Document:

Investment Property Pledge and Security Agreement

 Exhibit 10.4 
  
 INVESTMENT PROPERTY PLEDGE AND SECURITY AGREEMENT 
  
 THIS INVESTMENT PROPERTY PLEDGE AND SECURITY AGREEMENT (“Pledge Agreement”), dated May 5, 2004, is by WISE ALLOYS LLC, a Delaware limited
liability company (“Pledgor”), in favor of The Bank of New York, a New York banking corporation, in its capacity as trustee (the “Trustee”) pursuant to the indenture (as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, the “Indenture”), dated as of the date hereof by and among Wise Metals Group LLC, a Delaware limited liability company (the “Company”), Wise Alloys Finance Corporation, a
Delaware corporation (“Finance Corp.”), the guarantors party thereto and the Trustee, acting for and on behalf of the holders (the “Noteholders”) of the Notes described below (in such capacity, “Pledgee”). 

 
 W I T N E S S E
T H : 
  
 WHEREAS, Pledgor is the direct and
beneficial owner of the commodity and other accounts set forth on Schedule I hereto and titled in the name of Pledgor (together with any other account now or hereafter maintained by Broker (as hereinafter defined) for Pledgor, individually and
collectively, the “Account”) and maintained by the brokers set forth on Schedule I hereto (individually and collectively, the “Broker”); 
  
 WHEREAS, the Company and Finance Corp. have issued 101⁄4% Senior Secured Notes due 2012 in the aggregate principal amount of $150,000,000
(collectively, the “Notes”); 
  
 WHEREAS, Noteholders
have authorized and appointed Pledgee to act for and on behalf of each of them pursuant to the Indenture and the Intercreditor Agreement; and 
  
 WHEREAS, in order to induce Noteholders to purchase the Notes, Pledgor has agreed to pledge to Pledgee, and grant Pledgee, a security interest in and lien
upon, all of its right, title and interest in and to the Account and all financial assets at any time held therein as set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Pledgor hereby agrees as follows: 
  
 All terms used herein but
not defined herein shall have the meanings ascribed to them in the Indenture. 
  
 1. GRANT OF SECURITY INTEREST 
  
 As collateral security for the prompt performance, observance and indefeasible payment in full of all of the Obligations (as hereinafter defined), Pledgor hereby assigns, pledges, hypothecates, transfers and sets over to Pledgee and grants
to Pledgee a security interest in and lien upon (a) all right, title and interest of Pledgor in and to the Account as it may now or hereafter be 

  

 
constituted, now existing or hereafter arising; (b) all cash, securities, commodities contracts, instruments, documents, general intangibles, financial
assets or other investment property held in or payable from, or credited to, the Account, now existing or hereafter arising or acquired; (c) all reinvestments, roll-overs, substitutions and exchanges for any and all of the foregoing, and all monies
and proceeds due or to become due thereon, including, but not limited to, any and all dividends, interest, profit interests, profits, redemptions, warrants, subscription rights, stock, securities options, and other distributions, whether of cash or
other property, now or hereafter distributed or which may hereafter be earned by or delivered for the Account; (d) any rights incidental or related to the ownership of any of the foregoing, such as voting, conversion and registration rights and
rights of recovery for securities law violations; (e) all books relating to the foregoing; and (f) the proceeds of all of the foregoing (all of the foregoing being collectively referred to herein as the “Pledged Property”). 
  
 2. OBLIGATIONS SECURED 
  
 The security interest, lien and other interests granted to Pledgee pursuant
to this Pledge Agreement shall secure the prompt performance and payment in full of any and all obligations, liabilities and indebtedness of every kind, nature and description owing by Pledgor to Pledgee, and Noteholders, including principal,
interest, charges, fees, costs and expenses however evidenced, whether as principal, surety, endorser or guarantor, whether arising under this Pledge Agreement, the Indenture, the Notes or the other Financing Agreements, whether now existing or
hereafter arising, whether arising before, during or after the initial or any renewal term of the Indenture after the commencement of any case with respect to Pledgor under the United States Bankruptcy Code or any similar statute (including, without
limitation, the payment of interest and other amounts which would accrue and become due but for the commencement of such case), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or
unliquidated, secured or unsecured, and however acquired by Pledgee and Noteholders (all of the foregoing being collectively referred to herein as the “Obligations”). 
  
 3. REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Pledgor hereby represents, warrants and covenants with and to Pledgee the following (all of such representations, warranties
and covenants being continuing so long as any of the Obligations are outstanding): 
  
 (a) Broker has established and maintains, and Pledgor shall cause Broker to maintain, the Account in the name of Pledgor. 
  
 (b) Pledgor shall execute and deliver to Pledgee on the date
of the Discharge of Revolving Loan Debt (as such term is defined in the Security Agreement) one or more Investment Property Control Agreements in favor of Pledgee, substantially in the form of Exhibit A hereto (as the same then exist or may
thereafter be amended, modified, supplemented, extended, renewed, restated or replaced, each a “Control Agreement”, and collectively, the “Control Agreements”) and shall cause Broker to execute and delivery such agreement to
Pledgee. 
  

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 (c) To the best of Pledgor’s knowledge, Broker is a business entity which in the
ordinary course of its business maintains securities for its customers and maintains securities accounts in the name of such customers reflecting ownership of or interests in such securities and all records relating to such accounts, Pledgor has
directed Broker to identify and register (by book-entry or otherwise) the financial assets in the Account on its books and records as belonging to Pledgor, and on the date of the Discharge of Revolving Loan Debt (as such term is defined in the
Security Agreement) Pledgor will direct Broker to register in its records the interests of Pledgee in such Account. 
  
 (d) Pledgor has all requisite power and authority to enter into this Pledge Agreement and the Control Agreements, to pledge the Pledged
Property for the purposes described herein and to carry out the transactions contemplated by this Pledge Agreement and the Control Agreements. 
  
 (e) All Pledged Property is directly, legally and beneficially owned by Pledgor free and clear of any pledge, mortgage, hypothecation,
lien, charge, encumbrance or any security interest or the proceeds thereof, except for Permitted Liens, the security interest granted to Pledgee hereunder and as provided in the Control Agreements with respect to the Broker. 
  
 (f) The execution, delivery and performance by Pledgor of
this Pledge Agreement and the Control Agreements have been duly and properly authorized and does not and will not result in any violation of any agreement, indenture or other instrument, license, judgment, decree, order, law, statute, ordinance or
other governmental rule or regulation applicable to Pledgor. 
  
 (g) Upon delivery of the duly executed Control Agreements to Pledgee, this Pledge Agreement creates and grants a valid lien on and perfected security interest in the Account and the proceeds thereof, senior to all
other liens and security interests except those in favor of Broker to the extent set forth in the Control Agreements. 
  
 (h) The Account is a valid and legally binding obligation of Broker, the securities entitlements credited thereto are valid and genuine
and Pledgor has provided Pledgee with a complete and accurate statement of the financial assets and the money credited to the Account as reflected in Pledgor’s records as of the date hereof. 
  
 (i) Pledgor shall not, directly or indirectly, sell, convey,
or otherwise dispose of or withdraw any money, securities or property from the Account or any interest in the Account, nor shall Pledgor create, incur or permit to exist any pledge, mortgage, lien, charge, encumbrance or any security interest
whatsoever with respect to any of the Pledged Property or the proceeds thereof other than Permitted Liens, the pledge and security interest in favor of Pledgee and the liens of Broker permitted under the Control Agreements, provided,
that, (A) Pledgor may make trades in the Account so long as Pledgee has not delivered a Notice of Exclusive Control (as defined in the Control Agreements), but subject to the proceeds of any such trades remaining in the Account and (B) prior
to the Discharge of Revolving Loan Debt (as such term is defined in the Security Agreement), the Pledgor may transfer funds from the Account directly to Wachovia 

  

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Bank, National Association, Charlotte, North Carolina, ABA No. 053-000-219, for credit to Congress Financial Corporation, as Agent, Account No.
5000000030279, re: Wise Alloys LLC. 
  
 (j)
Pledgor shall not attempt to modify or terminate the Control Agreements or Pledgor’s customer agreement with Broker under which the Account was established. 
  
 (k) Pledgor shall, at its own expense, (i) defend Pledgee’s right, title, special property and security
interest in and to the Pledged Property against the claims of any person, (ii) deliver any certificate or instrument constituting or representing any of the Pledged Property that it may obtain possession of to Broker for credit to the Account, duly
endorsed in blank without restriction, with a signature guaranty acceptable at the New York Stock Exchange and with all necessary transfer tax stamps affixed, (iii) deliver to Broker any endorsements or instruments which may be necessary or
desirable to transfer any financial assets held by Broker which are registered in the name of, payable to the order of, or specially endorsed to Pledgor, to Broker or its securities intermediary or to one of their respective nominees and (iv) after
the date of the Discharge of Revolving Loan Debt (as such term is defined in the Security Agreement) cause Broker to send to Pledgee a true copy of every statement, confirmation, notice or other written communication concerning the Account that
Broker sends to Pledgor. 
  
 (l) Pledgee shall
retain as additional Pledged Property hereunder any cash, checks or other instruments or items received by Pledgee relating to the Pledged Property, and Pledgee may, from time to time, in its discretion, either release all or any of such items to
Pledgor or reinvest the amount thereof in new or additional securities which shall constitute part of the Pledged Property hereunder. 
  
 (m) To the extent necessary to give effect to the foregoing authorizations and subject to the terms of this Pledge Agreement, Pledgor
hereby appoints Pledgee as lawful attorney in fact solely for the purposes of reinvesting the proceeds of any Pledged Property and receiving and receipting for any cash, checks, or other instruments or items relating thereto. Pledgor hereby releases
Pledgee and Pledgee’s officers, employees and designees, from any liability arising from any act or acts under this Pledge Agreement or in furtherance hereof, whether of omission or commission, and whether based upon any error of judgment or
mistake of law or fact. 
  
 (n) The Pledged
Property is not registered, nor has Pledgor authorized the registration thereof, in the name of any person or entity other than Pledgor, Pledgee or Broker, and, prior to the Discharge of Revolving Loan Debt (as such term is defined in the Security
Agreement), the holders of Revolving Loan Debt. 
  
 (o) The Pledged Property is not subject to any restrictions relative to the transfer thereof and Pledgor has the right to transfer and hypothecate the Pledged Property free and clear of any liens, encumbrances or restrictions, other than
Permitted Liens and the liens of Broker permitted under the Control Agreements. 
  

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 (p) The Pledged Property is duly and validly pledged to Pledgee and no consent or
approval of any governmental or regulatory authority or of any securities exchange or the like, nor any consent or approval of any other third party, was or is necessary to the validity and enforceability of this Pledge Agreement. 
  
 (q) Pledgor authorizes Pledgee after the Discharge of
Revolving Loan Debt (as such term is defined in the Security Agreement), to perform any and all acts which Pledgee in good faith deems reasonable and/or necessary for the protection and preservation of the Pledged Property or its value or
Pledgee’s security interest therein, including, without limitation, transferring, registering or arranging for the transfer or registration of the Pledged Property to or in Pledgee’s own name and receiving the income therefrom as
additional security for the Obligations and pay any charges or expenses which Pledgee deems necessary for the foregoing purpose, but without any obligation to do so. Any obligation of Pledgee for reasonable care for the Pledged Property in
Pledgee’s possession shall be limited to the same degree of care which Pledgee uses for similar property pledged to Pledgee by other persons. 
  
 (r) Pledgor shall pay all charges and assessments of any nature against the Pledged Property or with respect thereto prior to said charges
and/or assessments being delinquent. 
  
 (s)
Pledgor shall promptly reimburse Pledgee on demand, together with interest at the rate then applicable to the indebtedness of Pledgor to Pledgee and Noteholders set forth in the Indenture or the Notes, for any charges, assessments or expenses paid
or incurred by Pledgee or Noteholders in Pledgee’s discretion for the protection, preservation and maintenance of the Pledged Property and the enforcement of Pledgee’s rights hereunder, including, without limitation, reasonable
attorneys’ fees and legal expenses incurred by Pledgee in seeking to protect, collect or enforce its rights in the Pledged Property or otherwise hereunder. 
  
 (t) Pledgor shall furnish, or cause to be furnished, to Pledgee such information concerning the Pledged
Property as Pledgee may from time to time request. 
  
 (u) Pledgee may notify any appropriate transfer agent of the Pledged Property to register the security interest and pledge granted herein and honor the rights of Pledgee with respect thereto. 
  
 (v) Pledgor waives: (i) all rights to require Pledgee to
proceed against any other person, entity or collateral or to exercise any remedy, (ii) the defense of the statute of limitations in any action upon any of the Obligations, (iii) any right of subrogation or interest in the Obligations or Pledged
Property until all Obligations have been paid in full, (iv) any rights to notice of any kind or nature whatsoever, unless specifically required in this Pledge Agreement or in the Indenture or non-waivable under any applicable law, and (v) to the
extent permissible, its rights under Section 9-207 of the New York Uniform Commercial Code (the “UCC”). Pledgor agrees that the Pledged Property, other collateral, or any other guarantor or endorser may be released, substituted or added
with respect to the Obligations, in whole or in part, without releasing or otherwise affecting 

  

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the liability of Pledgor, the pledge and security interests granted hereunder, or this Pledge Agreement. Pledgee is entitled to all of the benefits of a
secured party set forth in Section 9-207 of the UCC. 
  
 4.
EVENTS OF DEFAULT 
  
 All Obligations shall become
immediately due and payable, without notice or demand, at the option of Pledgee, upon the occurrence of any Event of Default, as such term is defined in the Loan Agreement or the Securities Purchase Agreement (each an “Event of Default”
hereunder). 
  
 5. RIGHTS AND REMEDIES 
  
 At any time an Event of Default exists or has occurred and is continuing
after the Discharge of Revolving Loan Debt (as such term is defined in the Security Agreement), in addition to all other rights and remedies of Pledgee, whether provided under this Pledge Agreement, the Indenture, the other Financing Agreements,
applicable law or otherwise, Pledgee shall have the following rights and remedies which may be exercised (but without any obligation to so exercise) without notice to, or consent by, Pledgor except as such notice or consent is expressly provided for
hereunder: 
  
 (a) Pledgee, at its option, shall
be empowered to exercise its continuing right to instruct the Broker to register any or all of the Pledged Property in the name of Pledgee or in the name of Pledgee’s nominee and Pledgee may complete, in any manner Pledgee may deem expedient,
any and all stock powers, assignments or other documents heretofore or hereafter executed in blank by Pledgor and delivered to Pledgee. Pledgee may vote any securities in the Account (whether or not so transferred) and give all consents, waivers and
ratification in respect thereof and otherwise act with respect thereto as though it were the outright owner thereof (Pledgor hereby irrevocably constituting and appointing Pledgee, with full power of substitution, the proxy and attorney-in-fact of
Pledgor for such purposes). After said instruction, and without further notice, Pledgee shall have the exclusive right to exercise any and all corporate rights with respect to the Account and any of the other Pledged Property, including, all rights
of conversion, redemption, exchange, subscription or any other rights, privileges, or options pertaining to any of the Pledged Property as if Pledgee were the absolute owner thereof. Upon the exercise of any such rights, privileges or options by
Pledgee, Pledgee shall have the right to transfer, or cause Broker to transfer, deposit and deliver any and all of the Pledged Property to any committee, depository, transfer agent, registrar or other designated agency, all without liability, except
to account for property actually received by Pledgee. However, Pledgee shall have no duty to exercise any of the aforesaid rights, privileges or options (all of which are exercisable in the sole discretion of Pledgee) and shall not be responsible
for any failure to do so or delay in doing so. 
  
 (b) Pledgee may, at its option, require all cash dividends, distributions or other amounts payable with respect to any investment property in the Account be paid to Pledgee as additional collateral security, or, in Pledgee’s
discretion, for application to the Obligations, in such order and manner as Pledgee may determine. 
  

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 (c) Pledgee may, in its discretion: (i) deliver a notice of exclusive control under the
Control Agreements, (ii) cause the Account to be registered in Pledgee’s sole name or transfer the Account to another broker/dealer to be held in Pledgee’s sole name, (iii) remove any items of Pledged Property from the Account and register
same in Pledgee’s name or in the name of its broker/dealer, nominee or agent or any of their nominees, (iv) exchange certificates representing any of the Pledged Property for certificates of larger or smaller denominations, (v) collect,
including by legal action, any notes, instruments, checks or other evidences of payment obligations included in the Pledged Property and compromise or settle same with the relevant obligor and (vi) cause Broker or any other broker/dealer, agent or
nominee aforesaid, to dispose of any Pledged Property with the proceeds thereof to be applied to the Obligations in such order and manner as Pledgee may determine. 
  
 (d) In addition to all the rights and remedies of a secured party under the UCC or other applicable law,
Pledgee shall have the right, at any time and without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Pledgor or any other person
(all and each of which demands, advertisements and/or notices are hereby expressly waived to the extent permitted by applicable law), to proceed forthwith to collect, redeem, recover, receive, appropriate, realize, sell, or otherwise dispose of and
deliver said Pledged Property or any part thereof in one or more lots at public or private sale or sales at any exchange, broker’s board or at any of Pledgee’s offices or elsewhere at such prices and on such terms as Pledgee may deem best.
The foregoing disposition(s) may be for cash or on credit or for future delivery without assumption of any credit risk, with Pledgee having the right to purchase all or any part of said Pledged Property so sold at any such sale or sales, public or
private, free of any right or equity of redemption in Pledgor, which right or equity is hereby expressly waived or released by Pledgor. The proceeds of any such collection, redemption, recovery, receipt, appropriation, realization, sale or other
disposition, after deducting all costs and expenses of every kind incurred relative thereto or incidental to the care, safekeeping or otherwise of any and all Pledged Property or in any way relating to the rights of Pledgee hereunder, including
attorneys’ fees and legal expenses, shall be applied first to the satisfaction of the Obligations (in such order as Pledgee may elect and whether or not due) and then to the payment of any other amounts required by applicable law, including
Section 9-615 of the UCC, with Pledgor to be and remain liable for any deficiency. Pledgor shall be liable to Pledgee for the payment on demand of all such costs and expenses, together with interest at the then applicable rate set forth in the
Indenture, and any attorneys’ fees and legal expenses. Pledgor agrees that five (5) business days prior written notice by Pledgee designating the place and time of any public sale or of the time after which any private sale or other intended
disposition of any or all of the Pledged Property is to be made, is reasonable notification of such matters. 
  
 (e) All of the Pledgee’s rights and remedies, including, but not limited to, the foregoing and those otherwise arising under this
Pledge Agreement, the Indenture, the other Financing Agreements, the instruments comprising the Pledged Property, applicable law or otherwise, shall be cumulative and not exclusive and shall be enforceable alternatively, 

  

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successively or concurrently as Pledgee may deem expedient. No failure or delay on the part of Pledgee in exercising any of its options, powers or rights or
partial or single exercise thereof, shall constitute a waiver of such option, power or right. 
  
 6. JURY TRIAL WAIVER: OTHER WAIVERS AND CONSENTS; GOVERNING LAW 
  
 (a) The validity, interpretation and enforcement of this Pledge Agreement and any dispute arising out of the relationship between the
parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or other rules of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York. 
  
 (b) Pledgor irrevocably consents and submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York in New York County and the United States District Court for the Southern District of New
York, whichever Pledgee may elect, and waives any objection based on venue or forum non conveniens with respect to any action instituted therein arising under this Pledge Agreement, the Indenture or any of the other Financing
Agreements or in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Pledge Agreement or any of the other Financing Agreements or the transactions related hereto or thereto, in each case whether
now existing or hereafter arising, and whether in contract, tort, equity or otherwise, and agrees that any dispute with respect to any such matters shall be heard only in the courts described above (except that Pledgee shall have the right to bring
any action or proceeding against Pledgor or its property in the courts of any other jurisdiction which Pledgee deems necessary or appropriate in order to realize on the Pledged Property or to otherwise enforce its rights against Pledgor or its
property). 
  
 (c) Pledgor hereby waives personal
service of any and all process upon it and consents that all such service of process may be made by certified mail (return receipt requested) directed to its address set forth herein and service so made shall be deemed to be completed five (5) days
after the same shall have been so deposited in the U.S. mails, or, at Pledgee’s option, by service upon Pledgor in any other manner provided under the rules of any such courts. Within thirty (30) days after such service, Pledgor shall appear in
answer to such process, failing which Pledgor shall be deemed in default and judgment may be entered by Pledgee against Pledgor for the amount of the claim and other relief requested. 
  
 (d) PLEDGOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i)
ARISING UNDER THIS PLEDGE AGREEMENT OR ANY OF THE OTHER FINANCING AGREEMENTS OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF PLEDGOR AND PLEDGEE IN RESPECT OF THIS PLEDGE AGREEMENT OR ANY OF THE OTHER FINANCING
AGREEMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. PLEDGOR HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT PLEDGOR OR PLEDGEE MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF 

  

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THIS PLEDGE AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 (e) Pledgee shall not have any liability to Pledgor (whether
in tort, contract, equity or otherwise) for losses suffered by Pledgor in connection with, arising out of, or in any way related to the transactions or relationships contemplated by this Pledge Agreement, or any act, omission or event occurring in
connection herewith, unless it is determined by a final and non-appealable judgment or court order binding on Pledgee, that the losses were the result of acts or omissions constituting gross negligence or willful misconduct. In any such litigation,
Pledgee shall be entitled to the benefit of the rebuttable presumption that it acted in good faith and with the exercise of ordinary care in the performance by it of the terms of this Pledge Agreement. 
  
