 10.11; 

(6) Indebtedness arising under any Swap Contracts which are not prohibited under Section 10.16; 

(7) Unsecured Indebtedness with respect to surety, appeal and performance bonds and Performance Letters of Credit (under and as
defined in this Agreement and the Existing Revolving Credit Agreement) obtained by any of the Parent Guarantor’s Subsidiaries in the ordinary course of business and which support only the business activities of the Parent Guarantor and its
Subsidiaries and not those of any other Person (other than in favor of joint ventures otherwise permitted hereunder and the purchaser and its affiliates in connection with Project Jazz); 

(8) Indebtedness evidenced by letters of credit, bank guarantees or other similar instruments in an aggregate face amount not
to exceed at any time $150,000,000 issued in the ordinary course of business to secure obligations of the Parent Guarantor and its Subsidiaries under workers’ compensation and other social security programs, and Contingent Obligations with
respect to any such permitted letters of credit, bank guarantees or other similar instruments; 

  
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 (9) (i) Permitted Existing Indebtedness and (ii) other Indebtedness, in
addition to that referred to elsewhere in this Section 10.10, incurred by the Parent Guarantor or any of its Subsidiaries, provided that no Default or Event of Default shall have occurred and be continuing at the date of such incurrence or
would result therefrom, and provided further that the aggregate outstanding amount of all Indebtedness incurred under this clause (9)(ii) shall not at any time exceed $25,000,000; 

(10) Indebtedness of the Obligors and any Subsidiary Guarantor in respect of (i) the 2013 Revolving Credit Agreement,
(ii) the 2015 Revolving Credit Agreement, and (iii) the 2015 Term Loan Agreement (and any Permitted Refinancing in each case thereof), so long as such Indebtedness is not senior to the Notes in right of payment and is not guaranteed by any
Subsidiary that is not a Subsidiary Guarantor; 
 (11) Indebtedness of any Subsidiary Guarantor in respect of the 2012 Notes,
so long as such Indebtedness is not senior to the Notes in right of payment and is not guaranteed by any Subsidiary that is not a Subsidiary Guarantor; and 

(12) Unsecured Indebtedness incurred by any Borrower or any Subsidiary Guarantor and owing to a joint venture in which any
Borrower or any Subsidiary Guarantor owns any interest in an aggregate outstanding amount not to exceed $750,000,000 at any time. 
 Notwithstanding the
foregoing, the aggregate outstanding Indebtedness of the Parent Guarantor and its Subsidiaries incurred under Sections 10.10(b)(1), 10.10(b)(9), 10.10(b)(10) and 10.10(b)(11) above shall not at any time exceed an amount equal to (x) from the
Fifth Amendment Effective Date through the date of the Tech Business Sale, $3,000,000,000, and (y) thereafter, $2,900,000,000, less, in each case, the aggregate amount of all scheduled repayments and mandatory prepayments of such Indebtedness
(but, in respect of any mandatory prepayments under the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement, only to the extent the Commitments (as defined the 2013 Revolving Credit Agreement and the 2015 Revolving Credit
Agreement, respectively) have been reduced by such prepayment) made after the Fifth Amendment Effective Date up to the date of determination. 

Section 10.11. Investments. Except to the extent permitted pursuant to Section 10.13, neither the Parent Guarantor nor any of
its Subsidiaries shall directly or indirectly make or own any Investment except: 
 (a) Investments in cash and Cash Equivalents; 

(b) Permitted Existing Investments in an amount not greater than the amount thereof on July 8, 2015; 

  
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 (c) Investments in trade receivables or received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(d) Investments consisting of deposit accounts maintained by the Parent Guarantor and its Subsidiaries; 

(e) Investments consisting of non-cash consideration from a sale, assignment, transfer, lease, conveyance or other disposition of property
permitted by Section 10.3; 
 (f) Investments (i) in any consolidated Subsidiaries outstanding on the Fourth Amendment Effective
Date, and (ii) after the Fourth Amendment Effective Date, additional Investments (A) by Collateral Note Parties in other Collateral Note Parties, (B) by Non-Collateral Note Parties in Note Parties, (C) by Non-Note Parties in the
Parent Guarantor or any of its Subsidiaries, (D) by Collateral Note Parties in Non-Collateral Note Parties, provided that any such Investment is made in the ordinary course of business, and if taking the form of Indebtedness in a principal
amount of $1,000,000 or greater, such Investment shall be evidenced by a promissory note that is delivered as additional Collateral in favor of the Collateral Agent, and (E) by the Note Parties in consolidated Subsidiaries that are not Note
Parties in an aggregate amount invested not to exceed $15,000,000; provided in each case that the recipient of any such Investment taking the form of Indebtedness is permitted to incur such Indebtedness under Section 10.10; 

(g) (i) Permitted Existing J/V Investments and (ii) other Investments in joint ventures (other than Subsidiaries) and nonconsolidated
Subsidiaries in an aggregate amount not to exceed $25,000,000 at any time after the Fifth Amendment Effective Date; 
 (h) [Reserved]; 

(i) Investments constituting Indebtedness permitted by Sections 10.7 and 10.10 or Contingent Obligations permitted by Section 10.12;

 (j) Investments in addition to those referred to elsewhere in this Section 10.11 in an aggregate amount not to exceed $15,000,000 at
any time; provided that any such Investments incurred after the Fourth Amendment Effective Date shall only be permitted to the extent that (i) on the date of such Investment the Leverage Ratio is less than 3.00 to 1.00 (the Leverage
Ratio as evidenced to the holders and such evidence reasonably satisfactory to the Required Holders), and (ii) no Default or Event of Default shall have occurred and be continuing or would result therefrom; and 

(k) Investments of The Shaw Group Inc. and its Subsidiaries permitted under the Transaction Agreement. 

Section 10.12. Contingent Obligations. The Obligors will not, and will not permit any Subsidiary to, directly or indirectly create
or become or be liable with respect to any Contingent Obligation, except: (a) recourse obligations resulting from endorsement of negotiable 

  
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instruments for collection in the ordinary course of business; (b) Permitted Existing Contingent Obligations; (c) Contingent Obligations incurred (i) to support the performance of
bids, tenders, sales or contracts (other than for the repayment of borrowed money), or (ii) with respect to surety, appeal and performance bonds obtained by the Parent Guarantor or any Subsidiary (provided that the Indebtedness with
respect thereto is permitted pursuant to Sections 10.7 and 10.10) in each case related to the ordinary course business activities of the Company and its Subsidiaries and not those of any other Person or, solely to the extent of its relative
ownership interest therein, any Person (other than a Wholly-Owned Subsidiary of the Parent Guarantor) in which the Parent Guarantor or any of its Subsidiaries have a joint interest or other ownership interest, in each case in the ordinary course of
business; (d) Contingent Obligations of the Subsidiary Guarantors under the Subsidiary Guarantees and the Parent Guarantor under this Agreement; and (e) Contingent Obligations in respect of the Transaction Facilities and Contingent
Obligations of The Shaw Group Inc. and its Subsidiaries permitted under the Transaction Agreement. 
 Section 10.13. Subsidiaries;
Acquisitions. 
 (a) The Parent Guarantor shall not create, acquire or capitalize any Subsidiary after the Fourth Amendment Effective
Date unless (x) no Default or Event of Default shall have occurred and be continuing or would result therefrom; (y) after such creation, acquisition or capitalization, all of the representations and warranties contained herein shall be
true and correct (unless such representation and warranty is made as of a specific date, in which case, such representation or warranty shall be true and correct as of such date); and (z) after such creation, acquisition or capitalization the
Parent Guarantor and such Subsidiary shall be in compliance with the terms of Sections 9.8, 9.15, 10.18 and 10.19. 
 (b) From and
after the Fifth Amendment Effective Date, neither the Parent Guarantor nor its Subsidiaries shall make any Acquisitions unless otherwise approved by the Required Holders. 

Section 10.14. Sales and Leasebacks. Neither the Parent Guarantor nor any of its Subsidiaries shall become liable, directly, by
assumption or by Contingent Obligation, with respect to any Sale and Leaseback Transaction (other than the Permitted Sale and Leaseback Transactions and sale and leaseback obligations of The Shaw Group Inc. and its Subsidiaries permitted under the
Transaction Agreement), unless the sale involved is not prohibited under Section 10.3, the lease involved is not prohibited under Section 10.7 and any related Investment is not prohibited under Sections 10.11. 

Section 10.15. Subsidiary Covenants. Except for any (a) encumbrance or restriction binding upon The Shaw Group Inc. and its
Subsidiaries permitted under the Transaction Agreement, (b) encumbrance or restriction contained in any of the Transaction Facilities (or any amendments or Permitted Refinancings thereof, provided that such amendments or refinancings are no
more materially restrictive with respect to such encumbrances and restrictions than those prior to such amendment or refinancing), (c) customary provisions restricting subletting, assignment of any lease or assignment of any agreement entered
into in the ordinary course of business, (d) customary restrictions and conditions contained in any agreement relating to a sale 

  
 53 

 
or disposition not prohibited by Section 10.3 of this Agreement, or (e) any agreement in effect at the time a Subsidiary becomes a Subsidiary, so long as it was not entered into in
connection with or in contemplation of such Person becoming a Subsidiary, the Parent Guarantor will not, and will not permit any Subsidiary to, create or otherwise cause to become effective or suffer to exist any consensual encumbrance or
restriction of any kind on the ability of any Subsidiary to pay dividends or make any other distribution on its stock or redemption of its stock, or make any other Restricted Payment, pay any Indebtedness or other obligation owed to Parent Guarantor
or any other Subsidiary, make loans or advances or other Investments in the Parent Guarantor or any other Subsidiary, or sell, transfer or otherwise convey any of its property to the Parent Guarantor or any other Subsidiary, or merge, consolidate
with or liquidate into the Parent Guarantor or any other Subsidiary. 
 Section 10.16. Swap Contracts. The Parent Guarantor
shall not and shall not permit any of its Subsidiaries to enter into any Swap Contracts, other than Swap Contracts entered into by the Parent Guarantor or its Subsidiaries pursuant to which the Parent Guarantor or such Subsidiary has hedged its
reasonably estimated interest rate, foreign currency or commodity exposure, and which are non-speculative in nature. 

Section 10.17. Issuance of Disqualified Stock. Neither the Parent Guarantor, nor any of its Subsidiaries shall issue any
Disqualified Stock. All issued and outstanding Disqualified Stock shall be treated as Indebtedness for all purposes of this Agreement, and the amount of such deemed Indebtedness shall be the aggregate amount of the liquidation preference of such
Disqualified Stock. 
 Section 10.18. Non-Guarantor Subsidiaries. The Parent Guarantor will not at any time permit the sum of
the consolidated assets of all of the Parent Guarantor’s Subsidiaries which are not Subsidiary Guarantors (the non-guarantor Subsidiaries being referred to collectively as the “Non-Obligor Subsidiaries”) to exceed 12.5% of the
Parent Guarantor’s and its Subsidiaries Consolidated Total Assets. For the avoidance of doubt, Excluded Joint Ventures shall be disregarded for purposes of this Section 10.18. 

Section 10.19. Intercompany Indebtedness. Except as otherwise permitted by Section 10.10(b)(5), no Note Party shall create,
incur, assume or otherwise become or remain directly or indirectly liable with respect to any Indebtedness arising from loans from any Subsidiary that is not a Note Party to any such Note Party, unless (a) such Indebtedness is unsecured and
(b) such Indebtedness shall be expressly subordinate to the payment in full in cash of the obligations under the Notes and this Agreement on terms satisfactory to the Required Holders. 

Section 10.20. Restricted Payments. The Parent Guarantor shall not, nor shall it permit any Subsidiary to, declare, make or pay
any Restricted Payments from and after the Fifth Amendment Effective Date, other than (a) payments and prepayments of the Transaction Facilities in accordance with the terms thereof (each as in effect on the Fifth Amendment Effective Date),
provided that any voluntary prepayment under the 2015 Term Loan Agreement or the 2012 NPA and any prepayments made under the 2013 Revolving Credit Agreement or the 2015 Revolving Credit Agreement as a result of any Note Party’s election
to permanently reduce the commitments thereunder shall be made together with voluntary prepayments of the other 

  
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Transaction Facilities, on a pro rata basis by reference to the outstanding principal balances thereunder, (b) any Subsidiary may declare and pay dividends ratably with respect to its
Equity Interests, and (c) required repurchases of Equity Interests of the Parent Guarantor issued pursuant to employee benefit arrangements (as in effect on the Fifth Amendment Effective Date) to the extent necessary to pay any withholding
taxes in connection therewith. 
 Section 10.21. Minimum EBITDA. The Parent Guarantor shall not permit EBITDA for each period of
four consecutive fiscal quarters specified below to be less than the amount specified opposite such period below: 
  

					
	 Four Fiscal Quarters Ending
	  	Minimum EBITDA	 
	 September 30, 2017
	  	$	500,000,000	 
	 December 31, 2017
	  	$	550,000,000	 
	 March 31, 2018
	  	$	500,000,000	 
	 June 30, 2018
	  	$	450,000,000	 
	 September 30, 2018
	  	$	450,000,000	 
	 December 31, 2018 and each fiscal quarter ending thereafter
	  	$	425,000,000	 

 Section 10.22. Minimum Availability. The Parent Guarantor shall not, at any time, permit the
aggregate undrawn revolving credit commitments available for borrowing under the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement (“Minimum Availability”) at such time to be less than (a) during the
period commencing on the Fifth Amendment Effective Date through the earlier of (i) the date on which the Tech Business Sale is consummated, and (ii) February 28, 2018, $150,000,000, and (b) at all times thereafter, $250,000,000.

 SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due
and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) (i) the Company
defaults in the payment of any interest on any Note for more than five Business Days or any fee payable pursuant to Section 9.12, in either case, 

  
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after the same becomes due or (ii) any Obligor defaults in the payment of any amount payable pursuant to Section 13 for more than twenty Business Days after the same becomes due and
payable; or 
 (c) either Obligor defaults in the performance of or compliance with any term contained in
Section 7.1(f), Section 7.1(j), Section 7.1(l) (solely with respect to the letter dated on or about August 9, 2017 and with respect to the matters described therein), Section 7.1(n), Section 9.7, Section 9.11,
Section 9.13, Section 9.14, Section 9.15(c), Section 9.19 or Section 10 (other than Section 10.3(b)(1), (b)(2) and (b)(5)) or Section 3(d) of the Fifth Amendment; or 

(d) either Obligor defaults in the performance of or compliance with any term contained in (i) Section 7.1(m) and
such default is not remedied within one day after the earlier of (A) a Responsible Officer obtaining actual knowledge of such default and (B) either Obligor receiving written notice of such default from any holder of a Note,
(ii) either Obligor defaults in the performance of or compliance with any term contained in Section 7.1(l) (other than with respect to the letter dated on or about August 9, 2017 and the matters described therein) and such default is
not remedied within 10 days after the earlier of (A) a Responsible Officer obtaining actual knowledge of such default and (B) either Obligor receiving written notice of such default from any holder of a Note, or (iii) either Obligor
or any Subsidiary Guarantor defaults in the performance of or compliance with any of its obligations contained herein, in any other Financing Agreement or in a Subsidiary Guarantee, respectively (in each case, other than those referred to in
Sections 11(a), (b), (c), (d)(i), and (d)(ii)), and such default is not remedied within 30 days after the earlier of (A) a Responsible Officer obtaining actual knowledge of such default and (B) either Obligor receiving written notice
of such default from any holder of a Note (any such written notice delivered pursuant to this Section 11(d) to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) (i) the Parent Guarantee, any Subsidiary Guarantee or any other Financing Agreement at any time after its execution and
delivery and for any reason other than the agreement of all of the holders of Notes, as permitted hereunder or thereunder, ceases to be a legally valid, binding and enforceable obligation or contract of the Obligors or a Subsidiary Guarantor, as
applicable, or is declared by a court of competent jurisdiction to be null and void, invalid or unenforceable in any respect, (ii) any Note Party denies that it has any or further liability or obligation under any Financing Agreement, or
purports to revoke, terminate or rescind any Financing Agreement in writing, (iii) any Financing Agreement ceases to secure or guaranty the obligations in respect of the Secured Bank Creditors (as defined in the Intercreditor Agreement) at any
time in the same manner as amounts owing to the holders are secured or guaranteed, or (iv) at any time, any Security Document after delivery thereof shall for any reason (other than pursuant to the terms thereof or solely as a direct result of
the action or inaction of the Collateral Agent or any holder) ceases to create a valid and perfected first priority Lien (subject to Liens permitted by Section 10.6 or any other Financing Agreement) on the Collateral (other than immaterial
Collateral) purported to be covered thereby; or 

  
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 (f) any representation or warranty made in writing by or on behalf of either
Obligor in any Financing Agreement or by a Subsidiary Guarantor in its Subsidiary Guarantee or by any officer of either Obligor or any Subsidiary Guarantor in any writing furnished in connection with the transactions contemplated hereby proves to
have been false or incorrect in any material respect on the date as of which made; or 
 (g) (i) either Obligor or any
Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least the Threshold
Amount, or (ii) either Obligor or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least the Threshold Amount or of any
mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such
Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the
right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x) either Obligor or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled
dates of payment in an aggregate outstanding principal amount of at least the Threshold Amount, or (y) one or more Persons have the right to require any Obligor or any Subsidiary so to purchase or repay such Indebtedness, provided, that for the
avoidance of doubt, no Event of Default shall occur under clause (g)(i), (g)(ii) or (g)(iii) with respect to any bilateral letter of credit facilities unless the aggregate unpaid and/or unreimbursed amount thereunder exceeds $50,000,000, or
(iv) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Note Party or any Subsidiary thereof is the Defaulting
Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Note Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by such Note Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 
 (h) either
Obligor or any Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or
reorganization or arrangement (including scheme of arrangement) or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property,
(v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 

  
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 (i) a court or Governmental Authority of competent jurisdiction enters an order
appointing, without consent by either Obligor or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for
relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation
of either Obligor or any of its Subsidiaries, or any such petition shall be filed against either Obligor or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or 

(j) any event occurs with respect to either Obligor or a Subsidiary that under the laws of any jurisdiction is analogous to any
of the events described in Section 11(h) or (i), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in
Section 11(h) or Section 11(i); or 
 (k) a final judgment or judgments for the payment of money aggregating in
excess of the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified and does not dispute coverage) are rendered against one or more of the Obligors and their Subsidiaries and which
judgments are not, within 30 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 30 days after the expiration of such stay; or 

(l) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part
thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with
the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified either Obligor or any ERISA Affiliate that a Plan may become a subject of any
such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans (other than Multiemployer Plans, determined in accordance with Title IV of ERISA,
shall exceed $25,000,000, (iv) either Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to
Employee Benefit Plans, (v) either Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan or (vi) either Obligor or any Subsidiary establishes or amends any employee welfare benefit plan (as such term is defined in
Section 3 of ERISA) that provides post-employment welfare benefits in a manner that would increase the liability of either Obligor or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above,
either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect; or 

(m) any Lien purported to be granted from time to time with respect to any property other than immaterial property pursuant to
the terms of any Security Document 

  
 58 

 
ceases to be a valid first priority perfected Lien, other than in accordance with the express terms hereof or thereof and other than solely as a direct result of the action or inaction of the
Collateral Agent or holders. 
 SECTION 12. REMEDIES ON DEFAULT, ETC.

 Section 12.1. Acceleration. (a) If an Event of Default with respect to either Obligor described in
Section 11(h), (i) or (j) (other than an Event of Default described in clause (i) of Section 11(h) or described in clause (vi) of Section 11(h) by virtue of the fact that such clause encompasses clause (i) of
Section 11(h)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other
Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect
of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. Each Obligor
acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Obligors (except as herein specifically provided for) and that the provision for payment of a
Make-Whole Amount by the Obligors in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any
Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to direct the Collateral Agent in accordance with the Intercreditor Agreement to exercise on its
behalf all rights and remedies available to the holders under the Security Documents and to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of
any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

  
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 Section 12.3. Rescission. At any time after any Notes have been declared due and
payable pursuant to Section 12.1(b) or (c), the Required Holders or, if the Notes have been declared due and payable pursuant to Section 12.1(c) by any holder or holders of Notes, such holder or holders, as the case may be, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Obligors have paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and
are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate,
(b) neither any Obligor nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by
reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under
this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of
any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by the Financing Agreements (including by any Note) upon
any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Obligors under Section 16,
the either Obligors will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without
limitation, reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13. TAX
INDEMNIFICATION. 
 All payments whatsoever under the Financing Agreements required to be made by the Parent Guarantor
will be made by the Parent Guarantor in lawful currency of the United States of America free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by
or on behalf of any jurisdiction other than the United States (or any political subdivision or taxing authority of or in such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is
compelled by law. 
 If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any
amounts to be paid by the Parent Guarantor under the Financing Agreements, the Parent Guarantor will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties attach thereto or
interest accrues thereon and pay to each holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of the Financing Agreements after such deduction, withholding or payment
(including, without limitation, any required deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of the Financing

  
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Agreements before the assessment of such Tax, provided that no payment of any additional amounts shall be required to be made for or on account of: 

(a) any Tax that would not have been imposed but for the existence of any present or former connection between such holder (or
a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation or any Person other than the holder to whom the Notes or any amount payable
thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof or the enforcement of remedies in respect thereof,
including, without limitation, such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in trade or business therein or having or having
had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for the Parent Guarantor, after the date of the Closing, opening an office in, moving
an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of the Financing Agreements are made to, the Taxing Jurisdiction imposing the relevant Tax; 

(b) any Tax that would not have been imposed but for the delay or failure by such holder (following a written request by the
Parent Guarantor) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including for such purpose any refilings or renewals of filings that may
from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or
result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such holder, and provided further that such holder
shall be deemed to have satisfied the requirements of this clause (b) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be specified in a written request of the Parent Guarantor no
later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any); or 

(c) any combination of clauses (a) and (b) above; 

and provided further that in no event shall the Parent Guarantor be obligated to pay such additional amounts to any holder of a Note (i) not resident in
the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in excess of the amounts that the Parent Guarantor would be obligated to pay if such holder had been a
resident of the United States of America or such other jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the United States of America or such other
jurisdiction and the relevant Taxing Jurisdiction or (ii) registered in the name of a nominee if under the law of the relevant 

  
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Taxing Jurisdiction (or the current regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and the Parent Guarantor
shall have given timely notice of such law or interpretation to such holder. 
 By acceptance of any Note, the holder of such Note agrees,
subject to the limitations of clause (b) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by the Parent Guarantor all such forms, certificates, documents and
returns provided to such holder by the Parent Guarantor (collectively, together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax
pursuant to the provisions of an applicable statute, regulation or administrative practice of the relevant Taxing Jurisdiction or of a tax treaty between the United States and such Taxing Jurisdiction and (y) provide the Parent Guarantor with
such information with respect to such holder as the Parent Guarantor may reasonably request in order to complete any such Forms, provided that nothing in this Section 13 shall require any holder to provide information with respect to any such
Form or otherwise if in the opinion of such holder such Form or disclosure of information would involve the disclosure of tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder
shall be deemed to have complied with its obligation under this paragraph with respect to any Form if such Form shall have been duly completed and delivered by such holder to the Parent Guarantor or mailed to the appropriate taxing authority (which
shall be deemed to occur when such Form is submitted to the United States Internal Revenue Service in accordance with instructions contained in such Form), whichever is applicable, within 60 days following a written request of the Parent Guarantor
(which request shall be accompanied by copies of such Form) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

If any payment is made by the Parent Guarantor to or for the account of the holder of any Note after deduction for or on account of any Taxes,
and increased payments are made by the Parent Guarantor pursuant to this Section 13, then, if such holder at its sole discretion determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent that it
can do so without prejudice to the retention of the amount of such refund, reimburse to the Parent Guarantor such amount as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or withholding.
Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate
profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in clause (b) above) oblige any holder of any Note to disclose any information
relating to its tax affairs or any computations in respect thereof. 
 The Parent Guarantor will furnish the holders of Notes, promptly and
in any event within 60 days after the date of any payment by the Parent Guarantor of any Tax in respect of any amounts paid under the Financing Agreements, the original tax receipt issued by the relevant taxation or other authorities involved for
all amounts paid as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of such Obligor, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment),
together with such other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note. 

  
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 If the Parent Guarantor is required by any applicable law, as modified by the practice of the
taxation or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Parent Guarantor would be required to pay any additional amount under this Section 13, but for any reason
does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then the Parent Guarantor will promptly reimburse such
holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by the Parent Guarantor) upon demand by such holder accompanied by an official receipt (or a duly
certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction. 
 If the Parent Guarantor makes
payment to or for the account of any holder of a Note and such holder is entitled to a refund of the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as
practicable after receiving written request from the Parent Guarantor (which shall specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Parent
Guarantor, subject, however, to the same limitations with respect to Forms as are set forth above. 
 The obligations of the Parent
Guarantor under this Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall also apply to successive transferees of the Notes. 

By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the
Parent Guarantor, or to such other Person as may be reasonably requested by the Parent Guarantor, from time to time (i) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or
other Forms reasonably requested by the Parent Guarantor necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for any Obligor to comply with its obligations under FATCA and
(ii) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for
the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such
holder. Nothing in this Section shall require any holder to provide information that is confidential or proprietary to such holder unless the Parent Guarantor is required to obtain such information under FATCA and, in such event, the Parent
Guarantor shall treat any such information it receives as confidential. 

  
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 SECTION 14. REGISTRATION; EXCHANGE;
SUBSTITUTION OF NOTES. 
 Section 14.1. Registration of Notes. The Company shall
keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more
Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof,
and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose
name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note
that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 14.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the
designated officer (all as specified in Section 18(iii)), subject to compliance with applicable securities laws, for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written
instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or
part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate
principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1. Each such new Note shall be dated and
bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp
tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than U.S.$100,000, provided that if necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than U.S.$100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in
Section 6.2. 
 Section 14.3. Replacement of Notes. Upon receipt by the Company at the address and to the attention of the
designated officer (all as specified in Section 19(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional
Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such
Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least U.S.$50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be
satisfactory), or 

  
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 (b) in the case of mutilation, upon surrender and cancellation thereof, 

within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from
the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

SECTION 15. PAYMENTS ON NOTES. 

Section 15.1. Place of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, and interest
becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the
Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 15.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding
anything contained in Section 15.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below
such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the
making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably
promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a
Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or
Notes pursuant to Section 15.2. The Company will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made
the same agreement relating to such Note as the Purchasers have made in this Section 15.2. 
 SECTION 16.
EXPENSES, ETC. 
 Section 16.1. Transaction Expenses. Whether or not the transactions
contemplated hereby are consummated, the Obligors will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the
Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of the Financing Agreements (including the Notes) (whether or not such

  
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amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or
defend) any rights under the Financing Agreements (including the Notes) or in responding to any subpoena or other legal process or informal investigative demand issued in connection with the Financing Agreements (including the Notes), or by reason
of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in connection with any work-out or restructuring of
the transactions contemplated hereby, by the Notes or by any other Financing Agreement, (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO
provided, that such costs and expenses under this clause (c) shall not exceed $5,000, (d) the fees and expenses of the Collateral Agent under the Security Documents and (e) the fees and expenses of the Financial Advisor. The
Obligors will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in
connection with its purchase of the Notes). 
 The Parent Guarantor agrees to pay all stamp, documentary or similar taxes or fees which may
be payable in respect of the execution and delivery (but not the transfer of any Notes) or the enforcement of the Financing Agreements (including any Note) or any Subsidiary Guarantee in the United States or The Netherlands or of any amendment of,
or waiver or consent under or with respect to, the Financing Agreements (including any Notes) or any Subsidiary Guarantee, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Parent Guarantor
pursuant to this Section 16, except for the value added tax that is recoverable or refundable for the parts to be reimbursed, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability
resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Parent Guarantor hereunder. 

Section 16.2. Survival. The obligations of the Obligors under this Section 16 will survive the payment or transfer of
any Note, the enforcement, amendment or waiver of any provision of the Financing Agreements (including the Notes) or any Subsidiary Guarantee, and the termination of the Financing Agreements or any Subsidiary Guarantee. 

SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and
delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may, in good faith, be relied upon, as made on the date of the Closing, by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of either
Obligor pursuant to this Agreement shall be deemed representations and warranties of such Obligor under this Agreement made as of the date therein provided. Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement
and understanding between each Purchaser and the Obligors and supersede all prior agreements and understandings relating to the subject matter hereof. 

