Document:

pgti-ex41_19.htm

EXHIBIT 4.1

`

 

PGT INNOVATIONS, INC.,

and

U.S. Bank National Association,
as Trustee

 

INDENTURE

 

Dated as of September 24, 2021

 

4.375% Senior Notes due 2029

 

 

 

 

 

 

TABLE OF CONTENTS

Page

ARTICLE One

DEFINITIONS AND INCORPORATION BY REFERENCE

	
SECTION 1.01.
	
Definitions.1
	
 

	
SECTION 1.02.
	
Other Definitions.34
	
 

	
SECTION 1.03.
	
Concerning the TIA.35
	
 

	
SECTION 1.04.
	
Rules of Construction.35
	
 

	
SECTION 1.05.
	
Acts of Holders.35
	
 

	
SECTION 1.06.
	
Limited Condition Transactions.37
	
 

	
SECTION 1.07.
	
Certain Compliance Calculations.38
	
 

ARTICLE Two

THE NOTES

	
SECTION 2.01.
	
Form and Dating.39
	
 

	
SECTION 2.02.
	
Execution and Authentication.41
	
 

	
SECTION 2.03.
	
Registrar and Paying Agent.41
	
 

	
SECTION 2.04.
	
Paying Agent to Hold Assets in Trust.42
	
 

	
SECTION 2.05.
	
Holder Lists.42
	
 

	
SECTION 2.06.
	
Transfer and Exchange.42
	
 

	
SECTION 2.07.
	
Replacement Notes.43
	
 

	
SECTION 2.08.
	
Outstanding Notes.43
	
 

	
SECTION 2.09.
	
Treasury Notes.44
	
 

	
SECTION 2.10.
	
Temporary Notes.44
	
 

	
SECTION 2.11.
	
Cancellation.44
	
 

	
SECTION 2.12.
	
Defaulted Interest.44
	
 

	
SECTION 2.13.
	
CUSIP Number.45
	
 

	
SECTION 2.14.
	
Deposit of Moneys.45
	
 

	
SECTION 2.15.
	
Book-Entry Provisions for Global Notes.45
	
 

	
SECTION 2.16.
	
Special Transfer Provisions.46
	
 

ARTICLE Three

REDEMPTION

	
SECTION 3.01.
	
Notices to Trustee.48
	
 

	
SECTION 3.02.
	
Selection of Notes to Be Redeemed.48
	
 

	
SECTION 3.03.
	
Notice of Optional Redemption.49
	
 

	
SECTION 3.04.
	
Effect of Notice of Redemption.50
	
 

	
SECTION 3.05.
	
Deposit of Redemption Price.50
	
 

	
SECTION 3.06.
	
Notes Redeemed in Part; Involuntary Redemptions.51
	
 

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Page

	
SECTION 3.07.
	
Optional Redemption.51
	
 

ARTICLE Four

COVENANTS

	
SECTION 4.01.
	
Payment of Notes.52
	
 

	
SECTION 4.02.
	
Maintenance of Office or Agency.52
	
 

	
SECTION 4.03.
	
Corporate Existence.53
	
 

	
SECTION 4.04.
	
Payment of Taxes.53
	
 

	
SECTION 4.05.
	
[Reserved].53
	
 

	
SECTION 4.06.
	
Compliance Certificate; Notice of Default.53
	
 

	
SECTION 4.07.
	
[Reserved].54
	
 

	
SECTION 4.08.
	
Waiver of Stay, Extension or Usury Laws.54
	
 

	
SECTION 4.09.
	
Change of Control.54
	
 

	
SECTION 4.10.
	
Incurrence of Indebtedness and Issuance of Preferred Stock.56
	
 

	
SECTION 4.11.
	
Restricted Payments.61
	
 

	
SECTION 4.12.
	
Liens.66
	
 

	
SECTION 4.13.
	
Asset Sales.67
	
 

	
SECTION 4.14.
	
Transactions with Affiliates.70
	
 

	
SECTION 4.15.
	
Dividend and Other Payment Restrictions Affecting Subsidiaries.72
	
 

	
SECTION 4.16.
	
Additional Subsidiary Guarantees.74
	
 

	
SECTION 4.17.
	
[Reserved].74
	
 

	
SECTION 4.18.
	
Reports to Holders.74
	
 

	
SECTION 4.19.
	
Designation of Restricted and Unrestricted Subsidiaries.75
	
 

	
SECTION 4.20.
	
[Reserved].76
	
 

	
SECTION 4.21.
	
Suspension of Covenants.76
	
 

ARTICLE Five

SUCCESSOR CORPORATION

	
SECTION 5.01.
	
Merger, Consolidation, or Sale of Assets.77
	
 

ARTICLE Six

DEFAULT AND REMEDIES

	
SECTION 6.01.
	
Events of Default.79
	
 

	
SECTION 6.02.
	
Acceleration.83
	
 

	
SECTION 6.03.
	
Other Remedies.84
	
 

	
SECTION 6.04.
	
Waiver of Past Defaults.84
	
 

	
SECTION 6.05.
	
Control by Majority.84
	
 

	
SECTION 6.06.
	
Limitation on Suits.84
	
 

	
SECTION 6.07.
	
Rights of Holders to Receive Payment.85
	
 

	
SECTION 6.08.
	
Collection Suit by Trustee.85
	
 

	
SECTION 6.09.
	
Trustee May File Proofs of Claim.85
	
 

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Page

	
SECTION 6.10.
	
Priorities.86
	
 

	
SECTION 6.11.
	
Undertaking for Costs.86
	
 

ARTICLE Seven

TRUSTEE

	
SECTION 7.01.
	
Duties of Trustee.86
	
 

	
SECTION 7.02.
	
Rights of Trustee.88
	
 

	
SECTION 7.03.
	
Individual Rights of Trustee.89
	
 

	
SECTION 7.04.
	
Trustee’s Disclaimer.89
	
 

	
SECTION 7.05.
	
Notice of Default.90
	
 

	
SECTION 7.06.
	
[Reserved].90
	
 

	
SECTION 7.07.
	
Compensation and Indemnity.90
	
 

	
SECTION 7.08.
	
Replacement of Trustee.91
	
 

	
SECTION 7.09.
	
Successor Trustee by Merger, Etc.92
	
 

	
SECTION 7.10.
	
Eligibility; Disqualification.92
	
 

	
SECTION 7.11.
	
Preferential Collection of Claims Against the Issuer.92
	
 

ARTICLE Eight

DISCHARGE OF INDENTURE; DEFEASANCE

	
SECTION 8.01.
	
Termination of the Issuer’s Obligations.92
	
 

	
SECTION 8.02.
	
Legal Defeasance and Covenant Defeasance.94
	
 

	
SECTION 8.03.
	
Conditions to Legal Defeasance or Covenant Defeasance.95
	
 

	
SECTION 8.04.
	
Application of Trust Money.96
	
 

	
SECTION 8.05.
	
Repayment to the Issuer.96
	
 

	
SECTION 8.06.
	
Reinstatement.97
	
 

ARTICLE Nine

AMENDMENTS, SUPPLEMENTS AND WAIVERS

	
SECTION 9.01.
	
Without Consent of Holders.97
	
 

	
SECTION 9.02.
	
With Consent of Holders.98
	
 

	
SECTION 9.03.
	
[Reserved].99
	
 

	
SECTION 9.04.
	
[Reserved].100
	
 

	
SECTION 9.05.
	
Revocation and Effect of Consents.100
	
 

	
SECTION 9.06.
	
Notation on or Exchange of Notes.100
	
 

	
SECTION 9.07.
	
Trustee to Sign Amendments, Etc.100
	
 

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Page

ARTICLE Ten

[RESERVED]

ARTICLE Eleven

SUBSIDIARY GUARANTEE

	
SECTION 11.01.
	
Unconditional Guarantee.101
	
 

	
SECTION 11.02.
	
[Reserved].102
	
 

	
SECTION 11.03.
	
Limitation on Guarantor Liability.102
	
 

	
SECTION 11.04.
	
Execution and Delivery of Subsidiary Guarantee.102
	
 

	
SECTION 11.05.
	
Release of a Guarantor.103
	
 

	
SECTION 11.06.
	
Waiver of Subrogation.104
	
 

	
SECTION 11.07.
	
Immediate Payment.104
	
 

	
SECTION 11.08.
	
No Set-Off.104
	
 

	
SECTION 11.09.
	
Guarantee Obligations Absolute.104
	
 

	
SECTION 11.10.
	
Guarantee Obligations Continuing.104
	
 

	
SECTION 11.11.
	
Guarantee Obligations Not Reduced.105
	
 

	
SECTION 11.12.
	
Guarantee Obligations Reinstated.105
	
 

	
SECTION 11.13.
	
Guarantee Obligations Not Affected.105
	
 

	
SECTION 11.14.
	
Waiver.106
	
 

	
SECTION 11.15.
	
No Obligation to Take Action Against the Issuer.107
	
 

	
SECTION 11.16.
	
Dealing with the Issuer and Others.107
	
 

	
SECTION 11.17.
	
Default and Enforcement.107
	
 

	
SECTION 11.18.
	
Amendment, Etc.107
	
 

	
SECTION 11.19.
	
[Reserved]108
	
 

	
SECTION 11.20.
	
Costs and Expenses.108
	
 

	
SECTION 11.21.
	
No Waiver; Cumulative Remedies.108
	
 

	
SECTION 11.22.
	
No Defense, Offset or Counterclaim.108
	
 

	
SECTION 11.23.
	
Severability.108
	
 

	
SECTION 11.24.
	
Successors and Assigns.108
	
 

ARTICLE Twelve

MISCELLANEOUS

	
SECTION 12.01.
	
[Reserved].109
	
 

	
SECTION 12.02.
	
Notices.109
	
 

	
SECTION 12.03.
	
Communications by Holders with Other Holders.110
	
 

	
SECTION 12.04.
	
Certificate and Opinion as to Conditions Precedent.110
	
 

	
SECTION 12.05.
	
Statements Required in Certificate or Opinion.111
	
 

	
SECTION 12.06.
	
Rules by Trustee, Paying Agent, Registrar.111
	
 

	
SECTION 12.07.
	
Legal Holidays.111
	
 

	
SECTION 12.08.
	
Governing Law.111
	
 

	
SECTION 12.09.
	
No Adverse Interpretation of Other Agreements.111
	
 

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Page

	
SECTION 12.10.
	
No Recourse Against Others.112
	
 

	
SECTION 12.11.
	
Successors.112
	
 

	
SECTION 12.12.
	
Counterpart Originals.112
	
 

	
SECTION 12.13.
	
Severability.112
	
 

	
SECTION 12.14.
	
USA PATRIOT Act.112
	
 

	
SECTION 12.15.
	
Waiver of Jury Trial.112
	
 

	
SECTION 12.16.
	
Consent to Jurisdiction and Service.113
	
 

 

SignaturesS-1

 

 

	
Exhibit A
	
-Form of Note
	
 

	
Exhibit B
	
-Form of Legends
	
 

	
Exhibit C
	
-Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	
 

	
Exhibit D
	
-Form of Certificate to be Delivered in Connection with Transfers to IAIs
	
 

	
Exhibit E
	
-Form of Supplemental Indenture Related to the Subsequent Subsidiary Guarantors
	
 

 

	
Note:
	
This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture.

 

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INDENTURE dated as of September 24, 2021 among PGT INNOVATIONS, INC. (the “Company” or the “Issuer”), the Guarantors then party hereto and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).

The Issuer has duly authorized the creation of an issue of 4.375% Senior Notes due 2029 and, to provide therefor, the Issuer has duly authorized the execution and delivery of this Indenture.  All things necessary to make the Notes (as defined herein), when duly issued and executed by the Issuer and authenticated and delivered hereunder, the valid and binding obligations of the Issuer and to make this Indenture a valid and binding agreement of the Issuer have been done.

Each party hereto agrees as follows for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes:

ARTICLE One

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.Definitions.

Set forth below are certain defined terms used in this Indenture.

“144A Global Note” means a permanent global security in registered form in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend, each in the form set forth in Exhibit B, and deposited with or on behalf of and registered in the name of the Depositary or its nominee, representing the aggregate principal amount of Notes sold in reliance on Rule 144A under the Securities Act.

“Acquired Debt” means, with respect to any specified Person:

	
(1)
	
Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person or which is assumed by such specified Person at the time such specified Person acquires the assets of such other Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or selling its assets to, or becoming a Restricted Subsidiary of, such specified Person; and

	
(2)
	
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

“Acquisition” means the acquisition of the Anlin Group, directly or indirectly, by the Company from the equityholders thereof pursuant to the Acquisition Agreement.

“Acquisition Agreement” means the Purchase Agreement, dated as of September 2, 2021, by and among the Issuer, Western Window Holding LLC, a newly formed Delaware limited liability company and indirect wholly owned subsidiary of the Company and Anlin 

 

 

 

 

Industries, a California corporation, as amended, supplemented or otherwise modified from time to time in a manner not materially adverse to the interests of the Holders of the Notes.

“Acquisition Transactions” means the consummation of the Acquisition, the issuance of the Notes under this Indenture, the repayment of the outstanding indebtedness of the Anlin Group required to be repaid pursuant to the terms of the Acquisition Agreement, the payment of related premiums, fees and expenses and all related transactions.

“Additional Assets” means:

	
(1)
	
any property or assets used or to be used by the Company, a Restricted Subsidiary or otherwise useful in a Permitted Business (it being understood that capital expenditures, or other improvements or upgrades, with respect to property or assets already used in a Permitted Business or to replace any property or assets that are the subject of such Asset Sale shall be deemed an investment in Additional Assets); or

(2)the Capital Stock of a Person that is engaged in a Permitted Business and is or otherwise becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or a Restricted Subsidiary of the Company.

“Additional Notes” means the Notes (other than the Notes issued on the Issue Date) issued from time to time under this Indenture in accordance with Section 2.01(e) hereof, it being understood that any Notes issued in exchange for or replacement of any Note issued on the Issue Date shall not be an Additional Note. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.  For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings. Notwithstanding the foregoing, no Person (other than the Company or any Subsidiary of the Company) in whom a Receivables Entity makes an Investment in connection with a Qualified Receivables Transaction shall be deemed to be an Affiliate of the Company or any of its Subsidiaries solely by reason of such Investment.

“Agent” means any Registrar, Paying Agent or co-Registrar.

“amend” means amend, modify, supplement, restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings.

“Anlin Group” means all of the assets, properties and rights owned, used or held for use in the business, as operated by Anlin Industries, a California corporation, of manufacturing vinyl windows and doors for the replacement market and the new construction market, and all activities conducted in connection therewith (the “Business”), other than certain expressly excluded assets, and assume certain post-closing obligations to the extent relating to 

 

 

 

 

the Business or the purchased assets, that the Company has agreed to purchase pursuant to the Acquisition Agreement.

“Applicable Premium” means, with respect to any Note on any applicable redemption date, the greater of:

	
(a)
	
1.0% of the principal amount of such Note; and

	
(b)
	
the excess, if any, of:

(i)the present value at such redemption date of (x) the redemption price of such Note at October 1, 2024 (such redemption price being set forth in Section 3.07) plus (y) all required interest payments (excluding accrued and unpaid interest to such redemption date) due on such Note through October 1, 2024 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

	
(ii)
	
the principal amount of such Note.

“Applicable Procedures” means, with respect to any payment, tender, redemption, transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time.

“asset” means any asset or property, whether real, personal or mixed, tangible or intangible.

“Asset Sale” means:

	
(a)
	
the sale, lease, conveyance or other disposition of any assets of the Issuer or any of its Restricted Subsidiaries; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries taken as a whole (whether by merger, consolidation or otherwise) will be governed by the provisions in Section 4.09 and/or the provisions in Section 5.01 and not by the provisions of Section 4.13; or

	
(b)
	
the issuance of Equity Interests by any of the Issuer’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries or the sale of Equity Interests held by the Issuer or its Restricted Subsidiaries in any of its Unrestricted Subsidiaries.

Notwithstanding the preceding, the following shall not be deemed to be Asset Sales:

	
(1)
	
any single transaction or series of related transactions that (x) involves assets having a Fair Market Value of less than $20.0 million or (y) results in net proceeds to the Issuer and its Restricted Subsidiaries of less than $20.0 million;

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

	
(3)
	
an issuance of Equity Interests by, or a transfer of Equity Interests in, a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary;

	
(4)
	
disposals or replacements of equipment that has become worn-out, obsolete or damaged or otherwise unsuitable for use in connection with the business of the Issuer and its Restricted Subsidiaries;

	
(5)
	
the sale or disposition of cash or Cash Equivalents and/or the unwinding of any hedge agreement;

	
(6)
	
the release, surrender or waiver of contract, tort or other claims of any kind as a result of the settlement of any litigation or threatened litigation;

	
(7)
	
the granting or existence of Liens (and foreclosure thereon) not in violation of this Indenture;

	
(8)
	
a Restricted Payment or a Permitted Investment that is not in violation of Section 4.11;

	
(9)
	
the lease, assignment or sublease of any real property in the ordinary course of business; 

	
(10)
	
the sale, lease, assignment or sublease of any personal property in the ordinary course of business; 

	
(11)
	
any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property; 

	
(12)
	
to the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a similar business to the Issuer or any Restricted Subsidiary; 

	
(13)
	
the disposition of all or substantially all of the assets of the Issuer in a manner described under Section 5.01 or any disposition that constitutes a Change of Control; 

	
(14)
	
the abandonment or other disposition of patents, trademarks or other intellectual property that are, in the reasonable judgment of the Issuer, no longer economically practicable to maintain or useful in the conduct of the business of the Issuer and its Subsidiaries taken as a whole; 

	
(15)
	
the trade-in or replacement of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of similar replacement property; 

-3- 

 

	
(16)
	
sales of inventory in the ordinary course of business;

	
(17)
	
the issuance of directors’ qualifying shares and the issuance of shares issued to foreign nationals as and to the extent required by applicable law;

	
(18)
	
dispositions of investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

	
(19)
	
the sale of any property in a Sale and Leaseback Transaction within twelve months of the acquisition of such property; and

	
(20)
	
transfers or sales of receivables and Related Assets to a Receivables Entity or to any Person in connection with a Qualified Receivables Transaction or the creation of a Lien on any such receivables or Related Assets in connection with a Qualified Receivables Transaction.

 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.  Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.

“Bank Products Agreement” means any agreement pursuant to which a bank or other financial institution agrees to provide (a) treasury services, (b) credit card, merchant card, purchasing card or stored value card services (including, without limitation, the processing of payments and other administrative services with respect thereto), (c) cash management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts, depository, lockbox, stop payment, electronic funds transfer, information reporting, wire transfer and interstate depository network services) and (d) other banking products or services as may be requested by the Issuer or any Restricted Subsidiary (other than letters of credit and other than loans and advances except indebtedness arising from services described in clauses (a) through (c) of this definition). 

“Bank Products Obligations” of any Person means the obligations of such Person pursuant to any Bank Products Agreement. 

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

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act.

“Board of Directors” means (1) in the case of a corporation, the board of directors and (2) in all other cases, a body performing substantially similar functions as a board of directors.

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“Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in New York City are required or authorized by law or other governmental action to be closed.

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.

“Capital Stock” means:

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

	
(2)
	
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

	
(3)
	
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

	
(4)
	
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

“Cash Equivalents” means:

	
(1)
	
a marketable obligation, maturing within one year after issuance thereof, issued, guaranteed or insured by the government of the United States of America or an instrumentality or agency thereof;

	
(2)
	
demand deposits, certificates of deposit, eurodollar time deposits, banker’s acceptances, in each case, maturing within one year after issuance thereof, and overnight bank deposits, in each case, issued by any lender under the Senior Secured Credit Facilities, or a U.S. national or state bank or trust company or a European, Canadian or Japanese bank having capital, surplus and undivided profits of at least $500.0 million and whose long-term unsecured debt has a rating of “A” or better by S&P or A2 or better by Moody’s or the equivalent rating by any other nationally recognized rating agency;

	
(3)
	
open market commercial paper, maturing within 270 days after issuance thereof, which has a rating of A-2 or better by S&P or P-2 or better by Moody’s, or the equivalent rating by any other nationally recognized rating agency;

	
(4)
	
repurchase agreements and reverse repurchase agreements with a term not in excess of one year with any financial institution which has been elected a primary 

-5- 

 

		
government securities dealer by the Federal Reserve Board or whose securities are rated AA- or better by S&P or Aa3 or better by Moody’s or the equivalent rating by any other nationally recognized rating agency relating to marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or instrumentality thereof and backed by the full faith and credit of the United States of America; and

	
(5)
	
shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof by Moody’s or any other mutual fund at least 95% of the assets of which consist of the type specified in clauses (1) through (4) above.

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

	
(1)
	
any “person” or “group” is or becomes the Beneficial Owner, directly or indirectly, of securities representing more than 50% of the voting power of all Voting Stock of the Issuer; or

	
(2)
	
the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries taken as a whole to any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act); or

	
(3)
	
the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Issuer is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Issuer outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Capital Stock) of the surviving or transferee Person or the parent of such surviving or transferee Person representing a majority of the voting power of all Voting Stock of such surviving or transferee Person or the parent of such surviving or transferee Person immediately after giving effect to such issuance; or

	
(4)
	
the adoption by the stockholders of the Issuer of a plan or proposal for the liquidation or dissolution of the Issuer.

“Clearstream” means Clearstream Banking, Sociètè Anonyme.

“Company” means the party named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter means such successor.

“Consolidated EBITDA” means, with respect to any Person, for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, without duplication of adjustments to Consolidated Net Income:  

-6- 

 

	
(1)
	
increased by, without duplication:  

(a)income taxes; 

(b)Consolidated Interest Expense; 

(c)depreciation, depletion, accretion expense and amortization; 

(d)any non-cash charges or losses; provided that any non-cash charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made; 

(e)any extraordinary, unusual, non-recurring or exceptional expenses, losses or charges; 

(f)any expenses relating to the Acquisition Transactions, acquisitions, Permitted Investments, Restricted Payments, recapitalizations, dispositions, issuances or repayments of indebtedness, issuances of equity securities, offerings of Capital Stock of the Issuer, sale processes, refinancing transactions or amendments or other modifications of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction whether or not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction; 

(g)proceeds from business interruption insurance (to the extent (i) actually received and (ii) not reflected as revenue or income in such statement of Consolidated Net Income); 

(h)any loss (including all reasonable fees and expenses or charges relating thereto) from abandoned, closed, disposed or discontinued operations and any losses on disposal of abandoned, closed or discontinued operations; 

(i)any loss (including all reasonable fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions, other than in the ordinary course of business; 

(j)any non-cash loss attributable to the mark-to-market movement in the valuation of hedging obligations (including hedging obligations entered into for the purpose of hedging against fluctuations in the price or availability of any commodity) or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133 “Accounting for Derivative Hedging Instruments”; 

(k)expected cost savings, operating expense reductions, restructuring charges and expenses and synergies related to the Acquisition Transactions projected by the Issuer in good faith to result from actions with respect to which substantial steps have been or will be taken (in the good faith determination of the Issuer) within eighteen (18) months after the consummation of the Acquisition; 

-7- 

 

provided that (A) no cost savings, operating expense reductions, restructuring charges and expenses and synergies shall be added pursuant to this clause (k) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period, and (B) projected amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause (k) to the extent occurring more than four full fiscal quarters after the specified action taken in order to realize such projected cost savings, operating expense reductions, restructuring charges and expenses and synergies; provided, further, that the aggregate amount of the add-backs set forth in this clause (k) shall not exceed (when taken together with the add-backs set forth in clause (l) below) 20% of Consolidated EBITDA (before giving effect to the add-backs set forth in this clause (k) and clause (l) below) in any four fiscal quarter period; and

(l)expected cost savings, operating expense reductions, restructuring charges and expenses and synergies related to acquisitions, divestitures, restructuring, cost savings initiatives and other similar initiatives and projected by the Issuer in good faith to result from actions with respect to which substantial steps have been or will be taken (in the good faith determination of the Issuer) within eighteen (18) months after such transaction or initiative is consummated; provided that (A) no cost savings, operating expense reductions, restructuring charges and expenses and synergies shall be added pursuant to this clause (l) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period, and (B) projected amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause (l) to the extent occurring more than four full fiscal quarters after the specified action taken in order to realize such projected cost savings, operating expense reductions, restructuring charges and expenses and synergies; provided, further, that the aggregate amount of the add-backs set forth in this clause (l) shall not exceed (when taken together with the add-backs set forth in the preceding clause (k)) 20% of Consolidated EBITDA (before giving effect to the add-backs set forth in this clause (l) and the preceding clause (k)) in any four fiscal quarter period; and

	
(2)
	
decreased by:  

(a)non-cash gains or income, including any non-cash gain attributable to the mark-to-market movement in the valuation of hedging obligations (including hedging obligations entered into for the purpose of hedging against fluctuations in the price or availability of any commodity) or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133 “Accounting for Derivative Hedging Instruments”; provided, that, any non-cash gains or income shall be treated as cash gains or income in any subsequent period during which cash receipts attributable thereto are received; 

(b)any extraordinary or non-recurring income or gain;

-8- 

 

(c)any gain (including all fees and expenses or income relating thereto) attributable to business dispositions or asset dispositions, other than in the ordinary course of business; and

(d)any gain or income from abandoned, closed, disposed or discontinued operations and any gains on disposal of abandoned, closed or discontinued operations; 

all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 

“Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of (x) Consolidated EBITDA of such Person during the Four Quarter Period ending on or prior to the Transaction Date to (y) Consolidated Fixed Charges of such Person for the Four Quarter Period.

For purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis to the incurrence, repayment or redemption of any Indebtedness of such Person or any of its Restricted Subsidiaries giving rise to the need to make such calculation and any incurrence, repayment or redemption of other Indebtedness, other than the incurrence, repayment or redemption of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and prior to the Transaction Date, as if such incurrence, repayment or redemption, as the case may be, occurred on the first day of the Four Quarter Period.

In addition, Investments (including any Designation of Unrestricted Subsidiaries), Revocations, acquisitions, dispositions, mergers and consolidations that have been made by the Issuer or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to the Four Quarter Period and on or prior to the Transaction Date shall be given effect on a pro forma basis to the extent applicable, assuming that all such Investments, Revocations, acquisitions, dispositions, mergers and consolidations (and the reduction or increase of any associated Consolidated Fixed Charges, and the change in Consolidated EBITDA, resulting therefrom) had occurred on the first day of the Four Quarter Period.  If, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, Revocation, acquisition, disposition, merger or consolidation that would have required adjustment pursuant to this definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated on a pro forma basis for such period as if such Investment, Revocation, acquisition, disposition, merger or consolidation had occurred at the beginning of the applicable Four Quarter Period.

If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Indebtedness of a Person other than the Issuer or a Restricted Subsidiary, the preceding paragraph will give effect to the incurrence of such Guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such Guaranteed Indebtedness.

-9- 

 

Whenever any calculation under this definition is to be made on a pro forma basis, the pro forma calculation will be determined in good faith by a responsible financial or accounting officer of the Issuer.  Any such pro forma calculation may include, without limitation, (1) adjustments calculated in accordance with Regulation S-X under the Exchange Act and (2) without duplication of any amounts otherwise included in Consolidated EBITDA, cost savings projected to be realized from any acquisition, divestiture, investment or operational initiative for which specified actions have been taken or are reasonably expected to be taken, are expected to be realized within 18 months of the date of such pro forma calculation and are reasonably identifiable and factually supportable; provided that, beginning after the first four fiscal quarters following the Issue Date, the aggregate amount of cost savings included in such pro forma calculation pursuant to this clause (3) shall not exceed 20% of the total Consolidated EBITDA for the applicable Four Quarter Period prior to giving effect to such cost savings. 

Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,”

	
(1)
	
interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the weighted average rate of interest during the Four Quarter Period;

	
(2)
	
if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and

	
(3)
	
notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the weighted average rate per annum during the Four Quarter Period resulting after giving effect to the operation of such agreements.

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

	
(1)
	
Consolidated Interest Expense, plus

	
(2)
	
the amount of all dividend payments on any series of Preferred Stock of such Person and its Restricted Subsidiaries (other than dividends paid in Qualified Capital Stock and other than dividends paid to such Person or to a Restricted Subsidiary of such Person) paid, accrued or scheduled to be paid or accrued during such period (provided that dividends paid by the increase in liquidation preference, or the issuance, of Disqualified Capital Stock shall be valued at the amount of such increase in liquidation preference or the value of the liquidation preference of such issuance, as applicable).

-10- 

 

“Consolidated Interest Expense” means, with respect to any Person for any period, the aggregate amount of interest required to be paid or accrued by the Issuer and its Restricted Subsidiaries during such period on all indebtedness of the Issuer and its Restricted Subsidiaries outstanding during all or any part of such period, whether such interest was or is required to be reflected as an item of expense or capitalized, including payments consisting of interest in respect of any Capital Lease Obligation, and including commitment fees, letter of credit fees, agency fees, balance deficiency fees and similar fees or expenses for such period in connection with the borrowing of money or any deferred purchase price obligation, but excluding therefrom (a) the non-cash amortization of debt issuance costs, (b) the write-off of deferred financing fees and charges in connection with the Acquisition Transactions and in connection with the Notes, in each case, that are classified as interest under GAAP and (c) any prepayment penalties or premiums.

“Consolidated Net Income” means, with respect to any Person (such Person, for purposes of this definition, the “Referent Person”), for any period, the net income (or loss) of the Referent Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded from such net income (loss), to the extent otherwise included therein, without duplication,

	
(1)
	
after-tax gains or losses on Asset Sales or other asset sales outside the ordinary course of business or abandonments or reserves relating thereto;

	
(2)
	
after-tax extraordinary gains or extraordinary losses determined in accordance with GAAP (including any fees or expenses related to the Acquisition Transactions);

	
(3)
	
the net income (but not loss) of any Restricted Subsidiary of the Referent Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted;

	
(4)
	
the net income or loss of any Person that is not a Restricted Subsidiary of the Referent Person except to the extent of cash dividends or distributions paid to the Referent Person or to a Wholly Owned Restricted Subsidiary of the Referent Person (subject, in the case of a dividend or distribution paid to a Restricted Subsidiary, to the limitation contained in clause (3) above);

	
(5)
	
any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date;

	
(6)
	
the net income of any Person earned prior to the date it becomes a Restricted Subsidiary of the Referent Person or is merged or consolidated with the Referent Person or any Restricted Subsidiary of the Referent Person;

	
(7)
	
in the case of a successor to the Referent Person by consolidation or merger or as a transferee of the Referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets;

-11- 

 

	
(8)
	
gains or losses from the cumulative effect of any change in accounting principles, methods or interpretations;

	
(9)
	
[reserved]; 

	
(10)
	
gains or losses from the extinguishment of Indebtedness;

	
(11)
	
any increase in amortization or depreciation, or effect of any adjustments to inventory, property, plant or equipment, software, goodwill and other intangibles, debt line items, deferred revenue or rent expense, any one time cash charges (such as purchased in process research and development or capitalized manufacturing profit in inventory) or any other effects, in each case, resulting from purchase accounting in connection with the Acquisition Transactions or any other acquisition prior to or following the Issue Date will be excluded; 

	
(12)
	
accruals and reserves that were established or adjusted within 12 months after the consummation of the Acquisition that were so required to be established as a result of the Acquisition Transactions in accordance with GAAP shall be excluded;

	
(13)
	
any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP, which, without limiting the foregoing, shall include any impairment charges resulting from the application of Financial Accounting Standards Board Statements No. 142 and 144, and the amortization of intangibles arising pursuant to No. 141;

	
(14)
	
any non-cash expenses realized or resulting from employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options, restricted stock grants or other rights to officers, directors and employees of such person or any of its Restricted Subsidiaries; and

	
(15)
	
any unrealized or realized gain or loss due solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP.

“Consolidated Total Assets” means, as of any date of determination, the total assets of the Issuer and the Restricted Subsidiaries on a consolidated basis in accordance with GAAP as shown on the most recent consolidated balance sheet of the Issuer publicly filed or otherwise delivered to the Holders of the Notes, calculated on a pro forma basis after giving effect to any subsequent acquisition or disposition of a Person or business.

“Corporate Trust Office” means the corporate trust office of the Trustee located at Two Midtown Plaza, Suite 1050, 1349 West Peachtree Street, NW, Atlanta, Georgia 30309, Attention: Felicia H. Powell, or such other office, designated by the Trustee by written notice to the Issuer, at which at any particular time its corporate trust business shall be administered.

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“Credit Facilities” means the Senior Secured Credit Facilities and one or more debt facilities or other financing arrangements (including commercial paper facilities, receivables financing or indentures) providing for revolving credit loans, term loans, letters of credit, bankers’ acceptances or other Indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or Refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder (provided that such increase in borrowings is permitted under this Indenture), alters the maturity thereof, changes any other terms, covenants or other provisions or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or investor, or group of lenders or investors.

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.16, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

“Designated Non-Cash Consideration” means the Fair Market Value of any non-cash consideration received by the Issuer or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate which sets forth the Fair Market Value of the non-cash consideration at the time of its receipt and the basis for such valuation.

“Disqualified Capital Stock” means any class or series of Capital Stock of any Person that by its terms or otherwise is:

	
(1)
	
required to be redeemed or is redeemable at the option of the holder of such class or series of Capital Stock at any time on or prior to the date that is 91 days after the Stated Maturity of the principal of the Notes; or

	
(2)
	
convertible into or exchangeable at the option of the holder thereof for Capital Stock referred to in clause (1) above or Indebtedness having a scheduled maturity on or prior to the date that is 91 days after the Stated Maturity of the principal of the Notes.

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Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Capital Stock solely because the holders of the Capital Stock have the right to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a “change of control” or “asset sale” will not constitute Disqualified Capital Stock if such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any Notes tendered pursuant thereto.

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.

“DTC” means The Depository Trust Company. 

“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 Issuance” means (x) any public or private sale, or capital contribution, for cash of Capital Stock (other than Disqualified Capital Stock) of the Issuer other than offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering, or (y) the public or private issuance of Capital Stock or other securities by a Parent Entity or other contribution to the equity of a Parent Entity, the proceeds of which are contributed to the equity (other than through the issuance of Disqualified Stock) of the Issuer.

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear sys-tem.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

“Excluded Contribution” means Net Proceeds, or the Fair Market Value of property or assets, received by the Issuer as capital contributions to the Issuer after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary) of Qualified Capital Stock, in each case to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer and not previously included in the calculation set forth in clause (3)(b) of the first paragraph under Section 4.11 for purposes of determining whether a Restricted Payment may be made. 

“Excluded Foreign Subsidiary” means, (i) any Subsidiary that is (x) a Foreign Subsidiary which is a “controlled foreign corporation” within the meaning of Section 957 of the Code (each, a “CFC”) or (y) any direct or indirect Domestic Subsidiary which owns no material assets other than the Capital Stock of one or more Subsidiaries that are CFCs (each, a “FSHCO”) or other FSHCOs and (ii) any Subsidiary of a CFC or a FSHCO.

“Excluded Subsidiary” means: (a) each Subsidiary that is not a Wholly-Owned Subsidiary (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary) and to the extent that a guarantee of the Obligations is prohibited by the organizational documents of such Subsidiary; (b) any Excluded Foreign Subsidiary; (c) any domestic captive insurance Subsidiary; (d) not-for-profit Subsidiaries; and (e) Receivables Entities.

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“Existing Indebtedness” means (x) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (after giving effect to the use of proceeds from the offering of the Notes on the Issue Date as described in the Offering Memorandum under the caption “Use of Proceeds”) other than Indebtedness under the Senior Secured Credit Facilities, the Notes and Indebtedness owed to the Issuer or any of its Subsidiaries and (y) Indebtedness of the Restricted Subsidiaries of the Issuer which were members of the Anlin Group existing on the date of consummation of the Acquisition immediately after giving effect to the Acquisition Transactions.

“Fair Market Value” means, with respect to any asset or property, the fair market value of such asset or property as determined in good faith by the applicable Board of Directors, whose determination will be conclusive. 

“Foreign Subsidiary” means any direct or indirect Subsidiary which is not a Domestic Subsidiary.

“Four Quarter Period” means, with respect to any measurement date, the most recent four full fiscal quarters for which financial statements are available.

“GAAP” means generally accepted accounting principles set forth in the Accounting Standards Codification of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, as in effect from time to time; provided that the accounting for operating leases and financing or capital leases under GAAP as in effect on the Issue Date (including, without limitation, Accounting Standards Codification 840) shall apply for the purposes of determining compliance with the provisions of this Indenture, including the definition of Capital Lease Obligations and any obligations related thereto.

“Global Note” means one or more Regulation S Global Notes and 144A Global Notes.

“Global Note Legend” means the legend set forth in Exhibit B, which is required to be placed on all Global Notes issued under this Indenture.

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America (including any agency or instrumentality thereof) and the payment for which the United States pledges its full faith and credit.

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness.

“Guarantors” means:

	
(1)
	
each of the Restricted Subsidiaries of the Issuer that is a borrower (other than the Issuer) or guarantor under the Senior Secured Credit Facilities; and

-15- 

 

	
(2)
	
each other Subsidiary of the Issuer, if any, that executes a Subsidiary Guarantee in accordance with the provisions of this Indenture;

and their respective successors and assigns, and in each case, until such Person is released from its Subsidiary Guarantee in accordance with the provisions of this Indenture.

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

	
(1)
	
interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, foreign currency collar agreements, foreign currency hedging agreements or foreign currency swap agreements or other similar arrangements or agreements; and

	
(2)
	
forward contracts, commodity swap agreements, commodity option agreements or other similar agreements or arrangements.

“Holder” means the registered holder of any Note.

“IAI” means an institutional “accredited investor” (as defined Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is not also a QIB.

“IAI Global Note” a permanent global security in registered form in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend, each in the form set forth in Exhibit B, and deposited with or on behalf of and registered in the name of the Depositary or its nominee, representing the aggregate principal amount of Notes sold to IAIs.

“incur” means to directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to any Indebtedness and “incurrence” shall have a correlative meaning.  For the avoidance of doubt, the accrual of interest, accretion or amortization of original issue discount and increase in the liquidation preference of Preferred Stock in lieu of payment of cash dividends thereon shall not be an incurrence; provided, in each case, that the amount thereof is included in Consolidated Fixed Charges of the Issuer as accrued in the respective period.  For the avoidance of doubt, Existing Indebtedness shall be deemed to have been incurred prior to the date of this Indenture.

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

	
(1)
	
in respect of borrowed money;

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

	
(3)
	
in respect of banker’s acceptances;

	
(4)
	
representing Capital Lease Obligations;

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(5)
	
representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable;

	
(6)
	
representing any Hedging Obligations;

	
(7)
	
representing any Disqualified Capital Stock of such Person and any Preferred Stock issued by a Restricted Subsidiary of such Person; or

	
(8)
	
in respect of Attributable Debt,

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

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

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

	
(2)
	
the maximum fixed price upon the mandatory redemption or repurchase (including upon the option of the holder), in the case of Disqualified Capital Stock of such Person;

	
(3)
	
the maximum voluntary or involuntary liquidation preferences plus accrued and unpaid dividends, in the case of Preferred Stock of a Restricted Subsidiary of such Person; and

	
(4)
	
the principal amount thereof, together with any interest thereon that is more than 30 days past due and any premium thereon if such Indebtedness is redeemable at the option of the holder at such date, in the case of any other Indebtedness.

“Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

“Initial Purchasers” means Truist Securities, Inc., Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc. and BofA Securities, Inc.

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes.

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

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“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.  “Investment” excludes (1) extensions of trade credit by the Issuer and its Restricted Subsidiaries on commercially reasonable terms in accordance with the trade practices of the Issuer or such Restricted Subsidiary, as the case may be, and (2) any purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Issuer or any warrants, options or other rights to purchase or acquire any such Capital Stock.  If the Issuer or any Restricted Subsidiary of the Issuer sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Issuer such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Issuer, the Issuer shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in the penultimate paragraph of Section 4.11.  Except as otherwise provided in this Indenture, the amount of any Investment shall be the original cost of such Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment but less all cash distributions constituting a return of capital.

“Issue Date” means September 24, 2021.

“Issuer” means the party named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter means such successor.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, including any conditional sale or other title retention agreement, any lease in the nature thereof (other than an operating lease), and any filing of any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

“Limited Condition Transaction” means (1) any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise) whose consummation is not conditioned on the availability of, or on obtaining, third party financing and (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment.

“Material Indebtedness” means Indebtedness for borrowed money in an aggregate principal amount in excess of $35.0 million (other than Indebtedness owed to the Issuer or a Restricted Subsidiary).

“Maturity Date” means October 1, 2029.

-18- 

 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto.

“Net Proceeds” means (a) in respect of any Asset Sale, the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries, net of (i) the costs relating to such Asset Sale, including, without limitation, (x) legal, accounting and investment banking fees and sales commissions, (y) any relocation expenses incurred as a result thereof and (z) taxes paid or payable as a result thereof, in each case after taking into account any available tax credits or deductions and any tax sharing arrangements, (ii) amounts required to be applied to the repayment of Indebtedness, other than subordinated Indebtedness in connection with such Asset Sale, (iii) if the assets subject to such Asset Sale were financed by industrial revenue bonds, amounts required to be applied to the repayment of such bonds (or to the repayment of Indebtedness funded by such bonds) with the proceeds of such disposition by the terms of such bonds or such Indebtedness and (iv) amounts to be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve against any adjustment in the sale price of such asset or assets or liabilities associated with such Asset Sale and retained by the Issuer or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pensions and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale; provided, however, that any amounts ultimately remaining after adjustments, revaluations or liquidations of such reserves shall constitute Net Proceeds; and (b) in respect of any issuance or sale of any securities of the Issuer or any Subsidiary by the Issuer or any Subsidiary, or any capital contribution, the cash proceeds of such issuance, sale, contribution or incurrence net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance, sale, contribution or incurrence and net of taxes paid or payable as a result thereof.

“Notes” means, collectively, the Issuer’s 4.375% Senior Notes due 2029 issued in accordance with Section 2.02 (whether on the Issue Date or thereafter and including, for avoidance of doubt, any Additional Notes) treated as a single class of securities under this Indenture, as amended or supplemented from time to time in accordance with the terms of this Indenture.

“Obligations” means, with respect to any Indebtedness, the principal, premium, if any, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing such Indebtedness.

“Offering Memorandum” means the offering memorandum dated September 10, 2021 relating to the Notes.

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Chief Accounting Officer or the Secretary of such Person.

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by any one of the following:  the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Chief Accounting Officer or the Secretary and delivered to the Trustee.

-19- 

 

“Opinion of Counsel” means a written opinion conforming to the provisions of Section 12.05 from legal counsel who is reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel to the Issuer or a Guarantor.

“Original Issue Date” means August 10, 2018. 

“Parent Entity” means any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Issuer.

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

“Permitted Business” means the business of the Issuer and its Restricted Subsidiaries conducted on the Issue Date after giving effect to the Acquisition and businesses ancillary or reasonably related thereto or reasonable extensions thereof.

“Permitted Investments” means:

	
(1)
	
any Investment in Cash Equivalents;

	
(2)
	
any Investment in the Issuer or any Restricted Subsidiary;

	
(3)
	
any Investment by the Issuer or any of its Restricted Subsidiaries in a Person, if as a result of such Investment:

(a)such Person becomes a Restricted Subsidiary (including, without limitation, the Acquisition Transactions (including the payment of the purchase consideration under the Acquisition Agreement)); or

(b)such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary;

	
(4)
	
any Investment constituting the guarantee by the Issuer or any Restricted Subsidiary of leases (other than Capitalized Lease Obligations) or of other obligations incurred in the ordinary course of business that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

	
(5)
	
any Investment acquired in exchange for the issuance of, or acquired with the net cash proceeds of any substantially concurrent issuance and sale of, Qualified Capital Stock; provided that no such issuance or sale shall increase the Basket;

	
(6)
	
loans, advances and other extensions of credit to officers, directors and employees of the Issuer or the Restricted Subsidiaries (i) for reasonable and customary business-related travel expenses, moving expenses, costs of replacement homes, business machines or supplies, automobiles and other similar expenses, in each case incurred in the ordinary course of business, (ii) in connection with such Person’s purchase of Capital 

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Stock of the Issuer; provided that the amount of such loans and advances used to acquire such Capital Stock shall be contributed to the Issuer in cash as common equity and (iii) for purposes not described in the foregoing clauses (i) and (ii), in an aggregate principal amount outstanding at any time under clause (iii) not to exceed $5.0 million;

	
(7)
	
Hedging Obligations permitted by clause (6) of the second paragraph of Section 4.10;

	
(8)
	
Investments in securities of trade creditors or customers received in settlement of obligations or upon the bankruptcy or insolvency of such trade creditors or customers pursuant to any plan of reorganization or similar arrangement;

	
(9)
	
other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (9) since the date of this Indenture, at any one time outstanding not exceeding the greater of (x) $75.0 million and (y) 7.50% of Consolidated Total Assets;

	
(10)
	
Investments held by any Person acquired by the Issuer or a Restricted Subsidiary after the Issue Date or of any Person merged into the Issuer or merged, amalgamated or consolidated with a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

	
(11)
	
any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group) or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group); provided that the amount of any such Investment may be increased as required by the terms of such Investment as in existence on the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group); 

	
(12)
	
so long as no Default has occurred and is continuing or would be caused thereby, any Investment so long as, immediately after giving effect to such Investment, the Total Net Leverage Ratio for the most recently ended four fiscal quarters for which financial statements have been made publicly available or otherwise delivered to the Holders immediately preceding such Investment is not greater than 3.25 to 1.00 on a pro forma basis; 

	
(13)
	
a Receivables Entity or any Investment by a Receivables Entity in any other Person in connection with a Qualified Receivables Transaction, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Transaction or any related Indebtedness;

	
(14)
	
repurchases of the Notes (including the Subsidiary Guarantees);

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(15)
	
Guarantees to third parties to the extent that such Guarantees are incurred pursuant to Section 4.10; and

	
(16)
	
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.13. 

The amount of Investments outstanding at any time pursuant to clause (9) above shall be deemed to be reduced, without duplication:

	
(a)
	
upon the disposition or repayment of or return on any Investment made pursuant to clause (9) above, by an amount equal to the return of capital with respect to such Investment to the Issuer or any of its Restricted Subsidiaries (to the extent not included in the computation of Consolidated Net Income), less the cost of the disposition of such Investment and net of taxes;

	
(b)
	
upon a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, by an amount equal to the lesser of (x) the Fair Market Value of the Issuer’s proportionate interest in such Subsidiary immediately following such redesignation, and (y) the aggregate amount of Investments in such Subsidiary that increased (and did not previously decrease) the amount of Investments outstanding pursuant to clause (9) above; and

	
(c)
	
upon the making of an Investment in a Person that was not a Restricted Subsidiary of the Issuer immediately prior to the making of such Investment but that subsequently becomes a Restricted Subsidiary of the Issuer, by an amount equal to the lesser of (x) the Fair Market Value of the Issuer’s proportionate interest in such Subsidiary immediately following such redesignation, and (y) the aggregate amount of Investments in such Subsidiary that increased (and did not previously decrease) the amount of Investments outstanding pursuant to clause (9) above.

“Permitted Liens” means:

	
(1)
	
(x) Liens on assets of the Issuer or any of its Restricted Subsidiaries securing Indebtedness and other Obligations under the Credit Facilities that were incurred pursuant to clause (1) of the definition of Permitted Debt and/or securing Hedging Obligations related thereto and (y) Liens to secure additional Indebtedness permitted to be incurred under Section 4.10; provided that, in the case of clause (y) of this clause (1), at the time of incurrence and after giving pro forma effect thereto, the Secured Net Leverage Ratio shall not exceed 2.50:1.00;

	
(2)
	
Liens in favor of the Issuer or any Restricted Subsidiary;

	
(3)
	
Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Issuer or any Restricted Subsidiary of the Issuer (including, without limitation, Liens on the property of the Anlin Group assumed on the date of consummation of the Acquisition); provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any 

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assets other than those of the Person merged into or consolidated with the Issuer or its Restricted Subsidiary;

	
(4)
	
Liens on property (including Capital Stock) existing at the time of acquisition thereof by the Issuer or any Restricted Subsidiary of the Issuer; provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any assets other than the property so acquired;

	
(5)
	
Liens to secure the performance of statutory obligations, performance, surety, landfill closure and similar bonds, reclamation bonds or other obligations of a like nature incurred in the ordinary course of business;

	
(6)
	
Liens to secure Indebtedness permitted by clause (3) of the second paragraph of Section 4.10; provided that no such Liens shall extend to any asset other than the specified asset being financed and additions and improvements thereon and reasonable extensions thereof;

	
(7)
	
Liens existing on the date of this Indenture and continuation statements with respect to such Liens filed in accordance with the provisions of the Uniform Commercial Code or similar state commercial codes;

	
(8)
	
judgment Liens not giving rise to an Event of Default;

	
(9)
	
Liens securing Permitted Refinancing Indebtedness which is incurred to refinance any Indebtedness which has been secured by a Lien not in violation of this Indenture; provided that such Liens do not extend to or cover any property or assets of the Issuer or any of its Restricted Subsidiaries not securing the Indebtedness so refinanced;

	
(10)
	
Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

	
(11)
	
Liens securing reimbursement obligations with respect to letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof;

	
(12)
	
Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings diligently concluded, provided that any reserve or other appropriate provision as shall be required under GAAP shall have been made therefor;

	
(13)
	
Liens securing Hedging Obligations;

	
(14)
	
deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations;

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(15)
	
Liens of carriers, warehousemen, mechanics and materialmen, and other like liens incurred in the ordinary course of business;

	
(16)
	
Liens on any landfill acquired after the Issue Date securing reasonable royalty or similar payments (determined by reference to volume or weight utilized) due to the seller of such landfill as a consequence of such acquisition;

	
(17)
	
Liens securing Bank Products Obligations of the Issuer and its Restricted Subsidiaries;

	
(18)
	
other Liens incurred by the Issuer or any Restricted Subsidiary of the Issuer with respect to obligations that do not exceed at any one time outstanding the greater of (x) $100.0 million and (y) 10.0% of Consolidated Total Assets;

	
(19)
	
Liens on assets of any Restricted Subsidiary that is not a Guarantor to secure Indebtedness of such Restricted Subsidiary permitted hereunder;

	
(20)
	
easements (including reciprocal easement agreements), survey exceptions, rights-of-way, building, zoning and similar restrictions, utility agreements, covenants, reservations, restrictions, encroachments, charges, and other similar encumbrances or title defects incurred, or leases or subleases granted to others, in the ordinary course of business, which do not in the aggregate materially interfere with the ordinary conduct of the business of the Issuer and its Subsidiaries, taken as a whole; 

	
(21)
	
leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries; 

	
(22)
	
Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 

	
(23)
	
Liens on cash and Cash Equivalents used to satisfy or discharge Indebtedness; provided such satisfaction or discharge is permitted hereunder;

	
(24)
	
Liens arising from the rights of lessors under leases (including financing statements regarding property subject to lease) not in violation of the requirements of this Indenture; provided that such Liens are only in respect of the property subject to, and secure only, the respective lease (and any other lease with the same or an affiliated lessor);

	
(25)
	
Liens on specific items of inventory or other goods and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

-24- 

 

	
(26)
	
Liens arising out of conditional sale, title retention, consignment or other arrangements for sale of goods entered into by the Issuer or any Subsidiary in the ordinary course of business;

	
(27)
	
agreements to subordinate any interest of the Issuer or any Restricted Subsidiary in any accounts receivable or other proceeds arising from inventory consigned by the Issuer or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business;

	
(28)
	
Liens on Capital Stock of joint ventures and Unrestricted Subsidiaries securing obligations of such joint ventures or Unrestricted Subsidiaries, as the case may be;

	
(29)
	
[reserved]; and

	
(30)
	
Liens on receivables and Related Assets of the Issuer and its Restricted Subsidiaries or a Receivables Entity, in each case in connection with a Qualified Receivables Transaction.

For purposes of determining compliance with this definition, a Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition, but may be incurred under any combination of such categories (including in part under one such category and in part under any such other category) and, in the event that a Lien (or portion thereof) meets the criteria of one or more such categories of Permitted Liens, the Company shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any matter that complies with this definition. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to refinance, in whole or in part, other Indebtedness of the Issuer or any of its Restricted Subsidiaries; provided that:

	
(1)
	
the principal amount (or accreted value, if applicable) or liquidation preference of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus accrued interest and premium, if any, on the Indebtedness, or the liquidation preference, plus accrued dividends and premium, if any, on the Preferred Stock, so refinanced (plus the amount of expenses incurred in connection therewith);

	
(2)
	
such Permitted Refinancing Indebtedness has a final maturity date, or mandatory redemption date, later than the final maturity date, or mandatory redemption date, as applicable, of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being refinanced;

	
(3)
	
if the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the Holders 

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of Notes or the Subsidiary Guarantees, as applicable, as those contained in the documentation governing the Indebtedness being refinanced;

	
(4)
	
if the Indebtedness being refinanced ranks pari passu with the Notes or the Subsidiary Guarantees, such Permitted Refinancing Indebtedness ranks pari passu with, or is subordinated in right of payment to, the Notes or the Subsidiary Guarantees, as applicable;

	
(5)
	
Preferred Stock shall be refinanced only with Preferred Stock; and

	
(6)
	
the obligor(s) on the Permitted Refinancing Indebtedness thereof shall include only obligor(s) on such Indebtedness being refinanced, the Issuer, one or more of the Guarantors and/or one or more direct or indirect Subsidiaries.