 7. INDEMNIFICATION 
  
 Each Pledgor shall, jointly and severally, indemnify and
hold the Pledgee, and its directors, agents, employees and counsel, harmless from and against any and all losses, claims, damages, liabilities, costs or expenses imposed on, incurred by or asserted against any of them in connection with any
litigation, investigation, claim or proceeding commenced or threatened related to the negotiation, preparation, execution, delivery, enforcement, performance or administration of this Agreement, any other Financing Agreements, or any undertaking or
proceeding related to any of the transactions contemplated hereby or any act, omission, event or transaction related or attendant thereto, including amounts paid in settlement, court costs, and the fees and expenses of counsel. To the extent that
the undertaking to indemnify, pay and hold harmless set forth in this Section may be unenforceable because it violates any law or public policy, Pledgors shall pay the maximum portion which it is permitted to pay under applicable law to Pledgee in
satisfaction of indemnified matters under this Section 7. The foregoing indemnity shall survive the termination of this Agreement and the termination or non renewal of the Indenture. 
  
 8. MISCELLANEOUS 
  
 (a) Pledgor agrees that at any time and from time to time upon the written request of Pledgee, Pledgor shall execute and deliver such
further documents, including, but not limited to, irrevocable proxies or stock powers, in form satisfactory to counsel for Pledgee, and will take or cause to be taken such further acts as necessary in order to effect the purposes of this Pledge
Agreement and perfect or continue the perfection of the security interest in the Pledged Property granted to Pledgee hereunder. 
  
 (b) Beyond the exercise of reasonable care to assure the safe custody of the Pledged Property (whether such custody is exercised by
Pledgee, or Pledgee’s nominee, agent or bailee) Pledgee or Pledgee’s nominee agent or bailee shall have no duty or liability to protect or preserve any rights pertaining thereto and shall be relieved of all responsibility for the Pledged
Property upon surrendering it to Pledgor or foreclosure with respect thereto. 
  
 (c) All notices, requests and demands to or upon the respective parties hereto shall be in writing and shall be deemed to have been duly given or made: if delivered in person, immediately upon delivery; if by
facsimile transmission, immediately upon sending and upon 

  

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confirmation of receipt; if by nationally recognized overnight courier service with instructions to deliver the next business day, one (1) business day after
sending; and if by registered or certified mail, return receipt requested, five (5) days after mailing. All notices, requests and demands upon the parries are to be given to the following addresses (or to such other address as any party may
designate by notice in accordance with this Section): 
  

			
	 If to Pledgor:
	  	 Wise Alloys LLC
 International Tower
Building
 857 Elkridge Landing Road, Suite 600
 Linthicum,
Maryland 21090
 Telecopier: (410) 636-0856
 Attention: Mr. Dan
Mendelson

		
	 If to Pledgee:
	  	 The Bank of New York
 Attention: Corporate Trust
Administration
 101 Barclay Street, Floor 8W
 New York, New York
10286
 Fax: (212) 815-5707

  
 (d)
All references to the plural herein shall also mean the singular and to the singular shall also mean the plural. All references to Pledgor, Pledgee, Noteholders and Broker pursuant to the definitions set forth in the recitals hereto, or to any other
person herein, shall include their respective successors and assigns. The words “hereof,” “herein,” “hereunder,” “this Pledge Agreement” and words of similar import when used in this Pledge Agreement shall
refer to this Pledge Agreement as a whole and not any particular provision of this Pledge Agreement and as this Pledge Agreement now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. An Event of
Default shall exist or continue or be continuing until such Event of Default is waived in accordance with Section 8(g) hereof. All references to the term “Person” or “person” herein shall mean any individual, sole proprietorship,
partnership, corporation (including, without limitation, any corporation which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability participation, business trust,
unincorporated association, joint stock company, trust, joint venture or other entity or any government or any agency, instrumentality or political subdivision thereof. 
  
 (e) This Pledge Agreement, the other Financing Agreements and any other document referred to herein or
therein shall be binding upon Pledgor and its successors and assigns and inure to the benefit of and be enforceable by Pledgee and its successors and assigns. 
  

(f) If any provision of this Pledge Agreement is held to be invalid or unenforceable, such invalidity or unenforceability shall not
invalidate this Pledge Agreement as a whole, but this Pledge Agreement shall be construed as though it did not contain the particular provision held to be invalid or unenforceable and the rights and obligations of the parties shall be construed and
enforced only to such extent as shall be permitted by applicable law. 
  

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 (g) Neither this Pledge Agreement nor any provision hereof shall be amended, modified,
waived or discharged orally or by course of conduct, but only by a written agreement signed by an authorized officer of Pledgee. Pledgee shall not, by any act, delay, omission or otherwise be deemed to have expressly or impliedly waived any of its
rights, powers and/or remedies unless such waiver shall he in writing and signed by an authorized officer of Pledgee. Any such waiver shall be enforceable only to the extent specifically set forth therein. A waiver by Pledgee of any right, power
and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which Pledgee would otherwise have on any future occasion, whether similar in kind or otherwise. 
  
 (h) All of the rights and remedies granted to the Pledgee
and the Noteholders hereunder shall be subject to the terms of the Intercreditor Agreement. In the event of any conflict between this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control. The
provisions hereunder are solely for the benefit of the Pledgee and the Noteholders (each of the foregoing, a “Creditor”) and shall not give any Pledgor, its successors or assigns or any other person any rights vis-à-vis any
Creditor. 
  
 (i) In addition to those hereunder,
the Pledgee is entitled to all rights, privileges, protections, benefits, immunities and indemnities provided to it as Trustee under the Indenture. 
  
 (j) (i) Beyond the exercise of reasonable care in the custody thereof, the Pledgee shall have no duty as to any Collateral in its
possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Pledgee shall not be responsible for filing any
financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Pledgee shall be deemed to
have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution
in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Pledgee in good faith. 
  
 (ii) The Pledgee shall not be responsible for the existence, genuineness or value of any of the Collateral
or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission
constitutes gross negligence, bad faith or wilful misconduct on the part of the Pledgee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Pledgors to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
  
 (iii) The Pledgee shall have no duty to act outside of the United States in respect of any Collateral
located in the jurisdiction other than the United States. 
  

 -11- 

 (iv) Each of the Pledgors agrees to record and file, at its own expense, financing
statements (and continuation statements when applicable) with respect to the Collateral now existing or hereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and
maintain perfected the Collateral, and to deliver promptly a file stamped copy of each such financing statement or other evidence of filing to the Pledgee. The Pledgee shall be under no obligation whatsoever to file such financing or continuation
statements or to make any other filing under the UCC. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 -12- 

 IN WITNESS WHEREOF, Pledgor has executed this Pledge Agreement as of the day and year first above
written. 
  

			
	 WISE ALLOYS LLC

		
	By:	 	/s/    DANNY MENDELSON        
	 Title:
	 	Executive Vice-President

  

 SCHEDULE 1 
  
 ACCOUNTS 
  

			
	 Broker

	  	 Account Number

	 ADM Investor Services International Limited
 10th Floor Temple Court
 11 Queen Victoria Street
 London EC4N 4TJ, United Kingdom
	  	ZP072
		
	 Standard Bank London
 Cannon Bridge House
 25 Dowgate Hill
 London EC4R 2SB, United Kingdom
	  	Account 1
		
	 Sempra Metals Limited
 Four Millbank
 London SW 1 P 3JA, United Kingdom
	  	WIMA
		
	 ED&F Mann
 Sugar Quay
 Lower Thames Street
 London EC3R 6DU, United Kingdom
	  	37306

  

 Exhibit A to Investment Property 
 Pledge and Security Agreement 
  
 [FORM OF] 
  
 INVESTMENT
PROPERTY CONTROL AGREEMENT 
  
 THIS INVESTMENT PROPERTY
CONTROL AGREEMENT (“Agreement”), dated         , 20     is by and among [      ], a [      ], in
its capacity as trustee (in such capacity, together with its successors and assigns, “Trustee”) pursuant to the indenture (as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, the “Indenture”), dated as of May 5, 2004 by and among Wise Metals Group LLC, a Delaware limited liability company (the “Company”), Wise Alloys Finance Corporation, a Delaware corporation (“Finance Corp.”),
the guarantors party thereto and the Trustee, acting for and on behalf of the holders (the “Noteholders”) of the Notes described below, a [          ] (“Pledgor”) and
[          ], a [          ] (the “Broker”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, Broker and Pledgor have entered into an agreement, a copy of which
is attached hereto as Exhibit A (the “Customer Agreement”), pursuant to which Broker has established its commodity account, account number [          ], in the name of Pledgor (the
“Existing Account” and, together with any other account maintained by Broker for Pledgor in connection with the Existing Account, the “Account”); 
  
 WHEREAS, Pledgor has entered into financing arrangements with the Trustee in connection with the issuance by the Company and
Finance Corp. of their 101⁄4% Senior Secured Notes due 2012 in the aggregate principal amount of $150,000,000 (collectively, the “Notes”); 
  
 WHEREAS, Noteholders have authorized and appointed Trustee to act for and on behalf of each of them pursuant to the Indenture and the Intercreditor
Agreement; and 
  
 WHEREAS, in connection with such financing
arrangements, Pledgor has granted to Trustee a security interest in substantially all of the assets and properties of Pledgor, including, inter alia, all of the right, title and interest of Pledgor in and to the Account and the
financial assets held therein pursuant to the General Security Agreement, dated on or about May 5, 2004, among Trustee, Pledgor and certain affiliates of Pledgor and the Investment Property Pledge and Security Agreement, dated on or about May 5,
2004, by Pledgor in favor of Trustee (such General Security Agreement and Investment Property Pledge and Security Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced,
collectively, the “Security Agreements”, and each a “Security Agreement”); and 
  
 WHEREAS, Trustee, Pledgor and Broker are entering into this Agreement to provide for the control of the Account and to further perfect the security
interests of Trustee in the Account; 
  

 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 9. The Account. Broker hereby represents, warrants and covenants to Trustee that: 
  
 (a) Broker has established and maintains the Account in the name of Pledgor; 
  
 (b) Exhibit B hereto is a complete and accurate statement of
the Account prepared by Broker in the ordinary course of its business and the financial assets credited to the Account as at the date of such statement; 
  
 (c) Exhibit B does not reflect any financial assets which are registered in the name of the Pledgor, payable to its order, or specially
endorsed to it, which have not been endorsed to Broker or in blank; 
  
 (d) the Customer Agreement and the security entitlements arising out of the financial assets carried in the Account are legal, valid, binding and enforceable obligations of Broker; 
  
 (e) Broker has no knowledge of any interest in or to the
Account or any financial asset held or maintained therein, except for the interests of Trustee, Pledgor and Broker; 
  
 (f) Broker hereby acknowledges receipt of notice of the pledge of, and security interest in, the Account and the financial assets or other
assets at any time held or maintained therein to Trustee; 
  
 (g) Broker has not established and does not maintain any account (other than the Account) for Pledgor which is credited with or otherwise holds initial or variation margin provided by Pledgor in respect of futures
contracts, options on future contracts, or commodity options executed by Pledgor in or for the Account; and 
  
 (h) Broker will not agree with any other party that Broker will comply with entitlement orders, directions or instructions (collectively,
“Orders”) concerning the Account issued by such other party. 
  
 10. Pledgor’s Rights and Actions. Broker may comply with Orders issued by Pledgor concerning the Account; provided that, if Broker receives notice from Trustee that it is exercising exclusive
control over the Account (a “Notice of Exclusive Control”), then (a) Broker shall cease complying with Orders issued by Pledgor concerning the Account and (b) Broker shall not distribute or continue to distribute to Pledgor any
interest earned on initial or variation margin provided by Pledgor in respect of the Account. In the event of any conflict between an Order issued by Trustee and an Order issued by Pledgor, the Order issued by Trustee shall prevail. 
  

 -2- 

 11. Priority of Lien. With respect to obligations of Pledgor owing to Broker in connection with
the Account and the transactions effected by the Broker for the Account pursuant to the Customer Agreement (collectively, the “Customer Commodity Obligations”), any lien or security interest in the Account granted to the Broker
pursuant to the Customer Agreement shall have priority over any lien or security interest granted to Trustee in the Account. Trustee each acknowledge that the property in the Account is subject to the prior payment of all Customer Commodity
Obligations, including fees and commissions which may have been incurred in connection with any of the Pledgor’s transactions with the Broker, and Broker’s security interest in connection with any indebtedness of Pledgor to Broker
including, but not limited to, any right of Broker to close out open positions. 
  
 12. Control. Broker will comply with all Orders it receives from Trustee concerning the Account without further consent by Pledgor, including, without limitation, Orders from Trustee to transfer, liquidate, or
redeem property credited to or otherwise held in the Account or to apply any value distributed or available in respect of the Account as directed by Trustee. Nothing in this Section 4 shall require Broker to take any action that violates applicable
laws. 
  
 13. Statements, Confirmations and Notices of Adverse
Claims. Broker will send copies of all statements, confirmations and other correspondence concerning the Account to each of Pledgor and Trustee. If any person asserts any lien, encumbrance or adverse claim against the Account or in any financial
asset carried therein, Broker will promptly notify Trustee and Pledgor thereof. 
  
 14. Responsibility of Broker. (a) Except for permitting a withdrawal or payment in violation of Sections 2 or 4 above, Broker shall have no responsibility or liability to Trustee for complying with Orders
concerning the Account from Pledgor which are received by Broker before Broker receives a Notice of Exclusive Control. 
  
 (b) Broker shall have no responsibility or liability to Pledgor for complying with a Notice of Exclusive Control or complying with Orders
concerning the Account issued by Trustee. Broker shall have no duty to investigate or make any determination as to the circumstances resulting in, or the proprietary nature of, a Notice of Exclusive Control. Neither this Agreement nor the Security
Agreement imposes or creates any obligation or duty of Broker other than those expressly set forth therein. 
  
 15. Financial Assets. All property credited to or held in the Account shall be deemed to constitute financial assets under Article 8 of the Uniform
Commercial Code of the State of New York (the “UCC”). 
  
 16. Tax Reporting. All items of income, gain, expense and loss recognized in the Account shall be reported to the appropriate taxing authorities under the name and taxpayer identification number of Pledgor. 
  
 17. Customer Agreement. This Agreement supplements the Customer
Agreement. In the event of a conflict between this Agreement and the Customer Agreement, the terms of this Agreement will prevail. Notwithstanding any provision to the contrary in the Customer 

  

 -3- 

 
Agreement, the State of New York shall be deemed to be the Broker’s jurisdiction for the purposes of this Agreement, Article 8 of the UCC and the
perfection and priority of Trustee’s security interests in the Account. 
  
 18. Termination. The rights and powers granted herein to Trustee have been granted in order to perfect its security interest in the Account, are powers coupled with an interest and will neither be affected by
the bankruptcy of Pledgor nor by the lapse of time. The obligations of Broker under Sections 1, 2, 3, 4 and 5 above shall continue in effect until Trustee has notified Broker of the termination of its security interest in writing. Upon receipt of
such notice the obligations of Broker under Sections 1, 2, 3, 4 and 5 above with respect to the operation and maintenance of the Account after the receipt of such notice shall terminate, Trustee shall have no further right to issue Orders concerning
the Account and Broker may take such steps as Pledgor may request to vest full ownership and control of the Account in Pledgor, including, but not limited to, removing the name of Trustee from the Account or transferring all of the financial assets
and credit balances in the Account to another securities account in the name of Pledgor or its designee. 
  
 19. Entire Agreement. This Agreement, the attachments hereto and the agreements and instruments required to be executed and delivered hereunder set
forth the entire agreement of the parties with respect to the subject matter hereof and supersede and discharge all prior agreements (written or oral) and negotiations and all contemporaneous oral agreements concerning such subject matter and
negotiations. There are no oral conditions precedent to the effectiveness of this Agreement. 
  
 20. Amendments. No amendment, modification or termination of this Agreement or the Customer Agreement or waiver of any right hereunder or thereunder shall be binding on any party hereto unless it is in writing
and is signed by the party to be charged. 
  
 21.
Severability. If any provision of this Agreement is held to be invalid or unenforceable, such invalidity or unenforceability shall not invalidate this Agreement as a whole, but this Agreement shall be construed as though it did not contain
the particular provision held to be invalid or unenforceable and the rights and obligations of the parties shall be construed and enforced only to such extent as shall be permitted by applicable law. 
  
 22. Successors. The terms of this Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
  
 23. Construction. All references to the plural herein shall also mean the singular and to the singular shall also mean the plural. All references to Pledgor, Trustee and Broker pursuant to the definitions set
forth in the recitals hereto, or to any other person herein, shall include their respective successors and assigns. All references to the term “Person” or “person” herein shall mean any individual, sole
proprietorship, partnership, corporation (including, without limitation, any corporation which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability partnership, business trust,
unincorporated association, joint stock company, trust, joint venture or other entity or any government or any agency, instrumentality or political subdivision thereof. As used herein the terms 

  

 -4- 

 
“financial asset,” “commodity account”, “commodity contract”, “securities account” and
“securities entitlement” shall have the meanings ascribed to such terms in the UCC. 
  
 24. Notices. All notices, requests and demands to or upon the respective parties hereto shall be in writing and shall be deemed to have been duly
given or made: if delivered in person, immediately upon delivery; if by telex, telegram or facsimile transmission, immediately upon sending and upon confirmation of receipt; if by nationally recognized overnight courier service with instructions to
deliver the next business day, one (1) business day after sending; and if by registered or certified mail, return receipt requested, five (5) days after mailing. All notices, requests and demands upon the parties are to be given to the following
addresses (or to such other address as any party may designate by notice in accordance with this Section): 
  

			
	 If to Pledgor:
	  	[                    ]
	 	  	International Tower Building
	 	  	857 Elkridge Landing Road, Suite 600
	 	  	Linthicum, Maryland 21090
	 	  	Telecopier: (410) 636-0856
	 	  	Attention: Mr. Dan Mendelson
		
	 If to Trustee:
	  	[                    ], as Trustee
		
	 	  	Telecopier:
	 	  	Attention: Portfolio Manager
		
	 If to Broker:
	  	[                    ]
		
	 	  	Telecopier:
	 	  	Attention:

  
 25. Counterparts,
etc. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. This Agreement may
delivered by telecopier with the same force and effect as if it were a manually executed and delivered counterpart. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 -5- 

 26. Governing Law. The validity, interpretation and enforcement of this Agreement and any dispute
arising out of the relationship between the parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or other rules of law that
would cause the application of the law of any jurisdiction other than the laws of the State of New York. 
  

			
		
	 By:
	 	 
	 Title:
	 	 
	
	 as Trustee

		
	 By:
	 	 
	 Title:
	 	 

  

			
		
	 By:
	 	 
	 Title:
	 	 

  

 -6-Fee and Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement

 Exhibit 10.5 
  
 THE AGGREGATE MAXIMUM PRINCIPAL AMOUNT OF INDEBTEDNESS THAT MAY BE SECURED HEREBY IS $150,000,000, INCLUDING FUTURE ADVANCES, AS DESCRIBED IN SECTION 2.4 OF THIS
MORTGAGE, WHICH ARE OBLIGATORY TO THE EXTENT THAT THE SERIES A NOTES HAVE BEEN ISSUED UNDER THE INDENTURE. 
  

 
 FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
  
 BY 
  
 WISE ALLOYS LLC, 
 a Delaware limited liability company 
  
 Mortgagor, 
  
 TO 
  
 THE BANK OF NEW YORK, 
 as Trustee, 

 
 Mortgagee 
  
 Securing Aggregate Principal Indebtedness of $150,000,000, 
  
 Dated as of 
  
 May 5, 2004 
  
 Relating to Premises in: 
  
 Colbert County, Alabama 
  

  
 This instrument prepared in consultation with counsel in the State in 
 which the Mortgaged Property is located by 
 the attorney named below and after
recording, please 
 return to: 
  
 Athy A. Mobilia, Esq. 
 Cahill Gordon &
Reindel LLP 

 Exhibit 10.5 
  
 THE AGGREGATE MAXIMUM PRINCIPAL AMOUNT OF INDEBTEDNESS THAT MAY BE SECURED HEREBY IS $150,000,000, INCLUDING FUTURE ADVANCES, AS DESCRIBED IN SECTION 2.4 OF THIS
MORTGAGE, WHICH ARE OBLIGATORY TO THE EXTENT THAT THE SERIES A NOTES HAVE BEEN ISSUED UNDER THE INDENTURE. 
  