  
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 SECTION 18. AMENDMENT AND WAIVER. 

Section 18.1. Requirements. Subject to the Intercreditor Agreement, this Agreement and the Notes may be amended, and the
observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Obligors and the Required Holders, except that (a) no amendment or waiver of any of the
provisions of Section 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser or holder unless consented to by such Purchaser or holder in writing, and (b) no such amendment or
waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner
shall mean such beneficial owner), (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment
or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the principal amount
of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, (iii) amend any of Sections 8 (except as set forth in the second sentence of
Section 8.2), 11(a), 11(b), 12, 13, 18, 21, 23 or 24.9 or (iv) release all or substantially all of the Collateral in any transaction or series of related transactions. 

Section 18.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Obligors will provide each Purchaser and each holder of the Notes (irrespective of the amount of Notes then owned
by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in
respect of any of the provisions hereof or of the Notes. The Obligors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 18 to each Purchaser and each holder
of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b) Payment. The Obligors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of Notes as consideration for or as an inducement to the entering into by any Purchaser or holder of Notes of any waiver or
amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser or holder of Notes
then outstanding even if such holder did not consent to such waiver or amendment. 

  
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 (c) Consent in Contemplation of Transfer. Any consent made pursuant to this
Section 18 by a holder of Notes that has transferred, or has agreed to transfer, its Notes to any Obligor, any Subsidiary or any Affiliate of either Obligor and, in either case, has provided or has agreed to provide such written consent as a
condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for
such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 18.3. Binding Effect, etc. Any amendment or waiver consented to as provided in this Section 18 applies equally
to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Obligors without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will
extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Obligors and any Purchaser or holder of any Note nor any
delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any Purchaser or holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it
may from time to time be amended or supplemented. 
 Section 18.4. Notes Held by Obligors, etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the
taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by either Obligor or any of
its Affiliates shall be deemed not to be outstanding. 
 SECTION 19. NOTICES; ENGLISH
LANGUAGE. 
 All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if
the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized
overnight delivery service (with charges prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its nominee,
to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing; 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Company in writing; 

  
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 (iii) if to the Company: 

Chicago Bridge & Iron Company (Delaware) 

One CB&I Plaza 

2103 Research Forest Drive 

The Woodlands, Texas 77380 

Attention: Michael S. Taff, 

Managing Director and Chief Financial Officer 

Tel: (832) 513-1000 

Fax: (832) 513-1092 

With a copy to: 

Chicago Bridge & Iron Company (Delaware) 

One CB&I Plaza 

2103 Research Forest Drive 

The Woodlands, Texas 77380 

Attention: Chief Legal Officer 

Tel: (832) 513-1000 

Fax: (832) 513-1092 

With a second copy to: 

K&L Gates LLP 

State Street Financial Center, One Lincoln Street 

Boston, Massachusetts 02111-2950 

Attention Thomas F. Holt 

Tel: (617) 261-3165 

Fax: (617) 261-3175 

Email: thomas.holt@klgates.com 

and 

K&L Gates LLP 

Hearst Tower 47th Floor 

214 N. Tryon Street 

Charlotte, NC 28202 

Attention: Christine Hoke and Benay Lizarazu 

Tel: (704) 331-7495 / 704 331-7412 

Fax: (704) 353-3195 

Email: christine.hoke@klgates.com / benay.lizarazu@klgates.com 

or at such other address as the Company shall have specified to the holder of each Note in writing; or 

(iv) if to the Parent Guarantor, in care of the Company at: 

  
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 Chicago Bridge & Iron Company N.V. 

c/o Chicago Bridge & Iron Company (Delaware) 

One CB&I Plaza 

2103 Research Forest Drive 

The Woodlands, Texas 77380 

Attention: Michael S. Taff, 

Managing Director and Chief Financial Officer 

Tel: (832) 513-1000 

Fax: (832) 513-1092 

With a copy to: 

Chicago Bridge & Iron Company N.V. 

c/o Chicago Bridge & Iron Company (Delaware) 

One CB&I Plaza 

2103 Research Forest Drive 

The Woodlands, Texas 77380 

Attention: Chief Legal Officer 

Tel: (832) 513-1000 

Fax: (832) 513-1092 

With a copy to: 

K&L Gates LLP 

State Street Financial Center, One Lincoln Street 

Boston, Massachusetts 02111-2950 

Attention Thomas F. Holt 

Tel: (617) 261-3165 

Fax: (617) 261-3175 

Email: thomas.holt@klgates.com 

and 

K&L Gates LLP 

Hearst Tower 47th Floor 

214 N. Tryon Street 

Charlotte, NC 28202 

Attention: Christine Hoke and Benay Lizarazu 

Tel: (704) 331-7495 / 704 331-7412 

Fax: (704) 353-3195 

Email: christine.hoke@klgates.com / benay.lizarazu@klgates.com 

or at such other address as the Parent Guarantor shall have specified to the holder of each Note in writing. 

  
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 Notices under this Section 19 will be deemed given only when actually received. Each document, instrument,
financial statement, report, notice or other communication delivered in connection with the Financing Agreements shall be in English or accompanied by an English translation thereof. 

SECTION 20. REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Obligor agrees and stipulates that, to the extent permitted by
applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in
the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit any Obligor or any other holder of Notes from contesting
any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

SECTION 21. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 21, “Confidential Information” means information delivered to any Purchaser by or on behalf of
either Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement or any other Financing Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise
adequately identified when received by such Purchaser as being confidential information of such Obligor or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser,
on a nonconfidential basis from a source other than an Obligor, prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting on such Purchaser’s behalf, or
(c) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures
adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees,
agents, attorneys, trustees and affiliates (on the confidential basis as provided for in this Section 21 and to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its
financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 21, (iii) any other holder of any Note, (iv) any Institutional
Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
Section 21), (v) any Person from which it offers to purchase any security of 

  
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the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 21), (vi) any federal or state
regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s
investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to
any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery
and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed
to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by either Obligor in connection with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with such Obligor embodying the provisions of this
Section 21. 
 In the event that as a condition to receiving access to information relating to the Parent Guarantor or its Subsidiaries
in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure
virtual workspace or otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Obligors, this Section 21 shall supersede any such other
confidentiality undertaking. 
 SECTION 22. SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase
hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of
the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Affiliate in
lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company
of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such
original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 SECTION 23.
PARENT GUARANTEE. 
 Section 23.1. Guarantee. The Parent Guarantor hereby absolutely,
unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, to each holder and its 

  
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successors and permitted assigns, the full and punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of and Make-Whole Amount and interest on
(including, without limitation, interest, whether or not an allowable claim, accruing after the date of filing of any petition in bankruptcy, or the commencement of any bankruptcy, insolvency or similar proceeding relating to the Company) the Notes
and all other amounts owed or to be owing by the Company which becomes due under the terms and provisions of the Financing Agreements, now or hereafter existing under the Financing Agreements whether for principal, Make-Whole Amount, interest
(including, without limitation, interest, whether or not an allowable claim, accruing after the date of filing of any petition in bankruptcy, or the commencement of any bankruptcy, insolvency or similar proceeding relating to the Company),
indemnification payments, expenses (including attorneys’ fees and expenses) or otherwise (all such obligations being the “Guaranteed Obligations”), and agrees to pay any and all fees and expenses incurred by each holder in
enforcing this Parent Guarantee. 
 Notwithstanding any stay, injunction or other prohibition preventing such action against the Company, if
for any reason whatsoever the Company shall fail or be unable to duly, punctually and fully (in the case of the payment of Guaranteed Obligations) pay such amounts as and when the same shall become due and (in the case of the payment of Guaranteed
Obligations) payable, whether or not such failure or inability shall constitute an “Event of Default”, the Parent Guarantor will forthwith (in the case of the payment of Guaranteed Obligations) pay or cause to be paid such amounts to the
holders, in lawful money of the United States of America, at the place specified in Section 15, or pay such Guaranteed Obligations or cause such Guaranteed Obligations to be paid, (in the case of the payment of Guaranteed Obligations) together
with interest (in the amounts and to the extent required under such Notes) on any amount due and owing. 
 Section 23.2. Parent
Guarantor’s Obligations Unconditional. (a) The Guaranty by the Parent Guarantor in this Parent Guarantee shall constitute a guarantee of payment and not of collection, and the Parent Guarantor specifically agrees that it shall
not be necessary, and that the Parent Guarantor shall not be entitled to require, before or as a condition of enforcing the liability of the Parent Guarantor under this Parent Guarantee or requiring payment or performance of the Guaranteed
Obligations by the Parent Guarantor hereunder, or at any time thereafter, that any holder: (a) file suit or proceed to obtain or assert a claim for personal judgment against the Company or any other Person that may be liable for or with respect
to any Guaranteed Obligation; (b) make any other effort to obtain payment or performance of any Guaranteed Obligation from the Company or any other Person that may be liable for or with respect to such Guaranteed Obligation, except for the
making of the demands, when appropriate, described in Section 23.1; (c) foreclose against, or seek to realize upon security now or hereafter existing for such Guaranteed Obligations; (d) except to the extent set forth in
Section 23.1, exercise or assert any other right or remedy to which such holder is or may be entitled in connection with any Guaranteed Obligation or any security or other guaranty therefor; or (e) assert or file any claim against the
assets of the Company or any other Person liable for any Guaranteed Obligation. The Parent Guarantor agrees that its Guaranty under this Parent Guarantee shall be continuing, and that the Guaranteed Obligations will be paid and performed in
accordance with their terms and the terms of this Parent Guarantee, and are the primary, absolute and unconditional obligations of the Parent Guarantor, irrespective of the value, 

  
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genuineness, validity, legality, regularity or enforceability or lack thereof of any part of the Guaranteed Obligations or any agreement or instrument relating to the Guaranteed Obligations or
this Parent Guarantee, or the existence of any indemnities with respect to the existence of any other guarantee of or security for any of the Guaranteed Obligations, or any substitution, release or exchange of any other guarantee of or security for
any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor (other
than the full and indefeasible due payment and performance of the Guaranteed Obligations), it being the intent of this Section 23.2 that the obligations of the Parent Guarantor hereunder shall be irrevocable, primary, absolute and unconditional
under any and all circumstances (other than the full and indefeasible due payment and performance of the Guaranteed Obligations). 
 (b) The
Parent Guarantor hereby expressly waives notice of acceptance of and reliance upon the Guaranty in this Parent Guarantee, diligence, presentment, demand of payment or performance, protest and all other notices (except as otherwise provided for in
Section 23.1) whatsoever, any requirement that the holders exhaust any right, power or remedy or proceed against the Company or against any other Person under any other guarantee of, or security for, or any other agreement, regarding any of the
Guaranteed Obligations. The Parent Guarantor further agrees that, subject solely to the requirement of making demands under Section 23.1, the occurrence of any event or other circumstance that might otherwise vary the risk of the Company or the
Parent Guarantor or constitute a defense (legal or equitable) available to, or a discharge of, or a counterclaim or right of set-off by, the Company or the Parent Guarantor (other than the full and
indefeasible due payment and performance of the Guaranteed Obligations), shall not affect the liability of the Parent Guarantor hereunder. 

(c) The obligations of the Parent Guarantor under this Parent Guarantee are not subject to any counterclaim, set-off, deduction, diminution,
abatement, recoupment, suspension, deferment or defense based upon any claim the Parent Guarantor or any other Person may have against the Company, any holder or any other Person, and shall remain in full force and effect without regard to, and
shall not be released, discharged or in any way affected by, any circumstances or condition whatsoever (whether or not the Parent Guarantor or the Company shall have any knowledge or notice thereof), including: 

(i) any renewal, extension, modification, increase, decrease, alteration or rearrangement of all or any part of the Guaranteed
Obligations or any instrument executed in connection therewith, or any contract or understanding with the Company, the holders, or any of them, or any other Person, pertaining to the Guaranteed Obligations; 

(ii) any adjustment, indulgence, forbearance or compromise that might be granted or given by any holder to the Company or any
other Person liable on the Guaranteed Obligations, or the failure of any holder to assert any claim or demand or to exercise any right or remedy against the Company or any other Person under the provisions of the Financing Agreements or otherwise;
or any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, the Financing Agreements, any guarantee or any other agreement; 

  
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 (iii) the insolvency, bankruptcy arrangement, adjustment, composition,
liquidation, disability, dissolution or lack of power of the Company or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of the Company or any other such Person, or any change,
restructuring or termination of the structure or existence of the Company or any other such Person, or any sale, lease or transfer of any or all of the assets of the Company or any other such Person, or any change in the shareholders, partners, or
members of the Company or any other such Person; or any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; 

(iv) the invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations, or any document or
agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including the fact that the Guaranteed Obligations, or any part thereof, exceed the amount permitted by law, the act of creating the Guaranteed Obligations
or any part is ultra vires, the officers or representatives executing the documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, the Guaranteed Obligations violate applicable usury laws, the Company or
any other Person has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from the Company or any other Person, the creation, performance or repayment
of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the
Guaranteed Obligations) is illegal, uncollectible, legally impossible or unenforceable, or the documents or instruments pertaining to the Guaranteed Obligations have been forged or otherwise are irregular or not genuine or authentic; 

(v) any full or partial release of the liability of the Company on the Guaranteed Obligations or any part thereof, of any
co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations or any part thereof, it being
recognized, acknowledged and agreed by the Parent Guarantor that the Parent Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support of any other Person, and the Parent Guarantor has not been induced to enter
into this Parent Guarantee on the basis of a contemplation, belief, understanding or agreement that any parties other than the Company will be liable to perform the Guaranteed Obligations, or that the holders will look to other parties to perform
the Guaranteed Obligations; 
 (vi) the taking or accepting of any other security, collateral or guaranty, or other assurance
of payment, for all or any part of the Guaranteed Obligations; 

  
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 (vii) any release, surrender, exchange, subordination, deterioration, waste, loss
or impairment (including negligent, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations; 

(viii) the failure of any holder or any other Person to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of such collateral, property or security; 
 (ix) the
fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by the Parent Guarantor that the Parent Guarantor is not entering into this Parent Guarantee in reliance on, or in contemplation of the benefits of,
the validity, enforceability, collectability or value of any of the collateral; 
 (x) any payment by the Company to any
holder being held to constitute a preference under any bankruptcy law or fraudulent conveyance law, or for any reason any holder being required to refund such payment or pay such amount to the Company or someone else; 

(xi) any other action taken or omitted to be taken with respect to the Guaranteed Obligations, or the security and collateral
therefor, whether or not such action or omission prejudices the Parent Guarantor or increases the likelihood that the Parent Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and
unequivocal intention of the Parent Guarantor that it shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether or not contemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Obligations in cash; 

(xii) the fact that all or any of the Guaranteed Obligations cease to exist by operation of law, including by way of a
discharge, limitation or tolling thereof under applicable bankruptcy laws; 
 (xiii) any default, failure or delay, willful
or otherwise, in the performance by the Company, the Parent Guarantor or any other Person of any obligations of any kind or character whatsoever under the Financing Agreements or any other agreement; 

(xiv) any merger or consolidation of the Company or the Parent Guarantor or any other Person into or with any other Person or
any sale, lease, transfer or other disposition of any of the assets of the Company, the Parent Guarantor or any other Person to any other Person, any change in the ownership of any shares or partnership interests of the Company, the Parent Guarantor
or any other Person, or any change in the relationship between the Company and the Parent Guarantor or any termination of any such relationship; 

  
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 (xv) in respect of the Company, the Parent Guarantor or any other Person, any
change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company, the Parent Guarantor or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods,
droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any federal or state regulatory body or agency, change of law
or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Company, the Parent Guarantor or any other Person and whether or not of the kind hereinbefore specified; or 

(xvi) any other occurrence, circumstance, or event whatsoever, whether similar or dissimilar to the foregoing, whether foreseen
or unforeseen, and any other circumstance which might otherwise constitute a legal or equitable defense or discharge of the liabilities of a guarantor or surety or which might otherwise limit recourse against the Parent Guarantor (other than the
full and indefeasible due payment and performance of the Guaranteed Obligations); 
 provided that the specific enumeration of the above-mentioned
acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Parent Guarantee that the obligations of the Parent Guarantor shall be
absolute and unconditional and shall not be discharged, impaired or varied except by the payment and performance of all obligations of the Company under the Financing Agreements in accordance with their respective terms as each may be amended or
modified from time to time. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time to time, the Company or the Parent Guarantor shall default under
or in respect of the terms of the Financing Agreements and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company or the Parent Guarantor under the Financing Agreements (including this Parent
Guarantee), this Parent Guarantee shall remain in full force and effect and shall apply to each and every subsequent default. All waivers herein contained shall be without prejudice to the holders at their respective options to proceed against the
Company, the Parent Guarantor or other Person, whether by separate action or by joinder. 
 (d) The Parent Guarantor hereby consents and
agrees that any holder or holders from time to time, with or without any further notice to or assent from the Parent Guarantor may, without in any manner affecting the liability of the Parent Guarantor under this Parent Guarantee, and upon such
terms and conditions as any such holder or holders may deem advisable: 
 (i) extend in whole or in part (by renewal or
otherwise), modify, change, compromise, release or extend the duration of the time for the performance or payment of any debt, liability or obligation of the Company or the Parent Guarantor or of any other Person secondarily or otherwise liable for
any debt, liability or obligations of the 

  
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Company under the Financing Agreements, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any provision of any other agreement or waive this Parent
Guarantee; or 
 (ii) sell, release, surrender, modify, impair, exchange or substitute any and all property, of any nature
and from whomsoever received, held by, or for the benefit of, any such holder as direct or indirect security for the payment or performance of any debt, liability or obligation of the Company, the Parent Guarantor or of any other Person secondarily
or otherwise liable for any debt, liability or obligation of the Company under the Financing Agreements; or 
 (iii) settle,
adjust or compromise any claim of the Company or the Parent Guarantor against any other Person secondarily or otherwise liable for any debt, liability or obligation of the Company under the Financing Agreements. 

The Parent Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment,
impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by
reason thereof, it being understood that the Parent Guarantor shall at all times be bound by this Parent Guarantee and remain liable hereunder. 

(e) All rights of any holder may be transferred or assigned at any time in accordance with this Agreement and shall be considered to be
transferred or assigned at any time or from time to time upon the transfer of such Note in accordance with the terms of this Agreement without the consent of or notice to the Parent Guarantor. 

(f) No holder shall be under any obligation: (i) to marshal any assets in favor of the Parent Guarantor or in payment of any or all of
the liabilities of the Company or the Parent Guarantor under or in respect of the Notes or the obligations of the Company and the Parent Guarantor under the Financing Agreements or (ii) to pursue any other remedy that the Parent Guarantor may
or may not be able to pursue itself and that may lighten the Parent Guarantor’s burden, any right to which the Parent Guarantor hereby expressly waives. 

Section 23.3. Full Recourse Obligations. The obligations of the Parent Guarantor set forth herein constitute the full
recourse obligations of the Parent Guarantor enforceable against it to the full extent of all its assets and properties. 

Section 23.4. Waiver. The Parent Guarantor unconditionally waives, to the extent permitted by applicable law: 

(a) notice of any of the matters referred to in Section 23.2; 

(b) notice to the Parent Guarantor of the incurrence of any of the Guaranteed Obligations, notice to the Parent Guarantor of
any breach or default by the Company or the Parent Guarantor with respect to any of the Guaranteed Obligations or any other notice that may be required, by statute, rule of law or otherwise, to preserve any rights of any holder against the Parent
Guarantor; 

  
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 (c) presentment to the Company or the Parent Guarantor or of payment from the
Company or the Parent Guarantor with respect to any Note or other Guaranteed Obligation or protest for nonpayment or dishonor; 

(d) any right to the enforcement, assertion, exercise or exhaustion by any holder of any right, power, privilege or remedy
conferred in any Note, the other Financing Agreements or otherwise; 
 (e) any requirement of diligence on the part of any
holder; 
 (f) any requirement to mitigate the damages resulting from any default under the Notes or the other Financing
Agreements; 
 (g) any notice of any sale, transfer or other disposition of any right, title to or interest in any Note or
other Guaranteed Obligation by any holder, assignee or participant thereof, or in the other Financing Agreements; 
 (h) any
release of the Parent Guarantor from its obligations hereunder resulting from any loss by it of its rights of subrogation hereunder; and 

(i) any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge, release or defense of a
guarantor or surety or which might otherwise limit recourse against the Parent Guarantor. 
 SECTION 23.5.
WAIVER OF SUBROGATION. 
 Notwithstanding any payment or payments made by the Parent
Guarantor hereunder, or any application by any holder of any security or of any credits or claims, the Parent Guarantor will not exercise any rights of any holder or of the Parent Guarantor against the Company to recover the amount of any payment
made by the Parent Guarantor to any holder hereunder by way of any claim, remedy or subrogation, reimbursement, exoneration, contribution, indemnity, participation or otherwise arising by contract, by statute, under common law or otherwise, and the
Parent Guarantor shall not exercise any right of recourse to or any claim against assets or property of the Company, in each case unless and until the Guaranteed Obligations have been paid in full. Until such time (but not thereafter), the Parent
Guarantor hereby expressly waives any right to exercise any claim, right or remedy which the Parent Guarantor may now have or hereafter acquire against the Company or any other Person that arises under the Notes, the other Financing Agreements or
from the performance by the Parent Guarantor of the Guaranty hereunder including any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification or participation in any claim, right or remedy of any holder
against the Company or the Parent Guarantor, or any security that any holder now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise. If any amount shall
be paid to the Parent Guarantor by the 

  
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Company after payment in full of the Guaranteed Obligations, and all or any portion of the Guaranteed Obligations shall thereafter be reinstated in whole or in part and any holder is required to
repay any sums received by any of them in payment of the Guaranteed Obligations, this Parent Guarantee shall be automatically reinstated and such amount shall be held in trust for the benefit of the holders and shall forthwith be paid to the holders
to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. The provisions of this Section 23.5 shall survive the termination of this Parent Guarantee, and any satisfaction and discharge of the Company by virtue of
any payment, court order or any federal, state or provincial law. 
 Section 23.6. Subordination. If the Parent Guarantor
becomes the holder of any indebtedness payable by the Company, the Parent Guarantor hereby subordinates all indebtedness owing to it from the Company to all indebtedness of the Company to the holders, and agrees that, during the continuance of any
Event of Default, it shall not accept any payment on the same until payment in full of the Guaranteed Obligations and shall in no circumstance whatsoever attempt to set-off or reduce any obligations hereunder
because of such indebtedness. If any amount shall nevertheless be paid in violation of the foregoing to the Parent Guarantor by the Company prior to payment in full of the Guaranteed Obligations, such amount shall be held in trust for the benefit of
the holders and shall forthwith be paid to the holders to be credited and applied to the Guaranteed Obligations, whether matured or unmatured, provided further, and notwithstanding this Section 23.6 to the contrary, and for the avoidance
of doubt, amounts paid to and accepted by the Parent Guarantor on indebtedness payable by the Company to the Parent Guarantor during the non-existence of an Event of Default are permitted and may be retained by the Parent Guarantor. 

Section 23.7. Effect of Bankruptcy Proceedings, Etc. (a) If after receipt of any payment of, or proceeds of any
security applied (or intended to be applied) to the payment of all or any part of, the Guaranteed Obligations, any holder is for any reason compelled to surrender or voluntarily surrenders (under circumstances in which it believes it could
reasonably be expected to be so compelled if it did not voluntarily surrender), such payment or proceeds to any Person (i) because such payment or application of proceeds is or may be avoided, invalidated, declared fraudulent, set aside,
determined to be void or voidable as a preference, fraudulent conveyance, fraudulent transfer, impermissible set-off or a diversion of trust funds or (ii) for any other similar reason, including, without
limitation, (x) any judgment, decree or order of any court or administrative body having jurisdiction over any holder or any of their respective properties or (y) any settlement or compromise of any such claim effected by any holder with
any such claimant (including the Company), then the Guaranteed Obligations or part thereof intended to be satisfied shall be reinstated and continue, and this Parent Guarantee shall continue in full force as if such payment or proceeds had not been
received, notwithstanding any revocation thereof or the cancellation of any Note or any other instrument evidencing any Guaranteed Obligations or otherwise, and the Parent Guarantor shall be liable to pay the holders, and hereby does indemnify the
holders and hold them harmless for, the amount of such payment or proceeds so surrendered and all expenses (including reasonable attorneys’ fees, court costs and expenses attributable thereto) incurred by any holder in defense of any claim made
against any of them that any payment or proceeds received by any holder in respect of all or part of the Guaranteed Obligations must be surrendered. The provisions of this Section 23.7(a) shall survive the termination of this Parent Guarantee,
and any satisfaction and discharge of the Company by virtue of any payment, court order or any federal or state law. 

  
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 (b) If an event permitting the acceleration of the maturity of any of the Guaranteed Obligations
shall at any time have occurred and be continuing, and such acceleration shall at such time be prevented by reason of the pendency against the Company or any other Person of any case or proceeding contemplated by Section 23.7(a) hereof, then,
for the purpose of defining the obligation of the Parent Guarantor under this Parent Guarantee, the maturity of the principal amount of the Guaranteed Obligations shall be deemed to have been accelerated with the same effect as if an acceleration
had occurred in accordance with the terms of such Guaranteed Obligations, and the Parent Guarantor shall forthwith pay such principal amount, all accrued and unpaid interest thereon, and all other Guaranteed Obligations, due or that would have
become due but for such case or proceeding, without further notice or demand. 
 Section 23.8. Term of Guarantee. This
Parent Guarantee and all guarantees, covenants and agreements of the Parent Guarantor contained herein shall continue in full force and effect and shall not be discharged until such time as all of the principal of and interest on the Notes, the
other Guaranteed Obligations and other independent payment obligations of the Parent Guarantor under this Parent Guarantee shall be indefeasibly paid in cash and performed in full. 

SECTION 24. MISCELLANEOUS. 

Section 24.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any
of the parties hereto bind and inure to the benefit of their respective successors and permitted assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 

Section 24.2. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding
(but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due
on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date
of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next
succeeding Business Day. 
 Section 24.3. Accounting Terms. All accounting terms used herein which are not expressly
defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and
(ii) all financial statements shall be prepared in accordance with GAAP and all amounts shall be presented in Dollars. For purposes of determining compliance with the financial covenants contained in this Agreement, any election by any Obligor
to measure any financial liability using fair value (as permitted by International Accounting Standard 39 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

  
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 Section 24.4. Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 24.5. Construction, etc. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 14, (b) subject to Section 24.1, any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time and (f) all references to this Agreement and to the Notes contained in this Agreement and in each other Financing Agreement shall mean and include this Agreement and the Notes as amended from
time to time. 
 Section 24.6. Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 24.7. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State. 

  
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 Section 24.8. Jurisdiction and Process; Waiver of Jury Trial. (a) Each
Obligor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the
Notes. To the fullest extent permitted by applicable law, each Obligor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 (b) Each Obligor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of
the nature referred to in Section 24.8(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New
York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 
 (c)
Each Obligor consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 24.8(a) by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 19 or at such other address of which such holder shall then have been notified pursuant to said Section. Each Obligor agrees that such
service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal
service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) The Parent Guarantor hereby irrevocably appoints CT Corporation System to receive for it, and on its behalf, service of process in the
United States in connection with this Agreement and the Notes. Service of process on CT Corporation System in connection with the foregoing appointment must be made at the following address: CT Corporation System, 111 Eight Avenue, 13th Floor, New
York, New York 10011 (telephone number: 212-894-8800). 
 (e) Nothing in this Section 24.8 shall affect the right of any holder of a
Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against any Obligor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a
judgment obtained in one jurisdiction in any other jurisdiction. 
 (f) THE PARTIES HERETO
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THEREWITH. 

  
 83 

 Section 24.9. Obligation to Make Payment in Dollars. (a) Any payment on account of an
amount that is payable hereunder or under the Notes in Dollars which is made to or for the account of any holder of Notes in any other currency, whether as a result of any judgment or order or the enforcement thereof or the realization of any
security or the liquidation of either Obligor, shall constitute a discharge of the obligation of each Obligor under this Agreement or the Notes only to the extent of the amount of Dollars which such holder could purchase in the foreign exchange
markets in New York, New York, with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the Business Day following receipt of the payment first referred to above. If the amount of
Dollars that could be so purchased is less than the amount of Dollars originally due to such holder, each Obligor jointly and severally agrees to the fullest extent permitted by law, to indemnify and save harmless such holder from and against all
loss or damage arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the other obligations contained in this Agreement and the Notes,
shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum
in respect of an amount due hereunder or under the Notes or under any judgment or order. 
 *
    *     *     *     * 

  
 84 

 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of
this Agreement and return it to the Obligors, whereupon this Agreement shall become a binding agreement between you and the Obligors. 
  