“Person” means an individual, partnership, corporation, limited liability company firm, association, joint stock company, unincorporated organization, trust, bank, trust company, land trust, business trust or other enterprise, joint venture, or a governmental agency or political subdivision thereof or other entity.

“Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemption or upon liquidation.

“Private Placement Legend” means the legend initially set forth on the Notes in the form set forth in Exhibit B.

“Purchase Money Obligations” means Indebtedness of the Issuer or any of its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of construction or improvement, of any assets to be used in the business of the Issuer or such Restricted Subsidiary; provided, however, that (1) the aggregate amount of such Indebtedness shall not exceed such purchase price or cost, (2) such Indebtedness shall be incurred no later than 270 days after the acquisition of such assets or such construction or improvement and (3) such Indebtedness shall not be secured by any assets of the Issuer or any of its Restricted Subsidiaries other than the assets so acquired, constructed or improved and reasonable extensions thereof.

“Qualified Capital Stock” means any Capital Stock of the Issuer that is not Disqualified Capital Stock.

“Qualified Institutional Buyer” or “QIB” shall have the meaning specified in Rule 144A under the Securities Act.

“Qualified Receivables Transaction” means any transaction or series of transactions entered into by the Issuer or any of its Subsidiaries pursuant to which the Issuer or any of its Subsidiaries sells, conveys or otherwise transfers to (i) a Receivables Entity (in the case of a transfer by the Issuer or any of its Subsidiaries) and (ii) any other Person (in the case of a transfer by a Receivables Entity), or grants a security interest in and/or pledge, any receivables (whether now existing or arising in the future) of the Issuer or any of its Subsidiaries, and any 

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Related Assets, which transfer, grant of security interest or pledge is funded in whole or in part, directly or indirectly, by the incurrence or issuance by the transferee or any successor transferee of Indebtedness, fractional undivided interests, or other securities that are to receive payments from, or that represent interests in, the cash flow derived from such receivables and Related Assets or interests in receivables and Related Assets; provided, however, that the financing terms, covenants, termination events and other provisions thereof shall be market terms in all material respects at the time of such transaction (as determined in good faith by the Issuer).  It being understood that a Qualified Receivables Transaction may involve:

(1)   one or more sequential transfers or pledges of the same receivables and Related Assets, or interests therein, and

(2)   periodic transfers or pledges of receivables and/or revolving transactions in which new receivables and Related Assets, or interests therein, are transferred or pledged upon collection of previously transferred or pledged receivables and Related Assets, or interests therein; provided that the Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Transaction is economically fair and reasonable to the Issuer.

The grant of a security interest in any accounts receivable of the Issuer or its Restricted Subsidiaries to secure Indebtedness incurred pursuant to Credit Facilities shall not be deemed to be a Qualified Receivables Transaction.

“Rating Agencies” mean Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Receivables Entity” means a Person (which may or may not be a direct or indirect Subsidiary of the Issuer) formed for the purposes of engaging in a Qualified Receivables Transaction with the Issuer or any of its Restricted Subsidiaries that (i) engages in no activities other than in connection with the financing of receivables and Related Assets and any business or activities incidental or related thereto and (ii) is designated by the Board of Directors of the Issuer as a Receivables Entity; provided that:

(1)no portion of the Indebtedness or any other Obligations (contingent or otherwise) of such Person:

(a)   is guaranteed by the Issuer or any of its Subsidiaries (excluding guarantees of Obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings);

(b)   is recourse to or obligates the Issuer or any of its Subsidiaries (other than such Person if a Subsidiary of the Issuer) in any way other than pursuant to a Receivables Repurchase Obligation; or

(c)   subjects any property or asset of the Issuer or any of its Subsidiaries (other than property and assets of such Person and receivables and Related Assets of the 

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Issuer and its Subsidiaries), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings;

(2)neither the Issuer nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding with such Person other than on terms no less favorable to the Issuer or such Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Issuer, other than fees payable in the ordinary course of business in connection with servicing accounts receivable; and

(3)neither the Issuer nor any of its Subsidiaries has any obligation to maintain or preserve such Person's financial condition or cause such Person to achieve certain levels of operating results.

Any such designation by the Board of Directors of the Issuer will be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Receivables Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Transaction to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Record Date” means the applicable Record Date specified in the Notes; provided that, if any such date is not a Business Day, the Record Date shall be the first day immediately preceding such specified day that is a Business Day.

“Redemption Date” means, with respect to any Note to be redeemed, the date fixed for such redemption pursuant to this Indenture and the Notes.

“Redemption Price” means, with respect to any Note to be redeemed, the price fixed for such redemption, payable in immediately available funds, pursuant to this Indenture and the Notes.

“refinance” means to extend, refinance, renew, replace, defease or refund, including successively; and “refinancing” and “refinanced” shall have correlative meanings.

“Regulated Bank” means a commercial bank with a consolidated combined capital surplus of at least $5,000,000,000 that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

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“Related Asset” means, with respect to any receivables in a Qualified Receivables Transaction:

	
(1)
	
any interests in such receivables; 

	
(2)
	
all collateral securing such receivables;

(3)all contracts and contract rights, purchase orders, security interests, financing statements or other documentation in respect of such receivables;

(4)any Guarantees, indemnities, warranties or other obligations in respect of such receivables;

(5)any other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable similar to such receivables; and

	
(6)
	
any collections or proceeds of any of the foregoing.

“Regulation S” means Regulation S under the Securities Act.

“Regulation S Global Note” means a Global Note in the form of Exhibit A hereto, bearing the Global Note Legend, the Private Placement Legend and the Regulation S Legend, each in the form set forth in Exhibit B, and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903.

“Regulation S Legend” means the legend set forth in Exhibit B to be placed on the Regulation S Global Note.

“Responsible Officer” means, when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

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

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S.

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

“Rule 144A” means Rule 144A under the Securities Act.

“S&P” means Standard & Poor’s Ratings Services, or any successor thereto.

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“Sale and Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Issuer or a Restricted Subsidiary of the Issuer transfers such property to a Person and the Issuer or a Restricted Subsidiary of the Issuer leases it from such Person.

“SEC” means the Securities and Exchange Commission.

“Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien. 

“Secured Net Leverage Ratio” means, as of the date of determination, the ratio of (a) the Secured Indebtedness of the Issuer and its Restricted Subsidiaries as of such date of determination (determined after giving pro forma effect to such incurrence of Indebtedness, and each other incurrence, assumption, guarantee, redemption, retirement and extinguishment of Indebtedness as of such date of determination), net of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries to (b) Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters ending immediately prior to such date for which financial statements have been made publicly available or otherwise delivered to Holders. For purposes of determining the “Secured Net Leverage Ratio,” “Consolidated EBITDA” shall be subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute or statutes thereto.

“Senior Secured Credit Facilities” means the Credit Agreement, dated February 16, 2016 (the “Senior Secured Credit Agreement”), among the Issuer, Deutsche Bank AG New York Branch, as administrative agent and the lenders party thereto, including any notes, guarantees, collateral and security documents (including mortgages, pledge agreements and other security arrangements), instruments and agreements executed in connection therewith, and in each case as amended, modified, amended and restated, replaced or refinanced from time to time, including any agreement or agreements extending the maturity of, refinancing or otherwise restructuring (including increasing the amount of borrowings or other Indebtedness outstanding or available to be borrowed thereunder) all or any portion of the Indebtedness under such agreement, and any successor or replacement agreement or agreements with the same or any other borrowers, agents, creditors, lenders or group of creditors or lenders.

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Act, as such regulation is in effect on the date hereof.

“Standard Securitization Undertakings” means representations, warranties, covenants, repurchase obligations and indemnities entered into by the Issuer or any of its Subsidiaries in the ordinary course of business in connection with a Qualified Receivables Transaction and that are reasonably customary for a seller or servicer of receivables in a Qualified Receivables Transaction.

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“Stated Maturity” means, with respect to any installment of interest or principal on any Indebtedness, the date on which such payment of interest or principal is scheduled to be paid in the documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

“Subsidiary” means, with respect to any Person:

	
(1)
	
any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

	
(2)
	
any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof).

“Subsidiary Guarantee” means the Guarantee by each Guarantor of the Issuer’s payment obligations under this Indenture and the Notes, executed pursuant to this Indenture.

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date of the execution of this Indenture.

“Total Net Leverage Ratio” means, as of the date of determination, the ratio of (a) the Indebtedness of the Issuer and its Restricted Subsidiaries as of such date of determination (determined after giving pro forma effect to such incurrence of Indebtedness, and each other incurrence, assumption, guarantee, redemption, retirement and extinguishment of Indebtedness as of such date of determination) net of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries, to (b) Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters ending immediately prior to such date for which financial statements have been made publicly available or otherwise delivered to Holders.  For purposes of determining the “Total Net Leverage Ratio,” “Consolidated EBITDA” shall be subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis.

“Transaction Date” means the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio.

“Treasury Rate” means with respect to any redemption date, the weekly average for each Business Day during the most recent week that has ended at least two Business Days prior to the redemption date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 with respect to each applicable day during such week (or, if such Statistical Release is no longer published or such information is no longer available thereon, any publicly available source of similar market data selected by the Issuer in good faith)) most nearly equal to the period from the redemption date to October 1, 2024; provided, however, that if the 

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period from the redemption date to October 1, 2024 is not equal to the constant maturity of a United States Treasury security for which a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to October 1, 2024 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

“Trustee” means the party named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter means such successor.

“U.S. Legal Tender” means such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.

“U.S. Restricted Subsidiary” means any Restricted Subsidiary of the Issuer organized under the laws of the United States or any State thereof or the District of Columbia.

“Unrestricted Subsidiary” of any Person means

	
(1)
	
Eco Enterprises, LLC, Eco Window Systems, LLC, Unity Windows, LLC and Eco Glass Production, LLC;

	
(2)
	
any Subsidiary of such Person that at the time of determination has been designated an Unrestricted Subsidiary, and has not been redesignated a Restricted Subsidiary, in accordance with Section 4.19; and

	
(3)
	
any Subsidiary of such Unrestricted Subsidiary.

 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of such Person.

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Capital Stock at any date, the number of years obtained by dividing:

	
(1)
	
the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

	
(2)
	
the then outstanding principal amount or liquidation preference of such Indebtedness or Disqualified Capital Stock.

“Wholly Owned Restricted Subsidiary” of any Person means a Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of 

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which (other than directors’ qualifying shares) shall at the time be owned by such Person and/or by one or more Wholly Owned Restricted Subsidiaries of such Person.

SECTION 1.02.Other Definitions.

		
	
Term
	
Defined in Section

	
“Affiliate Transaction”
	
4.14

	
“Alternate Offer”
	
4.09

	
“Applicable Premium Deficit”
	
8.01(e)

	
“Asset Sale Offer”
	
4.13

	
“Asset Sale Offer Amount”
	
4.13

	
“Asset Sale Payment”
	
4.13

	
“Asset Sale Payment Date”
	
4.13

	
“Basket”
	
4.11

	
“Change of Control Offer”
	
4.09

	
“Change of Control Payment”
	
4.09

	
“Change of Control Payment Date”
	
4.09

	
“Covenant Defeasance”
	
8.02

	
“Covenant Suspension Event” 
	
4.21(a)

	
“Coverage Ratio Exception” 
	
4.10

	
“Designation”
	
4.19

	
“Directing Holder” 

“Event of Default”
	
6.01

6.01

	
“Excess Proceeds”
	
4.13

	
“fixed baskets” 

“Guarantee Obligations”

“Initial Default” 
	
1.07

11.01

6.01

	
“LCT Election”
	
1.06(a)

	
“LCT Test Date”
	
1.06(a)

	
“Legal Defeasance”
	
8.02(b)

	
“Noteholder Direction” 

“Pari Passu Debt”
	
6.01

4.13

	
“Paying Agent”
	
2.03

	
“Payment Default” 
	
6.01(5)(a)

	
“Permitted Debt”
	
4.10

	
“Position Representation” 

“ratio-based baskets” 

“Registrar”
	
6.01

1.07

2.03

	
“Relevant Transaction”

“Restricted Payments”
	
1.07

4.11

	
“Reversion Date” 
	
4.21(b)

	
“Revocation”
	
4.19

	
“Special Mandatory Redemption”
	
3.08(a)

	
“Special Mandatory Redemption Event”
	
3.08(a)

	
“Special Mandatory Redemption Date”
	
3.08(b)

	
“Special Mandatory Redemption Price”
	
3.08(a)

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Term
	
Defined in Section

	
“Surviving Person”
	
5.01(a)(1)

	
“Suspended Covenants” 
	
4.21(a)

	
“Suspension Period” 
	
4.21(c)

	
“Tax Group”

“Verification Covenant” 
	
4.12

6.01

 

SECTION 1.03.Concerning the TIA.

Except with respect to specific provisions of the TIA expressly referenced in the provisions of this Indenture, the TIA shall not be applicable to, and shall not govern, this Indenture and the Notes.

SECTION 1.04.Rules of Construction.

Unless the context otherwise requires:

(1)a term has the meaning assigned to it;

(2)an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

(3)“or” is not exclusive;

(4)words in the singular include the plural and words in the plural include the singular;

(5)provisions apply to successive events and transactions;

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

(7)the words “including,” “includes” and similar words shall be deemed to be followed by “without limitation.”

SECTION 1.05.Acts of Holders.

(a)Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing.  Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer.  Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 1.05.

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(b)The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.  Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same.  The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.

(c)Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

(d)The Issuer may set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by Holders.  Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.

(e)Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.  Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this Section 1.05(e) shall have the same effect as if given or taken by separate Holders of each such different part.

(f)Without limiting the generality of the foregoing, a Holder, including DTC, that is the Holder of a Global Note may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC, as the Holder of a Global Note, may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices.

(g)The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders.  If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, 

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consent, waiver or other action, whether or not such Holders remain Holders after such record date.  No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after such record date.

SECTION 1.06.Limited Condition Transactions.

(a)When calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments and the incurrence or issuance of Indebtedness, Liens, Disqualified Stock or Preferred Stock and the use of proceeds thereof, repayments and Restricted Payments), in each case, at the option of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice or similar event), and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto including acquisitions, Investments and the incurrence or issuance of Indebtedness, Liens, Disqualified Stock or Preferred Stock and the use of proceeds thereof, repayments and Restricted Payments) and any related pro forma adjustments, the Issuer or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Indebtedness, for example, whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided, that (a) if financial statements for one or more subsequent fiscal quarters shall have become available, the Issuer may elect, in its sole discretion, to re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets, and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments and the incurrence or issuance of Indebtedness, Liens, Disqualified Stock or Preferred Stock and the use of proceeds thereof, repayments and Restricted Payments).

(b)For the avoidance of doubt, if the Issuer has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in EBITDA or total assets of the Issuer or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios shall not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations; (2) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test Date would at any 

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time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions shall not be deemed to have been failed to be complied with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing) and (3) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Conditionality Transaction following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction.

SECTION 1.07.Certain Compliance Calculations.

(a)If any baskets, thresholds or exceptions determined by reference to a fixed currency amount or a percentage of Consolidated EBITDA (“fixed baskets”) are intended to be utilized together with any baskets, thresholds or exceptions determined by reference to the Secured Leverage Ratio, the Total Net Leverage Ratio, the Consolidated Fixed Charge Coverage Ratio or any other financial ratio or metric (a “ratio-based basket”) in a single transaction or action or series of related transactions or actions (for the purposes of this paragraph, a “Relevant Transaction”): (x) amounts available to be incurred under the applicable ratio-based baskets shall be calculated without giving effect to amounts to be incurred under the applicable fixed baskets in connection with such Relevant Transaction and (y) full pro forma effect shall be given to all increases to Consolidated EBITDA and repayments or discharges of Indebtedness in connection with such Relevant Transaction in accordance with the indenture.

(b)If Indebtedness originally incurred in reliance upon a percentage of Consolidated EBITDA is being refinanced and such refinancing would cause the maximum amount of Indebtedness thereunder to be exceeded at such time, then such refinancing will nevertheless be permitted thereunder and such additional Indebtedness will be deemed to have been incurred under the applicable clause so long as the principal amount of such additional Indebtedness does not exceed the principal amount of Indebtedness being refinanced plus the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing.

(c)If (x) a proposed action, matter, transaction or amount (or a portion thereof) is incurred or entered into pursuant to a fixed basket or the grower component of any other basket and (y) at a later time would subsequently be permitted under a ratio-based basket, unless otherwise elected by the Issuer, such action, matter, transaction or amount (or a portion thereof) shall automatically be reclassified to such ratio-based basket.

(d)If (x) any transaction is entered into between (A) the Issuer or any Restricted Subsidiary and (B) any other Person which is not the Issuer or a Restricted Subsidiary on the date of such transaction; (y) such transaction is permitted pursuant to a fixed basket or an incurrence-based basket; and (z) following such transaction, such other Person becomes a Restricted Subsidiary, such transaction shall be deemed to be reallocated to any applicable basket 

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allowing transactions of such type to be entered into on an unlimited basis between the Issuer and a Restricted Subsidiary or between Restricted Subsidiaries.

(e)If a proposed action, matter, transaction or amount (or a portion thereof) meets the criteria of more than one applicable basket, permission or threshold under the indenture, the Issuer shall be entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of such reclassification) such action, matter or amount (or a portion thereof) between such baskets, permissions or thresholds as it shall elect from time to time, provided that Indebtedness under the Credit Facilities outstanding on the Issue Date shall at all times be classified as incurred under clause (1) of “Permitted Debt” in Section 4.10 hereof.

ARTICLE Two

THE NOTES

SECTION 2.01.Form and Dating.

(a)The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage.  The Issuer shall approve the form of the Notes and any notation, legend or endorsement on them.  Each Note shall be dated the date of its issuance and show the date of its authentication.  

(b)The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

(c)Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more 144A Global Notes, substantially in the form set forth in Exhibit A, deposited with the Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided and shall bear the appropriate legends set forth in Exhibit B.  Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more Regulation S Global Notes substantially in the form set forth in Exhibit A, deposited with the Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided and shall bear the appropriate legends set forth in Exhibit B.  Notes offered and sold to IAIs shall be issued initially in the form of one or more IAI Global Notes, substantially in the form set forth in Exhibit A, deposited with the Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided and shall bear the appropriate legends set forth in Exhibit B.  Each Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be increased or decreased, as appropriate, to reflect exchanges, redemptions and transfers of interests.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee in accordance with written instructions given by the Holder thereof as required by Section 2.06 hereof. 

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(d)Except as set forth in Section 2.16, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes.

(e)Additional Notes ranking pari passu with the Notes issued on the Issue Date may be created and issued from time to time by the Issuer without notice to or consent of the Holders and shall be consolidated with and form a single class with the Notes issued on the Issue Date and shall have the same terms as to status, redemption or otherwise as the Notes issued on the Issue Date (other than issue date, issue price, initial interest payment date and initial interest record date); provided that the Issuer’s ability to issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.10 hereof.  In authenticating such Additional Notes, and accepting the additional responsibilities under this Indenture in relation to such Additional Notes, the Trustee shall receive, and shall be fully protected in relying upon:

(i)A copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Additional Notes were established, certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect as of the date of such certificate, and if the terms and form of such Additional Notes are established by an Officer’s Certificate pursuant to general authorization of the Board of Directors, such Officer’s Certificate;

(ii)an executed supplemental indenture, if any; and

(iii)an Officer’s Certificate delivered in accordance with Section 12.04.

(iv)an Opinion of Counsel, which shall state in substance the following:

(1)that the form of such Additional Notes has been established by a supplemental indenture or by or pursuant to a resolution of the Board of Directors in conformity with the provisions of this Indenture;

(2)that the terms of such Additional Notes have been established in conformity with the provisions of this Indenture; and

(3)that such Additional Notes, 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, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles.

(f)The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream, and, in each case, the successors thereto, shall be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream.

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SECTION 2.02.Execution and Authentication.

One Officer of the Issuer (who shall have been duly authorized by all requisite corporate actions) shall sign the Notes for the Issuer by manual or facsimile signature.

If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid.

A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note.  The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

The Trustee shall authenticate Notes for original issue on the Issue Date in the aggregate principal amount of $575,000,000 upon a written order of the Issuer in the form of an Officer’s Certificate.  In addition, the Trustee shall authenticate Notes thereafter in an unlimited amount (so long as not otherwise prohibited by the terms of this Indenture, including, without limitation, Section 4.10) for original issue upon a written order of the Issuer in the form of an Officer’s Certificate.  Each such Officer’s Certificate shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes.  Unless otherwise provided in the appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Issuer and Affiliates of the Issuer.

The Notes shall be issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

SECTION 2.03.Registrar and Paying Agent.

The Issuer shall maintain an office or agency where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes may be presented or surrendered for payment (“Paying Agent”) and (c) notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes.  The Issuer may act as its own Registrar or Paying Agent.  The Registrar shall keep a register of the Notes and of their transfer and exchange.  The Issuer, upon notice to the Trustee, may have one or more co-Registrars and one or more additional paying agents reasonably acceptable to the Trustee.  The term “Paying Agent” includes any additional paying agent.  The Issuer initially appoints the Trustee as Registrar and Paying Agent until such time as the Trustee has resigned or a successor has been appointed.

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The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture that relate to such Agent.  The Issuer shall notify the Trustee, in advance, of the name and address of any such Agent.  If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.

SECTION 2.04.Paying Agent to Hold Assets in Trust.

The Issuer shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment.  The Issuer at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed.  Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

SECTION 2.05.Holder Lists.

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders.  If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior to each Interest Payment Date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee.

SECTION 2.06.Transfer and Exchange.

Subject to Sections 2.15 and 2.16, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided, however, that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar or co-Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing.  To permit registrations of transfers and exchanges, the Issuer shall execute Notes at the Registrar’s or co-Registrar’s request and the Trustee shall authenticate Notes upon receipt of an Officer’s Certificate directing it to so do.  No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith.

The Registrar or co-Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before the 

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mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing, (ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part, and (iii) during a Change of Control Offer, an Alternate Offer or an Asset Sale Offer, if such Note is tendered pursuant to such Change of Control Offer, Alternate Offer or Asset Sale Offer and not withdrawn.

Any Holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system.

SECTION 2.07.Replacement Notes.

If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met.  Such Holder must provide an indemnity bond or other indemnity, sufficient in the judgment of both the Issuer and the Trustee, to protect the Issuer, the Trustee or any Agent from any loss that any of them may suffer if a Note is replaced.  The Issuer may charge such Holder for its reasonable out-of-pocket expenses in replacing a Note pursuant to this Section 2.07, including reasonable fees and expenses of counsel and of the Trustee.

Every replacement Note is an additional obligation of the Issuer and shall be entitled to the benefits of this Indenture equally and proportionally with all other Notes duly issued hereunder.

SECTION 2.08.Outstanding Notes.

Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding.  A Note shall not cease to be outstanding because the Issuer, the Guarantors or any of their respective Affiliates holds the Note (subject to the provisions of Section 2.09).

If a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it shall cease to be outstanding unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.  A mutilated Note shall cease to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

If the principal amount of any Note is considered paid under Section 4.01, it shall cease to be outstanding and interest shall cease to accrue.  If on a Redemption Date or the Maturity Date the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S. Legal Tender or Government Securities sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date such Notes shall cease to be outstanding and interest on them shall cease to accrue.

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SECTION 2.09.Treasury Notes.

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any of its Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be disregarded.

SECTION 2.10.Temporary Notes.

Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes.  Temporary Notes shall be substantially in the form of definitive Notes but may contain variations that the Issuer considers appropriate for temporary Notes.  Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.  Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes.  Notwithstanding the foregoing, so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form.

SECTION 2.11.Cancellation.

The Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment.  The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent (other than the Issuer or an Affiliate), and no one else, shall cancel and, at the written direction of the Issuer, shall dispose of all Notes surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures.  Subject to Section 2.07, the Issuer may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation.  If the Issuer or any Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11.

SECTION 2.12.Defaulted Interest.

If the Issuer defaults in a payment of interest on the Notes, it shall, unless the Trustee fixes another record date pursuant to Section 6.10, pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest, in any lawful manner.  The Issuer may pay the defaulted interest to the persons who are Holders on a subsequent special record date, which date shall be the 15th day immediately preceding the date fixed by the Issuer for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day.  At least 15 days before any such subsequent special record date, the Issuer shall mail to each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the payment date and the amount of defaulted interest and interest payable on such defaulted interest, if any, to be paid.

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SECTION 2.13.CUSIP Number.

The Issuer in issuing the Notes may use “CUSIP” numbers and, if so, the Trustee shall use the CUSIP numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes.  The Issuer shall promptly notify the Trustee of any change in the CUSIP numbers.

SECTION 2.14.Deposit of Moneys.

Prior to 10:00 a.m. New York City time on each Interest Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date and Asset Sale Payment Date, the Issuer shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date and Asset Sale Payment Date, as the case may be, in a timely manner that permits the Paying Agent to remit payment to the Holders on such Interest Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date and Asset Sale Payment Date, as the case may be.

SECTION 2.15.Book-Entry Provisions for Global Notes.

(a)The Global Notes initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear the applicable legends as set forth in Exhibit B.

Participants shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

(b)Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees.  Definitive Notes shall be issued to all beneficial owners in exchange for their beneficial interests in Global Notes only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for any Global Note and a successor Depositary is not appointed by the Issuer, with a copy to the Trustee, within 90 days of such notice or (ii) an Event of Default has occurred and is continuing and the Registrar has received a written request from the Depositary to issue Definitive Notes; provided that, notwithstanding anything herein to the contrary, beneficiary interest in the Regulation S Global Notes may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period.

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(c)In connection with any transfer or exchange of a portion of the beneficial interest in a Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.15, the Registrar shall (if one or more Definitive Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Notes of authorized denominations in an aggregate principal amount equal to the principal amount of the beneficial interest in the Global Note so transferred.

(d)In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section 2.15, such Global Note shall be deemed to be surrendered to the Trustee for cancellation and (i) the Issuer shall execute, (ii) the Guarantors shall execute notations of Subsidiary Guarantees on and (iii) the Trustee shall upon written instructions from the Issuer authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes in authorized denominations.

(e)Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to paragraph (b) or (c) of this Section 2.15 shall, except as otherwise provided by Section 2.16, bear the applicable legend regarding transfer restrictions set forth in Exhibit B.

(f)The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes.

SECTION 2.16.Special Transfer Provisions.

(a)The following provisions shall apply with respect to any proposed transfer of a 144A Global Note or an IAI Global Note prior to the expiration of the Resale Restriction Termination Date (as defined in Exhibit D): 

(i)a transfer of a 144A Global Note or an IAI Global Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A;

(ii)a transfer of a 144A Global Note or an IAI Global Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Exhibit D from the proposed transferee and, if requested by the Issuer or the Trustee, the delivery of certification and/or other information satisfactory to each of them;

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(iii)a transfer of a 144A Global Note or an IAI Global Note or a beneficial interest therein to a person outside the United States in reliance on Regulation S shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Exhibit C from the transferor and, if requested by the Issuer or the Trustee, the delivery of certification and/or other information satisfactory to each of them; and

(iv)a transfer of a 144A Global Note or an IAI Global Note or a beneficial interest therein pursuant to any other available exemption from the registration requirements of the Securities Act, including the exemption provided by Rule 144 under the Securities Act, shall be made upon receipt by the Trustee or its agent, if requested by the Issuer or the Trustee, of an Opinion of Counsel, Officer’s Certificate and/or other information satisfactory to each of them.

(b)During the Restricted Period, beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the Global Notes Legend on such Regulation S Global Note and any applicable securities laws of any state of the U.S. Prior to the expiration of the Restricted Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Global Notes Legend and upon receipt by the Trustee of a written certification from the transferor of the beneficial interest in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers.  Such written certification shall no longer be required after the expiration of the Restricted Period.  Upon the expiration of the Restricted Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in accordance with applicable law and the other terms of this Indenture.

(c)Private Placement Legend.  Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver Notes that do not bear the Private Placement Legend.  Upon the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act.

(d)General.  By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture.

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.15 or this Section 2.16.  The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

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(e)No Obligation of the Trustee.

(i)The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a Participant or other Person with respect to any ownership interest in the Notes, with respect to the accuracy of the records of the Depositary or its nominee or of any Participant thereof or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes.  All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note in global form shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary.  The Trustee may rely and shall be fully protected and indemnified pursuant to Section 7.07 in relying upon information furnished by the Depositary with respect to any beneficial owners, its members and participants.

(ii)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including without limitation any transfers between or among Participants, members or beneficial owners in any Global Note) other than to receive such certificates and other documentation of evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

ARTICLE Three

REDEMPTION

SECTION 3.01.Notices to Trustee.

If the Issuer elects to redeem Notes pursuant to Section 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed.  The Issuer shall give notice of redemption to the Paying Agent and the Trustee at least three Business Days prior to the date on which the Trustee delivers the notice of redemption to the Holders as set forth in Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), together with an Officer’s Certificate stating that such redemption will comply with the conditions contained herein.

SECTION 3.02.Selection of Notes to Be Redeemed.

If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption as follows:

(a)if the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or

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(a)if the Notes are not so listed, on a pro rata basis or on as nearly a pro rata basis as practicable (subject, to the extent the Notes are then represented by one or more Global Notes registered in the name of or held by The Depository Trust Company or its nominee, to the procedures of The Depository Trust Company).

No Notes of $2,000 or less shall be redeemed in part.

SECTION 3.03.Notice of Optional Redemption.

At least 15 days but not more than 60 days before a Redemption Date for optional redemption, the Issuer shall mail a notice of redemption by first-class mail, postage prepaid, to each Holder the Notes of which are to be redeemed at its registered address.  At the Issuer’s request, the Trustee shall forward the notice of redemption in the Issuer’s name and at the Issuer’s expense.  Each notice for redemption shall identify the Notes (including the CUSIP number) to be redeemed and shall state:

(1)the Redemption Date;

(2)the Redemption Price and the amount of accrued interest, if any, to be paid;

(3)the name and address of the Paying Agent;

(4)that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any;

(5)that, unless the Issuer defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price and accrued interest, if any, upon surrender to the Paying Agent of the Notes redeemed;

(6)if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date, and upon surrender of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion thereof will be issued;

(7)if fewer than all the Notes are to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption and the means by which the Notes to be redeemed will be delivered; and

(8)the Section of the Notes and this Indenture pursuant to which the Notes are to be redeemed.

Notice of any redemption upon any corporate or financing transaction or other event (including, without limitation, any Equity Issuance, incurrence of Indebtedness, Change of Control or other transaction) may be given prior to the completion thereof.  In addition, any 

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redemption described above or notice thereof may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate or financing transaction or other event (including, without limitation, any Equity Issuance, incurrence of Indebtedness, Change of Control or other transaction).  If any redemption is so subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), and/or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date as so delayed, and/or that such notice may be rescinded at any time by the Issuer if the Issuer determines in its sole discretion that any or all of such conditions will not be satisfied (or waived).  In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.

The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice.  In any case, failure to deliver such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.  Notices of redemption (and such related redemption) may be subject to the satisfaction of one or more conditions precedent established by the Issuer in its sole discretion.  In addition, the Issuer may provide in any notice of redemption that payment of the Redemption Price and the performance of its obligations with respect to such redemption may be performed by another Person.

SECTION 3.04.Effect of Notice of Redemption.

Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption, subject to Section 3.03, become due and payable on the Redemption Date at the Redemption Price plus accrued interest, if any.  Upon surrender to the Trustee or Paying Agent, such Notes called for redemption shall be paid at the Redemption Price (which shall include accrued interest thereon to the Redemption Date), but (i) installments of interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business on the relevant Record Dates and (ii) if the Redemption Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date.  On and after the Redemption Date, interest shall cease to accrue on Notes or portions thereof called for redemption.

SECTION 3.05.Deposit of Redemption Price.

On or before 10:00 a.m. New York time on the Redemption Date, the Issuer shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price plus accrued interest, if any, of all Notes to be redeemed on that date.

If the Issuer complies with the preceding paragraph, then, unless the Issuer defaults in the payment of such Redemption Price plus accrued interest, if any, interest on the 

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Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment.

SECTION 3.06.Notes Redeemed in Part; Involuntary Redemptions.

If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed.  A new Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued in the name of the Holder thereof upon cancellation of the original Note or Notes.

Notwithstanding the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or Asset Sale Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each other Holder (excluding any early tender or incentive fee) in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the date of such redemption. In determining whether the Holders of at least 90% of the aggregate principal amount of the outstanding Notes have validly tendered and not validly withdrawn such Notes in a tender offer, including a Change of Control Offer or Asset Sale Offer, Notes owned by the Issuer or its Affiliates or by funds controlled or managed by any Affiliate of the Issuer, or any successor thereof, shall be deemed to be outstanding for the purposes of such tender offer.

SECTION 3.07.Optional Redemption.

(a)On or after October 1, 2024, the Notes shall be subject to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below:

		
	
Year
	
Percentage

	
2024
	
102.188%

	
2025
	
101.094%

	
2026 and thereafter
	
100.000%

(b)The Notes may be redeemed, in whole or in part, at any time prior to October 1, 2024, at the option of the Issuer upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the applicable redemption date (subject to the right of Holders of record on the relevant interest record date to receive interest due on the relevant interest payment date).

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(c)Prior to October 1, 2024, the Issuer may on any one or more occasions re-deem up to 40% of the aggregate principal amount of Notes issued under this Indenture (including Additional Notes) at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date, with the net cash proceeds of Equity Issuances; provided that (i) at least 60% of the aggregate principal amount of Notes issued under this Indenture remains outstanding immediately after the occurrence of such redemption (including Additional Notes but excluding Notes held by the Issuer and its Subsidiaries) and (ii) such redemption shall occur within 180 days of the date of the closing of such Equity Issuance (disregarding the date of the closing of any over-allotment option with respect thereto).

ARTICLE Four

COVENANTS

SECTION 4.01.Payment of Notes.

The Issuer shall pay the principal of (and premium, if any) and interest on the Notes in the manner provided in the Notes and this Indenture.  An installment of principal of or interest on the Notes shall be considered paid on the date it is due if the Trustee or the Paying Agent (other than the Issuer or an Affiliate thereof) holds on that date U.S. Legal Tender designated for and sufficient to pay the installment and is not prohibited from paying such amounts to the Holders pursuant to the terms of this Indenture or the Notes.  Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.  If the due date for any payment in respect of any Notes is not a Business Day at the place at which such payment is due to be paid, the Holder thereof shall not be entitled to payment of the amount due until the next succeeding Business Day at such place, and will not be entitled to any further interest or other payment as a result of any such delay.

The Issuer shall pay interest on overdue principal (including, without limitation, post-petition interest in a proceeding under any Bankruptcy Law) and overdue interest, to the extent lawful, at the same rate per annum borne by the Notes.

SECTION 4.02.Maintenance of Office or Agency.

The Issuer shall maintain the office or agency required under Section 2.03.  The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 12.02.

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations.  The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

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The Issuer hereby initially designates U.S. Bank National Association, located at the address as set forth in Section 12.02, as such office of the Issuer in accordance with Section 2.03.

SECTION 4.03.Corporate Existence.

Except as otherwise permitted by Article Five, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each of its Restricted Subsidiaries in accordance with the respective organizational documents of each such Restricted Subsidiary and the rights (charter and statutory) and material franchises of the Company and each of its Restricted Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, franchise or corporate existence with respect to each such Restricted Subsidiaries if the loss thereof would not, individually or in the aggregate, have a material adverse effect on the business, financial condition or results of operations of the Company and its Restricted Subsidiaries taken as a whole.

SECTION 4.04.Payment of Taxes.

Each of the Issuer and the Guarantors shall, and shall cause each of its respective Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges levied or imposed upon it or any of its respective Subsidiaries or upon the income, profits or property of it or any of its respective Subsidiaries that, if unpaid, might by law become a material liability or Lien upon the property of it or any of the Issuer’s Restricted Subsidiaries; provided, however, that the Issuer and the Guarantors shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which appropriate provision has been made.

SECTION 4.05.[Reserved].

SECTION 4.06.Compliance Certificate; Notice of Default.

(a)The Issuer shall deliver to the Trustee, within 120 days after the close of each fiscal year (which on the date hereof is the nearest Saturday to the applicable December 31, beginning with the 2018 fiscal year), an Officer’s Certificate executed by the principal executive, financial or accounting officer of the Issuer stating that a review of the activities of the Issuer and its Subsidiaries has been made under the supervision of the signing Officer with a view to determining whether the Issuer and each Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture and further stating, as to such Officer signing such certificate, that, to the best of such Officer’s knowledge, the Issuer and each Guarantor during such preceding fiscal year has kept, observed, performed and fulfilled each and every such covenant and no Default occurred during such year and at the date of such certificate there is no Default that has occurred and is continuing or, if such signer does know of such Default, the certificate shall describe its status with particularity.  The Officer’s Certificate shall also notify the Trustee should the Issuer elect to change the manner in which it fixes its fiscal year end.

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(b)The Issuer shall deliver to the Trustee within five days after the Issuer becomes aware of the occurrence of any Default that is continuing, an Officer’s Certificate specifying the Default and describing its status with particularity and the action proposed to be taken with respect thereto.

SECTION 4.07.[Reserved].

SECTION 4.08.Waiver of Stay, Extension or Usury Laws.

Each of the Issuer and the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of any stay or extension law, usury law or other law that would prohibit or forgive the Issuer or such Guarantor from paying all or any portion of the principal of or interest on the Notes or the Subsidiary Guarantee of any such Guarantor as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture, and (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

SECTION 4.09.Change of Control.

If a Change of Control occurs, each Holder of Notes will have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to a Change of Control Offer (the “Change of Control Offer”).  In the Change of Control Offer, the Issuer will offer to pay an amount in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest thereon, if any, to the date of purchase.  Within 30 days following any Change of Control, the Issuer will mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the date (the “Change of Control Payment Date”) specified in such notice, which date shall be a Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such notice.  Such notice shall state:

(1)that the Change of Control Offer is being made pursuant to this Section 4.09 and that all Notes tendered and not withdrawn will be accepted for payment;

(2)the purchase price (including the amount of accrued interest) and the Change of Control Payment Date;

(3)that any Note not tendered will continue to accrue interest;

(4)that, unless the Issuer defaults in making payment therefor, any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date;

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(5)that Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date;

(6)that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the second Business Day prior to the Change of Control Payment Date, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;

(7)that Holders the Notes of which are purchased only in part will be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered; and

(8)the circumstances and relevant facts regarding such Change of Control.

On or before the Change of Control Payment Date, the Issuer will, to the extent lawful:

(a)accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

(b)deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Change of Control Payment in respect of all Notes or portions thereof so tendered; and

(c)deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer.

The Paying Agent will promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

The Issuer will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

Notwithstanding the foregoing, the Issuer shall not be required to make a Change of Control Offer, as provided above, if, in connection with or in contemplation of any Change of Control, the Issuer or a third party has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment 

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and has purchased all Notes properly tendered in accordance with the terms of such Alternate Offer.  The Alternate Offer shall remain, if commenced prior to the Change of Control, open for acceptance until the consummation of the Change of Control, must permit Holders to withdraw any tenders of Notes made into the Alternate Offer until the final expiration or consummation thereof and must comply with all the other provisions applicable to the Change of Control Offer.

The Issuer will comply, and will cause any third party making a Change of Control Offer or an Alternate Offer to comply, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with a Change of Control Offer or an Alternate Offer.  To the extent the provisions of any applicable securities laws or regulations conflict with the provisions of this Indenture relating to a Change of Control Offer, the Issuer will not be deemed to have breached its obligations under this Indenture by virtue of complying with such laws or regulations.

A Change of Control Offer may be made in advance of and conditioned on the occurrence of a Change of Control if there is an agreement in place at the time such Change of Control Offer is made to consummate a transaction that would constitute a Change of Control if consummated.

SECTION 4.10.Incurrence of Indebtedness and Issuance of Preferred Stock.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness (including Acquired Debt), and the Issuer will not issue any Disqualified Capital Stock and will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided that the Issuer or any Restricted Subsidiary may incur Indebtedness (including Acquired Debt), the Issuer may issue Disqualified Capital Stock and a Restricted Subsidiary of the Issuer may issue Preferred Stock, if the Consolidated Fixed Charge Coverage Ratio is at least 2.0 to 1.0 (this proviso, the “Coverage Ratio Exception”); provided further that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness under the Coverage Ratio Exception if, after giving pro forma effect to such incurrence (including pro forma application of the net proceeds therefrom), more than an aggregate, together with any Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors incurred under clause (10) below and any Permitted Refinancing Indebtedness hereof pursuant to clause (4) below, of the greater of (x) $50.0 million and (y) 7.50% of Consolidated Total Assets of Indebtedness of Restricted Subsidiaries that are not Guarantors would be outstanding pursuant to this paragraph at such time.

The first paragraph of this Section 4.10 will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):

(1)Indebtedness of the Issuer or any of its Restricted Subsidiaries under the Credit Facilities (including the issuance and creation of letters of credit and bankers’ acceptances thereunder) in an aggregate principal amount not to exceed (i) the sum of (x) $250.0 million and (y) the greater of $90.0 million and 50.0% of Consolidated EBITDA (subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the 

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definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis) of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters ending immediately prior to such incurrence of Indebtedness for which financial statements have been made publicly available or otherwise delivered to Holders less (ii) the aggregate amount of Obligations incurred and outstanding under Qualified Receivables Transactions incurred by Receivables Entities;

(2)the incurrence by the Issuer and the Guarantors (a) on the Issue Date of Indebtedness represented by the Notes issued on the Issue Date and the Subsidiary Guarantees thereof and (b) of Existing Indebtedness;

(3)(a) Capital Lease Obligations, (b) Purchase Money Obligations and (c) industrial revenue bonds issued by or at the request of the Issuer or any Restricted Subsidiary, and Indebtedness funded by such bonds, and Permitted Refinancing Indebtedness of any of the foregoing, in an aggregate amount under this clause (3) not to exceed at any one time outstanding the greater of (x) $100.0 million and (y) 10.0% of Consolidated Total Assets;

(4)Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refinance, Indebtedness incurred under the Coverage Ratio Exception, clause (2), (10) or (15) of this paragraph or this clause (4);

(5)Indebtedness owed by the Issuer or any of its Restricted Subsidiaries to the Issuer or any of its Restricted Subsidiaries; provided that:

(a)if the Issuer or any Guarantor is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Issuer, or the Subsidiary Guarantee of such Guarantor, in the case of a Guarantor; and

(b)(x) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Issuer or a Restricted Subsidiary thereof and (y) any sale or other transfer of any such Indebtedness to a Person that is not either the Issuer or a Restricted Subsidiary thereof shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (5);

(6)Hedging Obligations, so long as the financial instrument or contract was not entered into for speculative purposes;

(7)obligations in the ordinary course of business in respect of workers’ compensation claims, self-insurance obligations, performance, surety, reclamation and similar bonds and completion bonds and bid guarantees with respect to the assets or business of the Issuer or any of its Restricted Subsidiaries;

(8)(x) the Guarantee by the Issuer or any Guarantor of Indebtedness of the Issuer or a Guarantor and (y) the guarantee by any Restricted Subsidiary that is not a 

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Guarantor of Indebtedness of any other Restricted Subsidiary that is not a Guarantor; provided that, in each case, the Indebtedness being guaranteed is permitted to be incurred by another provision of this Indenture;

(9)indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business or assets of the Issuer or any of its Restricted Subsidiaries or Capital Stock of any of its Restricted Subsidiaries; provided that the maximum aggregate liability in respect of all of such obligations outstanding under this clause (9) shall at no time exceed the gross proceeds including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Issuer and its Restricted Subsidiaries in connection with such dispositions;

(10)Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer (including Acquired Debt and earnouts) incurred to finance an acquisition, merger, consolidation or amalgamation, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (10); provided that on the date of such acquisition, merger, consolidation or amalgamation after giving pro forma effect thereto as if the same had occurred at the beginning of the applicable four-quarter period, the Issuer would either (A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in the first paragraph of this Section 4.10; or (B) have a Consolidated Fixed Charge Coverage Ratio of not less than the Consolidated Fixed Charge Coverage Ratio of the Issuer immediately prior to such acquisition, merger, consolidation or amalgamation; provided further that the aggregate principal amount of Indebtedness of Restricted Subsidiaries that are not Guarantors incurred under this clause (10) and outstanding at the time of incurrence, together with any Indebtedness of Restricted Subsidiaries that are not Guarantors incurred pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in the first paragraph of this covenant and any Permitted Refinancing Indebtedness in respect hereof and thereof incurred under clause (4), shall not exceed the greater of (x) $50.0 million and (y) 7.50% of Consolidated Total Assets;

(11)Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds; provided that such Indebtedness is extinguished within five business days of incurrence; 

(12)(x) unsecured Indebtedness in respect of obligations of the Issuer or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money; (y) Indebtedness in respect of intercompany obligations of the Issuer or any Restricted Subsidiary in respect of accounts payable incurred in connection with goods sold or services rendered in the ordinary course of business and not in connection with the borrowing of money to the extent otherwise permitted hereunder; and (z) 

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Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, in each case entered into in connection with the disposition of any business, assets or Equity Interests in accordance with the requirements of this Indenture; 

(13)Indebtedness of the Issuer or any Restricted Subsidiary in respect of (a) letters of credit, bankers’ acceptances or other similar instruments or obligations issued, or relating to liabilities or obligations incurred, in the ordinary course of business, (b) the financing of insurance premiums in the ordinary course of business or (c) Bank Products Obligations; 

(14)additional Indebtedness in an aggregate amount under this clause (14) not to exceed at any time outstanding the sum of (A) the greater of (x) $100.0 million and (y) 10.0% of Consolidated Total Assets, (B) the amount available to make Restricted Payments pursuant to clause (7) of the second paragraph of Section 4.11 (measured at the time of incurrence and on a pro forma basis) provided that any Indebtedness outstanding pursuant to this clause (14)(B) shall reduce the amount available to make Restricted Payments pursuant to clause (7) of the second paragraph of Section 4.11 and (C) in the case of an refinancing of any Indebtedness permitted under this clause or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing;

(15)Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference outstanding at the time of Incurrence, together with Permitted Refinancing Indebtedness in respect thereof, not greater than an amount equal to 100.0% of the amount of net cash proceeds received by the Issuer and its Restricted Subsidiaries since immediately after the Issue Date from the issue or sale of Equity Interests of the Issuer or any Parent Entity (which proceeds are contributed to the Issuer or any Restricted Subsidiary) or cash contributed to the capital of the Issuer (in each case other than proceeds of contributions in connection with sales of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Issuer or any of its Subsidiaries) to the extent such net cash proceeds or cash have not been applied to increase the calculation of the Basket or otherwise applied to make Restricted Payments or Permitted Investments;

(16)(x) Indebtedness representing deferred compensation to employees, consultants or independent contractors of, the Issuer and its Restricted Subsidiaries incurred in the ordinary course of business; and (y) Indebtedness consisting of obligations of the Issuer (or any Parent Entity thereof) or its Restricted Subsidiaries under deferred compensation to employees, consultants or independent contractors of the Issuer (or any Parent Entity thereof) or its Restricted Subsidiaries or other similar arrangements incurred by such Persons in connection with the Acquisition or any other Permitted Investment;

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(17)Indebtedness of Restricted Subsidiaries that are not Guarantors; provided, however, that the aggregate principal amount of Indebtedness incurred under this clause (17) and outstanding at the time of incurrence, when aggregated with the principal amount of all other Indebtedness then outstanding and incurred pursuant to this clause (17), together with Permitted Refinancing Indebtedness in respect thereof, does not exceed the greater of (x) $40.0 million and (y) 25.0% of the Consolidated EBITDA (subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis) of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which financial statements have been made publicly available or otherwise delivered to Holders;

(18)Indebtedness consisting of promissory notes issued by the Issuer or any of its Restricted Subsidiaries to current or former officers, managers, consultants, directors and employees (or their respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees) to finance the purchase or redemption of Equity Interests of the Issuer (or any Parent Entity thereof to the extent such Parent Entity uses the proceeds to finance the purchase or redemption (directly or indirectly) of their Equity Interests, in each case to the extent permitted by Section 4.11;

(19)(x) Indebtedness to a customer to finance the acquisition of any equipment necessary to perform services for such customer; provided that the terms of such Indebtedness are consistent with those entered into with respect to similar Indebtedness prior to the Issuer Date, including that the repayment of such Indebtedness is conditional upon such customer ordering a specific volume of goods and such Indebtedness does not bear interest or provide for scheduled amortization or maturity; and (y) Indebtedness comprising take or pay obligations contained in supply agreements entered into the ordinary course of business; and

(20)Indebtedness incurred by a Receivables Entity in a Qualified Receivables Transaction that is not recourse to the Company or any other Restricted Subsidiary (except for Receivables Repurchase Obligations). 

The Issuer will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Guarantee on substantially the same terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis.

Notwithstanding any other provision in this Section 4.10, the maximum amount of Indebtedness that the Issuer or any of its Restricted Subsidiaries may incur pursuant to this Section 4.10 shall not be deemed to be exceeded as a result of fluctuations in exchange rates of currencies.  The outstanding principal amount of any particular Indebtedness shall be counted only once and any obligation arising under any Guarantee, Lien, letter of credit or similar 

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instrument supporting such Indebtedness shall be disregarded, so long as the obligor is permitted to incur such obligation.  

In connection with the incurrence of (x) revolving loan Indebtedness under this covenant or (y) any commitment relating to the incurrence of Indebtedness under this Section 4.10 and the granting of any Lien to secure such Indebtedness, the Issuer or applicable Restricted Subsidiary may designate such incurrence and the granting of any Lien therefor as having occurred on the date of first Incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent actual Incurrence and granting of such Lien therefor will be deemed for all purposes under the indenture to have been Incurred and granted on such Deemed Date, including, without limitation, for purposes of calculating the Consolidated Fixed Charge Coverage Ratio, usage of any baskets hereunder (if applicable), the Total Net Leverage Ratio, the Secured Net Leverage Ratio and Consolidated EBITDA (and all such calculations on and after the Deemed Date until the termination or funding of such commitment shall be made on a pro forma basis giving effect to the deemed Incurrence, the granting of any Lien therefor and related transactions in connection therewith).

SECTION 4.11.Restricted Payments.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

(i)declare or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions to the extent paid in Qualified Capital Stock or dividends or distributions payable to the Issuer or any of its Restricted Subsidiaries);

(ii)purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) any Equity Interests of the Issuer or any direct or indirect parent of the Issuer or any Restricted Subsidiary of the Issuer (other than any such Equity Interests owned by the Issuer or any of its Restricted Subsidiaries);

(iii)make any payment on or with respect to, or purchase, redeem, prepay, decrease, defease or otherwise acquire or retire for value, any Indebtedness that is expressly subordinated in right of payment to the Notes or any Subsidiary Guarantee, except (x) any payment of interest or principal at the Stated Maturity thereof or in anticipation of the Stated Maturity thereof when due within one year of such redemption, repurchase, defeasance or other acquisitions or retirement, (y) any payment made with Qualified Capital Stock and (z) any payment made to the Issuer or any of its Restricted Subsidiaries; or

(iv)make any Restricted Investment;

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(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment:

(1)no Default has occurred and is continuing or would occur as a consequence thereof;

(2)the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; and

(3)such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Original Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4) (only to the extent payable to the Issuer or any of its Restricted Subsidiaries), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (16) and (17) of the next succeeding paragraph), is less than the sum (the “Basket”), without duplication, of:

(a)50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from July 1, 2018 to the end of the Issuer’s most recently ended fiscal quarter for which financial statements have been made publicly available or otherwise delivered to Holders at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit; provided that at no time shall this clause (a) equal an amount that is less than zero as a result of such reduction); plus

(b)100% of the aggregate net cash proceeds received by the Issuer since the Original Issue Date from the issuance and sale of Qualified Capital Stock (other than Excluded Contributions) or from the issuance and sale of convertible or exchangeable Disqualified Capital Stock or Indebtedness of the Issuer or any of its Restricted Subsidiaries that has been converted into or exchanged for Qualified Capital Stock (other than any issuance and sale to a Subsidiary of the Issuer), less the amount of any cash, or the Fair Market Value of any other assets, distributed by the Issuer or any of its Restricted Subsidiaries upon such conversion or exchange (other than to the Issuer or any of its Restricted Subsidiaries); plus

(c)to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of (x) any amount received in cash by the Issuer or any of its Restricted Subsidiaries as dividends, distributions or return of capital from, or payment of interest or principal on any loan or advance to, and (y) the aggregate net cash proceeds received by the Issuer or any of its Restricted Subsidiaries upon the sale or other disposition of, the investee (other than an Unrestricted Subsidiary of the Issuer) of any Investment made by the Issuer and its Restricted Subsidiaries since the Original Issue Date; provided that the foregoing sum shall not exceed, in the case of any investee, the aggregate amount of Investments previously made (and 

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treated as a Restricted Payment) by the Issuer or any of its Restricted Subsidiaries in such investee subsequent to the Original Issue Date; plus

(d)to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of (x) any amount received in cash by the Issuer or any of its Restricted Subsidiaries as dividends, distributions or return of capital from, or payment of interest or principal on any loan or advance to, or upon the sale or other disposition of the Capital Stock of, an Unrestricted Subsidiary of the Issuer and (y) the Fair Market Value of the net assets of an Unrestricted Subsidiary of the Issuer, at the time such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary or is merged, consolidated or amalgamated with or into, or is liquidated into, the Issuer or any of its Restricted Subsidiaries, multiplied by the Issuer’s proportionate interest in such Subsidiary; provided that the foregoing sum shall not exceed, in the case of any Unrestricted Subsidiary, the aggregate amount of Investments previously made (and treated as a Restricted Payment) by the Issuer or any of its Restricted Subsidiaries in such Unrestricted Subsidiary subsequent to the Original Issue Date; plus

(e)to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (a) above, 100% of the amount of any Investment made (and treated as a Restricted Payment) since the Original Issue Date in a Person that subsequently becomes a Restricted Subsidiary of the Issuer; plus

(f)$50.0 million.