 80 Pine Street 
 New York, NY 10005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 PREAMBLE
	  	1
	 RECITALS
	  	1
	 AGREEMENT
	  	2
		
	ARTICLE I	  	 
		
	DEFINITIONS AND INTERPRETATION	  	 
			
	 SECTION 1.1.
	  	 Definitions
	  	2
	 SECTION 1.2.
	  	 Interpretation
	  	9
	 SECTION 1.3.
	  	 Resolution of Drafting Ambiguities
	  	9
		
	ARTICLE II	  	 
		
	GRANTS AND SECURED OBLIGATIONS	  	 
			
	 SECTION 2.1.
	  	 Grant of Mortgaged Property
	  	9
	 SECTION 2.2.
	  	 Assignment of Leases and Rents
	  	10
	 SECTION 2.3.
	  	 Secured Obligations
	  	10
	 SECTION 2.4.
	  	 Future Advances
	  	10
	 SECTION 2.5.
	  	 No Release
	  	11
		
	ARTICLE III	  	 
		
	REPRESENTATIONS AND WARRANTIES OF MORTGAGOR	  	 
			
	 SECTION 3.1.
	  	 Authority and Validity
	  	11
	 SECTION 3.2.
	  	 Warranty of Title
	  	11
	 SECTION 3.3.
	  	 Condition of Mortgaged Property
	  	12
	 SECTION 3.4.
	  	 Leases
	  	13
	 SECTION 3.5.
	  	 Insurance
	  	14
	 SECTION 3.6.
	  	 Charges
	  	14
	 SECTION 3.7.
	  	 Environmental
	  	14
	 SECTION 3.8.
	  	 No Conflicts, Consents, etc
	  	15
	 SECTION 3.9.
	  	 Benefit to the Mortgagor
	  	15
	 SECTION 3.10.
	  	 Mortgaged Leases
	  	15
	 SECTION 3.11.
	  	 Treatment of Mortgaged Leases in Bankruptcy
	  	17
	 SECTION 3.12.
	  	 Rejection of Mortgaged Lease(s) by Landlord
	  	18
	 SECTION 3.13.
	  	 Assignment of Claims to Mortgagee
	  	18
	 SECTION 3.14.
	  	 New Lease Issued to Mortgagee
	  	19

  

 - i - 

					
	 	  	 	  	Page

	ARTICLE IV	  	 
		
	CERTAIN COVENANTS OF MORTGAGOR	  	 
			
	 SECTION 4.1.
	  	 Preservation of Corporate Existence
	  	19
	 SECTION 4.2.
	  	 Title
	  	19
	 SECTION 4.3.
	  	 Maintenance and Use of Mortgaged Property; Alterations
	  	20
	 SECTION 4.4.
	  	 Notices Regarding Certain Defaults
	  	21
	 SECTION 4.5.
	  	 Access to Mortgaged Property, Books and Records; Other Information
	  	21
	 SECTION 4.6.
	  	 Limitation on Liens; Transfer Restrictions
	  	21
	 SECTION 4.7.
	  	 Estoppel Certificates
	  	21
		
	ARTICLE V	  	 
		
	LEASES	  	 
			
	 SECTION 5.1.
	  	 Mortgagor’s Affirmative Covenants with Respect to Leases
	  	22
	 SECTION 5.2.
	  	 Mortgagor’s Negative Covenants with Respect to Leases
	  	22
	 SECTION 5.3.
	  	 Additional Requirements with Respect to New Leases
	  	23
		
	ARTICLE VI	  	 
		
	CONCERNING ASSIGNMENT OF LEASES AND RENTS	  	 
			
	 SECTION 6.1.
	  	 Present Assignment; License to the Mortgagor
	  	23
	 SECTION 6.2.
	  	 Collection of Rents by the Mortgagee
	  	23
	 SECTION 6.3.
	  	 No Release
	  	24
	 SECTION 6.4.
	  	 Irrevocable Interest
	  	24
	 SECTION 6.5.
	  	 Amendment to Leases
	  	24
		
	ARTICLE VII	  	 
		
	TAXES AND CERTAIN STATUTORY LIENS	  	 
			
	 SECTION 7.1.
	  	 Payment of Charges
	  	24
	 SECTION 7.2.
	  	 Intentionally Deleted
	  	24
	 SECTION 7.3.
	  	 Certain Statutory Liens
	  	24
	 SECTION 7.4.
	  	 Stamp and Other Taxes
	  	24
	 SECTION 7.5.
	  	 Certain Tax Law Changes
	  	25
	 SECTION 7.6.
	  	 Proceeds of Tax Claim
	  	25
		
	ARTICLE VIII	  	 
		
	INSURANCE	  	 
			
	 SECTION 8.1.
	  	 Required Insurance Policies and Coverages
	  	25

  

 - ii - 

					
	 	  	 	  	Page

	 SECTION 8.2.
	  	 Delivery After Foreclosure
	  	25
		
	ARTICLE IX	  	 
		
	CONTESTING OF PAYMENTS	  	 
			
	 SECTION 9.1.
	  	 Contesting of Taxes and Certain Statutory Liens
	  	25
	 SECTION 9.2.
	  	 Contesting of Insurance
	  	25
		
	ARTICLE X	  	 
		
	DESTRUCTION, CONDEMNATION AND RESTORATION	  	 
			
	 SECTION 10.1.
	  	 Casualty
	  	26
	 SECTION 10.2.
	  	 Condemnation
	  	26
		
	ARTICLE XI	  	 
		
	EVENTS OF DEFAULT AND REMEDIES	  	 
			
	 SECTION 11.1.
	  	 Events of Default
	  	26
	 SECTION 11.2.
	  	 Remedies in Case of an Event of Default
	  	26
	 SECTION 11.3.
	  	 Sale of Mortgaged Property if Event of Default Occurs; Proceeds of Sale
	  	27
	 SECTION 11.4.
	  	 Additional Remedies in Case of an Event of Default
	  	29
	 SECTION 11.5.
	  	 Legal Proceedings After an Event of Default
	  	29
	 SECTION 11.6.
	  	 Remedies Not Exclusive
	  	30
		
	ARTICLE XII	  	 
		
	SECURITY AGREEMENT AND FIXTURE FILING	  	 
			
	 SECTION 12.1.
	  	 Security Agreement
	  	31
	 SECTION 12.2.
	  	 Fixture Filing
	  	31
		
	ARTICLE XIII	  	 
		
	FURTHER ASSURANCES	  	 
			
	 SECTION 13.1.
	  	 Recording Documentation To Assure Security
	  	32
	 SECTION 13.2.
	  	 Further Acts
	  	32
	 SECTION 13.3.
	  	 Additional Security
	  	33

  

 - iii - 

					
	 	  	 	  	Page

	ARTICLE XIV	  	 
		
	MISCELLANEOUS	  	 
			
	 SECTION 14.1.
	  	 Covenants To Run with the Land
	  	33
	 SECTION 14.2.
	  	 No Merger
	  	33
	 SECTION 14.3.
	  	 Concerning Mortgagee
	  	33
	 SECTION 14.4.
	  	 Mortgagee May Perform; Mortgagee Appointed Attorney-in-Fact
	  	34
	 SECTION 14.5.
	  	 Expenses
	  	34
	 SECTION 14.6.
	  	 Indemnity
	  	35
	 SECTION 14.7.
	  	 Continuing Security Interest; Assignment
	  	35
	 SECTION 14.8.
	  	 Termination; Release
	  	36
	 SECTION 14.9.
	  	 Modification in Writing
	  	36
	 SECTION 14.10.
	  	 Notices
	  	36
	 SECTION 14.11.
	  	 GOVERNING LAW; SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	36
	 SECTION 14.12.
	  	 Severability of Provisions
	  	37
	 SECTION 14.13.
	  	 Limitation on Interest Payable
	  	37
	 SECTION 14.14.
	  	 Business Days
	  	37
	 SECTION 14.15.
	  	 Relationship
	  	37
	 SECTION 14.16.
	  	 Waiver of Stay
	  	38
	 SECTION 14.17.
	  	 No Credit for Payment of Taxes or Impositions
	  	38
	 SECTION 14.18.
	  	 No Claims Against the Mortgagee
	  	38
	 SECTION 14.19.
	  	 Obligations Absolute
	  	38
	 SECTION 14.20.
	  	 Intercreditor Agreement
	  	39
	 SIGNATURES
	  	S-1
		
	 ACKNOWLEDGMENTS
	  	 
			
	 SCHEDULE A
	  	 Legal Description
	  	 
	 SCHEDULE B
	  	 Prior Liens
	  	 

  

 - iv - 

 FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
  
 FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (as amended, amended and restated, supplemented, or
otherwise modified from time to time, the “Mortgage”), dated as of May 5, 2004, made by WISE ALLOYS LLC, a Delaware limited liability company, having an office at International Tower Building, 857 Elkridge Road, Suite 600,
Linthicum, Maryland 21090, as mortgagor, assignor and debtor (in such capacities and together with any successors in such capacities, the “Mortgagor”), in favor of THE BANK OF NEW YORK, a New York banking corporation having an
office at 101 Barclay Street, Floor 8W, New York, New York 10286, in its capacity as Trustee pursuant to the Indenture (as hereinafter defined), as mortgagee, assignee and secured party (in such capacities and together with any successors in such
capacities, the “Mortgagee”). 
  
 R
E C I T A L S : 
  
 A. Wise Metals Group LLC and Wise Alloys Finance Corporation (together, the “Issuer”), certain of its Subsidiaries (as hereinafter defined), the Mortgagor and the Mortgagee have, in connection with the execution and
delivery of this Mortgage, entered into that certain indenture, dated as of the date hereof (as amended, amended and restated, supplemented, or otherwise modified from time to time, the “Indenture”), pursuant to which the Issuer has
issued its 10 1/4% senior secured notes due May 15, 2012 (the “Series A Notes”) in the aggregate principal amount of $150,000,000. It is contemplated that the Issuer may, after the date hereof, issue Additional Notes (as defined in
the Indenture) and Series B Notes (as defined in the Indenture; the Series A Notes, together with the Additional Notes and the Series B Notes, collectively, the “Notes”), in each case, pursuant to the provisions of the Indenture.

  
 B. The Issuer owns, directly or through its Subsidiaries, all
of the issued and outstanding shares of the Mortgagor. 
  
 C. The
Mortgagor has, pursuant to the Indenture, among other things, unconditionally guaranteed (the “Guarantee”) the obligations of the Issuer under the Indenture and the Notes. 
  
 D. The Mortgagor will receive substantial benefits from the execution and
delivery of, and the performance of the obligations under, the Indenture and the Notes, and is therefore willing to enter into this Mortgage. 
  
 E. The Mortgagor is the legal owner of a portion of the Land (as hereinafter defined) described in Schedule A hereto, which portion is described as
Tracts 1 through 6 thereon and the Improvements located thereon. 
  
 F. Mortgagor is the owner and holder of the leasehold interests under the following leases: 
  
 (i) Lease, dated as of March 31, 1999 between Reynolds Metals Company, as landlord, and Mortgagor, as tenant, covering the portion of the
Land designated as Tract 7 on Schedule A attached hereto and the Improvements located thereon, and recorded in Fiche 9921, Frames 831-845 in the Office of the Judge of Probate of Colbert County Alabama (the “Office”);

  

 (ii) Lease, dated as of March 31, 1999 between Reynolds Metals Company, as landlord and
Mortgagor, as tenant, covering the portion of the Land designated as Tract 8 on Schedule A attached hereto and the Improvements located thereon, and recorded in Fiche 9921 Frames 862-877 in the Office; 
  
 (iii) Lease, dated as of March 31, 1999 between Reynolds
Metals Company, as landlord and Mortgagor, as tenant, covering the portion of the Land designated as Tract 9 on Schedule A attached hereto and the Improvements located thereon, and recorded in Fiche 9921, Frames 846-861 in the Office; and

  
 (iv) Lease, dated as of March 31, 1999
between Reynolds Metals Company, as landlord, and Mortgagor, as tenant, covering the portion of the Land designated as Tract 10 on Schedule A attached hereto and the Improvements located thereon, and recorded in Fiche 9921, Frames 816-830 in
the Office; 
  
 each lease set forth in clauses (i) through (iv) of this
Recital F, as amended, restated, renewed or extended from time to time in accordance with the provisions of this Mortgage, is referred to herein individually, as a “Mortgaged Lease” and collectively, as the “Mortgaged
Leases”; such terms “Mortgaged Lease” and “Mortgaged Leases” shall be deemed to include all options to purchase all or any portion of the Leased Premises demised thereunder. 
  
 G. This Mortgage is given by the Mortgagor in favor of the Mortgagee for its
benefit and the benefit of the Holders of the Notes (collectively, the “Secured Parties”) to secure the payment and performance of all of the Secured Obligations (as hereinafter defined). 
  
 A G R E E M E N
T : 
  
 NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Mortgagor hereby covenants and agrees with the Mortgagee as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.1. Definitions. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Indenture.
The following terms used in this Mortgage shall have the following meanings: 
  
 “Affiliate” shall have the meaning assigned to such term in the Indenture. 
  

 -2- 

 “Alteration” shall mean any and all alterations, installations, improvements, additions,
modifications or changes of a structural nature of or to the Premises. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as now constituted or hereafter amended. 
  
 “Bankruptcy Law” shall mean the Bankruptcy Code or any similar U.S. federal or state law. 
  
 “Business Day” shall have the meaning assigned to such term
in the Indenture. 
  
 “Casualty” shall have the
meaning assigned to such term in the Indenture. 
  
 “Charges” shall mean any and all real estate, property and other taxes, assessments and special assessments, levies, fees, all water and sewer rents and charges and all other governmental charges or Liens imposed upon or
assessed against, and all claims (including, without limitation, landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims
arising by operation of law) against, all or any portion of the Mortgaged Property. 
  
 “Collateral Account” shall have the meaning assigned to such term in the Indenture. 
  
 “Condemnation” shall have the meaning assigned to such term in the Indenture. 
  
 “Contested Liens” shall mean, collectively, any Liens
incurred in respect of any Charges to the extent that the amounts owing in respect thereof are not yet delinquent or are being contested and otherwise comply with the provisions of Section 9.1 hereof. 
  
 “Contracts” shall mean, collectively, any and all right,
title and interest of the Mortgagor in and to any and all contracts and other general intangibles relating to the Mortgaged Property (including, without limitation, all reciprocal easements and/or operating agreements, covenants, conditions and
restrictions and similar agreements affecting all or any portion of the Mortgaged Property) and all reserves, deferred payments, deposits, refunds and claims of every kind, nature or character relating thereto. 
  
 “Default Rate” shall mean the rate per annum equal to the
highest rate then payable under the Indenture. 
  
 “Environmental Law” shall have the meaning assigned to such term in the Indenture. 
  
 “Event of Default” shall have the meaning assigned to such term in the Indenture. 
  
 “Fixture” shall mean all machinery, apparatus, equipment,
fittings, fixtures, improvements and articles of personal property of every kind, description and nature whatsoever now or hereafter attached or affixed to the Land or any other Improvement or used in connection with the use and enjoyment of the
Land or any other Improvement or the maintenance or preservation 

  

 -3- 

 
thereof, which by the nature of their location thereon or attachment thereto are fixtures under the UCC or any other applicable law including, without
limitation, all utility systems, fire sprinkler and security systems, drainage facilities, lighting facilities, all water, sanitary and storm sewer, drainage, electricity, steam, gas, telephone and other utility equipment and facilities, pipes,
fittings and other items of every kind and description now or hereafter attached to or located on the Land which by the nature of their location thereon or attachment thereto are real property under applicable law, HVAC equipment, boilers,
electronic data processing, telecommunications or computer equipment, refrigeration, electronic monitoring, water or lighting systems, power, sanitation, waste removal, elevators, maintenance or other systems or equipment and all additions thereto
and betterments, renewals, substitutions and replacements thereof. 
  
 “GAAP” shall have the meaning assigned to such term in the Indenture. 
  
 “Governmental Authority” shall mean any federal, state, local, foreign or other governmental, quasi-governmental or administrative
(including self-regulatory) body, instrumentality, department, agency, authority, board, bureau, commission, office of any nature whatsoever or other subdivision thereof, or any court, tribunal, administrative hearing body, arbitration panel or
other similar dispute-resolving body, whether now or hereafter in existence, or any officer or official thereof, having jurisdiction over the Mortgagor or the Mortgaged Property or any portion thereof. 
  
 “Guarantee” shall have the meaning assigned to such term in
Recital C hereof. 
  
 “Guarantor” shall
have the meaning assigned to such term in the Indenture. 
  
 “Hazardous Materials” shall mean the following: hazardous substances; hazardous wastes; polychlorinated biphenyls (“PCBs”) or any substance or compound containing PCBs; asbestos or any asbestos-containing
materials in any form or condition; radon or any other radioactive materials including any source, special nuclear or by-product material; petroleum, crude oil or any fraction thereof; and any other pollutant or contaminant or chemicals, wastes,
materials, compounds, constituents or substances, subject to regulation or which can give rise to liability under any Environmental Laws. 
  
 “Holders” shall have the meaning assigned to such term in the Indenture. 
  
 “Improvements” shall mean all buildings, structures and other improvements of every kind or description and
any and all Alterations now or hereafter located, attached or erected on all or any portion of the Land including, without limitation, (i) all Fixtures, (ii) all attachments, railroad tracks, foundations, sidewalks, drives, roads, curbs, streets,
ways, alleys, passages, passageways, sewer rights, parking areas, driveways, fences and walls and (iii) all materials now or hereafter located on the Land intended for the construction, reconstruction, repair, replacement, alteration, addition or
improvement of or to such buildings, Fixtures, structures and improvements, all of which materials shall be deemed to be part of the Improvements immediately upon delivery thereof on the Land and to be part of the Improvements immediately upon their
incorporation therein. 
  
 “Indebtedness” shall
have the meaning assigned to such term in the Indenture. 
  

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 “Indemnified Liabilities” shall have the meaning assigned to such term in Section
14.6(i) hereof. 
  
 “Indemnitees” shall have
the meaning assigned to such term in Section 14.6(i) hereof. 
  
 “Indenture” shall have the meaning assigned to such term in Recital A hereof. 
  
 “Insurance Certificate” shall mean a certificate evidencing the Insurance Requirements in form and substance reasonably satisfactory to
the Mortgagee. 
  
 “Insurance Policies” means the
insurance policies and coverages required to be maintained by the Mortgagor with respect to the Mortgaged Property pursuant to Section 13.7 of the Indenture. 
  
 “Insurance Requirements” means, collectively, all provisions of the Insurance Policies, all requirements of
the issuer of any of the Insurance Policies and all orders, rules, regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising similar functions) binding upon the Mortgagor and applicable to the
Mortgaged Property or any use or condition thereof. 
  
 “Intercreditor Agreement” shall mean that certain Intercreditor Agreement between Mortgagee and Congress Financial Corporation, as agent, dated on or about the date hereof. 
  
 “Issuer” shall have the meaning assigned to such term in
Recital A hereof. 
  
 “Land” shall mean
those certain tracts or parcels of land described in Schedule A annexed to this Mortgage. 
  
 “Landlord” shall mean any landlord, lessor, franchisor, licensor or grantor, as applicable. 
  
 “Leased Premises” shall mean the Mortgagor’s leasehold
estates in a portion of the Land created by the Mortgaged Leases, which portion is described as Tracts 7 through 10 on Schedule A hereto and the Improvements located thereon, together with all of the Mortgagor’s reversionary rights in
and to any and all easements, rights-of-way, strips and gores of land, waters, water courses, water rights, mineral, gas and oil rights and all power, air, light and other rights, estates, titles, interests, privileges, liberties, servitudes,
licenses, tenements, hereditaments and appurtenances whatsoever, in any way belonging, relating or appertaining thereto, or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto. 
  
 “Leases” shall mean, collectively, any and all interests of
the Mortgagor, as Landlord, in all leases and subleases of space, tenancies, franchise agreements, licenses, occupancy, rental, access or concession agreements and any other agreements pursuant to which any Person is granted a possessory interest in
or right to use or occupy all or any portion of the Mortgaged Property, in each case whether now existing or hereafter entered into, whether or not of record, relating in any manner to the Premises or the use or occupancy thereof and any and all
amendments, 

  

 -5- 

 
modifications, supplements, replacements, extensions, renewals and/or guarantees, if any thereof, whether now in effect or hereafter coming into effect.

  
 “Lien” shall have the meaning assigned to
such term in the Indenture. 
  
 “Mortgage” shall
have the meaning assigned to such term in the Preamble hereof. 
  
 “Mortgaged Lease” shall have the meaning assigned to such term in Recital F hereof. 
  
 “Mortgaged Property” shall have the meaning assigned to such term in Section 2.1 hereof. 
  
 “Mortgagee” shall have the meaning assigned to such term in
the Preamble hereof. 
  
 “Mortgagor” shall have
the meaning assigned to such term in the Preamble hereof. 
  
 “Mortgagor’s Interest” shall have the meaning assigned to such term in Section 2.2 hereof. 
  
 “Net Loss Proceeds” shall have the meaning assigned to such term in the Indenture. 
  
 “Notes” shall have the meaning assigned to such term in
Recital A hereof. 
  
 “Office” shall have
the meaning assigned to such term in Recital F hereof. 
  
 “Officers’ Certificate” shall have the meaning assigned to such term in the Indenture. 
  
 “Owned Premises” shall mean the Mortgagor’s fee interest in a portion of the Land, which portion is described as Tracts 1 through 6
on Schedule A hereto and the Improvements located thereon, together with all of the Mortgagor’s reversionary rights in and to any and all easements, rights-of-way, strips and gores of land, waters, water courses, water rights, mineral,
gas and oil rights and all power, air, light and other rights, estates, titles, interests, privileges, liberties, servitudes, licenses, tenements, hereditaments and appurtenances whatsoever, in any way belonging, relating or appertaining thereto, or
any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto. 
  
 “Permit” shall mean any and all permits, certificates, approvals, authorizations, consents, licenses, variances, franchises or other
instruments, however characterized, of any Governmental Authority (or any Person acting on behalf of a Governmental Authority) now or hereafter acquired or held, together with all amendments, modifications, extensions, renewals and replacements of
any thereof issued or in any way furnished in connection with the Mortgaged Property including, without limitation, building permits, certificates of occupancy, environmental 

  

 -6- 

 
certificates, industrial permits or licenses and certificates of operation, but excluding all FCC permits and/or licenses. 
  
 “Permitted Collateral Liens” shall have the meaning assigned
to such term in Section 4.6 hereof. 
  
 “Permitted
Liens” shall have the meaning assigned to such term in the Indenture. 
  
 “Person” shall have the meaning assigned to such term in the Indenture. 
  