					
	Very truly yours,
	
	CHICAGO BRIDGE & IRON COMPANY
    (DELAWARE), as the Company
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	 CHICAGO BRIDGE & IRON COMPANY N.V., as the

    Parent Guarantor

	
	By: Chicago Bridge & Iron Company B.V., as     its Managing Director
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 85 

 This Agreement is hereby 

accepted and agreed to as 
 of the date thereof. 

 

					
	[VARIATION]
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 86 

 [SCHEDULE A NOT ATTACHED.] 

 SCHEDULE B 

DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“2012 Notes” means the Company’s (i) U.S. $150,000,000 aggregate principal amount of its 7.15% Amended and
Restated Senior Notes, Series A, due December 27, 2017, (ii) U.S. $225,000,000 aggregate principal amount of its 7.57% Amended and Restated Senior Notes, Series B, due December 27, 2019,
(iii) U.S. $275,000,000 aggregate principal amount of its 8.15% Amended and Restated Senior Notes, Series C, due December 27, 2022 and (iv) U.S. $150,000,000 aggregate principal amount of its 8.30% Amended and Restated
Senior Notes, Series D, due December 27, 2024, issued under the 2012 NPA. 
 “2012 NPA” means the Note Purchase
Agreement dated as of December 27, 2012 between the Company, the Parent Guarantor and the Purchasers named therein, as amended, restated, assumed, supplemented or otherwise modified from time to time. 

“2013 Revolving Credit Agreement” means the Credit Agreement dated as of October 28, 2013 by and among the Parent
Guarantor, the Company and certain other Subsidiaries of the Parent Guarantor party thereto, as designated borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended, restated, amended and restated,
supplemented, replaced or otherwise modified from time to time. 
 “2015 Revolving Credit Agreement” means that
certain Amended and Restated Revolving Credit Agreement dated as of July 8, 2015 by and among the Parent Guarantor, the Company and certain other Subsidiaries of the Parent Guarantor party thereto, as designated borrowers, the lenders party
thereto and Bank of America, N.A., as administrative agent, in each case, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“2015 Term Loan Agreement” means that Term Loan Agreement dated as of July 8, 2015 among Bank of America, N.A., as
administrative agent, the Company, as borrower and the Parent Guarantor and certain of its Subsidiaries as guarantors, and the other financial institutions party thereto, as amended, replaced, or otherwise modified and in effect from time to time.

 “Acceptable Jurisdiction” means The Netherlands, the United States of America, Canada and any country that on
April 30, 2004 was a member of the European Union, including any state or political subdivision of any thereof, (including, in the case of the United States of America, the District of Columbia); provided, however, in no event shall
Portugal, Italy, Ireland, Greece and Spain be an “Acceptable Jurisdiction” hereunder. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Acquisition” means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Parent Guarantor or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any Person, firm, corporation or division thereof, whether
through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a
corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage of voting power) of the outstanding Equity Interests
of another Person. 
 “Additional Covenant” shall mean any affirmative or negative covenant or similar restriction
applicable to the Parent Guarantor or any Subsidiary (regardless of whether such provision is labeled or otherwise characterized as a covenant) the subject matter of which either (i) is similar to that of any covenant in Section 9 or 10 of
this Agreement, or related definitions in Schedule B to this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive than those set forth herein or more beneficial to the holder or holders of the
Indebtedness created or evidenced by the document in which such covenant or similar restriction is contained (and such covenant or similar restriction shall be deemed an Additional Covenant only to the extent that it is more restrictive or more
beneficial), or (ii) is different from the subject matter of any covenant in Section 9 or 10 of this Agreement, or related definitions in Schedule B to this Agreement. 

“Additional Default” shall mean any provision contained in any document or instrument creating or evidencing Indebtedness of
the Parent Guarantor or any Subsidiary which permits the holder or holders of Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Parent Guarantor or any Subsidiary to
purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Section 11 of this Agreement, or related definitions in Schedule B to this Agreement, but
contains one or more percentages, amounts or formulas that is more restrictive or has a shorter grace period than those set forth herein or is more beneficial to the holders of such other Indebtedness (and such provision shall be deemed an
Additional Default only to the extent that it is more restrictive, has a shorter grace period or is more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Section 11 of this Agreement,
or related definitions in Schedule B to this Agreement. 
 “Adjusted Indebtedness” of a Person means, without
duplication, such Person’s Indebtedness but excluding obligations with respect to (i) the undrawn portion of any Performance Letters of Credit, bank guarantees supporting obligations comparable to those supported by Performance Letters of
Credit and all reimbursement agreements related thereto and (ii) liabilities of such Person or any of its Subsidiaries under any sale and leaseback transaction which do not create a liability on the consolidated balance sheet of such Person.

 “Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to either Obligor, shall 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of such Obligor or any Subsidiary or any corporation of which
such Obligor and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. As used in this definition, “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an
“Affiliate” is a reference to an Affiliate of any Obligor. 
 “Agreed Collateral Principles” is defined in
Section 9.15(a). 
 “Alternative Minimum Net Worth Amount” shall mean the sum of (a) $674,755,000 plus
(b) fifty percent (50%) of the sum of Consolidated Net Income (if positive) earned in each fiscal quarter, commencing with the fiscal quarter ending on September 30, 2010, plus (c) 75% of the amount, if any, by which
stockholders’ equity of the Parent Guarantor is, in accordance with GAAP, adjusted from time to time as a result of the issuance of any Equity Interests after June 30, 2010. 

“Anti-Corruption Laws” is defined in Section 5.16(d)(1). 

“Anti-Money Laundering Laws” is defined in Section 5.16(c). 

“Applicable Balances” means (a) with respect to this Agreement and the 2012 NPA, the outstanding principal balance of
the Notes and the 2012 Notes as of the Relevant Completion Date, (b) with respect to the 2015 Term Loan Agreement, the outstanding principal balance of the term loans thereunder as of the Relevant Completion Date, (c) with respect to the
2013 Revolving Credit Agreement, the average daily Applicable Outstandings for the 90-day period ending as of the Relevant Completion Date, and (d) with respect to the 2015 Revolving Credit Agreement, the average daily Applicable Outstandings
for the 90-day period ending as of the Relevant Completion Date. 
 “Applicable Outstandings” means, at any time,
(a) with respect to the 2013 Revolving Credit Agreement, the Total Outstandings (as defined in the 2013 Revolving Credit Agreement as in effect on the Fifth Amendment Effective Date), less the amount of Cash Collateral (as defined in the 2013
Revolving Credit Agreement as in effect on the Fifth Amendment Effective Date) held by the Administrative Agent under, and as defined in, the 2013 Revolving Credit Agreement at such time, and (b) with respect to the 2015 Revolving Credit
Agreement, the Total Outstandings (as defined in the 2015 Revolving Credit Agreement as in effect on the Fifth Amendment Effective Date), less the amount of Cash Collateral (as defined in the 2015 Revolving Credit Agreement as in effect on the Fifth
Amendment Effective Date) held by the Administrative Agent under, and as defined in, the 2015 Revolving Credit Agreement at such time. 

“Asset Sale” means, with respect to any Person, the sale, lease, conveyance, disposition or other transfer by such Person of
any of its assets (including by way of a sale-leaseback transaction, and including the sale or other transfer of any of the Equity Interests of any Subsidiary of such Person, but not the Equity Interests of such Person) to any Person. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Asset Sale Proceeds (Bank Debt) Cash” means the portion of any Net Cash
Proceeds received from an Asset Sale or Disposition allocated towards financing a mandatory offer of prepayment to the lenders under the Transaction Facilities which are deposited into a blocked account opened with the Collateral Agent and held as
Collateral pending any such prepayment of Indebtedness under the Transaction Facilities. 
 “Bilateral Revolving Credit
Agreements” means the following revolving credit facilities (i) a revolving credit facility of up to $263,000,000 between the Parent Guarantor and Intesa San Paolo, (ii) a revolving credit facility of up to $100,000,000 between
the Parent Guarantor and SunTrust Bank, (iii) a revolving credit facility of up to $50,000,000 between the Parent Guarantor and Santander and (iv) a revolving credit facility of up to $50,000,000 between the Parent Guarantor and National
Bank of Kuwait. 
 “Blocked Person” is defined in Section 5.16(a). 

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York
or Houston, Texas are required or authorized to be closed. 
 “Capital Stock” means (i) in the case of a corporation,
corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership, partnership
interests (whether general or limited) and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance
sheet of such Person prepared in accordance with GAAP. 
 “Capitalized Lease Obligations” of a Person means the amount of
the obligations of such Person under Capitalized Leases which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States
government and backed by the full faith and credit of the United States government; (b) domestic and Eurodollar certificates of deposit and time deposits, bankers’ acceptances and floating rate certificates of deposit issued by any
commercial bank organized under the laws of the United States, any state thereof, the District of Columbia, any foreign bank, or its branches or agencies, the long-term indebtedness of which institution at the time of acquisition is rated A- (or
better) by S&P or A3 (or better) by Moody’s, and which 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
certificates of deposit and time deposits are fully protected against currency fluctuations for any such deposits with a term of more than ninety (90) days; (c) shares of money market,
mutual or similar funds having assets in excess of $100,000,000 and the investments of which are limited to (x) investment grade securities (i.e., securities rated at least Baa by Moody’s or at least BBB by S&P) and (y) commercial
paper of United States and foreign banks and bank holding companies and their subsidiaries and United States and foreign finance, commercial industrial or utility companies which, at the time of acquisition, are rated A-1 (or better) by S&P or
P-1 (or better) by Moody’s (all such institutions being, “Qualified Institutions”); (d) commercial paper of Qualified Institutions; provided that the maturities of such Cash Equivalents shall not exceed three
hundred sixty-five (365) days from the date of acquisition thereof; and (e) auction rate securities (long-term, variable rate bonds tied to short-term interest rates) that are rated Aaa by Moody’s or AAA by S&P. 

“Cash Flow Forecast” is defined in Section 7.1(k). 

“Change of Control” is defined in Section 8.7(g). 

“CISADA” is defined in Section 5.16(a). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Collateral” means, with respect to any Note Party, all property of such Note Party
(whether now owned or hereafter acquired) in which such Note Party is granting a Lien in favor of the Collateral Agent, for the benefit of the Secured Creditors, to secure the obligations and liabilities of the Note Parties under the Financing
Agreements as described in the U.S. Security Instruments, the Dutch Security Instruments and the UK Security Instruments (as each such term is defined in the Fifth Amendment) or any other applicable Security Document to which such Note Party is a
party and all proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. 
 “Collateral
Agent” is defined in Section 9.15. 
 “Collateral Effective Date” means, with respect to each Note Party, the
first date on which the Liens and security interests in Collateral described in Section 9.15 are granted or purported to be granted by such Note Party to the Collateral Agent for the benefit of the holders of the Notes and the other creditors
under the Transaction Facilities. 
 “Collateral Note Party” means any Person any of the assets of which are subject to a
Lien under any Security Document as security for all or any portion of the obligations of each Obligor under this Agreement. 

“Company” means Chicago Bridge & Iron Company (Delaware), a Delaware corporation or any successor that becomes such
in the manner prescribed in Section 10.2. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Confidential Information” is defined in Section 21. 

“Consolidated Fixed Charges” means, for any period, the sum of (i) Consolidated Long-Term Lease Rentals for such period
and (ii) consolidated Interest Expense of the Parent Guarantor and its Subsidiaries (including capitalized interest and the interest component of Capitalized Leases) for such period. 

“Consolidated Long-Term Lease Rentals” means, for any period, the sum of the minimum amount of rental and other obligations
of the Parent Guarantor and its Subsidiaries required to be paid during such period under all leases of real or personal property (other than Capitalized Leases) having a term (including any required renewals or extensions or any renewals or
extensions at the option of the lessor or lessee) of one year or more after the commencement of the initial term, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, for any period, the net income (or deficit) of the Parent Guarantor and its Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP, but excluding in any event, without duplication, (i) any extraordinary gain or loss (net of any tax effect), (ii) cash distributions received by the Parent Guarantor
or any Subsidiary from any Eligible Joint Venture and (iii) net earnings of any Person (other than a Subsidiary) in which the Parent Guarantor or any Subsidiary has an ownership interest unless such net earnings shall have actually been
received by the Parent Guarantor or such Subsidiary in the form of cash distributions. 
 “Consolidated Net Income Available for
Fixed Charges” means, for any period, Consolidated Net Income plus, without duplication, to the extent deducted in determining such Consolidated Net Income, (i) provisions for income taxes, (ii) Consolidated Fixed Charges,
(iii) to the extent not already included in Consolidated Net Income, dividends and distributions actually received in cash during such period from Persons that are not Subsidiaries of the Parent Guarantor, (iv) up to $50,000,000, in the
aggregate, of charges, expenses and losses incurred from restructuring and integration activities, including in connection with the Tech Business Sale, from the Fifth Amendment Effective Date through the last day of the fiscal quarter ending
December 31, 2018, (v) the amount of any project charges (or Eligible Project Charges, as the case may be) incurred by the Parent Guarantor or its Subsidiaries up to a maximum of (A) $600,000,000 of project charges for the fiscal
quarter ending June 30, 2017, (B) $105,000,000 of Eligible Project Charges for the fiscal quarter ending September 30, 2017, and (C) $100,000,000 of Eligible Project Charges for the fiscal quarter ending December 31, 2017;
provided that unused add backs for project charges may not be rolled forward and used in a subsequent quarter, (vi) non-cash compensation expenses for management or employees to the extent deducted in computing Consolidated Net Income, and
(vii) equity earnings booked or recognized by the Parent Guarantor or any of its Subsidiaries from Eligible Joint Ventures not to exceed 15% of EBITDA of the Parent Guarantor pursuant to clauses (i) through (vii) of the definition of
EBITDA for such period. 
 “Consolidated Net Worth” means, at a particular date, all amounts which would be included under
shareholders’ or members’ equity on the consolidated balance sheet for the 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
Parent Guarantor and its consolidated Subsidiaries plus any preferred stock of the Parent Guarantor to the extent that it has not been redeemed for indebtedness, as determined in accordance with
GAAP. 
 “Consolidated Total Assets” means, as of any date of determination, the total amount of all assets of the Parent
Guarantor and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Contingent Obligation,” as
applied to any Person, means any Contractual Obligation, contingent or otherwise, of that Person with respect to any Indebtedness of another or other obligation or liability of another, including, without limitation, any such Indebtedness,
obligation or liability of another directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit in the ordinary course of business), co-made or discounted or sold with recourse by that
Person, or in respect of which that Person is otherwise directly or indirectly liable, including Contractual Obligations (contingent or otherwise) arising through any agreement to purchase, repurchase, or otherwise acquire such Indebtedness,
obligation or liability or any security therefor, or to provide funds for the payment or discharge thereof (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of
income, or other financial condition, or to make payment other than for value received. The amount of any Contingent Obligation shall be equal to the present value of the portion of the obligation so guaranteed or otherwise supported, in the case of
known recurring obligations, and the maximum reasonably anticipated liability in respect of the portion of the obligation so guaranteed or otherwise supported assuming such Person is required to perform thereunder, in all other cases. 

“Continuing Director,” with respect to any person as of any date of determination, any member of the board of directors of
such Person who (a) was a member of such board of directors on the Closing Date, or (b) was nominated for election or elected to such board of directors with the approval of the required majority of the Continuing Directors who were
members of such board at the time of such nomination or election; provided that an individual who is so elected or nominated in connection with a merger, consolidation, acquisition or similar transaction shall not be a Continuing Director
unless such individual was a Continuing Director prior thereto. 
 “Contractual Obligation,” as applied to any Person,
means any provision of any equity or debt securities issued by that Person or any indenture, mortgage, deed of trust, security agreement, pledge agreement, guaranty, contract, undertaking, agreement or instrument, in any case in writing, to which
that Person is a party or by which it or any of its properties is bound, or to which it or any of its properties is subject. 

“Controlled Entity” means any of the Subsidiaries of any Obligor and any of their or any Obligor’s respective Controlled
Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Credit Agreement” means, individually and collectively (as the context may
require), (i) any credit or facility agreement of an Obligor or any Subsidiary or other agreement of an Obligor or a Subsidiary, in each case, either (a) providing for a committed facility (providing for either revolving loans or term
loans or a combination of both) of Indebtedness in an aggregate principal amount of $100,000,000 or greater or (b) pursuant to which, and at the relevant time of determination, an aggregate principal amount of $100,000,000 or greater or
Indebtedness is outstanding, (ii) the 2013 Revolving Credit Facility, (iii) the 2015 Revolving Credit Agreement, and (iv) the 2015 Term Loan Agreement, in each case as amended, restated, joined, supplemented or otherwise modified from
time to time, and any renewals, extensions or replacements thereof. 
 “Customary Permitted Liens” means: 

(a) Liens (other than Environmental Liens and Liens in favor of the IRS or the PBGC) with respect to the payment of taxes,
assessments or governmental charges in all cases which are not yet due or (if foreclosure, distraint, sale or other similar proceedings shall not have been commenced or any such proceeding after being commenced is stayed) which are being contested
in good faith by appropriate proceedings properly instituted and diligently conducted and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 

(b) statutory Liens of landlords and Liens of suppliers, mechanics, carriers, materialmen, warehousemen, service providers or
workmen and other similar Liens imposed by law created in the ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings properly instituted and diligently conducted and with respect to
which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 
 (c) Liens (other
than Environmental Liens and Liens in favor of the IRS or the PBGC) incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other types of social security benefits or to
secure the appeal bonds; provided that (i) all such Liens do not in the aggregate materially detract from the value of the Company’s or its Subsidiary’s assets or property taken as a whole or materially impair the use thereof in the
operation of the businesses taken as a whole, and (ii) all Liens securing bonds to stay judgments or in connection with appeals do not secure at any time an aggregate amount exceeding $5,000,000; 

(d) Liens arising with respect to zoning restrictions, easements, encroachments, licenses, reservations, covenants,
rights-of-way, utility easements, building restrictions and other similar charges, restrictions or encumbrances on the use of real property which do not in any case materially detract from the value of the property subject thereto or interfere with
the ordinary conduct of the business of the Company or any of its respective Subsidiaries; 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 (e) Liens of attachment or judgment with respect to judgments, writs or warrants
of attachment, or similar process against the Company or any of its Subsidiaries which do not constitute a Default under Section 11(k) hereof; and 

(f) any interest or title of the lessor in the property subject to any operating lease entered into by the Company or any of
its Subsidiaries in the ordinary course of business. 
 “DBRS” means DBRS, Inc. or its successors. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means, with respect to the Notes, that rate of interest that
is the greater of (i) 2.0% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its
“base” or “prime” rate. 
 “Designated Rating Agency” means any of DBRS, S&P, Moody’s or
Fitch. 
 “Direct Foreign Subsidiary” means a Subsidiary other than a Domestic Subsidiary a majority of whose Voting
Securities, or a majority of whose Subsidiary Securities, are owned by a Domestic Subsidiary. 
 “Disposition” or
“Dispose” means the 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 disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith. 
 “Disqualified Stock” means any
Capital Stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the maturity date of the Notes. 

“Dollars” or “U.S.$” means lawful money of the United States of America. 

“Domestic Disregarded Subsidiary” is defined in Section 9.8. 

“Domestic Subsidiary” means a Subsidiary of the Parent Guarantor organized under the laws of a jurisdiction located in the
United States of America and substantially all of the operations of which are conducted within the United States. 
 “EBIT”
means, for any period, on a consolidated basis for the Parent Guarantor and its Subsidiaries, the sum of the amounts for such period, without duplication, calculated in each case in accordance with GAAP, of (i) Consolidated Net Income, plus
(ii) Interest Expense to the 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
extent deducted in computing Consolidated Net Income, plus (iii) charges against income for foreign, federal, state and local taxes to the extent deducted in computing Consolidated Net
Income, plus (iv) any other non-recurring non-cash charges (excluding any such non-cash charges to the extent any such non-cash charge becomes, or is expected to become, a cash charge in a later period) to the extent deducted in computing
Consolidated Net Income, plus (v) extraordinary losses incurred other than in the ordinary course of business to the extent deducted in computing Consolidated Net Income, minus (vi) any non-recurring non-cash credits to the extent added in
computing Consolidated Net Income, minus (vii) extraordinary gains realized other than in the ordinary course of business to the extent added in computing Consolidated Net Income. 

“EBITDA” means, for any period, on a consolidated basis for the Parent Guarantor and its Subsidiaries, the sum of the amounts
for such period, without duplication, calculated in each case in accordance with GAAP, of (i) EBIT plus (ii) depreciation expense to the extent deducted in computing Consolidated Net Income, plus (iii) amortization expense, including,
without limitation, amortization of goodwill and other intangible assets to the extent deducted in computing Consolidated Net Income, plus (iv) non-cash compensation expenses for management or employees to the extent deducted in computing
Consolidated Net Income, plus (v) to the extent not already included in Consolidated Net Income, dividends and distributions actually received in cash during such period from Persons that are not Subsidiaries of the Parent Guarantor, plus
(vi) up to $50,000,000, in the aggregate, of charges, expenses and losses incurred from restructuring and integration activities, including in connection with the Tech Business Sale during the period from the Fifth Amendment Effective Date
through the last day of the fiscal quarter ended December 31, 2018, plus (vii) the amount of any project charges (or Eligible Project Charges, as the case may be) incurred by the Parent Guarantor or its Subsidiaries up to a maximum of
(A) $65,000,000 of project charges for the fiscal quarter ending March 31, 2017, (B) $600,000,000 of project charges for the fiscal quarter ending June 30, 2017, (C) $105,000,000 of Eligible Project Charges for the fiscal
quarter ending September 30, 2017, and (D) $100,000,000 of Eligible Project Charges for the fiscal quarter ending December 31, 2017; provided that unused add backs for project charges may not be rolled forward and used in a subsequent
quarter, and plus (viii) equity earnings booked or recognized by the Parent Guarantor or any of its Subsidiaries from Eligible Joint Ventures not to exceed 15% of EBITDA pursuant to clauses (i) through (vii) of this definition for
such period. 
 “Electronic Delivery” is defined in Section 7.1(a). 

“Eligible Joint Venture” means, at each time of determination, a joint venture of the Parent Guarantor or any of its
Subsidiaries that has been designated as such to the holders of the Notes (i) for which annual unaudited financial statements and quarterly unaudited financial statements have been delivered to the holders of the Notes, in each case such
financial statements prepared in accordance with GAAP, (ii) of which between a 20% and 50% interest in the profits or capital thereof is owned by the Parent Guarantor or one or more of its Subsidiaries, or the Parent Guarantor and one or more
of its Subsidiaries, (iii) for which the Eligible Joint Venture Leverage Ratio of such joint venture is less than 1.00 to 1.00, and (iv) that is validly existing under the laws of its jurisdiction of organization or formation (or
equivalent); provided, however, that there may not be more than ten (10) designated Eligible Joint Ventures at any time. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Eligible Joint Venture Consolidated Net Income” means, for any period, the net
income (or deficit) of any joint venture of the Parent Guarantor and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, but excluding in any event (i) any extraordinary gain or loss (net of any
tax effect) and (ii) net earnings of any Person (other than a Subsidiary) in which such joint venture or any Subsidiary has an ownership interest unless such net earnings shall have actually been received by such joint venture or such
Subsidiary in the form of cash distributions. 
 “Eligible Joint Venture EBITDA” means, for any period, for any joint
venture of the Parent Guarantor or any of its Subsidiaries, an amount equal to Eligible Joint Venture Consolidated Net Income for such period plus, without duplication, (i) the following to the extent deducted in calculating such
Eligible Joint Venture Consolidated Net Income: (a) Eligible Joint Venture Interest Charges for such period, (b) the provision for federal, state, local and foreign income taxes payable by such joint venture for such period,
(c) depreciation and amortization expense and (d) other non-recurring expenses of such joint venture reducing such Eligible Joint Venture Consolidated Net Income which do not represent a cash item in such period or any future period, and
minus, without duplication, (ii) the following to the extent included in calculating such Eligible Joint Venture Consolidated Net Income: (a) federal, state, local and foreign income tax credits of such joint venture for such period
and (b) all non-cash items increasing Eligible Joint Venture Consolidated Net Income for such period. 
 “Eligible Joint
Venture Interest Charges” means, for any period, for any joint venture of the Parent Guarantor or any of its Subsidiaries, the sum of (i) all interest, premium payments, debt discount, fees, charges and related expenses of such joint
venture in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (ii) the portion of rent expense
of such joint venture with respect to such period under capital leases that is treated as interest in accordance with GAAP. 

“Eligible Joint Venture Leverage Ratio” means, as of any date of determination, for any joint venture of the Parent
Guarantor, the ratio of (i) Indebtedness for such joint venture of the Parent Guarantor or any of its Subsidiaries, on a consolidated basis, to (ii) Eligible Joint Venture EBITDA for the period of the four prior fiscal quarters ending on
or most recently ended prior to such date. 
 “Eligible Project Charges” means project charges incurred on the Calpine York
II Power Plant, IPL Eagle Valley CCGT Power Plant and Freeport LNG and Cameron LNG projects being undertaken by the Parent Guarantor and its Subsidiaries. 

“Eligible Reinvestment Proceeds” is defined in Section 9.14(d). 

“Employee Benefit Plan” means an employee benefit plan as defined in Section 3(3) of ERISA. 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not
limited to those related to Hazardous Materials. 
 “Environmental Lien” means a lien in favor of any Governmental
Authority for (a) any liability under any Environmental Law, or (b) damages arising from, or costs incurred by such Governmental Authority in response to, a release or threatened release of Hazardous Materials into the environment. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). Equity Interests will not include any Incentive Arrangements or obligations or payments thereunder. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether
or not incorporated) that is treated as a single employer together with any Obligor under section 414 of the Code. 
 “Event of
Default” is defined in Section 11. 
 “Excluded Foreign Subsidiary” means any Foreign Subsidiary other than
those listed as Foreign Subsidiaries on Schedule 5.4. 
 “Excluded Joint Venture” means a Subsidiary that is a joint
venture or an unincorporated association that is not required to become a Subsidiary Guarantor pursuant to Section 9.8. 

“FATCA” means (a) Sections 1471 to 1474 of the Code, and any associated regulations or other official guidance;
(b) any applicable treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the
implementation of clause (a) above; or (c) any applicable agreement pursuant to the implementation of clauses (a) or (b) above with the Internal Revenue Service, the U.S. government or any governmental or taxation authority in
any other jurisdiction. 
 “FEMA” is defined in Section 9.2. 

“Fifth Amendment” means the Fifth Amendment and Waiver to this Agreement dated the Fifth Amendment Effective Date. 

“Fifth Amendment Effective Date” means August 9, 2017. 

“Financial Advisor” is defined in Section 9.16. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Financial Letter of Credit” means any letter of credit issued or deemed issued
under the Revolving Credit Agreement other than a Performance Letter of Credit. 
 “Financing Agreements” means,
collectively, this Agreement, the Notes, the Security Documents, the Intercreditor Agreement and any other agreement or instrument executed and delivered from time to time in connection with any of the foregoing. 

“Fitch” means Fitch IBCA, Inc. or its successors. 

“Fixed Charge Coverage Ratio” is defined in Section 10.9. 

“Foreign Subsidiary” means a Subsidiary of the Parent Guarantor which is not a Domestic Subsidiary. 

“Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

“Fourth Amendment” means the Fourth Amendment to this Agreement dated the Fourth Amendment Effective Date. 

“Fourth Amendment Effective Date” means May 8, 2017. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“FTI” is defined in Section 9.19. 

“Fundamental Change” is defined in Section 10.2. 

“GAAP” means generally accepted accounting principles (including, if applicable, International Financial Reporting Standards)
as in effect from time to time in the United States of America; provided, however, with respect to the calculation of financial ratios and other financial tests, “GAAP” means generally accepted accounting principles (including, if
applicable, International Financial Reporting Standards) as in effect on the date of this Agreement, applied in a manner consistent with that used in preparing the financial statements of the Parent Guarantor referred to in Section 5.5. 