The preceding provisions will not prohibit:

(1)the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture;

(2)the redemption, repurchase, retirement, defeasance or other acquisition of (a) any Indebtedness of the Issuer or any Guarantor that is expressly subordinated in right of payment to the Notes or any Subsidiary Guarantee or (b) any Equity Interests of the Issuer or any of its Restricted Subsidiaries in exchange for, or out of the net cash proceeds of the substantially concurrent issuance and sale (other than to a Subsidiary of the Issuer) of, Qualified Capital Stock or any Indebtedness of the Issuer or any Guarantor that is expressly subordinated in right of payment to the Notes or any Subsidiary Guarantee; provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition shall not increase the Basket;

(3)the redemption, repurchase, retirement, defeasance or other acquisition of Indebtedness of the Issuer or any Guarantor that is expressly subordinated in right of 

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payment to the Notes or any Subsidiary Guarantee with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;

(4)the payment of any dividend or other distribution by a Restricted Subsidiary of the Issuer in respect of any class or series of securities of such Restricted Subsidiary so long as the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities;

(5)the repurchase or other retirement of Equity Interests to occur in respect of the exercise, vesting or award of Equity Interests to employees or other qualified recipients made for compensation purposes, to the extent such Equity Interests so repurchased or retired represent the exercise price in respect of stock options, or the reduction in Equity Interests to account for payments in respect of withholding, income or similar taxes, paid by the Issuer or its Restricted Subsidiaries on behalf of such employees or other qualified recipients;

(6)so long as no Default has occurred and is continuing or would be caused thereby, the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Issuer or any Restricted Subsidiary of the Issuer held by any current, future or former officer, director, employee or consultant of the Issuer or any of its Restricted Subsidiaries (or permitted transferees, heirs or estates of such current, future or former officer, director, employee or consultant); provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed (a) $10.0 million in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to clause (b)) of $15.0 million in any calendar year), plus (b) the aggregate cash proceeds received by the Issuer and its Restricted Subsidiaries from any issuance or reissuance of Equity Interests to directors, officers, employees and consultants and the proceeds of any “key man” life insurance policies; provided further that the cancellation of Indebtedness owing to the Issuer or its Restricted Subsidiaries from members of management in connection with such repurchase of Equity Interests will not be deemed to be a Restricted Payment;

(7)so long as no Default has occurred and is continuing or would be caused thereby, Restricted Payments in an aggregate amount outstanding at the time made not to exceed the greater of (x) $75.0 million and (y) 25.0% of Consolidated EBITDA (subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis) of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters ending immediately prior to such Restricted Payment for which financial statements have been made publicly available or otherwise delivered to Holders;

(8)Investments or other Restricted Payments in an aggregate amount outstanding at any time not to exceed the amount of Excluded Contributions; 

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(9)dividends or other distributions of, or Investments paid for or made with, Capital Stock, Indebtedness or other securities of Unrestricted Subsidiaries; 

(10)any Restricted Payment made pursuant to or in connection with the Acquisition Transactions; 

(11)so long as no Default has occurred and is continuing or would be caused thereby, any Restricted Payment, so long as, immediately after giving effect to such Restricted Payment, the Total Net Leverage Ratio for the most recently ended four fiscal quarters for which financial statements have been made publicly available or otherwise delivered to the Holders immediately preceding such Restricted Payment is not greater than 3.00 to 1.00 on a pro forma basis; 

(12)the Issuer may make Restricted Payments in the amount required for any Parent Entity (including, without limitation, any of its members or other owners), (i) to pay franchise taxes necessary to maintain the corporate existence of such Parent Entity, as applicable, (ii) to pay fees and expenses (other than to Affiliates) related to any unsuccessful equity issuance or offering or debt issuance, incurrence or offering, disposition or acquisition, Investment or other transaction permitted by this Agreement, in each case to the extent relating to the Issuer and its Restricted Subsidiaries, (iii) to pay customary salary, bonus and other benefits payable to officers, employees and consultants of any Parent Entity to the extent such salaries, bonuses and other benefits are attributable solely to the ownership or operation of the Issuer and its Restricted Subsidiaries, including the Parent Entity’s proportionate share of such amounts relating to such parent entity being a public company and (iv) that are necessary to consummate the Acquisition Transactions or the proceeds of which shall be distributed in connection with the Acquisition Transactions; 

(13)the Issuer may make Restricted Payments in the amount required for any Parent Entity, to pay federal, state, provincial, territorial, local and foreign income taxes of a consolidated, combined or similar income tax group (a “Tax Group”) of which the applicable Parent Entity is the common parent, with respect to any taxable year (or portion thereof) ending after the Issue Date or any taxable year (or portion thereof) that is the subject of any audit adjustment after the Issue Date (to the extent of any taxes attributable to such audit adjustments) with respect to which the Issuer or any Restricted Subsidiary is a member of such Tax Group, that are attributable to the taxable income of the Issuer and/or its applicable Subsidiaries; provided that for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Issuer and its applicable Subsidiaries would have been required to pay if such entities were a stand-alone Tax Group for all relevant taxable periods; provided, further, that the permitted payment pursuant to this clause (13) with respect to any taxes of an Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Issuer or any Subsidiary Guarantor (directly or indirectly) for the purposes of paying such consolidated, combined or similar taxes; 

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(14)the Issuer may (or may make Restricted Payments to allow any Parent Entity to) (i) pay cash in lieu of fractional shares in connection with any Restricted Payment, split or combination thereof or any Permitted Investment and (ii) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms;

(15)the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any Restricted Subsidiary issued or incurred in accordance with Section 4.10;

(16)any Qualified Receivables Transaction (including transfers of receivables between the Issuer or any of its Subsidiaries and any Receivables Entity, transfers by any Receivables Entity to any other Person and payments of amounts pursuant to such Qualified Receivables Transaction) and any distribution or payment of purchase price, commissions, discounts, yield and other fees and charges incurred in connection with any transaction (including, without limitation, any Qualified Receivables Transaction) pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer or grant a security interest in any receivables or Related Assets of the type specified in the definition of “Qualified Receivables Transaction,” including the repurchase of receivables by the Issuer or any of its Subsidiaries as a result of a Receivables Repurchase Obligation or other payment obligations of the Issuer or any Restricted Subsidiary of the Issuer pursuant to Standard Securitization Undertakings; and

(17)so long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of dividends to the holders of common stock of the Issuer and/or the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Equity Interests of the Issuer pursuant to a repurchase program approved by the Issuer’s Board of Directors; provided that the aggregate amount of cash consideration paid for all such dividends, purchases, repurchases, redemptions, defeasances or other acquisitions or retirements shall not exceed $20.0 million during any fiscal year (with any unused amounts up to $10.0 million per fiscal year carrying over to the next succeeding fiscal year). 

The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

SECTION 4.12.Liens.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind securing Indebtedness, or Attributable Debt on any asset now owned or hereafter acquired, except Permitted Liens, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligation so secured until such time as such obligation is no longer secured by a Lien; provided that if such obligation is by its terms expressly subordinated 

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to the Notes or any Subsidiary Guarantee, the Lien securing such obligation shall be subordinate and junior to the Lien securing the Notes and the Subsidiary Guarantees with the same relative priority as such subordinate or junior obligation shall have with respect to the Notes and the Subsidiary Guarantees.

With respect to any revolving loan Indebtedness or commitment relating to the Incurrence of Indebtedness that is designated to be Incurred on any date pursuant to the fourth paragraph of Section 4.10, any Lien that does or that shall secure such Indebtedness may also be designated by the Issuer or any Restricted Subsidiary to be Incurred on such date and, in any such event, any related subsequent actual Incurrence of such Lien shall be deemed for all purposes under the indenture to be Incurred on such prior date, including for purposes of calculating usage of any “Permitted Lien” until such time as the related Indebtedness is no longer deemed outstanding pursuant to the fourth paragraph of Section 4.10.

With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount or deferred financing costs, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of the Issuer, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or deferred financing costs or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness.

SECTION 4.13.Asset Sales.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

(a)the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (as determined in good faith by the Issuer at the time of contractually agreeing to such Asset Sale) at least equal to the Fair Market Value of the assets or Equity Interests issued, sold or otherwise disposed of; and

(b)at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary together with all other Asset Sales since the Issue Date is in the form of cash or Cash Equivalents and is received at the time of such Asset Sale.

For purposes of clause (b) of the preceding paragraph, each of the following shall be deemed to be cash:

(a)the amount of any liabilities shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by another Person and for which the Issuer and its Restricted Subsidiaries are released from further liability or terminated;

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(b)any securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary from the applicable transferee that are promptly (subject to ordinary settlement periods) converted by the Issuer or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion); 

(c)the Fair Market Value of any Additional Assets received; and

(d)any Designated Non-Cash Consideration received by the Issuer and its Restricted Subsidiaries in an Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this Section 4.13 that is at the time outstanding not to exceed the greater of $50.0 million and 30.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four quarters prior to such Asset Sale for which financial statements have been made publicly available or otherwise delivered to Holders.

Within 450 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer may apply such Net Proceeds at its option:

(1)to repay Secured Indebtedness and, if the Secured Indebtedness repaid is revolving credit Indebtedness, to permanently reduce a corresponding amount of commitments with respect thereto;

(2)to invest in or commit to invest in Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Proceeds received by the Company or another Restricted Subsidiary); and/or

(3)to redeem Notes pursuant to Section 3.07.

In the case of clause (2) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the 18-month anniversary of the date of the receipt of such Net Proceeds.

Pending the final application of any such Net Proceeds, the Issuer may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not in violation of this Indenture.

Any Net Proceeds from Asset Sales that are not applied as provided in the preceding paragraph will constitute “Excess Proceeds.”  When the aggregate amount of Excess Proceeds exceeds the greater of (x) $50.0 million and (y) 30.0% of the Consolidated EBITDA (subject to the adjustments applicable to “Consolidated EBITDA” as provided for in the definition of “Consolidated Fixed Charge Coverage Ratio” as if on a pro forma basis) of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which financial statements have been made publicly available or otherwise delivered to Holders, the Issuer will make an offer to

(e)all Holders of Notes; and

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(f)all holders of other Indebtedness that ranks pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (“Pari Passu Debt”),

in each case, to purchase (an “Asset Sale Offer”) the maximum principal amount of Notes or Notes and such Pari Passu Debt, as the case may be, that may be purchased with the Excess Proceeds (the “Asset Sale Offer Amount”).  The offer price in any Asset Sale Offer will be equal to (i) 100% of the principal amount of Notes purchased or (ii) 100% of the principal amount of Notes purchased and 100% of the principal amount (or accreted value) of such Pari Passu Debt purchased, in each case, plus accrued and unpaid interest, if any, to the date of purchase (the “Asset Sale Payment”), and will be payable in U.S. Legal Tender.  If the aggregate principal amount of Notes and such Pari Passu Debt tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee (or trustees) shall select the Notes and such Pari Passu Debt, as the case may be, to be purchased on a pro rata basis.  Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.  Accordingly, if any Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer may use such Excess Proceeds for any purpose not in violation of this Indenture.

When any non-cash consideration received by the Issuer or any of its Restricted Subsidiaries in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash or Cash Equivalents, such cash and Cash Equivalents must be applied in accordance with this Section 4.13.

Upon the commencement of an Asset Sale Offer, the Issuer shall send, by first-class mail, a notice to the Trustee and to each Holder at its registered address.  The notice shall contain all instructions and materials necessary to enable such Holder to tender Notes pursuant to the Asset Sale Offer.  Any Asset Sale Offer shall be made to all Holders.  The notice, which shall govern the terms of the Asset Sale Offer, shall state:

(1)that the Asset Sale Offer is being made pursuant to this Section 4.13;

(2)the Asset Sale Offer Amount, the Asset Sale Payment and the date on which Notes tendered and accepted for payment shall be purchased, which date shall be at least 15 days and no later than 60 days from the date such notice is mailed (the “Asset Sale Payment Date”);

(3)that any Notes not tendered or accepted for payment shall continue to accrue interest;

(4)that, unless the Issuer defaults in making such payment, any Notes accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Asset Sale Payment Date;

(5)that Holders electing to have a Note purchased pursuant to the Asset Sale Offer may elect to have only a portion of such Note purchased;

(6)that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to 

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Elect Purchase” on the reverse of the Notes completed, or transfer by book-entry transfer, to the Issuer, a Depositary, if appointed by the Issuer, or the Paying Agent at the address specified in the notice at least three Business Days before the Asset Sale Payment Date;

(7)that Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than on the Asset Sale Payment Date, a notice setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;

(8)that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Asset Sale Offer Amount, the Trustee shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased); and

(9)that Holders the Notes of which were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer).

On the Asset Sale Payment Date, the Issuer shall, to the extent lawful:  (1) accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; (2) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Asset Sale Payment in respect of all Notes or portions thereof so tendered; and (3) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being repurchased by the Issuer.  The Issuer shall publicly announce the results of the Asset Sale Offer on the Asset Sale Payment Date.

The Paying Agent shall promptly mail to each Holder of Notes so tendered the Asset Sale Payment for such Notes and the Trustee shall promptly authenticate pursuant to an authentication order and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unrepurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.  However, if the Asset Sale Payment Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in the name of which a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders that tender Notes pursuant to the Asset Sale Offer.

The Issuer will comply with the requirements of Rule 14e‐1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with an Asset Sale Offer.  To the extent the provisions of any applicable securities laws or regulations conflict with the provisions of this Indenture relating to an Asset Sale Offer, the Issuer will not be deemed to have breached its obligations under this Indenture by virtue of complying with such laws or regulations.

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SECTION 4.14.Transactions with Affiliates.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any of its Affiliates (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $20.0 million, unless:

(1)such Affiliate Transaction is on terms that are no less favorable to the Issuer or the relevant Restricted Subsidiary than those that would reasonably be expected to have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and

(2)the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the Issuer set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this Section 4.14.

The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the preceding paragraph:

(1)transactions exclusively between or among the Issuer and/or one or more of its Restricted Subsidiaries (or any entity that will become a Restricted Subsidiary as a result of such transaction);

(2)any agreement in effect on the Issue Date as in effect on the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group) or as thereafter amended in a manner which, taken as a whole, in the good faith judgment of the Board of Directors of the Issuer, is not materially less favorable to the Issuer or such Restricted Subsidiary than the original agreement as in effect on the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group);

(3)any employment, compensation, benefit or indemnity agreements, arrangements or plans in respect of any officer, director, employee or consultant of the Issuer or any of its Restricted Subsidiaries entered into in the ordinary course of business and approved by the Board of Directors of the Issuer or an authorized committee thereof;

(4)any transaction permitted as a “Permitted Investment”;

(5)transactions between the Issuer or any of its Restricted Subsidiaries on the one hand and any Person that is not a Subsidiary of the Issuer on the other hand; provided, in each case, that (i) such transaction (a) is on terms that are no less favorable to the Issuer or the relevant Restricted Subsidiary than those that would reasonably be expected to have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person and (b) is not otherwise in violation of 

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this Indenture and (ii) no Affiliate of the Issuer (other than a Restricted Subsidiary) owns any Equity Interests in any Person that is a party to such transaction;

(6)the issuance and sale of Qualified Capital Stock; 

(7)Restricted Payments that are permitted by Section 4.11; 

(8)the consummation of the Acquisition Transactions and the payment of any reasonable fees or expenses incurred in connection therewith (including dividends to any direct or indirect parent entities of the Issuer to fund payment) and all legal, accounting and other professional fees and expenses; and

(9)transactions between or among the Issuer and/or its Restricted Subsidiaries on the one hand and a Receivables Entity on the other hand, or transactions between a Receivables Entity and any Person in which the Receivables Entity has an Investment, in each case effected as part of a Qualified Receivables Transaction.

SECTION 4.15.Dividend and Other Payment Restrictions Affecting Subsidiaries.

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

(1)pay dividends or make any other distributions on or in respect of its Equity Interests to the Issuer or any of the Issuer’s Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Issuer or any of the Issuer’s Restricted Subsidiaries;

(2)make loans or advances to the Issuer or any of the Issuer’s Restricted Subsidiaries; or

(3)transfer any of its properties or assets to the Issuer or any of the Issuer’s Restricted Subsidiaries.

However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:

(1)the Senior Secured Credit Agreement or any Existing Indebtedness, in each case, as in effect on the Issue Date (or the date of consummation of the Acquisition, in the case of Restricted Subsidiaries comprising the Anlin Group) and any amendments or refinancings thereof; provided that such amendments or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other restrictions than those contained in the Senior Secured Credit Agreement or such Existing Indebtedness, as applicable, as in effect on the date of this Indenture;

(2)this Indenture and the Notes;

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(3)applicable law, rule, regulation or order of any governmental authority;

(4)any instrument governing Indebtedness or Capital Stock of a Person acquired by the Issuer or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(5)customary non-assignment provisions (and sublease restrictions) in leases, subleases, licenses and sublicenses entered into in the ordinary course of business and consistent with past practices;

(6)Purchase Money Obligations that impose restrictions only on the property acquired of the nature described in clause (3) of the preceding paragraph;

(7)any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by such Restricted Subsidiary pending its sale or other disposition; provided that such sale or disposition is not in violation of Section 4.13;

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

(9)Liens securing Indebtedness otherwise permitted to be incurred pursuant to Section 4.12 that limit the right of the Issuer or any of its Restricted Subsidiaries to dispose of the assets subject to such Lien;

(10)other Indebtedness, Disqualified Capital Stock or Preferred Stock permitted to be incurred subsequent to the Issue Date pursuant to Section 4.10; provided that such encumbrances and restrictions apply only to such Restricted Subsidiary and its assets; and provided, further, that the Issuer has determined in good faith, at the time of creation of each such encumbrance or restriction, that such encumbrances and restrictions would not individually or in the aggregate have a material adverse effect on the Issuer’s ability to make required payments in respect of the Notes;

(11)provisions with respect to the disposition or distribution of assets or property in joint venture agreements (including, without limitation, agreements with respect to Restricted Subsidiaries that are not wholly owned), asset sale agreements and other similar agreements entered into in the ordinary course of business;

(12)customary restrictions on cash or other deposits or net worth imposed by customers or government authorities under contracts or other agreements entered into in the ordinary course of business;

(13)any agreement relating to a Sale and Leaseback Transaction, Purchase Money Obligation, industrial revenue bond or Capital Lease Obligation, in each case, that 

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is otherwise not prohibited by this Indenture, but only on the property subject to such transaction or lease and only to the extent that such restrictions or encumbrances are customary with respect to a Sale and Leaseback Transaction, Purchase Money Obligation, industrial revenue bond or capital lease; 

(14)Indebtedness or other contractual requirements of a Receivables Entity or any Standard Securitization Undertakings, in each case in connection with a Qualified Receivables Transaction; provided, that such restrictions apply only to such Receivables Entity, receivables and Related Assets;

(15)in the case of any Restricted Subsidiary that is not a Wholly Owned Restricted Subsidiary, restrictions and conditions imposed by its organizational documents or any related joint venture or similar agreement; and

(16)resulting from customary provisions, which restrict assignment of the agreements or rights thereunder, in connection with Intellectual Property licenses, covenants not to sue, releases or other similar rights or immunities.

SECTION 4.16.Additional Subsidiary Guarantees.

If any Restricted Subsidiary that is not an Excluded Subsidiary becomes a guarantor, borrower and/or issuer in respect of (i) Indebtedness (excluding Hedging Obligations) incurred pursuant to clause (1) of the definition of Permitted Debt (including, for the avoidance of doubt, the Senior Secured Credit Facilities), (ii) capital markets Indebtedness constituting Material Indebtedness and/or (iii) syndicated loan Indebtedness constituting Material Indebtedness, then that Restricted Subsidiary must become a Guarantor and shall, concurrently with the Guarantee of such Indebtedness:

(1)execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Issuer’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; and

(2)deliver to the Trustee an Opinion of Counsel that such supplemental indenture has been duly authorized, executed and delivered by such Restricted Subsidiary and constitutes a valid and legally binding and enforceable obligation of such Restricted Subsidiary, subject to customary exceptions.

Thereafter, such Restricted Subsidiary shall be a Guarantor for purposes of this Indenture.

Notwithstanding the preceding paragraph, each Subsidiary Guarantee will provide by its terms that it will be automatically and unconditionally released and discharged under the circumstances set forth in Section 11.05.

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SECTION 4.17.[Reserved].

SECTION 4.18.Reports to Holders.

Whether or not required by the SEC, so long as any Notes are outstanding, the Issuer will furnish to the Trustee for provision to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations:

(1)all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and

(2)information that would be required to be contained in a filing with the SEC on Form 8-K;

provided that any such above information or reports filed with the Electronic Data Gathering Analysis and Retrieval System (EDGAR) system of the SEC (or successor system) and available publicly on the Internet shall be deemed to be furnished to the Holders of Notes; provided, further, that the Trustee will have no responsibility whatsoever to determine if such filing has occurred.

If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries and the Unrestricted Subsidiaries taken as a whole account for at least 10.0% of the Consolidated EBITDA (calculated for the Issuer and its Subsidiaries, not just Restricted Subsidiaries) for the period of the most recent four consecutive fiscal quarters for which financial statements have been made publicly available or otherwise delivered to Holders, of the Issuer and its Subsidiaries, taken as a whole, then the quarterly and annual financial information required by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of the Issuer’s Unrestricted Subsidiaries.

Notwithstanding the foregoing, the financial statements, information and other documents required to be provided as described above, may be those of (i) the Issuer or (ii) any Parent Entity that becomes a guarantor of the Notes rather than those of the Issuer; provided, in the case of (ii), to the extent that the financial statements of the Parent Entity would differ materially from those of the Issuer, such financial statements shall be accompanied by consolidated information that explains in reasonable detail the difference between the information relating to the Parent Entity, on the one hand, and the information relating to the Issuer and its Restricted Subsidiaries on a standalone basis, on the other hand. 

For so long as any Notes remain outstanding, the Issuer and the Guarantors shall furnish to Holders of Notes and securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

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Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

SECTION 4.19.Designation of Restricted and Unrestricted Subsidiaries.

The Board of Directors of the Issuer may designate (a “Designation”) any Restricted Subsidiary to be an Unrestricted Subsidiary if such Designation would not cause a Default.  If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary so designated will be deemed to be an Investment made as of the time of such Designation and will reduce the amount available for Restricted Payments under the first paragraph of Section 4.11 or for Permitted Investments, as applicable.  All such outstanding Investments will be valued at their Fair Market Value at the time of such Designation in accordance with the second to last paragraph of Section 4.11.  Such Designation will be permitted only if such Investment would be a Permitted Investment or otherwise would at the time of such Designation not be in violation of Section 4.11.

The Board of Directors of the Issuer may revoke any Designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary (a “Revocation”); provided that

(a)no Default exists at the time of or after giving effect to such Revocation; and

(b)all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such Revocation would, if incurred at such time, have been permitted to be incurred (and shall be deemed to have been incurred) for all purposes of this Indenture.

Any such Designation or Revocation by the Board of Directors of the Issuer after the Issue Date shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors of the Issuer giving effect to such Designation or Revocation and an Officer’s Certificate certifying that such Designation or Revocation complied with the foregoing provisions.

SECTION 4.20.[Reserved].

SECTION 4.21.Suspension of Covenants.

(a)During any period of time that:

	
(i)
	
the Notes have Investment Grade Ratings from both Rating Agencies, and

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(ii)
	
no Default has occurred and is continuing (the occurrence of the events described in the foregoing clause (i) and this clause (ii) being collectively referred to as a “Covenant Suspension Event”),

the Issuer and its Restricted Subsidiaries shall not be subject to Sections 4.10, 4.11, 4.13, 4.14, 4.15, 4.16 and 5.01(a)(4) of this Indenture (collectively, the “Suspended Covenants”).

(b)In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events, unless and until a subsequent Covenant Suspension Event occurs.

(c)The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this Indenture as the “Suspension Period.”  Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Asset Sales shall be reset at zero.  With respect to Restricted Payments made after the Reversion Date, the amount of Restricted Payments since the Issue Date made shall be calculated as though Section 4.11 had been in effect during the Suspension Period.  No Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period, unless such designation would have complied with Section 4.19 as if the Suspended Covenants were in effect during such period.  In addition, all Indebtedness incurred or Preferred Stock issued, during the Suspension Period shall be classified as having been incurred pursuant to clause (2)(b) of the second paragraph of Section 4.10.  In addition, for purposes of Section 4.14, all agreements and arrangements entered into by the Issuer and any Restricted Subsidiary during the Suspension Period prior to such Reversion Date shall be deemed to have been entered into on or prior to the Issue Date, and for purposes of Section 4.15, all contracts entered into during the Suspension Period prior to such Reversion Date that contain any of the restrictions contemplated by such Section shall be deemed to have been existing on the Issue Date.

(d)During the Suspension Period, any reference in the definition of “Permitted Liens” and Section 4.19 to any provision of Section 4.10 or any provision thereof shall be construed as if such Section had remained in effect since the Issue Date and during the Suspension Period.

(e)Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred as a result of any failure to comply with the Suspended Covenants during any Suspension Period and the Issuer and any subsidiary shall be permitted, following a Reversion Date, without causing a Default or Event of Default or breach of any of the Suspended Covenants (notwithstanding the reinstatement thereof), to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a Reversion Date and to consummate the transactions contemplated thereby.

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(f)The Issuer shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event or Reversion Date. The Trustee shall have no obligation to independently determine or verify if such events have occurred or notify the Holders of the continuance and termination of any Suspension Period.  The Trustee shall provide a copy of such certificate to any Holder of Notes upon written request.  Neither the Trustee nor any paying agent shall be responsible for monitoring the Issuer’s rating status, making any request upon any Rating Agency, or determining whether any rating event has occurred.

ARTICLE Five

SUCCESSOR CORPORATION

SECTION 5.01.Merger, Consolidation, or Sale of Assets.

(a)The Issuer may not, directly or indirectly:  (1) consolidate or merge with or into another Person (whether or not the Issuer is the surviving corporation); or (2) sell, assign, lease, transfer, convey or otherwise dispose of all or substantially all of the Issuer’s properties or assets (determined on a consolidated basis for the Issuer and its Restricted Subsidiaries), in one or more related transactions, to another Person, unless:

(1)either:  (A) the Issuer is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made (the “Surviving Person”) is a corporation or limited liability company organized under the laws of the United States, any State thereof or the District of Columbia;

(2)the Surviving Person assumes all the obligations of the Issuer under the Notes and this Indenture, pursuant to agreements reasonably satisfactory to the Trustee;

(3)immediately after such transaction no Default exists (including, without limitation, after giving effect to any Indebtedness or Liens incurred, assumed or granted in connection with or in respect of such transaction); and

(4)immediately after such transaction the Issuer or the Surviving Person will either (A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.10; or (B) have a Consolidated Fixed Charge Coverage Ratio of not less than the Consolidated Fixed Charge Coverage Ratio of the Issuer immediately prior to such merger, sale, assignment, transfer, lease, conveyance or other disposition.

The foregoing clauses (3) and (4) shall not apply to (a) a merger or consolidation of any Restricted Subsidiary with or into the Issuer or (b) a transaction solely for the purpose of and with the effect of reincorporating the Issuer in another jurisdiction and/or forming a holding company to hold all of the Capital Stock of the Issuer or forming an intermediate holding company to hold all of the Capital Stock of the Issuer’s Subsidiaries.  

In the event of any transaction described in and complying with the conditions listed in the preceding paragraph in which the Issuer is not the continuing corporation, the 

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successor Person formed or remaining shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer and the Issuer will be discharged from all obligations and covenants under this Indenture and the Notes.

(b)No Guarantor may, and the Issuer will not cause or permit any Guarantor to, consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person unless:

(1)immediately after such transaction, no Default exists (including, without limitation, after giving effect to any Indebtedness or Liens incurred, assumed or granted in connection with or in respect of such transaction); and

(2)the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) assumes all the obligations of such Guarantor under its Subsidiary Guarantee and this Indenture pursuant to agreements reasonably satisfactory to the Trustee.

The requirements of this clause (b) shall not apply to (x) a consolidation or merger of any Guarantor with or into the Issuer or any other Guarantor so long as the Issuer or a Guarantor survives such consolidation or merger or (y) the sale by consolidation or merger of a Guarantor, which sale is not in violation of Section 4.13.

(c)The Issuer will deliver to the Trustee prior to the consummation of each proposed transaction specified in (a) or (b) above an Officer’s Certificate certifying that the conditions set forth above are satisfied and an Opinion of Counsel, which opinion may contain customary exceptions and qualifications, that the proposed transaction is not in conflict with, and the supplemental indenture, if any, complies with, this Indenture.

ARTICLE Six

DEFAULT AND REMEDIES

SECTION 6.01.Events of Default.

Each of the following is an “Event of Default”:

(1)default for a continued period of 30 days in the payment when due of interest on the Notes;

(2)default in payment when due of the principal of or premium, if any, on the Notes;

(3)failure by the Issuer or any of its Subsidiaries to comply with Section 4.09 or 4.13 of this Indenture for 30 days after delivery of written notice thereof by the Trustee or Holders of at least 25% of the principal amount of the Notes then outstanding;

(4)failure by the Issuer or any of its Restricted Subsidiaries to comply with any of the other agreements or covenants in this Indenture or the Notes for 60 days after 

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delivery of written notice of such failure to comply by the Trustee or Holders of not less than 25% of the principal amount of the Notes then outstanding;

(5)default by the Issuer or any of its Restricted Subsidiaries under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness whether such Indebtedness now exists or is created after the date of this Indenture, if that default:

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

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

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated and remains unpaid, aggregates $50.0 million or more;

(6)failure by the Issuer or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $50.0 million (net of any insurance or indemnity payments actually received in respect thereof prior to or within 90 days from the entry thereof, or to be received in respect thereof), which judgments remain outstanding for a period of 90 days following such judgment or decree and are not paid, discharged or stayed;

(7)except as permitted by this Indenture, any Subsidiary Guarantee of any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee, if such default were to continue for a period of 20 days;

(8)a court having jurisdiction in the premises enters (a) a decree or order for relief in respect of the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (b) a decree or order adjudging the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or any of its 

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Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary, or ordering the winding up or liquidation of its affairs, and any such decree or order of the type in clause (a) or (b) above remains unstayed and in effect for a period of 60 consecutive days; or

(9)the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary:

(a)commences a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or any other case or proceeding to be adjudicated a bankrupt or insolvent; or

(b)consents to the entry of a decree or order for relief in respect of the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary; or

(c)files a petition, as debtor, or answer or consent seeking reorganization or relief under any applicable federal or state law; or

(d)consents to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Issuer or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary or of any substantial part of its property; or

(e)makes an assignment for the benefit of creditors; or

(f)admits in writing its inability to pay its debts generally as they become due.

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Any notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (other than any Holder that is a Regulated Bank) (each a “Directing Holder”) must be accompanied by a written representation from each such Holder delivered to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that have represented to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. 

If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s Certificate stating that the Company has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Default, Event of Default or acceleration (or notice thereof) that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Default or Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default or Event of Default shall be automatically stayed and the cure period with respect to any Default or Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio (other than any indemnity such Directing Holder may have offered the Trustee), with the effect that such Default or Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. 

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Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs. For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, monitor or enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Company, any Holder or any other Person in acting in good faith on a Noteholder Direction. For the avoidance of doubt, this paragraph shall not apply to any holder that is a Regulated Bank; provided that if a Regulated Bank is a Directing Holder or a beneficial owner directing DTC it shall provide a written representation to the Company that it is a Regulated Bank.

If a Default for a failure to report or failure to deliver a required certificate in connection with another default (the “Initial Default”) occurs, then at the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another default that resulted solely because of that Initial Default will also be cured without any further action.  Any Default or Event of Default for the failure to comply with the time periods prescribed in Section 4.18 or otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery of any such report required by such covenant or such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.

In the event of a declaration of acceleration of the Notes solely because an Event of Default described in clause (5) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the Event of Default or payment default triggering such Event of Default pursuant to clause (5) shall be remedied or cured by the Issuer or a Restricted Subsidiary of the Issuer (including the Issuer) or waived by the holders of the relevant Debt within 30 Business Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the trustee for the payment of amounts due on the Notes.

SECTION 6.02.Acceleration.

In the case of an Event of Default arising from either Section 6.01(8) or (9) with respect to the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements of the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare, or such Holders may direct the Trustee to declare, all the Notes to be due and payable immediately.

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At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences:

(1)if the rescission would not conflict with any judgment or decree;

(2)if all existing Defaults have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration;

(3)to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid;

(4)if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances in accordance with Section 7.07; and

(5)in the event of the cure or waiver of a Default of the type set forth in Section 6.01(8) or (9), the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel that such Default has been cured or waived.

No such rescission shall affect any subsequent Default or impair any right consequent thereto.

SECTION 6.03.Other Remedies.

If a Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Default.  No remedy is exclusive of any other remedy.  All available remedies are cumulative to the extent permitted by law.

SECTION 6.04.Waiver of Past Defaults.

Subject to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default and its consequences, except a Default in the payment of principal of or interest on any Note as specified in Section 6.01(1) or (2).  The Issuer shall deliver to the Trustee an Officer’s Certificate stating that the requisite percentage of Holders has consented to such waiver and attaching copies of such consents.  When a Default is waived, it is cured and ceases.

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SECTION 6.05.Control by Majority.

The Holders of not less than a majority in principal amount of the outstanding Notes may 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 it.  However, subject to Section 7.01, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether such direction is unduly prejudicial to such Holders) or that may result in the incurrence of liability by the Trustee; provided that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

In the event the Trustee takes any action or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification against any loss or expense caused by taking such action or following such direction.

SECTION 6.06.Limitation on Suits.

A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:

(1)the Holder gives to the Trustee written notice of a continuing Event of Default;

(2)the Holder or Holders of at least 25% in principal amount of the outstanding Notes make a written request to the Trustee to pursue the remedy;

(3)such Holder or Holders offer and provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

(4)the Trustee does not comply with the request within 45 days after receipt of the request and the offer and the provision of indemnity; and

(5)during such 45-day period the Holder or Holders of a majority in principal amount of the outstanding Notes do not give the Trustee a direction that, in the opinion of the Trustee, is inconsistent with the request.

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder.

SECTION 6.07.Rights of Holders to Receive Payment.

Notwithstanding any other provision of this Indenture, the right of any Holder to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder.

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SECTION 6.08.Collection Suit by Trustee.

If a Default in payment of principal or interest specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount of principal and accrued interest and fees remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per annum borne by the Notes and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee under Section 7.07.

SECTION 6.09.Trustee May File Proofs of Claim.

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Issuer, its creditors or its property and shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee under Section 7.07.  Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.  The Trustee shall be entitled to participate as a member of any official committee of creditors in such matters as it deems necessary or advisable.

SECTION 6.10.Priorities.

If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money or property in the following order:

First:  to the Trustee for amounts due hereunder (including the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts in accordance with Section 7.07);

Second:  to Holders for interest accrued on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest;

Third:  to Holders for principal amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal; and

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Fourth:  to the Issuer or, if applicable, the Guarantors, in accordance with their respective interests.

The Trustee, upon prior notice to the Issuer, may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.

SECTION 6.11.Undertaking for Costs.

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes.

ARTICLE Seven

TRUSTEE

SECTION 7.01.Duties of Trustee.

(a)If a Default has occurred and is continuing, the Trustee shall 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 person would exercise or use under the circumstances in the conduct of his or her own affairs.

(b)Except during the continuance of a Default or Event of Default:

(1)The Trustee need perform only those duties as are specifically set forth herein and no duties, covenants, responsibilities or obligations shall be implied in this Indenture against the Trustee.

(2)In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates (including Officer’s Certificates) or opinions (including Opinions of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture.  However, in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture, but need not verify the contents thereof.

(c)Notwithstanding anything to the contrary herein, the Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

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(1)This paragraph does not limit the effect of paragraph (b) of this Section 7.01.

(2)The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

(3)The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.02, 6.04 and 6.05.

(d)No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action at the request or direction of Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured to it.

(e)Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.01.

(f)The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

(g)In the absence of negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee.

 

SECTION 7.02.Rights of Trustee.

Subject to Section 7.01:

(a)The Trustee may rely conclusively and shall be fully protected in acting and refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter stated in the document.

(b)Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 12.05.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

(c)The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

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(d)The Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes is authorized or within its rights or powers.

(e)The Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.

(g)The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate (including any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable notice to the Issuer, to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and the Trustee shall incur no additional liability by reason of such inquiry or investigation.

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

(i)The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties.

(j)The Trustee shall not be deemed to have notice of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

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

(l)The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded.

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

(n)The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by an event beyond the control of the Trustee, which event (i) does not arise or result from the fault or negligence of the Trustee and (ii) by its nature would not reasonably have been foreseen by the Trustee, or, if it would reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions or failure of external electrical systems.

SECTION 7.03.Individual Rights of Trustee.

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries or their respective Affiliates with the same rights it would have if it were not the Trustee.  Any Agent may do the same with like rights.  However, the Trustee must comply with Sections 7.10 and 7.11.

SECTION 7.04.Trustee’s Disclaimer.

The Trustee shall not be responsible for and makes no representation as to the validity, correctness or adequacy of this Indenture, the Guarantees or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes and it shall not be responsible for any statement of the Issuer or any Guarantor in this Indenture or any document issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication.  The Trustee makes no representations with respect to the effectiveness or adequacy of this Indenture. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity.

SECTION 7.05.Notice of Default.

If a Default occurs and is continuing and the Trustee receives actual notice of such Default, the Trustee shall deliver to each Holder notice of the uncured Default within 60 days after such Default occurs or 30 days after the Trustee receives such notice, whichever comes later.  Except in the case of a Default in payment of principal of, or interest on, any Note, including an accelerated payment and the failure to make payment on the Change of Control Payment Date pursuant to a Change of Control Offer or the Asset Sale Payment Date pursuant to an Asset Sale Offer, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interest of the Holders.

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SECTION 7.06.[Reserved].

SECTION 7.07.Compensation and Indemnity.

The Issuer shall pay to the Trustee from time to time such compensation as the Issuer and the Trustee shall from time to time agree in writing for its services hereunder.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including reasonable fees and expenses of counsel or other outside agents) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses and advances as may be attributable to the Trustee’s negligence or willful misconduct.  

The Issuer and all Guarantors shall jointly and severally indemnify the Trustee and its agents, employees, officers and directors for, and hold them harmless against, any and all loss, damage, claims, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except for such actions to the extent caused by any negligence or willful misconduct on the part of the Trustee, its employees, officers and directors, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending themselves against or investigating any claim or liability in connection with the exercise or performance of any of the Trustee’s rights, powers or duties hereunder.  The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee or any of its agents, employees, officers, stockholders and directors for which it may seek indemnity.  The Issuer may, subject to the approval of the Trustee (which approval shall not be unreasonably withheld), defend the claim and the Trustee shall cooperate in the defense.  The Trustee and its agents, employees, officers, stockholders and directors subject to the claim may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel.  The Issuer need not pay for any settlement made without its written consent.  The Issuer need not reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable judgment.

To secure the Issuer’s payment obligations in this Section 7.07, the Trustee shall have a senior claim prior to the Notes against all money or property held or collected by the Trustee, in its capacity as Trustee, except such assets or money held in trust to pay principal of or interest on particular Notes.

When the Trustee incurs expenses or renders services after a Default specified in Section 6.01(8) or (9) occurs, such expenses and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law.

Notwithstanding any other provision in this Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee.

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SECTION 7.08.Replacement of Trustee.

The Trustee may resign at any time by so notifying the Issuer in writing.  The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying the Issuer and the Trustee and may appoint a successor Trustee.  The Issuer may remove the Trustee if:

(1)the Trustee fails to comply with Section 7.10;

(2)the Trustee is adjudged a bankrupt or an insolvent;

(3)a receiver or other public officer takes charge of the Trustee or its property; or

(4)the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such event and shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Immediately after that, the retiring Trustee shall transfer, after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor Trustee, subject to the Lien provided in Section 7.07, the resignation or removal of the retiring Trustee shall become effective and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  A successor Trustee shall mail notice of its succession to each Holder.

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Issuer.

If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

SECTION 7.09.Successor Trustee by Merger, Etc.

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the resulting, surviving or transferee corporation without any further act shall, if such resulting, surviving or transferee 

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corporation is otherwise eligible hereunder, be the successor Trustee; provided that such corporation shall be otherwise qualified and eligible under this Article Seven.

SECTION 7.10.Eligibility; Disqualification.

This Indenture shall always have a Trustee that satisfies the requirement of TIA §§ 310(a)(1), 310(a)(2) and 310(a)(5).  The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.  In addition, if the Trustee is a corporation included in a bank holding company system, the Trustee, independently of the bank holding company, shall meet the capital requirements of TIA § 310(a)(2).  The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.  The provisions of TIA § 310 shall apply to the Issuer and any other obligor of the Notes.

SECTION 7.11.Preferential Collection of Claims Against the Issuer.

The Trustee, in its capacity as Trustee hereunder, shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee that has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

ARTICLE Eight

DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 8.01.Termination of the Issuer’s Obligations.

The Issuer may terminate its obligations under the Notes and this Indenture, except those obligations referred to in the penultimate paragraph of this Section 8.01, if:

(a)either:  

(i)all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or 

(ii)all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the provision of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, U.S. Legal Tender, Government Securities or a combination of U.S. Legal Tender and Government Securities, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the 

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Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b)no Default has occurred and is continuing on the date of the deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit and the granting of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, any other material instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

(c)the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; 

(d)the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be; and

(e)the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the termination of the Issuer’s obligations under the Notes and this Indenture have been complied with.

Upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption).

Subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 4.01, 4.02, 7.07, 8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.08.  After the Notes are no longer outstanding, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive.

After such delivery or irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations under the Notes and this Indenture except for those surviving obligations specified above.

SECTION 8.02.Legal Defeasance and Covenant Defeasance.

(a)The Issuer may, at its option by Board Resolution of the Board of Directors of the Issuer, at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding Notes and this Indenture upon compliance with the conditions set forth in Section 8.03.

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(b)Upon the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph (b), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04 hereof and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations under such Notes and this Indenture and the Guarantors shall be deemed to have satisfied all of their obligations under the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

(i)the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due;

(ii)the Issuer’s obligations with respect to such Notes under Sections 2.03, 2.04, 2.06, 2.07, 2.10, 2.15, 2.16 and 4.02 hereof; and

(iii)the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith.

Subject to compliance with this Article Eight, the Issuer may exercise its option under this Section 8.02(b) notwithstanding the prior exercise of its option under Section 8.02(c) hereof.

(c)Upon the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03 hereof, be released from their respective obligations under the covenants contained in Sections 4.03 (with respect to Restricted Subsidiaries only), 4.04 and 4.09 through 4.22 and clause (4) of Section 5.01(a) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”) and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes may not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.  In addition, upon the Issuer’s exercise 

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under paragraph (a) hereof of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.03 hereof, (i) any event described in clause (3), (4), (5), (6) or (7) of Section 6.01 will no longer constitute an Event of Default and (ii) any event described in clause (1), (2), (8) or (9) of Section 6.01 will continue to constitute an Event of Default.

SECTION 8.03.Conditions to Legal Defeasance or Covenant Defeasance.

The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

In order to exercise either Legal Defeasance or Covenant Defeasance:

(1)the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, U.S. Legal Tender, Government Securities or a combination thereof in such amounts as will be sufficient, in the opinion of an independent firm of certified public accountants or investment banking or financial advisory firm, to pay the principal of, premium, if any, and interest on the outstanding Notes to the date of maturity or the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to maturity or to a particular redemption date;

(2)in the case of an election under Section 8.02(b) hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (a) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred;

(3)in the case of an election under Section 8.02(c) hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the beneficial owners of the outstanding Notes 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;

(4)no Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit);

(5)such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other 

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than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound;

(6)the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; and

(7)the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

SECTION 8.04.Application of Trust Money.

The Trustee or Paying Agent shall hold in trust U.S. Legal Tender and Government Securities deposited with it pursuant to this Article Eight, and shall apply the deposited U.S. Legal Tender and the money from Government Securities in accordance with this Indenture to the payment of principal of and interest on the Notes.  The Trustee shall be under no obligation to invest said U.S. Legal Tender and Government Securities except as it may agree with the Issuer.

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and Government Securities deposited pursuant to Section 8.03 or the principal and interest received in respect thereof other than any such tax, fee or other charge that by law is for the account of the Holders of the outstanding Notes.

Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the Issuer’s request any U.S. Legal Tender and Government Securities held by it as provided in Section 8.03 which, in the opinion of an independent firm of certified public accountants or investment banking of financial advisory firm expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect a Legal Defeasance or Covenant Defeasance.

SECTION 8.05.Repayment to the Issuer.

Subject to this Article Eight and the applicable escheatment laws, the Trustee and the Paying Agent shall promptly pay to the Issuer upon request any excess U.S. Legal Tender and Government Securities held by them at any time and thereupon shall be relieved from all liability with respect to such money.  The Trustee and the Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal or interest that remains unclaimed for two years; provided that the Trustee or such Paying Agent, before being required to make any payment, may at the expense of the Issuer cause to be published once in a newspaper of general circulation in The City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Issuer.  After payment to the Issuer, 

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Holders entitled to such money must look to the Issuer for payment as general creditors unless an applicable law designates another Person.

SECTION 8.06.Reinstatement.

If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and Government Securities in accordance with this Article Eight 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 Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and Government Securities in accordance with this Article Eight; provided that if the Issuer has made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender and Government Securities held by the Trustee or the Paying Agent.

ARTICLE Nine

AMENDMENTS, SUPPLEMENTS AND WAIVERS

SECTION 9.01.Without Consent of Holders.

Notwithstanding Section 9.02, the Issuer, the Guarantors and the Trustee, together, may amend or supplement this Indenture, the Notes or the Subsidiary Guarantees without notice to or consent of any Holder:

(1)to cure any ambiguity, defect or inconsistency;

(2)to provide for uncertificated Notes in addition to or in place of certificated Notes;

(3)to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s assets;

(4)to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not materially adversely affect the legal rights under this Indenture of any Holder;

(5)to evidence and provide for the acceptance of appointment under this Indenture by a successor or replacement Trustee; or

(6)to provide for the issuance of Additional Notes in accordance with the terms of this Indenture;

(7)to conform the text of this Indenture, the Subsidiary Guarantees or the Notes to any provision of the section entitled “Description of Notes” in the Offering 

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Memorandum to the extent that such provision was intended to be a substantially verbatim recitation of a provision of this Indenture, the Subsidiary Guarantees or the Notes;

(8)to allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with respect to the Notes;

(9)to secure the Notes or any Subsidiary Guarantee; or

(10)to add to the covenants of the Issuer for the benefit of the Holders of Notes or surrender any right or power conferred upon the Issuer.

provided that the Issuer has delivered to the Trustee an Opinion of Counsel and an Officer’s Certificate, each stating that such amendment or supplement complies with the provisions of this Section 9.01.

 

After an amendment or supplement under this Section 9.01 becomes effective, the Issuer shall provide to the respective Holders a notice briefly describing such amendment or supplement.  Any failure of the Issuer to mail such notice to all Holders entitled to receive such notice, or any defect therein, shall not, however, impair or affect the validity of any such amendment or supplement.

SECTION 9.02.With Consent of Holders.

(a)Subject to Section 6.07, the Issuer, the Guarantors and the Trustee, together, with the written consent of the Holder or Holders of a majority in aggregate principal amount of the outstanding Notes (including Additional Notes, if any), may enter into one or more supplemental indentures to amend or supplement this Indenture, the Notes or the Subsidiary Guarantees, without notice to any other Holders.  Subject to Section 6.07, the Holder or Holders of a majority in aggregate principal amount of then outstanding Notes (including Additional Notes, if any), may waive any existing Default or compliance with any provision of this Indenture, the Notes or the Subsidiary Guarantees without notice to any other Holders.

(b)Notwithstanding Section 9.02(a), without the consent of each Holder affected, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not (with respect to any Notes held by a non-consenting Holder):

(1)reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver or make any other change in the amendment and waiver provisions of this paragraph;

(2)reduce the principal of or change or have the effect of changing the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes (other than provisions of Sections 4.09 and 4.13, subject to clause (9) below);

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(3)reduce the rate of or change the time for payment of interest on any Note (other than pursuant to Sections 4.09 and 4.13 of this Indenture, subject to clause (9) below);

(4)waive an uncured Default in the payment of principal of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration);

(5)make any Note payable in money other than that stated in the Notes;

(6)impair or affect the right of any Holder of Notes to institute suit for the enforcement of any payment on or after the due dates therefor, or make any changes in the provisions of this Indenture permitting Holders of a majority in principal amount of Notes to waive any past Default and its consequences;

(7)waive a redemption payment with respect to any Note (other than a payment required by one of the provisions of Section 4.09 or Section 4.13, subject to clause (9) below);

(8)release all or substantially all of the Guarantors from their respective Subsidiary Guarantees otherwise than in accordance with the terms of this Indenture;

(9)[reserved]; or

(10)expressly subordinate the Notes or the Subsidiary Guarantees to any other obligation of the Issuer or the Guarantors.

(c)It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof.

(d)After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall provide to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver.  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 amendment, supplement or waiver.

SECTION 9.03.[Reserved].

SECTION 9.04.[Reserved].

SECTION 9.05.Revocation and Effect of Consents.

Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.  However, any such Holder or subsequent Holder may revoke 

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the consent as to its Note or portion of its Note by notice to the Trustee or the Issuer received before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver.

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver which record date shall be at least 30 days prior to the first solicitation of such consent.  If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those Persons that were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.  No such consent shall be valid or effective for more than 90 days after such record date.  The Issuer shall inform the Trustee in writing of the fixed record date if applicable.

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (11) of Section 9.02(b), in which case the amendment, supplement or waiver shall bind only each Holder of a Note that has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note.

SECTION 9.06.Notation on or Exchange of Notes.

If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee.  The Issuer shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuer’s expense.  Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms.  Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

SECTION 9.07.Trustee to Sign Amendments, Etc.

The Trustee shall execute any amendment, supplement or waiver authorized pursuant to this Article Nine; provided that the Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture.  The Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture and such amendment, supplement or waiver constitutes the legal, valid and binding obligation of the Issuer enforceable in accordance with its terms.  Such Opinion of Counsel shall be at the expense of the Issuer.

ARTICLE Ten

[RESERVED]

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ARTICLE Eleven

SUBSIDIARY GUARANTEE

SECTION 11.01.Unconditional Guarantee.

Subject to the provisions of this Article Eleven, each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably guarantees on a senior unsecured basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer or any Guarantors to the Holders or the Trustee hereunder or thereunder:  (a) (x) the due and punctual payment of the principal of, premium, if any, and interest on the Notes when and as the same shall become due and payable, whether at maturity, upon redemption or repurchase, by acceleration or otherwise, (y) the due and punctual payment of interest on the overdue principal and (to the extent permitted by law) interest, if any, on the Notes and (z) the due and punctual payment and performance of all other obligations of the Issuer and all other obligations of the other Guarantors (including under the Subsidiary Guarantees), in each case, to the Holders or the Trustee hereunder or thereunder (including amounts due to the Trustee under Section 7.07 hereof), all in accordance with the terms hereof and thereof (collectively, the “Guarantee Obligations”); and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the due and punctual payment and performance of Guarantee Obligations in accordance with the terms of the extension or renewal, whether at maturity, upon redemption or repurchase, by acceleration or otherwise.  Failing payment when due of any amount so guaranteed, or failing performance of any other obligation of the Issuer to the Holders under this Indenture or under the Notes, for whatever reason, each Guarantor shall be obligated to pay, or to perform or cause the performance of, the same immediately.  An Event of Default under this Indenture or the Notes shall constitute an event of default under the Subsidiary Guarantees and shall entitle the Holders to accelerate the obligations of the Guarantors thereunder in the same manner and to the same extent as the obligations of the Issuer.