 “Premises” shall mean, collectively, the Owned Premises and the Leased Premises. 
  
 “Prior Liens” shall mean, collectively, the Liens identified
in Schedule B annexed to this Mortgage. 
  
 “Proceeds” shall mean, collectively, any and all cash proceeds and noncash proceeds and shall include, without limitation, all (i) proceeds of the conversion, voluntary or involuntary, of any of the Mortgaged Property or
any portion thereof into cash or liquidated claims, (ii) proceeds of any insurance (except payments made to a Person which is not a party to this Mortgage), indemnity, warranty, guaranty or claim payable to the Mortgagee or to the Mortgagor from
time to time with respect to any of the Mortgaged Property including, without limitation, all Net Loss Proceeds resulting from a Casualty, (iii) payments (in any form whatsoever) made or due and payable to the Mortgagor from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any portion of the Mortgaged Property by any Governmental Authority (or any Person acting on behalf of a Governmental Authority) including, without
limitation, all Net Loss Proceeds resulting from a Condemnation or any settlement in lieu thereof, (iv) products of the Mortgaged Property and (v) other amounts from time to time paid or payable under or in connection with any of the Mortgaged
Property including, without limitation, refunds of real estate taxes and assessments, including interest thereon. 
  
 “Prudent Operator” shall mean the standard of care taken by a prudent operator of property similar in use and configuration to the
Premises and located in the locality where the Premises are located. 
  
 “Records” shall mean, collectively, any and all right, title and interest of the Mortgagor in and to any and all drawings, plans, specifications, file materials, operating and maintenance records, catalogues, tenant lists,
correspondence, advertising materials, operating manuals, warranties, guarantees, appraisals, studies and data relating to the Mortgaged Property or the construction of any Alteration or the maintenance of any Permit. 
  
 “Rents” shall mean, collectively, any and all rents,
additional rents, royalties, issues, cash, guaranties, letters of credit, bonds, sureties or securities deposited under any Lease to secure performance of the Tenant’s obligations thereunder, revenues, earnings, profits and income, advance
rental payments, payments incident to assignment, sublease or surrender of a Lease, claims for forfeited deposits and claims for damages, now due or hereafter to become due, with respect to any Lease, any indemnification against, or reimbursement
for, sums paid and 

  

 -7- 

 
costs and expenses incurred by the Mortgagor under any Lease or otherwise, and any award in the event of the bankruptcy of any Tenant under or guarantor of a
Lease. 
  
 “Requirements of Law” shall mean,
collectively, any and all requirements of any Governmental Authority including, without limitation, any and all orders, decrees, determinations, laws, treaties, ordinances, rules, regulations or similar statutes or case law. 
  
 “Secured Obligations” shall mean all obligations (whether or
not constituting future advances, obligatory or otherwise) of the Issuer and any and all of the Guarantors from time to time arising under or in respect of this Mortgage, the Indenture, the Notes and the other Security Documents (including, without
limitation, the obligations to pay principal, interest and all other charges, fees, expenses, commissions, reimbursements, premiums, indemnities and other payments related to or in respect of the obligations contained in this Mortgage, the
Indenture, the Notes and the other Security Documents), in each case whether (i) such obligations are direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due whether at stated maturity, by
acceleration or otherwise, (ii) arising in the regular course of business or otherwise, (iii) for payment or performance and/or (iv) now existing or hereafter arising (including, without limitation, interest and other obligations arising or accruing
after the commencement of any bankruptcy, insolvency, reorganization or similar proceeding with respect to the Issuer, any Guarantor or any other Person, or which would have arisen or accrued but for the commencement of such proceeding, even if such
obligation or the claim therefor is not enforceable or allowable in such proceeding). 
  
 “Secured Parties” shall have the meaning assigned to such term in Recital G hereof. 
  
 “Security Documents” shall have the meaning assigned to such term in the Indenture. 
  
 “Series A Notes” shall have the meaning assigned to such
term in Recital A hereof. 
  
 “Subsidiary”
shall have the meaning assigned to such term in the Indenture. 
  
 “Tenant” shall mean any tenant, lessee, sublessee, franchisee, licensee, grantee or obligee, as applicable. 
  
 “UCC” shall mean the Uniform Commercial Code as in effect on the date hereof in the jurisdiction in which the Premises are located;
provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any item or portion of the Mortgaged Property is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the jurisdiction in which the Premises are located, “UCC” shall also mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or effect of perfection or non-perfection. 
  
 “365(h) Election” shall mean any election by a leasee to treat a lease as terminated pursuant to Section 365(h) of the Bankruptcy Code. 
  

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 SECTION 1.2. Interpretation. In this Mortgage, unless otherwise specified, (i) singular words
include the plural and plural words include the singular, (ii) words importing any gender include the other gender, (iii) references to any Person include such Person’s successors and assigns and in the case of an individual, the word
“successors” includes such Person’s heirs, devisees, legatees, executors, administrators and personal representatives, (iv) references to any statute or other law include all applicable rules, regulations and orders adopted or made
thereunder and all statutes or other laws amending, consolidating or replacing the statute or law referred to, (v) the words “consent,” “approve” and “agree,” and derivations thereof or words of similar import, mean the
prior written consent, approval or agreement of the Person in question not to be unreasonably withheld, (vi) the words “include” and “including,” and words of similar import, shall be deemed to be followed by the words
“without limitation,” (vii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import, refer to this Mortgage in its entirety, (viii) references to Articles, Sections,
Schedules, Exhibits, subsections, paragraphs and clauses are to the Articles, Sections, Schedules, Exhibits, subsections, paragraphs and clauses hereof, (ix) the Schedules and Exhibits to this Mortgage, in each case as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with the provisions hereof, are incorporated herein by reference, (x) the titles and headings of Articles, Sections, Schedules, Exhibits, subsections, paragraphs and clauses are
inserted as a matter of convenience only and shall not affect the constructions of any provisions hereof and (xi) all obligations of the Mortgagor hereunder shall be satisfied by the Mortgagor at the Mortgagor’s sole cost and expense.

  
 SECTION 1.3. Resolution of Drafting Ambiguities . The
Mortgagor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction
to the effect that ambiguities are to be resolved against the drafting party (i.e., Mortgagee) shall not be employed in the interpretation hereof. 
  
 ARTICLE II 
  
 GRANTS AND SECURED OBLIGATIONS 
  
 SECTION 2.1. Grant of Mortgaged Property . The Mortgagor hereby grants, mortgages, bargains, sells, assigns and conveys to the Mortgagee (for its benefit and for the benefit of the other Secured Parties), and
hereby grants to the Mortgagee (for its benefit and for the benefit of the other Secured Parties), a security interest in and upon all of the Mortgagor’s estate, right, title and interest in, to and under the following property, whether now
owned or held or hereafter acquired from time to time (collectively, the “Mortgaged Property”): 
  

	 	(i)	Premises; 

  

	 	(ii)	Mortgaged Leases; 

  

	 	(iii)	Leases; 

  

	 	(iv)	Rents; 

  

	 	(v)	Permits; 

  

 -9- 

	 	(vi)	Contracts; 

  

	 	(vii)	Records; and 

  

	 	(viii)	Proceeds; 

  
 TO HAVE AND TO HOLD the Mortgaged Property, together with all estate, right, title and interest of the Mortgagor and anyone claiming by, through or under the Mortgagor in and to the Mortgaged Property and all rights
and appurtenances relating thereto, unto the Mortgagee, its successors and assigns, for the purpose of securing the payment and performance in full of all the Secured Obligations. 
  
 SECTION 2.2. Assignment of Leases and Rents. During the term hereof, the Mortgagor absolutely, presently,
unconditionally and irrevocably pledges, grants, sells, conveys, delivers, hypothecates, assigns, transfers and sets over to the Mortgagee (for its benefit and for the benefit of the other Secured Parties), and grants to the Mortgagee (for its
benefit and for the benefit of the other Secured Parties), subject to the terms of Article VI hereof, all of the Mortgagor’s estate, right, title, interest, claim and demand, as Landlord, under any and all of the Leases including, without
limitation, the following (such assigned rights, the “Mortgagor’s Interest”): 
  
 (i) the immediate and continuing right to receive and collect Rents payable by the Tenants pursuant to the Leases; 
  
 (ii) all claims, rights, powers, privileges and remedies of
the Mortgagor, whether provided for in the Leases or arising by statute or at law or in equity or otherwise, consequent on any failure on the part of the Tenants to perform or comply with any term of the Leases including damages or other amounts
payable to the Mortgagor as a result of such failure; 
  
 (iii) all rights to take all actions upon the happening of a default under the Leases as shall be permitted by the Leases or by law including, without limitation, the commencement, conduct and consummation of proceeding at law or in equity;
and 
  
 (iv) the full power and authority, in the
name of the Mortgagor or otherwise, to enforce, collect, receive and receipt for any and all of the foregoing and to take all other actions whatsoever which the Mortgagor, as Landlord, is or may be entitled to take under the Leases. 
  
 SECTION 2.3. Secured Obligations. This Mortgage secures, and the
Mortgaged Property is collateral security for, the payment and performance in full when due of the Secured Obligations. 
  
 SECTION 2.4. Future Advances . This Mortgage shall secure future advances. The maximum aggregate amount of all advances of principal under the
Indenture (which advances are obligatory to the extent the conditions set forth in the Indenture relating thereto are satisfied) that may be outstanding hereunder at any time is $150,000,000, plus interest thereon, collection costs, sums advanced
for the payment of taxes, assessments, maintenance and repair charges, insurance premiums and any other costs incurred to protect the security encumbered 

  

 -10- 

 
hereby or the Lien hereof, expenses incurred by the Mortgagee by reason of any default by the Mortgagor under the terms hereof, together with all other sums
secured hereby, plus the principal amount of any Additional Notes, plus interest thereon and any collection costs. 
  
 SECTION 2.5. No Release. Nothing set forth in this Mortgage shall relieve the Mortgagor from the performance of any material term, covenant,
condition or agreement on the Mortgagor’s part to be performed or observed under or in respect of any of the Mortgaged Property or from any liability to any Person under or in respect of any of the Mortgaged Property or shall impose any
obligation on the Mortgagee or any other Secured Party to perform or observe any term, covenant, condition or agreement on the Mortgagor’s part to be so performed or observed or shall impose any liability on the Mortgagee or any other Secured
Party for any act or omission on the part of the Mortgagor relating thereto or for any breach of any representation or warranty on the part of the Mortgagor contained in this Mortgage, the Indenture, the Notes or the Security Documents, or under or
in respect of the Mortgaged Property or made in connection herewith or therewith. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND
WARRANTIES OF MORTGAGOR 
  
 SECTION 3.1. Authority and
Validity. The Mortgagor represents and warrants that as of the date hereof: 
  
 (i) it is duly organized or formed, validly existing and, if applicable, in good standing under the laws of the jurisdiction of its
organization; 
  
 (ii) it is duly qualified to
transact business and is in good standing in the state in which the Mortgaged Property is located; 
  
 (iii) it has full corporate or other organizational power and lawful authority to execute and deliver this Mortgage and to mortgage and
grant a Lien on and security interest in the Mortgaged Property and otherwise assign the Mortgagor’s Interest and otherwise perform its obligations as contemplated herein, and all corporate and governmental actions, consents, authorizations and
approvals necessary or required therefor have been duly and effectively taken or obtained; and 
  
 (iv) [INTENTIONALLY DELETED]. 
  
 SECTION 3.2. Warranty of Title. The Mortgagor represents and warrants that as of the date hereof: 
  
 (i) it has good and marketable title to the Leased Premises
and good and marketable fee simple title to the Owned Premises and the Landlord’s interest and estate under or in respect of the Leases and good title to the interest it purports to own or hold in and to each of the Permits, the Contracts and
the Records, in each case subject to no Liens, except for Prior Liens; 
  

 -11- 

 (ii) it has good title to the interest it purports to own or hold in and to all rights
and appurtenances to or that constitute a portion of the Mortgaged Property, except for Prior Liens; 
  
 (iii) it is in compliance, in all material respects, with each term, condition and provision of any obligation of the Mortgagor which is
secured by the Mortgaged Property or the noncompliance with which may result in the imposition of a Lien on the Mortgaged Property; and 
  
 (iv) this Mortgage creates and constitutes a valid and enforceable first priority Lien on the Mortgaged Property subject to Prior Liens,
and, to the extent any of the Mortgaged Property shall consist of Fixtures, a first priority security interest in the Fixtures, which first priority Lien and first priority security interest are subject only to Prior Liens. 
  
 SECTION 3.3. Condition of Mortgaged Property. The Mortgagor represents
and warrants that: 
  
 (i) there has been issued
and there remains in full force and effect subject to no revocation, suspension, forfeiture or modification, each and every material Permit necessary for the present and contemplated use, operation and occupancy of the Premises by the Mortgagor and
its Tenants and the conduct of their respective businesses and all required zoning, building code, land use, environmental and other similar Permits; 
  
 (ii) the Premises and the present and contemplated use and occupancy thereof comply with all applicable zoning ordinances, building codes,
land use laws, set back or other development and/or use requirements of Governmental Authorities; 
  
 (iii) the Premises are served by all utilities (including, without limitation, public water and sewer systems) necessary for the present
and contemplated use thereof, and all utility services are provided by public utilities and the Premises have accepted or are equipped to accept such utility services and the Mortgagor has not received notice of termination of such utility service;

  
 (iv) all public roads and streets necessary
for service of and access to the Premises for the present and contemplated use thereof have been completed and have been dedicated and accepted as such by the appropriate Governmental Authorities; 
  
 (v) the Mortgagor has access to the Premises from public
roads and, to the extent applicable, public or private rail or waterway, sufficient to allow the Mortgagor and its Tenants and invitees to conduct their respective businesses at the Premises in accordance with sound commercial practices and the
Mortgagor has not received notice of termination of such access; 
  
 (vi) the Mortgagor has not received notice of any Condemnation or the commencement or pendency of any action or proceeding therefor; 
  

 -12- 

 (vii) there has not occurred any Casualty of the Premises or any portion thereof as a
result of any fire or other casualty that, as of the date hereof, has not been repaired in all material respects; 
  
 (viii) Mortgagor has received no notice of any disputes regarding boundary lines, location, encroachments or possession of any portions of
the Mortgaged Property and, to the best of Mortgagor’s knowledge, no state of facts exists which could give rise to any such claim; 
  
 (ix) all liquid and solid waste disposal, septic and sewer systems located on the Premises are in a good and safe condition and repair and
in compliance, in all material respects, with all Requirements of Law; 
  
 (x) no portion of the Premises is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts or, if
any portion of the Premises is located within such area, the Mortgagor has obtained the insurance prescribed in Article VIII hereof; and 
  
 (xi) there are no options or rights of first refusal to purchase or acquire all or any portion of the Mortgaged Property. 
  
 SECTION 3.4. Leases. The Mortgagor represents and warrants that:

  
 (i) the Leases identified in the Real
Property Officers’ Certificate are the only Leases in existence on the date hereof with respect to the Premises; 
  
 (ii) true copies of such Leases have been previously delivered to the Mortgagee and there are no agreements with any Tenant under such
Leases other than those agreements expressly set forth therein; 
  
 (iii) the Mortgagor is the sole owner of all of the Mortgagor’s Interest in such Leases; 
  
 (iv) to the best of Mortgagor’s knowledge, each of such Leases is in full force and effect, constitutes a legal, valid and binding
obligation of the Mortgagor and the applicable Tenant thereunder, and is enforceable against the Mortgagor and such Tenant in accordance with its terms; 
  
 (v) there is no default under any of such Leases and there is existing no condition which with the giving of notice or passage of time or
both would cause a default thereunder; 
  
 (vi)
all Rents due under such Leases have been paid in full; 
  
 (vii) none of the Rents reserved under such Leases have been assigned or otherwise pledged or hypothecated except in favor of the Mortgagee pursuant to the provisions hereof; 
  

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 (viii) none of the Rents (other than any security deposit collected in accordance with
the provisions of the applicable Lease) have been collected for more than one (1) month in advance; 
  
 (ix) to the best of Mortgagor’s knowledge, there exists no offsets or defenses to the payment of any portion of the Rents and the
Mortgagor owes no monetary obligation to any Tenant under any such Lease; 
  
 (x) the Mortgagor has received no notice from any Tenant challenging the validity or enforceability of any such Lease; 
  
 (xi) no such Lease contains any option to purchase, right of first refusal to purchase, right of first refusal to relet, or any other
similar provision; and 
  
 (xii) each such Lease
is either subordinate to this Mortgage pursuant to its terms or is otherwise reasonably satisfactory to Mortgagee. 
  
 SECTION 3.5. Insurance. The Mortgagor represents and warrants that (i) the Premises and the use, occupancy and operation thereof comply with all
Insurance Requirements and there exists no default under any Insurance Requirement, (ii) all premiums due and payable with respect to the Insurance Policies have been paid, (iii) all Insurance Policies are in full force and effect and the Mortgagor
has not received notice of violation or cancellation thereof and (iv) all Insurance Policies or Insurance Certificates have been delivered to the Mortgagee in form satisfactory to the Mortgagee. 
  
 SECTION 3.6. Charges . The Mortgagor represents and warrants that all
Charges imposed upon or assessed against the Mortgaged Property have been paid and discharged except to the extent such Charges constitute a Lien not yet due and payable or to the extent such Charges are being contested in accordance with Section
9.1 hereof. 
  
 SECTION 3.7. Environmental. The
Mortgagor represents and warrants that: 
  
 (i)
it has obtained all Permits which are necessary with respect to the ownership and operation of its business and the Mortgaged Property under any and all applicable Environmental Laws and is in compliance with all terms and conditions thereof;

  
 (ii) it is in compliance, in all material
respects, with any and all applicable Environmental Laws including, without limitation, all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in the Environmental
Laws; 
  
 (iii) Mortgagor has received no notice
of any civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation, investigation, proceeding, notice of demand letter pending or threatened against it or any Affiliate under the Environmental Laws which could result
in a fine, penalty or other cost or expense; and 
  
 (iv) to the best of Mortgagor’s knowledge, there are no past or present events, conditions, circumstances, activities, practices, incidents, actions or plans which may 

  

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interfere with or prevent compliance with the Environmental Laws, or which may give rise to any common law or legal liability including, without limitation,
liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or any other Environmental Law or related common law theory or otherwise form the basis of any claim, action, demand, suit, proceeding,
hearing or notice of violation, study or investigation, based on or related to the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling, or the emission, discharge, release or threatened release
into the environment, of any Hazardous Materials which could result in a fine, penalty or other cost or expense. 
  
 SECTION 3.8. No Conflicts, Consents, etc. Neither the execution and delivery hereof by the Mortgagor nor the consummation of the transactions
herein contemplated nor the fulfillment of the terms hereof (i) violates the terms of any agreement, indenture, mortgage, deed of trust, equipment lease, instrument or other document to which the Mortgagor is a party, or by which it may be bound or
to which any of its properties or assets may be subject, (ii) conflicts with any Requirement of Law applicable to the Mortgagor or its property or (iii) results in or requires the creation or imposition of any Lien (other than the Lien contemplated
hereby) upon or with respect to any of the Mortgaged Property. No consent of any party (including, without limitation, equityholders or creditors of the Mortgagor) and no consent, authorization, approval, license or other action by, and no notice to
or filing with, any Governmental Authority or regulatory body or other Person is required for (i) the granting of a mortgage Lien on and security interest in the Mortgaged Property by the Mortgagor granted by it pursuant to this Mortgage or for the
execution, delivery or performance hereof by the Mortgagor except for the filing of this Mortgage and the other filings contemplated hereby or (ii) the exercise by the Mortgagee of the remedies in respect of the Mortgaged Property pursuant to this
Mortgage. 
  
 SECTION 3.9. Benefit to the Mortgagor. The
Mortgagor represents and warrants that it will receive substantial benefit as a result of the execution, delivery, and performance of the Indenture, the Notes and the Security Documents. 
  
 SECTION 3.10. Mortgaged Leases . Mortgagor represents, warrants and covenants the following with respect to each
Mortgaged Leases: 
  
 (a) (i) Each Mortgaged
Lease creates a valid and subsisting leasehold interest in Mortgagor, superior and paramount to all other Leases respecting the property which is demised to Mortgagor under each Mortgaged Lease except for the Leases (if any) identified as Prior
Liens, (ii) each Mortgaged Lease is in full force and effect, and except for any cure obligations necessary for the assumption of either Mortgaged Lease pursuant to the United States Bankruptcy Code, to Mortgagor’s best knowledge no event has
occurred that, with the giving of notice or the passage of time or both, would constitute such a default or would entitle Mortgagor or any party under any Mortgaged Lease to cancel the same or otherwise avoid its obligations, (iii) no Mortgaged
Lease is subject to any defenses, offsets or counterclaims to the Mortgagor’s best knowledge and there have been no renewals or extensions of or supplements, modifications or amendments to any Mortgaged Lease not previously disclosed to
Mortgagee and (iv) all rent, additional rent and other sums owed by Mortgagor under each Mortgaged Lease through the date hereof have been paid. 
  

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 (b) Except for this Mortgage or other assignments in favor of Mortgagee, Mortgagor has
not executed any assignment or pledge of any Mortgaged Lease or of Mortgagor’s right, title and interest in the same, which now is in effect. 
  
 (c) This Mortgage conforms and complies with the terms of each Mortgaged Lease, does not constitute a violation under any Mortgaged Lease
and is and at all times shall constitute a valid lien (subject only to those matters permitted by this Mortgage) on Mortgagor’s interests in each Mortgaged Lease. 
  