“Governmental Authority” means 

(a) the government of 

(i) the United States of America or any State or other political subdivision thereof, or 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 (ii) any other jurisdiction in which any Obligor or any Subsidiary conducts all
or any part of its business, or which asserts jurisdiction over any properties of any Obligor or any Subsidiary, or 
 (b)
any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

“Governmental Official” means any governmental official or employee, employee of any government-owned or
government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization, in each case identifying and acting in his or her official capacity. 

“Guaranty” means, with respect to any Person, any obligation of such Person guaranteeing, or in effect guaranteeing, any
Indebtedness in any manner, whether directly or indirectly, including such obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a) to purchase such Indebtedness or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such Indebtedness, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness; 

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such
Indebtedness the ability of any other Person to make payment of the Indebtedness; or 
 (d) otherwise to assure the owner of
such Indebtedness against loss in respect thereof. 
 In any computation of the Indebtedness of the obligor under any Guaranty, the
Indebtedness that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 
 “Hazardous
Material” means any and all pollutants, toxic or hazardous wastes or other substances that are regulated under laws relating to the environment, health or safety, the removal of which may be required or the generation, manufacture,
refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including,
but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “holder” means, with respect to any Note the Person in whose name such Note is
registered in the register maintained by the Company pursuant to Section 14.1. 
 “Incentive Arrangements” means any
stock ownership, restricted stock, stock option, stock appreciation rights, “phantom” stock plans, employment agreements, non competition agreements, subscription and stockholders agreements and other incentive and bonus plans and similar
arrangements made in connection with the retention of executives, officers or employees of the Parent Guarantor and its Subsidiaries. 

“Indebtedness” of a Person means, without duplication, such Person’s (a) obligations for borrowed money,
(b) obligations representing the deferred purchase price of property or services (other than (i) accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade, and (ii) purchase
price adjustments, earnouts or other similar forms of contingent purchase prices), (c) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property or assets now or hereafter owned or acquired
by such Person, (d) obligations which are evidenced by notes, acceptances or other instruments, (e) Capitalized Lease Obligations, (f) Contingent Obligations, (g) obligations with respect to any letters of credit, bank guarantees
and similar instruments, including, without limitation, Financial Letters of Credit and Performance Letters of Credit, and all reimbursement agreements related thereto, (h) Off-Balance Sheet Liabilities and (i) Disqualified Stock. 

“Initial Material Domestic Subsidiary Guarantor” means each of (i) CB&I Inc., a Texas corporation, (ii) CBI
Services, Inc., a Delaware corporation, and (iii) Chicago Bridge & Iron Company, a Delaware corporation. 

“Initial Material Subsidiary Guarantor” means, as of the date of Closing (without duplication), any Subsidiary, other than
the Company, (i) the consolidated net revenues of which for the most recent fiscal year of the Parent Guarantor for which audited financial statements have been provided were greater than 5% of the Parent Guarantor’s consolidated net
revenues for such year, (ii) the consolidated tangible assets of which as of the end of such fiscal year were greater than 5% of the Parent Guarantor’s consolidated tangible assets as of such date or (iii) that is designated as a
“borrower” under a Credit Agreement, and which Subsidiaries, collectively, constitute at least 80% of the Consolidated Total Assets at of such date and at least 80% of the consolidated net revenues of the Parent Guarantor and its
Subsidiaries for such year. As of the date of the Closing, the Initial Subsidiary Guarantors (A) that satisfy either the preceding clause (i) or (ii) are (1) CB&I Inc., a Texas corporation, (2) Horton CBI Ltd. a
corporation federally incorporated under the laws of Canada, (3) CBI Eastern Anstalt, a legal entity organized under the laws of Liechtenstein, (4) CB&I UK Limited, a private limited company incorporated under the Companies Act of 1985
of the United Kingdom, and (5) CBI Constructors Pty Ltd, a company incorporated under the laws of Australia, and (B) that satisfy the preceding clause (iii) are (1) CB&I Inc., a Texas corporation, (2) CBI Services, Inc.,
a Delaware corporation, (3) Chicago Bridge & Iron Company, B.V., a private company with limited liability incorporated under the laws of The Netherlands, and (4) Chicago Bridge & Iron Company, a Delaware corporation, in
each case without regard to the respective 80% tests referred to in the first sentence of this definition. For purposes of making the determinations required by this definition, revenues and assets of Foreign Subsidiaries shall be converted to
Dollars at the rates used in preparing the consolidated balance sheet of the Parent Guarantor included in the applicable financial statements. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Initial Subsidiary Guarantor” means, as of the date of Closing, each Subsidiary
that is either an Initial Material Subsidiary Guarantor or a “Subsidiary Guarantor” under any Credit Agreement. 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Intercreditor Agreement” has the meaning set forth in the U.S. Security Agreement. 

“Interest Expense” means, for any period, the total gross interest expense of the Parent Guarantor and its consolidated
Subsidiaries, whether paid or accrued, including, without duplication, the interest component of Capitalized Leases, commitment and letter of credit fees, the discount or implied interest component of Off Balance Sheet Liabilities, capitalized
interest expense, pay-in-kind interest expense, amortization of debt documents and net payments (if any) pursuant to Swap Contracts relating to interest rate protection, all as determined in conformity with GAAP. 

“Investment” means, with respect to any Person, (a) any purchase or other acquisition by that Person of any
Indebtedness, Equity Interests or other securities, or of a beneficial interest in any Indebtedness, Equity Interests or other securities, issued by any other Person; (b) any purchase by that Person of all or substantially all of the assets of
a business (whether of a division, branch, unit operation, or otherwise) conducted by another Person; and (c) any loan, advance (other than deposits with financial institutions available for withdrawal on demand, prepaid expenses, accounts
receivable, advances to employees and similar items made or incurred in the ordinary course of business) or capital contribution actually invested by that Person to any other Person (but excluding any subsequent passive increases or
accretions to the value of such initial capital contribution), including all Indebtedness to such Person arising from a sale of property by such Person other than in the ordinary course of its business. 

“Investment Grade Rating” means a senior unsecured long term debt rating with respect to the Notes of (a) “BBB
(low)” or better by DBRS, Inc., (b) “BBB-” or better by S&P, (c) “Baa3” or better by Moody’s, or (d) “BBB-” or better by Fitch (or an equivalent rating from any successor to any of the
foregoing); provided that if at any time the Obligors hold ratings from (i) two (but only two) of the foregoing rating agencies, the lower of such ratings shall apply, and (ii) three or more of the foregoing rating agencies, the
second lowest of such ratings shall apply. 
 “IRS” means the United States Internal Revenue Service. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Joint Venture Indebtedness” shall mean unsecured Indebtedness of the Company or
any Subsidiary Guarantor owing to a joint venture in which the Company or any Subsidiary Guarantor owns any interest and permitted under Section 10.10(b)(12). 

“Leverage Ratio” is defined in Section 10.7. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capitalized Lease having substantially the same economic effect as any of the foregoing,
upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 

“Make-Whole Amount” is defined in Section 8.6. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of the
Obligors and their Subsidiaries taken as a whole. 
 “Material Subsidiary” means any Subsidiary, (i) the consolidated
net revenues of which for the most recent fiscal year of the Parent Guarantor were greater than 5% of the Parent Guarantor’s consolidated net revenues for such year or (ii) the consolidated tangible assets of which as of the end of such
fiscal year were greater than 5% of the Parent Guarantor’s consolidated tangible assets as of such date; provided that, if at any time the aggregate amount of the consolidated net revenues or consolidated assets of all Subsidiaries that are not
Material Subsidiaries exceeds 12.5% of the Parent Guarantor’s consolidated net revenues for any such fiscal year or 12.5% of the Parent Guarantor’s consolidated assets as of the end of any such fiscal year, the Parent Guarantor (or, in the
event the Parent Guarantor has failed to do so within ten (10) days, the Required Holders) shall designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all
purposes of this Agreement constitute Material Subsidiaries. For purposes of making the determinations required by this definition, (x) revenues and assets of Foreign Subsidiaries shall be converted into Dollars at the rates used in preparing
the consolidated balance sheet of the Parent Guarantor included in the applicable financial statements and (y) revenues and assets of Excluded Joint Ventures shall be disregarded. The Material Subsidiaries on the Fifth Amendment Effective Date
are identified in Schedule C hereto. 
 “Material Adverse Effect” means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the Obligors and their Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under the Notes and the other Financing Agreements to
which it is a party, (c) the ability of the Parent Guarantor to perform its obligations under the Financing Agreements to which it is a party, including the Parent Guarantee, (d) the ability of any ability of the Subsidiary Guarantors, as
a whole, to perform their obligations under any Subsidiary Guarantee or (e) the validity or enforceability of the Financing Agreements (including the Parent Guarantee or the Notes) or any Subsidiary Guarantee of the Subsidiary Guarantors, as a
whole. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Maximum Senior Obligations” means the maximum amount of obligations which may
from time to time be payable or arise under the Transaction Facilities (as in effect on the Fifth Amendment Effective Date) other than the Modified Make-Whole Amount due under Section 9.13 hereof and any Modified Make-Whole Amount due under
Section 9.13 of the 2012 NPA (and as defined therein). 
 “Memorandum” is defined in Section 5.3. 

“Minimum Availability” is defined in Section 10.22. 

“Modified Make-Whole Amount” means the Make-Whole Amount calculated by (a) replacing the phrase “0.50%
(i.e., 50 basis points)” appearing in the definition of “Reinvestment Yield” set forth in Section 8.6 with the phrase “1.50% (i.e., 150 basis points)”, (b) inserting “Section 9.13,
Section 9.14(b) or Section 9.14(c)” in lieu of the phrase “Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1” appearing in the definitions of “Called
Principal” and “Settlement Date” solely for purposes of making such calculation, and (c) inserting “Section 9.13, Section 9.14(b) or Section 9.14(c)” in lieu of the phrase “Section 8.2 or
Section 12.1” appearing in the definition of “Remaining Scheduled Payments” solely for purposes of making such calculation. 

“Moody’s” means Moody’s Investors Service, Inc. or its successors. 

“Mortgage” means any mortgage, deed of trust, trust deed or other equivalent document now or hereafter encumbering any
fee-owned real property of any Domestic Subsidiary in favor of the Collateral Agent, on behalf of the Secured Creditors, as security for any of the obligations of the Obligors under this Agreement, each of which shall be in form and substance
reasonably acceptable to the Collateral Agent. 
 “Mortgage Instruments” means such title reports, ALTA title insurance
policies (with endorsements), evidence of zoning compliance, property insurance, flood certifications and flood insurance (and, if applicable FEMA form acknowledgements of insurance), opinions of counsel, ALTA surveys, appraisals, environmental
assessments and reports, mortgage tax affidavits and declarations and other similar information and related certifications as are reasonably requested by, and in form and substance reasonably acceptable to, the Collateral Agent from time to time.

 “Mortgaged Properties” means, collectively, the real properties owned by the Note Parties subject to a Mortgage,
including, without limitation, all buildings, improvements, structures and fixtures now or subsequently located thereon and owned by any such Note Party, pursuant to which the Collateral Agent shall have received completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance) duly executed by each Note Party relating
thereto. 
 “Most Favorable Covenant” is defined in Section 9.11(a). 

“Most Favored Lender Notice” is defined in Section 9.11(c). 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Multiemployer Plan” means any Plan that is a “multiemployer plan” (as
such term is defined in section 4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners
or any successor thereto. 
 “Net Cash Proceeds” means: 

(a) with respect to any Asset Sale, Disposition or Sale and Leaseback Transaction by any Person but excluding any Asset Sale or Disposition
(including any taking) giving rise to Net Insurance/Condemnation Proceeds and any Asset Sale to the Parent Guarantor or any of its wholly-owned Subsidiaries, (i) cash or Cash Equivalents (freely convertible into Dollars) received by such Person
or any Subsidiary of such Person from such Asset Sale, Disposition or Sale and Leaseback Transaction (including cash received as consideration for the assumption or incurrence of liabilities incurred in connection with or in anticipation of such
Asset Sale, Disposition or Sale and Leaseback Transaction), after (A) provision for all income or other Taxes measured by or resulting from such Asset Sale or Sale and Leaseback Transaction, (B) payment of all brokerage commissions and
other fees and expenses and commissions related to such Asset Sale, Disposition or Sale and Leaseback Transaction, (C) all amounts used to make any mandatory prepayment of Indebtedness (and any premium or penalty thereon) secured by a Lien on
any asset disposed of in such Asset Sale, Disposition or Sale and Leaseback Transaction as required by the express terms of the instrument governing such Indebtedness or by applicable law, and (D) the amount of any reasonable reserve
established in accordance with GAAP against any working capital or other adjustments to the sale price, in each case, as described in the applicable definitive purchase agreement; provided that (x) a cash amount equal to any such reserve is
held in a blocked account opened with the Collateral Agent and (y) the amount of any subsequent reduction of such reserve shall be deemed to be Net Cash Proceeds of such Asset Sale or Disposition received on the date of such reduction; and
(ii) cash or Cash Equivalents payments in respect of any other consideration received by such Person or any Subsidiary of such Person from such Asset Sale, Disposition or Sale and Leaseback Transaction upon receipt of such cash payments by such
Person or such Subsidiary; and 
 (b) with respect to the sale or issuance of any Capital Stock by the Parent Guarantor or any of its
Subsidiaries, or the incurrence or issuance of any Indebtedness by the Parent Guarantor or any of its Subsidiaries, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such transaction over (ii) the
underwriting discounts and commissions, fees and other reasonable and customary out-of-pocket expenses, incurred by Parent Guarantor or such Subsidiary in connection therewith. 

“Net Insurance/Condemnation Proceeds” means an amount equal to (a) any cash or Cash Equivalents received by the Parent
Guarantor or any of its Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the Parent Guarantor or any of its Subsidiaries or (ii) as a result of the taking of any assets of the
Parent Guarantor or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, minus
(b) (i) any actual out-of-pocket costs incurred by the 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 
Parent Guarantor or any of its Subsidiaries in connection with the adjustment, settlement or collection of any claims of the Parent Guarantor or such Subsidiary in respect thereof, (ii) all
amounts used to make any mandatory prepayment of Indebtedness (and any premium or penalty thereon) secured by a Lien on any such assets referred to in clause (a) of this definition as required by the express terms of the instrument governing
such Indebtedness or by applicable law, (iii) in the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, and (iv) any selling costs and out-of-pocket expenses (including
reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the Parent Guarantor’s good faith estimate of income Taxes paid or payable in connection with any sale or taking of such assets as referred to in clause
(a) of this definition. 
 “Non-U.S. Plan” means any plan, fund or other similar program that (a) is established
or maintained outside the United States of America by any Obligor or any Subsidiary primarily for the benefit of employees of an Obligor or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar
program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

“Note Parties” means, collectively, the Parent Guarantor, the Company and each Subsidiary Guarantor. 

“Notes” is defined in Section 1. 

“Obligors” is defined in the Preamble. 

“OFAC” is defined in Section 5.16(a). 

“OFAC Listed Person” is defined in Section 5.16(a). 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Off-Balance Sheet Liabilities” of a Person means (a) any repurchase obligation
or liability of such Person or any of its Subsidiaries with respect to Receivables sold by such Person or any of its Subsidiaries, (b) any liability of such Person or any of its Subsidiaries under any sale and leaseback transactions which do
not create a liability on the consolidated balance sheet of such Person, (c) any liability of such Person or any of its Subsidiaries under any financing lease or so-called “synthetic lease” or
“tax ownership operating lease” transaction, or (d) any obligations of such Person or any of its Subsidiaries arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but
which does not constitute a liability on the consolidated balance sheets of such Person and its Subsidiaries. 
 “Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of an Obligor whose responsibilities extend to the subject matter of such certificate or an authorized representative or signor of an Obligor. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Parent Guarantee” means the Parent Guarantee contained in Section 23 of
this Agreement. 
 “Parent Guarantor” means Chicago Bridge & Iron Company N.V., a corporation organized under the
laws of The Netherlands. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any
successor thereto. 
 “Performance Letter of Credit” means any letter of credit issued or deemed issued to secure ordinary
course performance obligations of the Parent Guarantor or a Subsidiary in connection with active construction projects (including projects about to be commenced) or bids for prospective construction projects. 

“Permitted Acquisition” is defined in Section 10.13. 

“Permitted Existing Contingent Obligations” means the Contingent Obligations of the Parent Guarantor and its Subsidiaries
identified as such on Schedule 10.12 to this Agreement. 
 “Permitted Existing Indebtedness” means the Indebtedness of the
Parent Guarantor and its Subsidiaries identified as such on Schedule 10.10(b) to this Agreement. 
 “Permitted Existing J/V
Investments” means the Investments of the Parent Guarantor and its Subsidiaries identified as such on Schedule 10.11(b) to this Agreement.  

“Permitted Refinancing” means, with respect to any Indebtedness (the “Refinanced Indebtedness”), any
refinancings, refundings, renewals or extensions thereof (the “Refinancing Indebtedness” thereof); provided that (a) at the time of such refinancing, refunding, renewal or extension, no Default has occurred
and is continuing, (b) the amount of such Refinancing Indebtedness does not exceed the amount of such Refinanced Indebtedness except by an amount equal to customary underwriting discounts, fees or commissions, expenses and prepayment premium
(if any) incurred in connection with such refinancing, refunding, renewal or extension, plus any existing commitments unutilized under such Refinanced Indebtedness and (c) such Refinancing Indebtedness (i) has a
weighted average maturity (measured as of the date of such refinancing, refunding, renewal or extension) and a maturity no shorter than that of such Refinanced Indebtedness, (ii) is not secured by any property or any Lien other than that (if
any) securing such Refinanced Indebtedness, (iii) is not guaranteed by or secured by any property of any guarantor or other obligor which is not also a guarantor or obligor of such Refinanced Indebtedness, (iv) if such Refinanced
Indebtedness is subordinated in right of payment to the Notes, is subordinated in right of payment to the Notes on terms no less favorable to the holders than those contained in the documentation governing such Refinanced Indebtedness, (v) does
not have covenants, events of default or other material terms, taken as a whole, that are less favorable to the Obligors than those of the Refinanced Indebtedness and (vi) has an interest rate not exceeding the then-applicable market interest
rate. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Permitted Sale and Leaseback Transactions” means (a)(i) any Sale and
Leaseback Transaction of the Parent Guarantor’s administrative headquarters facility in The Woodlands, Texas or (ii) any Sale and Leaseback Transaction (other than in connection with clause (a)(i)) of all or any portion of the Parent
Guarantor’s other property, in each case on terms acceptable to the Required Holders and only to the extent that the aggregate amount of Net Cash Proceeds from all such Permitted Sale and Leaseback Transactions is less than or equal to
$50,000,000 and (b) any Sale and Leaseback Transaction of the Parent Guarantor’s facility in Plainfield, Illinois. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an Employee Benefit Plan subject to Title I of
ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by an Obligor or any ERISA Affiliate or with respect to
which an Obligor or any ERISA Affiliate may have any liability. 
 “Pledged Interests” means the Subsidiary Securities
heretofore pledged to the Collateral Agent and the Subsidiary Securities required to be pledged as Collateral pursuant to this Agreement or the terms of any Security Document. 

“Preferred Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or
similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 

“Project Jazz” means, collectively, the Disposition by the Company of the Capital Services business. 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. 
 “Proposed Prepayment Date” is defined in Section 8.7(b). 

“PTE” is defined in Section 6.2(a). 

“Purchaser” is defined in the first paragraph of this Agreement. 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Ratable Portion” means, with respect of any holder
of any Note upon the sale, loss or other disposition pursuant to Section 10.3(a), an amount equal to the product of (x) the net proceeds being so applied to the prepayment of Senior Indebtedness in accordance with Section 10.3(a)(2),
multiplied by (y) a fraction the numerator of which is the outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of Senior Indebtedness of the Company and its Subsidiaries being
prepaid pursuant to Section 10.3(a)(2). 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Receivable(s)” means and includes all of the Parent Guarantor’s and its
consolidated Subsidiaries’ presently existing and hereafter arising or acquired accounts, accounts receivable, and all present and future rights of the Parent Guarantor or its Subsidiaries, as applicable, to payment for goods sold or leased or
for services rendered (except those evidenced by instruments or chattel paper), whether or not they have been earned by performance, and all rights in any merchandise or goods which any of the same may represent, and all rights, title, security and
guaranties with respect to each of the foregoing, including, without limitation, any right of stoppage in transit. 
 “Related
Fund” means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of
such holder or such investment advisor. 
 “Relevant Completion Date” means (a) with respect to each event or
transaction described in Section 9.14(a), 9.14(b) and 9.14(c), the date on which the Net Cash Proceeds arising from such event or transaction are received by the Parent Guarantor or any of its Subsidiaries and (b) with respect to each
event described in Section 9.14(e), the date on which the relevant Net Insurance/Condemnation Proceeds are required to be applied in prepayment under the 2013 Revolving Credit Agreement, the 2015 Revolving Credit Agreement and the 2015 Term
Loan Agreement. 
 “Required Holders” means at any time (i) prior to Closing, the Purchasers and (ii) on or after
the Closing, the holders of at least 51% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Obligors or any of their respective Affiliates). Notwithstanding the foregoing, to the extent any holder of Notes
or any of its controlled Affiliates is participating in the bidding process in connection with any Tech Business Sale, the Notes held by such holder (or its controlled Affiliates) shall be excluded from any determination of the “Required
Holders” for purposes of Section 10.3(a)(7), Section 10.3(b) or Section 11(n) hereof. 
 “Requirements of
Law” means, as to any Person, the charter and by-laws or other organizational or governing documents of such Person, and any law, rule or regulation, or determination of an arbitrator or a court or
other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject including, without limitation, the Securities Act of 1933, the Securities Exchange
Act of 1934, Regulations T, U and X, ERISA, the Fair Labor Standards Act, the Worker Adjustment and Retraining Notification Act, Americans with Disabilities Act of 1990, and any certificate of occupancy, zoning ordinance, building, environmental or
land use requirement or permit or environmental, labor, employment, occupational safety or health law, rule or regulation, including Environmental, Health or Safety Requirements of Law. 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company or the Parent Guarantor, as
applicable, with responsibility for the administration of the relevant portion of this Agreement. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Restricted Cash” means the amount of unrestricted cash and Cash Equivalents of
the Parent Guarantor and its Subsidiaries calculated on a consolidated basis in the aggregate at any time (excluding cash earmarked to pay unaffiliated third party obligations for which checks have been issued or wires or ACH have been initiated)
which: (i) is held in a bank account located outside the United States; and (ii) if transferred to a bank account located within the United States, would: (a) cause the Parent Guarantor or the relevant Subsidiary to incur a material
Tax liability (despite that person using all reasonable efforts to avoid the relevant Tax liability); or (b) would breach any applicable law or result in personal liability for the Parent Guarantor or the relevant Subsidiary or any of such
person’s directors or management (despite using all reasonable efforts to avoid the breach or result), in each case, excluding Restricted Joint Venture Cash. 

“Restricted Joint Venture Cash” means the amount of cash and Cash Equivalents of the Parent Guarantor and its Subsidiaries
with respect to joint ventures and in respect of which the Parent Guarantor or relevant Subsidiary is restricted from exercising control under the applicable joint venture documentation or pursuant to a written resolution by the joint venture board
steering committee or similar governing body of each applicable joint venture. 
 “Restricted Payment” means (a) any
dividend or other distribution, direct or indirect, on account of any Equity Interests of the Parent Guarantor or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in such Person’s Capital Stock (other than
Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock, (b) any redemption, retirement, purchase or other acquisition for value, direct or indirect, of any Equity Interests of the Parent Guarantor or any of
its Subsidiaries now or hereafter outstanding, other than in exchange for, or out of the proceeds of, the substantially concurrent sale (other than to a Subsidiary of the Parent Guarantor) of other Equity Interests of the Parent Guarantor or any of
its Subsidiaries (other than Disqualified Stock), (c) any payment or prepayment of principal of, or interest (whether in cash or as payment-in-kind), premium, if any, fees or other charges with respect to, any Indebtedness subordinated to the
obligations under the Notes and this Agreement, or any redemption, purchase, retirement, defeasance, prepayment or other acquisition for value, direct or indirect, of any Indebtedness other than (i) the obligations under the Notes and this
Agreement and (ii) any scheduled payments of principal of or interest with respect to Parent Guarantor’s Indebtedness issued pursuant to the Transaction Facilities, (d) any payment of a claim for the rescission of the purchase or sale
of, or for material damages arising from the purchase or sale of, any Indebtedness (other than the obligations under the Notes and this Agreement) or any Equity Interests of the Parent Guarantor or any of its Subsidiaries, or of a claim for
reimbursement, indemnification or contribution arising out of or related to any such claim for damages or rescission and (e) any payment in respect of a purchase price adjustment, earn-out or other similar form of contingent purchase price.

 “Revolving Credit Facility” means the Revolving Credit Agreement dated as of December 21, 2012, among the Parent
Guarantor, the Company, certain Subsidiaries of the Parent Guarantor, as Guarantors and as Subsidiary Borrowers, Bank of America, N.A., as Administrative Agent, and the other financial institutions party thereto, as amended, replaced or otherwise
modified and in effect. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Sale and Leaseback Transaction” means any lease, whether an operating lease or
a Capitalized Lease, of any property (whether real or personal or mixed), (a) which the Parent Guarantor or one of its Subsidiaries sold or transferred or is to sell or transfer to any other Person, or (b) which the Parent Guarantor or one
of its Subsidiaries intends to use for substantially the same purposes as any other property which has been or is to be sold or transferred by the Parent Guarantor or one of its Subsidiaries to any other Person in connection with such lease. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Company, or its successors.

 “SEC” means the Securities and Exchange Commission of the United States, or any successor thereto. 

“Second Amendment Effective Date” means December 29, 2016. 

“Secured Creditors” shall have the meaning specified in the Intercreditor Agreement. 

“Securities” or “Security” shall have the meaning specified in Section 2(1) of the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect. 
 “Security Documents” is defined in Section 9.15 hereof and includes,
without limitation, all security agreements, pledge agreements, account control agreements and all other security documents hereafter delivered granting or perfecting (or purporting to grant or perfect) a Lien on any property of any Person to secure
the obligations and liabilities of the Obligors or Subsidiary Guarantors under any Financing Agreement. 
 “Security Joinder
Agreement” means a joinder agreement to any Security Document, in form and substance reasonably satisfactory to the Collateral Agent, executed and delivered by a Subsidiary Guarantor or any other Person to the Collateral Agent pursuant to
Section 9.8. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
comptroller of the Company or the Parent Guarantor, as applicable. 
 “Senior Indebtedness” means, as of the date of any
determination thereof, Indebtedness determined on a consolidated basis of an Obligor and its Subsidiaries, other than Subordinated Indebtedness. 

“Senior Secured Indebtedness” of a Person means, without duplication, such Person’s Adjusted Indebtedness outstanding
this Agreement, the Notes and each other Transaction Facility. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Senior Secured Leverage Ratio” means, as of any date of determination, the
ratio of (i) all Senior Secured Indebtedness of the Parent Guarantor and its Subsidiaries as of such date to (ii) EBITDA for the most recently-ended period of four-fiscal quarters for which financial statements were required to have been
delivered. 
 “Separate Account” is defined in Section 6.2(a). 

“Shaw Acquisition” means the acquisition of The Shaw Group Inc. by the Parent Guarantor (by means of a merger of a Subsidiary
thereof with and into The Shaw Group Inc.) pursuant to the Transaction Agreement as in effect on December 27, 2012. 

“Subordinated Indebtedness” means (a) all unsecured Indebtedness of the Parent Guarantor that does not have the benefit
of any guaranties or other credit support by Subsidiaries of the Parent Guarantor, and which shall contain or have applicable thereto subordination provisions (x) providing for the subordination thereof to other Indebtedness of the Parent
Guarantor (including, without limitation, the obligations of the Parent Guarantor under the Parent Guarantee and all other obligations owed to the holders under the Financing Agreements), and (y) prohibiting all payments on such Indebtedness at
any time a Default or Event of Default has occurred and is continuing hereunder, and (b) all unsecured Indebtedness of any Subsidiary of the Parent Guarantor which shall contain or have applicable thereto subordination provisions providing for
the subordination thereof to other Indebtedness of such Subsidiary (including, without limitation, the obligations of the Company under this Agreement or the Notes, or of a Subsidiary Guarantor under the Subsidiary Guarantee), which subordination
provisions shall prohibit all payments on such Indebtedness at any time a Default or Event of Default has occurred and is continuing hereunder and shall otherwise be reasonably acceptable to the Required Holders. 