Each of the Guarantors hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the Issuer, any action to enforce the same, whether or not a Subsidiary Guarantee is affixed to any particular Note, or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a Guarantor.  Each of the Guarantors hereby waives the benefit of diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and this Subsidiary Guarantee.  This Subsidiary Guarantee is a guarantee of payment and not of collection.  If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or to any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or such Guarantor, any amount paid by the Issuer or such Guarantor to the Trustee or such Holder, this Subsidiary Guarantee, to the extent 

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theretofore discharged, shall be reinstated in full force and effect.  Each Guarantor further agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (a) subject to this Article Eleven, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (b) in the event of any acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Subsidiary Guarantee.

SECTION 11.02.[Reserved].

SECTION 11.03.Limitation on Guarantor Liability.

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee.  To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Subsidiary Guarantee and this Article Eleven shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Eleven, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance.

SECTION 11.04.Execution and Delivery of Subsidiary Guarantee.

To evidence its Subsidiary Guarantee set forth in Section 11.01, each Guarantor hereby agrees that the execution and delivery of this Indenture or a supplemental indenture hereto, as the case may be, executed on behalf of each Guarantor by either manual or facsimile signature of one Officer or other person duly authorized by all necessary corporate action of each Guarantor who shall have been duly authorized to so execute by all requisite corporate action shall constitute its delivery of its Subsidiary Guarantee.

Each of the Guarantors hereby agrees that its Subsidiary Guarantee set forth in Section 11.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee.

If an Officer of a Guarantor whose signature is on this Indenture or a supplemental indenture no longer holds that office at the time the Trustee authenticates the Note or at any time thereafter, such Guarantor’s Subsidiary Guarantee of such Note shall nevertheless be valid.

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The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Subsidiary Guarantee set forth in this Indenture on behalf of each Guarantor.

SECTION 11.05.Release of a Guarantor.

The Subsidiary Guarantee of a Guarantor will be released:

(a)upon the sale or other disposition (including by way of merger or consolidation), to any Person that is not the Issuer or a Subsidiary of the Issuer, of all of the Capital Stock of that Guarantor held by the Issuer or any of its Restricted Subsidiaries or of all or substantially all of the assets of that Guarantor; provided that such sale or other disposition is not in violation of this Indenture; 

(b)upon the contemporaneous or substantially contemporaneous release or discharge of such Guarantor as a guarantor or borrower in respect of (1) the Senior Secured Credit Facilities and (2) any other Indebtedness which resulted in the obligation to guarantee the Notes, except, in each case, as a result of payment made by a guarantor in its capacity as a guarantor (and not as a borrower or issuer);

(c)if the Issuer designates such Guarantor as an Unrestricted Subsidiary in accordance with this Indenture; 

(d)upon the applicable Guarantor ceasing to be a Subsidiary pursuant to the terms of this Indenture; or

(e)upon legal defeasance of this Indenture, covenant defeasance in accordance with this Indenture or the discharge of the Notes in accordance with this Indenture.

The Trustee shall execute an appropriate instrument prepared by the Issuer evidencing the release of a Guarantor from its obligations under its Subsidiary Guarantee upon receipt of a request by the Issuer or such Guarantor accompanied by an Officer’s Certificate and an Opinion of Counsel certifying as to the compliance with this Section 11.05; provided, however, that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Issuer.

Except as set forth in Articles Four and Five and this Section 11.05, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor.

SECTION 11.06.Waiver of Subrogation.

Until this Indenture is discharged and all of the Notes are discharged and paid in full, each Guarantor hereby irrevocably waives and agrees not to exercise any claim or other rights which it may now or hereafter acquire against the Issuer that arise from the existence, 

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payment, performance or enforcement of the Issuer’s obligations under the Notes or this Indenture and such Guarantor’s obligations under this Subsidiary Guarantee and this Indenture, in any such instance including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification, and any right to participate in any claim or remedy of the Holders against the Issuer, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other assets or by set-off or in any other manner, payment or security on account of such claim or other rights.  If any amount shall be paid to any Guarantor in violation of the preceding sentence and any amounts owing to the Trustee or the Holders of Notes under the Notes, this Indenture or any other document or instrument delivered under or in connection with such agreements or instruments shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Trustee or the Holders and shall forthwith be paid to the Trustee for the benefit of itself or such Holders to be credited and applied to the obligations in favor of the Trustee or the Holders, as the case may be, whether matured or unmatured, in accordance with the terms of this Indenture.  Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 11.06 is knowingly made in contemplation of such benefits.

SECTION 11.07.Immediate Payment.

Each Guarantor agrees to make immediate payment to the Trustee on behalf of the Holders of all Guarantee Obligations owing or payable to the respective Holders upon receipt of a demand for payment therefor by the Trustee to such Guarantor in writing.

SECTION 11.08.No Set-Off.

Each payment to be made by a Guarantor hereunder in respect of the Guarantee Obligations shall be payable in the currency or currencies in which such Guarantee Obligations are denominated and shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

SECTION 11.09.Guarantee Obligations Absolute.

The obligations of each Guarantor hereunder are and shall be absolute and unconditional and any monies or amounts expressed to be owing or payable by each Guarantor hereunder that may not be recoverable from such Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor as a primary obligor and principal debtor in respect thereof.

SECTION 11.10.Guarantee Obligations Continuing.

The obligations of each Guarantor hereunder shall be continuing and shall remain in full force and effect until all such obligations have been paid and satisfied in full.  Each Guarantor agrees with the Trustee that it will from time to time deliver to the Trustee suitable acknowledgments of this continued liability hereunder and under any other instrument or instruments in such form as counsel to the Trustee may advise and as will prevent any action brought against it in respect of any default hereunder being barred by any statute of limitations now or hereafter in force and, in the event of the failure of a Guarantor so to do, it hereby 

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irrevocably appoints the Trustee the attorney and agent of such Guarantor to make, execute and deliver such written acknowledgment or acknowledgments or other instruments as may from time to time become necessary or advisable, in the judgment of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Guarantor hereunder.

SECTION 11.11.Guarantee Obligations Not Reduced.

The obligations of each Guarantor hereunder shall not be satisfied, reduced or discharged solely by the payment of such principal, premium, if any, interest, fees and other monies or amounts as may at any time prior to discharge of this Indenture pursuant to Article Eight be or become owing or payable under or by virtue of or otherwise in connection with the Notes or this Indenture.

SECTION 11.12.Guarantee Obligations Reinstated.

The obligations of each Guarantor hereunder shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment that otherwise would have reduced the obligations of any Guarantor hereunder (whether such payment shall have been made by or on behalf of the Issuer or by or on behalf of a Guarantor) is rescinded or reclaimed from any of the Holders upon the insolvency, bankruptcy, liquidation or reorganization of the Issuer or any Guarantor or otherwise, all as though such payment had not been made.  If demand for, or acceleration of the time for, payment by the Issuer or any other Guarantor is stayed upon the insolvency, bankruptcy, liquidation or reorganization of the Issuer or such Guarantor, all such Indebtedness otherwise subject to demand for payment or acceleration shall nonetheless be payable by each Guarantor as provided herein.

SECTION 11.13.Guarantee Obligations Not Affected.

The obligations of each Guarantor hereunder shall not be affected, impaired or diminished in any way by any act, omission, matter or thing whatsoever, occurring before, upon or after any demand for payment hereunder (and whether or not known or consented to by any Guarantor or any of the Holders) that, but for this provision, might constitute a whole or partial defense to a claim against any Guarantor hereunder or might operate to release or otherwise exonerate any Guarantor from any of its obligations hereunder or otherwise affect such obligations, whether occasioned by default of any of the Holders or otherwise, including, without limitation:

(a)any limitation of status or power, disability, incapacity or other circumstance relating to the Issuer or any other Person, including any insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, winding-up or other proceeding involving or affecting the Issuer or any other Person;

(b)any irregularity, defect, unenforceability or invalidity in respect of any indebtedness or other obligation of the Issuer or any other Person under this Indenture, the Notes or any other document or instrument;

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(c)any failure of the Issuer or any other Guarantor, whether or not without fault on its part, to perform or comply with any of the provisions of this Indenture, the Notes or any Subsidiary Guarantee, or to give notice thereof to a Guarantor;

(d)the taking or enforcing or exercising or the refusal or neglect to take or enforce or exercise any right or remedy from or against the Issuer or any other Person or their respective assets or the release or discharge of any such right or remedy;

(e)the granting of time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Issuer or any other Person;

(f)any change in the time, manner or place of payment of, or in any other term of, any of the Notes, or any other amendment, variation, supplement, replacement or waiver of, or any consent to departure from, any of the Notes or this Indenture, including, without limitation, any increase or decrease in the principal amount of or premium, if any, or interest on any of the Notes;

(g)any change in the ownership, control, name, objects, businesses, assets, capital structure or constitution of the Issuer or a Guarantor;

(h)any merger or amalgamation of the Issuer or a Guarantor with any Person or Persons;

(i)the occurrence of any change in the laws, rules, regulations or ordinances of any jurisdiction by any present or future action of any governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the Guarantee Obligations or the obligations of a Guarantor under its Subsidiary Guarantee; and

(j)any other circumstance, including release of another Guarantor pursuant to Section 11.05 (other than by complete, irrevocable payment), that might otherwise constitute a legal or equitable discharge or defense of the Issuer under this Indenture or the Notes or of a Guarantor in respect of its Subsidiary Guarantee hereunder.

SECTION 11.14.Waiver.

Without in any way limiting the provisions of Section 11.01, each Guarantor hereby waives notice of acceptance hereof, notice of any liability of any Guarantor hereunder, notice or proof of reliance by the Holders upon the obligations of any Guarantor hereunder and diligence, presentment, demand for payment on the Issuer, protest, notice of dishonor or non-payment of any of the Guarantee Obligations or other notice or formalities to the Issuer or any Guarantor of any kind whatsoever.

SECTION 11.15.No Obligation to Take Action Against the Issuer.

Neither the Trustee nor any other Person shall have any obligation to enforce or exhaust any rights or remedies against the Issuer or any other Person or any property of the Issuer or any other Person before the Trustee is entitled to demand payment and performance by 

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any or all Guarantors of their liabilities and obligations under their Subsidiary Guarantees or under this Indenture.

SECTION 11.16.Dealing with the Issuer and Others.

The Holders, without releasing, discharging, limiting or otherwise affecting in whole or in part the obligations and liabilities of any Guarantor hereunder and without the consent of or notice to any Guarantor, may:

(a)grant time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Issuer or any other Person;

(b)take or abstain from taking security or collateral from the Issuer or from perfecting security or collateral of the Issuer;

(c)release, discharge, compromise, realize, enforce or otherwise deal with or do any act or thing in respect of (with or without consideration) any and all collateral, mortgages or other security given by the Issuer or any third party with respect to the obligations or matters contemplated by this Indenture or the Notes;

(d)accept compromises or arrangements from the Issuer;

(e)apply all monies at any time received from the Issuer or from any security upon such part of the Guarantee Obligations as the Holders may see fit or change any such application in whole or in part from time to time as the Holders may see fit; and

(f)otherwise deal with, or waive or modify their right to deal with, the Issuer and all other Persons and any security as the Holders or the Trustee may see fit.

SECTION 11.17.Default and Enforcement.

If any Guarantor fails to pay in accordance with Section 11.07 hereof, the Trustee may proceed in its name as trustee hereunder in the enforcement of the Subsidiary Guarantee of any such Guarantor and such Guarantor’s obligations thereunder and hereunder by any remedy provided by law, whether by legal proceedings or otherwise, and to recover from such Guarantor the obligations.

SECTION 11.18.Amendment, Etc.

No amendment, modification or waiver of any provision of this Indenture relating to any Guarantor or consent to any departure by any Guarantor or any other Person from any such provision will in any event be effective unless it is signed by such Guarantor and the Trustee.

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SECTION 11.19.[Reserved]

SECTION 11.20.Costs and Expenses.

Each Guarantor shall pay on demand by the Trustee any and all reasonable and documented costs, fees and expenses (including, without limitation, legal fees on a solicitor and client basis) incurred by the Trustee, its agents, advisors and counsel or any of the Holders in enforcing any of their rights under any Subsidiary Guarantee.

SECTION 11.21.No Waiver; Cumulative Remedies.

No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, remedy, power or privilege hereunder or under this Indenture or the Notes, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under this Indenture or the Notes preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges in the Subsidiary Guarantee and under this Indenture, the Notes and any other document or instrument between a Guarantor and/or the Issuer and the Trustee are cumulative and not exclusive of any rights, remedies, powers and privilege provided by law.

SECTION 11.22.No Defense, Offset or Counterclaim.

The obligations of each Guarantor shall be enforceable against such Guarantor without regard to and without giving effect to any defense, right of offset or counterclaim available to or which may be asserted by the Issuer or any Guarantor.

SECTION 11.23.Severability.

Any provision of this Article Eleven that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction unless its removal would substantially defeat the basic intent, spirit and purpose of this Indenture and this Article Eleven.

SECTION 11.24.Successors and Assigns.

Each Subsidiary Guarantee shall be binding upon and inure to the benefit of each Guarantor and the Trustee and the other Holders and their respective successors and permitted assigns, except that no Guarantor may assign any of its obligations hereunder or thereunder.

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ARTICLE Twelve

MISCELLANEOUS

SECTION 12.01.[Reserved].

SECTION 12.02.Notices.

Any notices or other communications required or permitted hereunder shall be in writing and shall be sufficiently given if made by hand delivery, by nationally recognized overnight courier service, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed as follows:

if to the Issuer or a Guarantor:

c/o PGT Innovations, Inc. 
1070 Technology Drive
North Venice, Florida  34275
Attention:  Chief Financial Officer

Telephone:  (941) 480-1600
Facsimile:  (941) 480-2740

with a copy to:

Davis Polk & Wardwell LLP 
450 Lexington Avenue
New York, NY 10017
Attention:  Shane Tintle

Telephone:  (212) 450-4526
Facsimile:  (212) 701-5526

if to the Trustee:

U.S. Bank National Association
Two Midtown Plaza, Suite 1050

	
 
	

	
1349 West Peachtree Street, NW

Atlanta, GA 30309
Attention:  Felicia H. Powell

Telephone:  (404) 898-8828
Facsimile:  (404) 365-7946

 

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with a copy to:

Greenberg Traurig, LLP
Terminus 200 
3333 Piedmont Road NE, Suite 2500
Atlanta, GA 30305

Attention:  David R. Yates

Telephone:  (678) 553-2663
Facsimile:  (678) 553-2666

Each of the Issuer and the Trustee by written notice to each other such Person may designate additional or different addresses for notices to such Person.  Any notice or communication to the Issuer and the Trustee shall be deemed to have been given or made as of the date so delivered by email or if personally delivered; when answered back; when receipt is acknowledged, if telecopied; five (5) business days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee); and the next Business Day if by nationally recognized overnight courier service.

Any notice or communication mailed to a Holder shall be mailed to it by first-class mail or other equivalent means at its address as it appears on the registration books of the Registrar and shall be sufficiently given to it if so mailed within the time prescribed.

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

SECTION 12.03.Communications by Holders with Other Holders.

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture, the Notes or the Subsidiary Guarantees.  The Issuer, the Trustee, the Registrar and any other Person shall have the protection of TIA § 312(c).

SECTION 12.04.Certificate and Opinion as to Conditions Precedent.

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

(1)an Officer’s Certificate, in form and substance satisfactory to the Trustee (which shall include the statements set forth in Section 12.05), stating that, in the opinion of the signers, all conditions precedent to be performed or effected by the Issuer, if any, provided for in this Indenture relating to the proposed action have been complied with; and

(2)an Opinion of Counsel, in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05), stating that, in 

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the opinion of such counsel, any and all such conditions precedent have been complied with.

SECTION 12.05.Statements Required in Certificate or Opinion.

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture, other than the Officer’s Certificate required by Section 4.06, shall include:

(1)a statement that the Person making such certificate or opinion has read such covenant or condition;

(2)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;

(3)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 or satisfied; and

(4)a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.

SECTION 12.06.Rules by Trustee, Paying Agent, Registrar.

The Trustee, Paying Agent or Registrar may make reasonable rules for its functions.

SECTION 12.07.Legal Holidays.

If a payment date is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period.

SECTION 12.08.Governing Law.

This Indenture, the Notes and the Subsidiary Guarantees thereof will be governed by and construed in accordance with the laws of the State of New York, as applied to contracts made and performed within the State of New York, without regard to principles of conflict of law.

SECTION 12.09.No Adverse Interpretation of Other Agreements.

This Indenture may not be used to interpret another indenture, loan or debt agreement of any of the Issuer or any of its Subsidiaries.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

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SECTION 12.10.No Recourse Against Others.

No director, officer, employee, incorporator or stockholder of the Issuer or of any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  Such waiver and release are part of the consideration for issuance of the Notes.

SECTION 12.11.Successors.

All agreements of the Issuer and the Guarantors in this Indenture, the Notes and the Subsidiary Guarantees shall bind their respective successors.  All agreements of the Trustee in this Indenture shall bind its successors.

SECTION 12.12.Counterpart Originals.

All parties may sign any number of copies of this Indenture.  Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement.  The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

SECTION 12.13.Severability.

In case any one or more of the provisions in this Indenture, in the Notes or in the Subsidiary Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

SECTION 12.14.USA PATRIOT Act.

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

SECTION 12.15.Waiver of Jury Trial.

EACH OF THE ISSUER, THE HOLDERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL 

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PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

SECTION 12.16.Consent to Jurisdiction and Service.

To the fullest extent permitted by applicable law, the Issuer hereby irrevocably submits to the jurisdiction of any Federal or State court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or any Notes and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court.  The Issuer irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient forum.  The Issuer agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Issuer, and may be enforced in any courts to the jurisdiction of which the Issuer is subject by a suit upon such judgment, provided, that service of process is effected upon the Issuer in the manner specified herein or as otherwise permitted by law.

[SIGNATURE PAGES FOLLOW]

 

 

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SIGNATURES

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

PGT INNOVATIONS, INC., as Issuer

 

 

By:/s/ Brad West
Name: Brad West
Title:Interim Chief Financial Officer, Senior Vice President 
of Corporate Development and Treasurer

 

 

PGT INDUSTRIES, INC.

CGI WINDOWS AND DOORS HOLDINGS, INC.

CGI WINDOWS AND DOORS, INC.

WINDOOR INCORPORATED

LTE, LLC

CGI COMMERCIAL, INC.

COYOTE ACQUISITION CO.

WWS ACQUISITION, LLC

NEWSOUTH WINDOW SOLUTIONS, LLC

Doers Window Manufacturing, LLC 

NewSouth Window Solutions of Tampa Bay, LLC

NewSouth Window Solutions of Bonita Springs, LLC

NewSouth Window Solutions of West Palm Beach, LLC

NewSouth Window Solutions of Ft. Lauderdale, LLC

NewSouth Window Solutions of Jacksonville, LLC

NEWSOUTH WINDOW SOLUTIONS OF ORLANDO, LLC

NEW SOUTH WINDOW SOLUTIONS OF HOUSTON, LLC
NEW SOUTH WINDOW SOLUTIONS OF PENSACOLA, LLC
NEWSOUTH WINDOW SOLUTIONS OF CHARLESTON, LLC
NEWSOUTH WINDOW SOLUTIONS OF RALEIGH, LLC
NEW SOUTH WINDOW SOLUTIONS OF NEW ORLEANS, LLC
NEWSOUTH WINDOW SOLUTIONS OF CHARLOTTE, LLC

WESTERN WINDOW HOLDING LLC,

as Guarantors

 

 

By:/s/ Brad West
Name: Brad West
Title:Authorized Officer

 

 

[Signature Page to Indenture] 

 

 

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:/s/ Felicia H. Powell
Name: Felicia H. Powell  
Title:   Vice President

 

[Signature Page to Indenture] 

 

 

EXHIBIT A

[FORM OF NOTE]

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Regulation S Legend, if applicable pursuant to the provisions of the Indenture]

PGT INNOVATIONS, INC.

4.375% Senior Notes due 2029

CUSIP No.

No.         $

PGT INNOVATIONS, INC., a Delaware corporation (the “Issuer,” which term includes any successor entity), for value received promises to pay to CEDE & CO. or its registered assigns the principal sum of                           on October 1, 2029.

Interest Payment Dates:  April 1 and October 1, commencing April 1, 2022.

Record Dates:  March 15 and September 15.

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

 

 

 

 

IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its duly authorized officer.

Dated:

PGT INNOVATIONS, INC.

By:
Name:  
Title:

 

 

[Signature Page to Note] 

 

 

[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

This is one of the 4.375% Senior Notes due 2029 described in the within‐mentioned Indenture.

Dated:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:
Authorized Signatory

 

[Signature Page to Note] 

 

 

(Reverse of Note)

4.375% Senior Notes due 2029

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

	
SECTION 1.
	
Interest.  PGT Innovations, Inc. promises to pay interest on the principal amount of this Note at 4.375% per annum from September 24, 2021 until maturity.  The Issuer will pay interest semi-annually on April 1 and October 1 of each year or, if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”), commencing April 1, 2022.  Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date.  The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.  Interest will be computed on the basis of a 360‐day year of twelve 30‐day months.  If the due date for any payment in respect of any Notes is not a Business Day at the place at which such payment is due to be paid, the Holder thereof will not be entitled to payment of the amount due until the next succeeding Business Day at such place, and will not be entitled to any further interest or other payment as a result of any such delay.

	
SECTION 2.
	
Method of Payment.  The Issuer will pay interest on the Notes (except defaulted interest) to the Persons that are registered Holders of Notes at the close of business on the March 15 or September 15 immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.  The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The Issuer shall pay the principal of, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”).  Principal of, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuer maintained for such purpose or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders of the Notes at their respective addresses set forth in the register of Holders of Notes; provided that all payments of principal, premium and interest with respect to Notes represented by one or more Global Notes registered in the name of or held by the Depositary or its nominee will be made by wire transfer of immediately available funds through the facilities of the Depositary, for further credit by the Depositary to the holders of beneficial interests in the Notes in accordance with the Depositary’s customary procedures.  Until otherwise designated by the Issuer, the Issuer’s office or agency in New York will be the office of the Trustee maintained for such purpose.

 

 

 

	
SECTION 3.
	
Paying Agent and Registrar.  Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar.  The Issuer may change any Paying Agent or Registrar without notice to any Holder.  The Issuer or any of its Subsidiaries may act in any such capacity.

	
SECTION 4.
	
Indenture.  The Issuer issued the Notes under an Indenture dated as of September 24, 2021 (the “Indenture”) by and among the Issuer, the Guarantors party thereto and the Trustee.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms.  To the extent that any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

	
SECTION 5.
	
Optional Redemption.

	
(a)
	
On or after October 1, 2024, the Notes will be subject to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below:

		
	
Year
	
Percentage

	
2024
	
102.188%

	
2025
	
101.094%

	
2026 and thereafter
	
100.000%

 

	
(b)
	
The Notes may be redeemed, in whole or in part, at any time prior to October 1, 2024, at the option of the Issuer upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the applicable redemption date (subject to the right of Holders of record on the relevant interest record date to receive interest due on the relevant interest payment date).

	
(c)
	
Prior to October 1, 2024, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under the Indenture (including Additional Notes) at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date, with the net cash proceeds of Equity Issuances; provided that (i) at least 60% of the aggregate principal amount of Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption (including Additional Notes but excluding Notes held by the Issuer and its Subsidiaries) and (ii) such redemption shall occur within 180 days of the date of the closing of such Equity Issuance (disregarding the date of the closing of any over-allotment option with respect thereto).

	
SECTION 6.
	
[Reserved].

	
SECTION 7.
	
Mandatory Redemption.  For the avoidance of doubt, an offer to purchase pursuant to Section 8 hereof shall not be deemed a redemption.  Except as set forth in 

 

 

		
the Indenture and this Note, the Issuer shall not be required to make mandatory redemption payments with respect to the Notes.

	
SECTION 8.
	
Repurchase at Option of Holder.  Upon the occurrence of a Change of Control, and subject to certain conditions set forth in the Indenture, the Issuer will be required to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the date of repurchase.

The Issuer is obligated, subject to certain conditions and exceptions, to make an offer to purchase Notes at 100% of their principal amount, plus accrued and unpaid interest, if any, thereon to the date of repurchase, with certain net cash proceeds of certain sales or other dispositions of assets in accordance with the Indenture.

	
SECTION 9.
	
Notice of Optional Redemption.  Notice of optional redemption will be mailed by first-class mail at least 15 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address.  Notes in denominations larger than $2,000 may be redeemed in part.  If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note.  On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption.

	
SECTION 10.
	
Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.  The Issuer or the Registrar is not required to transfer or exchange any Note selected for redemption.  Also, the Issuer or the Registrar is not required to transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 

	
SECTION 11.
	
Persons Deemed Owners.  The registered Holder of a Note may be treated as its owner for all purposes and, accordingly, the Depositary or its nominee will be treated as the owner of Notes represented by Global Notes.

	
SECTION 12.
	
Amendment, Supplement and Waiver.  Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding.  Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes, or make any change that does not adversely affect the rights of any Holder of a Note.

 

 

	
SECTION 13.
	
Defaults and Remedies.  If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes generally may declare all the Notes to be due and payable immediately.  Notwithstanding the foregoing, in the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Issuer or any Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice.  Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture.  Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest.  The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its consequences under the Indenture except a continuing Default in the payment of the interest on, the principal of or the premium, if any, on the Notes.

	
SECTION 14.
	
Restrictive Covenants.  The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Restricted Subsidiaries to make restricted payments, to incur indebtedness, to create liens, to sell assets, to permit restrictions on dividends and other payments by Restricted Subsidiaries of the Issuer, to consolidate, merge or sell all or substantially all of their assets or to engage in transactions with affiliates.  The limitations are subject to a number of important qualifications and exceptions.  The Issuer must annually report to the Trustee on compliance with such limitations.

	
SECTION 15.
	
No Recourse Against Others.  No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Indenture or the Subsidiary Guarantees or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.

	
SECTION 16.
	
Subsidiary Guarantees.  This Note will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders.  Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders.

	
SECTION 17.
	
Trustee Dealings with the Issuer.  The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries or their respective Affiliates as if it were not the Trustee.

	
SECTION 18.
	
Authentication.  This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

	
SECTION 19.
	
Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN ENT (= tenants by 

 

 

		
the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian)  and U/G/M/A (= Uniform Gifts to Minors Act).

	
SECTION 20.
	
[Reserved].

	
SECTION 21.
	
CUSIP Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

	
SECTION 22.
	
Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of New York without giving effect to applicable principles of conflicts of laws to the extent that the application of the laws of another jurisdiction would be required thereby.

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture.

 

 

 

 

ASSIGNMENT FORM

I or we assign and transfer this Note to

 

 

(Print or type name, address and zip code of assignee or transferee)

 

(Insert Social Security or other identifying number of assignee or transferee)

and irrevocably appoint _______________________________________ agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

		
	
Dated:  _________________
	
Signed:____________________________________
(Sign exactly as name appears on  the other side of this Note)

 

		
	
Signature Guarantee:
	
________________________________________________
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

In connection with any transfer of this Note occurring prior to the date that is the earlier of (i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of the transfer) and (ii) the date following the first anniversary of the original issuance of this Note, the undersigned confirms that it has not utilized any general solicitation or general advertising in connection with the transfer:

[Check One]

	
(1) ___
	
to the Issuer or a subsidiary thereof; or

	
(2) ___
	
pursuant to and in compliance with Rule 144A under the Securities Act; or

	
(3) ___
	
outside the United States in compliance with Rule 904 of Regulation S under the Securities Act; or

	
(4) ___
	
pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or

 

 

 

	
(5) ___
	
to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Exhibit D to the Indenture);

	
(6) ___
	
pursuant to an effective registration statement under the Securities Act; or

	
(7) ___
	
pursuant to another available exemption from the registration requirements of the Securities Act;

and unless the box below is checked, the undersigned confirms that such Note is not being transferred to an “affiliate” of the Issuer as defined in Rule 144 under the Securities Act (an “Affiliate”):

☐ The transferee is an Affiliate of the Issuer.

Unless one of the items is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided, however, that, if item (3), (4), (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any such transfer of the Notes, in their sole discretion, such written legal opinions, certifications (including an investment letter in the case of item (4)) and other information as the Trustee or the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

If none of the foregoing items are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.16 of the Indenture shall have been satisfied.

	
Dated:  
	
Signed:
(Sign exactly as name appears on the other side of this Note)

	
Signature Guarantee:  
	

 

 

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

	
Dated:  
	

NOTICE:To be executed by an executive officer

 

 

 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.09 or Section 4.13 of the Indenture, check the appropriate box:

Section 4.09 [      ]                         Section 4.13 [      ]

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.09 or Section 4.13 of the Indenture, state the amount:  $___________

		
	
Dated:  _________________
	
Signed:  
(Sign exactly as name appears on the other
side of this Note)

 

		
	
Signature Guarantee:
	

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

 

 

 

SCHEDULE OF EXCHANGES OF 4.375% SENIOR NOTES

The following exchanges of a part of this Global Note for other 4.375% Senior Notes have been made:

					
	
Date of Exchange
	
Amount of Decrease in Principal Amount of this Global Note
	
Amount of Increase in Principal Amount of this Global Note
	
Principal Amount of this Global Note Following Such Decrease (or Increase)
	
Signature of Authorized Officer of Trustee or 4.375% Senior Note Custodian

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

 

 

 

 

EXHIBIT B

FORM OF LEGENDS

Each Global Note shall bear the following legend (the “Private Placement Legend”) on the face thereof:

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE COMPANY, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a) (1), (2), (3) AND (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE NOTE FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF $250,000, (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

Each Global Note authenticated and delivered hereunder also shall bear the following legend (the “Global Note Legend”) on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY 

B-1 

 

CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 306 AND 307 OF THE INDENTURE.

Each Regulation S Global Note shall also bear the following legend (the “Regulation S Legend”) on the face thereof:

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

 

B-2 

 

 

EXHIBIT C

Form of Certificate to be Delivered

in Connection with Transfers

Pursuant to Regulation S

[                ], [     ]

U.S. Bank National Association

Two Midtown Plaza, Suite 1050

1349 West Peachtree Street, NW

Atlanta, GA 30309

Attention: Felicia H. Powell 

 

	
 
	
Re:
	
4.375% Senior Notes due 2029 (the “Notes”) of PGT Innovations, Inc. (the “Company”)

Ladies and Gentlemen:

In connection with our proposed sale of $[        ] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

	
(1)
	
the offer of the Notes was not made to a person in the United States;

	
(2)
	
either (a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor any person acting on our behalf knows that the transaction has been prearranged with a buyer in the United States;

	
(3)
	
no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

	
(4)
	
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

	
(5)
	
we have advised the transferee of the transfer restrictions applicable to the Notes.

You, the Company, and counsel for the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party 

C-1 

 

in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.  Terms used in this certificate have the respective meanings set forth in Regulation S.

Very truly yours,

[Name of Transferor]

By:
Authorized Signature

 

C-2 

 

 

EXHIBIT D

Form of Certificate to be Delivered

in Connection with Transfers

To IAIs

[                ], [     ]

PGT INNOVATIONS, INC.
c/o U.S. Bank National Association
Attn: Felicia H. Powell

Two Midtown Plaza, Suite 1050

1349 West Peachtree Street, NW

Atlanta, GA 30309

 

Ladies and Gentlemen:

This certificate is delivered to request a transfer of $_______ principal amount of the 4.375% Senior Notes due 2029 (the “Notes”) of PGT Innovations, Inc. (the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:

Name:
Address:
Taxpayer ID Number:

The undersigned represents and warrants to you that:

(1)We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of an institutional “accredited investor,” and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.  We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes and invest in or purchase securities similar to the Notes in the normal course of our business.  We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

(2)We understand that the Notes have not been registered under the Securities Act and may not be sold except as permitted in the following sentence.  We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the expiration of the holding period applicable thereto under Rule 144(k) under the Securities Act which is applicable to this security (the “Resale Restriction Termination Date”) other than (1) to the Issuer or its Subsidiaries, (2) so long as this security is eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person who the seller reasonably believes is a “qualified institutional buyer” 

D-1 

 

within the meaning of Rule 144A purchasing for its own account or for the account of a qualified institutional buyer, in each case to whom notice is given that the resale, pledge or other transfer is being made in reliance on Rule 144A (as indicated by the box checked by the transferor on the certificate of transfer on the reverse of the security if this security is not in book-entry form), (3) inside the United States to an institutional “accredited investor” (as defined in Rule 501(a) (1), (2), (3) or (7) under the Securities Act) that, prior to such transfer, furnishes to the Trustee a signed letter containing various representations and agreements in the form set forth in Section 317, (4) in an “offshore transaction” (as such terms are defined in Regulation S under the Securities Act) in accordance with Regulation S under the Securities Act (as indicated by the box checked by the transferor on the certificate of transfer on the reverse of the security if the security is not in book-entry form), or (5) pursuant to any other available exemption from the registration requirements of the Securities Act, including the exemption provided by Rule 144 under the Securities Act, if available, subject to the right of the Issuer prior to any such sale, pledge or other transfer pursuant to this clause (5) to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuer; subject in each of the foregoing cases to any requirement of law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control.

TRANSFEREE:

BY:

 

Upon transfer the Notes would be registered in the name of the new beneficial owner as follows:

			
	
Name
	
Address
	
Taxpayer ID Number:

	
 
	
 
	
 

	
 
	
 
	
 

 

Very truly yours,

[Name of Transferor]

By:

Name:Signature Medallion Guaranteed
Title:

 

D-2 

 

 

EXHIBIT E

[FORM OF SUPPLEMENTAL INDENTURE
TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [               ], between [GUARANTOR] (the “New Guarantor”), a subsidiary of PGT INNOVATIONS, Inc., a Delaware corporation (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H :

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of September 24, 2021, providing for the issuance of the Issuer’s 4.375% Senior Notes due 2029 (the “Notes”), initially in the aggregate principal amount of $575,000,000;

WHEREAS, Section 4.16 of the Indenture provides that under certain circumstances the Issuer is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Notes and the Indenture pursuant to a Guarantee on the terms and conditions set forth herein; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee, the Issuer and existing Guarantors, if any, are authorized to execute and deliver this Supplemental Indenture;

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

	
1.
	
Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

	
2.
	
Agreement to Guarantee.  The New Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article Eleven of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture.

E-1 

 

	
3.
	
Notices.  All notices or other communications to the New Guarantor shall be given as provided in Section 12.02 of the Indenture.

	
4.
	
Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

	
5.
	
Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD INDICATE THE APPLICABILITY OF THE LAWS OF ANY OTHER JURISDICTION.

	
6.
	
Trustee Makes No Representation.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

	
7.
	
Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

	
8.
	
Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

[SIGNATURE PAGE FOLLOWS]

E-2 

 

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

 

[NEW GUARANTOR]

By:
Name:
Title:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:
Name:
Title:

E-3 

 

 

 

F-1EXHIBIT 10.1

 

Execution Version

 

AMENDED AND RESTATED

 

FIVE-YEAR

 

REVOLVING CREDIT AGREEMENT

 

Dated as of September 28, 2021,

 

Among

 

HOWMET AEROSPACE INC.,

as Borrower,

 

THE LENDERS AND ISSUERS NAMED HEREIN,

 

Citibank,
N.A.,

as Administrative Agent,

 

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent

 

and

 

BMO CAPITAL MARKETS CORP.,

BNP PARIBAS,

FIFTH THIRD BANK, NATIONAL ASSOCIATION,

GOLDMAN SACHS BANK USA,

MIZUHO BANK, LTD.,

MORGAN STANLEY SENIOR FUNDING, INC.,

and

TRUIST BANK,

as Co-Documentation Agents

 

 

 

Citibank,
N.A., JPMORGAN CHASE BANK, N.A., BMO CAPITAL MARKETS CORP.,

BNP PARIBAS, FIFTH THIRD BANK, NATIONAL ASSOCIATION,

GOLDMAN SACHS BANK USA, MIZUHO BANK, LTD.,

MORGAN STANLEY SENIOR FUNDING, INC., and Truist
Securities, Inc., as Joint Lead Arrangers and Bookrunners

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I	DEFINITIONS
    AND CONSTRUCTION	1
	 	 	 
	SECTION
    1.01.	Defined
    Terms	1
	 	 	 
	SECTION
    1.02.	Terms
    Generally; Accounting Principles	21
	 	 	 
	SECTION
    1.03.	Conversion
    of Foreign Currencies	22
	 	 	 
	SECTION
    1.04.	Divisions	22
	 	 	 
	ARTICLE
    II	THE
    CREDITS	22
	 	 	 
	SECTION
    2.01.	Commitments	22
	 	 	 
	SECTION
    2.02.	Loans	23
	 	 	 
	SECTION
    2.03.	Notice
    of Borrowings	24
	 	 	 
	SECTION
    2.04.	Interest
    Elections	24
	 	 	 
	SECTION
    2.05.	Repayment
    of Loans; Evidence of Debt	25
	 	 	 
	SECTION
    2.06.	Fees	26
	 	 	 
	SECTION
    2.07.	Interest
    on Loans	28
	 	 	 
	SECTION
    2.08.	Default
    Interest	30
	 	 	 
	SECTION
    2.09.	Alternate
    Rate of Interest	31
	 	 	 
	SECTION
    2.10.	Termination
    and Reduction of Commitments	31
	 	 	 
	SECTION
    2.11.	Prepayment	31
	 	 	 
	SECTION
    2.12.	Reserve
    Requirements; Change in Circumstances	32
	 	 	 
	SECTION
    2.13.	Change
    in Legality	33
	 	 	 
	SECTION
    2.14.	Indemnity	34
	 	 	 
	SECTION
    2.15.	Pro
    Rata Treatment	34
	 	 	 
	SECTION
    2.16.	Sharing
    of Setoffs	35
	 	 	 
	SECTION
    2.17.	Payments	35
	 	 	 
	SECTION
    2.18.	Taxes	36
	 	 	 
	SECTION
    2.19.	Assignment
    of Loans and Commitments Under Certain Circumstances	38
	 	 	 
	SECTION
    2.20.	Increase
    in Commitments	39
	 	 	 
	SECTION
    2.21.	Extensions
    of Initial Scheduled Maturity Date	39
	 	 	 
	SECTION
    2.22.	Letters
    of Credit	40
	 	 	 
	SECTION
    2.23.	Defaulting
    Lender	45

 

    i

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE
    III	REPRESENTATIONS
    AND WARRANTIES	46
	 	 	 
	SECTION
    3.01.	Organization	46
	 	 	 
	SECTION
    3.02.	Authorization	47
	 	 	 
	SECTION
    3.03.	Enforceability	47
	 	 	 
	SECTION
    3.04.	Governmental
    Approvals	47
	 	 	 
	SECTION
    3.05.	No
    Conflict	47
	 	 	 
	SECTION
    3.06.	Financial
    Statements	47
	 	 	 
	SECTION
    3.07.	No
    Defaults	48
	 	 	 
	SECTION
    3.08.	Litigation	48
	 	 	 
	SECTION
    3.09.	No
    Material Adverse Change	48
	 	 	 
	SECTION
    3.10.	Employee
    Benefit Plans	48
	 	 	 
	SECTION
    3.11.	Title
    to Properties; Possession Under Leases	49
	 	 	 
	SECTION
    3.12.	Investment
    Company Act	49
	 	 	 
	SECTION
    3.13.	Tax
    Returns	49
	 	 	 
	SECTION
    3.14.	Compliance
    with Laws and Agreements	49
	 	 	 
	SECTION
    3.15.	No
    Material Misstatements	49
	 	 	 
	SECTION
    3.16.	Use
    of Proceeds; Federal Reserve Regulations	49
	 	 	 
	SECTION
    3.17.	No
    Trusts	49
	 	 	 
	SECTION
    3.18.	FCPA	50
	 	 	 
	SECTION
    3.19.	Sanctions	50
	 	 	 
	ARTICLE
    IV	CONDITIONS
    OF EFFECTIVENESS, LENDING, LETTERS OF CREDIT AND DESIGNATION OF BORROWING SUBSIDIARIES	50
	 	 	 
	SECTION
    4.01.	Closing
    Date	50
	 	 	 
	SECTION
    4.02.	All
    Borrowings and Issuances of Letters of Credit	52
	 	 	 
	SECTION
    4.03.	Additional
    Conditions to Issuances	52
	 	 	 
	SECTION
    4.04.	Designation
    of Borrowing Subsidiaries	53
	 	 	 
	ARTICLE
    V	AFFIRMATIVE
    COVENANTS	53
	 	 	 
	SECTION
    5.01.	Financial
    Statements, Reports, etc	53
	 	 	 
	SECTION
    5.02.	Pari
    Passu Ranking	54
	 	 	 
	SECTION
    5.03.	Maintenance
    of Properties	54
	 	 	 
	SECTION
    5.04.	Obligations
    and Taxes	54
	 	 	 
	SECTION
    5.05.	Insurance	54
	 	 	 
	SECTION
    5.06.	Existence;
    Businesses and Properties	55
	 	 	 
	SECTION
    5.07.	Compliance
    with Laws	55
	 	 	 
	SECTION
    5.08.	Default
    Notices	55
	 	 	 
	SECTION
    5.09.	Borrowing
    Subsidiaries	55

 

    ii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE
    VI	NEGATIVE
    COVENANTS	56
	 	 	 
	SECTION
    6.01.	Liens	56
	 	 	 
	SECTION
    6.02.	Consolidation,
    Merger, Sale of Assets, etc	57
	 	 	 
	SECTION
    6.03.	Consolidated
    Net Leverage Ratio	58
	 	 	 
	SECTION
    6.04.	Change
    in Business	58
	 	 	 
	SECTION
    6.05.	Restricted
    Payments	58
	 	 	 
	SECTION
    6.06.	Subsidiary
    Indebtedness	58
	 	 	 
	SECTION
    6.07.	Accounts
    Receivable and Securitization	58
	 	 	 
	ARTICLE
    VII	EVENTS
    OF DEFAULT	59
	 	 	 
	ARTICLE
    VIII	GUARANTEE	62
	 	 	 
	ARTICLE
    IX	THE
    ADMINISTRATIVE AGENT	63
	 	 	 
	SECTION
    9.01.	Authorization
    and Action	63
	 	 	 
	SECTION
    9.02.	Administrative
    Agent’s Reliance, Etc	64
	 	 	 
	SECTION
    9.03.	Posting
    of Communications	65
	 	 	 
	SECTION
    9.04.	The
    Administrative Agent Individually	66
	 	 	 
	SECTION
    9.05.	Indemnification	66
	 	 	 
	SECTION
    9.06.	Successor
    Administrative Agent	67
	 	 	 
	SECTION
    9.07.	Certain
    ERISA Matters	67
	 	 	 
	SECTION
    9.08.	Erroneous
    Payments	68

 

    iii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE
    X	MISCELLANEOUS	71
	 	 	 
	SECTION
    10.01.	Notices	71
	 	 	 
	SECTION
    10.02.	Survival
    of Agreement	72
	 	 	 
	SECTION
    10.03.	Binding
    Effect	72
	 	 	 
	SECTION
    10.04.	Successors
    and Assigns; Additional Borrowing Subsidiaries and Subsidiary Guarantees	72
	 	 	 
	SECTION
    10.05.	Expenses;
    Indemnity	77
	 	 	 
	SECTION
    10.06.	Right
    of Setoff	78
	 	 	 
	SECTION
    10.07.	Applicable
    Law	78
	 	 	 
	SECTION
    10.08.	Waivers;
    Amendment	79
	 	 	 
	SECTION
    10.09.	Interest
    Rate Limitation	79
	 	 	 
	SECTION
    10.10.	Entire
    Agreement	80
	 	 	 
	SECTION
    10.11.	Waiver
    of Jury Trial	80
	 	 	 
	SECTION
    10.12.	Severability	80
	 	 	 
	SECTION
    10.13.	Counterparts	80
	 	 	 
	SECTION
    10.14.	Headings	80
	 	 	 
	SECTION
    10.15.	Jurisdiction,
    Consent to Service of Process	80
	 	 	 
	SECTION
    10.16.	Conversion
    of Currencies	81
	 	 	 
	SECTION
    10.17.	National
    Security Laws	82
	 	 	 
	SECTION
    10.18.	Confidentiality	82
	 	 	 
	SECTION
    10.19.	Waiver
    of Notice Period Under Existing Credit Agreement	82
	 	 	 
	SECTION
    10.20.	Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	83
	 	 	 
	SECTION
    10.21.	No
    Fiduciary Duty	83
	 	 	 
	SECTION
    10.22.	Amendment
    and Restatement	84

 

	References	 
	Exhibit
    A	Assignment
    and Assumption
	Exhibit
    B	Administrative
    Questionnaire
	Exhibit
    C	Designation
    of Borrowing Subsidiary
	Exhibit
    D	Form
    of Accession Agreement
	Exhibit
    E	Form
    of Letter of Credit Request
	Exhibit
    F	Form
    of Subsidiary Guarantee
	Schedule
    2.01(a)	Lenders
    and Commitments
	Schedule
    2.01(b)	Issuers
    and L/C Commitments
	Schedule
    3.08	Litigation
	Schedule
    6.01(a)	Existing
    Liens

 

    iv

     

    

 

AMENDED AND RESTATED CREDIT
AGREEMENT

 

AMENDED AND RESTATED FIVE-YEAR
REVOLVING CREDIT AGREEMENT dated as of September 28, 2021 (as the same may be amended, modified or supplemented from time to time, the
 “Agreement”), among HOWMET AEROSPACE INC., a Delaware corporation, (“Howmet”), the Lenders (such
term and each other capitalized term used but not defined herein having the meaning ascribed thereto in Article I), the Issuers,
CITIBANK, N.A., as Administrative Agent for the Lenders and Issuers and JPMORGAN CHASE BANK, N.A., as Syndication Agent.

 

WHEREAS, Howmet, the Lenders
and Issuers party thereto from time to time, Citibank, N.A., as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent,
have previously entered into that certain Five-Year Revolving Credit Agreement, dated as of July 25, 2014 (as amended and extended by
the letter agreement, dated June 5, 2015, and as further amended pursuant to Amendment No. 1 to Credit Agreement, dated as of September
16, 2016, Amendment No. 2 to Credit Agreement, dated as of June 29, 2018, Amendment No. 3 to Credit Agreement, dated as of March 4, 2020,
Amendment No. 4 to Credit Agreement, dated as of June 26, 2020, and Amendment No. 5 to Credit Agreement, dated as of March 29, 2021, the
 “Existing Credit Agreement”);

 

WHEREAS, Howmet has requested
that the Existing Credit Agreement be amended and restated on the terms and conditions set forth herein to provide for, among other things,
the establishment of a $1,000,000,000 senior unsecured revolving credit and letter of credit facility (the “New Facility”);

 

WHEREAS, the New Facility will
refinance and replace the existing credit facility under the Existing Credit Agreement and will be established by amending the Existing
Credit Agreement; and

 

WHEREAS, the Lenders and Issuers
are willing to make available to Howmet and the Borrowing Subsidiaries such New Facility upon the terms and subject to the conditions
set forth herein;

 

NOW, THEREFORE, in consideration
of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS AND CONSTRUCTION

 

SECTION 1.01. Defined Terms.
As used in this Agreement, the following terms shall have the meanings set forth below:

 

“2020 Separation Documents”
shall have the meaning assigned to such term in Amendment No. 3.

 

“Accession Agreement”
shall mean an Accession Agreement substantially in the form of Exhibit D among a Prospective Lender, Howmet and the Administrative Agent.

 

“Administrative Agent”
shall mean Citi, in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Questionnaire”
shall mean an Administrative Questionnaire in the form of Exhibit B.

 

     

     

    

 

“Affected Financial
Institution” shall mean (a) any EEA Financial Institution or (b) any UK Finical Institution.

 

“Affiliate”
shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the person specified.

 

“Amendment No. 3”
shall mean Amendment No. 3 to the Existing Credit Agreement, dated as of March 4, 2020.

 

“Applicable Margin”
shall mean:

 

as of any date of determination,
a per annum rate equal to the rate set forth below opposite the applicable Type of Loan and the Index Debt Ratings in effect on such date
set forth below; provided, that in the event the Index Debt Ratings fall within different categories, the Applicable Margin shall be based
on the category corresponding to the higher of such Index Debt Ratings, unless such Index Debt Ratings differ by two or more categories,
in which case the spreads shall be based upon the category one level below the category corresponding to the higher of such Index Debt
Ratings;

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt Ratings of at least BBB+ by S&P, Fitch and/or Baa1 by Moody’s	Index Debt Ratings less than Category 1, but at least BBB by S&P, Fitch and/or Baa2 by Moody’s	Index Debt Ratings less than Category 2, but at least BBB- by S&P, Fitch and/or Baa3 by Moody’s.	Index Debt Ratings less than Category 3, but at least BB+ by S&P, Fitch and/or Ba1 by Moody’s.	Index Debt Ratings less than Category 4, but at least  BB by S&P, Fitch and/or Ba2 by Moody’s.	Index Debt Ratings equal to or lower than BB- by S&P, Fitch and/or Ba3 by Moody’s.
	Applicable Margin for Eurocurrency Rate Loans	1.015%	1.125%	1.20%	1.40%	1.70%	1.90%
	Applicable Margin for Base Rate Loans	0.015%	0.125%	0.20%	0.40%	0.70%	0.90%

 

“Applicable Facility
Fee Rate” shall mean, as of any date of determination, a per annum rate equal to the rate set forth below opposite the Index
Debt Ratings in effect on such date set forth below; provided, that in the event the Index Debt Ratings fall within different categories,
the Applicable Facility Fee Rate shall be based on the category corresponding to the higher of such Index Debt Ratings, unless such Index
Debt Ratings differ by two or more categories, in which case the fee shall be based upon the category one level below the category corresponding
to the higher of such Index Debt Ratings:

 

    2

     

    

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt Ratings of at least BBB+ by S&P, Fitch and/or Baa1 by Moody’s	Index Debt Ratings less than Category 1, but at least BBB by S&P, Fitch and/or Baa2 by Moody’s	Index Debt Ratings less than Category 2, but at least BBB- by S&P, Fitch and/or Baa3 by Moody’s.	Index Debt Ratings less than Category 3, but at least BB+ by S&P, Fitch and/or Ba1 by Moody’s.	Index Debt Ratings less than Category 4, but at least BB by S&P, Fitch and/or Ba2 by Moody’s.	Index Debt Ratings equal to or lower than BB- by S&P, Fitch and/or Ba3 by Moody’s.
	Applicable Facility Fee Rate	0.11%	0.125%	0.175%	0.225%	0.30%	0.35%

 

“Approved Electronic
Platform” shall have the meaning assigned to such term in Section 9.03(b).

 

“Approved Fund”
shall have the meaning assigned to such term in Section 10.04(b).

 

“Arrangers”
shall mean Citibank, N.A., JPMorgan Chase Bank, N.A., BMO Capital Markets Corp., BNP Paribas, Fifth Third Bank, National Association,
Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., and Truist Securities, Inc., in their capacities as joint
lead arrangers and bookrunners.

 

“Assignment and Assumption”
shall mean an assignment and assumption entered into by a Lender and an assignee, and accepted by the Administrative Agent, in substantially
the form of Exhibit A or such other form as shall be approved by the Administrative Agent.

 

“Available Credit”
shall mean, at any time, (a) the then effective Commitments minus (b) the aggregate Revolving Credit Outstandings at such time.

 

“Available Tenor”
shall mean, as of any date of determination and with respect to any then-current Benchmark for any currency, as applicable, (x) if any
then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period
or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement
as of such date.

 

“Bail-In Action”
shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an Affected Financial Institution.

 

“Bail-In
Legislation” shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA
Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United
Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule
applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial
institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

    3

     

    

 

“Base Rate”
shall mean, for any period, the rate determined by the Administrative Agent as the fluctuating interest rate per annum as shall be in
effect from time to time, which rate per annum shall be equal at all times to the highest of the following:

 

(a)       the
rate of interest announced publicly by Citi in New York, New York, from time to time, as Citi’s base rate for loans denominated
in Dollars;

 

(b)       0.5%
per annum plus the Federal Funds Rate; and

 

(c)       the
Eurocurrency Rate for a one-month Interest Period commencing on such day plus 1.0%.

 

“Base Rate Borrowing”
shall mean a Borrowing comprised of Base Rate Loans.

 

“Base Rate Loan”
shall mean any Loan bearing interest at a rate determined by reference to the Base Rate in accordance with the provisions of Article
II.

 

“Benchmark”
shall mean, initially, (i) with respect to amounts denominated in Dollars, the LIBO Rate and (ii) with respect to amounts denominated
in Euros, EURIBOR; provided that if a replacement of an initial or subsequent Benchmark has occurred pursuant to Section 2.07,
then “Benchmark” shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the
calculation thereof.