 (d) Promptly after the date hereof, and again promptly after execution of any amendment to this Mortgage,
Mortgagor shall notify the Landlord under the Mortgaged Leases of the execution and delivery of this Mortgage or amendment, as the case may be. 
  
 (e) Mortgagor hereby irrevocably delegates to Mortgagee the nonexclusive authority to exercise any or all of Mortgagor’s rights,
including the right to give any and all notices to Landlord under each Mortgaged Lease, whether or not Mortgagor has failed to exercise such right. Nothing in the foregoing delegation of authority shall be deemed to impose any obligation or duty
upon Mortgagee. Notwithstanding such delegation of authority, Mortgagee grants Mortgagor a revocable exclusive license to exercise such authority which license may only be revoked by Mortgagee upon the occurrence and during the continuance of any
Event of Default in accordance with the Indenture. 
  
 (f) Mortgagor shall promptly notify Mortgagee in writing of any notice of default received by Mortgagor under any Mortgaged Lease or sent by Mortgagor thereunder. If for any reason Mortgagor cannot timely make any payment under any
Mortgaged Lease or perform or comply with any of its obligations under any Mortgaged Lease, Mortgagor shall notify Mortgagee in sufficient time to enable Mortgagee (but Mortgagee shall not be obligated) to timely make such payments and/or to perform
or comply with such other obligations. On receipt by Mortgagee from Mortgagor pursuant to this Subsection 3.10(f), or from the Landlord under any Mortgaged Lease, of any such notice of default by, or inability to make any payment by, Mortgagor
thereunder, Mortgagee may rely thereon and, after notice to Mortgagor, take such action as Mortgagee deems necessary or desirable to cure such default. 
  
 (g) Mortgagor shall not surrender the leasehold estates created by any Mortgaged Lease, or terminate or cancel a Mortgaged Lease prior to
its current expiration date, without the prior consent of Mortgagee. Mortgagor shall not, without the prior written consent of Mortgagee, amend, modify, surrender, impair, forfeit, cancel or terminate, or permit the amendment, modification,
surrender, impairment, forfeiture, cancellation or termination of any Mortgaged Lease in whole or in part, whether or not a default shall have occurred and shall be continuing under either thereof. Any such termination, cancellation, modification,
change, supplement, alteration, amendment or extension without the prior written consent contemplated by this Subsection 3.10(g) shall be void and of no force or effect; provided, however, that Mortgagor shall not have any obligation
to renew any Mortgaged Lease, exercise any right, if any, to renew any Mortgaged Lease or exercise any purchase option, if any, under any Mortgaged Lease. 
  

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 (h) No release or forbearance of any of Mortgagor’s obligations under any Mortgaged
Lease, pursuant to the terms thereof, by agreement, operation of law or otherwise, shall release Mortgagor from any of Mortgagor’s obligations under this Mortgage, including, without limitation, the performance of all of the terms, provisions,
covenants, conditions and agreements contained in the Mortgaged Leases to be performed by Mortgagor thereunder; provided, however, that should any of the Mortgaged Leases expire in accordance with the terms thereof, this Section
3.10(h) shall not apply. 
  
 (i) The leasehold
estates of Mortgagor created by each Mortgaged Lease and the estates of Landlord under each Mortgaged Lease shall each at all times remain separate and apart and retain their separate identities, and no merger of the leasehold or easement estates of
Mortgagor with the estates of the Landlord will result with respect to Mortgagee or with respect to any purchaser acquiring the Mortgaged Property at any sale on foreclosure of the Lien of this Mortgage without the written consent of Mortgagee. In
the event the Mortgagor shall acquire a fee interest or other interest in any of the Land and Improvements demised under any Mortgaged Lease, the Mortgagor shall execute, acknowledge and deliver all instruments requested by the Mortgagee to confirm
the Lien evidenced hereby upon such fee estate or other interest. 
  
 (j) Mortgagor covenants and agrees that each Mortgaged Lease now is and shall at all times while the Secured Obligations remain outstanding be subject in each and every respect to the terms, conditions and Lien of
this Mortgage to the extent of Mortgagor’s leasehold interest in each respective Mortgaged Lease. Mortgagor shall execute, acknowledge and deliver any instruments requested by Mortgagee to confirm the foregoing. 
  
 (k) Except as required by each Mortgaged Lease, Mortgagor
shall not subordinate, or consent to the subordination of, any Mortgaged Lease to any mortgage, deed of trust or other lien encumbering Landlord’s (under each Mortgaged Lease) estate in the Land demised thereunder. 
  
 (l) Mortgagor’s obligations under this Mortgage are
independent of and in addition to Mortgagor’s obligations under the Mortgaged Leases. Nothing in this Mortgage shall be construed to require Mortgagor or Mortgagee to take or omit to take any action that would cause a default under any
Mortgaged Lease. 
  
 (m) Mortgagor shall promptly
notify Mortgagee after learning of the commencement of any bankruptcy, reorganization, insolvency or similar proceeding affecting any Landlord under a Mortgaged Lease or the occurrence of any event that could, with the passage of time, constitute
such a proceeding. Mortgagor shall also promptly forward to Mortgagee copies of any documents, notices, summonses and other documents that Mortgagor receives in connection with any such Landlord’s bankruptcy or related proceeding. 

 
 SECTION 3.11. Treatment of Mortgaged Leases in Bankruptcy. (a) If
any Landlord under any Mortgage Lease rejects or disaffirms, or seeks or purports to reject or disaffirm, any such Mortgaged Lease pursuant to any Bankruptcy Law, then Mortgagor shall not 

  

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exercise the 365(h) Election except as otherwise provided in this paragraph. To the extent permitted by law, Mortgagor shall not suffer or permit the
termination of a Mortgaged Lease by exercise of the 365(h) Election or otherwise without Mortgagee’s consent. Mortgagor acknowledges that because the Mortgaged Leases are a primary element of Mortgagee’s security for the Secured
Obligations, it is not anticipated that Mortgagee would consent to termination of any Mortgaged Lease. If Mortgagor makes any 365(h) Election in violation of this Mortgage, then such 365(h) Election shall be void and of no force or effect.

  
 (b) Mortgagor hereby assigns to Mortgagee the 365(h) Election
with respect to each Mortgaged Lease until the Secured Obligations have been satisfied in full. Mortgagor acknowledges and agrees that the foregoing assignment of the 365(h) Election and related rights is one of the rights that Mortgagee may use at
any time to protect and preserve Mortgagee’s other rights and interests under this Mortgage. Mortgagor further acknowledges that exercise of the 365(h) Election in favor of terminating any Mortgaged Lease would constitute waste prohibited by
this Mortgage. 
  
 (c) Mortgagor acknowledges that if the 365(h)
Election is exercised in favor of Mortgagor’s remaining in possession under a Mortgaged Lease, then Mortgagor’s resulting occupancy rights, as adjusted by the effect of Section 365 of the Bankruptcy Code, shall then be part of the
Mortgaged Property and shall be subject to the lien of this Mortgage. 
  
 SECTION 3.12. Rejection of Mortgaged Lease(s) by Landlord. If a Landlord under any Mortgaged Lease rejects or disaffirms any such Mortgaged Lease or purports or seeks to disaffirm any such Mortgaged Lease pursuant to any Bankruptcy
Law, then: 
  
 (a) Mortgagor shall remain in
possession of the premises demised under any such Mortgaged Lease so rejected or disaffirmed and shall perform all acts necessary for Mortgagor to remain in such possession for the unexpired term of any such Mortgaged Lease, whether the then
existing terms and provisions of such Mortgaged Lease require such acts or otherwise; and 
  
 (b) All the terms and provisions of this Mortgage and the lien created by this Mortgage shall remain in full force and effect and shall
extend automatically to all of Mortgagor’s rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy Code, including all of Mortgagor’s rights to remain in possession of the Land. 
  
 SECTION 3.13. Assignment of Claims to Mortgagee . Mortgagor,
immediately upon learning that a Landlord under any Mortgaged Lease has failed to perform the terms and provisions thereunder (including by reason of a rejection or disaffirmance or purported rejection or disaffirmance of any such Mortgaged Lease
pursuant to any Bankruptcy Law), shall notify Mortgagee of any such failure to perform. Mortgagor unconditionally assigns, transfers, and sets over to Mortgagee any and all damage claims thereunder. This assignment constitutes a present,
irrevocable, and unconditional assignment of all damage claims under the Mortgaged Leases, and shall continue in effect until the Secured Obligations have been satisfied in full. Notwithstanding the foregoing, Mortgagee grants to Mortgagor a
revocable license to exercise any such 

  

 -18- 

 
Mortgaged Lease damage claims which license may only be revoked by Mortgagee upon the occurrence and during the continuance of any Event of Default.

  
 SECTION 3.14. New Lease Issued to Mortgagee. If any
Mortgaged Lease is for any reason whatsoever terminated before the expiration of its term and, pursuant to any provision thereof, Mortgagee or its designee shall acquire from Landlord thereunder a new lease of the relevant Leased Premises, then
Mortgagor shall have no right, title or interest in or to such new leases or the estates created thereby. 
  
 ARTICLE IV 
  
 CERTAIN COVENANTS OF MORTGAGOR 
  
 SECTION 4.1.
Preservation of Corporate Existence. The Mortgagor shall: 
  
 (i) preserve and maintain in full force and effect its existence and good standing under the laws of the jurisdiction of its organization; 
  
 (ii) preserve and maintain in full force and effect its qualification to transact business and good standing
in the state in which the Mortgaged Property is located; and 
  
 (iii) preserve and maintain in full force and effect all consents, authorizations and approvals necessary or required of any Governmental Authority or any other Person relating to the execution, delivery and
performance hereof. 
  
 SECTION 4.2. Title. The Mortgagor
shall: 
  
 (i) (A) keep in effect all rights and
appurtenances to or that constitute a part of the Mortgaged Property and (B) protect, preserve and defend its interest in the Mortgaged Property and title thereto; 
  
 (ii) (A) comply with each of the terms, conditions and provisions of any obligation of the Mortgagor which
is secured by the Mortgaged Property or the noncompliance with which may result in the imposition of a Lien on the Mortgaged Property, (B) forever warrant and defend to the Mortgagee the Lien and security interests created and evidenced hereby and
the validity and priority hereof in any action or proceeding against the claims of any and all Persons whomsoever affecting or purporting to affect the Mortgaged Property or any of the rights of the Mortgagee hereunder, and (C) maintain a valid and
enforceable first priority Lien, except against Permitted Collateral Liens (other than the Lien created by this Mortgage) on the Mortgaged Property and, to the extent any of the Mortgaged Property shall consist of Fixtures, a first priority security
interest in the Mortgaged Property, which first priority Lien and security interest shall be subject only to Permitted Collateral Liens; and 
  
 (iii) immediately upon obtaining knowledge of the pendency of any proceedings for the eviction of the Mortgagor from the Mortgaged
Property or any part thereof by paramount title or otherwise questioning the Mortgagor’s right, title and interest in, to and under the Mortgaged Property as warranted in this Mortgage, or of any condition that 

  

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could give rise to any such proceedings, notify the Mortgagee thereof. The Mortgagee may participate in such proceedings and the Mortgagor will deliver or
cause to be delivered to the Mortgagee all instruments requested by the Mortgagee to permit such participation. In any such proceedings, the Mortgagee may be represented by counsel satisfactory to the Mortgagee at the expense of the Mortgagor. If,
upon the resolution of such proceedings, the Mortgagor shall suffer a loss of the Mortgaged Property or any part thereof or interest therein and title insurance proceeds shall be payable in connection therewith, such proceeds are hereby assigned to
and shall be paid to the Mortgagee for deposit into the Collateral Account and shall be applied in the manner applicable to Net Loss Proceeds in accordance with the provisions of Section 4.10 of the Indenture. 
  
 SECTION 4.3. Maintenance and Use of Mortgaged Property; Alterations .

  
 (i) Maintenance. The Mortgagor shall
cause the representations and warranties set forth in Section 3.3 hereof to continue to be true in each and every respect and shall pay or cause to be paid when due all Charges, costs and expenses relating thereto. 
  
 (ii) Maintenance of Premises. The Mortgagor shall, at
all times, maintain and preserve the Premises in accordance with Section 13.3 of the Indenture. The Mortgagor shall (A) not, except as permitted in Section 4.3(iii) hereof, alter the occupancy or use of all or any portion of the
Premises without the prior written consent of the Mortgagee and (B) take all other actions which from the character or use of the Premises may be necessary or appropriate to maintain and preserve its value. Except to the extent permitted pursuant to
the provisions of Section 4.3(iii) hereof, the Mortgagor shall not remove, demolish or alter the design or structural character of any Improvement now or hereafter erected upon all or any portion of the Premises, or permit any such removal,
demolition or alteration, without the prior written consent of the Mortgagee. 
  
 (iii) Alterations. The Mortgagor shall not make any Alterations to the Premises except as permitted by Section 10.7(ii) of the Indenture. The Mortgagor shall (A) complete each Alteration promptly, in a
good workmanlike manner and in compliance with all applicable local laws, ordinances and requirements and (B) pay when due all claims for labor performed and materials furnished in connection with such Alteration, unless contested in accordance with
the provisions of Article IX hereof. 
  
 (iv) Permits. The Mortgagor shall maintain, or cause to be maintained, in full force and effect all material Permits contemplated by and subject to Section 3.3(i) hereof, except where failure to maintain the same could not
reasonably be expected to result in a material adverse effect on the condition, use, operation or value of the Mortgaged Property. Unless and to the extent contested by the Mortgagor in accordance with the provisions of Article IX hereof, the
Mortgagor shall comply, in all material respects, with all requirements set forth in the Permits, all Requirements of Law applicable to all or any portion of the Mortgaged Property or the condition, use or occupancy of all or any portion thereof and
any recorded deed of restriction, declaration, covenant running with the land or otherwise, now or hereafter in force, subject to the provisions of Section 3.3 hereof, unless Mortgagor’s failure to so comply could not reasonably be
expected to result in a material adverse effect on the condition, use, operation or value of the Mortgaged Property. 
  

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 (v) Zoning. The Mortgagor shall not initiate, join in, or consent to any change in
the zoning or any other permitted use classification of the Premises without the prior written consent of the Mortgagee, except where any such change could not reasonably be expected to result in a material adverse effect on the condition, use,
operation or value of the Mortgaged Property. 
  
 SECTION 4.4.
Notices Regarding Certain Defaults. The Mortgagor shall, promptly upon receipt of any written notice regarding (i) any default by the Mortgagor relating to the Mortgaged Property or any portion thereof or (ii) the failure to discharge any of
Mortgagor’s obligations with respect to the Mortgaged Property or any portion thereof described herein, furnish a copy of such notice to the Mortgagee. 
  
 SECTION 4.5. Access to Mortgaged Property, Books and Records; Other Information. Upon request to the Mortgagor, the Mortgagee, its agents,
accountants and attorneys shall have full and free access to visit and inspect, as applicable, during normal business hours and such other reasonable time as may be requested in advance by the Mortgagee to all of the Mortgaged Property including,
without limitation, all of the books, correspondence and records of the Mortgagor relating thereto. The Mortgagee and its representatives may examine the same, take extracts therefrom and make photocopies thereof, and the Mortgagor agrees to render
to the Mortgagee at the Mortgagor’s cost and expense, such clerical and other assistance as may be reasonably requested by the Mortgagee with regard thereto. The Mortgagor shall, at any and all times, within a reasonable time after written
request by the Mortgagee, furnish or cause to be furnished to the Mortgagee, in such manner and in such detail as may be reasonably requested by the Mortgagee, additional information with respect to the Mortgaged Property. 
  
 SECTION 4.6. Limitation on Liens; Transfer Restrictions. The Mortgagor
may not, without the prior written consent of the Mortgagee, further mortgage, encumber, hypothecate or permit any Lien against all or any part of the Mortgaged Property or suffer or allow any of the foregoing to occur by operation of law or
otherwise; provided, however, that the Mortgagor shall have the right to suffer to exist the following Liens in respect of the Mortgaged Property: (i) Prior Liens (but not extensions, amendments, supplements or replacements of Prior
Liens unless consented to by the Mortgagee) and (ii) Liens described in clauses (1), (2), (4), (5), (7B) and 14 of the definition of Permitted Liens (the Liens described in clauses (i) and (ii) of this sentence, collectively, “Permitted
Collateral Liens”). The Mortgagor may not sell, convey or assign all or any portion of the Mortgaged Property other than in accordance with the applicable provisions of the Indenture. 
  
 SECTION 4.7. Estoppel Certificates. The Mortgagor shall, from time to
time, upon ten (10) Business Days’ prior written request of the Mortgagee, execute, acknowledge and deliver to the Mortgagee an Officers’ Certificate stating that this Mortgage, the Indenture, the Notes and the Security Documents are
unmodified and in full force and effect (or, if there have been modifications, that this Mortgage, the Indenture, the Notes and the Security Documents, as applicable, are in full force and effect as modified and setting forth such modifications) and
stating the date to which principal and interest have been paid on the Notes. 
  

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 ARTICLE V 
  
 LEASES 
  
 SECTION 5.1. Mortgagor’s Affirmative Covenants with Respect to Leases. With respect to each Lease, the Mortgagor shall: 
  
 (i) observe and perform, in all material respects, all the
obligations imposed upon the Landlord under such Lease; 
  
 (ii) enforce all of the terms, covenants and conditions contained in such Lease upon the part of the Tenant thereunder to be observed or performed to the extent it would be commercially reasonable to do so.

  
 SECTION 5.2. Mortgagor’s Negative Covenants with
Respect to Leases. With respect to each Lease, the Mortgagor shall not, without the prior written consent of the Mortgagee: 
  
 (i) receive or collect, or permit the receipt or collection of, any Rent under such Lease more than one (1) month in advance of the
respective period in respect of which such Rent is to accrue, except: 
  
 (A) in connection with the execution and delivery of such Lease (or of any amendment to such Lease), Rent thereunder may be collected and received in advance in an amount not in excess of one (1) month’s Rent;

  
 (B) the amount held by Landlord as a
reasonable security deposit thereunder; and 
  
 (C) any amount received and collected for escalation and other charges in accordance with the terms of such Lease; 
  
 (ii) assign, transfer or hypothecate (other than to the Mortgagee hereunder) any Rent under such Lease whether then due or to accrue in
the future or the interest of the Mortgagor as Landlord under such Lease; 
  
 (iii) enter into any amendment or modification of such Lease which would violate Section 13.2 of the Indenture; 
  
 (iv) terminate (whether by exercising any contractual right of the Mortgagor to recapture leased space or otherwise) or permit the
termination of such Lease or accept surrender of all or any portion of the space demised under such Lease prior to the end of the term thereof or accept assignment of such Lease to the Mortgagor, unless: 
  
 (A) the Tenant under such Lease has not paid the equivalent
of two (2) months’ rent and the Mortgagor has made reasonable efforts to collect such rent; or 
  

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 (B) it would be commercially reasonable to terminate such Lease; or 
  
 (v) waive, excuse, condone or in any manner discharge or
release any Tenants of or from the obligations of such Tenants under their respective Leases or guarantors of Tenants from obligations under any guarantees of the Leases, except as the same would be done by a Prudent Operator with due regard for the
security afforded the Mortgagee thereby. 
  
 SECTION 5.3.
Additional Requirements with Respect to New Leases. In addition to the requirements of Sections 5.1 and 5.2 hereof, the Mortgagor shall not enter into any Lease after the date hereof unless such Lease does not violate clause (5)
of Section 13.1 and Section 13.2 of the Indenture. 
  
 ARTICLE VI 
  
 CONCERNING ASSIGNMENT OF LEASES AND RENTS

  
 SECTION 6.1. Present Assignment; License to the
Mortgagor . Section 2.2 of this Mortgage constitutes a present, absolute, effective, irrevocable and complete assignment by Mortgagor to the Mortgagee of the Leases and Rents and the right, subject to applicable law, to collect all sums
payable to Mortgagor thereunder and apply the same as Mortgagee may, in its sole discretion, determine to be appropriate (including the payment of costs and expenses in connection with the maintenance, operation, improvement, insurance, taxes and
upkeep of the Mortgaged Property), which is not conditioned upon Mortgagee being in possession of the Premises. The Mortgagee hereby grants to the Mortgagor, however, a license to collect and apply the Rents and to enforce the obligations of Tenants
under the Leases. Immediately upon the occurrence and during the continuance of any Event of Default, the license granted in the immediately preceding sentence shall cease and terminate, with or without any notice, action or proceeding or the
intervention of a receiver appointed by a court. 
  
 SECTION 6.2.
Collection of Rents by the Mortgagee . (i) Any Rents receivable by the Mortgagee hereunder, after payment of all proper costs and charges as Mortgagee may, in its sole discretion, determine to be appropriate (including the payment of costs
and expenses in connection with the maintenance, operation, improvement, insurance, taxes and upkeep of the Mortgaged Property), shall be applied to the Secured Obligations in accordance with the terms of the Intercreditor Agreement or, at the
option of the Mortgagee, shall be held by the Mortgagee as additional collateral to secure the performance by the Mortgagor of the Secured Obligations. The Mortgagee shall be accountable to the Mortgagor only for Rents actually received by the
Mortgagee. The collection of such Rents and the application thereof shall not cure or waive any Event of Default or waive, modify or affect notice of Event of Default or invalidate any act done pursuant to such notice. 
  
 (ii) The Mortgagor hereby irrevocably authorizes and directs
Tenant under each Lease to rely upon and comply with any and all notices or demands from the Mortgagee for payment of Rents to the Mortgagee and the Mortgagor shall have no claim against Tenant for Rents paid by Tenant to the Mortgagee pursuant to
such notice or demand. 
  