“Subsidiary” means, as to any Person, any corporation, association or other business entity in which such Person or one or
more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or
Persons performing similar functions) of such entity, and any partnership, limited liability company or joint venture if more than 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such
Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise
clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Parent Guarantor. 
 “Subsidiary
Borrower” is defined in Section 8.7(g). 
 “Subsidiary Guarantor” means any Subsidiary that executes and
delivers a Subsidiary Guarantee on the date of Closing and, thereafter, in accordance with Section 9.8 hereof; provided that any Person constituting a Subsidiary Guarantor as defined in the preceding clause will cease to constitute a
Subsidiary Guarantor when, in accordance with the terms hereof, it is released from its Subsidiary Guarantee. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Subsidiary Guarantee” is defined in Section 2.3. 

“Subsidiary Securities” means the Equity Interests issued by or equity participations in any Subsidiary, whether or not
constituting a “security” under Article 8 of the Uniform Commercial Code as in effect in any jurisdiction. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Swap Contracts. 
 “Tax” means any tax (whether income, documentary, sales, stamp,
registration, issue, capital, property, excise or otherwise), duty, assessment, levy, impost, fee, compulsory loan, charge or withholding imposed by any Governmental Authority or any taxing authority thereof. 

“Taxing Jurisdiction” is defined in Section 13. 

“Tech Business” means, collectively, (a) the Technology business segment operated by the Parent Guarantor and its
Subsidiaries which provides proprietary technology licenses and associated engineering services and catalysts, primarily for the petrochemical and refining industries, and (b) the engineered products business unit residing in the Fabrication
Services business segment operated by the Parent Guarantor and its Subsidiaries which provides engineered products for the oil and gas, petrochemical, power generation, water and wastewater, mining and mineral processing industries. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Tech Business Sale” means the sale by the Parent Guarantor of all or
substantially all of its Tech Business (whether by a sale of assets constituting the Tech Business or Equity Interests of the Subsidiaries operating the Tech Business). 

“Tech Sale Marketing Materials” is defined in Section 10.3(b). 

“Term Facility” means a senior term loan facility dated as of December 21, 2012, initially providing for term loans in
an aggregate principal amount of up to $1.0 billion (as may be increased pursuant to the accordion feature) with Bank of America, N.A. as administrative agent, the Company, as borrower and the Parent Guarantor and certain of its Subsidiaries as
guarantors, and other financial institutions party thereto as amended, replaced, or otherwise modified and in effect from time to time. 

“Third Amendment Effective Date” means February 24, 2017. 

“Threshold Amount” means an amount equal to the lesser of (a) $75,000,000 (or its equivalent in the relevant
currency of payment), provided that, with respect to any Bilateral Revolving Credit Agreement or any other bilateral letter of credit facility, such Threshold Amount shall be $50,000,000, and (b) the equivalent threshold
amount set forth in any other Transaction Facility (or any document related thereto).  
 “Transaction” means the
Shaw Acquisition, the payment of fees and expenses in connection therewith, any issuance by the Parent Guarantor of its common equity to consummate the Transaction or refinance any debt issued to consummate the Transaction, and any combination of
the entering into and funding of the Term Facility, the issuance and placement of the Notes, the entering into and funding of the Bridge Facility, the amendment of the Third Amended and Restated Credit Agreement dated as of July 23, 2010
pursuant to Amendment No. 2 thereto dated as of December 21, 2012, the amendment of the Letter of Credit and Term Loan Agreement dated as of November 6, 2006 pursuant to Third Amendment thereto dated December 21, 2012,
and the entering into and funding under the Revolving Credit Facility. 
 “Transaction Facilities” means this Agreement,
the 2012 NPA, the 2013 Revolving Credit Agreement, the 2015 Revolving Credit Agreement and the 2015 Term Loan Agreement. 
 “United
States Person” means “United States person” as defined in Section 7701(a)(30) of the Code. 
 “Unrestricted
Cash” means the amount of cash and Cash Equivalents of the Parent Guarantor and its Subsidiaries calculated on a consolidated basis in the aggregate at any time (excluding cash earmarked to pay unaffiliated third party obligations for which
checks have been issued or wires or ACH have been initiated), together with any Unrestricted Joint Venture Cash, but excluding any Restricted Cash, Asset Sales Proceeds (Bank Debt) Cash and Restricted Joint Venture Cash. 

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 “Unrestricted Joint Venture Cash” means the amount of cash and Cash
Equivalents of the Parent Guarantor and its Subsidiaries with respect to joint ventures that is not Restricted Joint Venture Cash.  

“US CFC HoldCo” is defined in Section 9.8. 

“USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

“U.S. Economic Sanctions” is defined in Section 5.16(a). 

“U.S. Loan Party” shall mean each Obligor and each Subsidiary Guarantor that is a Domestic Subsidiary. 

“U.S. Security Agreement” means that certain Amended and Restated Pledge and Security Agreement dated as of August 4,
2017, among the U.S. Loan Parties and the Collateral Agent, as supplemented from time to time by the execution and delivery of Security Joinder Agreements pursuant to Section 9.8, and as further modified, amended, amended and restated or
further supplemented from time to time. 
 “Voting Securities” means shares of Capital Stock the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency. 

“Wholly-Owned Subsidiary” means, at any time, any Subsidiary one hundred percent of all of the equity interests (except
directors’ qualifying shares or shares required by applicable law to be owned by another Person) and voting interests of which are owned by any one or more of either Obligor and such Obligor’s other Wholly-Owned Subsidiaries at such time.

  
 SCHEDULE B 

(to Note Purchase and Guarantee Agreement) 

 ANNEX II 

EXHIBIT 1 
 FORM OF
AMENDED AND RESTATED NOTE 
 (see attached) 

  
 EXHIBIT 1 

(to Note Purchase and Guarantee Agreement) 

 [FORM OF NOTE] 

CHICAGO BRIDGE & IRON COMPANY (DELAWARE) 

7.53% AMENDED AND RESTATED SENIOR NOTE DUE
JULY 30, 2025 
  

	 No. [            ] 
	 [Date] 

	 $[            ] 
	 PPN [            ] 

FOR VALUE RECEIVED, the undersigned, CHICAGO BRIDGE &
IRON COMPANY (DELAWARE) (herein called the “Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to
[            ], or registered assigns, the principal sum of [            ] DOLLARS (or so much
thereof as shall not have been prepaid) on July 30, 2025, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of
7.53% per annum from the date hereof, payable semiannually, on the 30th day of January and July in each year, commencing with the January or July next succeeding the date hereof, until the principal hereof shall have become due and payable, and
(b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a
rate per annum from time to time equal to the greater of (i) 9.53% or (ii) 2.0% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime”
rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Bank of America, N.A or at such other place as the Company shall have designated by written notice to the holder of
this Note as provided in the Note Purchase and Guarantee Agreement referred to below. 
 This Note is one of a series of Senior Notes
(herein called the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement, dated as of July 22, 2015 (as from time to time amended, the “Note Purchase and Guarantee Agreement”), between the
Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of
the Note Purchase and Guarantee Agreement and (ii) made the representations set forth in Section 6.2 of the Note Purchase and Guarantee Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note Purchase and Guarantee Agreement. 
 This Note amends and restates and is given in substitution
for, but not in satisfaction of, that certain 4.53% Senior Note Due July 30, 2025, originally issued by the Company in favor of [            ] in the original principal amount
of $[            ], as amended from time to time prior to the date hereof. 

  
 EXHIBIT 1 

(to Note Purchase and Guarantee Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase and Guarantee Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The Company will make required
prepayments of principal on the dates and in the amounts specified in the Note Purchase and Guarantee Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the
Note Purchase and Guarantee Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may
be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase and Guarantee Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

 

			
	 CHICAGO BRIDGE & IRON COMPANY

    (DELAWARE)

		
	By	 	  

		 	[Title]

  
 1-2 

 ANNEX III 

SCHEDULE 10.10(b) 

PERMITTED EXISTING INDEBTEDNESS 

Section (a) - Borrowed Money 
  

							
	 Company
	  	 Party
	  	Amount (in $000s)	 
			
	 Chicago Bridge & Iron Company
	  	2015 Term Loan Agreement	  	$	481,300	 
			
	 Chicago Bridge & Iron Company
	  	NPA Notes	  	$	731,000	 
			
	 Chicago Bridge & Iron Company
	  	2013 Revolving Credit Agreement ($1.35B)	  	$	204,000	 
			
	 Chicago Bridge & Iron Company
	  	2015 Revolving Credit Agreement ($800M)	  	$	170,000	 
			
	 Section (b) - Deferred Purchase Price
	  		  	$	—  	 
			
	 Section (c) - Lien Obligations
	  		  	$	0	 
			
	 Section (d) - Notes
	  		  	$	—  	 
			
	 Section (e) - Capitalized Leases
	  		  	$	0	 
			
	 Section (f) - Contingent Obligations
	  		  	 
	Refer to Schedule
10.12	 
 
			
	 Section (g) - Letters of Credit
	  		  	$
$	1,600,000 Bilateral
139,600 Revolvers	 
 
			
	 Section (h) - Off-Balance Sheet Liabilities
	  		  			
			
	 Sale and Leaseback of Plainfield Facility
	  		  	$	0	 
			
	 Section (i) - Disqualified Stock
	  		  	$	—  	 

 ANNEX IV 

SCHEDULE 10.11(b) 

PERMITTED EXISTING INVESTMENTS 

The Parent Guarantor has investments in the following list of entities: 
  

	 	1.	CBI (Malaysia) Sdn. Bhd. 

  

	 	2.	Chicago Bridge & Iron Company (Egypt) LLC 

  

	 	3.	Horton CBI, Limited 

  

	 	4.	CBI (Philippines) Inc. 

  

	 	5.	CBI (Thailand) Limited 

  

	 	6.	Chicago Bridge & Iron Company LLC 

  

	 	7.	CBI Clough JV Pte. Ltd 

  

	 	8.	Shaw Nass Middle East, W.L.L. 

  

	 	9.	Shaw Emirates Pipes Manufacturing LLC 

 ANNEX V 

SCHEDULE 10.11(g) 

PERMITTED EXISTING J/V INVESTMENTS 

The Parent Guarantor and its subsidiaries have continuing investment obligations in the following joint ventures and nonconsolidated subsidiaries: 

 

	 	1.	Chevron Lummus Global (CLG) - JV 

  

	 	2.	Net Power LLC 

  

	 	3.	CBI Kentz JV 

  

	 	4.	CB&I Areva MOX Services, LLC 

  

	 	5.	Shaw Nass Middle East, W.L.L. 

  

	 	6.	Shaw SKE&C Middle East Ltd. 

  

	 	7.	Shaw Emirates Pipes Manufacturing LLC 

  

	 	8.	CC JV 

  

	 	9.	CCZ JV 

  

	 	10.	CZJV 

  

	 	11.	Lummus JV 

  

	 	12.	CB&I/Murray and Roberts Projects Joint Venture 

  

	 	13.	Pretrofac-Sumsung-CB&I CFP Joint Operation 

  

	 	14.	ES3 - EBSE Shaw Spool Solutions Fabricação de Sistema de Tubulação Ltda. 

  

	 	15.	CB&I-CTCI B.V. 

 ANNEX VI 

SCHEDULE 10.12 

PERMITTED EXISTING CONTINGENT OBLIGATIONS 

Contingent Obligations in connection with Project Jazz. 

Contingent Obligations in connection with uncommitted bilateral letter of credit facilities. 

 ANNEX VII 

UNDELIVERED ITEMS FROM FOURTH AMENDMENT 

The waiver under Section 3(d) of this Amendment will remain effective only if the Note Parties deliver to the Collateral Agent the items listed in this
Annex VII by the respective dates specified below (which dates may be extended at the sole discretion of the Collateral Agent): 
  

					
	 Item
	  	 Description
	  	 Deadline

	 1.
	  	For each Mortgaged Property (other than the Parent Guarantor’s administrative headquarters facility in The Woodlands, Texas), each Mortgage and related Mortgage Instrument, in form and substance reasonably satisfactory to the
Required Holders.	  	30 days after the date requested by the Collateral Agent
			
	 2.
	  	With respect to each Curacao Loan Party and Liechtenstein Loan Party, each item listed in paragraph (2) of Annex VIII to this Amendment	  	September 5, 2017

 ANNEX VIII 

POST-CLOSING MATTERS 
 By the respective
deadlines specified below (which such dates may be extended at the sole discretion of the Collateral Agent), delivery of the following items: 
  

					
	 Item
	  	 Description
	  	 Deadline

	1.	  	For each Mortgaged Property (other than the Parent Guarantor’s administrative headquarters facility in The Woodlands, Texas), each Mortgage and related Mortgage Instrument, in form and substance reasonably satisfactory to the
Required Holders.	  	30 days after the date requested by the Collateral Agent
			
	2.	  	The following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by an authorized officer of the applicable signing Curaçao Note Party,
Liechtenstein Note Party or Note Party organized in Canada or Australia (collectively, the “Foreign Note Parties”, and individually, each a “Foreign Note Party”) where applicable, and each in form and
substance reasonably satisfactory to the Required Holders and the Collateral Agent:	  	September 5, 2017
			
		  	 (i) such certificates of resolutions or other action, incumbency certificates and/or other
certificates of authorized officers of each Foreign Note Party as the Required Holders may require evidencing the identity, authority and capacity of each authorized officer thereof authorized to act as an authorized officer in connection with the
Foreign Security Instruments to which such Foreign Note Party is a party;
	  	
			
		  	 (ii) such documents and certifications as the Required Holders may reasonably require to evidence
that each Foreign Note Party is duly organized or formed, is validly existing and in good standing and qualified in its jurisdiction of organization or maintains its principal place of business;
	  	
			
		  	 (iii) written opinions of counsel to the Foreign Note Parties (or the Secured Creditors, as is
customary in such foreign jurisdictions), addressed to the Collateral Agent and the holders of the Notes, in form and substance reasonably satisfactory to the Collateral Agent; and
	  	
			
		  	 (iv) each applicable Curaçao Security Instrument, Liechtenstein Security Instrument or
Security Instrument with respect to Canada or Australia (collectively, the “Foreign Security Instruments”, and individually, each a “Foreign Security Instrument”), in form and substance reasonably
satisfactory to the Collateral Agent, duly executed by each Foreign Note Party, together with:
	  	
			
		  	 (A) to the extent applicable, filings in form appropriate for filing in all jurisdictions that the
Collateral Agent may deem necessary or desirable in order to perfect the Liens created under the Foreign Security Instruments, covering the Collateral described in the Foreign Security Instruments;
	  	

					
			
		  	 (B) except with respect to the Curaçao Note Parties (and, if applicable the Liechtenstein
Note Parties), copies of applicable lien searches or equivalent reports, each of a recent date listing all effective lien notices or comparable documents (together with copies of such documents) that name any Foreign Note Party as debtor and that
are filed in those jurisdictions in which any Foreign Note Party is organized or maintains its principal place of business; and
	  	
			
		  	 (C) except with respect to the Curaçao Note Parties (and, if applicable the Liechtenstein
Note Parties), certificates and instruments representing the Pledged Interests referred to in the Foreign Security Instruments accompanied by undated stock powers or instruments of transfer executed in blank.
	  	
			
	3.	  	English law governed charges in favor of and in form and substance reasonably acceptable to the Collateral Agent with respect to the following:	  	September 5, 2017
			
		  	 •    Shares in the capital of CB&I UK Limited owned by Chicago Bridge
& Iron Company (Netherlands) LLC (see Section 2.3(b) of U.S. Security Agreement)
	  	
			
		  	 •    Shares in the capital of CB&I Holdings (UK) Limited owned by
Chicago Bridge & Iron Company B.V. (see Clause 12a. of the Omnibus Deed of Pledge dated August 4, 2017 (the “Dutch Omnibus Pledge”) among the Parent Guarantor and the other Pledgors named therein and the Collateral Agent as
Pledgee)
	  	
			
		  	 •    Shares in the capital of Lutech Resources Limited owned by CB&I
Oil and Gas Europe BV (see Clause 12b. of Dutch Omnibus Pledge)
	  	
			
	4.	  	Each Grantor under the U.S. Security Agreement that maintains one or more BMG Accounts (as defined in the U.S. Security Agreement) shall use its best efforts to obtain consent from Bank Mendes Gans N.V. (“BMG”) for
the grant by such Grantor of (i) a security interest under the U.S. Security Agreement and (ii) a Dutch law-governed pledge, in each case in favor of the Collateral Agent, over such BMG Account (see Section 2.3(c) of U.S. Security Agreement).	  	September 5, 2017
			
	5.	  	Each Pledgor under the Dutch Omnibus Pledge that maintains one or more bank accounts with BMG shall use its reasonable endeavors to obtain consent from BMG for the grant by such Pledgor of a pledge in favor of the Collateral Agent
over such bank accounts, subject to the Prior Account Bank Pledge (as defined in the Dutch Omnibus Pledge) in favor of BMG and (ii) the Prior BMG Account Bank Pledge (as defined in the Dutch Omnibus Pledge) (see Clause 4.4 of Dutch Omnibus
Pledge).	  	October 3, 2017

					
			
	6.	  	Each Chargor under the Composite Debenture dated August 4, 2017 (the “UK Debenture”) among CB&I UK Limited and the other Chargors named therein and the Collateral Agent, which maintain a bank account with
BMG shall use reasonable endeavours to obtain consent from BMG to the grant by such Chargor to the Collateral Agent for a third ranking pledge over any such accounts and, if such consent is granted, each such Chargor shall enter into such a pledge
to be governed by the laws of the Netherlands and to be in form and substance satisfactory to the Collateral Agent (who shall act reasonably) (see Clause 7.6 of UK Debenture).	  	October 3, 2017
			
	7.	  	Each Material Subsidiary shall do or cause to be done all things as required in Section 9.15 of the Note Purchase Agreement.	  	September 5, 2017
			
	8.	  	Executed counterparts of re-executed Guarantor Supplements in substantially the form attached as Exhibit A to the Subsidiary Guarantee from each of the following Subsidiary Guarantors (copies of which were previously delivered by
each such Subsidiary Guarantor to the Noteholders, but cannot be located):	  	August 16, 2017
			
		  	 1. Lummus Gasification Technology Licensing Company - 2012 NPA
	  	
			
		  	 2. Chicago Bridge & Iron Company (Netherlands), LLC - 2012 and 2015 NPA
	  	
			
		  	 3. CBI US Holding Company, Inc - 2012 and 2015 NPA
	  	
			
		  	 4. CBI Holdco Two, Inc = 2012 and 2015 NPA
	  	
			
		  	 5. CB&I Laurens, Inc. - 2012 NPA
	  	
			
		  	 6. CBI Company BV - 2012 and 2015 NPA
	  	
			
		  	 7. CBI Constructors PTY LTD - 2015 NPA
	  	
			
	9.	  	Each of the following Material Subsidiaries shall have executed a Guarantor Supplement in substantially the form attached as Exhibit A to the Subsidiary Guarantee and shall do or cause to be done all such things, and delivered all
such documents, instruments and agreements as required by Section 9.8 of the Note Purchase Agreement:	  	September 5, 2017

					
			
		  	1. New BV2	  	Netherlands
			
		  	2. CBI UK Cayman Acquisition Ltd.	  	United Kingdom
			
		  	3. CB&I International, Inc.	  	Louisiana
			
		  	4. CB&I Fabrication, LLC	  	Louisiana
			
		  	5. Arabian CBI Ltd	  	Saudi Arabia
			
		  	6. Arabian CBI Tank Manufacturing Company Inc.	  	Saudi Arabia
			
		  	7. CB&I Clearfield, Inc.	  	Delaware
			
		  	8. CB&I El Dorado, Inc.	  	Arkansas
			
		  	9. CB&I Lake Charles, LLC	  	Louisiana

 ANNEX IX 

SCHEDULE C 
 MATERIAL
SUBSIDIARIES 
  

					
	1.	 	 Chicago Bridge & Iron Company
	  	Delaware
	2.	 	 CB&I LLC
	  	Texas
	3.	 	 CBI Services, LLC
	  	Delaware
	4.	 	 Chicago Bridge & Iron Company (Delaware)
	  	Delaware
	5.	 	 Chicago Bridge & Iron Company B.V.
	  	Netherlands
	6.	 	 CBI Americas Ltd.
	  	Delaware
	7.	 	 CB&I Woodlands LLC
	  	Delaware
	8.	 	 Chicago Bridge & Iron Company
	  	Illinois
	9.	 	 Asia Pacific Supply Co.
	  	Delaware
	10.	 	 CBI Company Ltd.
	  	Delaware
	11.	 	 Central Trading Company Ltd.
	  	Delaware
	12.	 	 CSA Trading Company Ltd.
	  	Delaware
	13.	 	 CB&I Technology Inc.
	  	Delaware
	14.	 	 CBI Overseas, LLC
	  	Delaware
	15.	 	 A & B Builders, Ltd.
	  	Texas
	16.	 	 Constructors International, L.L.C.
	  	Delaware
	17.	 	 HBI Holdings, LLC
	  	Delaware
	18.	 	 Howe-Baker International, L.L.C.
	  	Delaware
	19.	 	 Howe-Baker Engineers, Ltd.
	  	Texas
	20.	 	 Howe-Baker Holdings, L.L.C.
	  	Delaware
	21.	 	 Howe-Baker Management, L.L.C.
	  	Delaware
	22.	 	 Howe-Baker International Management, LLC
	  	Delaware
	23.	 	 Matrix Engineering, Ltd.
	  	Texas
	24.	 	 Matrix Management Services, LLC
	  	Delaware
	25.	 	 Oceanic Contractors, Inc.
	  	Delaware
	26.	 	 CBI Venezolana, S.A.
	  	Venezuela
	27.	 	 CBI Montajes de Chile Limitada
	  	Chile
	28.	 	 Horton CBI, Limited
	  	Canada
	29.	 	 CB&I Europe B.V.
	  	Netherlands
	30.	 	 CBI Eastern Anstalt
	  	Liechtenstein
	31.	 	 CB&I Power Company B.V.
	  	Netherlands
	32.	 	 CBI Constructors Pty Ltd
	  	Australia
	33.	 	 CBI Engineering and Construction Consultant (Shanghai) Co. Ltd.
	  	Shanghai
	34.	 	 CBI (Philippines), Inc.
	  	Philippines
	35.	 	 CBI Nederland B.V.
	  	Netherlands
	36.	 	 CB&I Constructors Limited
	  	United Kingdom
	37.	 	 CB&I Holdings (U.K.) Limited
	  	United Kingdom
	38.	 	 CB&I UK Limited
	  	United Kingdom
	39.	 	 Arabian Gulf Material Supply Company, Ltd.
	  	Cayman Islands
	40.	 	 CB&I (Nigeria) Limited
	  	Nigeria

					
	41.	 	Pacific Rim Material Supply Company, Ltd.	  	Cayman Islands
	42.	 	Southern Tropic Material Supply Company, Ltd.	  	Cayman Islands
	43.	 	Lummus Technology Heat Transfer B.V.	  	Netherlands
	44.	 	Lealand Finance Company B.V.	  	Netherlands
	45.	 	CB&I Singapore PTE Ltd.	  	Singapore
	46.	 	CB&I Oil & Gas Europe B.V.	  	Netherlands
	47.	 	CBI Colombiana S.A.	  	Colombia
	48.	 	Chicago Bridge & Iron (Antilles) N.V.	  	Curaçao
	49.	 	Woodlands International Insurance Company	  	Ireland
	50.	 	Lummus Novolen Technology GmbH	  	Germany
	51.	 	CB&I Lummus GmbH	  	Germany
	52.	 	CB&I Technology International Corporation	  	Delaware
	53.	 	CB&I Technology Ventures, Inc.	  	Delaware
	54.	 	CB&I Technology Overseas Corporation	  	Delaware
	55.	 	CB&I Malta Limited	  	Malta
	56.	 	Lutech Resources Limited	  	United Kingdom
	57.	 	Netherlands Operating Company B.V.	  	Netherlands
	58.	 	CB&I s.r.o.	  	Czech Republic
	59.	 	CBI Peruana S.A.C.	  	Peru
	60.	 	CBI Hungary Holding Limited Liability Company	  	Hungary
	61.	 	Catalytic Distillation Technologies	  	Texas
	62.	 	CB&I Tyler Company	  	Delaware
	63.	 	CB&I Finance Company Limited	  	Ireland
	64.	 	Shaw Alloy Piping Products, LLC	  	Louisiana
	65.	 	CB&I Walker LA, L.L.C.	  	Louisiana
	66.	 	The Shaw Group Inc.	  	Louisiana
	67.	 	CBI Overseas (Far East) Inc.	  	Delaware
	68.	 	CB&I North Carolina, Inc.	  	North Carolina
	69.	 	Lummus Gasification Technology Licensing Company	  	Delaware
	70.	 	CB&I Laurens, Inc.	  	South Carolina
	71.	 	Shaw SSS Fabricators, Inc.	  	Louisiana
	72.	 	Chicago Bridge & Iron Company (Netherlands), LLC	  	Delaware
	73.	 	CBI US Holding Company Inc.	  	Delaware
	74.	 	CBI HoldCo Two Inc.	  	Delaware
	75.	 	CBI Company BV	  	Netherlands
	76.	 	CB&I Holdco, LLC	  	Louisiana
	77.	 	New BV2*	  	Netherlands
	78.	 	CBI UK Cayman Acquisition Ltd.*	  	United Kingdom
	79.	 	CB&I International, Inc.*	  	Louisiana
	80.	 	CB&I Fabrication, LLC*	  	Louisiana
	81.	 	Arabian CBI Ltd*	  	Saudi Arabia
	82.	 	Arabian CBI Tank Manufacturing Company Inc.*	  	Saudi Arabia
	83.	 	CB&I Clearfield, Inc.*	  	Delaware
	84.	 	CB&I El Dorado, Inc.*	  	Arkansas

					
	85.	 	CB&I Lake Charles, LLC*	  	Louisiana

  

	 	*To	be added as a Subsidiary Guarantor thirty (30) days post-closing. 