 

“Benchmark Replacement”
shall mean, for any Available Tenor:

 

(1) For purposes of clauses
(d)(i) and (d)(ii) of Section 2.07, the first alternative set forth below that can be determined by the Administrative Agent:

 

(a) the sum of: (i) Term
SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for
an Available Tenor of three-months’ duration and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration;
provided, that if any Available Tenor of the LIBO Rate does not correspond to an Available Tenor of Term SOFR, the Benchmark Replacement
for such Available Tenor of the LIBO Rate shall be the closest corresponding Available Tenor (based on tenor) for Term SOFR and if such
Available Tenor of the LIBO Rate corresponds equally to two Available Tenors of Term SOFR, the corresponding tenor of Term SOFR with the
shorter duration shall be applied, or

 

(b) the sum of: (i) Daily Simple SOFR and (ii)
the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of the LIBO Rate with
a SOFR-based rate having approximately the same length as the interest payment period specified in clause (d)(i) of Section 2.07
(which spread adjustment, for the avoidance of doubt, shall be 0.11448% (11.448 basis points); and

 

(2) For purposes of clause
(d)(iii) of Section 2.07, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or
negative value or zero), in each case, that has been selected by the Administrative Agent and Howmet as the replacement for such
Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any
applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities at such time denominated in the
applicable currency in the U.S. syndicated loan market;

 

    4

     

    

 

provided that, if the
Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be
deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula
for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula, methodology
or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational
matters) that the Administrative Agent, in consultation with Howmet, decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists,
in such other manner of administration as the Administrative Agent decides, in consultation with Howmet, is reasonably necessary in connection
with the administration of this Agreement and the other Loan Documents).

 

“Benchmark Transition
Event” shall mean, with respect to any then-current Benchmark other than the LIBO Rate, the occurrence of one or more of the
following events: a public statement or publication of information by or on behalf of the administrator of any then-current Benchmark,
the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve
Bank of New York, the central bank for the currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator
for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased
or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
or (b) all Available Tenors of such Benchmark are or will no longer be representative and that representativeness will not be restored.

 

“Benefit Plan”
shall mean any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes
of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“Board” shall
mean the Board of Governors of the Federal Reserve System of the United States.

 

“Borrowers”
shall mean Howmet and the Borrowing Subsidiaries.

 

    5

     

    

 

“Borrowing”
shall mean any group of Loans of a single Type made by the Lenders on a single date and as to which a single Interest Period is in effect.

 

“Borrowing Subsidiary”
shall mean, at any time, each wholly-owned Subsidiary of Howmet that has been designated by Howmet as a Borrower hereunder and that has
undertaken the obligations of a Borrowing Subsidiary pursuant to Section 10.04(f).

 

“Borrowing Subsidiaries
Obligations” shall mean the Obligations of all of the Borrowing Subsidiaries.

 

“Business Day”
shall mean a day of the year on which banks are not required or authorized to close in New York City and if the applicable Business Day
relates to notices, determinations, fundings and payments in connection with (a) the LIBO Rate or a Borrowing denominated in Dollars,
a day on which deposits in Dollars are also carried on in the London interbank market and (b) EURIBOR or a Borrowing denominated in Euros,
such day that is also a Target Date.

 

“Citi” shall
mean Citibank, N.A.

 

“CLO” shall
have the meaning assigned to such term in Section 10.04(b).

 

“Closing Date”
shall mean, September 28, 2021.

 

“Co-Documentation Agents”
shall mean BMO Capital Markets Corp., BNP Paribas, Fifth Third Bank, National Association, Goldman Sachs Bank USA, Mizuho Bank, Ltd.,
Morgan Stanley Senior Funding, Inc. and Truist Bank.

 

“Code” shall
mean the Internal Revenue Code of 1986, as the same may be amended from time to time.

 

“Commitment”
shall mean, with respect to each Lender, the commitment of such Lender to make Loans and acquire interests in Letters of Credit as set
forth in this Agreement in the aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule
2.01(a) or in any Assignment and Assumption or Accession Agreement pursuant to which such Lender first becomes a Lender hereunder, as
the same may be terminated or reduced from time to time pursuant to Section 2.10 or Section 10.04(h), increased from time
to time pursuant to Section 2.20 or extended pursuant to Section 2.21. As of the Closing Date, the aggregate amount of Commitments
is $1,000,000,000

 

“Consolidated EBITDA”
shall mean, for any period, for Howmet and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such
period plus the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges
for such period, (ii) the provision for federal, state, local and foreign income Taxes payable by Howmet and its Subsidiaries for such
period, (iii) the amount of depreciation and amortization expense, and (iv) the aggregate amount of fees, expenses and charges incurred
or attributed to Howmet and its Subsidiaries in connection with this Agreement.

 

“Consolidated
Interest Charges” shall mean, for any period, for Howmet and its Subsidiaries on a consolidated basis, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses of Howmet and its Subsidiaries 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 (b) the portion of rent expense of Howmet and its Subsidiaries with respect
to such period under capital leases that is treated as interest in accordance with GAAP.

 

    6

     

    

 

“Consolidated Net Debt”
shall mean, as of any date of determination, (a) Indebtedness of Howmet and its Subsidiaries on a consolidated basis, after eliminating
intercompany items, as of such time minus (b) the amount by which unrestricted cash and cash equivalents, determined in accordance
with GAAP, of Howmet and its Subsidiaries exceeds $300,000,000 in the aggregate (provided that Consolidated Net Debt shall not
be less than zero).

 

“Consolidated
Net Income” shall mean, for any period, for Howmet and its Subsidiaries on a consolidated basis, the net income of Howmet and
its Subsidiaries (excluding any unusual, non-recurring, exceptional or non-cash expenses, losses or charges and any unusual, non-recurring,
exceptional or non-cash gains) for such period ((x) excluding any impact of the Designated Grenfell Liabilities or gain or loss (including
as a result of insurance recoveries received directly from the insurance company or indirectly from Arconic Corporation), in each case
arising from or attributable to the Grenfell Tower Fire and (y) reduced for any cash payments made during such period, whether or not
such cash payments would be required to reduce net income in accordance with GAAP, resulting from the Designated Grenfell Liabilities
except to the extent such payments either (i) have been reimbursed in cash directly from an insurance provider or reimbursed indirectly
from Arconic Corporation or (ii) are expected to be covered and reimbursed in cash within 365 days (A) directly by an insurance provider
that is financially sound and reputable and has not disputed coverage or (B) indirectly by Arconic Corporation (in each case of (A) and
(B), as determined by Howmet in good faith), such adjustments pursuant to clauses (x) and (y) as set forth in reasonable detail
in the certificate of a Financial Officer delivered pursuant to Section 5.01(c)(ii); provided that to the extent such amounts are
not so reimbursed within such 365 day period, or are no longer expected to be covered and reimbursed or are disputed, then such unreimbursed
amount shall reduce net income for such period).

 

“Consolidated Net Tangible
Assets” shall mean at any time, the aggregate amount of assets (less applicable reserves and other properly deductible items)
of Howmet and its consolidated Subsidiaries adjusted for inventories on the basis of cost (before application of the “last-in first-out”
method of determining cost) or current market value, whichever is lower, and deducting therefrom (a) all current liabilities of such corporation
and its consolidated Subsidiaries except for (i) notes and loans payable (including commercial paper), (ii) current maturities of long-term
debt and (iii) current maturities of obligations under capital leases and (b) all goodwill, trade names, patents, unamortized debt discount
and expenses of such corporation and its consolidated Subsidiaries (to the extent included in said aggregate amount of assets) and other
like intangibles, all as set forth in the most recent consolidated balance sheet of Howmet and its consolidated Subsidiaries, delivered
to the Administrative Agent pursuant to Section 5.01, computed and consolidated in accordance with GAAP.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person,
whether through the ownership of Voting Stock, by contract or otherwise, and “Controlling” and “Controlled” shall
have meanings correlative thereto.

 

“Covenant Relief Period” shall
mean the period commencing on June 30, 2020, and ending on (and including) the Covenant Relief Period Termination Date.

 

“Covenant Relief Period
Termination Date” shall mean the earlier of (a) December 31, 2022 and (b) the date on which the Administrative Agent receives
a Covenant Relief Period Termination Notice from Howmet; provided that, with respect to clause (b) hereof, no Event of Default
or Default shall have occurred and be continuing on such date.

 

    7

     

    

 

“Covenant Relief Period
Termination Notice” shall mean a certificate of a Responsible Officer of Howmet (a) stating that Howmet irrevocably elects to
terminate the Covenant Relief Period effective as of the date set forth in such certificate (which date shall be no earlier than the date
of the certificate) delivered to the Administrative Agent and (b) certifying that (x) the Consolidated Net Debt to Consolidated EBITDA
as of the end of the fiscal quarter for the period of the four fiscal quarters of Howmet most recently ended did not exceed 3.50 to 1.00
and (y) at the time of and immediately after the Covenant Relief Period Termination Date no Event of Default or Default shall have occurred
and be continuing.

 

“Daily Simple SOFR”
shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative
Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple
SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively
feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

 

“Default”
shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of Default.

 

“Defaulting Lender”
shall mean, at any time, subject to Section 2.23, (i) any Lender that has failed for two or more Business Days to comply with its
obligations under this Agreement to make a Loan, make a payment to the Issuer in respect of a Letter of Credit or make any other payment
due hereunder (each a “funding obligation”), unless such Lender has notified the Administrative Agent and Howmet in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to funding has not been satisfied
(which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing) or is the
subject of a specifically identified good faith dispute, (ii) any Lender that has notified the Administrative Agent, Howmet or the Issuer
in writing, or has stated publicly, that it does not intend to comply with its such funding obligations hereunder, unless such writing
or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding
cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such
writing or public statement), (iii) any Lender that has defaulted on its funding obligations under any other loan agreement or credit
agreement or other similar/other financing agreement, (iv) any Lender that has, for three or more Business Days after written request
of the Administrative Agent or Howmet, failed to confirm in writing to the Administrative Agent or Howmet that it will comply with its
prospective funding obligations hereunder (provided, that such Lender will cease to be a Defaulting Lender pursuant to this clause
(iv) upon the Administrative Agent’s or Howmet’s receipt of such written confirmation), or (v) any Lender with respect
to which a Lender Insolvency Event has occurred and is continuing with respect to such Lender or its Parent Company (provided,
in each case, that neither the reallocation of funding obligations provided for in Section 2.23 as a result of a Lender being a
Defaulting Lender nor the performance by Non-Defaulting Lenders of such reallocated funding obligations will by themselves cause the relevant
Defaulting Lender to become a Non-Defaulting Lender), or (vi) any Lender that has become the subject of a Bail-In Action. Any determination
by the Administrative Agent that a Lender is a Defaulting Lender under any of clauses (i) through (vi) above will be conclusive and binding
absent manifest error, and such Lender will be deemed to be a Defaulting Lender (subject to Section 2.23) upon notification of
such determination by the Administrative Agent to Howmet, the Issuer and the Lenders.

 

“Designated Grenfell
Liabilities” shall mean costs and expenses (including legal fees) attributable to or arising from the Grenfell Tower Fire, which
have been assumed by Arconic Rolled Products pursuant to the 2020 Separation Documents (as defined in Amendment No. 3).

 

    8

     

    

 

“Designation Date”
shall have the meaning assigned to such term in Section 10.04(f).

 

“Designation of Borrowing
Subsidiary” shall mean a Designation of Borrowing Subsidiary executed by Howmet and a wholly-owned Subsidiary thereof in substantially
the form of Exhibit C.

 

“Determination Date”
shall mean, with respect to any Letter of Credit, (i) the most recent date upon which one of the following shall have occurred: (x) the
date of issuance of such Letter of Credit, (y) the date on which any Issuer was or is, as applicable, required to deliver a notice of
non-renewal with respect to such Letter of Credit, and (z) the first Business Day of each month, commencing on the first Business Day
following the issuance of such Letter of Credit; and (ii) such other date determined by the Administrative Agent in its sole discretion.

 

“Documentary Letter
of Credit” shall mean any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of
goods purchased by Howmet or any of its Subsidiaries in the ordinary course of its business.

 

“Dollar Equivalent”
shall mean (i) with respect to all matters other than the Letters of Credit, (x) with respect to any amount denominated in Dollars, such
amount and (y) with respect to any amount denominated in Euro, the amount converted in Dollars using the 12:00 p.m. New York City OANDA
rate for Euro on such day or, if such day is not a Business Day, on the immediately preceding Business Day and (ii) with respect to the
Letters of Credit issued (x) in Dollars, such amount on any Determination Date and (y) in Euro, the amount converted into Dollars using
the 12:00 p.m. New York City OANDA rate for Euro on such Determination Date or, if such day is not a Business Day, on the immediately
preceding Business Day.

 

“Dollars”
or “$” shall mean lawful money of the United States of America.

 

“Early Opt-in Effective
Date” shall mean, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early
Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on
the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection
to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

“Early Opt-in Election”
shall mean, if the then-current Benchmark is the LIBO Rate, the occurrence of the following:

 

(1)          a notification by
the Administrative Agent to (or the request by Howmet to the Administrative Agent to notify) each of the other parties hereto that at
least five currently outstanding Dollar denominated syndicated credit facilities in the U.S. syndicated loan market at such time contain
(as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR)
as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)          in each case, the
joint election by the Administrative Agent and Howmet to trigger a fallback from the LIBO Rate or the applicable London interbank offered
rate and the provision by the Administrative Agent of written notice of such election to the Lenders.

 

“EEA Financial
Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of
an institution described in clause (a) of this definition or (c) any financial institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent.

 

    9

     

    

 

“EEA Member Country”
shall mean any of the member states of the European Union, Iceland, Liechtenstein and Norway.

 

“EEA Resolution
Authority” shall mean any public administrative authority or any person entrusted with public administrative authority of any
EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electronic Signature”
shall mean an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person
with the intent to sign, authenticate or accept such contract or record.

 

“ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) that is a member of a group of which any Borrower is a member and which
is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
shall mean (i) any Reportable Event; (ii) the adoption of any amendment to a Plan that would require the provision of security pursuant
to Section 401(a)(29) of the Code or Section 307 of ERISA; (iii) a determination that any Plan is, or is reasonably expected to be, in
 “at-risk” status, within the meaning of Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; (iv) the filing pursuant
to Section 412(d) of the Code or Section 302(d) of ERISA of an application for a waiver of the minimum funding standard with respect to
any Plan; (v) the incurrence of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or
partial withdrawal of any Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; (vi) the receipt by any Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or
to appoint a trustee to administer any Plan; (vii) the receipt by any Borrower or any ERISA Affiliate of any notice concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA or is in
 “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (viii)
the occurrence of a “prohibited transaction” with respect to which any Borrower or any of its subsidiaries is a “disqualified
person” (within the meaning of Section 4975 of the Code) or with respect to which any Borrower or any such subsidiary could otherwise
be liable; (ix) any other similar event or condition with respect to a Plan or Multiemployer Plan that could result in liability of the
Borrowers and (x) any Foreign Benefit Event.

 

“Erroneous Payment”
has the meaning specified in Section 9.08(a).

 

“Erroneous Payment
Deficiency Assignment” has the meaning specified in Section 9.08(d)(i).

 

“Erroneous Payment
Return Deficiency” has the meaning specified in Section 9.08(d)(i).

 

“Erroneous Payment
Subrogation Rights” has the meaning specified in Section 9.08(e).

 

    10

     

    

 

“EU Bail-In Legislation
Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person),
as in effect from time to time.

 

“EURIBOR”
shall mean shall have the meaning assigned to such term in the definition “Eurocurrency Rate”.

 

“Euro” shall
mean the single currency of participating member states of the European Union.

 

“Eurocurrency Rate”
shall mean,

 

(a)       with
respect to any Eurocurrency Rate Loan denominated in Dollars, or clause (c) of the Base Rate, as applicable, for any Interest Period,
an interest rate (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the London interbank offered rate as published on the
applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) for deposits in Dollars for a period equal to the Interest Period for such Eurocurrency Borrowing, or clause
(c) of the Base Rate, as applicable, at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period (“LIBO Rate”); and

 

(b)       with
respect to any Eurocurrency Rate Loan denominated in Euros, the European Money Markets Institute Settlement Rate, as published on the
applicable Bloomberg screen page (or such other commercially available source provided such quotations as may be designated by the Administrative
Agent from time to time) for deposits in Euro for a period equal to the applicable Interest Period, at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period (“EURIBOR”);

 

provided, that (i) the
Administrative Agent shall determine the Eurocurrency Rate and such determination shall be conclusive absent manifest error and (ii) notwithstanding
the foregoing, if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for the purposes of this Agreement.

 

“Eurocurrency Rate
Borrowing” shall mean a Borrowing comprised of Eurocurrency Rate Loans.

 

“Eurocurrency Rate
Loan” shall mean any Loan during any period in which it bears interest based on the Eurocurrency Rate in accordance with the
provisions of Article II.

 

“Event of Default”
shall have the meaning assigned to such term in Article VII.

 

“Exchange Act Reports”
shall mean the Annual Report of Howmet on Form 10-K for the year ended December 31, 2020, the Quarterly Reports of Howmet on Form 10-Q
for the quarters ended March 31, 2021 and June 30, 2021, filed by Howmet with the SEC pursuant to the Securities Exchange Act of 1934;
provided, however, that for the purpose of satisfaction of the condition set forth in Section 2.21(b)(B) with respect
to the First Extension or the Second Extension only, “Exchange Act Reports” shall mean Howmet’s Annual Report on Form
10-K for the fiscal year of Howmet most recently ended prior to the delivery of the Extension Request with respect to the First Extension
or the Second Extension, as applicable (the “Applicable Fiscal Year”), the Quarterly Reports of Howmet on Form 10-Q
for each of the quarters ended after the Applicable Fiscal Year and prior to the applicable Extended Maturity Effective Date.

 

    11

     

    

 

“Excluded Taxes”
shall mean (i) any Taxes based upon, or measured by, any Lender’s, any Issuer’s, any Transferee’s or the Administrative
Agent’s net income, net receipts, net profits, net worth or capital (including franchise or similar Taxes imposed in lieu of such
Taxes), but only to the extent such Taxes are imposed by a taxing authority (a) in a jurisdiction (or political subdivision thereof) under
the laws of which such Lender, Issuer, Transferee or the Administrative Agent is organized or incorporated, (b) in a jurisdiction (or
political subdivision thereof) in which such Lender, Issuer, Transferee or the Administrative Agent does business, or (c) in a jurisdiction
(or political subdivision thereof) in which such Lender, Issuer, Transferee or the Administrative Agent maintains a lending office (or
branch), (ii) any franchise Taxes, branch Taxes or branch profits Taxes imposed by the United States or any similar Taxes imposed by any
jurisdiction (or political subdivision thereof) described in clause (i) or in which any Borrower is located, (iii) with regard to any
Lender, Issuer or Transferee, any withholding Tax that is (a) imposed on amounts payable to such Lender, Issuer or Transferee because
such Lender, Issuer or Transferee designates a new lending office, except to the extent that such Lender, Issuer or Transferee was entitled,
at the time of designation of a new lending office (or assignment), to receive such additional amounts from any Borrower pursuant to Section
2.18(a), or (b) attributable to such Lender’s, Issuer’s or Transferee’s failure to comply with Section
2.18(g), (h) or (i), as applicable, (iv) any Tax that is found in a final, non-appealable judgment by a court of competent
jurisdiction to have been imposed solely as a result of any Lender’s, Issuer’s, Transferee’s or the Administrative Agent’s
gross negligence or willful misconduct and (v) any withholding Taxes imposed under FATCA.

 

“Existing Credit Agreement”
has the meaning specified in the recitals.

 

“Existing Preferred
Stock” shall mean the $3.75 Cumulative Preferred Stock, par value $100 per share of Howmet issued as of June 26, 2020.

 

“Extended Maturity
Effective Date” shall have the meaning assigned to such term in Section 2.21(b).

 

“Extension Request”
shall have the meaning assigned to such term in Section 2.21(a).

 

“Facility”
shall mean the Commitments and the provisions herein related to the Loans and Letters of Credit.

 

“Facility Fee”
shall have the meaning assigned to such term in Section 2.06(a).

 

“FATCA” shall
mean Sections 1471 through 1474 of the Code (or any amended or successor provision of the Code that is substantively comparable and not
materially more onerous to comply with); any applicable intergovernmental agreement entered into in respect thereof; any current or future
regulations, administrative guidance or official interpretations thereof; and any agreement entered into pursuant to Section 1471(b)(1)
of the Code.

 

“Federal Funds Rate”
shall mean, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is
not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent
from three federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing, if the Federal Funds Rate shall
be less than zero, such rate shall be deemed zero for the purposes of this Agreement.

 

    12

     

    

 

“Financial Officer”
of any corporation shall mean the chief financial officer, principal accounting officer, treasurer or controller of such corporation.

 

“First Extended Maturity
Date” shall mean the sixth anniversary of the Closing Date or, if such day is not a Business Day, on the immediately preceding
Business Day.

 

“First Extension”
shall have the meaning assigned to such term in Section 2.21(a).

 

“Fitch” shall
mean Fitch Ratings Ltd.

 

“Floor” shall
mean the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the initial Benchmark for each currency provided for hereunder.

 

“Foreign Benefit Event”
shall mean (a) with respect to any Foreign Pension Plan, (i) the existence of unfunded liabilities in excess of the amount permitted under
any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (ii) the failure
to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments,
(iii) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint
a trustee to administer any such Foreign Pension Plan, or to the insolvency of any such Foreign Pension Plan and (iv) the incurrence of
any liability of the Borrowers under applicable law on account of the complete or partial termination of such Foreign Pension Plan or
the complete or partial withdrawal of any participating employer therein and (b) with respect to any Foreign Plan, (i) the occurrence
of any transaction that is prohibited under any applicable law and could result in the incurrence of any liability by the Borrowers, or
the imposition on the Borrowers of any fine, excise tax or penalty resulting from any noncompliance with any applicable law and (ii) any
other event or condition that could reasonably be expected to result in liability of any of the Borrowers.

 

“Foreign Pension Plan”
shall mean any benefit plan which under applicable law is required to be funded through a trust or other funding vehicle other than a
trust or funding vehicle maintained exclusively by a Governmental Authority.

 

“Foreign Plan”
shall mean any plan or arrangement established or maintained outside the United States for the benefit of present or former employees
of any of the Borrowers.

 

“GAAP” shall
mean generally accepted accounting principles in the United States of America as in effect from time to time.

 

“Governmental Authority”
shall mean any nation, sovereign or government, any state, province or other political subdivision thereof and any entity or authority
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any central
bank or stock exchange, including any applicable supranational bodies (such as the European Union or the European Central Bank).

 

“Grenfell Tower Fire”
shall mean the June 2017 fire at the Grenfell Tower in London, England.

 

“Guarantee”
of or by any person shall mean any obligation, contingent or otherwise, of such person guaranteeing any Indebtedness of any other
person, whether directly or indirectly, and including any obligation of such person, direct or indirect, to purchase or pay such
Indebtedness or to purchase any security for the payment of such Indebtedness; provided, however, that the term
 “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of
business.

 

    13

     

    

 

“IFRS” shall
mean the International Financial Reporting Standards set by the International Accounting Standards Board (or the Financial Accounting
Standards Board of the American Institute of Certified Public Accountants or the SEC, as the case may be) or any successor thereto, as
in effect from time to time.

“Indebtedness”
of any person at any time shall mean, without duplication, (a) all obligations for money borrowed or raised, all obligations (other than
accounts payable and other similar items arising in the ordinary course of business) for the deferred payment of the purchase price of
property, and all capital lease obligations which, in each case, in accordance with GAAP, would be included in determining total liabilities
as shown on the liability side of the balance sheet of such person and (b) all Guarantees of such person.

 

“Indemnified Taxes”
shall mean Taxes other than Excluded Taxes.

 

“Indemnitee”
shall have the meaning assigned to it in Section 10.05(c).

 

“Index Debt”
shall mean the senior, unsecured, non-credit enhanced, long–term Indebtedness for borrowed money of Howmet.

 

“Index Debt Ratings”
shall mean, as of any date, the most recently announced rating for any Index Debt by S&P, Moody’s or Fitch. For purposes of
the foregoing, (a) if at any time Howmet has two Index Debt Ratings, in the event of split Index Debt Ratings, the fees and spreads will
be based on the category corresponding to the higher of such Index Debt Ratings, unless such ratings differ by two or more categories,
in which case the fees and spreads will be based upon the category one level below the category corresponding to the higher of such Index
Debt Ratings; (b) if at any time Howmet has three Index Debt Ratings, in the event of split Index Debt Ratings, (A) if two of the three
Index Debt Ratings are in the same category, such category shall apply and (B) if all three of the Index Debt Ratings are in different
categories, then the category corresponding to the middle Index Debt Rating shall apply; (c) if at any time Howmet has only one Index
Debt Rating, the fees and spreads shall be the rate per annum applicable to such Index Debt Rating; and (d) if Howmet does not have an
Index Debt Rating from either Moody’s, S&P or Fitch, then all such Index Debt Ratings shall be deemed to be in category 6. Each
change in the Applicable Margin and the Applicable Facility Fee Rate shall apply during the period commencing on the effective date of
such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s,
S&P or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, Howmet
and the Lenders shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating
system or the non-availability of ratings from such rating agency, and pending the effectiveness of any such amendment, the ratings of
such rating agency most recently in effect prior to such change or cessation shall be employed in determining the Applicable Margin and
the Applicable Facility Fee Rate.

 

“Initial Scheduled
Maturity Date” shall mean the fifth anniversary of the Closing Date or, if such day is not a Business Day, on the immediately
preceding Business Day.

 

“Interest Election
Request” has the meaning specified in Section 2.04(a).

 

“Interest Payment
Date” shall mean, with respect to any Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurocurrency Rate Borrowing with an Interest Period of more than three months’ duration,
each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been
applicable to such Borrowing, and, in addition, the effective date of any continuation of such Borrowing in its existing Type or
conversion of such Borrowing to a Borrowing of a different Type, and the Maturity Date.

 

    14

     

    

 

“Interest Period”
shall mean (a) as to any Eurocurrency Rate Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately
preceding Interest Period applicable to such Borrowing, as the case may be, and ending on the numerically corresponding day (or, if there
is no numerically corresponding day, on the last day) in the calendar month that is 1, 3 or 6 months thereafter, as the Borrower to which
such Loan is made may elect; provided, however, that the Borrowers may not elect any Interest Period that ends after the
Maturity Date, and (b) as to any Base Rate Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately
preceding Interest Period applicable to such Borrowing, as the case may be, and ending on the earliest of (i) the next succeeding March
31, June 30, September 30 or December 31, (ii) the Maturity Date and (iii) the date such Borrowing is prepaid in accordance with Section
2.11; provided, however, that in each case of clauses (a) and (b) above, if any Interest Period would
end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case
of a Eurocurrency Rate Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day.

 

“Issue” shall
mean, with respect to any Letter of Credit, to issue, extend the expiry of, renew or increase the maximum face amount (including by deleting
or reducing any scheduled decrease in such maximum face amount) of, such Letter of Credit. The terms “Issued” and “Issuance”
shall have a corresponding meaning.

 

“Issuer”
shall mean each Lender or Affiliate of a Lender that (a) is listed on the signature pages hereof as an “Issuer” or (b) is
designated by Howmet and hereafter becomes an Issuer with the approval of the Administrative Agent by agreeing pursuant to an agreement
with and in form and substance satisfactory to the Administrative Agent and Howmet to be bound by the terms hereof applicable to Issuers.

 

“L/C Commitment”
shall mean, with respect to each Issuer, the commitment of such Issuer to Issue Letters of Credit as set forth in this Agreement in the
aggregate face amount not to exceed the amount set forth opposite such Issuer’s name on Schedule 2.01(b) or in the agreement
by which such Issuer agrees to become an Issuer hereunder and to be bound by the terms hereof applicable to Issuers.

 

“Lenders”
shall mean (a) the financial institutions or other entities listed on Schedule 2.01(a) (other than any such financial institution
or other entity that has ceased to be a party hereto pursuant to an Assignment and Assumption or otherwise) and (b) any financial institution
or other entity that has become a party hereto pursuant to an Assignment and Assumption or an Accession Agreement, in each case that (i)
has a Commitment, (ii) holds a Loan or (iii) participates in any Letter of Credit.

 

“Lender Insolvency
Event” shall mean that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become
due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors,
(ii) a Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or
a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or
such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding
or appointment or (iii) a Lender or its Parent Company becomes the subject of a Bail-in Action. Notwithstanding anything to the contrary
above, a Lender will not be a Defaulting Lender solely by virtue of the ownership or acquisition of any stock in such Lender or its Parent
Company by any Governmental Authority.

 

    15

     

    

 

“Letter of Credit”
shall mean any letter of credit Issued pursuant to Section 2.22.

 

“Letter of Credit Obligations”
shall mean, at any time, the Dollar Equivalent of the aggregate of all liabilities at such time of the Borrowers to all Issuers with respect
to Letters of Credit, whether or not any such liability is contingent, including, without duplication, the sum of (a) the Reimbursement
Obligations at such time and (b) the Letter of Credit Undrawn Amounts at such time.

 

“Letter of Credit Reimbursement
Agreement” has the meaning specified in Section 2.22(a)(vi).

 

“Letter of Credit Request”
has the meaning specified in Section 2.22(c).

 

“Letter of Credit Sublimit”
shall mean $500,000,000.

 

“Letter of Credit Undrawn
Amounts” shall mean, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

 

“LIBO Rate”
shall have the meaning assigned to such term in the definition “Eurocurrency Rate”.

 

“Lien” shall
mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such
asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 

“Loan Documents”
shall mean, collectively, this Agreement, the Notes (if any), each Letter of Credit Reimbursement Agreement, each Designation of Borrowing
Subsidiary, each Subsidiary Guarantee (if any) and each certificate, agreement or document executed by Howmet or any other Borrower and
delivered to the Administrative Agent or any Lender or Issuer in connection with or pursuant to any of the foregoing.

 

“Loans” shall
mean the loans made by the Lenders pursuant to this Agreement. Each Loan shall be a Eurocurrency Rate Loan or a Base Rate Loan.

 

“Material Adverse Effect”
shall mean a materially adverse effect on the business, assets, operations or financial condition of Howmet and its Subsidiaries, taken
as a whole, or a material impairment of the ability of Howmet to perform any of its obligations under this Agreement.

 

“Maturity Date”
shall mean the earlier of (a) (i) the Initial Scheduled Maturity Date, if Howmet does not request a First Extension, (ii) with
respect to any Commitment, Loan or other right or obligation of any Lender that did not consent to the First Extension or the Second Extension,
the Initial Scheduled Maturity Date, (iii) with respect to any Commitment, Loan or other right or obligation hereunder of any Lender
or Issuer that has consented to the First Extension, but did not consent to the Second Extension, if each of the conditions set forth
in Section 2.21(b) with respect to the First Extension shall have been satisfied, the First Extended Maturity Date or (iv) with
respect to any Commitment, Loan or other right or obligation hereunder of any Lender or Issuer that has consented to the Second Extension,
if each of the conditions set forth in Section 2.21(b) with respect to the Second Extension shall have been satisfied, the Second
Extended Maturity Date and (b) the date on which the Obligations become due and payable pursuant to Article VII.

 

    16

     

    

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Multiemployer Plan”
shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Borrower or any ERISA Affiliate (other than one
considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to
make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

 

“Non-Defaulting Lender”
shall mean, at any time, a Lender that is not a Defaulting Lender.

 

“Note” shall
have the meaning assigned to such term in Section 2.05(e).

 

“Obligations”
shall mean, collectively, the Loans, the Letter of Credit Obligations and all other amounts, obligations, covenants and duties owing by
the Borrowers to the Administrative Agent, any Lender, any Issuer, or any Indemnitee, of every type and description (whether by reason
of an extension of credit, opening or amendment of a Letter of Credit or payment of any draft drawn or other payment thereunder, loan,
guaranty, indemnification or otherwise), present or future, arising under this Agreement or any other Loan Document, whether direct or
indirect (including those acquired by assignment or subrogation), absolute or contingent, due or to become due, now existing or hereafter
arising and however acquired and whether or not evidenced by any note, guaranty or other instrument or for the payment of money, including
all Letters of Credit and other fees, interest, charges, expenses, attorneys’ fees and disbursements, and other sums chargeable
to the Borrowers under this Agreement or any other Loan Document and all obligations of the Borrowers under any Loan Document to provide
cash collateral for any Letter of Credit Obligation.

 

“Parent Company”
shall mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender,
and/or any person owning, beneficially or of record, directly or indirectly, a majority of the stock of such Lender.

 

“Payment Recipient”
has the meaning specified in Section 9.08(a).

 

“PBGC” shall
mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“person”
shall mean any natural person, corporation organization, business trust, joint venture, association, company, partnership or government,
or any agency or political subdivision thereof.

 

“Plan” shall
mean any pension plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code which
is maintained for employees of any Borrower or any ERISA Affiliate.

 

“Prospective Lender”
shall have the meaning assigned to such term in Section 2.20.

 

“PTE” shall
mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to
time.

 

“Ratable
Portion” or “ratably” shall mean, for any Lender, the percentage obtained by dividing (i) the amount of
the Commitment of such Lender by (ii) the sum of the aggregate outstanding amount of the Commitments of all Lenders (or, at any time
on or after the expiry date of any Revolving Credit Period, the percentage obtained by dividing the principal amount of such
Lender’s Revolving Credit Outstandings by the aggregate principal amount of all Revolving Credit Outstandings).

 

    17

     

    

 

“Register”
shall have the meaning assigned to such term in Section 2.05(b).

 

“Regulation U”
shall mean Regulation U of the Board or any Governmental Authority succeeding to its functions, as in effect from time to time.

 

“Reimbursement Date”
has the meaning specified in Section 2.22(h).

 

“Reimbursement Obligations”
shall mean, as and when matured, the obligation of any Borrower to pay, on the date payment is made or scheduled to be made to the beneficiary
under each such Letter of Credit (or at such other date as may be specified in the applicable Letter of Credit Reimbursement Agreement)
and in the currency drawn (or in such other currency as may be specified in the applicable Letter of Credit Reimbursement Agreement),
all amounts of each draft and other requests for payments drawn under Letters of Credit, and all other matured reimbursement or repayment
obligations of any Borrower to any Issuer with respect to amounts drawn under Letters of Credit.

 

“Related Parties”
shall mean, with respect to any specified person, such person’s Affiliates and the respective directors, officers, employees, agents
and advisors of such person and such person’s Affiliates.

 

“Relevant Governmental
Body” shall mean (a) with respect to a Benchmark Replacement in respect of Dollars, the Board of Governors of the Federal Reserve
System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal
Reserve System or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect
of Euros, (1) the central bank for the currency in which such amounts are denominated hereunder or any central bank or other supervisor
which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2)
any working group or committee officially endorsed or convened by (A) the central bank for the currency in which such amounts are denominated,
(B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator
of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part
thereof.

 

“Resolution Authority”
shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Reportable Event”
shall mean any reportable event as defined in Section 4043(b) of ERISA or the regulations issued thereunder with respect to a Plan (other
than a Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section
414 of the Code).

 

“Required Lenders”
shall mean, collectively, (a) on and after the Closing Date and prior to the expiry date of any Revolving Credit Period, Lenders having
more than fifty percent (50%) of the sum of (x) the aggregate principal amount of all Revolving Credit Outstandings and (y) the
aggregate amount of the unused Commitments and (b) on and after the expiry date of any Revolving Credit Period, Lenders having more than
fifty percent (50%) of the sum of the aggregate principal amount of all Revolving Credit Outstandings. A Defaulting Lender shall not be
included in the calculation of “Required Lenders.”

 

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“Responsible Officer”
of any corporation shall mean any executive officer or Financial Officer of such corporation and any other officer or similar official
thereof responsible for the administration of the obligations of such corporation in respect of this Agreement.

 

“Restricted Payment”
shall mean (a) any dividend, distribution or any other payment (whether direct or indirect) on account of any stock or equity interests
of any Borrower or any of its Subsidiaries now or hereafter outstanding and (b) any redemption, retirement, sinking fund or similar payment,
purchase, repurchase or other acquisition for value (direct or indirect) of any stock or equity interests of the Borrower or any of its
Subsidiaries now or hereafter outstanding, in each case other than (v) with respect to Existing Preferred Stock, (w) by any Subsidiary
to another Subsidiary or any Borrower, (x) Restricted Payments by Howmet payable solely in the common stock or other common equity interests
of Howmet, (y) payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for stock and (z) repurchase of equity interests upon the exercise of stock options if such equity interests
represent a portion of the exercise price of such stock options.

 

“Restricted Subsidiary”
shall mean any consolidated Subsidiary of Howmet which owns any manufacturing plant or manufacturing facility located in the United States,
except any such plant or facility which, in the opinion of the Board of Directors of Howmet, is not of material importance to the business
of Howmet and its Restricted Subsidiaries, taken as a whole, excluding any such Subsidiary which (a) is principally engaged in leasing
or financing receivables, (b) is principally engaged in financing Howmet’s operations outside the United States or (c) principally
serves as a partner in a partnership.

 

“Revolving Credit Outstandings”
shall mean, at any particular time, the sum of (a) the principal amount of the Loans outstanding at such time and (b) the Letter of Credit
Obligations outstanding at such time.

 

“Revolving Credit Period”
shall mean, with respect to each Lender and Issuer, the period from and including the Closing Date to, but excluding, the applicable Maturity
Date (or in the case of any Issuance of any Letter of Credit, 5 Business Days prior to the applicable Maturity Date) or any earlier date
on which the Commitments shall be terminated.

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a division of S&P Global Inc.

 

“Sanctions”
shall mean sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the U.S. Department
of State, or by the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Sanctioned Country”
shall have the meaning assigned to such term in Section 3.19(a).

 

“Sanctioned Person”
shall have the meaning assigned to such term in Section 3.19(a).

 

“SEC” shall
mean the Securities and Exchange Commission (or any successor agency).

 

“Second Extended Maturity
Date” shall mean the seventh anniversary of the Closing Date or, if such day is not a Business Day, on the immediately preceding
Business Day.

 

“Second Extension”
shall have the meaning assigned to such term in Section 2.21(a).

 

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“SOFR” shall
mean a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New
York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator
of the secured overnight financing rate from time to time).

 

“Standby Letter
of Credit” shall mean any Letter of Credit that is not a Documentary Letter of Credit.

 

“Subsidiary”
shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership, association or
other business entity of which securities or other ownership interests representing more than 50% of the Voting Stock or more than 50%
of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or one
or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent.

 

“Subsidiary Guarantee”
shall mean a Subsidiary Guarantee executed by a Borrowing Subsidiary in substantially the form of Exhibit F.

 

“Syndication Agent”
shall mean JPMorgan Chase Bank, N.A.

 

“Target Date”
shall mean a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) is operating.

 

“Taxes” shall
mean any and all present or future taxes, levies, imposts, deductions, charges or withholdings of a similar nature, and including, (i)
income, franchise, profits, gross receipts, minimum, alternative minimum, estimated, ad valorem, value added, sales, use, service, real
or personal property, capital stock, license, payroll, withholding, disability, employment, social security, workers compensation, unemployment
compensation, utility, mineral severance, excise, stamp, windfall profits, transfer and gains taxes, (ii) customs, duties, imposts, charges,
levies or other similar assessments of any kind, and (iii) interest, penalties and additions to tax imposed with respect thereto.

 

“Term SOFR”
shall mean, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Total Commitment”
shall mean, at any time, the aggregate amount of the Commitments, as in effect at such time.

 

“Transferee”
shall mean any transferee or assignee of any Lender, including a participation holder.

 

“Type”, when
used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising
such Borrowing is determined. For purposes hereof, “Rate” shall mean the Eurocurrency Rate and the Base Rate.

 

“UK Financial Institution”
shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

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“UK Resolution Authority”
shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“Voting Stock”
with respect to the stock of any person means stock of any class or classes (however designated) having ordinary voting power for the
election of the directors of such person, other than stock having such power only by reason of the occurrence of a contingency.

 

“Withdrawal Liability”
shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down and
Conversion Powers” shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

SECTION 1.02. Terms Generally;
Accounting Principles. (a) The definitions in Section 1.01 shall apply equally to both 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”. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections
of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. The terms “Lender”, “Issuer”,
and “Administration Agent” include their respective successors.

 

(b)               
Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance
with GAAP, as in effect from time to time; provided, however, that, if Howmet notifies the Administrative Agent that it
requests an amendment to any provision hereof to eliminate the effect of any change in GAAP on the operation of such provision (or if
the Administrative Agent notifies Howmet that the Required Lenders request an amendment to any provision hereof for such purpose), regardless
of whether any such notice is given before or after such change in GAAP (provided such change in GAAP occurs after the date hereof),
then such provision shall be interpreted on the basis of GAAP in effect immediately before such change became effective until such notice
shall have been withdrawn or such provision amended in accordance herewith. If at any time the SEC permits or requires United States reporting
companies to use IFRS in lieu of GAAP for reporting purposes, Howmet may notify the Administrative Agent that it has elected to so use
IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter be construed to mean IFRS as in effect from
time to time; provided that, to the extent that such election would affect any financial ratio set forth in this Agreement or requirements
set forth in Section 5.01, (i) Howmet shall provide to the Administrative Agent financial statements and other documents reasonably
requested by the Administrative Agent or any Lender setting forth a reconciliation with respect to such ratio or requirement made before
and after giving effect to such election and (ii) if Howmet, the Administrative Agent or the Required Lenders shall so request, the Administrative
Agent, the Required Lenders and Howmet shall negotiate in good faith to amend such ratio to preserve the original intent thereof in light
of such change.

 

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(c)               
 For purposes of this Agreement, any obligations of a person under a lease that is not (or would not be) required to be classified
and accounted for as a capitalized lease on a balance sheet of such person under GAAP as in effect as of the date of this Agreement shall
not be treated as a capitalized lease as a result of the adoption of changes in GAAP or changes in the application of GAAP and shall
continue to be treated as an operating lease.

 

SECTION 1.03. Conversion
of Foreign Currencies.

 

(a)               
Dollar Equivalents. The Administrative Agent shall determine or redetermine the Dollar Equivalent of any amount as required
hereby in its own discretion or upon the request of any Lender or Issuer, and a determination or redetermination thereof by the Administrative
Agent shall be conclusive absent manifest error. The Administrative Agent may, but shall not be obligated to, rely on any determination
made by any Borrower in any document delivered to the Administrative Agent.

 

(b)               
Rounding-Off. The Administrative Agent may set up appropriate rounding off mechanisms or otherwise round-off amounts hereunder
to the nearest higher or lower amount in whole Dollars or cents to ensure amounts owing by any party hereunder or that otherwise need
to be calculated or converted hereunder are expressed in whole Dollars or in whole cents, as may be necessary or appropriate.

 

SECTION 1.04. Divisions.
For all purposes under the Loan Documents (including Article VI), in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any person
becomes the asset, right, obligation or liability of a different person, then it shall be deemed to have been transferred from the original
person to the subsequent person, and (b) if any new person comes into existence, such new person shall be deemed to have been organized
on the first date of its existence by the holders of its equity interests at such time.

 

ARTICLE
II

 

THE CREDITS

 

SECTION 2.01. Commitments.
Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally
and not jointly, to make revolving credit Loans in Dollars or Euros to Howmet and the Borrowing Subsidiaries during the Revolving Credit
Period applicable to such Lender in accordance with the terms hereof; provided, however, that (i) after giving effect to
any Loan, the aggregate principal amount of the outstanding Loans shall not exceed the Total Commitment, (ii) at all times the aggregate
principal amount of all outstanding Loans made by each Lender shall equal its Ratable Portion of the aggregate principal amount of all
outstanding Loans and (iii) at no time shall any Lender be obligated to make a Loan in excess of such Lender’s Ratable Portion of
the Available Credit. The Commitment of each Lender is set forth on Schedule 2.01(a) to this Agreement or in any applicable Assignment
and Assumption or Accession Agreement. Such Commitment may be terminated or reduced from time to time pursuant to Section 2.10,
Section 2.23(d) or Section 10.04(h), increased pursuant to Section 2.20 and terminated pursuant to Article VII.
Within the limits set forth in this Section 2.01, the Borrowers may borrow, pay or prepay Loans and reborrow at any time during
the Revolving Credit Period, subject to the terms, conditions and limitations set forth herein.

 

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SECTION 2.02. Loans.
(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their
respective applicable Commitments; provided, however, that the failure of any Lender to make any Loan shall not in
itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be
responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). The Loans comprising
each Borrowing shall be in an aggregate principal amount which is an integral multiple of the Dollar Equivalent of $1,000,000 and
not less than the Dollar Equivalent of $50,000,000 (or an aggregate principal amount equal to the remaining balance of the
applicable Commitments, as the case may be).

 

(b)               
Each Borrowing shall be comprised entirely of Eurocurrency Rate Loans or Base Rate Loans, as the applicable Borrower may request
pursuant to Section 2.03. Each Lender may at its option fulfill its Commitment with respect to any Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided, however, that any exercise of such option shall
not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of
more than one Type may be outstanding at the same time; provided, however, that no Borrower shall be entitled to request
any Borrowing which, if made, would result in an aggregate of more than five separate Eurocurrency Rate Loans in each currency (Dollars
or Euros) of any Lender being made to the Borrowers and outstanding under this Agreement at any one time. For purposes of the foregoing,
Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Loans.

 

(c)               
Each Lender shall make each Loan that is (A) a Base Rate Loan or (B) a Eurocurrency Rate Loan, to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds to the Administrative Agent in New York, New York, not later than
1:00 p.m., New York City time, and the Administrative Agent shall by 3:00 p.m., New York City time, credit the amounts so received to
the general deposit account of the Borrower to which such Loan is to be made with The Bank of New York Mellon, or such other account as
such Borrower may designate in a written notice to the Administrative Agent, or, if such Loans are not made on such date because any condition
precedent to a Borrowing herein specified shall not have been met, return the amounts so received to the respective Lenders. Unless the
Administrative Agent shall have received notice from a Lender prior to the time of any Borrowing that such Lender will not make available
to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made
such portion available to the Administrative Agent on the date of such Borrowing in accordance with this paragraph (c) and the Administrative
Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to
the extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender and the applicable Borrower
severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for
each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent,
at (i) in the case of such Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case
of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination
shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such corresponding amount, such amount
shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement.

 

(d)               
The occurrence of any Lender becoming a Defaulting Lender shall not relieve any other Lender of its obligation to make a Loan or
payment on such date but no such other Lender shall be responsible for the failure of any Defaulting Lender to make a Loan or payment
required under this Agreement.

 

(e)               
Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request any Borrowing if the Interest Period
requested with respect thereto would end after the Maturity Date.

 

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SECTION 2.03. Notice of
Borrowings. In order to request a Borrowing, a Borrower shall give written notice (which writing may be electronic mail or
telecopy) (a) in the case of a Base Rate Borrowing, to the Administrative Agent not later than 12:00 noon, New York City time, on
the Business Day of such proposed Borrowing, (b) in the case of a Eurocurrency Rate Borrowing denominated in Dollars, to the
Administrative Agent not later than 10:00 a.m., New York City time, three Business Days before such proposed Borrowing or (c) in the
case of a Eurocurrency Rate Borrowing denominated in Euro, to the Administrative Agent not later than 10:00 a.m., New York City
time, four Business Days before such proposed Borrowing. Such notice shall be irrevocable and shall in each case refer to this
Agreement, identify the applicable Borrower and specify (i) whether such Borrowing is to be denominated in Dollars or Euros; (ii) in
the case of a Borrowing denominated in Dollars, whether such Borrowing is to be a Eurocurrency Rate Borrowing or a Base Rate
Borrowing; (iii) the date of such Borrowing (which shall be a Business Day) and the amount thereof; and (iv) if such Borrowing is to
be a Eurocurrency Rate Borrowing, the Interest Period with respect thereto. In the case of a Borrowing denominated in Dollars, if no
election as to the Type of Borrowing is specified in any such notice, then such requested Borrowing shall be a Base Rate Borrowing.
If no Interest Period with respect to any Eurocurrency Rate Borrowing is specified in any such notice, then the Borrower giving the
notice of Borrowing shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent
shall promptly advise the Lenders of any notice given pursuant to this Section 2.03 and of each Lender’s portion of the
requested Borrowing.

 

SECTION 2.04. Interest Elections.
(a) Subject to the terms and conditions set forth in this Agreement, (a) at the option of the applicable Borrower, each Borrowing denominated
in Dollars initially shall be of the Type specified in the applicable Borrowing request, (b) each Borrowing denominated in Euros shall
be a Eurocurrency Rate Borrowing, and (c) each Eurocurrency Rate Borrowing shall have an initial Interest Period as specified in the Borrowing
request with respect to such Borrowing. Thereafter, the applicable Borrower may elect to convert a Borrowing denominated in Dollars to
a different Type or to continue such Borrowing in its existing Type and, in the case of a Eurocurrency Rate Borrowing, may elect Interest
Periods therefor, all as provided in this Section. In the case of any Borrowing denominated in Dollars, the applicable Borrower may elect
different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably
among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing (each an “Interest Election Request”).

 

(b)               
To make an Interest Election Request, the applicable Borrower shall notify the Administrative Agent of such election in writing
(which writing may be electronic mail or telecopy) by the time that a Borrowing request would be required under Section 2.03 if
such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Interest Election Request signed by the applicable Borrower.

 

(c)               
Each Interest Election Request shall specify the following information in compliance with Sections 2.02 and 2.03:

 

(i)                
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant
to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)              
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

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(iii)            
 whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurocurrency Rate Borrowing; and

 

(iv)             
if the resulting Borrowing is a Eurocurrency Rate Borrowing, the Interest Period to be applicable thereto after giving effect to
such election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election Request requests
a Eurocurrency Rate Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an
Interest Period of one month’s duration.

 

(d)               
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing.

 

(e)               
If the applicable Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Rate Borrowing prior
to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing, if denominated in Dollars, shall be converted to a Base Rate Borrowing and such Borrowing, if denominated in Euros,
shall be continued to a Eurocurrency Rate Borrowing with an Interest Period of one month. Notwithstanding any contrary provision hereof,
if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies
the applicable Borrower, then, so long as such Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued
as a Eurocurrency Rate Borrowing (other than a Eurocurrency Rate Borrowing denominated in Euros, which shall be continued to a Eurocurrency
Rate Borrowing with an Interest Period of one month) and (ii) unless repaid, each Eurocurrency Rate Borrowing denominated in Dollars shall
be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto and each Eurocurrency Rate Borrowing denominated
in Euros shall be continued to a Eurocurrency Rate Borrowing with an Interest Period of one month at the end of the Interest Period applicable
thereto.

 

SECTION 2.05. Repayment of
Loans; Evidence of Debt. (a) The outstanding principal balance of each Loan shall be payable on the applicable Maturity Date.

 

(b)               
The Administrative Agent, acting as agent of the Borrowers solely for this purpose and for tax purposes, shall establish and maintain
at one of its offices a record of ownership (the “Register”) in which the Administrative Agent agrees to register by
book entry the Administrative Agent’s, each Lender’s and each Issuer’s interest in each Loan, each Letter of Credit
and each Reimbursement Obligation, and in the right to receive any payments hereunder and any assignment of any such interest or rights.
In addition, the Administrative Agent, acting as agent of the Borrowers solely for this purpose and for tax purposes, shall establish
and maintain accounts in the Register in accordance with its usual practice in which it shall record (i) the names and addresses of the
Lenders and the Issuers, (ii) the Commitments of each Lender from time to time, (iii) the amount of each Loan made and, if a Eurocurrency
Rate Loan, the Interest Period applicable thereto, (iv) the amount of any principal or interest due and payable, and paid, by the Borrowers
to, or for the account of, each Lender hereunder, (v) the amount that is due and payable, and paid, by each Borrower to, or for the account
of, each Issuer, including the amount of Letter Credit Obligations (specifying the amount of any Reimbursement Obligations) due and payable
to an Issuer, and (vi) the amount of any sum received by the Administrative Agent hereunder from the Borrowers, whether such sum constitutes
principal or interest (and the type of Loan to which it applies), fees, expenses or other amounts due under the Loan Documents and each
Lender’s and Issuer’s, as the case may be, share thereof, if applicable.

 

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(c)               
 Notwithstanding anything to the contrary contained in this Agreement, the Loans (including the Notes evidencing such Loans) and
the Reimbursement Obligations are registered obligations and the right, title, and interest of the Lenders and the Issuers and their assignees
in and to such Loans or Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such transfer in the
Register. A Note shall only evidence the Lender’s or a registered assignee’s right, title and interest in and to the related
Loan, and in no event is any such Note to be considered a bearer instrument or obligation. This Section 2.05 and Section 10.04
shall be construed so that the Loans and Reimbursement Obligations are at all times maintained in “registered form” within
the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (or any successor provisions of the Code
or such regulations).

 

(d)               
The entries made in the Register and in the accounts therein maintained pursuant to clauses (b) and (c) above shall, to the extent
permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations recorded therein; provided,
however, that the failure of the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of any Borrower to repay the Loans in accordance with their terms. In addition, the Borrowers, the Administrative Agent,
the Lenders and the Issuers shall treat each person whose name is recorded in the Register as a Lender or as an Issuer, as applicable,
for all purposes of this Agreement. Information contained in the Register with respect to any Lender or Issuer shall be available for
inspection by the Borrowers, the Administrative Agent, such Lender or such Issuer at any reasonable time and from time to time upon reasonable
prior notice.