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 SECTION 6.3. No Release. Neither this Mortgage nor any action or inaction on the part of the
Mortgagee shall release Tenant under any Lease, any guarantor of any Lease or the Mortgagor from any of their respective obligations under such Leases or constitute an assumption of any such obligation on the part of the Mortgagee. No action or
failure to act on the part of the Mortgagor shall adversely affect or limit the rights of the Mortgagee under this Mortgage or, through this Mortgage, under such Leases. Nothing contained herein shall operate or be construed to (i) obligate the
Mortgagee to perform any of the terms, covenants or conditions contained in any Lease or otherwise to impose any obligation upon the Mortgagee with respect to such Lease (including, without limitation, any obligation arising out of any covenant of
quiet enjoyment contained in such Lease in the event that Tenant under such Lease shall have been joined as a party defendant in any action by which the estate of such Tenant shall be terminated) or (ii) place upon the Mortgagee any obligation for
the operation, control, care, management or repair of the Premises. 
  
 SECTION 6.4. Irrevocable Interest . All rights, powers and privileges of the Mortgagee herein set forth are coupled with an interest and are irrevocable, subject to the terms and conditions hereof, and the Mortgagor shall not take
any action under the Leases or otherwise which is inconsistent with this Mortgage or any of the terms hereof and any such action inconsistent herewith or therewith shall be void. 
  
 SECTION 6.5. Amendment to Leases. Each Lease, including, without limitation, all amendments, modifications,
supplements, replacements, extensions and renewals thereof, shall continue to be subject to the provisions hereof without the necessity of any further act by any of the parties hereto. 
  
 ARTICLE VII 
  
 TAXES AND CERTAIN STATUTORY LIENS 
  
 SECTION 7.1. Payment of Charges. Unless and to the extent contested by the Mortgagor in accordance with the provisions of Article IX hereof,
the Mortgagor shall pay and discharge, or cause to be paid and discharged, from time to time when the same shall become due, all Charges. The Mortgagor shall, upon the Mortgagee’s request, deliver to the Mortgagee receipts evidencing the
payment of all such Charges. 
  
 SECTION 7.2. Intentionally
Deleted 
  
 SECTION 7.3. Certain Statutory Liens.
Unless and to the extent contested by the Mortgagor in accordance with the provisions of Article IX hereof, the Mortgagor shall timely pay, or cause to be paid, all lawful claims and demands of mechanics, materialmen, laborers, government
agencies administering worker’s compensation insurance, old age pensions and social security benefits and all other claims, judgments, demands or amounts of any nature which, if unpaid, might result in, or permit the creation of, a Lien on the
Mortgaged Property or any part thereof, or which might result in forfeiture of all or any part of the Mortgaged Property. 
  
 SECTION 7.4. Stamp and Other Taxes. Unless and to the extent contested by the Mortgagor in accordance with the provisions of Article IX
hereof, the Mortgagor shall pay 

  

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any United States documentary stamp taxes, with interest and fines and penalties, and any mortgage recording taxes, with interest and fines and penalties,
that may hereafter be levied, imposed or assessed under or upon or by reason hereof or the Secured Obligations or any instrument or transaction affecting or relating to either thereof and in default thereof the Mortgagee may advance the same and the
amount so advanced shall be payable by the Mortgagor to the Mortgagee in accordance with the provisions of Section 14.5 hereof. 
  
 SECTION 7.5. Certain Tax Law Changes. In the event of the passage after the date hereof of any law deducting from the value of real property, for
the purpose of taxation, amounts in respect of any Lien thereon or changing in any way the laws for the taxation of mortgages or debts secured by mortgages for state or local purposes or the manner of the collection of any Charges, and imposing any
Charges, either directly or indirectly, on this Mortgage, the Indenture or any other Security Document, the Mortgagor shall promptly pay to the Mortgagee such amount or amounts as may be necessary from time to time to pay any such Charges.

  
 SECTION 7.6. Proceeds of Tax Claim. In the event that
the proceeds of any tax claim are paid after the Mortgagee has exercised its right to foreclose the Lien hereof, such proceeds shall be paid to the Mortgagee to satisfy any deficiency remaining after such foreclosure. The Mortgagee shall retain its
interest in the proceeds of any tax claim during any redemption period. The amount of any such proceeds in excess of any deficiency claim of the Mortgagee shall in a reasonably prompt manner be released to the Mortgagor. 
  
 ARTICLE VIII 
  
 INSURANCE 
  
 SECTION 8.1. Required Insurance Policies and Coverages. The Mortgagor shall maintain in respect of the Premises the insurance policies and
coverages required by Section 13.7 of the Indenture. 
  
 SECTION 8.2. Delivery After Foreclosure . In the event that the proceeds of any insurance claim are paid after the Mortgagee has exercised its right to foreclose the Lien hereof, such proceeds shall be paid to the Mortgagee to
satisfy any deficiency remaining after such foreclosure. Mortgagee shall retain its interest in the Insurance Policies required to be maintained pursuant to this Mortgage during any redemption period. 
  
 ARTICLE IX 
  
 CONTESTING OF PAYMENTS 
  
 SECTION 9.1 Contesting of Taxes and Certain Statutory Liens. The Mortgagor may at its own expense contest the validity, amount or applicability of
any Charges as long as the contest thereof shall be conducted in accordance with, and permitted pursuant to the provisions of the Indenture. 
  
 SECTION 9.2. Contesting of Insurance. The Mortgagor shall not take any action that could be the basis for termination, revocation or denial of any
insurance coverage required to be maintained under this Mortgage or that could be the basis for a defense to any claim 

  

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under any Insurance Policy maintained in respect of the Premises and the Mortgagor shall otherwise comply in all respects with all Insurance Requirements in
respect of the Premises; provided, however, that the Mortgagor may, at its own expense and after written notice to the Mortgagee, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal
proceedings, prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under Article VIII hereof or (ii) cause the Insurance Policy containing any such Insurance Requirement to be
replaced by a new policy complying with the provisions of Article VIII hereof. 
  
 ARTICLE X 
  
 DESTRUCTION,
CONDEMNATION AND RESTORATION 
  
 SECTION 10.1. Casualty. If
there shall occur any Casualty, individually or in the aggregate, in excess of $1,000,000, the Mortgagor shall promptly send to the Mortgagee a written notice setting forth the nature and extent of such Casualty. The proceeds of any insurance
payable in respect of such Casualty are hereby assigned and shall be paid to the Mortgagee. The Net Loss Proceeds arising out of such Casualty shall be applied in accordance with the provisions of Sections 4.19 and 10.3(b) of the
Indenture and the Intercreditor Agreement. 
  
 SECTION 10.2.
Condemnation. If there shall occur any Condemnation or the commencement of any proceeding thereof, the Mortgagor shall immediately notify the Mortgagee upon receiving notice of such Condemnation or commencement of proceedings therefor. The
Mortgagee may, at its option, participate in any proceedings or negotiations which might result in any Condemnation, and the Mortgagor shall deliver or cause to be delivered to the Mortgagee all instruments requested by it to permit such
participation. The Mortgagee may be represented by counsel reasonably satisfactory to it at the reasonable expense of the Mortgagor in connection with any such participation. The Mortgagor shall pay all reasonable fees, costs and expenses incurred
by the Mortgagee in connection with any Condemnation and in seeking and obtaining any award or payment on account thereof. Any proceeds, award or payment in respect of any Condemnation, or any settlement in lieu thereof, are hereby assigned and
shall be paid to the Mortgagee. The Mortgagor shall take all steps necessary to notify the condemning authority of such assignment. The Net Loss Proceeds arising out of such Condemnation shall be applied in accordance with the provisions of
Sections 4.19 and 10.3(b) of the Indenture and the Intercreditor Agreement. 
  
 ARTICLE XI 
  
 EVENTS OF DEFAULT
AND REMEDIES 
  
 SECTION 11.1. Events of Default. It shall
be an Event of Default hereunder if there shall have occurred and be continuing an Event of Default under the Indenture. 
  
 SECTION 11.2. Remedies in Case of an Event of Default. If any Event of Default shall have occurred and be continuing, the Mortgagee may at its
option, in addition to any other action permitted under this Mortgage or the Indenture or by law, statute or in equity, take one or more of the following actions to the greatest extent permitted by local law: 
  
 (i) by written notice to the Mortgagor, declare the entire
unpaid amount of the Secured Obligations to be due and payable immediately; 
  

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 (ii) personally, or by its agents or attorneys, (A) enter into and upon and take
possession of all or any part of the Premises together with the books, records and accounts of the Mortgagor relating thereto and, exclude the Mortgagor, its agents and servants wholly therefrom, (B) use, operate, manage and control the Premises and
conduct the business thereof, (C) maintain and restore the Premises, (D) make all necessary or proper repairs, renewals and replacements and such useful Alterations thereto and thereon as the Mortgagee may deem advisable, (E) manage, lease and
operate the Premises and carry on the business thereof and exercise all rights and powers of the Mortgagor with respect thereto either in the name of the Mortgagor or otherwise to the extent permitted by applicable law or (F) collect and receive all
Rents. The Mortgagee shall be under no liability for or by reason of any such taking of possession, entry, removal or holding, operation or management except that any amounts so received by the Mortgagee shall be applied in accordance with the
applicable provisions of the Indenture and the Intercreditor Agreement; 
  
 (iii) with or without entry, personally or by its agents or attorneys, (A) sell the Mortgaged Property and all estate, right, title and interest, claim and demand therein at one or more sales in one or more parcels,
in accordance with the provisions of Section 11.3 or (B) institute and prosecute proceedings for the complete or partial foreclosure of the Lien and security interests created and evidenced hereby; or 
  
 (iv) take such steps to protect and enforce its rights
whether by action, suit or proceeding at law or in equity for the specific performance of any covenant, condition or agreement in the Indenture, the Notes and the Security Documents, or in aid of the execution of any power granted in this Mortgage,
or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as the Mortgagee shall elect. 
  
 SECTION 11.3. Sale of Mortgaged Property if Event of Default Occurs; Proceeds of Sale. (i) If any Event of Default shall have occurred and be
continuing, the Mortgagee may institute an action to foreclose this Mortgage or take such other action as may be permitted and available to the Mortgagee at law or in equity for the enforcement of the Indenture and the Notes and realization on the
Mortgaged Property and proceeds thereon through power of sale or to final judgment and execution thereof for the Secured Obligations, and in furtherance thereof this Mortgage shall be subject to foreclosure and may be foreclosed as now provided by
law in case of past due mortgages, and Mortgagee shall be authorized, at its option, whether or not possession of the Mortgaged Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and
terms of each such sale, together with a description of the Mortgaged Property, by publication in a newspaper published in the county or counties wherein the Mortgaged Property or any part thereof is located, to sell the Mortgaged Property (or such
part or parts thereof as Mortgagee may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. The purchaser at any such sale or sales shall be under no
obligation to see to the proper application of the purchase money. At any foreclosure sale, any part or all of the Mortgaged Property, 

  

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real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en masse to be accounted for in
one account without distinction between the items included therein or without assigning to them any proportion of such proceeds, Mortgagor hereby waiving the application of any doctrine of marshaling or like proceeding. In case Mortgagee, in the
exercise of the power of sale herein given, elects to sell the Mortgaged Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Mortgaged Property
not previously sold shall have been sold or all the Secured Obligations shall have been paid in full. The Mortgagee may execute and deliver to the purchaser at such sale a conveyance of the Mortgaged Property in fee simple and an assignment or
conveyance of all the Mortgagor’s Interest in the Leases and the Mortgaged Property, each of which conveyances and assignments shall contain recitals as to the Event of Default upon which the execution of the power of sale herein granted
depends, and the Mortgagor hereby constitutes and appoints the Mortgagee the true and lawful attorney in fact of the Mortgagor to make any such recitals, sale, assignment and conveyance, and all of the acts of the Mortgagee as such attorney in fact
are hereby ratified and confirmed. The Mortgagor agrees that such recitals shall be binding and conclusive upon the Mortgagor and that any assignment or conveyance to be made by the Mortgagee shall divest, to the greatest extent permitted by law,
the Mortgagor of all right, title, interest, equity and right of redemption, including any statutory redemption, in and to the Mortgaged Property. The power and agency hereby granted are coupled with an interest and are irrevocable by death or
dissolution, or otherwise, and are in addition to any and all other remedies which the Mortgagee may have hereunder, at law or in equity. So long as the Secured Obligations, or any part thereof, remain unpaid, the Mortgagor agrees that possession of
the Mortgaged Property by the Mortgagor, or any person claiming under the Mortgagor, shall be as tenant, and, in case of a sale under power or upon foreclosure as provided in this Mortgage, the Mortgagor and any person in possession under the
Mortgagor, as to whose interest such sale was not made subject, shall, at the option of the purchaser at such sale, then become and be tenants holding over, and shall forthwith deliver possession to such purchaser, or be summarily dispossessed in
accordance with the laws applicable to tenants holding over. In case of any sale under this Mortgage by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Mortgaged Property may
be sold as an entirety or in separate parcels in such manner or order as the Mortgagee in its sole discretion may elect. One or more exercises of powers herein granted shall not extinguish or exhaust such powers, until the entire Mortgaged Property
is sold or all amounts secured hereby are paid in full. 
  
 (ii) In the event of any sale made under or by virtue of this Article XI, the entire principal of, and interest in respect of the Secured Obligations, if not previously due and payable, shall, at the option of
the Mortgagee, immediately become due and payable, anything in this Mortgage to the contrary notwithstanding. 
  
 (iii) The proceeds of any sale made under or by virtue of this Article XI, together with any other sums which then may be held by
the Mortgagee under this Mortgage, whether under the provisions of this Article XI or otherwise, shall be applied in accordance with the provisions of the Intercreditor Agreement. 
  
 (iv) The Mortgagee may bid for and acquire the Mortgaged Property or any part thereof at any sale made under
or by virtue of this Article XI and, in lieu of paying cash 

  

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therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts (whether or not then due and owing) in
respect of the Secured Obligations, after deducting from the sales price the expense of the sale and the reasonable costs of the action or proceedings and any other sums that the Mortgagee is authorized to deduct under this Mortgage. 
  
 (v) The Mortgagee may adjourn from time to time any sale by
it to be made under or by virtue hereof by announcement at the time and place appointed for such sale or for such adjourned sale or sales, and, the Mortgagee, without further notice or publication, may make such sale at the time and place to which
the same shall be so adjourned. 
  
 (vi) If the
Premises is comprised of more than one parcel of land, the Mortgagee may take any of the actions authorized by this Section 11.3 in respect of any or a number of individual parcels. 
  
 SECTION 11.4. Additional Remedies in Case of an Event of Default. (i)
The Mortgagee shall be entitled to recover judgment as aforesaid either before, after or during the pendency of any proceedings for the enforcement of the provisions hereof, and the right of the Mortgagee to recover such judgment shall not be
affected by any entry or sale hereunder, or by the exercise of any other right, power or remedy for the enforcement of the provisions hereof, or the foreclosure of, or absolute conveyance pursuant to, this Mortgage. In case of proceedings against
the Mortgagor in insolvency or bankruptcy or any proceedings for its reorganization or involving the liquidation of its assets, the Mortgagee shall be entitled to prove the whole amount of principal and interest and other payments, charges and costs
due in respect of the Secured Obligations to the full amount thereof without deducting therefrom any proceeds obtained from the sale of the whole or any part of the Mortgaged Property; provided, however, that in no case shall the Mortgagee receive a
greater amount than the aggregate of such principal, interest and such other payments, charges and costs (with interest at the Default Rate) from the proceeds of the sale of the Mortgaged Property and the distribution from the estate of the
Mortgagor. 
  
 (ii) Any recovery of any judgment
by the Mortgagee and any levy of any execution under any judgment upon the Mortgaged Property shall not affect in any manner or to any extent the Lien and security interests created and evidenced hereby upon the Mortgaged Property or any part
thereof, or any conveyances, powers, rights and remedies of the Mortgagee hereunder, but such conveyances, powers, rights and remedies shall continue unimpaired as before. 
  
 (iii) Any monies collected by the Mortgagee under this Section 11.4 shall be applied in accordance
with the provisions of Section 11.3(iii). 
  
 SECTION 11.5.
Legal Proceedings After an Event of Default. (i) After the occurrence of any Event of Default and during its continuance and immediately upon the commencement of any action, suit or legal proceedings to obtain judgment for the Secured
Obligations or any part thereof, or of any proceedings to foreclose the Lien and security interest created and evidenced hereby or otherwise enforce the provisions hereof or of any other proceedings in aid of the enforcement hereof, the Mortgagor
shall enter its voluntary appearance in such action, suit or proceeding. 
  

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 (ii) Upon the occurrence and during the continuance of an Event of Default, the Mortgagee
shall be entitled forthwith as a matter of right, concurrently or independently of any other right or remedy hereunder either before or after declaring the Secured Obligations or any part thereof to be due and payable, to the appointment of a
receiver without giving notice to any party and without regard to the adequacy or inadequacy of any security for the Secured Obligations or the solvency or insolvency of any person or entity then legally or equitably liable for the Secured
Obligations or any portion thereof. The Mortgagor hereby consents to the appointment of such receiver. Notwithstanding the appointment of any receiver, the Mortgagee shall be entitled as pledgee to the possession and control of any cash, deposits or
instruments at the time held by or payable or deliverable under the terms of the Indenture to the Mortgagee. 
  
 (iii) To the extent permitted by applicable law, the Mortgagor shall not (A) at any time insist upon, or plead, or in any manner
whatsoever claim or take any benefit or advantage of any stay or extension or moratorium law, any exemption from execution or sale of the Mortgaged Property or any part thereof, wherever enacted, now or at any time hereafter in force, which may
affect the covenants and terms of performance hereof, (B) claim, take or insist on any benefit or advantage of any law now or hereafter in force providing for the valuation or appraisal of the Mortgaged Property, or any part thereof, prior to any
sale or sales of the Mortgaged Property which may be made pursuant to this Mortgage, or pursuant to any decree, judgment or order of any court of competent jurisdiction or (C) after any such sale or sales, claim or exercise any right under any
statute heretofore or hereafter enacted to redeem the property so sold or any part thereof. To the extent permitted by applicable law, the Mortgagor hereby expressly (A) waives all benefit or advantage of any such law or laws, including, without
limitation, any statute of limitations applicable to this Mortgage, (B) waives all rights to have the Mortgaged Property marshalled on any foreclosure of this Mortgage, (C) waives any and all rights to trial by jury in any action or proceeding
related to the enforcement hereof, (D) waives any objection which it may now or hereafter have to the laying of venue of any action, suit or proceeding brought in connection with this Mortgage and further waives and agrees not to plead that any such
action, suit or proceeding brought in any such court has been brought in an inconvenient forum and (E) covenants not to hinder, delay or impede the execution of any power granted or delegated to the Mortgagee by this Mortgage but to suffer and
permit the execution of every such power as though no such law or laws had been made or enacted. The Mortgagee shall not be liable for any incorrect or improper payment made pursuant to this Article XI in the absence of negligence or willful
misconduct. 
  
 SECTION 11.6. Remedies Not Exclusive. No
remedy conferred upon or reserved to the Mortgagee by this Mortgage is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this
Mortgage or now or hereafter existing at law or in equity. Any delay or omission of the Mortgagee to exercise any right or power accruing on any Event of Default shall not impair any such right or power and shall not be construed to be a waiver of
or acquiescence in any such Event of Default. Every power and remedy given by this Mortgage may be exercised from time to time concurrently or independently, when and as often as may be deemed expedient by the Mortgagee in such order and manner as
the Mortgagee, in its sole discretion, may elect. If the Mortgagee accepts any monies required to be paid by the Mortgagor under this Mortgage after the same become due, such acceptance shall not constitute a waiver of the right either to require
prompt payment, when due, of all other sums secured by this Mortgage 

  

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or to declare an Event of Default with regard to subsequent defaults. If the Mortgagee accepts any monies required to be paid by the Mortgagor under this
Mortgage in an amount less than the sum then due, such acceptance shall be deemed an acceptance on account only and on the condition that it shall not constitute a waiver of the obligation of the Mortgagor to pay the entire sum then due, and the
Mortgagor’s failure to pay the entire sum then due shall be and continue to be a default hereunder notwithstanding acceptance of such amount on account. 
  
 ARTICLE XII 
  
 SECURITY AGREEMENT AND FIXTURE FILING 
  
 SECTION 12.1. Security Agreement. To the extent that the Mortgaged Property includes personal property or items of personal property which are or are to become fixtures under applicable law, this Mortgage shall
also be construed as a security agreement under the UCC; and, upon and during the continuance of an Event of Default, the Mortgagee shall be entitled with respect to such personal property to exercise all remedies hereunder, all remedies available
under the UCC with respect to fixtures and all other remedies available under applicable law. Without limiting the foregoing, such personal property may, at the Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of
the Mortgaged Property or otherwise, (ii) be sold pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble such personal property and make it
available to the Mortgagee at a place to be designated by the Mortgagee. The Mortgagor acknowledges and agrees that a disposition of the personal property in accordance with the Mortgagee’s rights and remedies in respect to the Mortgaged
Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor not less than ten (10) days’ prior notice of the time and place of any intended
disposition. 
  