 ANNEX X 

SUBSIDIARY GUARANTORS 
  

					
	1.	 	 Chicago Bridge & Iron Company
	  	Delaware
	2.	 	 CB&I LLC
	  	Texas
	3.	 	 CBI Services, LLC
	  	Delaware
	4.	 	 Chicago Bridge & Iron Company (Delaware)
	  	Delaware
	5.	 	 Chicago Bridge & Iron Company B.V.
	  	Netherlands
	6.	 	 CBI Americas Ltd.
	  	Delaware
	7.	 	 CB&I Woodlands LLC
	  	Delaware
	8.	 	 Chicago Bridge & Iron Company
	  	Illinois
	9.	 	 Asia Pacific Supply Co.
	  	Delaware
	10.	 	 CBI Company Ltd.
	  	Delaware
	11.	 	 Central Trading Company Ltd.
	  	Delaware
	12.	 	 CSA Trading Company Ltd.
	  	Delaware
	13.	 	 CB&I Technology Inc.
	  	Delaware
	14.	 	 CBI Overseas, LLC
	  	Delaware
	15.	 	 A & B Builders, Ltd.
	  	Texas
	16.	 	 Constructors International, L.L.C.
	  	Delaware
	17.	 	 HBI Holdings, LLC
	  	Delaware
	18.	 	 Howe-Baker International, L.L.C.
	  	Delaware
	19.	 	 Howe-Baker Engineers, Ltd.
	  	Texas
	20.	 	 Howe-Baker Holdings, L.L.C.
	  	Delaware
	21.	 	 Howe-Baker Management, L.L.C.
	  	Delaware
	22.	 	 Howe-Baker International Management, LLC
	  	Delaware
	23.	 	 Matrix Engineering, Ltd.
	  	Texas
	24.	 	 Matrix Management Services, LLC
	  	Delaware
	25.	 	 Oceanic Contractors, Inc.
	  	Delaware
	26.	 	 CBI Venezolana, S.A.
	  	Venezuela
	27.	 	 CBI Montajes de Chile Limitada
	  	Chile
	28.	 	 Horton CBI, Limited
	  	Canada
	29.	 	 CB&I Europe B.V.
	  	Netherlands
	30.	 	 CBI Eastern Anstalt
	  	Liechtenstein
	31.	 	 CB&I Power Company B.V.
	  	Netherlands
	32.	 	 CBI Constructors Pty Ltd
	  	Australia
	33.	 	 CBI Engineering and Construction Consultant (Shanghai) Co. Ltd.
	  	Shanghai
	34.	 	 CBI (Philippines), Inc.
	  	Philippines
	35.	 	 CBI Nederland B.V.
	  	Netherlands
	36.	 	 CB&I Constructors Limited
	  	United Kingdom
	37.	 	 CB&I Holdings (U.K.) Limited
	  	United Kingdom
	38.	 	 CB&I UK Limited
	  	United Kingdom
	39.	 	 Arabian Gulf Material Supply Company, Ltd.
	  	Cayman Islands
	40.	 	 CB&I (Nigeria) Limited
	  	Nigeria
	41.	 	 Pacific Rim Material Supply Company, Ltd.
	  	Cayman Islands

			
	 42. Southern Tropic Material Supply Company, Ltd.
	  	Cayman Islands
	 43. Lummus Technology Heat Transfer B.V.
	  	Netherlands
	 44. Lealand Finance Company B.V.
	  	Netherlands
	 45. CB&I Singapore PTE Ltd.
	  	Singapore
	 46. CB&I Oil & Gas Europe B.V.
	  	Netherlands
	 47. CBI Colombiana S.A.
	  	Colombia
	 48. Chicago Bridge & Iron (Antilles) N.V.
	  	Curaçao
	 49. Woodlands International Insurance Company
	  	Ireland
	 50. Lummus Novolen Technology GmbH
	  	Germany
	 51. CB&I Lummus GmbH
	  	Germany
	 52. CB&I Technology International Corporation
	  	Delaware
	 53. CB&I Technology Ventures, Inc.
	  	Delaware
	 54. CB&I Technology Overseas Corporation
	  	Delaware
	 55. CB&I Malta Limited
	  	Malta
	 56. Lutech Resources Limited
	  	United Kingdom
	 57. Netherlands Operating Company B.V.
	  	Netherlands
	 58. CB&I s.r.o.
	  	Czech Republic
	 59. CBI Peruana S.A.C.
	  	Peru
	 60. CBI Hungary Holding Limited Liability Company
	  	Hungary
	 61. Catalytic Distillation Technologies
	  	Texas
	 62. CB&I Tyler Company
	  	Delaware
	 63. CB&I Finance Company Limited
	  	Ireland
	 64. Shaw Alloy Piping Products, LLC
	  	Louisiana
	 65. CB&I Walker LA, L.L.C.
	  	Louisiana
	 66. The Shaw Group Inc.
	  	Louisiana
	 67. CBI Overseas (Far East) Inc.
	  	Delaware
	 68. CB&I North Carolina, Inc.
	  	North Carolina
	 69. Lummus Gasification Technology Licensing Company
	  	Delaware
	 70. CB&I Laurens, Inc.
	  	South Carolina
	 71. Shaw SSS Fabricators, Inc.
	  	Louisiana
	 72. Chicago Bridge & Iron Company (Netherlands), LLC
	  	Delaware
	 73. CBI US Holding Company Inc.
	  	Delaware
	 74. CBI HoldCo Two Inc.
	  	Delaware
	 75. CBI Company BV
	  	Netherlands
	 76. CB&I Holdco, LLC
	  	Louisiana
	 77. New BV2*
	  	Netherlands
	 78. CBI UK Cayman Acquisition Ltd.*
	  	United Kingdom
	 79. CB&I International, Inc.*
	  	Louisiana
	 80. CB&I Fabrication, LLC*
	  	Louisiana
	 81. Arabian CBI Ltd*
	  	Saudi Arabia
	 82. Arabian CBI Tank Manufacturing Company Inc.*
	  	Saudi Arabia
	 83. CB&I Clearfield, Inc.*
	  	Delaware
	 84. CB&I El Dorado, Inc.*
	  	Arkansas
	 85. CB&I Lake Charles, LLC*
	  	Louisiana

  

	*To	be added as a Subsidiary Guarantor thirty (30) days post-closing.EXHIBIT 4.3 

 

PATTERN ENERGY GROUP INC.

 

as Issuer

 

and

 

as Trustee

 

Senior Indenture

 

Dated as of , 20

 

CROSS REFERENCE SHEET(1)

 

Between

 

Provisions of the Trust Indenture Act
of 1939 and the Indenture to be dated as of , 20 between PATTERN ENERGY GROUP INC. and , as Trustee:

 

	 	 	 
	
        Section of the
Act 
	 	
        Section of Indenture 

	310(a)(1) and (2)	 	5.08
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	5.12 and 5.09(a), (b) and (d)
	310(c)	 	Inapplicable
	311(a)	 	5.12
	311(b)	 	5.12
	311(c)	 	Inapplicable
	312(a)	 	3.06
	312(b)	 	3.06
	312(c)	 	4.02(c)
	313(a)	 	3.08
	313(b)(1)	 	Inapplicable
	313(b)(2)	 	3.08
	313(c)	 	3.08
	313(d)	 	3.08
	314(a)	 	3.07
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	10.05
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.05
	314(f)	 	Inapplicable
	315(a), (c) and (d)	 	5.01
	315(b)	 	4.11
	315(e)	 	4.12
	316(a)(1)	 	4.09
	316(a)(2)	 	Not required
	316(a) (last sentence)	 	6.04
	316(b)	 	4.07
	317(a)	 	4.02
	317(b)	 	3.04(a) and (b)
	318(a)	 	10.07

 

 

	(1)	This Cross Reference Sheet is not part of the Indenture. 

    	 

    	 

    

 

TABLE OF CONTENTS 

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	ARTICLE 1	 
	DEFINITIONS	 
	Section 1.01.	 	Certain Terms Defined	 	 	4	 
	ARTICLE 2	 
	SECURITIES	 
	Section 2.01.	 	Forms Generally	 	 	8	 
	Section 2.02.	 	Form of Trustee’s Certificate of Authentication	 	 	8	 
	Section 2.03.	 	Amount Unlimited; Issuable in Series	 	 	8	 
	Section 2.04.	 	Authentication and Delivery of Securities	 	 	9	 
	Section 2.05.	 	Execution of Securities	 	 	10	 
	Section 2.06.	 	Certificate of Authentication	 	 	12	 
	Section 2.07.	 	Denomination and Date of Securities; Payments of Interest	 	 	12	 
	Section 2.08.	 	Registration, Transfer and Exchange	 	 	12	 
	Section 2.09.	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	 	 	13	 
	Section 2.10.	 	Cancellation of Securities; Disposition Thereof	 	 	13	 
	Section 2.11.	 	Temporary Securities	 	 	13	 
	Section 2.12.	 	Computation of Interest	 	 	13	 
	ARTICLE 3	 
	COVENANTS OF THE ISSUER AND THE TRUSTEE	 
	Section 3.01.	 	Payment of Principal and Interest	 	 	14	 
	Section 3.02.	 	Offices for Payments, Etc.	 	 	14	 
	Section 3.03.	 	Appointment to Fill a Vacancy in Office of Trustee	 	 	14	 
	Section 3.04.	 	Paying Agents	 	 	14	 
	Section 3.05.	 	Certificate of the Issuer	 	 	14	 
	Section 3.06.	 	Securityholders Lists	 	 	15	 
	Section 3.07.	 	Reports by the Issuer	 	 	15	 
	Section 3.08.	 	Reports by the Trustee	 	 	15	 
	ARTICLE 4	 
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
	Section 4.01.	 	Event of Default Defined; Acceleration of Maturity; Waiver of Default	 	 	15	 
	Section 4.02.	 	Collection of Indebtedness by Trustee; Trustee May Prove Indebtedness	 	 	16	 
	

    

     

    

	Section 4.03.	 	Application of Proceeds	 	 	18	 
	Section 4.04.	 	Suits for Enforcement	 	 	18	 
	Section 4.05.	 	Restoration of Rights on Abandonment of Proceedings	 	 	18	 
	Section 4.06.	 	Limitations on Suits by Securityholders	 	 	18	 
	Section 4.07.	 	Unconditional Right of Securityholders to Institute Certain Suits	 	 	19	 
	Section 4.08.	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	 	 	19	 
	Section 4.09.	 	Control by Securityholders	 	 	19	 
	Section 4.10.	 	Waiver of Past Defaults	 	 	19	 
	Section 4.11.	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	 	 	20	 
	Section 4.12.	 	Right of Court to Require Filing of Undertaking to Pay Costs	 	 	20	 
	ARTICLE 5	 
	CONCERNING THE TRUSTEE	 
	Section 5.01.	 	Duties and Responsibilities of the Trustee; During Default; Prior to Default	 	 	20	 
	Section 5.02.	 	Certain Rights of the Trustee	 	 	21	 
	Section 5.03.	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	 	 	21	 
	Section 5.04.	 	Trustee and Agents May Hold Securities, Etc.	 	 	21	 
	Section 5.05.	 	Moneys Held by Trustee	 	 	22	 
	Section 5.06.	 	Compensation and Indemnification of Trustee and Its Prior Claim	 	 	22	 
	Section 5.07.	 	Right of Trustee to Rely on Officers’ Certificate, Etc.	 	 	22	 
	Section 5.08.	 	Persons Eligible for Appointment as Trustee	 	 	22	 
	Section 5.09.	 	Resignation and Removal; Appointment of Successor Trustee	 	 	22	 
	Section 5.10.	 	Acceptance of Appointment by Successor Trustee	 	 	23	 

2

 

    	 

    	 

    

 

	 	 	 	 	 	 	 
	

Section 5.11.	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	 	 	23	 
	Section 5.12.	 	Preferential Collection of Claims Against the Issuer	 	 	24	 
	ARTICLE 6	 
	CONCERNING THE SECURITYHOLDERS	 
	Section 6.01.	 	Evidence of Action Taken by Securityholders	 	 	24	 
	Section 6.02.	 	Proof of Execution of Instruments and of Holding of Securities; Record Date	 	 	24	 
	Section 6.03.	 	Holders to Be Treated as Owners	 	 	24	 
	Section 6.04.	 	Securities Owned by Issuer Deemed Not Outstanding	 	 	24	 
	Section 6.05.	 	Right of Revocation of Action Taken	 	 	25	 
	ARTICLE 7	 
	SUPPLEMENTAL INDENTURES	 
	Section 7.01.	 	Supplemental Indentures Without Consent of Securityholders	 	 	25	 
	Section 7.02.	 	Supplemental Indentures With Consent of Securityholders	 	 	26	 
	Section 7.03.	 	Effect of Supplemental Indenture	 	 	26	 
	Section 7.04.	 	Documents to Be Given to Trustee	 	 	26	 
	Section 7.05.	 	Notation on Securities in Respect of Supplemental Indentures	 	 	26	 
	ARTICLE 8	 
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	 
	Section 8.01.	 	Issuer May Consolidate, Etc, on Certain Terms	 	 	27	 
	Section 8.02.	 	Successor Corporation Substituted	 	 	27	 
	Section 8.03.	 	Opinion of Counsel to Trustee	 	 	27	 
	ARTICLE 9	 
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	 
	Section 9.01.	 	Satisfaction and Discharge of Indenture	 	 	27	 
	Section 9.02.	 	Application by Trustee of Funds Deposited for Payment of Securities	 	 	28	 
	Section 9.03.	 	Repayment of Moneys Held by Paying Agent	 	 	28	 
	Section 9.04.	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	 	 	28	 
	ARTICLE 10	 
	MISCELLANEOUS PROVISIONS	 
	Section 10.01.	 	Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability	 	 	28	 
	Section 10.02.	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	 	 	29	 
	Section 10.03.	 	Successors and Assigns of Issuer Bound by Indenture	 	 	29	 
	Section 10.04.	 	Notices and Demands on Issuer, Trustee and Securityholders	 	 	29	 
	Section 10.05.	 	Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein	 	 	29	 
	

    

     

    

	Section 10.06.	 	Payments Due on Saturdays, Sundays and Holidays	 	 	30	 
	Section 10.07.	 	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	 	 	30	 
	Section 10.08.	 	New York Law to Govern 	 	 	30	 
	Section 10.09.	 	Counterparts 	 	 	30	 
	Section 10.10.	 	Effect of Headings 	 	 	30	 
	Section 10.11.	 	Separability Clause 	 	 	30	 
	ARTICLE 11	 
	REDEMPTION OF SECURITIES AND SINKING FUNDS	 
	Section 11.01.	 	Applicability of Article 	 	 	30	 
	Section 11.02.	 	Notice of Redemption; Partial Redemptions 	 	 	30	 
	Section 11.03.	 	Payment of Securities Called for Redemption 	 	 	31	 
	Section 11.04.	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption 	 	 	31	 
	Section 11.05.	 	Mandatory and Optional Sinking Funds 	 	 	31	 
	ARTICLE 12	 
	DEFEASANCE	 
	Section 12.01.	 	Issuer’s Option to Effect Defeasance 	 	 	33	 
	Section 12.02.	 	Defeasances and Discharge 	 	 	33	 
	Section 12.03.	 	Covenant Defeasance 	 	 	33	 
	Section 12.04.	 	Conditions to Defeasance 	 	 	33	 
	Section 12.05.	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous	 	 	34	 

 

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ARTICLE 13	 
	CONVERSION OF SECURITIES	 
	Section 13.01.	 	Applicability; Conversion Privilege and Conversion Price 	 	 	34	 
	Section 13.02.	 	Exercise of Conversion Privilege 	 	 	35	 
	Section 13.03.	 	Fractions of Shares 	 	 	35	 
	Section 13.04.	 	Adjustment of Conversion Price 	 	 	35	 
	Section 13.05.	 	Notice of Adjustments of Conversion Price 	 	 	36	 
	Section 13.06.	 	Notice of Certain Corporate Action 	 	 	37	 
	Section 13.07.	 	Issuer to Reserve Common Stock 	 	 	37	 
	Section 13.08.	 	Taxes on Conversions 	 	 	37	 
	Section 13.09.	 	Covenant as to Common Stock 	 	 	37	 
	Section 13.10.	 	Cancellation of Converted Securities 	 	 	37	 
	Section 13.11.	 	Provisions in Case of Consolidation, Merger or Sale of Assets 	 	 	37	 

 

THIS SENIOR INDENTURE, dated as of , 20
between PATTERN ENERGY GROUP, INC. (the “Issuer”), a corporation organized under the laws of the State of Delaware,
and (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuer has duly authorized
the issue from time to time of its unsecured debentures, notes or other evidences of Indebtedness to be issued in one or more series
(the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance
with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof,
the Issuer has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, all things necessary to make
this Indenture a valid indenture and agreement according to its terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises and the
purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the respective holders from time to time of the Securities or of a series thereof as follows:

 

ARTICLE 1 

DEFINITIONS

 

Section 1.01. Certain Terms Defined.
The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Article. All other
terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities
Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities
Act of 1933 (except as herein otherwise expressly provided or unless the context otherwise clearly 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 this Indenture.

    

     

    

 

All accounting terms used herein and not
expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and
the term “generally accepted accounting principles” means such accounting principles as are generally accepted
at the time of any computation. The words “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.
The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular.

 

“Board of Directors”
means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.

 

“Business Day” means,
with respect to any Security, a day that in the city (or in any of the cities, if more than one) in which amounts are payable,
as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.

 

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“Capital Lease Obligations”
means any obligation to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real or personal
property that is required to be classified and accounted for as a capital lease obligation under generally accepted accounting
principles, and, for the purposes of this Indenture, the amount of such obligation at any date shall be the capitalized amount
thereof at such date, determined in accordance with such principles.

 

“Capital Stock” means
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Commission” means
the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or
if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Common Stock” means
any stock of any class of the Issuer which has no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Issuer and which is not subject to redemption by the Issuer.

 

“Consolidated Net Assets”
means the total of all assets (less depreciation and amortization reserves and other valuation reserves and loss reserves) which,
under generally accepted accounting principles, would appear on the asset side of a consolidated balance sheet of the Issuer and
its Subsidiaries, less the aggregate of all liabilities, deferred credits, minority shareholders’ interests in Subsidiaries,
reserves and other items which, under such principles, would appear on the liability side of such consolidated balance sheet, except
Funded Indebtedness and Stockholders’ Equity; provided, however, that in determining Consolidated Net Assets,
there shall not be included as assets, (a) all assets (other than goodwill, which shall be included) which would be classified
as intangible assets under generally accepted accounting principles, including, without limitation, patents, trademarks, copyrights
and unamortized debt discount and expense, (b) any treasury stock carried as an asset, or (c) any write-ups of capital assets (other
than write-ups resulting from the acquisition of stock or assets of another corporation or business).

 

“Conversion Price”
has the meaning specified in Section 13.01.

 

“Corporate Trust Office”
means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally
administered, which office is, at the date as of which this Indenture is dated, located at .

 

“Depositary” means,
with respect to the Securities of any series issuable or issued in the form of one or more Global Securities, the Person designated
as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities
of that series shall mean the Depositary with respect to the Global Securities of that series.

 

“Event of Default”
means any event or condition specified as such in Section 4.01.

 

“Funded Indebtedness”
of any Person means all indebtedness for borrowed money created, incurred, assumed or guaranteed in any manner by such Person,
and all indebtedness incurred or assumed by such Person in connection with the acquisition of any business, property or asset,
which in each case matures more than one year after, or which by its terms is renewable or extendible or payable out of the proceeds
of similar indebtedness incurred pursuant to the terms of any revolving credit agreement or any similar agreement at the option
of such Person for a period ending more than one year after the date as of which Funded Indebtedness is being determined (excluding
any amount thereof which is included in current liabilities); provided, however, that Funded Indebtedness shall not
include: (a) any indebtedness for the payment, redemption or satisfaction of which money (or evidences of indebtedness, if permitted
under the instrument creating or evidencing such indebtedness) in the necessary amount shall have been irrevocably deposited in
trust with a trustee or proper depository either on or before the maturity or redemption date thereof or (b) any indebtedness of
such Person to any of its subsidiaries or of any subsidiary to such Person or any other subsidiary or (c) any indebtedness incurred
in connection with the financing of operating, construction or acquisition projects, provided that the recourse for such
indebtedness is limited to the assets of such projects.

 

“Global Security” means
a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series in accordance with Section
2.05, and bearing the legend prescribed in Section 2.05.

 

“Holder”, “holder
of Securities”, “Securityholder” or other similar terms mean the Person in whose name a Security is
registered in the security register kept by the Issuer for the purpose in accordance with the terms hereof.

 

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“Indebtedness” means
(a) any liability of any Person (i) for borrowed money, or any non-contingent reimbursement obligation relating to a letter of
credit, or (ii) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection
with the acquisition of any businesses, properties or assets of any kind (other than a trade payable or a current liability arising
in the ordinary course of business), or (iii) for the payment of money relating to a Capital Lease Obligation; (b) any liability
of others described in the preceding clause (a) that the Person has guaranteed or that is otherwise its legal liability; and (c)
any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in
clauses (a) and (b) above.

 

“Indenture” means this
instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented
or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.

 

“Interest” means, when
used with respect to non-interest bearing Securities, interest payable after maturity.

 

“Issuer” means Pattern
Energy Group Inc., a corporation organized under the laws of the State of Delaware, and, subject to Article 8, its successors and
assigns.

 

“Issuer Order” means
a written statement, request or order of the Issuer signed in its name by the chairman of the Board of Directors, the chief executive
officer, chief financial officer, president, any vice president or the treasurer of the Issuer.

 

“New York Agency” means
the office of , serving as agent of the Trustee in The City of New York, which office is, at the date as of which this Indenture
is dated, located at .

 

“Officers’ Certificate”
means a certificate signed by the chairman of the Board of Directors or the chief executive officer, chief financial officer, president
or any vice president and by the treasurer or the secretary or any assistant secretary of the Issuer and delivered to the Trustee.
Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for
in Section 10.05 hereof, if and to the extent that such sections are applicable.

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be reasonably
satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the
statements provided for in Section 10.05 hereof, if and to the extent that such sections are applicable.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the maturity thereof pursuant to Section 4.01.

 

“Outstanding”, when
used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except

 

(a) Securities theretofore canceled by
the Trustee or delivered to the Trustee for cancellation;

 

(b) Securities, or portions thereof, for
the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the holders of
such Securities (if the Issuer shall act as its own paying agent), provided that if such Securities, or portions thereof,
are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision
reasonably satisfactory to the Trustee shall have been made for giving such notice;

 

(c) Securities in substitution for which
other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.09
(except with respect to any such Security as to which proof reasonably satisfactory to the Trustee is presented that such Security
is held by a person in whose hands such Security is a legal, valid and binding obligation of the Issuer); and

 

(d) Securities converted for Common Stock
pursuant to Article 13.

 

In determining whether the holders of the requisite principal
amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the maturity thereof pursuant to Section 4.01.

 

6

 

    	 

    	 

    

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation,
the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such Securities.

 

“Person” means any
individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.

 

“principal” whenever
used with reference to the Securities or any Security or any portion thereof, shall be deemed to include “and premium, if
any”.

 

“Principal Property”
means all property and equipment directly engaged in the exploration, production, refining, marketing and transportation activities
of the Issuer and its Subsidiaries, except any such property and equipment which the Board of Directors declares is not material
to the business of the Issuer and its Subsidiaries taken as a whole.

 

“Responsible Officer”
when used with respect to the Trustee means the chairman of the board of directors, any vice chairman of the board of directors,
the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the
president, any vice president, the cashier, the secretary, the treasurer, any senior trust officer, any trust officer, any assistant
trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any other
officer or assistant officer of the Trustee customarily performing functions similar to those performed by the persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his knowledge of and familiarity
with the particular subject.

 

“Restricted Subsidiary”
means any Subsidiary of the Issuer that owns a Principal Property and has Stockholders’ Equity that is greater than 2% of
the Consolidated Net Assets of the Issuer.

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated
and delivered under this Indenture.

 

“Senior Funded Indebtedness”
means any Funded Indebtedness which is also Senior Indebtedness.

 

“Senior Indebtedness”
shall mean the principal of and premium, if any, and interest on (including interest accruing after the filing of a petition initiating
any proceeding pursuant to any bankruptcy law) and other amounts due on or in connection with any Indebtedness of the Issuer, whether
outstanding on the date of this Indenture or hereafter created, incurred or assumed, unless, in the case of any particular Indebtedness,
the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness
shall be subordinated to the Securities. Notwithstanding the foregoing, Senior Indebtedness shall not include Indebtedness of the
Issuer to a Subsidiary of the Issuer for money borrowed or advanced from such Subsidiary.

 

“Stockholders’ Equity”
means the aggregate of (however designated) capital, capital stock (including preferred stock), capital surplus, capital in excess
of par value of stock, earned surplus, net income retained for use in the business and cumulative foreign exchange translation
adjustments, after deducting the cost of shares of the Issuer held in its treasury.

 

“Subsidiary” means
(a) any corporation of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors thereof is at the time directly or indirectly owned by the
Issuer or by the Issuer and one or more Subsidiaries or by one or more Subsidiaries, and (b) any limited partnership in which the
Issuer or a Subsidiary is a general partner and in which more than 50% of the voting interests thereof is at the time directly
or indirectly owned by the Issuer or by the Issuer and one or more Subsidiaries or by one or more Subsidiaries. The term “subsidiary”,
when used with respect to any Person other than the Issuer, shall have a meaning correlative to the foregoing.

 

“Trust Indenture Act of 1939”
(except as otherwise provided in Section 7.01 and 7.02) means the Trust Indenture Act of 1939 as in force at the date as of which
this Indenture was originally executed.

 

“Trustee” means the
Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 5, shall also
include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder
and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any
series shall mean the

    

     

    

 

trustee with respect to the Securities
of such series.

 

“U.S. Government Obligations”
shall have the meaning set forth in Section 9.01.

 

7

 

    	 

    	 

    

 

“vice president” when
used with respect to the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title of “vice president”.

 

“Yield to Maturity”
means the yield to maturity on a series of Securities, calculated at the time of issuance of such series, or, if applicable, at
the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.

 

ARTICLE 2 

SECURITIES

 

Section 2.01. Forms Generally.
The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established
by or pursuant to a resolution of the Board of Directors (as set forth in such resolution or, to the extent established pursuant
to rather than set forth in such resolution, an Officers’ Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent
with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto,
or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing
such Securities, as evidenced by their execution of the Securities.

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders, all as determined by the officers executing such Securities, as evidenced by
their execution of such Securities.

 

Section 2.02. Form of Trustee’s
Certificate of Authentication. The Trustee’s certificate of authentication on all Securities shall be in substantially
the following form:

 

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

 

	 	 	 
	 
	as Trustee
	 	 
	By:	 	 
	 	 	Authorized Officer

 

Section 2.03. Amount Unlimited; Issuable
in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or
more series. There shall be established in or pursuant to a resolution of the Board of Directors and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,

 

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

 

(b) any limit upon the aggregate principal
amount of the Securities of the 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 the series pursuant to Section
2.08, 2.09, 2.11, 7.05 or 11.03);

 

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

 

(d) if other than the coin or currency
of the United States, the coin or currency in which the Securities of that series are denominated, the coin or currency in which
payment of the principal of or interest, if any, on the Securities of that series shall be payable and the method of valuing that
coin or currency for purposes of determining the aggregate principal amount of Securities of that series then Outstanding and the
amount to be paid to satisfy a judgment denominated in the coin or currency of the United States;

 

(e) the rate or rates at which the Securities
of the series shall bear interest, if any, or the method by which such rate shall be

 

    	 

    	 

    

determined, the date or dates from which such interest shall
accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders
to whom interest is payable;

 

(f) the place or places where the principal
of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.02);

 

8

 

    	 

    	 

    

 

(g) the price or prices at which, the
period or periods within which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in
part, at the option of the Issuer, pursuant to any sinking fund or otherwise;

 

(h) if other than denominations of $1,000
and any multiple thereof, the denominations in which Securities of the series shall be issuable;

 

(i) the obligation, if any, of the Issuer
to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of
a Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which
Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;

 

(j) if other than the 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 4.01 or provable in bankruptcy pursuant to Section 4.02;

 

(k) if the amount of payments of principal
of and interest on the Securities of the series may be determined with reference to an index based on a coin or currency other
than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined;

 

(l) whether and under what circumstances
the Issuer will pay additional amounts on the Securities of the series held by a person who is not a U.S. person in respect of
any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such
Securities rather than pay such additional amounts;

 

(m) any trustees, authenticating or paying
agents, transfer agents or registrars or any other agents with respect to the Securities of such series;

 

(n) any other events of default or covenants
with respect to the Securities of such series;

 

(o) whether the Securities of the series
shall be issued in the form of one or more Global Securities and, in such case, the Depositary for such Global Security or Global
Securities;

 

(p) the terms and conditions, if any,
pursuant to which the Securities of the series are convertible into Common Stock of the Issuer; and

 

(q) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such resolution
of the Board of Directors or Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one
series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if
so provided by or pursuant to such a resolution of the Board of Directors, such Officers’ Certificate or in any such indenture
supplemental hereto.

 

Section 2.04. Authentication and Delivery
of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver
Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate
and deliver such Securities pursuant to an Issuer Order, or pursuant to such procedures acceptable to the Trustee and to such recipients
as may be specified from time to time by an Issuer Order. The maturity date, original issue date, interest rate and any other terms
of the Securities of such series may, if not previously established by a Board Resolution, Officers’ Certificate or indenture
supplemental hereto pursuant to Section 2.03, be determined by or pursuant to such Issuer Order and procedures. If provided for
in such procedures, such Issuer Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities the Trustee shall be entitled to receive (in
the case of subparagraphs (a), (b), (c) and (d) below only at or before the time of the first request of the Issuer to the Trustee
to authenticate Securities of such series), and (subject to Section 5.01) shall be fully protected in relying upon, unless and
until such documents have been superseded or revoked:

 

(a) a copy of any resolution or resolutions
of the Board of Directors relating to such series, in each case certified by the Secretary or an Assistant Secretary of the Issuer;

 

    	 

    	 

    

(b) an executed supplemental indenture,
if any;

 

9

 

    	 

    	 

    

 

(c) an Officers’ Certificate setting
forth the form and terms, or the manner of establishing the terms, of the Securities as required pursuant to Section 2.01 and 2.03,
respectively and prepared in accordance with Section 10.05;

 

(d) an Opinion of Counsel, prepared in
accordance with Section 10.05, to the effect that

 

	 	(i)	the form or forms of such Securities have been established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of this Indenture; 

	 	(ii)	in the case of an underwritten offering, the terms of the Securities have been duly authorized and established in conformity with the provisions of this Indenture, and, in the case of a Periodic Offering, certain terms of the Securities have been established pursuant to a resolution of the Board of Directors, an Officers’ Certificate or a supplemental indenture in accordance with this Indenture, and when such other terms as are to be established pursuant to procedures set forth in an Issuer Order shall have been established, all such terms will have been duly authorized by the Issuer and will have been established in conformity with the provisions of this Indenture; 

	 	(iii)	such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer; 

	 	(iv)	all laws and requirements in respect of the execution and delivery by the Issuer of the Securities have been complied with; and 

	 	(v)	covering such other matters as the Trustee may reasonably request; and 

 

(e) an Issuer Order requesting such authentication
and setting forth delivery instructions if the Securities are not to be delivered to the Issuer, provided that, with respect
to Securities of a series subject to a Periodic Offering, (i) such Issuer Order may be delivered by the Issuer to the Trustee prior
to the delivery to the Trustee of such Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal
amount established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee as may be specified
from time to time by an Issuer Order, (c) the maturity date or dates, original issue date or dates, interest rate or rates and
any other terms of Securities of such series shall be determined by an Issuer Order or pursuant to such procedures and (d) if provided
for in such procedures, such Issuer Order may authorize authentication and delivery pursuant to oral or electronic instructions
from the Issuer or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive
committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose
the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under
the Securities, this Indenture or otherwise.