 

(e)               
Notwithstanding any other provision of this Agreement, in the event any Lender shall request a promissory note evidencing the Loans
made by it hereunder (each a “Note”) to Howmet or any Borrowing Subsidiary, Howmet or such Borrowing Subsidiary shall
deliver such a Note, satisfactory to the Administrative Agent, payable to such Lender or its order, and, subject to Section 2.05(c),
the interests represented by such Note shall at all times (including after any assignment of all or part of such interests pursuant to
Section 10.04) be represented by one or more promissory notes payable to the payee named therein or its order.

 

SECTION 2.06. Fees.
(a) Howmet agrees to pay, or cause any other Borrower to pay, in immediately available Dollars for the account of the Lenders as set
forth below in this Section 2.06, a facility fee (collectively, the “Facility Fee”) at a rate per annum
equal to the Applicable Facility Fee Rate on (i) the aggregate amount of such Lender’s Commitment (whether used or unused),
for the period from and including the Closing Date to but excluding the earlier of the date such Commitment is terminated and the
applicable Maturity Date and (ii) after the termination of such Commitment, on the aggregate amount of such Lender’s
outstanding Revolving Credit Outstandings. Accrued Facility Fees shall be payable in arrears (A) on the last Business Day of each
calendar quarter, commencing on the first such Business Day following the Closing Date, for the account of each Lender, (B) on the
Initial Scheduled Maturity Date, (x) if Howmet shall not have requested a First Extension, for the account of each Lender or
(y)  if Howmet shall have requested a First Extension, for the account of each Lender that shall not have consented to such
First Extension, (C) the First Extended Maturity Date, (x) if Howmet shall not have requested a Second Extension, for the
account of each Lender, or (y) if Howmet shall have requested a Second Extension, for the account of each Lender that shall not
have consented to such Second Extension, (D) the Second Extended Maturity Date, if applicable, for the account of each Lender and
(E) the date on which the Commitments shall be terminated in whole (or, in the case of Letters of Credit, fully cash collateralized
in accordance with the last paragraph of Article VII), for the account of each Lender; provided, however, that
if any Revolving Credit Outstandings shall be outstanding after the date on which the Commitments have been terminated in whole,
then such Facility Fee shall be payable on demand. All Facility Fees shall be computed on the basis of the actual number of days
elapsed in a year of 360 days.

 

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(b)               
Letter of Credit Fees. Howmet agrees to pay, or cause any other Borrower to pay, the following amounts with respect to Letters
of Credit issued by any Issuer:

 

(i)                
to the Administrative Agent for the account of each Issuer of a Letter of Credit, with respect to each Letter of Credit issued
by such Issuer, an issuance fee equal to 0.125% per annum of the Dollar Equivalent of the maximum undrawn face amount of such Letter of
Credit, payable in arrears on (A) the last Business Day of each calendar quarter, commencing on the first such Business Day following
the issuance of such Letter of Credit, (B) the Initial Scheduled Maturity Date, (C) the First Extended Maturity Date, if applicable, (D)
the Second Extended Maturity Date, if applicable, and (E) the Maturity Date;

 

(ii)              
to the Administrative Agent for the ratable benefit of the Lenders, with respect to each Letter of Credit, a fee accruing in Dollars
at a rate per annum equal to the Applicable Margin for Loans that are Eurocurrency Rate Loans on the Dollar Equivalent of the maximum
undrawn face amount of such Letter of Credit, payable in arrears on (A) the last Business Day of each calendar quarter, commencing on
the first such Business Day following the issuance of such Letter of Credit, (B) the Initial Scheduled Maturity Date, (C) the First Extended
Maturity Date, if applicable, (D) the Second Extended Maturity Date, if applicable, and (E) the Maturity Date; and

 

(iii)            
to the Issuer of any Letter of Credit, with respect to the issuance, amendment or transfer of each Letter of Credit and each drawing
made thereunder, documentary and processing charges in accordance with such Issuer’s standard schedule for such charges in effect
at the time of issuance, amendment, transfer or drawing, as the case may be.

 

(iv)             
All fees payable under this Section 2.06(b) shall be computed on the basis of the actual number of days elapsed in a year
of 360 days.

 

(c)               
Howmet agrees to pay, or cause any other Borrower to pay, to the Administrative Agent and the Arrangers, for their respective accounts,
the fees payable in the amounts and at the times separately agreed upon among Howmet, such Borrowers, the Administrative Agent and the
Arrangers.

 

(d)               
All fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent, for distribution, if and
as appropriate, among the Lenders. Once paid, the fees shall not be refundable except in the case of an error which results in the payment
of fees in excess of those due and payable as of such date, in which case the Administrative Agent shall cause a refund in the amount
of such excess to be paid to Howmet.

 

(e)                Defaulting
Lender Fees. Notwithstanding anything herein to the contrary, during such period as a Lender is a Defaulting Lender, such
Defaulting Lender will not be entitled to any fees relating to such Defaulting Lender’s unused Commitments accruing during
such period pursuant to clauses (a) and (b) above (without prejudice to the rights of the Non-Defaulting Lenders in respect of such
fees); provided, that (i) to the extent that a Ratable Portion of the Letter of Credit Obligations of such Defaulting Lender
is reallocated to the Non-Defaulting Lenders pursuant to Section 2.23(a), such fees that would have accrued for the benefit
of such Defaulting Lender will instead accrue for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in
accordance with their respective Commitments, (ii) to the extent that all or any portion of such Letter of Credit Obligations cannot
be so reallocated or is not cash collateralized pursuant to Section 2.23(b), such fees will instead accrue for the benefit of
and be payable to the relevant Issuer and the pro rata payment provisions of Section 2.15 will automatically be deemed
adjusted to reflect the provisions of this Section 2.06(e)), and (iii) in no event shall the Borrowers be required to pay any
Facility Fee that otherwise would have been required to have been paid to any Lender during such period such Lender is a Defaulting
Lender.

 

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SECTION 2.07. Interest on
Loans. (a) Subject to the provisions of Section 2.08, the unpaid principal amount of the Loans comprising each Base Rate Borrowing
shall bear interest for each day (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case
may be, when the Base Rate is determined by reference to clause (a) of the definition of Base Rate and over a year of 360 days at all
other times) at a rate per annum equal to the Base Rate from time to time in effect during the Interest Period for such Borrowing plus
the Applicable Margin.

 

(b)               
Subject to the provisions of Section 2.08, the unpaid principal amount of the Loans comprising each Eurocurrency Rate Borrowing
shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to
the Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.

 

(c)               
Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this
Agreement. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest
Period. The applicable Eurocurrency Rate or Base Rate for each Interest Period or day within an Interest Period, as the case may be, shall
be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

(d)               
On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of the LIBO Rate’s
administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot
Next, 1-month, 3-month, 6-month and 12-month tenor settings for the LIBO Rate. Notwithstanding anything to the contrary herein or in any
other Loan Document:

 

(i)                
Replacing LIBO Rate. On the earlier of (1) the date that all Available Tenors of the LIBO Rate have either permanently or
indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information
to be no longer representative and (2) the Early Opt-in Effective Date, if the then-current Benchmark is the LIBO Rate, the Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark
on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or
any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

 

(ii)               If
the LIBO Rate has been replaced by a Benchmark Replacement pursuant to clause (d)(i) of this Section 2.07(d) and (I) the
applicable Benchmark Replacement on the effectiveness of such replacement was a Benchmark Replacement other than the Benchmark
Replacement provided for in clause (1)(a) of the definition of Benchmark Replacement, (II) subsequently, the Relevant Governmental
Body recommends for use a forward-looking term rate based on SOFR for amounts denominated in Dollars and Howmet requests that the
Administrative Agent review the administrative feasibility of such recommended forward-looking term rate for purposes of this
Agreement and (III) following such request from Howmet, the Administrative Agent determines (in its sole discretion) that such
forward looking term rate is administratively feasible for the Administrative Agent, then the Administrative Agent may (in its sole
discretion) provide Howmet and Lenders with written notice that from and after a date identified in such notice the rate determined
in accordance with clause (1)(a) of the definition of “Benchmark Replacement” shall replace the then current Benchmark
for all purposes hereunder; provided, however, that such forward looking term rate shall be deemed to be the forward looking term
rate referenced in the definition of “Term SOFR” for all purposes hereunder or under any Loan Document in respect of any
Benchmark setting and any subsequent Benchmark settings, without any amendment to, or further action or consent of any other party
to, this Agreement or any other Loan Document. For the avoidance of doubt, if the circumstances described in the immediately
preceding sentence shall occur, all applicable provisions set forth in this Section 2.07(d) shall apply with respect to such
election of the Administrative Agent as completely as if such forward-looking term rate was initially determined in accordance with
clause (1)(a) of the definition of “Benchmark Replacement”, including, without limitation, the provisions set forth in
clauses (iii) and (vi) of this Section 2.07(d).

 

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(iii)            
Replacing Other and Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any such Benchmark setting at or after 5:00
p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent
has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
At any time that the administrator of any then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such
Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative and will not be restored, (a) with respect to amounts denominated in Dollars, the applicable
Borrower may revoke any request for a borrowing of, conversion to or continuation of Advances to be made, converted or continued that
would bear interest by reference to such Benchmark until Howmet’s receipt of notice from the Administrative Agent that a Benchmark
Replacement has replaced such Benchmark, and, failing that, the applicable Borrower will be deemed to have converted any such request
into a request for a borrowing of or conversion to Base Rate Advances and (b) with respect to amounts denominated in any currency other
than Dollars, the obligation of the Lenders to make or maintain Advances referencing such Benchmark in the affected currency shall be
suspended (to the extent of the affected amounts or Interest Periods (as applicable)) and any outstanding Advances in such currency shall
immediately or, in the case of a term rate at the end of the applicable Interest Period, be prepaid in full. During the period referenced
in the foregoing sentence, if a component of the Base Rate is based upon the Benchmark, such component will not be used in any determination
of the Base Rate.

 

(iv)             
Benchmark Replacement Conforming Changes. In connection with the implementation and administration of any Benchmark Replacement,
the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement.

 

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(v)                Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify Howmet and the Lenders of (a) the
implementation of any Benchmark Replacement and (b) the effectiveness of any Benchmark Replacement Conforming Changes. For the
avoidance of doubt, any notice required to be delivered by the Administrative Agent as set forth in this Section 2.07(d) may
be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may be delivered
together with, or as part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes.
Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of
Lenders) pursuant to this Section 2.07(d), including any determination with respect to a tenor, rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be
conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other
party hereto, except, in each case, as expressly required pursuant to this Section 2.07(d).

 

(vi)             
Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of any Benchmark Replacement),
(a) if any then-current Benchmark is a term rate (including Term SOFR, the LIBO Rate or EURIBOR), then the Administrative Agent may remove
any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (b)
the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

 

(vii)           
Disclaimer. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability
with respect to (a) the administration, submission or any other matter related to the Eurocurrency Rate or with respect to any alternative
or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder),
(b) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value
or economic equivalence to the Eurocurrency Rate or any other Benchmark or have the same volume or liquidity as did the Eurocurrency Rate
or any other Benchmark, (c) any actions or use of its discretion or other decisions or determinations made with respect to any matters
covered by this Section 2.07(d) including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal
or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of any Benchmark Replacement Conforming
Changes, the delivery or non-delivery of any notices required by clause (v) above or otherwise in accordance herewith, other than, in
the case of this clause (c), any such responsibility or liability resulting from the Administrative Agent’s gross negligence, bad
faith or willful misconduct, as determined by a court of competent jurisdiction by final and nonappealable judgment and (d) the effect
of any of the foregoing provisions of this Section 2.07(d).

 

SECTION 2.08. Default Interest.
If any Borrower shall default in the payment of the principal of or interest on any Loan or any Reimbursement Obligation or any other
amount becoming due hereunder, by acceleration or otherwise, such Borrower shall on demand from time to time pay interest, to the extent
permitted by law, on such defaulted amount up to (but not including) the date of actual payment (after as well as before judgment) at
a rate per annum equal to (a) in the case of overdue principal of any Loan, the rate otherwise applicable to such Loan as provided in
Section 2.07 plus 2% per annum, or (b) in the case of any other amount, the rate applicable to Base Rate Borrowings plus 2% per
annum.

 

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SECTION 2.09. Alternate
Rate of Interest. In the event, and on each occasion, that on the day two Business Days prior to the commencement of any
Interest Period for a Eurocurrency Rate Loan, the Administrative Agent shall have determined in good faith that Dollar or Euro
deposits in the principal amounts of the Loans comprising such Borrowing are not generally available in the London interbank market
or other market in which Lenders ordinarily raise Dollars or Euros, as applicable, to fund Loans of the requested Type, or that the
rates at which such Dollar or Euro, as applicable, deposits are being offered will not adequately and fairly reflect the cost to any
Lender of making or maintaining its Eurocurrency Rate Loan during such Interest Period, or that reasonable means do not exist for
ascertaining the Eurocurrency Rate, then the Administrative Agent shall, as soon as practicable thereafter, give written or telecopy
notice of such determination to the relevant Borrower and the Lenders. In the event of any such determination, any request made by a
Borrower after the date of such notice for a Eurocurrency Rate Borrowing pursuant to Section 2.03 or 2.04 shall, until
the Administrative Agent shall have advised Howmet and the Lenders that the circumstances giving rise to such notice no longer
exist, be deemed to be a request for a Base Rate Borrowing. Each determination by the Administrative Agent hereunder shall be
conclusive absent manifest error.

 

SECTION 2.10. Termination
and Reduction of Commitments. (a) The Commitment of each Lender and the L/C Commitment of each Issuer shall terminate on the applicable
Maturity Date.

 

(b)               
Upon at least ten (10) Business Days’ prior irrevocable, written or telecopy notice (which notice may be conditioned upon
the closing of any financing arrangement obtained to refinance or replace the Facility) to the Administrative Agent, Howmet may at any
time during the Revolving Credit Period in whole permanently terminate, or from time to time in part permanently reduce, the Total Commitment;
provided, however, that (i) each partial reduction shall be in an integral multiple of the Dollar Equivalent of $5,000,000
and in a minimum principal amount of the Dollar Equivalent of $50,000,000 and (ii) the Total Commitment shall not be reduced to an amount
that is less than the aggregate principal amount of the Revolving Credit Outstandings (after giving effect to any simultaneous prepayment
pursuant to Section 2.11).

 

(c)               
Except for terminations of Commitment pursuant to Section 2.23(d) and Section 10.04(h), each reduction in Commitments
hereunder shall be made ratably among the Lenders in accordance with each such Lender’s Ratable Portion of the Total Commitment.
Howmet shall pay, or cause any other Borrower to pay, to the Administrative Agent for the account of the applicable Lenders, on the date
of each such termination or reduction pursuant to this Section 2.10, the Facility Fee on the amount of the Commitments so terminated
or reduced accrued to the date of such termination or reduction.

 

SECTION 2.11. Prepayment.
(a) Each Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three
Business Days’ prior written or telecopy notice to the Administrative Agent; provided, however, that each partial
prepayment shall be in an amount which is an integral multiple of the Dollar Equivalent of $5,000,000 and not less than the Dollar Equivalent
of $50,000,000.

 

(b)               
On the date of any termination or reduction of any Commitment pursuant to Section 2.10 and on each Extended Maturity Effective
date, the Borrowers shall pay or prepay so much of the Loans (or cash collateralize Letters of Credit in accordance with the last paragraph
of Article VII), as shall be necessary in order that, after giving effect to such reduction, termination or extension, the aggregate
principal amount of the Revolving Credit Outstandings shall not exceed the Total Commitment.

 

(c)               
Each notice of prepayment shall specify the prepayment date and the principal amount of each Loan (or portion thereof) to be prepaid,
shall be irrevocable (but may be conditioned upon the closing of any financing arrangement obtained to refinance or replace the Facility)
and shall commit the applicable Borrower to prepay the Loan to which such notice relates by the amount stated therein on the date stated
therein. All prepayments under this Section 2.11 shall be subject to Section 2.14 but otherwise without premium or penalty.
All prepayments under this Section 2.11 shall be accompanied by accrued interest on the principal amount being prepaid to the date
of payment.

 

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(d)               
 If at any time, the aggregate principal amount of Revolving Credit Outstandings exceeds the aggregate Commitments at such time,
the Borrowers shall forthwith prepay the Loans then outstanding in an amount equal to such excess. If any such excess remains after repayment
in full of the aggregate outstanding Loans, the Borrowers shall provide cash collateral for the Letter of Credit Obligations in accordance
with the last paragraph of Article VII in an amount equal to 105% of such excess.

 

SECTION 2.12. Reserve Requirements;
Change in Circumstances. (a)   Notwithstanding any other provision herein other than Section 2.14(c) and with
respect to Taxes (which shall be governed solely and exclusively by Section 2.18), if after the date of this Agreement any change
in applicable law or regulation or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation
or administration thereof (whether or not having the force of law) shall impose, modify or deem applicable any reserve, special deposit
or similar requirement against assets of, deposits with or for the account of or credit extended by any Lender that makes a Eurocurrency
Rate Loan or shall impose on such Lender or the London interbank market or other market in which Lenders ordinarily raise Dollars or Euros,
as applicable, to fund Loans of the requested Type any other condition affecting this Agreement or Eurocurrency Rate Loans made by such
Lender, and the result of any of the foregoing shall be to increase the cost to such Lender of funding, making or maintaining any Eurocurrency
Rate Loan or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise),
by an amount reasonably determined by such Lender to be material, then Howmet will pay or cause the other Borrowers to pay to such Lender
upon demand such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered;
provided, that such Lender shall be generally seeking, or intending generally to seek, comparable compensation from similarly situated
borrowers under similar credit facilities (to the extent such Lender has the right under such similar credit facilities to do so) in similar
circumstances.

 

(b)               
If any Lender reasonably determines that the introduction of any law regarding capital adequacy or liquidity or any change therein
or in the interpretation thereof, or compliance by such Lender therewith, has the effect of reducing the rate of return on the capital
of such Lender or any Parent Company of such Lender by an amount reasonably determined by such Lender or such Parent Company as a consequence
of such Lender’s obligations hereunder (taking into consideration such Lender’s policies and the policies of such Parent Company
with respect to capital adequacy and/or liquidity and such Lender’s desired return on capital), then from time to time upon demand
of such Lender (with a copy of such demand to the Administrative Agent), Howmet shall pay or cause the other Borrowers to pay to such
Lender such additional amount or amounts as will compensate such Lender or such Parent Company for such reduction; provided, that
(x) such Lender shall be generally seeking, or intending generally to seek, comparable compensation from similarly situated borrowers
under similar credit facilities (to the extent such Lender has the right under such similar credit facilities to do so) with respect to
such change in or in the interpretation in any law regarding capital requirements and (y) such additional amounts shall not be duplicative
of any amounts to the extent otherwise paid by Howmet or the other Borrowers, as the case may be, under any other provision of this Agreement;
provided, further that, this Section 2.12 shall be deemed to apply to all requests, rules, guidelines or directives concerning
capital adequacy or liquidity issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives concerning capital adequacy or liquidity promulgated by the Bank for International Settlements, the Basel
Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States or foreign financial
regulatory authorities, regardless of the date adopted, issued, promulgated or implemented.

 

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(c)                A
certificate of each Lender setting forth such amount or amounts as shall be necessary to compensate such Lender or its Parent
Company as specified in paragraph (a) or (b) above, as the case may be, together with a statement of reasons for such demand and
showing the calculation for such amounts shall be delivered to Howmet and shall be conclusive absent manifest error; provided,
that such certificate states that such Lender is treating substantially all similarly situated borrowers in a manner that is
consistent with the treatment afforded the Borrowers hereunder. Howmet shall pay or cause to be paid to each Lender the amount shown
as due on any such certificate delivered by it within ten (10) days after its receipt of the same.

 

(d)               
Except as provided in this paragraph, failure on the part of any Lender to demand compensation for any increased costs or reduction
in amounts received or receivable or reduction in return on capital with respect to any period shall not constitute a waiver of such Lender’s
right to demand compensation with respect to such period or any other period. The protection of this Section 2.12 shall be available
to each Lender regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation, guideline or other
change or condition which shall have occurred or been imposed. No Lender shall be entitled to compensation under this Section 2.12
for any costs incurred or reductions suffered with respect to any date unless it shall have notified Howmet that it will demand compensation
for such costs or reductions under paragraph (c) above not more than 60 days after the later of (i) such date and (ii) the date on which
it shall have or reasonably should have become aware of such costs or reductions; provided that if the applicable change or introduction
with respect to the relevant law or regulation giving rise to such costs or reductions is retroactive, then the 60 day period referred
to above shall be extended to include the period of retroactive effect thereof. In the event a Borrower shall reimburse any Lender pursuant
to this Section 2.12 for any cost and the Lender shall subsequently receive a refund in respect thereof, the Lender shall so notify
such Borrower and shall pay to such Borrower the portion of such refund which it shall determine in good faith to be allocable to the
cost so reimbursed.

 

SECTION 2.13. Change in Legality.
(a) Notwithstanding any other provision herein other than Section 2.14(c), if any change in any law or regulation or in the interpretation
thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for any Lender
to make or maintain any Eurocurrency Rate Loan or to give effect to its obligations as contemplated hereby with respect to any Eurocurrency
Rate Loan, then, by written or telecopy notice to Howmet and the Administrative Agent, such Lender may:

 

(i)                
declare that Eurocurrency Rate Loans will not thereafter be made by such Lender hereunder, whereupon any request by a Borrower
for a Eurocurrency Rate Borrowing shall, as to such Lender only, be deemed a request for a Base Rate Loan unless such declaration shall
be subsequently withdrawn; and

 

(ii)              
require that all outstanding Eurocurrency Rate Loans made by it be converted to Base Rate Loans, in which event all such Eurocurrency
Rate Loans shall automatically be so converted as of the effective date of such notice as provided in paragraph (b) below.

 

In the event any Lender shall exercise its rights
under clause (i) or (ii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurocurrency
Rate Loans that would have been made by such Lender or the converted Eurocurrency Rate Loans of such Lender shall instead be applied to
repay the Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurocurrency Rate Loans.

 

(b)               
For purposes of this Section 2.13, a notice by any Lender shall be effective as to each Eurocurrency Rate Loan, if lawful,
on the last day of the Interest Period applicable to such Eurocurrency Rate Loan; in all other cases such notice shall be effective on
the date of receipt.

 

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SECTION 2.14. Indemnity.
Howmet shall indemnify or cause the other Borrowers to indemnify each Lender against any loss or expense (excluding loss of
anticipated profits) which such Lender may sustain or incur as a consequence of (a) any failure to fulfill on the date of any
Borrowing hereunder the applicable conditions set forth in Article IV, (b) any failure by a Borrower to borrow any
Eurocurrency Rate Loan hereunder after irrevocable notice of such Borrowing has been given pursuant to Section 2.03, (c) any
payment or prepayment of a Eurocurrency Rate Loan required by any other provision of this Agreement or otherwise made or deemed made
on a date other than the last day of the Interest Period applicable thereto, other than any loss of profit resulting from any event,
circumstance or condition set forth in Section 2.12 or 2.13, (d) any default in payment or prepayment of the principal
amount of any Eurocurrency Rate Loan or any part thereof or interest accrued thereon, as and when due and payable (at the due date
thereof, whether by scheduled maturity, acceleration, irrevocable notice of prepayment or otherwise), (e) the occurrence of any
Event of Default or (f) the assignment of a Eurocurrency Rate Loan other than on the last day of the Interest Period applicable
thereto as the result of a request by a Borrower pursuant to Section 2.19, including, in each such case, any loss or
reasonable expense sustained or incurred or to be sustained or incurred in liquidating or employing deposits from third parties
acquired to effect or maintain such Loan or any part thereof as a Eurocurrency Rate Loan. Such loss or reasonable expense shall
include an amount equal to the excess, if any, as reasonably determined by such Lender, of (i) its cost of obtaining the funds for
the Loan being paid, prepaid or not borrowed (assumed to be the Eurocurrency Rate Rate applicable thereto) for the period from the
date of such payment, prepayment or failure to borrow to the last day of the Interest Period for such Loan (or, in the case of a
failure to borrow the Interest Period for such Loan which would have commenced on the date of such failure) over (ii) the amount of
interest (as reasonably determined by such Lender) that would be realized by such Lender in reemploying the funds so paid, prepaid
or not borrowed for such period or Interest Period, as the case may be. A certificate of any Lender setting forth any amount or
amounts which such Lender is entitled to receive pursuant to this Section together with a statement of reasons for such demand and
the calculation of such amount or amounts shall be delivered to Howmet and shall be conclusive absent manifest error.

 

SECTION 2.15. Pro Rata Treatment.
Except as required under Section 2.13 or as provided under Section 2.06(e), each Borrowing, each payment or prepayment of
principal of any Borrowing, each payment of interest on the Loans, each payment of the Facility Fee and each conversion or continuation
of any Borrowing with a Borrowing of any Type, shall be allocated pro rata among the Lenders in accordance with their respective
Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their
outstanding Loans). Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative
Agent may, in its discretion, round each Lender’s percentage of such Borrowing, computed in accordance with Schedule 2.01(a),
to the next higher or lower whole of the Dollar Equivalent amount. All payments of fees (other than the Facility Fee) and all other payments
in respect of any other Obligation shall be allocated among such of the Lenders and Issuers as are entitled thereto and, for such payments
allocated to the Lenders, in proportion to their respective Ratable Portions.

 

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SECTION 2.16. Sharing
of Setoffs. Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim
against any Borrower, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or
interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or
other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans or
any Letter of Credit Obligation as a result of which the unpaid principal portion of its Revolving Credit Outstandings shall be
proportionately less than the unpaid principal portion of the Revolving Credit Outstandings of any other Lender, it shall be deemed
simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase
price for, a participation in the Revolving Credit Outstandings of such other Lender, so that the aggregate unpaid principal amount
of the Revolving Credit Outstandings and participations in Revolving Credit Outstandings held by each Lender shall be in the same
proportion to the aggregate unpaid principal amount of all Revolving Credit Outstandings then outstanding as the principal amount of
its Revolving Credit Outstandings prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the
principal amount of all Revolving Credit Outstandings outstanding prior to such exercise of banker’s lien, setoff or
counterclaim or other event; provided, however, that, (i) if any such purchase or purchases or adjustments shall be
made pursuant to this Section and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or
adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without
interest and (ii) the provisions of this paragraph shall not apply to (x) any payment made by any Borrower pursuant to and in
accordance with the express terms of this Agreement, (y) any payment obtained by any lender as consideration for the assignment of
or sale of a participation in any of its Revolving Credit Outstandings to any permitted assignee or participation or (z) the
application of cash collateral provided for in Section 2.23 or the last paragraph of Article VII. Howmet and each other
Borrower expressly consent to the foregoing arrangements and agree that any Lender holding a participation in any of the Revolving
Credit Outstandings deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim
with respect to any and all moneys owing by Howmet or such other Borrower to such Lender by reason thereof as fully as if such
Lender had made a Loan or otherwise extended credit directly to Howmet or such Borrower in the amount of such participation.

 

SECTION 2.17. Payments.
(a) Each payment or prepayment by any Borrower of the principal of or interest on any Loans, any fees payable to the Administrative Agent
or the Lenders or any other amounts due hereunder (other than amounts referred to in clause (b) below) shall be made, without setoff or
counterclaim, not later than 12:00 (noon), New York City time, on the date when due, in the currency specified herein (or, if no such
currency is specified, in Dollars) to the Administrative Agent at its offices at One Penns Way, Building OPS II, Floor 2, New Castle,
Delaware, 19720, in immediately available funds.

 

(b)               
Whenever any payment (including principal of or interest on any Borrowing or any fees or other amounts) hereunder shall become
due, or otherwise would occur, on a day that is not a Business Day, except as provided in the definition of Interest Period, such payment
may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest
or fees, if applicable.

 

(c)               
Each payment by any Borrower of any Loan, Reimbursement Obligation (including interest or ‎fees in respect thereof) and each
reimbursement of various costs, expenses or other Obligation ‎shall be made in the currency in which such Loan was made, such Letter
of Credit issued or such ‎cost, expense or other Obligation was incurred; provided, however, that the Letter of Credit
 ‎Reimbursement Agreement for a Letter of Credit may specify another currency for the ‎Reimbursement Obligation in respect
of such Letter of Credit.‎

 

SECTION 2.18. Taxes.
(a) Any and all payments by or on behalf of a Borrower hereunder shall be made free and clear of and without deduction for any
Indemnified Taxes. If any Borrower shall be required by law to deduct any Indemnified Taxes or Other Taxes from or in respect of any
sum payable hereunder to the Lenders or the Issuers (or any Transferee) or the Administrative Agent, (i) the sum payable shall be
increased by the amount necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section 2.18) such Lender or Issuer (or Transferee) or the Administrative Agent (as the case may be) shall
receive an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such
deductions and (iii) such Borrower shall pay the full amount deducted to the relevant taxing authority or other Governmental
Authority in accordance with applicable law; provided, however, that no Transferee of any Lender shall be entitled to
receive any greater payment under this Section 2.18 than such Lender would have been entitled to receive immediately before
assignment, participation or other transfer with respect to the rights assigned, participated or transferred unless such assignment,
participation or transfer shall have been made (A) prior to the occurrence of an event (including any change in treaty, law or
regulation) giving rise to such greater payment or (B) at the request of Howmet.

 

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(b)               
In addition, each Borrower agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise
with respect to, this Agreement (herein referred to as “Other Taxes”).

 

(c)               
Each Borrower will indemnify each Lender and each Issuer (or Transferee) and the Administrative Agent for the full amount of Indemnified
Taxes and Other Taxes (including any Indemnified Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section
2.18(c)) paid by such Lender or Issuer (or Transferee) or the Administrative Agent, as the case may be, and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto. Such indemnification shall be made within 30 days after the
date any Lender or Issuer (or Transferee) or the Administrative Agent, as the case may be, makes written demand therefor, together with
a statement of reasons for such demand and the calculations of such amount. Such calculations, if made in good faith, absent manifest
error, shall be final and conclusive on all parties.

 

(d)               
Within 30 days after the date of any payment of Taxes or Other Taxes withheld by any Borrower in respect of any payment to any
Lender or Issuer (or Transferee) or the Administrative Agent, such Borrower will furnish to the Administrative Agent, at its address referred
to in Section 10.01, the original or a certified copy of a receipt evidencing payment thereof (or other evidence satisfactory to
the Administrative Agent).

 

(e)               
Without prejudice to the survival of any other agreement contained herein, the agreements and obligations contained in this Section
2.18 shall survive the payment in full of the principal of and interest on all Loans made hereunder.

 

(f)                
Each Lender and each Issuer (or Transferee) represents to Howmet that, on the date such Lender (or such Transferee) becomes a party
to this Agreement, it is eligible to receive payments of interest hereunder from Howmet or any Borrowing Subsidiary without withholding
in respect of United States Federal withholding tax (except, in the case of a Transferee of any Lender, as a result of the occurrence
of an event (including a change in treaty, law or regulation) after the date of this Agreement giving rise to withholding to which such
Lender would be subject).

 

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(g)                Each
Lender and each Issuer (or Transferee), other than a Transferee described in the exception in Section 2.18(f), that is not a
 “United States person,” within the meaning of Section 7701(a)(30) of the Code, shall, on or before the date it
becomes a party to this Agreement (or, in the case of a Transferee that is a participation holder, on or before the date such
Transferee becomes a participation holder hereunder), deliver to Howmet and the Administrative Agent such certificates, documents or
other evidence, as required by the Code or Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form
W-8BEN, Form W-8BEN-E, Form W-8ECI, or any other applicable certificate or statement of exemption, properly completed and duly
executed by such Lender or Issuer (or Transferee) establishing that payment made to such Lender or Issuer (or Transferee) is (i) not
subject to United States Federal withholding tax under the Code because such payments are effectively connected with the conduct by
such Lender or Issuer (or Transferee) of a trade or business in the United States, (ii) totally exempt from United States Federal
withholding tax under a provision of an applicable tax treaty, or (iii) eligible for the benefits of the exemption for portfolio
interest under Section 881(c) of the Code, in which case such Lender or Issuer (or Transferee) shall also deliver a certificate to
the effect that such Lender or Issuer is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of any of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or
(C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code. In addition, each such
Lender or Issuer (or such Transferee) shall, if legally able to do so, thereafter deliver such certificates, documents or other
evidence from time to time establishing that payments received hereunder are not subject to, or subject to a reduced rate of, such
withholding upon receipt of a written request therefor from Howmet or the Administrative Agent or within 30 days of any certificate
or statement of exemption previously provided becoming incorrect. Unless Howmet and the Administrative Agent have received forms or
other documents satisfactory to them indicating that payments hereunder are not subject to, or subject to a reduced rate of, United
States Federal withholding tax, Howmet or the Administrative Agent shall withhold such taxes from such payments at the applicable
statutory rate.

 

(h)               
Each Lender and each Issuer (or Transferee) that is a “United States person,” shall, on or before the date it
becomes a party to this Agreement (or, in the case of a Transferee that is a participation holder, on or before the date such Transferee
becomes a participation holder hereunder), deliver to Howmet and the Administrative Agent such certificates, documents or other evidence,
as required by the Code or Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form W-9 or any other applicable
certificate or statement of exemption properly completed and duly executed by such Lender or Issuer (or Transferee) establishing that
payment made to such Lender or Issuer (or Transferee) is not subject to United States Federal backup withholding tax under the Code. In
addition, each such Lender or Issuer (or such Transferee) shall, if legally able to do so, thereafter deliver such certificates, documents
or other evidence from time to time establishing that payments received hereunder are not subject to such withholding upon receipt of
a written request therefor from Howmet or the Administrative Agent. Unless Howmet and the Administrative Agent have received forms or
other documents satisfactory to them indicating that payments hereunder are not subject to United States Federal backup withholding tax,
Howmet or the Administrative Agent shall withhold such taxes from such payments at the applicable statutory rate.

 

(i)                
Each Lender or Issuer (or Transferee) that is entitled to any exemption or reduction of non-U.S. withholding tax with respect to
any payment under this Agreement shall, on or before the date it becomes a party to this Agreement (or, in the case of a Transferee that
is a participation holder, on or before the date such Transferee becomes a participation holder hereunder), deliver to Howmet and the
Administrative Agent such certificates, documents or other evidence, as required by law, or as may reasonably be requested by Howmet,
establishing that such payment is not subject to, or is subject to a reduced rate of, withholding. In addition, each such Lender or Issuer
(or such Transferee) shall, if legally able to do so, thereafter deliver such certificates, documents or other evidence from time to time
establishing that payments received hereunder are not subject to such withholding upon receipt of a written request therefor from Howmet
or the Administrative Agent.

 

(j)                 None
of the Borrowers shall be required to pay any additional amounts to any Lender or Issuer (or Transferee) in respect of any
withholding tax pursuant to paragraph (a) above to the extent that the obligation to pay such additional amounts would not have
arisen but for a failure by such Lender or Issuer (or Transferee) to deliver the certificates, documents or other evidence required
to be delivered under the preceding paragraph (g), (h) or (i) unless such failure is attributable to (i) a change in applicable law,
regulation or official interpretation thereof or (ii) an amendment or modification to or a revocation of any applicable tax treaty
or a change in official position regarding the application or interpretation thereof, in each case on or after the date such Lender
or Issuer (or Transferee) became a party to this Agreement.

 

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(k)               
Any Lender or Issuer (or Transferee) claiming any additional amounts payable pursuant to this Section 2.18 shall use reasonable
efforts (consistent with its internal policies and legal and regulatory restrictions) to, at the expense of the Borrowers, file any certificate
or document reasonably requested in writing by the relevant Borrower or to change the jurisdiction of its applicable lending office if
the making of such a filing or change would avoid the need for or reduce the amount of any such additional amounts which may thereafter
accrue and would not, in the sole determination of such Lender or Issuer (or Transferee), be otherwise disadvantageous to such Lender
or Issuer (or Transferee).

 

(l)                
If any Lender or Issuer (or Transferee) or the Administrative Agent receives a refund in respect of any Indemnified Taxes or Other
Taxes as to which it has been indemnified by a Borrower pursuant to this Section 2.18, it shall promptly repay such refund to such
Borrower (to the extent of amounts that have been paid by such Borrower under this Section 2.18 with respect to such refund), net
of all out-of-pocket expenses (including Taxes imposed with respect to such refund) of such Lender or Issuer (or Transferee) or the Administrative
Agent and without interest (other than interest paid by the relevant taxing authority with respect to such refund); provided, however,
that such Borrower, upon the request of such Lender or Issuer (or Transferee) or the Administrative Agent, agrees to return such refund
(plus penalties, interest or other charges) to such Lender or Issuer (or Transferee) or the Administrative Agent in the event such Lender
or Issuer (or Transferee) or the Administrative Agent is required to repay such refund. Nothing in this Section 2.18 shall obligate
any Lender or Issuer (or Transferee) or the Administrative Agent to apply for any such refund.

 

(m)             
Nothing contained in this Section 2.18 shall require any Lender or Issuer (or Transferee) or the Administrative Agent to
make available any of its tax returns (or any other information relating to its Taxes which it deems to be confidential).

 

(n)               
No Borrower shall be required to reimburse any Lender or Issuer (or Transferee) or the Administrative Agent with respect to any
Indemnified Taxes or Other Taxes unless such Lender, Issuer, Transferee or the Administrative Agent notifies such Borrower of the amount
of such Indemnified Taxes or Other Taxes on or before the second anniversary of the date such Lender, Issuer, Transferee or the Administrative
Agent pays such Indemnified Taxes or Other Taxes.

 

SECTION 2.19. Assignment
of Loans and Commitments Under Certain Circumstances. In the event that (i) any Lender shall have delivered a notice or certificate
pursuant to Section 2.12 or 2.13, (ii) a Borrower shall be required to make additional payments to any Lender under Section
2.18 or (iii) any Lender becomes a Defaulting Lender, Howmet shall have the right, at its own expense, upon notice to such Lender
and the Administrative Agent, to require such Lender to transfer and assign without recourse (in accordance with and subject to the restrictions
contained in Section 10.04) all its interests, rights and obligations under this Agreement to another financial institution or
other entity which shall assume such obligations; provided, however, that (i) no such assignment shall conflict with any
law, rule or regulation or order of any Governmental Authority and (ii) Howmet or the assignee, as the case may be, shall pay (or, in
the case of Howmet, cause another Borrower to pay) to the affected Lender in immediately available funds on the date of such termination
or assignment the principal of and interest accrued to the date of payment on the Loans made by it hereunder and all other amounts accrued
for its account or owed to it hereunder.

 

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SECTION 2.20. Increase
in Commitments. Howmet may from time to time, by written notice to the Administrative Agent, executed by Howmet and one or more
financial institutions (any such financial institution referred to in this Section being called a “Prospective Lender”),
which may include any Lender, cause the Commitments of the Prospective Lenders to be increased (or cause Commitments to be extended
by the Prospective Lenders, as the case may be) in an amount for each Prospective Lender set forth in such notice; provided, however,
that (i) the amount of any such increase in the Commitments shall be no less than $25,000,000, (ii) the sum of the aggregate amount
of increases in Commitments under this Section 2.20, during the term of this Agreement, shall not exceed $500,000,000, (iii)
each Prospective Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent (which
approval shall not be unreasonably withheld) and (iv) each Prospective Lender, if not already a Lender hereunder, shall become a
party to this Agreement by completing and delivering to the Administrative Agent a duly executed Accession Agreement. Increases in
Commitments and new Commitments created pursuant to this Section shall become effective (A) in the case of Prospective Lenders
already parties hereto, on the date specified in the notice delivered pursuant to this Section and (B) in the case of Prospective
Lenders not already parties hereunder, on the effective date of the Accession Agreement. Upon the effectiveness of any Accession
Agreement to which any Prospective Lender is a party, (i) such Prospective Lender shall thereafter be deemed to be a party to this
Agreement and shall be entitled to all rights, benefits and privileges accorded a Lender hereunder and subject to all obligations of
a Lender hereunder and (ii) Schedule 2.01(a) shall be deemed to have been amended to reflect the Commitment of the additional
Lender as provided in such Accession Agreement. Upon the effectiveness of any increase pursuant to this Section in the Commitment of
a Lender already a party hereunder, Schedule 2.01(a) shall be deemed to have been amended to reflect the increased Commitment
of such Lender. Notwithstanding the foregoing, no increase in the aggregate Commitments (or in the Commitment of any Lender) shall
become effective under this Section unless (i) the Administrative Agent shall have received (A) a written opinion reasonably
satisfactory to the Administrative Agent and the Lenders of Delaware counsel, as Counsel of Howmet, addressed to the Administrative
Agent and the Lenders and (B) documents consistent with those delivered under paragraph (a) of Section 4.04 as to the
corporate power and authority of Howmet to borrow hereunder after giving effect to such increase and (ii) on the date of such
increase, the conditions set forth in paragraphs (b) and (c) of Section 4.02 shall be satisfied (with all references in such
paragraphs to a Borrowing being deemed to be references to such increase) and the Administrative Agent shall have received a
certificate to that effect dated such date and executed by a Financial Officer of Howmet. Following any increase of a Lender’s
Commitment or any extension of a new Commitment pursuant to this paragraph, any Loans outstanding prior to the effectiveness of such
increase or extension shall continue outstanding until the ends of the respective Interest Periods applicable thereto, and shall
then be repaid or refinanced with new Loans made pursuant to Section 2.01; provided that notwithstanding anything to
the contrary in this Agreement, the conditions to borrowing set forth in Section 4.02 shall not apply to such new Loans to
the extent they are in a principal amount not greater than that of the Loans being refinanced. Notwithstanding anything to the
contrary in this Agreement, no Lender shall be required to be a Prospective Lender.

 

SECTION 2.21. Extensions
of Initial Scheduled Maturity Date. (a) Howmet may, by written notice to the Administrative Agent (each an “Extension
Request”) given on any date no later than forty-five (45) days prior to each one year anniversary of the Closing Date,
requesting that the Initial Scheduled Maturity Date be extended (i) to the First Extended Maturity Date (the “First
Extension”) or, (ii) to the extent the Initial Scheduled Maturity Date shall have been extended to the First Extended
Maturity Date, to the Second Extended Maturity date (the “Second Extension”); provided, however,
that Howmet may only give two such Extension Requests during the terms of this Agreement. The Administrative Agent shall promptly
advise the Lenders and the Issuers of any Extension Request given pursuant to this Section 2.21.

 

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(b)               
The Initial Scheduled Maturity Date shall be extended (i) with respect to the Commitment, Loans and the other rights and obligations
of the Lenders or Issuers that, each acting in its sole discretion, have consented to the First Extension, to the First Extended Maturity
Date and (ii) with respect to the Commitment, Loans and the other rights and obligations of the Lenders or Issuers that, each acting in
its sole discretion, have consented to the Second Extension, to the Second Extended Maturity Date, in each case of (i) and (ii) above,
if (A) the Administrative Agent shall have received the written consent of the Required Lenders to the applicable Extension Request prior
to the one year anniversary of the Closing Date occurring immediately after the date on which the applicable Extension Request has been
given (each such date, an “Extended Maturity Effective Date”); (B) the representations and warranties set forth in
Article III hereof shall be true and correct in all material respects on and as of the applicable Extended Maturity Effective Date
with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate
to an earlier date; (C) each Borrower shall be in compliance in all material respects with all the terms and provisions set forth herein
on its part to be observed or performed, and on the applicable Extended Maturity Effective Date and immediately after the Initial Scheduled
Maturity Date has been extended as requested in the applicable Extension Request, no Event of Default or Default shall have occurred and
be continuing; and (D) the Administrative Agent shall have received (x) the relevant Extension Request and (y) a certificate dated the
applicable Extended Maturity Effective Date confirming the satisfaction of the condition set forth in clause (B) above and that as of
such Extended Maturity Effective Date, no Event of Default or Default has occurred and is continuing. In no event shall the Initial Scheduled
Maturity Date or the First Extended Maturity Date, as applicable, be extended with respect to the Commitments, Loans or any other right
or obligations hereunder of any Lender or Issuer without the prior written consent of such Lender or Issuer to such extension.

 

(c)               
In the event that any Lender or any Issuer shall not have consented to an Extension Request, Howmet shall have the right, at its
own expense, upon notice to such Lender or Issuer and the Administrative Agent, to require such Lender or Issuer to transfer and assign
without recourse (in accordance with and subject to the restrictions contained in Section 10.04) all its interests, rights and
obligations under this Agreement to another financial institution or other entity (provided, in the case of a replacement of an
Issuer, that such financial institution or other entity complies with the definition of Issuer hereunder) that has informed the Administrative
Agent of its consent to such Extension Request in writing prior to the applicable Extended Maturity Effective Date, which shall assume
such obligations; provided, however, that (i) no such assignment shall conflict with any law, rule or regulation or order
of any Governmental Authority and (ii) Howmet or the assignee, as the case may be, shall pay (or, in the case of Howmet, cause another
Borrower to pay) to the affected Lender or Issuer in immediately available funds on the date of such termination or assignment the principal
of and interest accrued to the date of payment on the Loans made or Letter of Credit Issued by such affected Lender or Issuer, as applicable,
and all other amounts accrued for such affected Lender’s or Issuer’s account or owed to it hereunder.

 

SECTION 2.22. Letters of
Credit. (a) On the terms and subject to the conditions contained in this Agreement, each Issuer, in its sole discretion, may elect
to Issue at the request of any Borrower and for the account of such Borrower one or more Letters of Credit from time to time on any Business
Day during the Revolving Credit Period; provided, however, that no Issuer shall be under any obligation to Issue (and, upon
the occurrence of any of the events described in clauses (ii), (iii), (iv), (v), and (vi)(A) below, shall not Issue) any Letter of Credit
upon the occurrence of any of the following:

 

(i)                 any
order, judgment or decree of any Governmental Authority or arbitrator shall purport by its terms to enjoin or restrain such Issuer
from Issuing such Letter of Credit or any requirement of law applicable to such Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such
Issuer refrain from, the Issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such
Issuer with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuer is not
otherwise compensated) not in effect on the date of this Agreement or result in any unreimbursed loss, cost or expense that was not
applicable, in effect or known to such Issuer as of the date of this Agreement and that such Issuer in good faith deems material to
it;

 

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(ii)              
such Issuer shall have received any written notice of the type described in clause (d) below;

 

(iii)            
after giving effect to the Issuance of such Letter of Credit, the aggregate Revolving Credit Outstandings would exceed the aggregate
Commitments in effect at such time;

 

(iv)             
after giving effect to the Issuance of such Letter of Credit, (A) the sum of (i) the Dollar Equivalents of the aggregate undrawn
face amount of all Letters of Credit Issued by such Issuer outstanding at such time and (ii) the Dollar Equivalent of the Reimbursement
Obligations owed to such Issuer at such time exceeds such Issuer’s L/C Commitment or (B) the sum of (i) the Dollar Equivalents of
the Letter of Credit Undrawn Amounts at such time and (ii) the Dollar Equivalents of the Reimbursement Obligations at such time exceeds
the Letter of Credit Sublimit;

 

(v)               
such Letter of Credit is requested to be denominated in any currency other than Dollars or Euros; or

 

(vi)             
(A)       any fees due in connection with a requested Issuance have not been paid, (B) such Letter of Credit is requested to be Issued
in a form that is not acceptable to such Issuer or (C) the Issuer for such Letter of Credit shall not have received, in form and substance
reasonably acceptable to it and, if applicable, duly executed by such Borrower, applications, agreements and other documentation (collectively,
a “Letter of Credit Reimbursement Agreement”) such Issuer generally employs in the ordinary course of its business
for the Issuance of letters of credit of the type of such Letter of Credit.

 

None of the Lenders (other than the Issuers in
their capacity as such) shall have any obligation to Issue any Letter of Credit.

 

(b)               
In no event shall the expiration date of any Letter of Credit (i) be more than one year after the date of issuance thereof or (ii)
be less than five Business Days prior to the Initial Scheduled Maturity Date (or, (A) with respect to any Letter of Credit Issued by any
Issuer that has consented to the First Extension, if each of the conditions set forth in Section 2.21(b) with respect to the First
Extension shall have been satisfied, the First Extended Maturity Date or (B) with respect to any Letter of Credit Issued by any Issuer
that has consented to the Second Extension, if each of the conditions set forth in Section 2.21(b) with respect to the Second Extension
shall have been satisfied, the Second Extended Maturity Date); provided, however, that any Letter of Credit with a term
less than or equal to one year may provide for the renewal thereof for additional periods less than or equal to one year, as long as,
(x) on or before the expiration of each such term and each such period, the applicable Borrower and the Issuer of such Letter or Credit
shall have the option to prevent such renewal and (y) such Borrower shall not permit any such renewal to extend the expiration date of
any Letter beyond the date set forth in clause (ii) above.

 

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(c)               
 In connection with the Issuance of each Letter of Credit, the applicable Borrower shall give the relevant Issuer and the Administrative
Agent at least two Business Days’ prior written notice, in substantially the form of Exhibit E (or in such other written or electronic
form as is acceptable to the Issuer), of the requested Issuance of such Letter of Credit (a “Letter of Credit Request”).
Such notice shall be irrevocable and shall specify the Issuer of such Letter of Credit, the currency of issuance and face amount of the
Letter of Credit requested (whose Dollar Equivalent shall not be less than $1,000,000), the date of Issuance of such requested Letter
of Credit, the date on which such Letter of Credit is to expire (which date shall be a Business Day) and, in the case of an issuance,
the person for whose benefit the requested Letter of Credit is to be issued. Such notice, to be effective, must be received by the relevant
Issuer and the Administrative Agent not later than 11:00 a.m. (New York time) on the second Business Day prior to the requested Issuance
of such Letter of Credit.

 

(d)               
Subject to the satisfaction of the conditions set forth in this Section 2.22, the relevant Issuer, in its sole discretion,
may elect to Issue, on the requested date a Letter of Credit on behalf of the applicable Borrower in accordance with such Issuer’s
usual and customary business practices. No Issuer shall Issue any Letter of Credit in the period commencing on the first Business Day
after it receives written notice from any Lender or the Administrative Agent that one or more of the conditions precedent contained in
Section 4.02 or clause (a) above (other than those conditions set forth in clauses (a)(i), (a)(vi)(B) and (C) above and, to the
extent such clause relates to fees owing to the Issuer of such Letter of Credit and its Affiliates, clause (a)(vi)(A) above) are not on
such date satisfied or duly waived and ending when such conditions are satisfied or duly waived. No Issuer shall otherwise be required
to determine that, or take notice whether, the conditions precedent set forth in Section 4.02 have been satisfied in connection
with the Issuance of any Letter of Credit.

 

(e)               
Each Borrower agrees that, if requested by the Issuer of any Letter of Credit, it shall execute a Letter of Credit Reimbursement
Agreement in respect to any Letter of Credit Issued hereunder for the account of such Borrower. In the event of any conflict between the
terms of any Letter of Credit Reimbursement Agreement and this Agreement, the terms of this Agreement shall govern.

 

(f)                
Each Issuer shall comply with the following:

 

(i)                
give the Administrative Agent written notice (which writing may be a telecopy or electronic mail) of the Issuance of any Letter
of Credit Issued by it, of all drawings under any Letter of Credit Issued by it and of the payment (or the failure to pay when due) by
any Borrower of any Reimbursement Obligation when due (which notice the Administrative Agent shall promptly transmit by telecopy, electronic
mail or similar transmission to each Lender);

 

(ii)              
upon the request of any Lender, furnish to such Lender copies of any Letter of Credit Reimbursement Agreement to which such Issuer
is a party and such other documentation as may reasonably be requested by such Lender; and

 

(iii)            
no later than 10 Business Days following the last day of each calendar quarter, provide to the Administrative Agent (and the Administrative
Agent shall provide a copy to each Lender requesting the same) and Howmet separate schedules for Documentary Letters of Credit and Standby
Letters of Credit issued by it, in form and substance reasonably satisfactory to the Administrative Agent, setting forth the aggregate
Letter of Credit Obligations, in each case outstanding at the end of each quarter and any information requested by the Borrowers or the
Administrative Agent relating thereto.

 

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(g)               
 Immediately upon the issuance by an Issuer of a Letter of Credit in accordance with the terms and conditions of this Agreement,
such Issuer shall be deemed to have sold and transferred to each Lender, and each Lender shall be deemed irrevocably and unconditionally
to have purchased and received from such Issuer, without recourse or warranty, an undivided interest and participation, to the extent
of such Lender’s Ratable Portion of the Commitments, in such Letter of Credit and the obligations of the Borrowers with respect
thereto (including all Letter of Credit Obligations with respect thereto) and any security therefor and guaranty pertaining thereto.