 SECTION 12.2. Fixture Filing. To the
extent that the Mortgaged Property includes items of personal property which are or are to become fixtures under applicable law, and to the extent permitted under applicable law, the filing hereof in the real estate records of the county in which
such Mortgaged Property is located shall also operate from the time of filing as a fixture filing with respect to such Mortgaged Property, and the following information is applicable for the purpose of such fixture filing, to wit: 
  

			
	Name and address of the debtor:	  	Name and Address of the secured party:
		
	The Mortgagor having the address described in the Preamble hereof.	  	The Mortgagee having the address described in the Preamble hereof, from which address information concerning the security interest may be obtained.
	  
 The Mortgagor is a limited liability company organized under the laws of
the State of Delaware whose Organization Number is 2976349, and whose Taxpayer Identification Number is 52-2139172.
	  

  

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	This Financing Statement covers the following types or items of property:
	
	The Mortgaged Property.
	
	This instrument covers goods or items of personal property which are or are to become fixtures upon the real property described in Schedule A attached hereto.

  
 In addition, Mortgagor authorizes the
Mortgagee to file appropriate financing and continuation statements under the UCC in effect in the jurisdiction in which the Mortgaged Property is located as may be required by law in order to establish, preserve and protect the liens and security
interests intended to be granted to the Mortgagee pursuant to this Mortgage in the Mortgaged Property. 
  
 ARTICLE XIII 
  
 FURTHER ASSURANCES 
  
 SECTION 13.1. Recording
Documentation To Assure Security. The Mortgagor shall, forthwith after the execution and delivery hereof and thereafter, from time to time, upon the request of Mortgagee, cause this Mortgage and any financing statement, continuation statement or
similar instrument relating to any thereof or to any property intended to be subject to the Lien hereof to be filed, registered and recorded in such manner and in such places as may be required by any present or future law in order to publish notice
of and fully to protect the validity and priority thereof or the Lien hereof purported to be created upon the Mortgaged Property and the interest and rights of the Mortgagee therein. The Mortgagor shall pay or cause to be paid all taxes and fees
incident to such filing, registration and recording, and all reasonable expenses incident to the preparation, execution and acknowledgment thereof, and of any instrument of further assurance, and all Federal or state stamp taxes or other taxes,
duties and charges arising out of or in connection with the execution and delivery of such instruments. 
  
 SECTION 13.2. Further Acts. The Mortgagor shall, at the sole cost and expense of the Mortgagor, do, execute, acknowledge and deliver all and every
such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers, financing statements, continuation statements, instruments and assurances as the Mortgagee shall from time to time reasonably request, which may be
necessary in the reasonable judgment of the Mortgagee from time to time to assure, perfect, convey, assign, mortgage, transfer and confirm unto the Mortgagee, the property and rights hereby conveyed or assigned or which the Mortgagor may be or may
hereafter become bound to convey or assign to the Mortgagee or for carrying out the intention or facilitating the performance of the terms hereof or the filing, registering or recording hereof. Without limiting the generality of the foregoing, in
the event that the Mortgagee desires to exercise any remedies, consensual rights or attorney-in-fact powers set forth in this Mortgage and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other Person
therefor, then, upon the reasonable request of the Mortgagee, the Mortgagor agrees to use commercially reasonable efforts to assist and aid the Mortgagee to obtain as soon as practicable any necessary approvals or consents for the exercise of any
such remedies, rights and powers. In the event the Mortgagor shall fail after demand to execute any instrument or take 

  

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any action required to be executed or taken by the Mortgagor under this Section 13.2, the Mortgagee may execute or take the same as the
attorney–in–fact for the Mortgagor, such power of attorney being coupled with an interest and is irrevocable. 
  
 SECTION 13.3. Additional Security. Without notice to or consent of the Mortgagor and without impairment of the Lien and rights created by this
Mortgage, the Mortgagee may accept (but the Mortgagor shall not be obligated to furnish) from the Mortgagor or from any other Person, additional security for the Secured Obligations. Neither the giving hereof nor the acceptance of any such
additional security shall prevent the Mortgagee from resorting, first, to such additional security, and, second, to the security created by this Mortgage without affecting the Mortgagee’s Lien and rights under this Mortgage. 
  
 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 SECTION 14.1. Covenants To Run with the Land. All of the grants, covenants, terms, provisions and conditions in this Mortgage shall run with the
Land and shall apply to, and bind the successors and assigns of, the Mortgagor. If there shall be more than one mortgagor with respect to the Mortgaged Property, the covenants and warranties hereof shall be joint and several. 
  
 SECTION 14.2. No Merger. The rights and estate created by this
Mortgage shall not, under any circumstances, be held to have merged into any other estate or interest now owned or hereafter acquired by the Mortgagee unless the Mortgagee shall have consented to such merger in writing. 
  
 SECTION 14.3. Concerning Mortgagee. (i) The Mortgagee has been
appointed as trustee pursuant to the Indenture. The actions of the Mortgagee hereunder are subject to the provisions of the Indenture. The Mortgagee shall have the right hereunder to make demands, to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking action (including, without limitation, the release or substitution of the Mortgaged Property), in accordance with this Mortgage and the Indenture. The Mortgagee may employ agents and
attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Mortgagee may resign and a successor Mortgagee may be appointed in the manner
provided in the Indenture. Upon the acceptance of any appointment as the Mortgagee by a successor Mortgagee, that successor Mortgagee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Mortgagee under this Mortgage, and the retiring Mortgagee shall thereupon be discharged from its duties and obligations under this Mortgage. After any retiring Mortgagee’s resignation, the provisions hereof shall inure to its benefit as to any
actions taken or omitted to be taken by it under this Mortgage while it was the Mortgagee. 
  
 (ii) The Mortgagee shall be deemed to have exercised reasonable care in the custody and preservation of the Mortgaged Property in its
possession if such Mortgaged Property is accorded treatment substantially equivalent to that which the Mortgagee, in its individual capacity, accords its own property consisting of similar instruments or interests, it being understood 

  

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that neither the Mortgagee nor any of the Secured Parties shall have responsibility for taking any necessary steps to preserve rights against any Person with
respect to any Mortgaged Property. 
  
 (iii) The
Mortgagee shall be entitled to rely upon any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with
respect to all matters pertaining to this Mortgage and its duties hereunder, upon advice of counsel selected by it. 
  
 (iv) If any portion of the Mortgaged Property also constitutes collateral granted to the Mortgagee under any other deed of trust,
mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of
such collateral, the Mortgagee, in its sole discretion, shall select which provision or provisions shall control. 
  
 SECTION 14.4. Mortgagee May Perform; Mortgagee Appointed Attorney-in-Fact. If the Mortgagor shall fail to perform any covenants contained in this
Mortgage (including, without limitation, the Mortgagor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay Charges, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations
of the Mortgagor under any Mortgaged Property) or if any warranty on the part of the Mortgagor contained herein shall be breached, the Mortgagee may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and
may expend funds for such purpose; provided, however, that the Mortgagee shall in no event be bound to inquire into the validity of any tax, lien, imposition or other obligation which the Mortgagor fails to pay or perform as and when
required hereby and which the Mortgagor does not contest in accordance with the provisions of Article IX hereof. Any and all amounts so expended by the Mortgagee shall be paid by the Mortgagor in accordance with the provisions of Section
14.5 hereof. Neither the provisions of this Section 14.4 nor any action taken by the Mortgagee pursuant to the provisions of this Section 14.4 shall prevent any such failure to observe any covenant contained in this Mortgage nor
any breach of warranty from constituting an Event of Default. The Mortgagor hereby appoints the Mortgagee its attorney-in-fact, with full authority in the place and stead of the Mortgagor and in the name of the Mortgagor to take any action and to
execute any instrument consistent with the terms hereof and the other Security Documents which the Mortgagee may deem necessary or advisable to accomplish the purposes hereof. The foregoing grant of authority is a power of attorney coupled with an
interest and such appointment shall be irrevocable for the term hereof. The Mortgagor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
  
 SECTION 14.5. Expenses. The Mortgagor will upon demand pay to the Mortgagee the amount of any and all third-party
costs and expenses, including the reasonable fees and expenses of its counsel and the fees and expenses of any experts and agents which the Mortgagee may incur in connection with (i) any action, suit or other proceeding affecting the Mortgaged
Property or any part thereof commenced, in which action, suit or proceeding the Mortgagee is made a party or participates or in which the right to use the Mortgaged Property or any part thereof is threatened, or in which it becomes necessary in the
reasonable judgment of the Mortgagee to defend or uphold the Lien hereof (including, without limitation, any action, suit or proceeding 

  

 -34- 

 
to establish or uphold the compliance of the Mortgaged Property with any Requirements of Law), (ii) the collection of the Secured Obligations, (iii) the
enforcement and administration hereof, (iv) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Mortgaged Property, (v) the exercise or enforcement of any of the rights of the Mortgagee or any
Secured Party hereunder or (vi) the failure by the Mortgagor to perform or observe any of the provisions hereof. All amounts expended by the Mortgagee and payable by the Mortgagor under this Section 14.5 shall be due upon demand therefor
(together with interest thereon accruing at the Default Rate during the period from and including the date on which such funds were so expended to the date of repayment) and shall be part of the Secured Obligations. The Mortgagor’s obligations
under this Section 14.5 shall survive the termination hereof and the discharge of the Mortgagor’s other obligations under this Mortgage. 
  
 SECTION 14.6. Indemnity. (i) The Mortgagor agrees to indemnify, pay and hold harmless the Mortgagee and each of the other Secured Parties and the
officers, directors, employees, agents and Affiliates of the Mortgagee and each of the other Secured Parties (collectively, the “Indemnitees”) from and against any and all other liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs (including, without limitation, settlement costs), expenses or disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for such
Indemnitees in connection with any investigative, administrative or judicial proceeding, commenced or threatened, whether or not such Indemnitee shall be designated a party thereto), which may be imposed on, incurred by or asserted against that
Indemnitee, in any manner relating to or arising out hereof, the Indenture, the Notes, any other Security Document or any other document evidencing the Secured Obligations (including, without limitation, any misrepresentation by the Mortgagor in
this Mortgage, the Indenture, the Notes, any other Security Document or any other document evidencing the Secured Obligations (the “Indemnified Liabilities”); provided, however, that the Mortgagor shall have no
obligation to an Indemnitee hereunder with respect to Indemnified Liabilities if it has been determined by a final decision (after all appeals and the expiration of time to appeal) by a court of competent jurisdiction that such Indemnified
Liabilities arose from the negligence or willful misconduct of that Indemnitee. To the extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentence may be unenforceable because it is violative of any law or
public policy, the Mortgagor shall contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. 

 
 (ii) Survival. The obligations of the Mortgagor
contained in this Section 14.6 shall survive the termination hereof and the discharge of the Mortgagor’s other obligations under this Mortgage, the Indenture and the other Security Documents. 
  
 (iii) Reimbursement. Any amount paid by any
Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Secured Obligations secured by the Mortgaged Property. 
  
 SECTION 14.7. Continuing Security Interest; Assignment. This Mortgage shall create a continuing Lien on and security interest in the Mortgaged
Property and shall (i) be binding upon the Mortgagor, its respective successors and assigns and (ii) inure, together with the rights and remedies of the Mortgagee hereunder, to the benefit of the Mortgagee and the 

  

 -35- 

 
other Secured Parties and each of their respective successors, transferees and assigns. No other Persons (including, without limitation, any other creditor
of Mortgagor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Holder of the Notes may assign or otherwise transfer any indebtedness held by it secured by
this Mortgage to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Holder, herein or otherwise, subject however, to the provisions of the Indenture. 
  
 SECTION 14.8. Termination; Release. The Mortgaged Property shall be
released from the Lien of this Mortgage in accordance with the provisions of Article X of the Indenture. 
  
 SECTION 14.9. Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to
any departure by the Mortgagor therefrom, shall be effective unless the same shall be done in accordance with the terms of the Indenture and unless in writing and signed by the Mortgagee and Mortgagor. Any amendment, modification or supplement of or
to any provision hereof, any waiver of any provision hereof and any consent to any departure by the Mortgagor from the terms of any provision hereof shall be effective only in the specific instance and for the specific purpose for which made or
given. Except where notice is specifically required by this Mortgage or any other Security Document, no notice to or demand on the Mortgagor in any case shall entitle the Mortgagor to any other or further notice or demand in similar or other
circumstances. 
  
 SECTION 14.10. Notices. Unless otherwise
provided herein or in the Indenture, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Indenture, if to the Mortgagor, addressed to it at the address of
the Issuer set forth in the Indenture, and as to the Mortgagee, addressed to it at its address set forth in the Indenture, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as
to delivery with the terms of this Section 14.10. 
  
 SECTION 14.11. GOVERNING LAW; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. THIS MORTGAGE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE IN WHICH THE PREMISES ARE LOCATED, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR ITEM OR TYPE OF MORTGAGED PROPERTY ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN SUCH STATE. MORTGAGOR AGREES THAT SERVICE OF PROCESS IN ANY PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE ISSUER AT
ITS ADDRESS SET FORTH IN THE INDENTURE OR AT SUCH OTHER ADDRESS OF WHICH THE MORTGAGEE SHALL HAVE BEEN NOTIFIED PURSUANT THERETO. IF ANY AGENT APPOINTED BY MORTGAGOR REFUSES TO ACCEPT SERVICE, MORTGAGOR HEREBY AGREES THAT SERVICE UPON IT BY MAIL
SHALL CONSTITUTE SUFFICIENT NOTICE. 

  

 -36- 

 
NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF MORTGAGEE TO BRING PROCEEDINGS
AGAINST MORTGAGOR IN THE COURTS OF ANY OTHER JURISDICTION. THE MORTGAGOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
  
 SECTION 14.12. Severability of Provisions. Any
provision hereof which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the
validity or enforceability of such provision in any other jurisdiction. 
  
 SECTION 14.13. Limitation on Interest Payable. It is the intention of the parties to conform strictly to the usury laws, whether state or Federal, that are applicable to the transaction of which this Mortgage is a part. All
agreements between the Mortgagor and the Mortgagee, whether now existing or hereafter arising and whether oral or written, are hereby expressly limited so that in no contingency or event whatsoever shall the amount paid or agreed to be paid by the
Mortgagor for the use, forbearance or detention of the money to be loaned or advanced under the Indenture or any related document or for the payment or performance of any covenant or obligation contained herein or in the Indenture or any related
document exceed the maximum amount permissible under applicable Federal or state usury laws. If under any circumstances whatsoever fulfillment of any such provision, at the time performance of such provision shall be due, shall involve exceeding the
limit of validity prescribed by law, then the obligation to be fulfilled shall be reduced to the limit of such validity. If under any circumstances the Mortgagor shall have paid an amount deemed interest by applicable law, which would exceed the
highest lawful rate, such amount that would be excessive interest under applicable usury laws shall be applied to the reduction of the principal amount owing in respect of the Secured Obligations and not to the payment of interest, or if such
excessive interest exceeds the unpaid balance of principal and any other amounts due hereunder, the excess shall be refunded to the Mortgagor. All sums paid or agreed to be paid for the use, forbearance or detention of the principal under any
extension of credit by the Mortgagee shall, to the extent permitted by applicable law, and to the extent necessary to preclude exceeding the limit of validity prescribed by law, be amortized, prorated, allocated and spread from the date hereof until
payment in full of the Secured Obligations so that the actual rate of interest on account of such principal amounts is uniform throughout the term hereof. 
  
 SECTION 14.14. Business Days. In the event any time period or any date provided in this Mortgage ends or falls on a day other than a Business Day,
then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other day. 

 
 SECTION 14.15. Relationship. The relationship of the Mortgagee to
the Mortgagor hereunder is strictly and solely that of lender and borrower and mortgagor and mortgagee and nothing contained in the Indenture, the Notes, this Mortgage or any other document or instrument now existing and delivered in connection
therewith or otherwise in connection with the 

  

 -37- 

 
Secured Obligations is intended to create, or shall in any event or under any circumstance be construed as creating a partnership, joint venture,
tenancy-in-common, joint tenancy or other relationship of any nature whatsoever between the Mortgagee and the Mortgagor other than as lender and borrower and mortgagor and mortgagee. 
  
 SECTION 14.16. Waiver of Stay. (i) The Mortgagor agrees that in the event that the Mortgagor or any property or
assets of the Mortgagor shall hereafter become the subject of a voluntary or involuntary proceeding under the Bankruptcy Code or the Mortgagor shall otherwise be a party to any federal or state bankruptcy, insolvency, moratorium or similar
proceeding to which the provisions relating to the automatic stay under Section 362 of the Bankruptcy Code or any similar provision in any such law is applicable, then, in any such case, whether or not the Mortgagee has commenced foreclosure
proceedings under this Mortgage, the Mortgagee shall be entitled to relief from any such automatic stay as it relates to the exercise of any of the rights and remedies (including, without limitation, any foreclosure proceedings) available to the
Mortgagee as provided in this Mortgage, in any other Security Document or any other document evidencing the Secured Obligations. 
  
 (ii) The Mortgagee shall have the right to petition or move any court having jurisdiction over any proceeding described in Section
14.16(i) hereof for the purposes provided therein, and the Mortgagor agrees (A) not to oppose any such petition or motion and (B) at the Mortgagor’s sole cost and expense, to assist and cooperate with the Mortgagee, as may be requested by
the Mortgagee from time to time, in obtaining any relief requested by the Mortgagee, including, without limitation, by filing any such petitions, supplemental petitions, requests for relief, documents, instruments or other items from time to time
requested by the Mortgagee or any such court. 
  
 SECTION 14.17.
No Credit for Payment of Taxes or Impositions. The Mortgagor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture or the Notes, and the Mortgagor shall not be entitled to any
credit against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Charge on the Mortgaged Property or any part thereof. 
  
 SECTION 14.18. No Claims Against the Mortgagee. Nothing contained in this Mortgage shall constitute any consent or
request by the Mortgagee, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Premises or any part thereof, nor as giving the Mortgagor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Mortgagee in respect thereof or any claim that any Lien based
on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 
  
 SECTION 14.19. Obligations Absolute. All obligations of the Mortgagor hereunder shall be absolute and unconditional irrespective of: 
  
 (i) any bankruptcy, insolvency, reorganization, arrangement,
readjustment, composition, liquidation or the like of the Mortgagor, the Issuer or any other Guarantor; 
  

 -38- 

 (ii) any lack of validity or enforceability of the Indenture, the Notes or any other
agreement or instrument relating thereto; 
  
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture, the Notes or any other
agreement or instrument relating thereto; 
  
 (iv) any exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
  
 (v) any exercise or non-exercise, or any waiver of any
right, remedy, power or privilege under or in respect hereof, the Indenture, the Notes or any agreement or instrument relating thereto except as specifically set forth in a waiver granted pursuant to the provisions of Section 14.9 hereof; or

  
 (vi) any other circumstances which might
otherwise constitute a defense available to, or a discharge of, the Mortgagor. 
  
 SECTION 14.20. Intercreditor Agreement. All of the rights and remedies granted to the Mortgagee hereunder shall be subject to the terms of the Intercreditor Agreement. In the event of any conflict between this
Mortgage and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control. The provisions hereunder are solely for the benefit of Mortgagee and shall not give Mortgagor, its successors or assigns or any other person the
rights vis-à-vis Mortgagee 
  
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INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the Mortgagor has caused this Mortgage to be duly executed and delivered under seal
the day and year first above written. 
  

									
	 WITNESSES
	 	 	 	 WISE ALLOYS LLC, a Delaware limited liability company

				
	 /s/ Susan C. Longstreet
	 	 	 	By:	 	 /s/ Danny Mendelson

	 Print Name:
	 	 	 	 	 	 Name: Danny Mendelson

	 Susan C. Longstreet
	 	 	 	 	 	 Title: Executive Vice President

				
	 /s/ Donald W. McLaughlin
	 	 	 	 	 	 
	 Print Name:
	 	 	 	 	 	 
	 Donald W. McLaughlin
	 	 	 	 	 	 

  

 S-1 

 ACKNOWLEDGMENT 
  

			
	State of New York	  	)
	 	  	) ss.:
	County of New York	  	)

  
 I, the undersigned, a
notary public in and for said county in said state, hereby certify that Danny Mendelson, whose name as Executive Vice President of Wise Alloys LLC, a Delaware liability company, is signed to the foregoing instrument, and who is known to me,
acknowledged before me on this day that, being informed of the contents of said instrument, he/she, as such Manager and with full authority, executed the same voluntarily for and as the act of said company. 
  
 Given under my hand and official seal this 5th day of May, 2004. 

