Document:

ras-ex48_522.htm

 

EXECUTION VERSION

 

Exhibit 4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDENTURE

 

 

RAIT 2017-FL8 TRUST, as Issuer

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee, Paying Agent, Calculation Agent, Transfer Agent, Custodian, Backup

Advancing Agent and Note Registrar

 

 

RAIT PARTNERSHIP, L.P., as Advancing Agent

 

 

Dated November 29, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

USActive 37579766.24

 

 

						
	
 
	
 
	
 
	
TABLE OF CONTENTS
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
Page

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE I
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
DEFINITIONS AND INTERPRETATION
	
 
	
 

	
 
	
Section 1.1
	
 
	
Definitions
	
 
	
3

	
 
	
Section 1.2
	
 
	
Assumptions and Calculations 
	
 
	
39

	
 
	
Section 1.3
	
 
	
Rules of Construction
	
 
	
39

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE II 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
THE NOTES
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 2.1
	
 
	
Forms Generally
	
 
	
41

	
 
	
Section 2.2
	
 
	
Authorized Amount; Note Interest Rate; Stated Maturity; Denominations
	
 
	
42

	
 
	
Section 2.3
	
 
	
Execution, Authentication, Delivery and Dating
	
 
	
43

	
 
	
Section 2.4
	
 
	
Registration, Transfer and Exchange of Notes
	
 
	
44

	
 
	
Section 2.5
	
 
	
Mutilated, Defaced, Destroyed, Lost or Stolen Notes
	
 
	
52

	
 
	
Section 2.6
	
 
	
Payment of Principal and Interest; Rights Preserved
	
 
	
52

	
 
	
Section 2.7
	
 
	
Persons Deemed Owners
	
 
	
57

	
 
	
Section 2.8
	
 
	
Cancellation
	
 
	
57

	
 
	
Section 2.9
	
 
	
Global Notes; Definitive Notes; Temporary Notes
	
 
	
57

	
 
	
Section 2.10
	
 
	
U.S. Tax Treatment of the Issuer and the Notes
	
 
	
59

	
 
	
Section 2.11
	
 
	
Authenticating Agents
	
 
	
60

	
 
	
Section 2.12
	
 
	
Book-Entry Provisions
	
 
	
61

	
 
	
Section 2.13
	
 
	
No Gross Up
	
 
	
61

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE III CONDITIONS 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
PRECEDENT
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 3.1
	
 
	
General Provisions
	
 
	
62

	
 
	
Section 3.2
	
 
	
Security for the Notes
	
 
	
64

	
 
	
Section 3.3
	
 
	
Transfer of Pledged Assets
	
 
	
66

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE IV SATISFACTION AND
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

 

			
	
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DISCHARGE
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 4.1
	
 
	
Satisfaction and Discharge of Indenture 
	
 
	
74

	
 
	
Section 4.2
	
 
	
Application of Trust Cash
	
 
	
75

	
 
	
Section 4.3
	
 
	
Repayment of Cash Held by Paying Agent
	
 
	
75

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE V
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
EVENTS OF DEFAULT; REMEDIES
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 5.1
	
 
	
Indenture Events of Default
	
 
	
75

	
 
	
Section 5.2
	
 
	
Acceleration of Maturity; Rescission and Annulment
	
 
	
77

	
 
	
Section 5.3
	
 
	
Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	
 
	
78

	
 
	
Section 5.4
	
 
	
Remedies
	
 
	
80

	
 
	
Section 5.5
	
 
	
Preservation of Collateral 
	
 
	
82

	
 
	
Section 5.6
	
 
	
Indenture Trustee May Enforce Claims Without Possession of Notes
	
 
	
83

	
 
	
Section 5.7
	
 
	
Application of Cash Collected 
	
 
	
84

	
 
	
Section 5.8
	
 
	
Limitation on Suits
	
 
	
84

	
 
	
Section 5.9
	
 
	
Unconditional Rights of Noteholders to Receive Principal and Interest
	
 
	
84

	
 
	
Section 5.10
	
 
	
Restoration of Rights and Remedies
	
 
	
85

	
 
	
Section 5.11
	
 
	
Rights and Remedies Cumulative
	
 
	
85

	
 
	
Section 5.12
	
 
	
Delay or Omission Not Waiver89
	
 
	
85

	
 
	
Section 5.13
	
 
	
Control by Controlling Class
	
 
	
85

	
 
	
Section 5.14
	
 
	
Waiver of Past Defaults
	
 
	
86

	
 
	
Section 5.15
	
 
	
Undertaking for Costs
	
 
	
86

	
 
	
Section 5.16
	
 
	
Waiver of Stay or Extension Laws
	
 
	
86

	
 
	
Section 5.17
	
 
	
Sale of Collateral or Underlying Mortgage Pool
	
 
	
87

	
 
	
Section 5.18
	
 
	
Action on the Notes
	
 
	
87

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE VI
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
THE INDENTURE TRUSTEE
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 6.1
	
 
	
Certain Duties and Responsibilities
	
 
	
88

	
 
	
Section 6.2
	
 
	
Notice of Indenture Event of Default
	
 
	