 

(h)               
Howmet and each other Borrower agrees to pay to the Issuer of any Letter of Credit the amount of all Reimbursement Obligations
owing to such Issuer under any Letter of Credit issued for its account no later than the date that is the next succeeding Business Day
after such Borrower receives written notice from such Issuer that payment has been made under such Letter of Credit (the “Reimbursement
Date”), irrespective of any claim, set-off, defense or other right that such Borrower may have at any time against such Issuer
or any other person. In the event that any Issuer makes any payment under any Letter of Credit and the Borrowers shall not have repaid
such amount to such Issuer pursuant to this clause (h) or any such payment by the Borrowers is rescinded or set aside for any reason,
such Reimbursement Obligation shall be payable on demand with interest thereon computed (i) from the date on which such Reimbursement
Obligation arose to the Reimbursement Date, at the rate of interest applicable during such period to Loans that are Base Rate Loans and
(ii) from the Reimbursement Date until the date of repayment in full, at the rate of interest applicable during such period to past due
Loans that are Base Rate Loans, and such Issuer shall promptly notify the Administrative Agent, which shall promptly notify each Lender
of such failure, and each Lender shall promptly and unconditionally pay to the Administrative Agent for the account of such Issuer the
amount of such Lender’s Ratable Portion of such payment (or the Dollar Equivalent thereof if such payment was made in any currency
other than Dollars) in immediately available Dollars. If the Administrative Agent so notifies such Lender prior to 11:00 a.m. (New York
time) on any Business Day, such Lender shall make available to the Administrative Agent for the account of such Issuer its Ratable Portion
of the amount of such payment on such Business Day in immediately available funds. Upon such payment by a Lender, such Lender shall, except
during the continuance of a Default or Event of Default under clause (g) or clause (h) of Article VII and notwithstanding whether
or not the conditions precedent set forth in Section 4.02 shall have been satisfied (which conditions precedent the Lenders hereby
irrevocably waive), be deemed to have made a Loan to the applicable Borrower in the principal amount of such payment. Whenever any Issuer
receives from any Borrower a payment of a Reimbursement Obligation as to which the Administrative Agent has received for the account of
such Issuer any payment from a Lender pursuant to this clause (h), such Issuer shall pay over to the Administrative Agent any amount received
in excess of such Reimbursement Obligation and, upon receipt of such amount, the Administrative Agent shall promptly pay over to each
Lender, in immediately available funds, an amount equal to such Lender’s Ratable Portion of the amount of such payment adjusted,
if necessary, to reflect the respective amounts the Lenders have paid in respect of such Reimbursement Obligation.

 

(i)                
If and to the extent such Lender shall not have so made its Ratable Portion of the amount of the payment required by clause (h)
above available to the Administrative Agent for the account of such Issuer, such Lender agrees to pay to the Administrative Agent for
the account of such Issuer forthwith on demand any such unpaid amount together with interest thereon, for the first Business Day after
payment was first due at the Federal Funds Rate and, thereafter, until such amount is repaid to the Administrative Agent for the account
of such Issuer, at a rate per annum equal to the rate applicable to Base Rate Loans under the Facility.

 

(j)                 Each
Borrower’s obligation to pay each Reimbursement Obligation and the obligations of the Lenders to make payments to the
Administrative Agent for the account of the Issuers with respect to Letters of Credit shall be absolute, unconditional and
irrevocable and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances
whatsoever, including the occurrence of any Default or Event of Default, and irrespective of any of the following:

 

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(i)                
any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision therein;

 

(ii)              
any amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or any Loan Document;

 

(iii)            
the existence of any claim, set-off, defense or other right that Howmet, any other Borrower, any other party guaranteeing, or otherwise
obligated with, any Borrower, any Subsidiary or other Affiliate thereof or any other person may at any time have against the beneficiary
under any Letter of Credit, any Issuer, the Administrative Agent or any Lender or any other person, whether in connection with this Agreement,
any other Loan Document or any other related or unrelated agreement or transaction;

 

(iv)             
any draft or other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any
respect or any statement therein being untrue or inaccurate in any respect;

 

(v)               
payment by the Issuer under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit; and

 

(vi)             
any other act or omission to act or delay of any kind of the Issuer, the Lenders, the Administrative Agent or any other person
or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section 2.22, constitute a legal or equitable discharge of Howmet’s or any other Borrower’s obligations hereunder.

 

Any action taken or omitted to be taken by the
relevant Issuer under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct,
shall not result in any liability of such Issuer to the Borrowers or any Lender. In determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof, the Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary and, in making any payment under any
Letter of Credit, the Issuer may rely exclusively on the documents presented to it under such Letter of Credit as to any and all matters
set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due
to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit
proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement
or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be
inaccurate or untrue in any respect whatsoever, and any noncompliance in any immaterial respect of the documents presented under such
Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the
Issuer.

 

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SECTION 2.23. Defaulting
Lender.

 

(a)               
Reallocation of Defaulting Lender Commitment. If a Lender becomes, and during the period it remains, a Defaulting Lender,
the following provisions shall apply with respect to any outstanding Obligations:

 

(i)                
the Ratable Portion of such Defaulting Lender with respect to any Letter of Credit Obligations will, subject to the limitation
in the first proviso below, automatically be reallocated (effective on the date such Lender becomes a Defaulting Lender) among the Lenders
that are Non-Defaulting Lenders pro rata in accordance with their respective Commitments; provided, that (A) the sum of
each Non-Defaulting Lender’s Ratable Portion of the Revolving Credit Outstandings may not in any event exceed the Commitment of
such Non-Defaulting Lender as in effect at the time of such reallocation and (B) neither such reallocation nor any payment by a Non-Defaulting
Lender pursuant thereto will constitute a waiver or release of any claim each Borrower, the Administrative Agent, the Issuer or any other
Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender;

 

(ii)              
to the extent that any portion (the “unreallocated portion”) of the Ratable Portion of such Defaulting Lender with
respect to any Letter of Credit Obligations cannot be so reallocated, whether by reason of the first proviso in clause (i) above or otherwise,
the applicable Borrower will, not later than 10 Business Days after demand by the Administrative Agent (at the direction of the Issuer),
(A) deposit in a cash collateral account maintained with the Administrative Agent an amount at least equal to the aggregate amount of
the unreallocated portion of such Letter of Credit Obligations or (B) make other arrangements satisfactory to the Administrative Agent,
and to the Issuer, as the case may be, in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender;
and

 

(iii)            
any amount paid by any Borrower or otherwise received by the Administrative Agent for the account of a Defaulting Lender under
this Agreement (whether on account of principal, interest, fees, indemnity payments or other amounts) will not be paid or distributed
to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated, non-interest bearing account until
(subject to Section 2.10) the termination of the Commitments and payment in full of all Obligations of each Borrower hereunder
and will be applied by the Administrative Agent, to the fullest extent permitted by law, to the making of payments from time to time in
the following order of priority: first to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
under this Agreement, second to the payment of any amounts owing by such Defaulting Lender to the Issuer under this Agreement,
third to the payment of post-default interest and then current interest due and payable to the Lenders hereunder other than Defaulting
Lenders, ratably among them in accordance with the amounts of such interest then due and payable to them, fourth to the payment
of fees then due and payable to the Non-Defaulting Lenders hereunder, ratably among them in accordance with the amounts of such fees then
due and payable to them, fifth to pay principal and Reimbursement Obligations then due and payable to the Non-Defaulting Lenders
hereunder ratably in accordance with the amounts thereof then due and payable to them, sixth to the ratable payment of other amounts
then due and payable to the Non-Defaulting Lenders, and seventh after the termination of the Commitments and payment in full of
all Obligations of each Borrower hereunder, to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent
jurisdiction may otherwise direct.

 

    45

     

    

 

(b)                Cash
Collateral Call. If any Lender becomes, and during the period it remains, a Defaulting Lender, if any Letter of Credit is at the
time outstanding, the Issuer may (except, in the case of a Defaulting Lender, to the extent the Commitments have been fully
reallocated pursuant to Section 2.23(a)), by notice to Howmet and each other Borrower and such Defaulting Lender through the
Administrative Agent, require any Borrower (i) to deposit in a cash collateral account maintained by the Administrative Agent an
amount at least equal to 105% of the aggregate amount of the unreallocated obligations (contingent or otherwise) of such Defaulting
Lender to be applied pro rata in respect thereof, or (ii) to make other arrangements satisfactory to the Administrative
Agent, and to the Issuer, as the case may be, in their sole discretion to protect them against the risk of non-payment by such
Defaulting Lender.

 

(c)               
Right to Give Drawdown Notices. In furtherance of the foregoing, if any Lender becomes, and during the period it remains,
a Defaulting Lender, the Issuer is hereby authorized by any Borrower (which authorization is irrevocable and coupled with an interest)
to give, in its discretion, through the Administrative Agent, notices of Borrowing pursuant to Section 2.03 in such amounts and
at the rate of interest applicable during such period to Loans that are Base Rate Loans and in such times as may be required to (i) pay
matured Reimbursement Obligations and/or (ii) deposit in a cash collateral account maintained by the Administrative Agent the obligations
of such Borrower in respect of outstanding Letters of Credit in an amount at least equal to the aggregate amount of the obligations (contingent
or otherwise) of such Defaulting Lender in respect of such Letter of Credit.

 

(d)               
Termination of Defaulting Lender Commitments. Howmet may terminate the unused amount of the Commitment of a Defaulting Lender
upon not less than 10 Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof);
provided, that such termination will not be deemed to be a waiver or release of any claim any Borrower, the Administrative Agent,
the Issuer or any Lender may have against such Defaulting Lender.

 

(e)               
Cure. If any Borrower, the Administrative Agent and the Issuer agree in writing in their discretion that a Lender is no
longer a Defaulting Lender, as the case may be, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any amounts
then held in the segregated account referred to in Section 2.23(a)), such Lender will, to the extent applicable, purchase at par
such portion of outstanding Loans of the other Lenders and/or make such other adjustments as the Administrative Agent may determine to
be necessary to cause such Lender’s Ratable Portion to be on a pro rata basis in accordance with its Commitment, whereupon
such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender; provided, that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while such Lender was a Defaulting Lender;
and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender having
been a Defaulting Lender.

 

ARTICLE
III

 

REPRESENTATIONS AND WARRANTIES

 

Each Borrower represents and
warrants to each of the Lenders, the Issuers and the Administrative Agent with respect to itself as follows (except that the Borrowing
Subsidiaries make no representations or warranties under Section 3.06 or 3.09):

 

SECTION 3.01. Organization.
Such Borrower is duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of
organization and is duly qualified to do business as a foreign corporation (or other entity, as applicable) and, where applicable,
is in good standing in all other jurisdictions in which the ownership of its properties or the nature of its activities or both
makes such qualification necessary, except to the extent that failure to be so qualified would not result in a Material Adverse
Effect.

 

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SECTION 3.02. Authorization.
Such Borrower has power and authority, corporate or otherwise, to execute, deliver and carry out the provisions of this Agreement and
each other Loan Document to which it is a party, or to become a party to this Agreement in accordance with the terms hereof and the terms
of each other Loan Document, to borrow hereunder and to perform its obligations hereunder, under each other Loan Document to which it
is a party, and all such action has been duly and validly authorized by all necessary proceedings, corporate or otherwise, on its part.

 

SECTION 3.03. Enforceability.
This Agreement and each other Loan Document to which such Borrower is a party has been duly executed and delivered by such Borrower and
constitutes the legal, valid and binding obligation of such Borrower enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles
of equity limiting the availability of equitable remedies.

 

SECTION 3.04. Governmental
Approvals. No authorization, consent, approval, license, exemption or other action by, and no registration, qualification, designation,
declaration or filing with, any Governmental Authority (other than filings under the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder) is necessary in connection with such Borrower’s execution and delivery
of this Agreement and each other Loan Document to which such Borrower is a party, the consummation by any Borrower of the transactions
contemplated hereby or thereby or such Borrower’s performance of or compliance with the terms and conditions hereof or thereof.

 

SECTION 3.05. No Conflict.
None of the execution and delivery by such Borrower of this Agreement and each other Loan Document to which such Borrower is a party,
the consummation by such Borrower of the transactions contemplated hereby and thereby or performance by such Borrower of or compliance
by such Borrower with the terms and conditions hereof or thereof will (a) violate any law, constitution, statute, treaty, regulation,
rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority to which it is subject, (b) conflict with or result
in a breach or default under its charter or Memorandum and Articles of Association or by-laws (or equivalent organizational or governing
documents), as applicable, (c) conflict with or result in a breach or default which is material in the context of this Agreement under
any agreement or instrument to which such Borrower is a party or by which it or any of its properties, whether now owned or hereafter
acquired, may be subject or bound or (d) result in the creation or imposition of any Lien prohibited by Section 6.01 upon any property
or assets, whether now owned or hereafter acquired, of such Borrower.

 

SECTION 3.06. Financial Statements.
In the case of Howmet, it has furnished to the Lenders copies of its consolidated balance sheet as of December 31, 2020, and the related
consolidated statements of income and shareholders’ equity and cash flows for the three years ended December 31, 2020, all audited
by PricewaterhouseCoopers LLP, and Howmet’s unaudited consolidated balance sheets as at March 31, 2021 and June 30, 2021 and the
related unaudited consolidated statements of income and shareholders’ equity and cash flows for the three months then ended. Such
financial statements (including the notes thereto) present fairly the financial condition of Howmet and its Subsidiaries as of such dates
and the results of their operations and cash flows for the periods then ended (subject, in the case of said balance sheets as at March
31, 2021 and June 30, 2021, respectively, and said statements of income, shareholders equity and cash flows for the three months then
ended, to the absence of footnote disclosure and normal year-end audit adjustments), all in conformity with GAAP.

 

    47

     

    

 

SECTION 3.07. No
Defaults. No event has occurred and is continuing and no condition exists which constitutes a Default or Event of Default
hereunder. Such Borrower is not in violation of (i) any term of its charter or constitution or by-laws (or the equivalent
organizational or governing documents), as applicable, or (ii) any agreement or instrument to which it is a party or by which it or
any of its properties may be subject or bound where such violation is likely to result in a Material Adverse Effect.

 

SECTION 3.08. Litigation.
Except as set forth in the financial statements referred to in Section 3.06 or the Exchange Act Reports or otherwise disclosed
on Schedule 3.08, there is no pending or, to the knowledge of any of its Responsible Officers, threatened proceeding by or before
any Governmental Authority against Howmet or any or its Subsidiaries, which in the opinion of Howmet’s counsel is likely to result
in a Material Adverse Effect.

 

SECTION 3.09. No Material
Adverse Change. Since December 31, 2020, there has been no material adverse change in the business, assets, operations or financial
condition of itself and its Subsidiaries, taken as a whole, except, in the case of Howmet and the Borrowing Subsidiaries, as disclosed
in the Exchange Act Reports on or prior to the Closing Date.

 

SECTION 3.10. Employee Benefit
Plans.

 

(a)               
U.S. Plans. Each Plan is in compliance with all requirements of ERISA and the regulations and published interpretations
thereunder except to the extent such non-compliance could not reasonably be expected to result in a Material Adverse Effect. No Reportable
Event has occurred as to which any Borrower or any ERISA Affiliate was required to file a report with the PBGC that alone or together
with any other Reportable Event would reasonably be expected to result in a liability of such Borrower to the PBGC in an aggregate amount
in excess of $50,000,000. Neither such Borrower nor any ERISA Affiliate has incurred any Withdrawal Liability that would reasonably be
expected to result in a Material Adverse Effect. Neither such Borrower nor any ERISA Affiliate has received any notification that any
Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, and no Responsible Officer of
any Borrower has knowledge of any fact which would reasonably be expected to result in the reorganization or termination of a Multiemployer
Plan where such reorganization or termination has resulted or would reasonably be expected to result, through increases in the contributions
required to be made to such Plan or otherwise, in a Material Adverse Effect.

 

(b)               
Foreign Plans. Each Foreign Plan is in compliance with all requirements of law applicable thereto and the respective requirements
of the governing documents for such plan except to the extent such non-compliance could not reasonably be expected to result in a Material
Adverse Effect. With respect to each Foreign Pension Plan, none of the Borrowers, their respective Affiliates or any of their directors,
officers, employees or agents has engaged in a transaction which would subject any of the Borrowers, directly or indirectly, to a tax
or civil penalty which could reasonably be expected to result in a Material Adverse Effect. With respect to each Foreign Plan, adequate
reserves have been established in the financial statements furnished to Lenders in respect of any unfunded liabilities in accordance with
applicable law and prudent business practice or, where required, in accordance with ordinary accounting practices in the jurisdiction
in which such Foreign Plan is maintained. The aggregate unfunded liabilities, after giving effect to any such reserves for such liabilities,
with respect to such Foreign Plans could not reasonably be expected to result in a Material Adverse Effect. There are no actions, suits
or claims (other than routine claims for benefits) pending or threatened in writing against any of the Borrowers or any of their Affiliates
with respect to any Foreign Plan which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect.

 

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SECTION 3.11. Title to
Properties; Possession Under Leases. (a) Such Borrower and each of its Subsidiaries have good and marketable title to, or valid
leasehold interests in, all its material properties and assets, except for minor defects in title that do not materially interfere
with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended
purposes.

 

(b)               
Such Borrower and each of its Subsidiaries have complied with all material obligations under all material leases to which it is
a party and all such leases are in full force and effect. Such Borrower and its Subsidiaries enjoy peaceful and undisturbed possession
under all such material leases.

 

SECTION 3.12. Investment
Company Act. None of Howmet or any Borrowing Subsidiary is an “investment company” as defined in, or is required to be
registered as an “investment company” under, the Investment Company Act of 1940.

 

SECTION 3.13. Tax Returns.
Such Borrower and its Subsidiaries have filed or caused to be filed all material Federal, state, local and foreign tax returns required
to have been filed by it in all jurisdictions in which such tax returns are required to be filed and all such tax returns are true, complete
and correct in all material respects. Each Borrower and its Subsidiaries has paid or caused to be paid all material taxes shown to be
due and payable on such returns or on any assessments received by it, except taxes that are being contested in good faith by appropriate
proceedings and for which adequate reserves are maintained on the applicable financial statements in accordance with GAAP.

 

SECTION 3.14. Compliance
with Laws and Agreements. (a) Neither such Borrower nor any of its Subsidiaries is in violation of any law, rule or regulation, or
in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would
reasonably be expected to result in a Material Adverse Effect.

 

(b)               
Neither such Borrower nor any of its Subsidiaries is in default in any material manner under any provision of any indenture or
other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which
it or any of its properties or assets are or may be bound, where such default would be reasonably likely to result in a Material Adverse
Effect.

 

SECTION 3.15. No Material
Misstatements. Except for information not prepared by or on behalf of Howmet and expressly disclaimed thereby, no information, report,
financial statement, exhibit or schedule furnished by or on behalf of such Borrower to the Administrative Agent or any Lender in connection
with the negotiation of this Agreement or included herein or delivered pursuant thereto contained or contains any material misstatement
of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were or are made, not misleading.

 

SECTION 3.16. Use of Proceeds;
Federal Reserve Regulations. The proceeds of any Loan and any Letter of Credit will be used (a) to refinance indebtedness (if any)
under the Existing Credit Agreement and (b) to provide working capital or for other general corporate purposes. No part of the proceeds
of any Loan to such Borrower will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any
purpose that entails a violation of any of Regulations U and X.

 

SECTION 3.17. No
Trusts. Such Borrower is not entering into this Agreement in its capacity as trustee of any trust.

 

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SECTION 3.18. FCPA. No
part of the proceeds of the Loans or any Letter of Credit will be used, directly or, to the knowledge of the Borrower, indirectly, for
any payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

SECTION 3.19. Sanctions.
(a) Neither the Borrower nor any of its Subsidiaries, nor any of the directors or officers of the Borrower or any of its Subsidiaries,
nor, to the Borrower’s knowledge, any of the employees, agents or controlled affiliates of the Borrower or any of its Subsidiaries,
is a person that is, or, in the case of the Borrower or its Subsidiaries, is majority-owned or controlled by one or more persons that
are (A) the subject of any Sanctions (a “Sanctioned Person”) or (B) located, organized or resident in a country or territory
(including, without limitation, as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria) that is the subject of Sanctions that
broadly restrict or prohibit dealings with that country or territory (a “Sanctioned Country”).

 

(b)               
No part of the proceeds of a Loan or any Letter of Credit will be used by the Borrower or any of its Subsidiaries, directly or,
to the knowledge of the Borrower, indirectly, (A) to fund or facilitate activities or business of or with any person or in any country
or territory that, at the time of such funding or facilitation, is a Sanctioned Person or Sanctioned Country or (B) in any other manner,
in each case as would result in a violation of Sanctions by any person.

 

ARTICLE
IV

 

CONDITIONS OF EFFECTIVENESS, LENDING, LETTERS OF CREDIT

AND DESIGNATION OF BORROWING SUBSIDIARIES

 

The obligations of the Lenders
to make Loans to any Borrower hereunder and the obligation of each Issuer to Issue Letters of Credit hereunder are subject to the satisfaction
of the conditions set forth in Sections 4.02 and 4.03 below (and, in the case of Loans to, or Letters of Credit for the
account of, any Borrowing Subsidiary, the satisfaction, as to such Borrowing Subsidiary, of the conditions set forth in Section 4.04
below) and the occurrence of the Closing Date:

 

SECTION 4.01. Closing Date. On the Closing
Date:

 

(a)               
The Administrative Agent shall have received a written opinion reasonably satisfactory to the Administrative Agent and the Lenders
of (i) Cleary Gottlieb Steen & Hamilton LLP, as counsel to Howmet, (ii) K&L Gates LLP, as counsel to Howmet and (iii) Richards,
Layton & Finger, P.A., as Delaware counsel to Howmet, in each case dated as of the Closing Date and addressed to the Administrative
Agent and the Lenders.

 

(b)               
All legal matters incident to this Agreement and the borrowings hereunder shall be reasonably satisfactory to the Lenders and to
counsel for the Administrative Agent.

 

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(c)                The
Administrative Agent shall have received (i) this Agreement, duly executed and delivered by Howmet and each Lender, (ii) a copy,
including all amendments thereto, of the charter of Howmet, certified as of a recent date by the Secretary of State or other
appropriate official of its jurisdiction of incorporation and a certificate as to the good standing of Howmet as of a recent date,
from such Secretary of State or other official; (iii) a certificate of the Secretary or Assistant Secretary of Howmet dated the
Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws of Howmet as in effect on the
Closing Date showing all amendments thereto since the date of the resolutions described in clause (B) below, (B) that attached
thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of Howmet authorizing the execution,
delivery and performance of this Agreement and the borrowings by Howmet hereunder, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (C) that the charter of Howmet has not been amended since the date of the
last amendment thereto shown on the certificate of good standing furnished pursuant to clause (ii) above and (D) as to the
incumbency and specimen signature of each officer executing this Agreement or any other document delivered in connection herewith on
behalf of Howmet; (iv) a certificate of another officer of Howmet as to the incumbency and specimen signature of the Secretary or
Assistant Secretary executing the certificate pursuant to clause (iii) above; and (v) such other documents as the Lenders or counsel
for the Administrative Agent may reasonably request.

 

(d)               
The representations and warranties set forth in Article III hereof shall be true and correct in all material respects (except such
representations and warranties that are qualified by materiality, which shall be correct in all respects) on and as of the Closing Date
with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate
to an earlier date.

 

(e)               
The Administrative Agent shall have received certificates dated the Closing Date and signed by a Financial Officer of Howmet confirming
the satisfaction of the condition precedent set forth in paragraph (d) of this Section 4.01 and that as of the Closing Date, no
Event of Default or Default has occurred and is continuing.

 

(f)                
The Administrative Agent shall have received all fees, including Facility Fees (as defined in the Existing Credit Agreement) accrued
throughout the Closing Date under the Existing Credit Agreement, and other amounts due and payable on or prior to the Closing Date.

 

(g)               
The Administrative Agent shall have received certificates of a Responsible Officer of Howmet, each dated the Closing Date and stating
that (i) except as disclosed in the Exchange Act Reports or otherwise disclosed in such certificate, Howmet and each of its Subsidiaries
have complied in all respects with all Federal, state, local and foreign statutes, ordinances, orders, judgments, rulings and regulations
relating to environmental pollution or to environmental regulation or control except to the extent any such failure so to comply would
not, alone or together with any other such failure, be reasonably likely to result in a Material Adverse Effect; (ii) neither Howmet nor
any of its Subsidiaries has received notice of any failure so to comply which alone or together with any other such failure would be reasonably
likely to result in a Material Adverse Effect; and (iii) the plants of Howmet and its Subsidiaries do not manage any hazardous wastes,
toxic pollutants or substances similarly denominated in violation of any applicable law or regulations promulgated pursuant thereto including,
for operations within the United States, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response Compensation
and Liability Act, the Hazardous Materials Transportation Act, the Toxic Substance Control Act, the Clean Air Act, the Clean Water Act
or any other applicable law, where such violation would be reasonably likely to result, individually or together with any such other violations,
in a Material Adverse Effect.

 

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SECTION 4.02. All Borrowings
and Issuances of Letters of Credit. On the date of each Borrowing and each Issuance of a Letter of Credit:

 

(a)               
 Such Borrower shall have provided the notice as required by Section 2.03, and, with respect to any Letter of Credit, the
Administrative Agent and the applicable Issuer shall have received a duly executed Letter of Credit Request.

 

(b)               
The representations and warranties set forth in Article III hereof (other than the representations and warranties set forth
in Sections 3.08, 3.09 and 3.10) shall be true and correct in all material respects (except such representations
and warranties that are qualified by materiality, which shall be correct in all respects) on and as of the date of such Borrowing with
the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an
earlier date.

 

(c)               
Each Borrower shall be in compliance in all material respects with all the terms and provisions set forth herein on its part to
be observed or performed, and at the time of and immediately after such Borrowing no Event of Default or Default shall have occurred and
be continuing.

 

(d)               
In the case of any Borrowing which would cause the aggregate principal amount of outstanding Loans under this Agreement, and any
other “Facilities” (as defined in the resolutions duly adopted by the Board of Directors of Howmet on January 19, 2018) to
exceed $10,000,000,000, such Borrowing shall have been duly authorized by Howmet and the Administrative Agent shall have received a true
and complete copy of resolutions duly adopted by the Board of Directors of Howmet authorizing such Borrowing.

 

(e)               
There shall have been paid to the Administrative Agent, for the account of the Lenders, all fees and expenses (including reasonable
fees and expenses of counsel) due and payable on or before such Borrowing.

 

Each Borrowing by any Borrower, and each submission
by any Borrower to an Issuer of a Letter of Credit Request, and the Issuance of each Letter of Credit requested therein, shall be deemed
to constitute a representation and warranty by such Borrower and, in the case of a Borrowing Subsidiary, Howmet on the date of such Borrowing
as to the matters specified in paragraphs (b), (c) and (d) of this Section 4.02. Notwithstanding any contrary provision hereof,
a conversion of a Borrowing to a different Type or a continuation of a Borrowing in its existing Type shall not be considered a new Borrowing.

 

SECTION 4.03. Additional
Conditions to Issuances. In addition to the other conditions precedent herein set forth, if any Lender becomes, and during the period
it remains, a Defaulting Lender, the Issuer will not be required to Issue any Letter of Credit or to amend any outstanding Letter of Credit
to increase the face amount thereof, alter the drawing terms thereunder or extend the expiry date thereof unless the Administrative Agent
and the Issuer are satisfied that any exposure that would result therefrom is eliminated or fully covered by the Commitments of the Non-Defaulting
Lenders or by a sufficient amount deposited in a cash collateral account maintained by the Administrative Agent or a combination thereof
satisfactory to the Administrative Agent and the Issuer.

 

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SECTION 4.04. Designation
of Borrowing Subsidiaries. On each Designation Date:

 

(a)                The
Administrative Agent shall have received (i) a copy of the charter or equivalent organizational document including all amendments
thereto, of each applicable Borrowing Subsidiary, certified as of a recent date by the Secretary of State or the appropriate foreign
governmental official of the state or country of its organization, and a certificate as to the good standing, if available, of such
Borrowing Subsidiary as of a recent date from such Secretary of State or appropriate foreign governmental official, or such other
evidence of status reasonably satisfactory to the Administrative Agent under such Borrowing Subsidiary’s jurisdiction of
organization, as applicable; (ii) a certificate of the Secretary or Assistant Secretary of such Borrowing Subsidiary dated the
Designation Date and certifying (A) that attached thereto is a true and completed copy of the by-laws, or equivalent governing
document, of such Borrowing Subsidiary as in effect on the Designation Date showing all amendments thereto since the date of the
resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the
Board of Directors, or equivalent governing body or person, of such Borrowing Subsidiary authorizing the execution, delivery and
performance of this Agreement and the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended
and are in full force and effect, (C) that the charter, or equivalent organizational document, of such Borrowing Subsidiary has not
been amended since the date of the last amendment thereto shown on the certificate of good standing or other evidence of status
furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing or any other
document delivered in connection herewith on behalf of such Borrowing Subsidiary; and (iii) a certificate of another officer as to
the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to (ii) above.

 

(b)               
The Administrative Agent shall have received a Designation of Borrowing Subsidiary of each applicable Borrowing Subsidiary as provided
in Section 10.04(f).

 

ARTICLE
V

 

AFFIRMATIVE COVENANTS

 

So long as any Obligation or
any Commitment remains outstanding, unless the Required Lenders shall otherwise consent in writing:

 

SECTION 5.01. Financial Statements,
Reports, etc. Howmet shall furnish to the Administrative Agent the following, and the Administrative Agent shall make a copy thereof
available to each Lender:

 

(a)               
Within 90 days after the end of each fiscal year its consolidated balance sheet and related statements of income and cash flow
audited by independent public accountants of recognized national standing, accompanied by an opinion of such accountants (which shall
not be qualified as to scope of audit or in any manner calling into question the status of its business as a going concern) to the effect
that such consolidated financial statements fairly present its financial condition and results of operations and that of its consolidated
Subsidiaries, taken as a whole, in accordance with GAAP;

 

(b)               
Within 50 days after the end of each of the first three fiscal quarters of each fiscal year, its Form 10-Q as prescribed by the
SEC;

 

(c)               
No later than the respective delivery due dates of financial statements under (a) and (b) above, a certificate of a Financial Officer
(i) certifying that no Event of Default or Default has occurred and is continuing or, if such an Event of Default or Default has occurred
and is continuing, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto
and (ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the covenant
contained in Section 6.03;

 

(d)                Promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by it
(other than registration statements and prospectuses related to offerings to directors, officers or employees) with the SEC or any
Governmental Authority succeeding to any of or all the functions of the SEC, or with any national securities exchange, or
distributed to its shareholders, as the case may be; and

 

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(e)               
Promptly, from time to time, such other information regarding its operations, business affairs and financial condition, or compliance
with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request.

 

Information required to be delivered
pursuant to this Section 5.01 shall be deemed to have been delivered if such information, or one or more annual or quarterly reports
containing such information, shall have been posted by the Administrative Agent on an Approved Electronic Platform to which the Lenders
have been granted access or shall be available on the website of the SEC at http://www.sec.gov (and a confirming electronic correspondence
is delivered or caused to be delivered by Howmet to the Administrative Agent providing notice of such availability); provided that
Howmet shall deliver paper copies of such information to the Administrative Agent for delivery to any Lender that requests such delivery.
Information required to be delivered pursuant to this Section 5.01 (other than the information that pursuant to the immediately
preceding sentence is deemed to have been delivered if it is made available on the website of the SEC) shall be delivered by electronic
communications pursuant to the procedures set forth in Section 9.03.

 

SECTION 5.02. Pari Passu
Ranking. Each Borrower shall ensure that any amounts payable by it hereunder will at all times rank at least pari passu with
all other unsecured, unsubordinated Indebtedness of such Borrower except to the extent any such Indebtedness may be preferred by law.

 

SECTION 5.03. Maintenance
of Properties. Each Borrower shall, and shall cause its Subsidiaries to, maintain and keep its properties in such repair, working
order and condition, and make or cause to be made all such needful and proper repairs, renewals and replacements thereto, as in the judgment
of such Borrower are necessary and in the interests of such Borrower; provided, however, that nothing in this Section
5.03 shall prevent such Borrower (or any Subsidiary thereof) from selling, abandoning or otherwise disposing of any of its respective
properties or discontinuing a part of its respective businesses from time to time if, (i) in the judgment of such Borrower, such
sale, abandonment, disposition or discontinuance is advisable and (ii) in the case of a sale or other disposition, is a transaction
permitted under Section 6.02.

 

SECTION 5.04. Obligations
and Taxes. Each Borrower shall pay its Indebtedness and other obligations that, if not paid, would result in a Material Adverse Effect
before the same shall become delinquent or in default, and pay and discharge all (i) material taxes upon or against it, or against its
properties, and (ii) all claims which could reasonably be expected, if unpaid, to become a Lien upon its property (other than a Lien permitted
under Section 6.01), in each case prior to the date on which penalties attach thereto, unless and to the extent that any such obligation
or tax is being contested in good faith and adequate reserves with respect thereto are maintained on the applicable financial statements
in accordance with GAAP.

 

SECTION 5.05. Insurance.
Each Borrower shall, and shall cause its consolidated Subsidiaries to, insure and keep insured, in each case with reputable insurance
companies, so much of its respective properties to such an extent and against such risks, or in lieu thereof, in the case of any Borrower,
maintain or cause to be maintained a system or systems of self-insurance, as is customary in the case of corporations engaged in the same
or similar business or having similar properties similarly situated.

 

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SECTION 5.06. Existence;
Businesses and Properties. (a) Each Borrower shall do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence in its jurisdiction of organization, except as otherwise expressly permitted under Section
6.02.

 

(b)               
Each Borrower shall do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect
the rights, licenses, permits, franchises, authorizations, patents, copyrights, trademarks and trade names material to the conduct of
its business as its Board of Directors shall determine in its judgment.

 

SECTION 5.07. Compliance
with Laws. (a) Each Borrower shall comply in all material respects with all applicable laws, rules, regulations and orders of any
Governmental Authority to which it is subject, whether now in effect or hereafter enacted, such that no failure so to comply will result
in the levy of any penalty or fine which shall have a Material Adverse Effect.

 

(b)               
Each Borrower shall comply in all material respects with the applicable provisions of ERISA and all other related applicable laws
and furnish to the Administrative Agent and each Lender (i) as soon as possible, and in any event within 30 days after any Responsible
Officer of such Borrower or any ERISA Affiliate either knows or has reason to know that any ERISA Event has occurred that alone or together
with any other ERISA Event would reasonably be expected to result in liability of such Borrower to the PBGC in an aggregate amount exceeding
$50,000,000, a statement of a Financial Officer setting forth details as to such ERISA Event and the action proposed to be taken with
respect thereto, together with a copy of the notice, if any, of such ERISA Event given to the PBGC or other Governmental Authority, (ii)
promptly after receipt thereof, a copy of any notice such Borrower or any ERISA Affiliate may receive from the PBGC or other Governmental
Authority relating to the intention of the PBGC or other Governmental Authority to terminate any Plan or Plans (other than a Plan maintained
by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), or any
Foreign Plan or Foreign Plans, or to appoint a trustee to administer any Plan or Plans, or any Foreign Plan or Foreign Plans, (iii) within
10 days after the due date for filing with the PBGC pursuant to Section 412(n) of the Code of a notice of failure to make a required installment
or other payment with respect to a Plan, a statement of a Financial Officer setting forth details as to such failure and the action proposed
to be taken with respect thereto, together with a copy of such notice given to the PBGC and (iv) promptly and in any event within 30 days
after receipt thereof by such Borrower or any ERISA Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice received
by such Borrower or ERISA Affiliate concerning (A) the imposition of Withdrawal Liability in excess of $50,000,000 or (B) a determination
that a Multiemployer Plan is, or is expected to be, terminated or in reorganization, in each case within the meaning of Title IV of ERISA,
if such termination or reorganization would reasonably be expected to result, alone or with any other such termination or reorganization,
in increases in excess of $50,000,000 in the contributions required to be made to the relevant Plan or Plans.

 

SECTION 5.08. Default Notices.
Each Borrower shall furnish to the Administrative Agent prompt written notice upon its becoming aware of any Event of Default or Default,
specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with respect thereto.

 

SECTION 5.09. Borrowing Subsidiaries.
Howmet shall cause each Borrowing Subsidiary at all times to be a wholly-owned Subsidiary.

 

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ARTICLE
VI

 

NEGATIVE COVENANTS

 

Each Borrower covenants and
agrees with each Lender that, so long as any Obligation or any Commitment remains outstanding, unless the Required Lenders shall otherwise
consent in writing, such Borrower will not:

 

SECTION 6.01. Liens.
(a) Create or incur, or permit any Restricted Subsidiary to create or incur, any Lien on its property or assets (including stock or other
securities of any person, including any of its Subsidiaries) now or hereafter acquired by it or on any income or revenues or rights in
respect thereof, securing Indebtedness for borrowed money, without ratably securing the Loans; provided, however, that the
foregoing shall not apply to the following:

 

(i)                
Liens on property or assets of any corporation existing at the time such corporation becomes a Restricted Subsidiary;

 

(ii)              
Liens existing on any property or asset at or prior to the acquisition thereof by such Borrower or a Restricted Subsidiary, Liens
on any property or asset securing the payment of all or any part of the purchase price of such property or asset, Liens on any property
or asset securing any Indebtedness incurred prior to, at the time of or within 180 days after the acquisition of such property or asset
for the purpose of financing all or any part of the purchase price thereof or Liens on any property or asset securing any Indebtedness
incurred for the purpose of financing all or any part of the cost to such Borrower or Restricted Subsidiary of improvements thereto;

 

(iii)            
Liens securing Indebtedness of a Restricted Subsidiary owing to Howmet or to another Restricted Subsidiary;

 

(iv)             
Liens existing on the Closing Date, and set forth on Schedule 6.01(a);

 

(v)               
Liens on property of a person existing at the time such person is merged into or consolidated with Howmet or a Restricted Subsidiary
or at the time such person becomes a Subsidiary of Howmet through the direct or indirect acquisition of capital stock of such person by
Howmet or at the time of a sale, lease or other disposition of the properties of a person as an entirety or substantially as an entirety
to Howmet or a Restricted Subsidiary;

 

(vi)             
Liens on any property owned by Howmet or any Restricted Subsidiary, in favor of the United States of America or any state thereof,
or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or in favor
of any other country, or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract
or statute or to secure any Indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of construction
of the property subject to such Liens;

 

(vii)           
Liens for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or being contested
in good faith by appropriate proceedings and for which adequate reserves are maintained by the applicable financial statements in accordance
with GAAP; and

 

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(viii)         
 any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of the Liens referred
to in clauses (i) through (vi) of this Section 6.01(a); provided, however, that each such extension, renewal or replacement
is limited to all or a part of the property which secured the Lien so extended, renewed or replaced (and any improvements thereon).

 

(b)               
Notwithstanding paragraph (a) of this Section 6.01 and in addition to the Liens permitted thereunder, each Borrower and
any Restricted Subsidiary may create or incur Liens which would otherwise be subject to the foregoing restrictions to secure Indebtedness
for borrowed money in an aggregate outstanding amount which does not at the time exceed (x) during the Covenant Relief Period, $100,000,000
or (y) at any time other than during the Covenant Relief Period, 10% of the Consolidated Net Tangible Assets of Howmet and its consolidated
Subsidiaries at such time.

 

SECTION 6.02. Consolidation,
Merger, Sale of Assets, etc. Consolidate or merge with or into any other person or sell, lease or transfer all or substantially all
of its property and assets, or agree to do any of the foregoing, unless (a) no Default or Event of Default has occurred and is continuing
or would result immediately after giving effect thereto, (b) if such Borrower is not the surviving corporation or if such Borrower sells,
leases or transfers all or substantially all of its property and assets, Howmet or the surviving corporation or the person purchasing
or being leased the assets agrees to be bound by the terms and provisions applicable to such Borrower hereunder, and (c)(i) in the case
of Howmet, immediately after such transaction, individuals who were directors of Howmet during the twelve month period prior to such merger,
sale or lease (together with any replacement or additional directors whose election was recommended by or who were elected by a majority
of directors then in office) constitute the Board of Directors of the surviving corporation or the person purchasing or being leased the
assets and (ii) in the case of a Borrowing Subsidiary, (A) the surviving corporation or the person purchasing or being leased the assets
is Howmet or a wholly-owned Subsidiary of Howmet and (B) if the surviving corporation or such person is not Howmet, Howmet agrees to guarantee
pursuant to Article VIII the obligations of such person under this Agreement.

 

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SECTION 6.03. Consolidated
Net Leverage Ratio. Howmet shall not permit the ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal
quarter for the period of the four fiscal quarters of Howmet most recently ended, to be greater than 3.50 to 1.00; provided, however,
that notwithstanding the foregoing, during the Covenant Relief Period, Howmet shall not permit the ratio of Consolidated Net Debt to Consolidated
EBITDA as of the end of each fiscal quarter for the period of the four fiscal quarters then ended of Howmet set forth below, to exceed
the applicable level set forth below opposite such period under the heading “Consolidated Net Debt to Consolidated EBITDA”:

 

	Fiscal Quarter Ending	Consolidated Net Debt to

 Consolidated EBITDA
	September 30, 2021	5.00 to 1.00
	December 31, 2021	4.75 to 1.00
	March 31, 2022	4.50 to 1.00
	June 30, 2022	4.50 to 1.00
	September 30, 2022	4.25 to 1.00
	December 31, 2022	3.75 to 1.00

 

SECTION 6.04. Change in Business.
In the case of Howmet, together with its consolidated Subsidiaries, cease to be primarily engaged in lightweight metals technology, engineering
and manufacturing, and any other business activities reasonably incidental, complementary or related thereto.

 

SECTION 6.05. Restricted
Payments. During the Covenant Relief Period, declare, order, pay, make, or permit any Subsidiary to declare, order, pay or make, any
Restricted Payment; provided that, for so long as there are no Loans outstanding immediately prior to or after giving effect to
such Restricted Payment, Howmet shall be permitted to declare, order, pay, make or permit any Subsidiary to declare, order, pay or make
Restricted Payments (x) not exceeding $450,000,000 during Howmet’s fiscal year ending December 31, 2021 and (y) not exceeding $500,000,000
during Howmet’s fiscal year ending December 31, 2022; provided that any amount referred to in clause (x) that remains unused
as of December 31, 2021 may be carried forward and used during Howmet’s fiscal year ending December 31, 2022.

 

SECTION 6.06. Subsidiary
Indebtedness. During the Covenant Relief Period, permit any Subsidiary to directly or indirectly create, incur, assume or guaranty,
or otherwise become or remain directly or indirectly liable with respect to any Indebtedness (other than any Indebtedness owing to Howmet
or any other Subsidiary) except in an aggregate outstanding amount which does not at the time exceed $400,000,000 (less, without duplication,
any amounts secured by any Borrower or Restricted Subsidiary under Section 6.01(b) but not including any such Indebtedness incurred
pursuant to Section 6.07).

 

SECTION 6.07. Accounts
Receivable and Securitization. During the Covenant Relief Period, enter, or permit any Subsidiary to enter, into any accounts
receivable facility or similar financing facility or transaction (including any securitization or non-recourse accounts receivable
financing but excluding, for the avoidance of doubt, any supply chain financing) providing for the factoring, sale or pledge of
receivables or similar assets; provided, however, that the foregoing shall not apply to facilities or transactions for
which the aggregate outstanding amount of (x) any Indebtedness attributable thereto and (y) to the extent not included as a
liability on the consolidated balance sheet of Howmet and its Subsidiaries in accordance with GAAP, the amount of the financing
component for such facility or transaction that would appear on a balance sheet of such Person prepared on such date in accordance
with GAAP if such financing component were accounted for as Indebtedness incurred by such person, does not at the time exceed
$500,000,000. For purposes of determining compliance with this Section 6.07, the amount of any Indebtedness or obligation
denominated in any currency other than Dollars shall be calculated based on customary currency exchange rates in effect on the date
on which such Indebtedness or obligation was incurred.

 

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ARTICLE
VII

 

EVENTS OF DEFAULT

 

In case of the happening of
any of the following events (“Events of Default”):

 

(a)               
any Borrower shall default in the payment when due of any principal of any Loan or any Reimbursement Obligation and, if such default
shall result from the failure of any third party payments system used by such Borrower, such default shall continue for a period of two
Business Days;

 

(b)               
any Borrower shall fail to pay when due any interest, fee or other amount payable under this Agreement or Howmet shall fail to
pay any amount due under Article VIII upon demand therefor, and, in each case, such failure shall continue for a period of five
Business Days;

 

(c)               
any representation or warranty made or deemed made by a Borrower under this Agreement or any statement made by a Borrower in any
financial statement, certificate, report, exhibit or document furnished by or on behalf of such Borrower in connection with this Agreement
shall prove to have been false or misleading in any material respect as of the time when made and, if such representation or warranty
is able to be corrected, such representation or warranty is not corrected within 20 days after such Borrower’s knowledge that it
was false or misleading;

 

(d)               
any Borrower shall default in the performance or observance of any covenant contained in Section 5.02, Section 5.06(a),
Section 5.08 or Article VI;

 

(e)               
any Borrower shall default in the performance or observance of any covenant or agreement under this Agreement (other than those
specified in paragraphs (a), (b) and (d) above) and such default shall continue for a period of 30 days after notice from the Administrative
Agent;

 

(f)                
any Borrower shall (i) (A) default in the payment of any principal or interest beyond any period of grace provided with respect
thereto, due in respect of any Indebtedness in a principal amount in excess of $100,000,000, or (B) fail to observe or perform any other
term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any Indebtedness in a principal
amount in excess of $100,000,000, if the effect of any such default or failure referred to in this clause (i) is to cause such Indebtedness
to become due prior to its stated maturity; or (ii) default in the payment at maturity of any principal in respect of any Indebtedness
in a principal amount in excess of $100,000,000;

 

(g)               
a proceeding shall have been instituted or a petition filed in respect of a Borrower:

 

(i)                
seeking to have an order for relief entered in respect of such Borrower, or seeking a declaration or entailing a finding that such
Borrower is insolvent or a similar declaration or finding, or seeking dissolution, winding-up, revocation or forfeiture of charter or
Memorandum and Articles of Association, liquidation, reorganization, arrangement, adjustment, composition or other relief with respect
to such Borrower, its assets or its debts under any law relating to bankruptcy, insolvency, relief of debtors or protection of creditors,
termination of legal entities or any other similar law now or hereafter in effect, or

 

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(ii)              
 seeking appointment of a receiver, trustee, custodian, liquidator, assignee, sequestrator, administrator or other similar official
for such Borrower or for all or any substantial part of its property,

 

and such proceeding or petition shall remain undismissed
for a period of 90 consecutive days or an order or decree approving any of the foregoing shall be entered;

 

(h)               
any Borrower shall become insolvent, shall become generally unable to pay its debts as they become due, shall voluntarily suspend
transaction of its business generally or as a whole, shall make a general assignment for the benefit of creditors, shall institute a proceeding
described in clause (g)(i) above or shall consent to any order or decree described therein, shall institute a proceeding described in
clause (g)(ii) above or shall consent to any such appointment or to the taking of possession by any such official of all or any substantial
part of its property whether or not any such proceeding is instituted, shall dissolve, wind-up or liquidate itself or any substantial
part of its property or shall take any action in furtherance of any of the foregoing;

 

(i)                
any of the following shall have occurred: (i) any person or group of persons shall have acquired beneficial ownership of a majority
in interest of the outstanding Voting Stock of Howmet (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934 and the applicable rules and regulations thereunder), (ii) during any period of 25 consecutive months, commencing before or after
the date of this Agreement, individuals who at the beginning of such 25 month period were directors of Howmet (together with any replacement
or additional directors whose election was recommended by or who were elected by a majority of directors then in office) cease to constitute
a majority of the Board of Directors of Howmet or (iii) any person or group of related persons shall acquire all or substantially all
of the assets of Howmet provided, however, that a change in control of Howmet shall not be deemed to have occurred pursuant
to clause (iii) of this paragraph (i) if Howmet shall have merged or consolidated with or transferred all or substantially all of its
assets to another person in compliance with the provisions of Section 6.02 and the ratio represented by the total assets of the
surviving person, successor or transferee divided by such person’s stockholders’ equity, in each case as determined and as
would be shown in a consolidated balance sheet of such person prepared in accordance with GAAP (the “Leverage Ratio”
of such person) is no greater than the then Leverage Ratio of Howmet immediately prior to such event;

 

(j)                
an ERISA Event or ERISA Events shall have occurred with respect to any Plan or Plans, or any Foreign Plan or Foreign Plans, that
reasonably could be expected to result in liability of any Borrower to the PBGC or other Governmental Authority or to a Plan or Foreign
Plan in an aggregate amount exceeding $100,000,000 and, within 30 days after the reporting of any such ERISA Event to the Administrative
Agent or after the receipt by the Administrative Agent of the statement required pursuant to Section 5.07(b), the Administrative
Agent shall have notified Howmet in writing that (i) the Required Lenders have made a determination that, on the basis of such ERISA Event
or ERISA Events or the failure to make a required payment, there are reasonable grounds (A) for the termination of such Plan or Plans,
or such Foreign Plan or Foreign Plans, by the PBGC or other Governmental Authority, (B) for the appointment either by the appropriate
United States District Court of a trustee to administer such Plan or Plans or by an applicable court of law outside the United States
of a trustee to administer such Foreign Plan or Foreign Plans or (C) for the imposition of a lien in favor of a Plan or Foreign Plan and
(ii) as a result thereof an Event of Default exists hereunder; or a trustee shall be appointed by a United States District Court to administer
any such Plan or Plans or by an applicable court of law outside the United States of a trustee to administer such Foreign Plan or Foreign
Plans; or the PBGC or other Governmental Authority shall institute proceedings to terminate any Plan or Plans or any Foreign Plan or Foreign
Plans;

 

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(k)               
 (i) any Borrower or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal
Liability to such Multiemployer Plan, (ii) such Borrower or such ERISA Affiliate does not have reasonable grounds for contesting such
Withdrawal Liability or is not in fact contesting such Withdrawal Liability in a timely and appropriate manner and does not have adequate
reserves set aside against such Withdrawal Liability and (iii) the amount of the Withdrawal Liability specified in such notice, when aggregated
with all other amounts required to be paid to Multiemployer Plans in connection with Withdrawal Liabilities (determined as of the date
or dates of such notification), exceeds $100,000,000 or requires payments exceeding $50,000,000 in any calendar year;

 

(l)                
any Borrower or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan
is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if solely as a result of such reorganization or
termination the aggregate annual contributions of such Borrower and its ERISA Affiliates to all Multiemployer Plans that are then in reorganization
or have been or are being terminated have been or will be increased over the amounts required to be contributed to such Multiemployer
Plans for their most recently completed plan years by an amount exceeding $100,000,000;

 

(m)             
one or more judgments for the payment of money in an aggregate amount in excess of $100,000,000 shall be rendered against any Borrower
or any Subsidiary of any Borrower or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days
during which execution shall not be effectively stayed (unless an appeal or writ of certiorari is being diligently prosecuted), or any
action shall be legally taken by a judgment creditor or creditors holding judgments which in the aggregate exceed $100,000,000 to levy
upon assets or properties of any Borrower or any Subsidiary of a Borrower to enforce any such judgment; or

 

(n)               
Howmet’s guarantee under Article VIII and/or a Borrowing Subsidiary’s guarantee under its Subsidiary Guarantee
(if any) shall for any reason fail or cease to be valid and binding on, or enforceable against, Howmet or such Borrowing Subsidiary, as
applicable, or Howmet or any other Borrower shall so state in writing; or

 

(o)               
any provision of any Loan Document (other than Howmet’s guarantee under Article VIII or a Borrowing Subsidiary’s
guarantee under any Subsidiary Guarantee (if any)) after delivery thereof shall for any reason fail or cease to be valid and binding on,
or enforceable against, any Borrower party thereto, or Howmet or any other Borrower shall so state in writing, but only if such events
or circumstances, individually or in the aggregate, result in a Material Adverse Effect; or

 

then, and in every such event (other than an
event described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event, the Administrative
Agent, at the request of the Required Lenders, shall, by written notice to Howmet, take either or both of the following actions, at
the same or different times: (i) terminate the Commitments, whereupon the obligation of each Lender to make any Loan and each Issuer
to Issue any Letter of Credit shall immediately terminate, and (ii) declare the Loans then outstanding to be forthwith due and
payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and any unpaid accrued fees and all other liabilities accrued hereunder, shall become forthwith due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by each Borrower, anything
contained herein to the contrary notwithstanding; and in any event described in paragraph (g) or (h) above, (x) the Commitment of
each Lender to make Loans and the commitments of each Lender and Issuer to Issue or participate in Letters of Credit shall each
automatically be terminated and (y) the Loans, all such interest and all such amounts and Obligations shall automatically become and
be due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived
by each Borrower, anything contained herein to the contrary notwithstanding.

 

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At any time and from time to
time (i) upon and after the last Maturity Date to occur or (ii) as may be required by Section 2.11(b), Section 2.11(d) or
Section 2.23(b), the Borrowers shall pay to the Administrative Agent in immediately available funds at the Administrative Agent’s
office referred to in Section 10.01, for deposit in a cash collateral account maintained with the Administrative Agent, the amount
required so that, after such payment, the aggregate funds on deposit in such cash collateral accounts at any time equals or exceeds 105%
of the Dollar Equivalent of all outstanding Letter of Credit Obligations. The Administrative Agent may, from time to time after funds
are deposited in such cash collateral account, apply funds then held in such cash collateral account to the payment of any amounts as
shall have become or shall become due and payable by any Borrowers to any Issuer or Lender in respect of the Letter of Credit Obligations.
The Administrative Agent shall promptly give written notice of any such application to Howmet; provided, however, that the
failure to give such written notice shall not invalidate any such application. The Administrative Agent shall return to Howmet all funds
remaining in such cash collateral account promptly after the payment in full of all outstanding Letter of Credit Obligations.