 

	
	
	 /s/ Yooson S. Lee

	Notary Public
	
	 My commission
expires:                                      
      

	
	YOOSON S. LEE
	Notary Public, State of New York
	No. 01LE5046159
	Qualified in Queens County
	Commission Expires July 3, 2007

  
 [NOTARIAL SEAL] 
  

 Schedule A 
  

TRACT 1 - A tract of land being part of Sections 21, 22, 27 and 28, Township 3 South, Range 10 West, Colbert County, Alabama and being more particularly
described as follows: 
  
 Commence at the Northeast corner of
Section 21; thence South 02 degrees 50 minutes 25 seconds East for 40.00 feet to the POINT OF BEGINNING; thence South 02 degrees 50 minutes 25 seconds East for 2604.83 feet; thence North 87 degrees 12 minutes 53 seconds East for 1328.17 feet; thence
South 03 degrees 01 minutes 29 seconds East for 330.92 feet; thence South 87 degrees 12 minutes 53 seconds West for 664.08 feet; thence North 02 degrees 56 minutes 00 seconds West for 165.96 feet; thence South 87 degrees 12 minutes 53 seconds West
for 664.89 feet; thence South 02 degrees 50 minutes 25 seconds East 817.42 feet; thence South 68 degrees 32 minutes 42 seconds West for 2462.72 feet; thence South 02 degrees 26 minutes 39 seconds East for 984.04 feet; thence North 87 degrees 40
minutes 27 seconds West for 235.87 feet; thence South 03 degrees 00 minutes 47 seconds East for 1546.99 feet; thence North 85 degrees 20 minutes 57 seconds East for 274.09 feet; thence South 02 degrees 42 minutes 37 seconds East for 361.11 feet;
thence North 87 degrees 56 minutes 58 seconds East for 154.52 feet; thence North 05 degrees 53 minutes 56 seconds West for 395.49 feet; thence South 83 degrees 54 minutes 00 seconds East for 481.60 feet; thence South 02 degrees 40 minutes 36 seconds
East for 605.36 feet; thence North 86 degrees 28 minutes 45 seconds East for 1007.73 feet; thence North 42 degrees 23 minutes 31 seconds East for 403.62 feet; thence North 72 degrees 12 minutes 08 seconds East for 430.94 feet; thence North 03
degrees 27 minutes 36 seconds West for 493.08 feet; thence North 87 degrees 02 minutes 08 seconds East for 2660.59 feet to a point in the centerline of County Road #61; thence along said centerline South 02 degrees 55 minutes 34 seconds East for
1990.01 feet; thence leaving said centerline South 87 degrees 05 minutes 48 seconds West for 1761.45 feet; thence South 03 degrees 16 minutes 53 seconds East for 1963.92 feet to the North right of way of Second Street; thence along said right of way
South 86 degrees 57 minutes 34 seconds West for 873.94 feet; thence South 87 degrees 21 minutes 55 seconds West for 3878.93 feet; thence leaving said right of way North 01 degree 17 minutes 00 seconds West for 259.77 feet; thence North 87 degrees 03
minutes 23 seconds East for 603.48 feet; thence South 04 degrees 25 minutes 12 seconds East for 27.60 feet; thence North 86 degrees 53 minutes 59 seconds East for 199.71 feet; thence North 77 degrees 20 minutes 48 seconds East for 50.43 feet; thence
North 84 degrees 27 minutes 12 seconds East for 11.17 feet; thence North 03 degrees 08 minutes 36 seconds West for 1078.18 feet; thence South 87 degrees 17 minutes 16 seconds West for 158.15 feet; thence North 03 degrees 05 minutes 41 seconds West
for 459.88 feet; thence North 87 degrees 07 minutes 28 seconds East for 157.75 feet; thence North 03 degrees 08 minutes 36 seconds West for 1300.71 feet; thence South 87 degrees 52 minutes 07 seconds West for 54.63 feet; thence North 01 degree 56
minutes 29 seconds West for 72.49 feet; thence North 41 degrees 09 minutes 51 seconds East for 575.05 feet; thence North 03 degrees 01 minute 28 seconds West for 1571.76 feet; thence South 86 degrees 00 minutes 45 seconds West for 2282.83 feet to
the East line of a railroad right of way; thence along said railroad right of way North 03 degrees 25 minutes 32 seconds West for 383.82 feet; thence North 03 degrees 30 minutes 11 seconds West for 488.03 feet; thence North 00 degrees 30 minutes 08
seconds East for 103.25 feet; thence North 10 degrees 22 minutes 44 seconds East for 80.87 feet; thence North 19 degrees 10 minutes 03 seconds East for 83.49 feet; thence North 28 degrees 29 minutes 33 seconds East for 84.58 feet; thence North 38
degrees 22 minutes 17 seconds East for 98.95 feet; thence North 48 degrees 24 minutes 07 seconds East for 82.65 feet; thence North 59 degrees 34 minutes 15 seconds East for 122.85 feet; thence north 70 degrees 47 minutes 34 seconds East for 

  

 
83.03 feet; thence North 80 degrees 25 minutes 13 seconds East for 83.62 feet; thence North 86 degrees 28 minutes 33 seconds East for 86.94 feet; thence
North 87 degrees 33 minutes 17 seconds East for 574.87 feet; thence North 85 degrees 45 minutes 15 seconds East for 78.14 feet; thence North 80 degrees 00 minutes 54 seconds East for 89.83 feet; thence North 71 degrees 31 minutes 08 seconds East for
94.60 feet; thence North 62 degrees 35 minutes 16 seconds East for 98.90 feet; thence North 53 degrees 11 minutes 35 seconds East for 98.22 feet; thence North 44 degrees 33 minutes 10 seconds East for 94.39 feet; thence North 35 degrees 48 minutes
26 seconds East for 92.78 feet; thence North 26 degrees 55 minutes 47 seconds East for 102.89 feet; thence North 17 degrees 52 minutes 31 seconds East for 95.66 feet; thence North 08 degrees 54 minutes 12 seconds East for 98.51 feet; thence North 00
degrees 01 minute 12 seconds West for 90.79 feet; thence north 08 degrees 12 minutes 52 seconds West for 92.05 feet; thence North 17 degrees 12 minutes 01 second West for 95.54 feet; thence North 24 degrees 35 minutes 37 seconds West for 92.71 feet;
thence North 26 degrees 37 minutes 44 seconds West for 3400.76 feet; thence North 33 degrees 10 minutes 08 seconds West for 17.71 feet to the South right of way of River Road; thence leaving said railroad right of way and with the South right of way
of River Road North 86 degrees 57 minutes 49 seconds East for 4532.90 feet to the point of beginning. 
  
 TRACT 2 - A tract of land being part of Section 21, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: 
  
 Commence at the Northeast corner of Section 21; thence South 02 degrees 50
minutes 25 seconds East for 40.00 feet to the South right of way of River Road; thence along said right of way South 86 degrees 57 minutes 49 seconds West for 4647.77 feet to a point on the West line of a railroad right of way and POINT OF
BEGINNING; thence leaving said River Road right of way and along said railroad right of way South 33 degrees 10 minutes 08 seconds East for 63.99 feet; thence South 26 degrees 37 minutes 44 seconds East for 3398.98 feet; thence South 24 degrees 35
minutes 37 seconds East for 84.47 feet; thence South 17 degrees 12 minutes 01 seconds East for 81.22 feet; thence South 08 degrees 12 minutes 52 seconds East for 77.03 feet; thence South 00 degrees 01 minute 12 seconds East for 75.82 feet; thence
South 08 degrees 54 minutes 12 seconds West for 82.86 feet; thence South 17 degrees 52 minutes 31 seconds West for 79.90 feet; thence South 26 degrees 55 minutes 47 seconds West for 87.21 feet; thence South 35 degrees 48 minutes 26 seconds West for
77.37 feet; thence South 44 degrees 33 minutes 10 seconds West for 79.19 feet; thence South 53 degrees 11 minutes 35 seconds West for 82.45 feet; thence South 62 degrees 35 minutes 16 seconds West for 82.87 feet; thence South 71 degrees 31 minutes
08 seconds West for 79.36 feet; thence South 80 degrees 00 minutes 54 seconds West for 80.15 feet; thence leaving said railroad right of way North 03 degrees 08 minutes 50 seconds West for 1321.20 feet; thence South 86 degrees 48 minutes 44 seconds
West for 946.31 feet; thence North 03 degrees 08 minutes 50 seconds West for 2617.07 feet to the aforementioned South right of way of River Road; thence along said River Road right of way North 86 degrees 57 minutes 49 seconds East for 3.85 feet to
the point of beginning. 
  
 TRACT 3 - A tract of land lying in
Sections 20 and 21, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: 
  
 Begin at the Southwest corner of Section 21; thence South 86 degrees 53 minutes 15 seconds West for 1015.00 feet; thence North 03 degrees 11 minutes 27
seconds West for 767.0 feet to a point on the South line of Central Avenue; thence along said South line North 86 degrees 53 minutes 15 seconds East for 1292.35 feet to a point on the West line of a railroad right of way; thence along said West line
South 03 degrees 11 minutes 25 seconds East for 767.00 feet; thence 

  

 
leaving said right of way South 86 degrees 53 minutes 15 seconds West for 277.35 feet to the point of beginning. 
  
 TRACT .4 - A tract of land being part of the Southeast 1/4 of the Southeast 1/4
of Section 29, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: 
  
 Commence at the Southeast corner of Section 29; thence South 86 degrees 52 minutes 11 seconds West for 13.14 feet; thence North 03 degrees 01 minute.42
seconds West for 49.17 feet to the POINT OF BEGINNING, said point lying on the West line of a 100 foot railroad right of way and lying on the North right of way line of Second Street; thence along the North right of way line of Second Street South
86 degrees 53 minutes 41 seconds West for 818.85 feet; thence North 03 degrees 06 minutes 19 seconds West for 20.0 feet; thence South 86 degrees 53 minutes 41 seconds West for 415.0 feet; thence North 50 degrees 19 minutes 43 seconds West for 80.80
feet to a point on the East right of way line of Ford Road; thence along said Ford Road right of way North 02 degrees 51 minutes 51 seconds West for 1202.50 feet; thence leaving said right of way North 86 degrees 50 minutes 35 seconds East for
1289.81 feet to a point on the West line of a 100 foot railroad right of way; thence along said West line South 03 degrees 01 minute 42 seconds East for 1278.53 feet to the point of beginning. 
  
 TRACT 5 - A tract of land lying in Section 23, Township 3 South, Range 10 West,
Colbert County, Alabama, and being more particularly described as follows: 
  
 Begin at the Southeast corner of the Northwest quarter of said Section 23; thence South 87 degrees 14 minutes 00 seconds West for 660.00 feet; thence North 03 degrees 34 minutes 35 seconds West for 990.00 feet; thence
North 87 degrees 14 minutes 00 seconds East for 660 feet to a point on the East line of the Northwest quarter of said Section 23; thence along said East line South 03 degrees 34 minutes 35 seconds East for 990.00 feet to the point of beginning. Said
property is subject to a 300 foot wide transmission line easement (recorded in Deed Book 109 Page 418). TOGETHER WITH A 100 FOOT WIDE EASEMENT, said easement lying in Section 23, Township 3 South, Range 10 West, and being more particularly described
as follows: Begin at the Northeast corner of the Northwest quarter of Section 23; thence along the East line of the Northwest quarter of Section 23, South 03 degrees 34 minutes 35 seconds East for 1663.21 feet; thence South 87 degrees 14 minutes 00
seconds West for 100.00 feet; thence North 03 degrees 34 minutes 35 seconds West for 1663.28 feet; thence North 87 degrees 16 minutes 30 seconds East for 100.00 feet to the point of beginning. 
  
 TRACT 6 - A tract of land being in part of Section 32 and 33, Township 3 South,
Range 11 West, Colbert County, Alabama, and being more particularly described as follows: 
  
 Commence at the centerline intersection of 15th and 17th Avenues vacated in the City of Sheffield (Alabama Grid West - N 1730232.145, E 438584.127), thence South 45 degrees 57 minutes 00 Seconds West for 300.0 feet to
the Point of Beginning of the tract of and hereby described, thence South 45 degrees 57 minutes 00 seconds West for 159.00 feet to a point on a curve to the left having a radius of 4054.59 feet, thence along said curve for 400.71 feet (chord bearing
South 04 degrees 36 minutes 09 seconds East - chord distance - 400.55 feet); thence South 45 degrees 57 minutes 00 seconds West for 697.00 feet; thence North 44 degrees 04 minutes 00 seconds West for l719.27 to a point on the East right of way line
of 20th Avenue; thence along said East right of way line North 45 degrees 57 minutes 00 seconds East for 845 feet; thence leaving said right of way South 80 degrees 56 minutes 00 seconds East for 176.00 feet; thence South 89 degrees 30 minutes 00
seconds East for 225.03 feet; thence South 44 degrees 03 minutes 00 seconds East for 1111.32 feet to the point of beginning. 
  

 TRACT 7 
  
 Parcel One 
 Locomotive Shed 
  
 STATE OF ALABAMA 
 COUNTY OF COLBERT 
  
 A tract of land being part
of Section 28, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: Commence at the Southeast corner of said Section 28; thence North 02 degrees 50 minutes 16 seconds West for 50.00 feet to the
North right of way of Second Street; thence along said right of way South 87 degrees 21 minutes 55 seconds West for 3878.93 feet; thence leaving said right of way North 01 degree 17 minutes 00 seconds West for 259.77 feet; thence North 87 degrees 03
minutes 23 seconds East for 603.48 feet; thence South 04 degrees 25 minutes 12 seconds East for 27.60 feet; thence North 86 degrees 53 minutes 59 seconds East for 199.71 feet; thence North 77 degrees 20 minutes 48 seconds East for 50.43 feet; thence
North 84 degrees 27 minutes 12 seconds East for 11.17 feet; thence North 03 degrees 08 minutes 36 seconds West for 1078.18 feet; thence South 87 degrees 17 minutes 16 seconds West for 158.15 feet; thence North 74 degrees 31 minutes 49 seconds West
for 852.75 feet to the point of beginning; thence South 87 degrees 16 minutes 21 seconds West for 55.28 feet; thence North 02 degrees 38 minutes 38 seconds West for 127.53 feet; thence North 87 degrees 37 minutes 10 seconds East for 53.90 feet;
thence South 03 degrees 15 minutes 43 seconds East for 127.21 feet to the point of beginning. Said tract contains 0.16 acres, more or less. 
  
 Parcel Two 
 Maintenance Building 
  
 A tract of land being part of Section 28, Township 3 South, Range 10 West, Colbert County,
Alabama, and being more particularly described as follows: Commence at the Southeast corner of said Section 28; thence North 02 degrees 50 minutes 16 seconds West for 50.00 feet to the North right of way of Second Street; thence along said right of
way South 87 degrees 21 minutes 55 seconds West for 3878.93 feet; thence leaving said right of way North 01 degree 17 minutes 00 seconds West for 259.77 feet; thence North 87 degrees 03 minutes 23 seconds East for 603.48 feet; thence South 04
degrees 25 minutes 12 seconds East for 27.60 feet; thence North 86 degrees 53 minutes 59 seconds East for 199.71 feet; thence North 77 degrees 20 minutes 48 seconds East for 50.43 feet; thence North 84 degrees 27 minutes 12 seconds East for 11.17
feet; thence North 03 degrees 08 minutes 36 seconds West for 1078.18 feet; thence South 87 degrees 17 minutes 16 seconds West for 158.15 feet; thence North 84 degrees 16 minutes 14 seconds West for 494.29 feet to the point of beginning; thence South
87 degrees 06 minutes 22 seconds West for 133.59 feet; thence North 03 degrees 09 minutes 18 seconds West for 138.83 feet; thence North 86 degrees 52 minutes 10 seconds East for 17.95 feet; thence North 01 degree 21 minutes 44 seconds West for 79.25
feet; thence North 86 degrees 56 minutes 53 seconds East for 46.69 feet; thence South 10 degrees 50 minutes 55 seconds West for 24.65 feet; North 86 degrees 45 minutes 49 seconds East for 72.38 feet; thence South 03 degrees 08 minutes 30 seconds
East for 194.74 feet to the point of beginning. Said tract contains 0.60 acres, more or less. 
  

 TRACT 8 
  
 Sewage Treatment Plant 
  
 STATE OF ALABAMA 
 COUNTY OF COLBERT 
  

A tract of land being part of Section 33, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: Commence at the
Northwest corner of said Section 33; thence North 86 degrees 53 minutes 41 seconds East for 762.17 feet; thence North 87 degrees 52 minutes 57 seconds East for 119.43 feet to a point on a curve having a radius of 175.63 feet; thence along said curve
for 130.68 feet (chord bearing N 12 degrees 27 minutes 14 seconds W—chord distance 127.68 feet); thence North 52 degrees 21 minutes 58 seconds East for 31.82 feet to a point on a curve having a radius of 174.06 feet; thence along said curve for
137.44 feet (chord bearing S 13 degrees 59 minutes 06 seconds East—chord distance 133.89 feet); thence South 13 degrees 46 minutes 07 seconds West for 240.93 feet; thence South 76 degrees 39 minutes 39 seconds West for 36.92 feet; thence North
83 degrees 46 minutes 30 seconds West for 40.54 feet; thence North 57 degrees 55 minutes 02 seconds West for 12.26 feet; thence North 26 degrees 47 minutes 39 seconds West for 10.74 feet; thence North 19 degrees 07 minutes 57 seconds West for 13.79
feet; thence North 01 degree 11 minutes 12 seconds East for 190.44 feet to the point of beginning. Said tract contains 0.71 acres more, or less. 
  

 TRACT 9 
  
 Drinking Water Plant 
  
 STATE OF ALABAMA 
 COUNTY OF COLBERT 
  

A tract of land being part of Section 28, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: Commence at the
Southeast corner of said Section 28; thence North 02 degrees 50 minutes 16 seconds West for 50.00 feet to the North right of way of Second Street; thence along said right of way South 87 degrees 21 minutes 55 seconds West for 3878.93 feet; thence
leaving said right of way North 01 degree 17 minutes 00 seconds West for 259.77 feet; thence North 87 degrees 03 minutes 23 seconds East for 603.48 feet; thence South 04 degrees 25 minutes 12 seconds East for 27.60 feet; thence North 86 degrees 53
minutes 59 seconds East for 199.71 feet; thence North 77 degrees 20 minutes 48 seconds East for 50.43 feet; thence North 84 degrees 27 minutes 12 seconds East for 11.17 feet; thence North 03 degrees 08 minutes 36 seconds West for 1078.18 feet;
thence South 87 degrees 17 minutes 16 seconds West for 158.15 feet; thence North 44 degrees 32 minutes 18 seconds West for 1059.70 feet to the point of beginning; thence South 87 degrees 05 minutes 34 seconds West for 178.13 feet; thence North 02
degrees 58 minutes 18 seconds West for 352.00 feet; thence North 87 degrees 25 minutes 02 seconds East for 111.08 feet; thence South 03 degrees 14 minutes 57 seconds East for 212.00 feet; thence North 86 degrees 28 minutes 19 seconds East for 66.00
feet; thence South 02 degrees 58 minutes 52 seconds East for 140.09 feet to the point of beginning. Said tract contains 1.11 acres, more or less. 
  

 TRACT 10 
  
 Southern Reclamation 
  
 STATE OF ALABAMA 
 COUNTY OF COLBERT 
  

A tract of land being part of Sections 16 and 17, Township 3 South, Range 10 West, Colbert County, Alabama, and being more particularly described as follows: Commence
at the Southeast corner of said Section 17; thence North 03 degrees 05 minutes 00 seconds West for 40.00 feet to the North right of way of River Road and the point of beginning; thence along said right of way South 86 degrees 55 minutes 00 seconds
West for 788.23 feet; thence leaving said right of way North 02 degrees 42 minutes 35 seconds West for 178.14 feet; thence South 86 degrees 55 minutes 00 seconds West for 210.66 feet; thence South 02 degrees 42 minutes 35 seconds East for 178.14
feet to the aforementioned North right of way of River Road; thence along said right of way South 86 degrees 55 minutes 00 seconds West for 181.00 feet, thence leaving said right of way North 02 degrees 42 minutes 35 seconds West for 90.00 feet;
thence South 86 degrees 55 minutes 00 seconds West for 160.00 feet; thence South 02 degrees 42 minutes 35 seconds East for 90.00 feet to the aforesaidmentioned North right of way of River Road; thence along said right of way South 86 degrees 55
minutes 00 seconds West for 179.62 feet; thence leaving said right of way North 02 degrees 49 minutes 37 seconds West for 1707.81 feet; thence North 87 degrees 39 minutes 13 seconds East for 285.19 feet; thence North 02 degrees 10 minutes 33 seconds
West for 98.42 feet; thence North 76 degrees 10 minutes 11 seconds East for 253.53 feet; thence North 19 degrees 04 minutes 45 seconds East for 259.03 feet; thence North 12 degrees 07 minutes 17 seconds East for 196.36 feet; thence North 25 degrees
54 minutes 28 seconds West for 514.91 feet; thence North 38 degrees 44 minutes 11 seconds East for 95.18 feet; thence North 60 degrees 40 minutes 21 seconds West for 87.37 feet; thence North 36 degrees 58 minutes 45 seconds East for 86.03 feet;
thence North 39 degrees 27 minutes 48 seconds East for 120.80 feet; thence North 01 degree 06 minutes 00 seconds West for 75.68 feet; thence south 57 degrees 33 minutes 19 seconds East for 422.79 feet; thence south 34 degrees 03 minutes 39 seconds
East for 510.20 feet; thence South 58 degrees 36 minutes 09 seconds East for 507.40 feet; thence South 02 degrees 53 minutes 27 seconds East for 1388.20 feet; thence South 50 degrees 28 minutes 02 seconds East for 1098.03 feet to the
aforesaidmentioned North right of way of River Road; thence along said right of way South 86 degrees 55 minutes 00 seconds West for 931.12 feet to the point of beginning. Said tract contains 92.82 acres, more or less. 
  

 Schedule B 
  

Each of the liens and other encumbrances excepted as being prior to the Lien hereof as set forth in Schedule B to the marked title commitment or
pro forma policy issued by Land Title Insurance Company dated as of the date hereof and delivered to Trustee on the date hereof, bearing Land Title Insurance Company reference number G32-1435689 relating to the real property described in Schedule
A attached hereto. 
  

 Schedule C 
  

Leases 
  
 1. Ground Sublease Agreement by and between Reynolds Metals Company and Air Products and Chemicals, Inc. as recorded in the Office of the Judge of Probate
of Colbert County, Alabama in Fiche 9222, Frame 45 et seq. 
  
 2.
Unrecorded Agricultural Lease by and between Reynolds Metals Company and James R. Minor, Jr., dated November 20, 1996.

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