 

Section 2.05. Execution of Securities.
The Securities shall be signed on behalf of the Issuer by both (a) the chairman of its Board of Directors or any vice chairman
of its Board of Directors or its chief executive officer, chief financial officer, president or any vice president and (b) by its
treasurer or any assistant treasurer or its secretary or any assistant secretary, under its corporate seal (if any) which may,
but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers.
The seal of the Issuer (if any) may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of the seal (if any) or
any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered
by the Trustee.

 

In case any officer of the Issuer who
shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and
delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed
of as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed
on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers
of the Issuer, although at the date of the execution and delivery of this Indenture any such person was not such an officer.

 

If the Issuer shall establish pursuant
to Section 2.03 that the Securities of a series are to be issued in the form of one or more Global Securities, then the Issuer
shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with

 

    	 

    	 

    

respect to such series, authenticate and deliver one or more
Global Securities that (a) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all
of the Securities of such series having the same terms issued and not yet canceled,

 

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(b) shall be registered in the name of the Depositary for such
Global Security or Global Securities or the nominee of such Depositary, (c) shall be delivered by the Trustee to such Depositary
or pursuant to such Depositary’s instructions and (d) shall bear a legend substantially to the following effect:

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF SUCH DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

Each Depositary designated pursuant to
Section 2.03 must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and any other applicable statute or regulation.

 

Notwithstanding any other provision of
this Section 2.05, unless and until it is exchanged in whole or in part for Securities in definitive form, a Global Security representing
all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

 

If at any time the Depositary for any
Securities of a series represented by one or more Global Securities notifies the Issuer that it is unwilling or unable to continue
as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be eligible under this Section
2.05, the Issuer shall appoint a successor Depositary eligible under this Section 2.05 with respect to such Securities. If a successor
Depositary eligible under this Section 2.05 for such Securities is not appointed by the Issuer within 90 days after the Issuer
receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Securities
be represented by one or more Global Securities shall no longer be effective and the Issuer will execute, and the Trustee, upon
receipt of an Officers’ Certificate for the authentication and delivery of definitive Securities of such series, will authenticate
and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Global Securities representing such Securities in exchange
for such Global Security or Global Securities.

 

The Issuer may at any time and in its
sole discretion determine that the Securities of any series issued in the form of one or more Global Securities shall no longer
be represented by a Global Security or Global Securities. In such event the Issuer will execute, and the Trustee, upon receipt
of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver,
Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal
amount equal to the principal amount of the Global Security or Global Securities representing such Securities, in exchange for
such Global Security or Global Securities.

 

If specified by the Issuer pursuant to
Section 2.03 with respect to Securities represented by a Global Security, the Depositary for such Global Security may surrender
such Global Security in exchange in whole or in part for Securities of the same series in definitive registered form on such terms
as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and
deliver, without service charge,

 

(a) to the Person specified
by such Depositary a new Security or Securities of the same series, of any authorized denominations as requested by such Person,
in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and

 

(b) to such Depositary a new
Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security
and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (a) above.

 

Upon the exchange of a Global Security
for Securities in definitive registered form without coupons, in authorized denominations, such Global Security shall be canceled
by the Trustee or an agent of the Issuer or the Trustee. Securities in definitive registered form without coupons issued in exchange
for a Global Security pursuant to this Section 2.05 shall be registered in such names and in such authorized denominations as the
Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed
by the Persons in whose names such Securities are so registered.

 

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Section 2.06. Certificate of Authentication.
Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed
by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer 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.

 

Section 2.07. Denomination and Date
of Securities; Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations
as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities
of any series, the Securities of such series shall be issuable in denominations of $1,000 and any multiple thereof. The Securities
shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.

 

Each Security shall be dated the date
of its authentication, shall bear interest, if any, from such date and shall be payable on the dates, in each case, which shall
be specified as contemplated by Section 2.03.

 

The person in whose name any Security
of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest
payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding
any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and
to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which
case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for such series are registered
at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment
of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the holders of Securities not
less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any
interest payment date (except a date for payment of defaulted interest) shall mean the date specified as such in the terms of the
Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a calendar
month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar
month, the first day of such calendar month, whether or not such record date is a Business Day.

 

Section 2.08. Registration, Transfer
and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided
in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will register,
and will register the transfer of, Securities as in this Article provided. Such register shall be in written form in the English
language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such
register or registers shall be open for inspection by the Trustee.

 

Upon due presentation for registration
of transfer of any Security of any series at any such office or agency to be maintained for the purpose as provided in Section
3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new
Security or Securities of the same series in authorized denominations for a like aggregate principal amount.

 

Any Security or Securities of any series
may be exchanged for a Security or Securities of the same series in other authorized denominations, in an equal aggregate principal
amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for
the purpose as provided in Section 3.02, and the Issuer shall execute and the Trustee shall authenticate and deliver in exchange
therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive,
bearing numbers not contemporaneously outstanding.

 

All Securities presented for registration
of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied
by a written instrument or instruments of transfer in form reasonably satisfactory to the Issuer and the Trustee duly executed
by, the holder or his attorney duly authorized in writing.

 

The Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of Securities. No service charge shall be made for any such transaction.

 

The Issuer shall not be required to exchange
or register a transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice of
redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except,
in the case of any Security where notice has been given that such Security is to be redeemed in part, the portion thereof not so
to be redeemed.

 

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All Securities issued upon any transfer
or exchange of Securities shall be valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Securities surrendered upon such transfer or exchange.

 

Section 2.09. Mutilated, Defaced, Destroyed,
Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost
or stolen, the Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall
authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen.
In every case, the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer
or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless
and, in every case of destruction, loss or theft, shall furnish evidence to their reasonable satisfaction of the destruction, loss
or theft of such Security and of the ownership thereof.

 

Upon the issuance of any substitute Security,
the Issuer 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 which
has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed,
lost or stolen, the Issuer 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 or defaced Security), if the applicant for such payment shall furnish to the Issuer and
to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of
them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to their reasonable satisfaction of the destruction, loss or theft of such
Security and of the ownership thereof.

 

Every substitute Security of any series
issued pursuant to the provisions of this Section by virtue of the fact that any such Security is destroyed, lost or stolen shall
constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at
any time enforceable by anyone and that substitute Security shall be entitled to all the benefits of (but shall be subject to all
the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series
duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed,
lost or stolen Securities and shall preclude 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 2.10. Cancellation of Securities;
Disposition Thereof. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit
against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or of the
Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no
Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee
shall dispose of canceled Securities held by it in accordance with its customary procedures and deliver a certificate of disposition
to the Issuer. If the Issuer shall acquire any of the Securities, 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 2.11. Temporary Securities.
Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and
deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
reasonably satisfactory to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without
coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such
omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with
the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate.
Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall
furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor
without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive
Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be
entitled to the same benefits under this Indenture as definitive Securities of such series.

 

Section 2.12. Computation of Interest.
Except as otherwise specified as contemplated by Section 2.03 for Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360 day year of twelve 30-day months.

 

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ARTICLE 3 

COVENANTS OF THE ISSUER AND THE TRUSTEE

 

Section 3.01. Payment of Principal
and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and punctually
pay or cause to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the
respective times and in the manner provided in such Securities. Each installment of interest on the Securities of any series may
be paid by mailing checks for such interest payable to or upon the written order of the holders of Securities entitled thereto
as they shall appear on the registry books of the Issuer.

 

Section 3.02. Offices for Payments,
Etc. So long as any of the Securities remain Outstanding, the Issuer will maintain in The City of New York, the following for
each series: an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented
for registration of transfer and for exchange as in this Indenture provided, (c) where Securities may be surrendered for conversion
and (d) where notices and demands to or upon the Issuer in respect of the Securities or of this Indenture may be served. The Issuer
will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless
otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the New York Agency as the office to
be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or agency
or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made
and notices may be served at the New York Agency.

 

Section 3.03. Appointment to Fill a
Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of
Securities hereunder.

 

Section 3.04. Paying Agents. Whenever
the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause 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,

 

(a) that it will hold all sums received
by it as such agent for the payment of the principal of or interest on the Securities of such series (whether such sums have been
paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the
Securities of such series or of the Trustee,

 

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

 

(c) that it will pay any such sums so
held by it in trust to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred
to in clause (b) above.

 

The Issuer will, on or prior to each due
date of the principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such
principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee
of any failure to take such action.

 

If the Issuer shall act as its own paying
agent with respect to the Securities of any series, it will, on or before each due date of the principal of or interest on the
Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of such series
a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure
to take such action.

 

Anything in this Section to the contrary
notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more
or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for
any such series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon
the trusts herein contained.

 

Anything in this Section to the contrary
notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 9.03 and
9.04.

 

Section 3.05. Certificate of the Issuer.
The Issuer will deliver to the Trustee, on or before a date not more than 120 days after the end of each fiscal year of the Issuer
ending after the date of this Indenture, a written statement signed by the following officers (one of whom shall be the principal
executive, financial or accounting officer of the Issuer): the Chairman, the

 

    	 

    	 

    

President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or the Assistant Secretary of the

 

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Issuer, stating whether or not, after a review under each signer’s
supervision of the activities of the Issuer during such year and of the Issuer’s performance under this Indenture, to the
best knowledge, based on such review, of the signers thereof, the Issuer has fulfilled all of its obligations, conditions and covenants
under this Indenture throughout such year, and, if there has been a default in the fulfillment of any such obligation, condition
or covenant specifying each default and the nature and status thereof.

 

Section 3.06. Securityholders Lists.
If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or
cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the
holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more
than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record
date and on dates to be determined pursuant to Section 2.03 for non-interest bearing securities in each year, and (b) at such other
times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any such request as of a date not
more than 15 days prior to the time such information is furnished.

 

Section 3.07. Reports by the Issuer.
The Issuer covenants to file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission,
copies of the annual reports and of the information, documents, and other reports which the Issuer may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314 of the
Trust Indenture Act of 1939.

 

Section 3.08. Reports by the Trustee.
Any Trustee’s report required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before July
15 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date
convenient to the Trustee no more than 60 nor less than 45 days prior thereto. At the time it delivers such report, the Trustee
shall deliver a copy thereof to the Issuer.

 

ARTICLE 4 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT

 

Section 4.01. Event of Default Defined;
Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to Securities of any series
wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a) default in the payment of any installment
of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of such
default for a period of 30 days; or

 

(b) default in the payment of all or any
part of the principal on any of the Securities of such series as and when the same shall become due and payable either at maturity,
upon redemption, by declaration or otherwise; or

 

(c) default in the payment of any sinking
fund installment as and when the same shall become due and payable by the terms of the Securities of such series; or

 

(d) default in the performance, or breach,
of any covenant or warranty of the Issuer in respect of the Securities of such series (other than a covenant or warranty in respect
of the Securities of such series a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified
mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount
of the Outstanding Securities of all series affected thereby, a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(e) a court having jurisdiction in the
premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Issuer or for any substantial part of its property or ordering the winding up or liquidation
of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or

 

(f) the Issuer shall commence a voluntary
case under any applicable bankruptcy, insolvency or other similar law at the date of this Indenture or hereafter in effect, or
consent to the entry of an order for relief in an involuntary case under any such law, or

 

    	 

    	 

    

consent to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its
property, or make any general assignment for the benefit of creditors;

 

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(g) an event of default, as defined in
any indenture or instrument evidencing or securing or under which the Issuer has at the date of this Indenture or shall hereafter
have outstanding, any Indebtedness in an amount exceeding $25,000,000, which default shall involve (i) the failure by the Issuer
to make any payment when such Indebtedness is due and payable after demand has been made and the passage of any applicable grace
period and such failure shall have continued for a period of thirty days after written notice thereof to the Issuer and the Trustee
by the holders of not less than 25% in aggregate principal amount of the Securities of such series or (ii) a default in the payment
of interest, premium, principal or a default in the payment of a sinking fund or redemption payment, which shall have resulted
in such Indebtedness having been accelerated so that the same shall be or become due and payable prior to the date on which the
same would otherwise become due and payable, and such acceleration shall not be stayed, rescinded or annulled within ten days after
written notice thereof to the Issuer and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities
of such series; provided, however, that if such event of default under such indenture or instrument shall be remedied
or cured by the Issuer or be waived by the holders of such Indebtedness before any judgment or decree for the payment of the moneys
due shall have been obtained or entered, then the Event of Default hereunder by reason thereof shall be deemed likewise to have
been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the holders of the
Securities of such series; or

 

(h) any other Event of Default provided
in the supplemental indenture or provided in or pursuant to the resolution of the Board of Directors under which such series of
Securities is issued or in the form of Security for such series.

 

If an Event of Default with respect to
Securities of such series occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities
of such 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 such series then Outstanding hereunder (each such series voting as a separate class) by notice in writing
to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such
series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series)
of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.

 

The foregoing provisions, however, are
subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities,
such portion of the principal as may be specified in the terms thereof) of the Securities of any 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 Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon
all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise
than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of such series to the date of such payment or deposit) and such amount as
shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses
and liabilities incurred, and all advances made, by the Trustee except as a result of negligence or bad faith, and if any and all
Events of Default under the Indenture, other than the non-payment of the principal of Securities which shall have become due by
acceleration, shall have been cured, waived or otherwise remedied as provided herein—then and in every such case the holders
of a majority in aggregate principal amount of all the Securities of such series, each series voting as a separate class, then
Outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind
and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon.

 

For all purposes under this Indenture,
if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable
pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled,
the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion
of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal
thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.

 

The Trustee shall not be charged with
notice of any event of default referred to in Section 4.01(g) unless (i) an officer of the Trustee assigned to its Corporate Trustee
Administration Department shall have actual knowledge thereof or (ii) the Trustee shall have received written notice thereof from
the Issuer, the holder of any Indebtedness referred to in Section 4.01(g) or the holders of not less than 25% in aggregate principal
amount of the Securities of any series.

 

Section 4.02. Collection of Indebtedness
by Trustee; Trustee May Prove Indebtedness. The Issuer covenants that (x) in case

 

    	 

    	 

    

default shall be made in the payment of any installment of interest
on any of the Securities of any series when such interest shall have

 

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become due and payable, and such default shall have continued
for a period of 30 days or (y) in case default shall be made in the payment of all or any part of the principal of any of the Securities
of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any
redemption or by declaration or otherwise—then upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit
of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities
of such series for principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal
and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the
same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities
of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel,
and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result
of its negligence or bad faith.

 

Until such demand is made by the Trustee,
the Issuer may pay the principal of and interest on the Securities of any series to the registered holders, whether or not the
principal of and interest on the Securities of such series be overdue.

 

In case the Issuer shall fail forthwith
to pay such amounts 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 proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer
or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor
upon such Securities, wherever situated, the moneys adjudged or decreed to be payable.

 

In case there shall be pending proceedings
relative to the Issuer or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable
Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or
such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities
of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal
of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention
in such proceedings or otherwise:

 

(a) to file and prove a claim or claims
for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities
of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys
and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative
to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor,

 

(b) unless prohibited by applicable law
and regulations, to vote on behalf of the holders of the Securities of any series in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions
in comparable proceedings, and

 

(c) to collect and receive any moneys
or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims
of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar
official is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee
shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient
to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result
of negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06.

 

Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan or
reorganization, arrangement, adjustment or composition affecting the Securities of any 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 except, as aforesaid,
to vote for the election of a trustee in bankruptcy or similar person.

 

    	 

    	 

    

All rights of action and of asserting
claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the
Securities or the production thereof on any trial or other proceedings relative thereto, and any

 

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such action or proceedings instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, liabilities
incurred, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall
be for the ratable benefit of the holders of the Securities in respect of which such action was taken.

 

In any proceedings brought by the Trustee
(and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall
not be necessary to make any holders of such Securities parties to any such proceedings.

 

Section 4.03. Application of Proceeds.
Any moneys collected by the Trustee pursuant to this Article in respect of any series 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 interest, upon
presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon
the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like
series if only partially paid, or upon surrender thereof if fully paid:

 

FIRST: To the payment of costs
and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation to the
Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and
all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts
due to the Trustee or any predecessor Trustee pursuant to Section 5.06;

 

SECOND: In case the principal
of the Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable,
to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such
interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest
at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in
such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference;

 

THIRD: In case the principal
of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and payable,
to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with
interest upon the overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments
of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified
in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid
upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without preference
or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment
of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably
to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and

 

FOURTH: To the payment of
the remainder, if any, to the Issuer or any other person lawfully entitled thereto.

 

Section 4.04. Suits for Enforcement.
In case an Event of Default has occurred, has not been waived and is continuing, 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 this 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.

 

Section 4.05. Restoration of Rights
on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then
and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings
had been taken.

 

Section 4.06. Limitations on Suits
by Securityholders. 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 action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with
respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for
any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also 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 or

 

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proceedings in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein
or thereby and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute
any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant
to Section 4.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security with
every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any
manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other
such Holder of 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 the applicable 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 4.07. Unconditional Right of
Securityholders to Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any
Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after
the respective due dates expressed or provided for in such Security, or to institute suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section 4.08. Powers and Remedies Cumulative;
Delay or Omission Not Waiver of Default. Except as provided in Sections 2.09 and 4.06, no right or remedy herein conferred
upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

No delay or omission of the Trustee or
of any Securityholder 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 Event of Default or an acquiescence therein; and,
subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may
be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 4.09. Control by Securityholders.
The Holders of a majority in aggregate principal amount of the Securities of each series affected (with each series voting as a
separate class) at the time Outstanding 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 the Securities
of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the
provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have
the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or
proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee
or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed
would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series
so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have
no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.

 

Nothing in this Indenture shall impair
the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such
direction or directions by Securityholders.

 

Section 4.10. Waiver of Past Defaults.
Prior to a declaration of the acceleration of the maturity of the Securities of any series as provided in Section 4.01, the Holders
of a majority in aggregate principal amount of the Securities of such series at the time Outstanding (each such series voting as
a separate class) may on behalf of the Holders of all the Securities of such series waive any past default or Event of Default
described in clause (d) or (g) of Section 4.01 which relates to less than all series of Securities then Outstanding, except a default
in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Holder affected as
provided in Section 7.02. Prior to a declaration of acceleration of the maturity of the Securities of any series as provided in
Section 4.01, the Holders of Securities of a majority in principal amount of all the Securities then Outstanding (voting as one
class) may on behalf of all Holders waive any past default or Event of Default referred to in said clause (d) or (g) which relates
to all series of Securities then Outstanding, or described in clause (e) or (f) of Section 4.01, except a default in respect of
a covenant or provision hereof which cannot be modified or amended without the

 

    	 

    	 

    

consent of the Holder of each Security affected as provided
in Section 7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of each series affected
shall be restored to their former positions and rights hereunder, respectively.

 

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Upon any such waiver, such default shall
cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed
to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other default or Event of Default or impair any right consequent thereon.

 

Section 4.11. Trustee to Give Notice
of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Securityholders of any series, as the
names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to the Trustee which have
occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults
shall have been cured before the giving of such notice (the term “default” or “defaults”
for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time
or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal
of or interest on any of the Securities of such series, or in the payment of any sinking or purchase fund installment with respect
to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the Securityholders of such series.

 

Section 4.12. Right of Court to Require
Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Security by his 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, suffered 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, 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 of any series
holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the case of any suit
relating to or arising under clauses (d) or (g) of Section 4.01 (if the suit relates to Securities of more than one but less than
all series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating
to or arising under clauses (d) or (g) (if the suit relates to all the Securities then Outstanding), (e) or (f) of Section 4.01,
10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement
of the payment of the principal of or interest on any Security on or after the due date expressed in such Security.

 

ARTICLE 5 

CONCERNING THE TRUSTEE

 

Section 5.01. Duties and Responsibilities
of the Trustee; During Default; Prior to Default. With respect to the Holders of any series of Securities issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the
curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities
of a series has occurred (which has not been cured or waived) the Trustee shall with respect to such series of Securities exercise
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 own affairs.

 

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

 

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

 

(i) the duties and obligations
of the Trustee with respect to the Securities of such series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable 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

 

(ii) in the absence of bad
faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such statements, certificates or opinions which 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;

 

20

 

    	 

    	 

    

 

(b) the Trustee shall not be liable 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; and

 

(c) 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 pursuant
to Section 4.09 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.

 

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 shall be reasonable ground for believing that
the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it.

 

The provisions of this Section 5.01 are
in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939.

 

Section 5.02. Certain Rights of the
Trustee. In furtherance of and subject to the Trust Indenture Act of 1939, and subject to Section 5.01:

 

(a) the Trustee may rely and shall be
protected in acting or refraining from acting upon any resolution, Officers’ Certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, 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 Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect
thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy
thereof certified by the secretary or an assistant secretary of the Issuer;

 

(c) the Trustee may consult with counsel
and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

 

(d) the Trustee shall be under no obligation
to exercise any of the trusts 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 reasonable security
or indemnity against the costs, expenses and liabilities which might be incurred therein or thereby;

 

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

 

(f) prior to the occurrence of an Event
of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so
to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then Outstanding;
provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses
or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or,
if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand; and

 

(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 not regularly in
its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney
appointed with due care by it hereunder.

 

Section 5.03. Trustee Not Responsible
for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no

 

    	 

    	 

    

representation as to the validity or sufficiency of this Indenture
or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or
of the proceeds thereof.

 

Section 5.04. Trustee and Agents May
Hold Securities, Etc. The Trustee or any agent of the Issuer or the Trustee, 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 the Trustee or such agent and may otherwise
deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it
were not the Trustee or such agent.

 

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Section 5.05. Moneys Held by Trustee.
Subject to the provisions of Section 9.04 hereof, 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 mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability
for interest on any moneys received by it hereunder.

 

Section 5.06. Compensation and Indemnification
of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any
of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and
of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may
arise from its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor Trustee for, and
to hold it harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration
of this Indenture or the trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending
itself against or investigating any claim of liability in the premises, except to the extent such loss, liability or expense is
due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this Section
to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee
for expenses, disbursements and advances shall constitute additional Indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture. Such additional Indebtedness shall be a senior claim to that of the Securities upon all property
and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities,
and the Securities are hereby subordinated to such senior claim.

 

Section 5.07. Right of Trustee to Rely
on Officers’ Certificate, Etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering
or omitting 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
Officers’ 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 by it under the provisions of this
Indenture upon the faith thereof.

 

Section 5.08. Persons Eligible for
Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation having a combined
capital and surplus of at least $50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust
Indenture Act of 1939. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

 

Section 5.09. Resignation and Removal;
Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and by mailing notice
thereof by first class mail to Holders of the applicable series of Securities at their last addresses as they shall appear on the
Security register. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees
with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one
copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor
trustee shall have been so appointed with respect to any series 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, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for
at least six months may, subject to the provisions of Section 4.12, 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.

 

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

 

(i) the Trustee shall fail
to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after
written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of
such series for at least six months; or

 

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(ii) the Trustee shall cease
to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign
after written request therefor by the Issuer or by any Securityholder; or

 

(iii) the Trustee shall become
incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator
of the Trustee or of its property shall be appointed, 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 Issuer may remove the Trustee with
respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who
has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee with respect to such series. 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 each series at the time Outstanding may at any time remove the Trustee with respect to Securities
of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed,
to the successor trustee so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard
taken by the Securityholders.

 

(d) Any resignation or removal of the
Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the
provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section
5.10.

 

Section 5.10. Acceptance of Appointment
by Successor Trustee. Any successor trustee appointed as provided in Section 5.09 shall execute and deliver to the Issuer and
to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to all or any applicable series shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series
of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless,
on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing
to act shall, subject to Section 9.04, pay over to the successor trustee all moneys at the time held by it hereunder and shall
execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon
request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to
the provisions of Section 5.06.

 

If a successor trustee is appointed with
respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor trustee with
respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested
in the predecessor Trustee, and 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 and that each such trustee shall
be trustee of a trust or trusts under separate indentures.

 

Upon acceptance of appointment by any
successor trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of
Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in
the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice
called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such
notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Issuer.

 

Section 5.11. Merger, Conversion, Consolidation
or Succession to Business of Trustee. 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, shall be the successor
of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, 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.

 

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In case at the time such successor to
the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and
deliver such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of
the successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities
of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to
adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any
predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

Section 5.12. Preferential Collection
of Claims Against the Issuer. Reference is made to Section 311 of the Trust Indenture Act of 1939, as amended.

 

ARTICLE 6 

CONCERNING THE SECURITYHOLDERS

 

Section 6.01. Evidence of Action Taken
by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 5.01 and 5.02) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Article.

 

Section 6.02. Proof of Execution of
Instruments and of Holding of Securities; Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by
a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed
by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee. The holding of Securities shall be proved
by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining
the identity of holders of Securities of any series entitled to vote or consent to any action referred to in Section 6.01 which
record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment
or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, only holders of Securities of such series of record on such record date shall be entitled
to so vote or give such consent or revoke such vote or consent.

 

Section 6.03. Holders to Be Treated
as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any
Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for
all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any
notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.

 

Section 6.04. Securities Owned by Issuer
Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities
of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the
Issuer or any other obligor on the Securities or by any person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer or any other obligor on the Securities 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 which the Trustee knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the reasonable
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the
Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice
of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request
of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities,
if any, known by the Issuer to be owned or held

 

    	 

    	 

    

by or for the account of any of the above-described persons;
and, subject to Sections 5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive
evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose
of any such determination.

 

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Section 6.05. Right of Revocation of
Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking
of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case
may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown
by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may,
by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, 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 Securities issued in exchange or substitution
therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any
such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer,
the Trustee and the Holders of all the Securities affected by such action.

 

ARTICLE 7 

SUPPLEMENTAL INDENTURES

 

Section 7.01. Supplemental Indentures
Without Consent of Securityholders. The Issuer, when authorized by a resolution of its Board of Directors (which resolution
may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined
in accordance with or pursuant to an Issuer Order), and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto for one or more of the following purposes:

 

(a) to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Securities of one or more series any property or assets;

 

(b) to evidence the succession of another
corporation to the Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements
and obligations of the Issuer pursuant to Article 8;

 

(c) to add to the covenants of the Issuer
such further covenants, restrictions, conditions or provisions as its Board of Directors and the Trustee shall consider to be for
the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any
such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional
covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default;

 

(d) to cure any ambiguity or to correct
or supplement any provision contained herein or in any supplemental indenture, which may be defective or inconsistent with any
other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions
arising under this Indenture or under any supplemental indenture as the Board of Directors may deem necessary or desirable; provided
that no such action shall adversely affect the interests of the Holders of the Securities in any material respect;

 

(e) to establish the form or terms of
Securities of any series as permitted by Sections 2.01 and 2.03; and

 

(f) to make provision with respect to
the conversion rights, if any, of Holders of Securities pursuant to the requirements of Article 13 hereof; and

 

(g) to evidence and provide for the acceptance
of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to 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, pursuant to the requirements of Section 5.10.

 

The Trustee is hereby authorized to join
with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

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Any supplemental indenture authorized
by the provisions of this Section may be executed without the consent of the Holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 7.02.