 

ARTICLE
VIII

 

GUARANTEE

 

In order to induce the Administrative
Agent, the Lenders and the Issuers to execute and deliver this Agreement and to make and maintain the Loans and to Issue Letters of Credit:

 

(a)               
Howmet unconditionally and irrevocably guarantees, as a principal obligor and not merely as a surety, the due and punctual payment
and performance of all Borrowing Subsidiaries Obligations. Howmet further agrees that the Borrowing Subsidiaries Obligations may be extended
or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound upon the provisions of this Article
VIII notwithstanding any extension or renewal of any Borrowing Subsidiary Obligation.

 

(b)               
Howmet waives presentation to, demand of payment from and protest to any Borrowing Subsidiary of any of the Borrowing Subsidiaries
Obligations, and also waives notice of acceptance of the guarantee set forth in this Article VIII and notice of protest for nonpayment.
The obligations of Howmet hereunder shall not be affected by (i) the failure of the Administrative Agent or any Lender to assert any claim
or demand or to enforce any right or remedy against any Borrower under the provisions of this Agreement or any guarantee; (ii) any extension
or renewal of any provision of this Agreement or any guarantee; or (iii) any rescission, waiver, amendment or modification of any of the
terms or provisions of this Agreement or any guarantee or any other agreement.

 

(c)               
Howmet further agrees that the guarantee set forth in this Article VIII constitutes a guarantee of payment when due and
not of collection and waives any right to require that any resort be had by the Administrative Agent or any Lender to the balance of any
deposit account or credit on the books of the Administrative Agent or the relevant Lender, as applicable, in favor of any Borrower or
any other person.

 

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(d)                The
obligations of Howmet hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim or waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Borrowing
Subsidiaries Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of Howmet hereunder shall
not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any Lender to assert any claim or
demand or to enforce any remedy under this Agreement, by any waiver or modification of any thereof, by any default, failure or
delay, willful or otherwise, in the performance of the Borrowing Subsidiaries Obligations or by any other act or omission which may
or might in any manner or to any extent vary the risk of Howmet or would otherwise operate as a discharge of Howmet as a matter of
law or equity (other than the defense of payment in satisfaction of such Obligation).

 

(e)               
Howmet further agrees that this guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment
by any Borrowing Subsidiary to the Administrative Agent or any Lender, or any part thereof, of principal of or interest on such Borrowing
Subsidiary Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender or any holder of any Borrowing
Subsidiaries Obligation upon the bankruptcy or reorganization of such Borrowing Subsidiary or otherwise.

 

(f)                
In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any Lender may have
at law or in equity against Howmet by virtue hereof, upon the failure of any Borrowing Subsidiary to pay any Borrowing Subsidiaries Obligation
when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, Howmet hereby promises
to and will, upon receipt of written demand by the Administrative Agent, promptly pay, or cause to be paid, to such Agent in cash the
amount of such unpaid Borrowing Subsidiaries Obligation, and thereupon such Agent shall assign, in any reasonable manner, the amount of
the Borrowing Subsidiaries Obligation paid by Howmet pursuant to this guarantee to Howmet, such assignment to be pro tanto to the
extent to which the Borrowing Subsidiaries Obligation in question was discharged by Howmet, or make such other disposition thereof as
Howmet shall direct (all without recourse to the Administrative Agent or any Lender and without any representation or warranty by the
Administrative Agent or Lender).

 

Upon payment by Howmet of any
sums to the Administrative Agent as provided above, all rights of Howmet against the Borrowing Subsidiaries arising as a result thereof
by way of right of subrogation or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible
payment in full of all the Borrowing Subsidiaries Obligations.

 

ARTICLE
IX

 

THE ADMINISTRATIVE AGENT

 

SECTION 9.01. Authorization
and Action. (a) Each Lender and each Issuer hereby appoints Citi as the Administrative Agent hereunder and each Lender and each Issuer
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the
other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably
incidental thereto. Without limiting the foregoing, each Lender and each Issuer hereby authorizes the Administrative Agent to execute
and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, to exercise
all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

 

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(b)                As
to any matters not expressly provided for by this Agreement and the other Loan Documents (including enforcement or collection), the
Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and
such instructions shall be binding upon all Lenders and each Issuer; provided, however, that the Administrative Agent
shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to personal liability
unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders and the Issuers with respect to such
action or (ii) is contrary to this Agreement or applicable law including, without limitation, any action that may be in violation of
the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that
may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law
relating to bankruptcy, insolvency or reorganization or relief of debtors. The Administrative Agent agrees to give to each Lender
and each Issuer prompt notice of each notice given to it by any Borrower pursuant to the terms of this Agreement or the other Loan
Documents.

 

(c)               
In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely
on behalf of the Lenders and the Issuers except to the limited extent provided in Section 2.05(c) and Section 10.04(b),
and its duties are entirely administrative in nature. The Administrative Agent does not assume and shall not be deemed to have assumed
any obligation other than as expressly set forth herein and in the other Loan Documents or any other relationship as the agent, fiduciary
or trustee of or for any Lender, Issuer or holder of any other Obligation. The Administrative Agent may perform any of its duties under
any Loan Document by or through its agents or employees.

 

(d)               
In the event that Citi or any of its Affiliates is or becomes an indenture trustee under the Trust Indenture Act of 1939 (as amended,
the “Trust Indenture Act”) in respect of any securities issued or guaranteed by any Borrower, the parties hereto acknowledge
and agree that any payment or property received in satisfaction of or in respect of any Obligation of such Borrower hereunder or under
any other Loan Document by or on behalf of Citi in its capacity as such for the benefit of any Borrower under any Loan Document (other
than Citi or an Affiliate of Citi) and which is applied in accordance with the Loan Documents is exempt from the requirements of Section
311 of the Trust Indenture Act pursuant to Section 311(b)(3) of the Trust Indenture Act.

 

(e)               
Neither the Syndication Agent, nor the Co-Documentation Agents nor any Arranger shall have obligations or duties whatsoever in
such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity.

 

SECTION 9.02. Administrative
Agent’s Reliance, Etc. None of the Administrative Agent, any of its Affiliates or any of their respective directors,
officers, agents or employees shall be liable for any action taken or omitted to be taken by it, him, her or them under or in
connection with this Agreement or the other Loan Documents, except to the extent such claim, damage, loss, liability or expense is
found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence
or willful misconduct of such person. Without limiting the foregoing, the Administrative Agent (a) may treat the payee of any Note
as its holder until such Note has been assigned in accordance with Section 10.04, (b) may rely on the Register to the extent
set forth in Section 2.05 and Section 10.04(b), (c) may consult with legal counsel (including counsel to the
Borrowers), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (d) makes no warranty or
representation to any Lender or Issuer and shall not be responsible to any Lender or Issuer for any statements, warranties or
representations made by or on behalf of any Borrower in or in connection with this Agreement or any other Loan Document, (e) shall
not have any duty to ascertain or to inquire either as to the performance or observance of any term, covenant or condition of this
Agreement or any other Loan Document, as to the financial condition of any Borrower or as to the existence or possible existence of
any Default or Event of Default and (f) shall incur no liability under or in respect of this Agreement or any other Loan Document by
acting upon any notice, consent, certificate or other instrument or writing (which writing may be a telecopy or electronic mail) or
any telephone message believed by it to be genuine and signed or sent by the proper party or parties.

 

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SECTION 9.03. Posting of
Communications. (a) Howmet and each other Borrower hereby agrees that it will provide to the Administrative Agent all information,
documents and other materials that it is obligated, or otherwise chooses to, furnish to the Administrative Agent pursuant to any Loan
Document or in connection with the transactions contemplated therein, including, without limitation, all notices, requests, financial
statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates
to a request for a new, or a conversion of an existing, Borrowing (including any election of an interest rate or Interest Period relating
thereto) or Letter of Credit Request, (ii) relates to the payment of any principal or other amount due under this Agreement prior to the
scheduled payment date therefor, (iii) relates to a termination or a reduction of Commitments pursuant to Section 2.10, 2.23(d)
or 10.04(h), (iv) relates to the designation of a Borrowing Subsidiary pursuant to Section 10.04(f), (v) provides notice
of any Default or Event of Default, (vi) is required to be delivered to satisfy any condition precedent under Article IV or (vii)
in accordance with Section 5.01, including clauses (a), (b) and (d) of such Section, is deemed to have been
delivered if it is made available on the website of the SEC (all such non-excluded communications being referred to herein collectively
as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the
Administrative Agent to oploanswebadmin@citi.com.

 

(b)               
Howmet and each other Borrower further agrees that the Administrative Agent may, but shall not be obligated to, make the Communications
available to the Lenders and the Issuers by posting the Communications on DebtDomain or a substantially similar electronic platform chosen
by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(c)               
Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to time (including, as of March 4, 2020, a dual firewall and
a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuers
and each Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and
that there are confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuers and each Borrower
hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such
distribution.

 

(d)                THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED
ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE
COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT
SHALL THE ADMINISTRATIVE AGENT, any arranger, THE SYNDICATION AGENT, THE
CO-DOCUMENTATION AGENTS OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO HOWMET, ANY OTHER BORROWER, ANY
LENDER, ANY ISSUER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF
HOWMET’S OR ANY OTHER BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE
INTERNET.

 

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(e)               
The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its Email address set forth
above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender
and each Issuer agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the
Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender and each Issuer agrees (i) to notify the Administrative Agent in writing (including by electronic communication) from time
to time of such Lender’s or Issuer’s (as applicable) Email address to which the foregoing notice may be sent by electronic
transmission and (ii) that the foregoing notice may be sent to such Email address.

 

(f)                
Each of the Lenders, each of the Issuers and each Borrower agrees that the Administrative Agent may, but (except as may be required
by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.

 

(g)               
Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuer to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.

 

SECTION 9.04. The Administrative
Agent Individually. With respect to its Ratable Portion, Citi shall have and may exercise the same rights and powers hereunder and
is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuer. The terms “Issuers”,
 “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise
indicates, include the Administrative Agent in its individual capacity as a Lender, Issuer or as one of the Required Lenders. Citi and
its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with, any
Borrower as if Citi were not acting as the Administrative Agent.

 

SECTION 9.05. Indemnification.
Each Lender agrees to indemnify the Administrative Agent and each of its Affiliates, and each of their respective directors,
officers, employees, agents and advisors (to the extent not reimbursed by the Borrowers, but without affecting the Borrowers’
reimbursement obligation), from and against such Lender’s aggregate ratable share of any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements (including fees, expenses and disbursements
of financial and legal advisors) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against, the
Administrative Agent or any of its Affiliates, directors, officers, employees, agents and advisors in any way relating to or arising
out of this Agreement or the other Loan Documents or any action taken or omitted by the Administrative Agent under this Agreement or
the other Loan Documents; provided, however, that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent any of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements is found in a
final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence or willful
misconduct of the Administrative Agent or such Affiliate. Without limiting the foregoing, each Lender agrees to reimburse the
Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including fees, expenses and
disbursements of financial and legal advisors) incurred by the Administrative Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of,
or legal advice in respect of its rights or responsibilities under, this Agreement or the other Loan Documents, to the extent that
the Administrative Agent is not reimbursed for such expenses by the Borrowers.

 

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SECTION 9.06. Successor Administrative
Agent. (a) The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders and
Howmet, whether or not a Successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have
the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of
resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, selected
from among the Lenders. In either case, such appointment shall be subject to the prior written approval of Howmet (which approval may
not be unreasonably withheld and shall not be required upon the occurrence and during the continuance of an Event of Default). Upon the
acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed
to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the earlier of (x)
the date that is 30 days after the giving by the existing Administrative Agent of a resignation notice pursuant to this Section 9.06
and (y) the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall
be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably
necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. After such resignation,
the retiring Administrative Agent shall continue to have the benefit of this Article IX as to any actions taken or omitted to be
taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.

 

(b)               
In addition to the foregoing, if a Lender becomes, and during the period it remains, a Defaulting Lender, the Issuer may, upon
prior written notice to Howmet and the Administrative Agent, resign as Issuer effective at the close of business New York time on a date
specified in such notice (which date may not be less than 30 days after the date of such notice); provided that such resignation
by the Issuer will have no effect on the validity or enforceability of any Letter of Credit then outstanding or on the obligations of
any Borrower or any Lender under this Agreement with respect to any such outstanding Letter of Credit or otherwise to the Issuer.

 

SECTION 9.07. Certain ERISA
Matters. (a) Each Lender (x) represents and warrants, as of the date such person became a Lender party hereto, to, and (y) covenants,
from the date such person became a Lender party hereto to the date such person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit
of Howmet or any of its Subsidiaries, that at least one of the following is and will be true:

 

(i)       such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA)
of one or more Benefit Plans in connection with the Loans, the Letters of Credit, or the Commitments,

 

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(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments, and this Agreement,

 

(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments, and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments, and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments, and this Agreement, or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)               
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a
Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such person became a Lender party hereto, to, and (y) covenants,
from the date such person became a Lender party hereto to the date such person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit
of Howmet or any of its Subsidiaries, that neither the Administrative Agent nor the Arrangers nor their respective Affiliates is a fiduciary
with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any
rights by the Administrative Agent or the Arrangers under this Agreement, the Loan Documents or any documents related hereto or thereto).

 

SECTION 9.08. Erroneous
Payments. (a) If the Administrative Agent (x) notifies a Lender, Issuer or any Person who has received funds on behalf of a
Lender or Issuer (any such Lender, Issuer or other recipient (and each of their respective successors and assigns), a “Payment
Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any
notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent)
received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted
to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuer or other
Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of
principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y)
demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the
property of the Administrative Agent pending its return or repayment as contemplated below in this Section 9.08 and held in
trust for the benefit of the Administrative Agent, and such Lender or Issuer shall (or, with respect to any Payment Recipient who
received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days
thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the
Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day
funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative
Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment
Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to
time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive,
absent manifest error.

 

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(b)               
Without limiting immediately preceding clause (a), each Lender, Issuer or any Person who has received funds on behalf of
a Lender or Issuer (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment
(whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement
or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Lender, Issuer or other such recipient, otherwise becomes aware was transmitted, or
received, in error or by mistake (in whole or in part), then in each such case:

 

(i)                
it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake
shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake
has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment;
and

 

(ii)              
such Lender or Issuer shall use commercially reasonable efforts to (and shall use commercially reasonable efforts to cause any
other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge
of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify
the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that
it is so notifying the Administrative Agent pursuant to this Section 9.08(b).

 

For the avoidance of doubt,
the failure to deliver a notice to the Administrative Agent pursuant to this Section 9.08(b) shall not have any effect on a Payment
Recipient’s obligations pursuant to Section 9.08(a) or on whether or not an Erroneous Payment has been made.

 

(c)               
Each Lender or Issuer hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing
to such Lender or Issuer under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender or
Issuer under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the
Administrative Agent has demanded to be returned under immediately preceding clause (a).

 

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(d)                (i)
In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after
demand therefor in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment
(or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective
behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s
notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties
hereto), (A) such Lender shall be deemed to have assigned its Loans (but not its Commitments) in an amount equal to the Erroneous
Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not
Commitments), the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus
any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby
(together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative
Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver
any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such
Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be
deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as
the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and
the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency
Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its
applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each be
deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the
Administrative Agent will reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency
Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and
such Commitments shall remain available in accordance with the terms of this Agreement.

 

(ii) Subject to
Section 10.04 (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)),
the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon
receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net
proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims
against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return
Deficiency owing by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest,
or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans
acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Loans are then owned by
the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative
Agent in writing to the applicable Lender from time to time.

 

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(e)                The
parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an
Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or
portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment
Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Issuer, to the rights and
interests of such Lender or Issuer, as the case may be) under the Loan Documents with respect to such amount (the “Erroneous
Payment Subrogation Rights”) (provided that the Loan Parties’ Obligations under the Loan Documents in respect of
the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to
the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay,
repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any Borrowing Subsidiary; provided that this Section
9.08 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating
the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would
have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for
the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous
Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the
Administrative Agent from the Borrower for the purpose of making such Erroneous Payment.

 

(f)                
To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense
based on “discharge for value” or any similar doctrine.

 

(g)               
Each party’s obligations, agreements and waivers under this Section 9.08 shall survive the resignation or replacement
of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuer, the termination of the
Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

ARTICLE
X

 

MISCELLANEOUS

 

SECTION 10.01. Notices.
Except as provided in Section 9.03, notices and other communications provided for herein shall (unless deemed to have been delivered
in accordance with Section 5.01) be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by telecopy or email as follows:

 

(a)               
if to Howmet or a Borrowing Subsidiary, to Howmet Aerospace Inc. at 201 Isabella Street, Pittsburgh, PA 15212-5872, Attention of
Vice President & Treasurer (Telecopy No. 412-553-2758);

 

(b)               
if to the Administrative Agent, to Citibank, N.A. at One Penns Way, Building Ops II, Floor 2, New Castle, Delaware, 19720, Attention:
Agency Operations, (Telecopy No: 646-274-5080; email: AgencyABTFSupport@citi.com with a copy to GLAgentOfficeOps@citi.com) and with a
copy to Sumeet Singal (email: sumeet.singal@citi.com ); and

 

(c)               
if to a Lender or an Issuer, to it at its address (or telecopy number) set forth in the applicable Administrative Questionnaire
or in the Assignment and Assumption or, in the case of an Issuer, the applicable assignment document pursuant to which such Issuer shall
have become a party hereto.

 

Any party may subsequently
change its notice address by written notice to the other parties as herein provided. All notices and other communications given to
any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if
delivered during normal business hours (and otherwise shall be deemed to have been given on the following date) and if delivered by
hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered
mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 10.01
or in accordance with the latest unrevoked direction from such party to the Administrative Agent and each Borrower given in
accordance with this Section 10.01.

 

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Notices and other communications
to the Lenders and Issuers hereunder may be delivered or furnished by electronic communications pursuant to procedures set forth in Section
9.03 or otherwise approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to
Article II unless otherwise agreed by the Administrative Agent and the applicable Lender or Issuer; provided further that
any Lender or any Issuer may, upon request, receive a hard copy delivery of any or all such notices. The Administrative Agent or Howmet
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
set forth in Section 9.03 or otherwise approved by it; provided that approval of such procedures may be limited to particular
notices or communications.

 

Any notice hereunder shall be
effective upon receipt. Any notice or other communication received on a day which is not a Business Day or after business hours in the
place of receipt shall be deemed to be served on the next following Business Day in such place. Any notice given to Howmet shall be deemed
to have been duly given to each other Borrower at the same time and in the same manner.

 

SECTION 10.02. Survival of
Agreement. All covenants, agreements, representations and warranties made by any Borrower herein and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the
Lenders and the Issuers and shall survive the making by the Lenders of the Loans and the Issuers’ Issuance of Letters of Credit,
regardless of any investigation made by the Lenders or the Issuers or on their behalf, and shall continue in full force and effect as
long as any Obligation remains outstanding and unpaid and so long as the Commitments have not been terminated.

 

SECTION 10.03. Binding Effect.
This Agreement shall become effective when it shall have been executed by Howmet and the Administrative Agent and when the Administrative
Agent shall have received copies hereof which, when taken together, bear the signatures of each Lender and each Issuer, and thereafter
shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent, each Lender and each Issuer and their respective
successors and assigns, except that none of the Borrowers shall have the right to assign its rights hereunder or any interest herein without
the prior consent of all the Lenders and each Issuer.

 

SECTION 10.04. Successors
and Assigns; Additional Borrowing Subsidiaries and Subsidiary Guarantees. (a) The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrowers
may not assign or otherwise transfer any of their rights or obligations hereunder (except as provided in Section 10.04(f)) without
the prior written consent of each Lender and each Issuer (and any attempted assignment or transfer by the Borrowers without such consent
shall be null and void) and (ii) no Lender or Issuer may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this
Section) and, to the extent expressly contemplated hereby, the Related Parties and Indemnitees of each of the Administrative Agent, the
Lenders and the Issuers) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)                (i)           Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other than to any Borrower
or any Borrower’s Subsidiary or Affiliate or to any natural person (or a holding company, investment vehicle, or trust for, or
owned and operated by or for the primary benefit of a natural person)) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its rights and obligations with respect to its Commitment, the Loans and the Letters of
Credit) to (1) any other Lender or an Affiliate of such Lender or (2) with the prior written consent (such consent not to be
unreasonably withheld or delayed) of:

 

(A)             
Howmet, provided that no consent of Howmet shall be required for an assignment to a Lender, an Affiliate of a Lender, an
Approved Fund (as defined below) or, if an Event of Default under clause (a), (b), (g) or (h) of Article VII has occurred and is
continuing, any other assignee; provided, further, that the consent of Howmet shall be deemed to have been received with
respect to any such proposed assignment unless Howmet has notified the Administrative Agent in writing of its objection thereto within
10 Business Days of Howmet’s receipt of written notice thereof; and

 

(B)             
the Administrative Agent and each Issuer.

 

(ii)              
Assignments shall be subject to the following conditions:

 

(A)             
except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of
the assigning Lender’s Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less
than $5,000,000 or an integral multiple thereof, unless each of Howmet and the Administrative Agent otherwise consent, provided
that no such consent of Howmet shall be required if an Event of Default under clause (a), (b), (g) or (h) of Article VII has occurred
and is continuing);

 

(B)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement;

 

(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with
a processing and recordation fee of $3,500; provided, that the Administrative Agent may, in its sole discretion, elect to waive such fee
in the case of any assignment;

 

(D)             
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and

 

(E)              
in the case of an assignment to a CLO (as defined below), the assigning Lender shall retain the sole right to approve any amendment,
modification or waiver of any provision of this Agreement; provided that the Assignment and Assumption between such Lender and
such CLO may provide that such Lender will not, without the consent of such CLO, agree to any amendment, modification or waiver described
in the proviso to Section 10.08(b) that affects such CLO.

 

For purposes of this Section
10.04(b), the terms “Approved Fund” and “CLO” have the following meanings:

 

“Approved
Fund” shall mean (a) a CLO and (b) with respect to any Lender that is a fund which invests in bank loans and similar
extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same
investment advisor as such Lender or by an Affiliate of such investment advisor.

 

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“CLO” shall
mean any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing
in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by a Lender or an
Affiliate of such Lender.

 

(iii)            
Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto with respect to the interests assumed
and, to the extent of the interest assigned under such Assignment and Assumption, have the rights and obligations of a Lender and if such
Lender is an Issuer, as Issuer under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits of Sections 2.12, 2.14, 2.18 and 10.05).

 

(iv)             
The Administrative Agent shall maintain at its address referred to in Section 10.01 a copy of each Assignment and Assumption
delivered to and accepted by it and shall record in the Register the names and addresses of the Lenders and Issuers and the principal
amount of the Loans and Reimbursement Obligations owing to each Lender from time to time and the Commitments of each Lender. Any assignment
pursuant to this Section 10.04 shall not be effective until such assignment is recorded in the Register.

 

(v)               
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section,
the Administrative Agent shall promptly (i) accept such Assignment and Assumption, (ii) record the information contained therein in the
Register and (iii) give notice thereof to Howmet. No assignment shall be effective for purposes of this Agreement until it has been recorded
in the Register as provided in this paragraph.

 

(vi)              In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth above, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which
may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of Howmet and the Administrative Agent, the applicable pro rata share of the Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent,
the Issuer and each other Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full Ratable
Portion of all Loans and participations in Letters of Credit. Notwithstanding the foregoing, in the event that any assignment of
rights of any Defaulting Lender hereunder becomes effective under applicable law without compliance with the provisions of this
clause (vi), then the assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs.

 

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(c)               
(i)           Any Lender may, without the consent of any Borrower, the Administrative Agent or any Issuer, sell participations to one
or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under
this Agreement (including all or a portion of its rights and obligations with respect to its Commitment, the Loans and Letters of Credit);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the other
Lenders and the Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.08(b) that affects such Participant.
Subject to paragraph (c)(ii) of this Section, Howmet agrees that each Participant shall be entitled to the benefits of Sections
2.12, 2.14 and 2.18 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
10.06 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16 as though it were a Lender.

 

(ii)              
A Participant shall not be entitled to receive any greater payment under Section 2.12, 2.14 or 2.18 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with Howmet’s prior written consent or unless the right to a greater payment results from
a change in law after the Participant becomes a Participant with respect to such participation.

 

(d)               
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking
authority, and the other provisions of this Section 10.04 shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(e)               
Any Issuer may at any time assign its rights and obligations hereunder to any other Lender by an instrument in form and substance
satisfactory to Howmet, the Administrative Agent, such Issuer and such Lender, subject to the provisions of Section 2.05(c) relating
to notations of transfer in the Register. If any Issuer ceases to be a Lender hereunder by virtue of any assignment made pursuant to this
Section, then, as of the effective date of such cessation, such Issuer’s obligations to Issue Letters of Credit pursuant to Section
2.22 shall terminate and such Issuer shall be an Issuer hereunder only with respect to outstanding Letters of Credit issued prior
to such date.

 

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(f)                 Unless
an Event of Default has occurred and is continuing, Howmet at any time and from time to time, upon not less than 15 Business
Days’ notice to the Administrative Agent, each Lender and each Issuer, may designate any wholly-owned Subsidiary to be a
Borrowing Subsidiary upon the completion of the following: (i) each of Howmet and such Subsidiary shall have executed and delivered
to the Administrative Agent a Designation of Borrowing Subsidiary and (ii) such Subsidiary shall have complied with Section
4.04, whereupon (A) such Subsidiary shall become a party hereto and shall have the rights and obligations of a Borrowing
Subsidiary hereunder and (B) the obligations of such Subsidiary shall become part of the Borrowing Subsidiaries Obligations and the
guarantee of Howmet pursuant to Article VIII hereof shall apply thereto to the same extent that it applies to the other
Borrowing Subsidiaries Obligations, if any (the date on which any such designation shall occur being called a “Designation
Date”). Following the giving of notice pursuant to the first sentence of this paragraph, if the designation of such
Borrowing Subsidiary obligates the Administrative Agent or any Lender to comply with “know your customer” or anti-money
laundering laws and regulations or similar identification procedures in circumstances where the necessary information is not already
available to it, Howmet shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation or
other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such
Lender, as applicable, to comply with “know your customer”, anti-money laundering and other applicable laws and
regulations, including, without limitation, to extent applicable to any Borrowing Subsidiary that constitutes a “legal entity
customer” under 31 C.F.R. §1010.230, a certification regarding beneficial ownership.

 

(g)               
If Howmet shall designate as a Borrowing Subsidiary hereunder any Subsidiary not organized under the laws of the United States
or any State thereof, any Lender may, with notice to the Administrative Agent and Howmet, fulfill its Commitment by causing an Affiliate
of such Lender to act as the Lender in respect of such Borrowing Subsidiary (and such Lender shall, to the extent of Loans made to such
Subsidiary Borrower, be deemed for all purposes hereof to have pro tanto assigned such Loans to such Affiliate in compliance with
the provisions of this Section 10.04). Upon receiving such notice, the Administrative Agent shall record the relevant information
in the Register pursuant to Section 10.04(b)(v) and Section 2.05(b).

 

(h)               
As soon as practicable after receiving notice from Howmet or the Administrative Agent of Howmet’s intent to designate a wholly-owned
Subsidiary as a Borrowing Subsidiary, and in any event no later than five Business Days after the delivery of such notice, with respect
to a Borrowing Subsidiary that is organized under the laws of a jurisdiction other than of the United States or a political subdivision
thereof, any Lender or Issuer that may not legally lend to, establish credit for the account of and/or do any business whatsoever with
such Borrowing Subsidiary, directly or through an Affiliate of such Lender as provided in clause (g) above (each such Lender, a “Protesting
Lender”), shall so notify Howmet and the Administrative Agent in writing. With respect to each Protesting Lender, Howmet shall,
effective on or before the date that such Borrowing Subsidiary shall have the right to borrow hereunder, either (i) notify the Administrative
Agent and such Protesting Lender that the Commitments of such Protesting Lender and in the case of any Protesting Lender that is an Issuer,
that the commitment of such Issuer to Issue Letters of Credit hereunder, shall be terminated; provided that such Protesting Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and/or Reimbursement Obligations, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or Howmet or the relevant Borrowing Subsidiary (in the case of all other amounts), or (ii) cancel its request
to designate such Subsidiary as a “Borrowing Subsidiary” hereunder.

 

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SECTION 10.05. Expenses;
Indemnity. (a) The Borrowers agree upon demand to pay, or reimburse the Administrative Agent, the Syndication Agent, the
Co-Documentation Agents and each of the Arrangers for all of each such person’s reasonable and documented out-of-pocket costs
and expenses of every type and nature (including the reasonable fees, expenses and disbursements of the Administrative Agent’s
counsel, Weil, Gotshal & Manges LLP) and for documentary taxes and other charges incurred by each such person in connection with
any of the following: (i) the Administrative Agent’s negotiation or execution of any Loan Document, (ii) the preparation,
negotiation, execution or interpretation of this Agreement (including the satisfaction or attempted satisfaction of any condition
set forth in Article IV), any Loan Document or any proposal letter or commitment letter issued in connection therewith, or
the making of the Loans hereunder, (iii) the ongoing administration of this Agreement and the Loans, including consultation with
attorneys in connection therewith and with respect to the Administrative Agent’s rights and responsibilities hereunder and
under the other Loan Documents, (iv) the protection, collection or enforcement of any Obligation or the enforcement of any Loan
Document, (v) the commencement, defense or intervention in any court proceeding relating in any way to the Obligations, this
Agreement or any other Loan Document, (vi) the response to, and preparation for, any subpoena or request for document production
with which the Administrative Agent is served or deposition or other proceeding in which the Administrative Agent is called to
testify, in each case, relating in any way to the Obligations, this Agreement or any other Loan Document or (vii) any amendment,
consent, waiver, assignment, restatement, or supplement to any Loan Document or the preparation, negotiation and execution of the
same.

 

(b)               
The Borrowers further agree to pay or reimburse the Administrative Agent and each of the Lenders and Issuers upon demand for all
out-of-pocket costs and expenses, including reasonable attorneys’ fees (which shall be limited to one primary counsel and one local
counsel per each applicable jurisdiction), incurred by the Administrative Agent or such Lenders or Issuers in connection with any of the
following: (i) in enforcing any Loan Document or Obligation or exercising or enforcing any other right or remedy available by reason of
an Event of Default, (ii) in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature
of a “work-out” or in any insolvency or bankruptcy proceeding with respect to Howmet or any other Borrower, (iii) in
commencing, defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal
proceeding relating to the Obligations, any of the Borrowers’ respective Subsidiaries and related to or arising out of the transactions
contemplated hereby or by any other Loan Document or (iv) in taking any other action in or with respect to any suit or proceeding (bankruptcy
or otherwise) described in clause (i), (ii) or (iii) above.

 

(c)                The
Borrowers agree to hold harmless the Administrative Agent, each Lender, each Issuer, the Syndication Agent, the Co-Documentation
Agents, each Arranger and each of their respective affiliates and each of their respective officers, directors, employees, agents,
advisors, attorneys and representatives (each, an “Indemnitee”) from and against any and all claims, damages,
losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel (which shall be
limited to one primary counsel and one local counsel per each applicable jurisdiction for the Administrative Agent, the Syndication
Agent, the Co-Documentation Agents, any Lender or any Issuer, unless, in the reasonable opinion of the Administrative Agent,
representation of all such Indemnitees would be inappropriate due to an actual or potential conflict of interest, in which case
there shall be permitted one additional counsel for such affected Indemnitees)), joint or several, that may be incurred by or
asserted or awarded against any Indemnitee (including in connection with or relating to any investigation, litigation or proceeding
or the preparation of any defense in connection therewith), in each case arising out of or in connection with or by reason of this
Agreement, the other Loan Documents, or any actual or proposed use of the proceeds of the Facility, except to the extent such claim,
damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of such Indemnitee or any of its officers, directors, employees or agents.
In the case of an investigation, litigation or other proceeding to which the indemnity in this Section applies, such indemnity shall
be effective, whether or not such investigation, litigation or proceeding is brought by Howmet, any other Borrower or any of their
respective directors, security holders or creditors, an Indemnitee or any other person, or an Indemnitee is otherwise a party
thereto and whether or not the transactions contemplated by this Agreement are consummated. No Indemnitee shall have any liability
(whether in contract, tort or otherwise) to Howmet, any other Borrower or any of their respective security holders or creditors for
or in connection with the transactions contemplated by this Agreement, except to the extent such liability is determined in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence or
willful misconduct. In no event, however, shall any Indemnitee be liable on any theory of liability for any special, indirect,
consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). Each
Borrower hereby waives, releases and agrees (each for itself and on behalf of its Subsidiaries) not to sue upon any such claim for
any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in
its favor.

 

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(d)               
The provisions of this Section 10.05 and any other indemnification or other protection provided to any Indemnitee pursuant
to this Agreement shall (i) remain operative and in full force and effect regardless of the expiration of the term of this Agreement,
the consummation of the transactions contemplated hereby, the repayment in full of the Obligations, the invalidity or unenforceability
of any term or provision of this Agreement, or any investigation made by or on behalf of the Administrative Agent or Lender, and (ii)
inure to the benefit of any person that was at the time such claim arose an Indemnitee under this Agreement or any other Loan Document.
The Administrative Agent, each Lender and each Issuer agrees to use commercially reasonable efforts to promptly notify Howmet of any claims
for indemnification or other protection under this Section 10.05; provided, however, that any failure by such person
to deliver any such notice shall not relieve Howmet or any other Borrower from its obligations under this Section 10.05. All amounts
due under this Section 10.05 shall be payable on written demand therefor, but shall be subject to the requirements of reasonableness
and documentation as set forth herein.

 

SECTION 10.06. Right of Setoff.
If an Event of Default shall have occurred and be continuing, each Lender and each Issuer is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final) at any time held and other indebtedness at any time owing by such Lender or such Issuer or its Affiliates to or for the credit
or the account of any Borrower against any of and all the Obligations of such Borrower (or, in the case of Howmet, any of and all the
Obligations of any Borrower) now or hereafter existing under this Agreement held by such Lender or such Issuer, irrespective of whether
or not such Lender or such Issuer shall have made any demand under this Agreement or otherwise and although such obligations may be unmatured.
The rights of each Lender and each Issuer under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Lender or such Issuer may have; provided, however, that in the event that any Defaulting Lender exercises any such right
of setoff (i) all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 2.23, and, pending such payment, will be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent, the Issuer and the Lenders and (ii) the Defaulting Lender will provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
which it exercised such rights of setoff. Each Lender agrees promptly to notify Howmet after any such set-off and application made by
such Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such set-off
and application. The rights of each Lender under this Section 10.06 are in addition to the other rights and remedies (including
other rights of set-off) that such Lender may have.

 

SECTION 10.07. Applicable
Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK without
regard to any conflict of laws principles thereof that would call for the application of the laws of any other jurisdiction.

 

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SECTION 10.08. Waivers;
Amendment. (a) No failure or delay of the Administrative Agent, any Lender or any Issuer in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Administrative Agent, the Lenders and the Issuers hereunder are cumulative and
are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice or demand on any Borrower in any case shall entitle such Borrower to any further notice or shall entitle such Borrower or any
other Borrower to notice or demand in similar or other circumstances.

 

(b)               
Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Borrowers and the Required Lenders; provided, however, that no such agreement shall (i) decrease
the principal amount of, or extend the maturity of any principal payment date or date for the payment of any interest on any Loan or date
fixed for payment of any Facility Fee, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any
Loan, without the prior written consent of each Lender affected thereby, (ii) change or extend the Commitment or decrease the Facility
Fee of any Lender without the prior written consent of such Lender, (iii) release any Borrower from its obligations to repay the principal
amount of any Loan or Reimbursement Obligation owing to such Lender (other than by the payment or prepayment thereof) without the prior
written consent of such Lender, (iv) amend or modify the provisions of Sections 2.15, 2.16, the provisions of Article
VIII, the provisions of this Section or the definition of “Required Lenders”, without the prior written consent of each
Lender, (v) amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent
of the Administrative Agent or (vi) amend, modify or otherwise affect the rights or duties of an Issuer under Section 2.22 without
the prior written consent of such Issuer. Each Lender, each Issuer and each assignee thereof shall be bound by any waiver, consent, amendment
or modification authorized by this Section. Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting
Lender, to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in respect of amendments and waivers
hereunder and the Commitment and the outstanding Loans or other extensions of credit of such Lender hereunder will not be taken into account
in determining whether the Required Lenders or all of the Lenders, as required, have approved any such amendment or waiver (and the definition
of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided,
that any such amendment or waiver that would increase or extend the term of the Commitment of such Defaulting Lender, extend the date
fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation
owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender
or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such Defaulting
Lender.

 

SECTION 10.09. Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the applicable interest rate, together with all fees and
charges which are treated as interest under applicable law (collectively the “Charges”), as provided for herein or in any
other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall
exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by such
Lender in accordance with applicable law, the rate of interest payable to such Lender, together with all Charges payable to such Lender,
shall be limited to the Maximum Rate.

 

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SECTION 10.10. Entire
Agreement. This Agreement and any fee arrangements related hereto constitute the entire contract between the parties relative to
the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is superseded by this
Agreement and the fee arrangements related hereto.

 

SECTION 10.11. Waiver of
Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by
jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each party hereto
(a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto
have been induced to enter into this Agreement, as applicable, by, among other things, the mutual waivers and certifications in this Section
10.11.

 

SECTION 10.12. Severability.
In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or
impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 10.13. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together
shall constitute but one contract, and shall become effective as provided in Section 10.03. The words “delivery,” “execution,”
 “execute,” “signed,” “signature,” and words of like import in or related to any document to be signed
in connection with this Agreement or any other Loan Document and the transactions contemplated hereby or thereby (including without limitation
any Interest Election Request or any amendment, consent, waiver, assignment, restatement, or supplement to any Loan Document) shall be
deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved
by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case
may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.

 

SECTION 10.14. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION 10.15. Jurisdiction,
Consent to Service of Process. (a) Each party hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New
York City in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding will be heard and determined in such New York
State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that any Lender may otherwise have to bring any action or
proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.

 

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(b)               
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(c)               
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

(d)               
To the extent that any party hereto has, or hereafter may be entitled to claim, any immunity (whether sovereign or otherwise) from
suit, jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment
in aid of execution or otherwise) with respect to itself, such party hereby waives such immunity in respect of its obligations hereunder
and any other Loan Document to the fullest extent permitted by applicable law and, without limiting the generality of the foregoing, agrees
that the waivers set forth in this Section 10.15(d) shall be effective to the fullest extent now or hereafter permitted under the
Foreign Sovereign Immunities Act of 1976 (as amended, and together with any successor legislation) and are, and are intended to be, irrevocable
for purposes thereof.

 

SECTION 10.16. Conversion
of Currencies. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder in one currency
into another currency, the parties hereto agree, to the fullest extent that they may legally and effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with
such other currency in The City of New York, on the Business Day immediately preceding the day on which final judgment is given.

 

(b)               
The obligation of each Borrower in respect of any such sum due from it to the Administrative Agent, any Lender or any Issuer hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”),
be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender or Issuer, as the
case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender or such Issuer, as the
case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount
of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender or Issuer from any
Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify
the Administrative Agent or such Lender or such Issuer, as the case may be, against such loss. If the amount of the Agreement Currency
so purchased is greater than the sum originally due to the Administrative Agent or any Lender or Issuer in such currency the Administrative
Agent or such Lender or Issuer, as the case may be, agrees to return the amount of any excess to such Borrower (or to any other person
who may be entitled thereto under applicable law).

 

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SECTION 10.17. National
Security Laws. (a) Each Lender and each Issuer hereby notifies each Borrower that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies such Borrower, which information includes the name and address of such Borrower and other information that
will allow such Lender to identify such Borrower in accordance with the Act.

 

(b)               
Notwithstanding any other provision of this Agreement, no Lender or Issuer will assign its rights and obligations under this Agreement,
or sell participations in its rights and/or obligations under this Agreement, to any person who is (i) listed on the Specially Designated
Nationals and Blocked Persons List maintained by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation or (ii) either
(A) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515 or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25,
2001) or similarly designated under any related enabling legislation or any other similar executive orders.

 

SECTION 10.18. Confidentiality.
Each Lender, each Issuer, the Administrative Agent, the Syndication Agent, the Co-Documentation Agents and each Arranger agree to use
all reasonable efforts to keep information obtained by it pursuant hereto and the other Loan Documents (other than such information that
is made public by Howmet or any of its Affiliates) confidential in accordance with such person’s customary practices and agrees
that it shall not disclose any such information other than (a) to such person’s respective Affiliates and their respective employees,
representatives, service providers and agents that are or are expected to be involved in the evaluation of such information in connection
with the Transactions contemplated by this Agreement and are advised of the confidential nature of such information, (b) to the extent
such information presently is or hereafter becomes available to such person on a non-confidential basis from a source other than Howmet,
the other Borrowers or any advisor, agent, employee or other representative thereof in each case that identified itself as such, (c) to
the extent disclosure is required by law, regulation or judicial order or requested or required by bank regulators or auditors, (d) to
actual or prospective assignees, participants and Approved Funds, grantees described in Section 10.04, any direct or indirect contractual
counterparties to any swap or derivative transaction relating to any Borrower and its Obligations, and to their respective legal or financial
advisors, in each case and to the extent such assignees, participants, Approved Funds, grantees or counterparties are instructed to comply
with, and to cause their advisors to comply with, the provisions of this Section 10.18 or other provisions at least as restrictive
as the provisions of this Section 10.18, (e) to any rating agency when required by it, provided, however, that, prior
to any such disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any confidential information
relating to Howmet or the other Borrowers received by it from either the Administrative Agent, the Syndication Agent or the Co-Documentation
Agents, any of the Arrangers, any Lender or any Issuer, (f) disclosures in connection with the exercise of any remedies hereunder or under
any other Loan Document and (g) disclosures required or requested by any governmental agency or representative thereof or by the National
Association of Insurance Commissioners or pursuant to legal or judicial process. Notwithstanding any other provision in this Agreement,
the Administrative Agent hereby agrees that the Borrowers (and each of their respective officers, directors, employees, accountants, attorneys
and other advisors) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure
of the Facility and the transactions contemplated hereby and all materials of any kind (including opinions and other tax analyses) that
are provided to it relating to such U.S. tax treatment and U.S. tax structure.

 

SECTION 10.19. Waiver of
Notice Period Under Existing Credit Agreement. The requirements under the Existing Credit Agreement to provide prior written notice
with respect to the termination of the “Total Commitment”, as such term is defined in the Existing Credit Agreement, is hereby
waived.

 

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SECTION 10.20. Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in
any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the
Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

SECTION 10.21. No Fiduciary
Duty. The Administrative Agents, the Syndication Agent, each Lender, each Issuer and their respective Affiliates (collectively, solely
for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of any Borrower,
its stockholders and/or its Affiliates. Each Borrower agrees that nothing in the Loan Documents or otherwise will be deemed to create
an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Borrower,
its stockholders or its Affiliates, on the other. Each Borrower acknowledges and agrees that (i) the transactions contemplated by the
Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto,
(x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Borrower, its stockholders or its Affiliates with respect
to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective
of whether any Lender has advised, is currently advising or will advise any Borrower, its stockholders or its Affiliates on other matters)
or any other obligation to any Borrower except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting
solely as principal and not as the agent or fiduciary of any Borrower, its management, stockholders, creditors or any other person. Each
Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that
it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Borrower
agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to such Borrower, in connection with such transaction or the process leading thereto.

 

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SECTION 10.22.Amendment
and Restatement. (a) On the Closing Date, the Existing Credit Agreement shall be amended and restated in its entirety by this
Agreement and (i) all references to the Existing Credit Agreement in any Loan Document other than this Agreement (including in any
amendment, waiver or consent) shall be deemed to refer to the Existing Credit Agreement as amended and restated hereby, (ii) all
references to any section (or subsection) of the Existing Credit Agreement in any Loan Document (but not herein) shall be amended to
be, mutatis mutandis, references to the corresponding provisions of this Agreement and (iii) except as the context otherwise
provides, all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be
deemed to be reference to the Existing Credit Agreement as amended and restated hereby. This Agreement is not intended to
constitute, and does not constitute, a novation of the obligations and liabilities under the Existing Credit Agreement (including
the Obligations) or to evidence payment of all or any portion of such obligations and liabilities.

 

(b)               
On and after the Closing Date, (i) the Existing Credit Agreement shall be of no further force and effect except as amended and
restated hereby and except to evidence (A) the incurrence by the Borrower or any Borrowing Subsidiary of the Obligations under and as
defined therein (whether or not such Obligations are contingent as of the Closing Date), (B) the representations and warranties made by
the Borrower or any Borrowing Subsidiary prior to the Closing Date and (C) any action or omission performed or required to be performed
pursuant to such Existing Credit Agreement prior to the Closing Date (including any failure, prior to the Closing Date, to comply with
the covenants contained in such Existing Credit Agreement) and (ii) the terms and conditions of this Agreement, shall apply to all Obligations
incurred under the Existing Credit Agreement, the Notes issued thereunder and any Letters of Credit (as defined therein) issued thereunder.

 

(c)               
Except as expressly provided in any Loan Document, this Agreement (i) shall not cure any breach of the Existing Credit Agreement
or any “Default” or “Event of Default” thereunder existing prior to the date hereof and (ii) is limited as written
and is not a consent to any other modification of any term or condition of any Loan Document, each of which shall remain in full force
and effect.

 

(d)               
Each of the Borrowers, any Borrowing Subsidiary and Howmet in its capacity as a guarantor under Article VIII, hereby acknowledges
and agrees that on and after the Closing Date, after giving effect to this Amendment, all of its respective obligations and liabilities
under the Loan Documents to which it is a party are reaffirmed, and remain in full force and effect.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	HOWMET
    AEROSPACE INC.
	 	 
	 	By:	 /s/ Ramon Ceron
	 	 	Name:   	Ramon Ceron
	 	 	Title: 	Vice President and Treasurer

 

[Signature
Page to Amended and Restated Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	CITIBANK,
    N.A., individually as a Lender, as an Issuer and as Administrative Agent
	 	 
	 	By: 	/s/ Michael Vondriska
	 	 	Name:   	Michael Vondriska
	 	 	Title: 	Vice President

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	JPMORGAN
    CHASE BANK, N.A., as a Lender and as an Issuer
	 	 
	 	By: 	/s/ James Shender
	 	 	Name:   	James Shender
	 	 	Title:	 Executive Director

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	BANK
    OF MONTREAL, as a Lender
	 	 
	 	By: 	/s/ Anne Robles
	 	 	Name:   	Anne Robles
	 	 	Title:	 Vice President

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	BNP
    PARIBAS, as a Lender
	 	 
	 	By:	 /s/ Tony Baratta
	 	 	Name: 	Tony Baratta
	 	 	Title: 	Managing Director
	 	 
	 	By: 	/s/ Michael Hoffman
	 	 	Name:  	 Michael Hoffman
	 	 	Title:	 Director

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	FIFTH
    THIRD BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:	 /s/ Rachel Hermanson
	 	 	Name:  	 Rachel Hermanson
	 	 	Title: 	Managing Director

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	GOLDMAN
    SACHS BANK USA, as a Lender
	 	 
	 	By:	 /s/ Rebecca Kratz
	 	 	Name:   	Rebecca Kratz
	 	 	Title: 	Authorized Signatory

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	MIZUHO
    BANK, LTD., as a Lender
	 	 
	 	By: 	/s/ Donna DeMagistris
	 	 	Name:   	Donna DeMagistris
	 	 	Title: 	Authorized Signatory

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	MORGAN
    STANLEY BANK, N.A., as a Lender
	 	 
	 	By:	 /s/ Michael King
	 	 	Name:   	Michael King
	 	 	Title: 	Authorized Signatory

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	TRUIST
    BANK, as a Lender
	 	 
	 	By: 	/s/ Jonathan Hart
	 	 	Name:   	Jonathan Hart
	 	 	Title: 	Director

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	CITIZENS
    BANK, N.A., as a Lender
	 	 
	 	By: 	/s/ A. Paul Dawley
	 	 	Name:   	A. Paul Dawley
	 	 	Title: 	Senior Vice President

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	MUFG
    BANK LTD., as a Lender
	 	 
	 	By: 	/s/ George Stoecklein
	 	 	Name:   	George Stoecklein
	 	 	Title: 	Managing Director

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By: 	/s/ Joseph McElhinny
	 	 	Name:   	Joseph McElhinny
	 	 	Title:	 Vice President

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	SUMITOMO
    MITSUI BANKING CORPORATION, as a Lender
	 	 
	 	By: 	/s/ Jun Ashley
	 	 	Name:   	Jun Ashley
	 	 	Title: 	Director

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	TD
    BANK, N.A., as a Lender
	 	 
	 	By: 	/s/ Bernadette Collins
	 	 	Name:   	Bernadette Collins
	 	 	Title:	 Senior Vice President

 

[Signature Page to Amended and Restated
Five-Year Revolving Credit Agreement]

 

     

     

    

 

	 	ING
    BANK N.V., DUBLIN BRANCH, as a Lender
	 	 
	 	By:	 /s/ Cormac Langford
	 	 	Name: 	Cormac Langford
	 	 	Title: 	Director
	 	 
	 	By: 	/s/ Sean Hassett
	 	 	Name:   	Sean Hassett
	 	 	Title: 	Director

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	INTENSA
    SANPAOLO S.P.A., NEW YORK BRANCH, as a Lender
	 	 
	 	By:	 /s/ Neil Derfler
	 	 	Name:   	Neil Derfler
	 	 	Title: 	Global Relationship Manager
	 	 
	 	 
	 	By: 	/s/ Alessandro Toigo
	 	 	Name:   	Alessandro Toigo
	 	 	Title: 	Head of Corporate Desk

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

	 	THE
    BANK OF NEW YORK MELLON, as a Lender
	 	 
	 	By: 	/s/ William M. Feathers
	 	 	Name:   	William M. Feathers
	 	 	Title: 	Director

 

[Signature Page to Amended and Restated Five-Year
Revolving Credit Agreement]

 

     

     

    

 

SCHEDULE
2.01(a)

TO CREDIT AGREEMENT

 

LENDERS AND COMMITMENTS

 

	Lender	 	Commitment	 
	Citibank, N.A.	 	$	85,000,000	 
	JPMorgan Chase Bank, N.A.	 	$	85,000,000	 
	Bank of Montreal	 	$	70,000,000	 
	BNP Paribas	 	$	70,000,000	 
	Fifth Third Bank, National Association	 	$	70,000,000	 
	Goldman Sachs Bank USA	 	$	70,000,000	 
	Mizuho Bank, Ltd.	 	$	70,000,000	 
	Morgan Stanley Bank, N.A.	 	$	70,000,000	 
	Truist Bank	 	$	70,000,000	 
	Citizens Bank, N.A.	 	$	50,000,000	 
	MUFG Bank, Ltd.	 	$	50,000,000	 
	PNC Bank, National Association	 	$	50,000,000	 
	Sumitomo Mitsui Banking Corporation	 	$	50,000,000	 
	TD Bank, N.A.	 	$	50,000,000	 
	ING Bank N.V., Dublin Branch	 	$	30,000,000	 
	Intesa Sanpaolo S.p.A., New York Branch	 	$	30,000,000	 
	The Bank of New York Mellon	 	$	30,000,000	 
	Total	 	$	1,000,000,000	 

 

     

     

    

 

SCHEDULE 2.01(b)

TO CREDIT AGREEMENT

 

ISSUERS AND L/C COMMITMENTS

 

	Issuer	 	Commitment	 
	Citibank, N.A.	 	$	200,000,000	 
	JPMorgan Chase Bank, N.A.	 	$	200,000,000	 

 

     

     

    

 

SCHEDULE 3.08

TO CREDIT AGREEMENT

 

LITIGATION

 

None.

 

     

     

    

 

Schedule 6.01(a)

EXISTING LIENS

 

	ENTITY	REGION	LIEN
    TYPE	NET
    LIEN AMT (USD)	DESCRIPTION
    OF COLLATERAL	SECURED
    PARTY
	L3926 RTI CLARO - LAVAL	North America	Mortgages/ Leases	              1,588,471.25 	Makino Mag Equipment	GE Capital
	L0671 Three Rivers Insurance Co (Howmet Aerospace Inc.)	North America	Pledged Collateral	            13,581,121.16 	Three Rivers currently pledges a portion of its investment security assets held at TD Wealth Management as collateral for bank letters of credit issued by TD Bank.  Calculated by taking the total amount of LOCs outstanding divided by 80%. As reported to the banks on the Effective Date. (Original amt on Effective Date - 25,945,681.25)	TD Bank
	L0671 Three Rivers Insurance Co (Howmet Aerospace Inc.)	North America	Pledged Collateral	                              -   	Three Rivers currently pledges a portion of its investment security assets held at TD Wealth Management as collateral for bank letters of credit issued by TD Bank.  Calculated by taking the total amount of LOCs outstanding divided by 80%. As adjusted after the Effective Date. (No amt remaining because net lien amt is less than the original amt seen on the effective date above)	TD Bank
	 	 	 	 	 	 
	 	 	 	            15,169,592.41

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