 

Section 7.02. Supplemental Indentures
With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority
in aggregate principal amount of the Securities at the time Outstanding of each series affected by such supplemental indenture,
the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto 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 the rights
of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall (a) extend the
final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest
thereon, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 4.01 or the amount thereof
provable in bankruptcy pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the
payment thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder without the
consent of the Holder of each Security so affected, or adversely affect the right to convert any Security as provided in Article
13, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any
such supplemental indenture, without the consent of the Holders of each Security so affected.

 

A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which modifies the rights of holders of Securities of such series with respect to such
covenant or provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other
series.

 

Upon the request of the Issuer, accompanied
by a copy of a resolution of the Board of Directors certified by the secretary or an assistant secretary of the Issuer authorizing
the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer 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.

 

It shall not be necessary for the consent
of the Securityholders 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.

 

Promptly after the execution by the Issuer
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof
by first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the
registry books of the Issuer, setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

Section 7.03. Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall 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 Issuer and the Holders of Securities of each 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.

 

Section 7.04. Documents to Be Given
to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, may receive an Officers’ Certificate and
an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with
the applicable provisions of this Indenture.

 

Section 7.05. Notation on Securities
in Respect of Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to
any matter provided for by such supplemental indenture. If the Issuer or the Trustee shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange
for the Securities of such series then Outstanding.

 

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ARTICLE 8 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 8.01. Issuer May Consolidate,
Etc, on Certain Terms. The Issuer covenants that it will not merge or consolidate with any other corporation or sell or convey
all or substantially all of its assets to any Person, unless (a) either the Issuer shall be the continuing corporation, or the
successor corporation or the Person which acquires by sale or conveyance substantially all the assets of the Issuer (if other than
the Issuer) shall be a corporation organized under the laws of the United States of America or any State thereof and shall expressly
assume the due and punctual payment of the principal of and interest on all the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by
the Issuer and shall have provided for conversion rights in accordance with Section 13.11, by supplemental indenture in form reasonably
satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, and (b) the Issuer or such successor corporation,
as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the
performance of any such covenant or condition of this Indenture.

 

Section 8.02. Successor Corporation
Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor
corporation, such successor corporation shall succeed to and be substituted for the Issuer, with the same effect as if it had been
named herein. Such successor corporation may cause to be signed, and may issue either in its own name or in the name of the Issuer
prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer
and delivered to the Trustee; and, upon the order of such successor corporation instead of the Issuer and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which
previously shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities
which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the
Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore
or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date
of the execution hereof.

 

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

 

In the event of any such sale or conveyance
(other than a conveyance by way of lease) the Issuer or any successor corporation which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Indenture and the Securities
and may be liquidated and dissolved.

 

Section 8.03. Opinion of Counsel to
Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, may receive an Opinion of Counsel, prepared in accordance
with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption,
and any such liquidation or dissolution, complies with the applicable provisions of this Indenture.

 

ARTICLE 9

 

SATISFACTION AND DISCHARGE OF INDENTURE;
UNCLAIMED MONEYS

 

Section 9.01. Satisfaction and Discharge
of Indenture. If at any time (a) the Issuer shall have paid or caused to be paid the principal of and interest on all the Securities
of any series Outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (b) the Issuer shall
have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities
of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section
2.09) or (c) (i) all the Securities of such 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 reasonably satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Issuer shall
have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys
repaid by the Trustee or any paying agent to the Issuer in accordance with Section 9.04) or direct obligations of the United States
of America, backed by its full faith and credit (“U.S. Government Obligations”), maturing as to principal and
interest in such amounts and at such times as will insure the availability of cash sufficient (in case U.S. Government Obligations
have been so

 

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deposited, 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 such series (other than any Securities of such series which shall have been destroyed, lost or stolen
and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation,
including principal and interest due or to become due on or prior to such date of maturity as the case may be, and if, in any such
case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer with respect to Securities of
such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (A)
rights of registration of transfer and exchange and conversion, if any, of Securities of such series, and the Issuer’s right
of optional redemption, if any, (B) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (C) rights of holders
to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration)
and remaining rights of the holders to receive mandatory sinking fund payments, if any, (D) the rights, obligations and immunities
of the Trustee hereunder, (E) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them and (F) the obligations of the Issuer under Section 3.02), and the
Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense
of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect
to such series; provided, that the rights of Holders of the Securities to receive amounts in respect of principal of and
interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies
of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses
thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered
by the Trustee in connection with this Indenture or the Securities of such series.

 

Section 9.02. Application by Trustee
of Funds Deposited for Payment of Securities. Subject to Section 9.04, all moneys deposited with the Trustee pursuant to Section
9.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer
acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which
such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such
money need not be segregated from other funds except to the extent required by law.

 

Section 9.03. Repayment of Moneys Held
by Paying Agent. In connection with the satisfaction and discharge of this Indenture or any defeasance under Article 12 with
respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect
to such series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys.

 

Section 9.04. Return of Moneys Held
by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any paying agent for
the payment of the principal of or interest on any Security of any series and not applied but remaining unclaimed for two years
after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the
Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid
to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only
to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent
with respect to such moneys shall thereupon cease provided, however, that the Trustee or such paying agent, before
being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The
City and State of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Issuer.

 

ARTICLE 10 

MISCELLANEOUS PROVISIONS

 

Section 10.01. Incorporators, Stockholders,
Officers and Directors of Issuer Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture, or in any Security, or because of any Indebtedness evidenced thereby, shall be had against any incorporator,
as such or against any past, present or future stockholder, officer or director, as such, of the Issuer or of any successor, either
directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities.

 

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Section 10.02. Provisions of Indenture
for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed or implied,
shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the
Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision
herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of
the Holders of the Securities.

 

Section 10.03. Successors and Assigns
of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or in
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.

 

Section 10.04. Notices and Demands
on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited
postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer
is filed by the Issuer with the Trustee) to Pattern Energy Group Inc., Pier 1, Bay 3 San Francisco, CA 94111. Any notice, direction,
request or demand by the Issuer or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or
made, for all purposes if in writing and by being deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed to the Corporate Trust Office, Attention: Corporate Trustee Administration Department.

 

Where this Indenture provides for notice
to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. In any case where
notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders.

 

Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case, by reason of the suspension of
or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when such
notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 10.05. Officers’ Certificates
and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Issuer to the Trustee to
take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and
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.

 

Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
(other than the certificate required by Section 3.05) shall include (a) a statement that the person making such certificate or
opinion has read such covenant or condition, (b) 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, (c) a statement that, in the opinion
of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

 

Any certificate, statement or opinion
of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations
by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which
his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters,
information with respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations
by an officer of officers of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations
with respect to the matters upon which his certificate,

 

    	 

    	 

    

statement or opinion may be based as aforesaid are erroneous,
or in the exercise of reasonable care should know that the same are erroneous.

 

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Any certificate, statement or opinion
of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion
of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous.

 

Any certificate or opinion of any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.

 

Section 10.06. Payments Due on Saturdays,
Sundays and Holidays. If the date of maturity of interest on or principal of the Securities of any series or the date fixed
for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be
made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of
maturity or the date fixed for redemption or repayment, and no interest shall accrue on the payment so deferred for the period
after such date.

 

Section 10.07. Conflict of Any Provision
of Indenture with Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by or with another provision (an “incorporated provision”) included in
this Indenture by operation of Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated
provision shall control.

 

Section 10.08. New York Law to Govern.
This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law.

 

Section 10.09. 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.

 

Section 10.10. Effect of Headings.
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

Section 10.11. Separability Clause.
In case any provision of this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

ARTICLE 11 

REDEMPTION OF SECURITIES AND SINKING FUNDS

 

Section 11.01. Applicability of Article.
The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or
to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03
for Securities of such series.

 

Section 11.02. Notice of Redemption;
Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at
the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30
days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last
addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect
in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity
of the proceedings for the redemption of any other Security of such series.

 

The notice of redemption to each such
Holder shall specify the principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for
redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of
such Securities, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that
interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, 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.

 

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The notice of redemption of Securities
of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the
Trustee in the name and at the expense of the Issuer.

 

On or prior to the redemption date specified
in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or more paying
agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04)
an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the
appropriate redemption price, together with accrued interest to the date fixed for redemption. If less than all the Outstanding
Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date on which notice
of redemption is to be issued an Officers’ Certificate stating the aggregate principal amount of Securities to be redeemed.

 

If less than all the Securities of a series
are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such Series to
be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of
such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal
amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating
to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part,
to the portion of the principal amount of such Security which has been or is to be redeemed.

 

Section 11.03. Payment of Securities
Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities 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 the date fixed for redemption, and on and after said date (unless the Issuer shall default in
the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities
or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.04, such
Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture,
and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof
and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest accrued thereon to the date fixed for redemption; provided that any semiannual payment of
interest becoming due on or prior to the date fixed for redemption shall be payable to the Holders of such Securities registered
as such on the relevant record date subject to the terms and provisions of Section 2.04 hereof.

 

If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest
from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security)
borne by the Security.

 

Upon presentation of any Security redeemed
in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof,
at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal
to the unredeemed portion of the Security so presented.

 

Section 11.04. Exclusion of Certain
Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption
if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer
and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned
of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified
in such written statement directly or indirectly controlling or controlled by or under direct or indirect common control with the
Issuer.

 

Section 11.05. Mandatory and Optional
Sinking Funds. 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”. The date on which
a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”.

 

In lieu of making all or any part of any
mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at its option (a) deliver to the
Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory
sinking fund) by the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased
or otherwise acquired (except as aforesaid) by the Issuer and delivered to the

 

    	 

    	 

    

Trustee for cancellation pursuant to Section 2.10, (b) receive
credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, (c) receive credit for Securities
of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms
of such series or (d) which have been converted into Common Stock or otherwise acquired by the Issuer pursuant to the terms of
such Securities. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption
price specified in such Securities.

 

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On or before the sixtieth day next preceding
each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written statement (which need not contain
the statements required by Section 10.05) signed by an authorized officer of the Issuer (a) specifying the portion of the mandatory
sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series,
(b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment
of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing
and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to
such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before
the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the
Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the
Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or reasonably
promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee
the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or
before the next succeeding sinking fund payment date. Failure of the Issuer, on or before any such sixtieth day, to deliver such
written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and
as of such date, the irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of
such series in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series
as provided in this Section.

 

If the sinking fund payment or payments
(mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of
any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect
to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the
redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for
redemption. If such amount shall be $50,000 or less and the Issuer makes no such request then it shall be carried over until a
sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 11.02, for redemption on such
sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be,
and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or
portions thereof) so selected. The Trustee, in the name and at the expense of the Issuer (or the Issuer, if it shall so request
the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner
provided in Section 11.02 (and with the effect provided in Section 11.03) for the redemption of Securities of such series in part
at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities
of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied
in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities
of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular
Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment
of the principal of, and interest on, the Securities of such series at maturity.

 

On or prior to each sinking fund payment
date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.

 

The Trustee shall not redeem or cause
to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities for such series
by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event
of Default except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee
shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event
of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or
Event of Default, be deemed to have been collected under Article 4 and held for the payment of all such Securities. In case such
Event of Default shall have been waived as provided in Section 4.10 or the default cured on or before the sixtieth day preceding
the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment
date in accordance with this Section to the redemption of such Securities.

 

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ARTICLE 12 

DEFEASANCE

 

Section 12.01. Issuer’s Option
to Effect Defeasance. The Issuer may at its option, by Board Resolution, at any time, elect to defease the Issuer’s obligations
under the Outstanding Securities of any series and this Indenture in accordance with either Section 12.02 or Section 12.03 upon
compliance with the conditions set forth below in this Article 12. Notwithstanding any such election, the terms of the Securities
of such series shall remain in full force and effect.

 

Section 12.02. Defeasances and Discharge.
Upon the Issuer’s exercise of the option set forth in Section 12.01 applicable to this Section, and after the expiration
of the 90-day (or other) period referred to in clause (f)(ii) of Section 12.04, the Issuer shall be deemed to have been discharged
from its obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Issuer shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all
its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned
(and the Trustee, upon an Issuer Order and at the expense of the Issuer, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders of Outstanding
Securities of such series to receive, solely from the trust fund described in Section 12.04 and as more fully set forth in such
Section, payments in respect of the principal of and interest on the Securities of such series when such payments are due, (b)
the Issuer’s obligations with respect to such Securities of such series under Sections 2.08, 2.09 and 3.02, (c) the rights,
powers, trusts, duties, and immunities of the Trustee hereunder, including but not limited to Article 5, (d) the Issuer’s
right of optional redemption, if any, (e) the rights of Holders to receive mandatory sinking fund payments, if any, and (f) this
Article 12. Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding
the prior exercise of its option under Section 12.03 with respect to the Securities of such series.

 

Section 12.03. Covenant Defeasance.
Upon the Issuer’s exercise of the option set forth in Section 12.01 applicable to this Section, and after the expiration
of the 90-day (or other) period referred to in clause (f)(ii) of Section 12.04, the Issuer shall be released, on and after the
date the conditions set forth below are satisfied, from its obligations with respect to the Outstanding Securities of any series
under any other covenants established with respect to such series pursuant to Section 2.02(n) (hereinafter, “covenant
defeasance”). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such
series, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason
of any reference in any such Section to any other provision herein or in any other document, and such omission to comply shall
not constitute a default or Event of Default under Section 4.01(d), but, except as specified above, the remainder of this Indenture
and the Securities of such series shall be unaffected thereby.

 

Section 12.04. Conditions to Defeasance.
The following shall be the conditions to application of either Section 12.02 or Section 12.03 to the Outstanding Securities of
any series.

 

(a) The Issuer shall irrevocably have
deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the holders of Securities of such series (i) money
in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest, if any, in respect
thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount,
or (iii) a combination thereof, sufficient, in each case, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied
by the Trustee to pay and discharge the principal of and interest, if any, on the Outstanding Securities of such series on the
stated maturity of such principal or interest or earlier date of redemption.

 

(b) No Event of Default or event which
after notice or lapse of time or both would become an Event of Default with respect to the Securities of such series shall have
occurred and be continuing on the date of such deposit.

 

(c) Such defeasance or covenant defeasance
shall not cause the Trustee for the Securities of such series to have a conflicting interest as defined in Section 310(b) of the
Trust Indenture Act of 1939 with respect to any Securities of the Issuer.

 

(d) Such defeasance or covenant defeasance
shall be permitted by, and shall not result in breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Issuer is a party or by which it is bound.

 

    	 

    	 

    

(e) Such defeasance or covenant defeasance
shall not cause any Securities of such series then listed on any registered national securities exchange under the Securities Exchange
Act of 1934, as amended, to be delisted.

 

(f) In the case of an election under Section
12.02, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling to the effect that, and based

 

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thereon such opinion shall confirm that, (i) the Holders of
the Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of
such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred, and (ii) that after the passage of 90 days (or such other period of time
as then required by the non-insider preference provisions of any applicable federal bankruptcy laws) following the deposit, the
trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally, and (iii) that there would not occur any violation of the Investment Company Act of 1940, as
amended, on the part of the Issuer, the trust funds representing such deposit or the Trustee as a result of such deposit and the
related exercise of the Issuer’s election under this Article 12.

 

(g) In the case of an election under Section
12.03, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities
of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such covenant defeasance had not occurred. Such Opinion shall also cover the matters referred to in clauses (ii) and (iii)
of Section 12.04(f).

 

(h) The Issuer shall have delivered to
the Trustee an irrevocable Issuer Order to apply the monies so deposited towards payment of all indebtedness on the Securities
of such series at their stated maturity or earlier date of redemption, and an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to either the defeasance under Section 12.02 or the covenant defeasance
under Section 12.03 (as the case may be) have been complied with.

 

Section 12.05. Deposited Money and
U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous. Subject to the provisions of Section 9.04, all
money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.04 in
respect of the Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions
of the Securities of such series and this Indenture, to the payment, either directly or through any paying agent (including the
Issuer acting as its own paying agent), as the Trustee may determine, to the holders of Securities of such series, of all sums
due and to become due thereon in respect of principal and interest, if any, but such money need not be segregated from other funds
except to the extent required by law.

 

The Issuer shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant
to Section 9.01 or 12.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the Outstanding Securities of such series.

 

If the Trustee is unable to apply any
money or U.S. Government Obligations in accordance with Section 9.01 or 12.04 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer’s obligations under this Indenture and the Securities of such series shall be revived and reinstated as though
no deposit had occurred pursuant to Section 9.01 or 12.04; provided that if the Issuer has made any payment of principal
of or interest on any Securities of such series because of the reinstatement of its obligations, the Issuer shall be subrogated
to the rights of the Holders of such Securities of such series to receive such payment from the money or U.S. Government Obligations
held by the Trustee.

 

ARTICLE 13 

CONVERSION OF SECURITIES

 

Section 13.01. Applicability; Conversion
Privilege and Conversion Price. Securities of any series which are convertible into Common Stock shall be convertible in accordance
with their terms and (except as otherwise specified as contemplated by Section 2.03 for Securities of any series) in accordance
with this Article.

 

Subject to and upon compliance with the
provisions of this Article 13, at the option of the Holder thereof, any Security or any portion of the principal amount thereof
which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, (or, with respect to Original
Issue Discount Securities, at the amount determined pursuant to Section 2.03), or of such portion thereof, into fully paid and
nonassessable shares (calculated as to each conversion to the nearest one-hundredth of a share) of Common Stock, at the Conversion
Price, determined as hereinafter provided, in effect at the time of conversion. Such conversion right shall expire at the close
of business on the date specified for Securities of such Series. In case a Security or portion thereof is called for redemption,
such conversion right in respect of the Security or portion so called shall expire at the close of business on the date fixed for
redemption, unless the Issuer defaults in making the payment due upon redemption.

 

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The price at which shares of Common Stock
shall be delivered upon conversion (herein called the “Conversion Price”) shall be the price specified in relation
to Securities of such series pursuant to Section 2.03. The Conversion Price shall be adjusted in certain instances as provided
in paragraphs (a), (b), (c), (d) and (g) of Section 13.04.

 

Section 13.02. Exercise of Conversion
Privilege. In order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security,
together with the conversion notice duly executed, at any office or agency of the Issuer maintained for that purpose pursuant to
Section 3.02, accompanied by written notice to the Issuer at such office or agency that the Holder elects to convert such Security
or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted. Securities or portions
thereof surrendered for conversion during the period from the close of business on any regular record date next preceding any interest
payment date to the opening of business on such interest payment date shall (unless such Securities or portions thereof have been
called for redemption on a redemption date within such period) be accompanied by payment to the Issuer or its order, in New York
Clearing House funds or other funds acceptable to the Issuer, of an amount equal to the interest payable on such interest payment
date on the principal amount of Securities or portions thereof being surrendered for conversion. No payment or adjustment shall
be made upon any conversion on account of any interest accrued on the Securities surrendered for conversion or, except as provided
in Section 13.04, on account of any dividends on the Common Stock issued upon conversion.

 

Securities shall be deemed to have been
converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with
the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person
or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder
or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Issuer shall issue
and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable
upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 13.03.

 

In the case of any Security which is converted
in part only, upon such conversion the Issuer shall execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Issuer, a new Security or Securities of authorized denominations in aggregate principal amount equal to the
unconverted portion of the principal amount of such Security.

 

Section 13.03. Fractions of Shares.
No fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall
be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead
of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified
portions thereof), the Issuer shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of
the market price (determined as provided in the last sentence of paragraph (f) of Section 13.04) at the close of business on the
day of conversion.

 

Section 13.04. Adjustment of Conversion
Price. (a) In case the Issuer shall pay or make a dividend or other distribution on any class of capital stock of the Issuer
in Common Stock, the Conversion Price in effect at the opening of business on the day following the date fixed for the determination
of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date
fixed for such determination and the denominator shall be the sum of such number of shares and the total number of shares constituting
such dividend or other distribution, such reduction to become effective immediately after the opening of business on the day following
the date fixed for such determination. For the purposes of this paragraph (a), the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Issuer but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. The Issuer will not pay any dividend or make any distribution on shares
of Common Stock held in the treasury of the Issuer.

 

(b) In case the Issuer shall issue rights
or warrants to all holders of its Common Stock entitling them to subscribe for or purchase shares of Common Stock at a price per
share less than the market price (determined as provided in paragraph (f) of this Section) of the Common Stock on the date fixed
for the determination of stockholders entitled to receive such rights or warrants, the Conversion Price in effect at the opening
of business on the day following the date fixed for such determination shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date
fixed for such determination plus the number of shares of Common Stock which the aggregate of the offering price of the total number
of shares of Common Stock so offered for subscription or purchase would purchase at such market price and the denominator shall
be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the
number of shares of Common Stock so offered for

 

    	 

    	 

    

subscription or purchase, such reduction to become effective
immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this
paragraph (b), the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the
Issuer but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.
The Issuer will not issue any rights or warrants in respect of shares of Common Stock held in the treasury of the Issuer.

 

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(c) In case outstanding shares of Common
Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business
on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in
case outstanding shares of Common Stock shall each be combined into a smaller number of shares of Common Stock, the Conversion
Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of
business on the day following the day upon which such subdivision or combination becomes effective.

 

(d) In case the Issuer shall, by dividend
or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness or assets (including securities, but
excluding any rights or warrants referred to in paragraph (b) of this Section, any dividend or distribution paid in cash out of
the retained earnings of the Issuer and any dividend or distribution referred to in paragraph (a) of this Section), the Conversion
Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately
prior to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution by
a fraction of which the numerator shall be the market price per share (determined as provided in paragraph (f) of this Section)
of the Common Stock on the date fixed for such determination, reduced by the then fair market value (as determined by the Board
of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee) of the portion
of the assets or evidence of indebtedness so distributed applicable to one share of Common Stock and the denominator shall be such
market price per share of the Common Stock, such adjustment to become effective immediately prior to the opening of business on
the day following the date fixed for the determination of stockholders entitled to receive such distribution.

 

(e) The reclassification of Common Stock
into securities including other than Common Stock (other than any reclassification upon a consolidation or merger to which Section
13.11 applies) shall be deemed to involve (a) a distribution of such securities other than Common Stock to all holders of Common
Stock (and the effective date of such reclassification shall be deemed to be “the date fixed for the determination of stockholders
entitled to receive such distribution” and “the date fixed for such determination”) within the meaning of paragraph
(d) of this Section, and (b) a subdivision or combination, as the case may be, of the number of shares of Common Stock outstanding
immediately prior to such reclassification into the number of shares of Common Stock outstanding immediately thereafter (and the
effective date of such reclassification shall be deemed to be “the day upon which such subdivision becomes effective”
or “the day upon which such combination becomes effective”, as the case may be, and “the day upon which such
subdivision or combination becomes effective” within the meaning of paragraph (c) of this Section).

 

(f) For the purpose of any computation
under paragraphs (b) and (d) of this Section, the market price on any date shall be deemed to be the average of the daily market
prices for the ten consecutive Business Days selected by the Issuer commencing not less than ten nor more than 80 Business Days
before the day in question. The closing price for each day shall be the last reported sales price regular way on the composite
tape or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices regular
way, in either case on the New York Stock Exchange or, if the Common Stock is not listed or admitted to trading on such Exchange,
on the principal national securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted
to trading on any national securities exchange, the average of the closing bid and asked prices as furnished by any New York Stock
Exchange member firm selected from time to time by the Issuer for that purpose.

 

(g) The Issuer may make such reductions
in the Conversion Price, in addition to those required by paragraphs (a), (b), (c) and (d) of this Section, as it considers to
be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights shall not be
taxable to the recipients.

 

Section 13.05. Notice of Adjustments
of Conversion Price. Whenever the Conversion Price is adjusted as herein provided:

 

(a) the Issuer shall compute the adjusted
Conversion Price in accordance with Section 13.04 and shall prepare a certificate signed by the Treasurer or an Assistant Treasurer,
the Controller or an Assistant Controller of the Issuer setting forth the adjusted Conversion Price and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed with the Trustee and at each office
or agency maintained for the purpose of conversion of Securities pursuant to Section 3.02; and

 

(b) a notice stating that the Conversion
Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable
after it is required, such notice shall be prepared by the Issuer, filed with the Trustee and mailed by the Issuer to all Holders
at their last addresses as they shall appear in the Security register.

 

 

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Section 13.06. Notice of Certain Corporate
Action. In case:

 

(a) the Issuer shall declare a dividend
(or any other distribution) on Common Stock payable otherwise than in cash out of its retained earnings; or

 

(b) the Issuer shall authorize the granting
to the holders of Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of
any other rights; or

 

(c) of any reclassification of the Common
Stock (other than a subdivision or combination of its outstanding shares of Common Stock), or of any consolidation or merger to
which the Issuer is a party and for which approval of any stockholders of the Issuer is required, or of the sale or transfer of
all or substantially all of the assets of the Issuer; or

 

(d) of the voluntary or involuntary dissolution,
liquidation or winding up of the Issuer;

 

then the Issuer shall cause to be filed with the Trustee and
at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 3.02, and shall cause to be
mailed to all Holders at their last addresses as they shall appear in the Security register, at least 20 days (or ten days in any
case specified in clause (a) or (b) above) prior to the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record
is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights
or warrants are to be determined, or (y) the date on which such reclassification, liquidation or winding up is expected to become
effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares
of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up. The failure to give notice required by this Section or any defect therein shall not affect
the legality or validity of any dividend, distribution, rights, warrants, reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up, or the vote on any such action.

 

Section 13.07. Issuer to Reserve Common
Stock. The Issuer shall at all times reserve and keep available, free from pre-emptive rights, out of its authorized but unissued
Common Stock, for the purpose of effecting the conversion of Securities, the full number of shares of Common Stock then issuable
upon the conversion of all outstanding Securities.

 

Section 13.08. Taxes on Conversions.
The Issuer will pay any and all transfer taxes that may be payable in respect of the issue or delivery of shares of Common Stock
on conversion of Securities pursuant thereto. The Issuer shall not, however, be required to pay any tax which may be payable in
respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of
the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting
such issue has paid to the Issuer the amount of any such tax, or has established to the satisfaction of the Issuer that such tax
has been paid.

 

Section 13.09. Covenant as to Common
Stock. The Issuer covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue
be fully paid and nonassessable.

 

Section 13.10. Cancellation of Converted
Securities. All Securities delivered for conversion shall be delivered to the Trustee for cancellation and the Trustee shall
dispose of the same as provided in Section 2.10.

 

Section 13.11. Provisions in Case of
Consolidation, Merger or Sale of Assets. In case of any consolidation of the Issuer with, or merger of the Issuer into, any
other corporation, any merger of another corporation into the Issuer (other than a merger which does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of Common Stock of the Issuer) or any sale or transfer of all or substantially
all of the assets of the Issuer, the corporation formed by such consolidation or resulting from such merger or which acquires such
assets, as the case may be, shall execute and deliver to the Trustee a supplemental indenture providing that the Holder of each
Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in
Section 13.01, to convert such Security only into the kind and amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer by a holder of the number of shares of Common Stock of the Issuer into which such Security
might have been converted immediately prior to such consolidation, merger, sale or transfer, assuming such holder of Common Stock
of the Issuer (a) is not a corporation with which the Issuer consolidated or into which the Issuer merged or which merged into
the Issuer or to which such sale or transfer was made, as the case may be (“constituent corporation”), or an
affiliate of a constituent corporation and (b) failed to exercise his rights of election, if any, as to the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, sale or transfer (provided that if the kind or amount of securities,
cash and other property receivable upon such

 

    	 

    	 

    

consolidation, merger, sale or transfer is not the same for
each share of Common Stock of the Issuer held immediately prior to such consolidation, merger, sale or transfer by others than
a constituent corporation or an affiliate thereof

 

37

    	 

    	 

    

 

and in respect of which such rights of election shall not have
been exercised (“non-electing share”), then for the purpose of this Section the kind and amount of securities,
cash and other property receivable upon such consolidation, merger, sale or transfer by each non-electing share shall be deemed
to be the kind and amount so receivable per share by a plurality of the non-electing shares). Such supplemental indenture shall
provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article. The above provisions of this Section shall similarly apply
to successive consolidations, mergers, sales or transfers.

 

[Signature page follows]

 

38

 

    	 

    	 

    

 

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

 

	 	 	 
	PATTERN ENERGY GROUP INC.
	 	 
	By:	 	 
	 	 	Name:
	 	 	Title:
	 
	, as Trustee
	 	 
	By:	 	 
	 	 	Name:
	 	 	Title:

 

 

39

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