90

	
 
	
Section 6.3
	
 
	
Certain Rights of Indenture Trustee
	
 
	
90

	
 
	
Section 6.4
	
 
	
Not Responsible for Recitals or Issuance of Notes
	
 
	
92

	
 
	
Section 6.5
	
 
	
May Hold Notes
	
 
	
92

	
 
	
Section 6.6
	
 
	
Cash Held in Trust
	
 
	
93

	
 
	
Section 6.7
	
 
	
Compensation and Reimbursement
	
 
	
93

	
 
	
Section 6.8
	
 
	
Corporate Indenture Trustee Required; Eligibility
	
 
	
95

 

			
	
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Section 6.9
	
 
	
Resignation and Removal; Appointment of Successor
	
 
	
95

	
 
	
Section 6.10
	
 
	
Acceptance of Appointment by Successor
	
 
	
97

	
 
	
Section 6.11
	
 
	
Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee
	
 
	
97

	
 
	
Section 6.12
	
 
	
Co-Indenture Trustees and Separate Indenture Trustee
	
 
	
97

	
 
	
Section 6.13
	
 
	
Certain Duties Related to Delayed Payment of Proceeds
	
 
	
99

	
 
	
Section 6.14
	
 
	
Representations and Warranties of the Bank
	
 
	
99

	
 
	
Section 6.15
	
 
	
Requests for Consents
	
 
	
100

	
 
	
Section 6.16
	
 
	
Representative for Noteholders Only; Agent for Other Secured Parties
	
 
	
100

	
 
	
Section 6.17
	
 
	
Withholding
	
 
	
100

	
 
	
Section 6.18
	
 
	
USA Patriot Act
	
 
	
101

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE VII
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 COVENANTS
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 7.1
	
 
	
Payment of Principal and Interest
	
 
	
102

	
 
	
Section 7.2
	
 
	
Maintenance of Office or Agency
	
 
	
102

	
 
	
Section 7.3
	
 
	
Cash for Payments to be Held in Trust
	
 
	
103

	
 
	
Section 7.4
	
 
	
Existence of Issuer; Compliance with Laws
	
 
	
104

	
 
	
Section 7.5
	
 
	
Protection of Collateral
	
 
	
105

	
 
	
Section 7.6
	
 
	
Opinions as to Collateral
	
 
	
108

	
 
	
Section 7.7
	
 
	
Performance of Obligations
	
 
	
108

	
 
	
Section 7.8
	
 
	
Negative Covenants
	
 
	
108

	
 
	
Section 7.9
	
 
	
Statement as to Compliance
	
 
	
110

	
 
	
Section 7.10
	
 
	
Issuer may Consolidate, Etc., Only on Certain Terms
	
 
	
110

	
 
	
Section 7.11
	
 
	
Successor Substituted
	
 
	
111

	
 
	
Section 7.12
	
 
	
No Other Business
	
 
	
112

	
 
	
Section 7.13
	
 
	
Reporting
	
 
	
112

	
 
	
Section 7.14
	
 
	
Calculation Agent
	
 
	
112

	
 
	
Section 7.15
	
 
	
Amendment or Termination of Certain Documents
	
 
	
113

	
 
	
Section 7.16
	
 
	
Permitted Subsidiaries
	
 
	
115

	
 
	
Section 7.17
	
 
	
Repurchase Requests
	
 
	
116

	
 
	
Section 7.18
	
 
	
[Reserved 
	
 
	
116

	
 
	
Section 7.19
	
 
	
Purchase of the Delayed Close Mortgage Loan(s) After the Closing Date
	
 
	
116

	
 
	
Section 7.20
	
 
	
Qualified REIT Subsidiary Status
	
 
	
116

	
 
	
Section 7.21
	
 
	
ABS Due Diligence Services
	
 
	
116

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE VIII SUPPLEMENTAL 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
INDENTURES
	
 
	
 

 

			
	
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Section 8.1
	
 
	
Supplemental Indentures Without Consent of Noteholders
	
 
	
116

	
 
	
Section 8.2
	
 
	
Supplemental Indentures With Consent of Noteholders
	
 
	
119

	
 
	
Section 8.3
	
 
	
Execution of Supplemental Indentures
	
 
	
121

	
 
	
Section 8.4
	
 
	
Effect of Supplemental Indentures
	
 
	
122

	
 
	
Section 8.5
	
 
	
Reference in Notes to Supplemental Indentures
	
 
	
122

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE IX 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
REDEMPTION OF NOTES
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 9.1
	
 
	
Clean-up Call, Optional Redemption and Tax Redemption
	
 
	
123

	
 
	
Section 9.2
	
 
	
Redemption Procedures for Optional Redemption, Clean-up Call or Tax 

Redemption
	
 
	
124

	
 
	
Section 9.3
	
 
	
Notice to Indenture Trustee of Optional Redemption, Clean-up Call or Tax

Redemption
	
 
	
124

	
 
	
Section 9.4
	
 
	
Notice of Optional Redemption, Clean-up Call or Tax Redemption or

Maturity by the Issuer
	
 
	
124

	
 
	
Section 9.5
	
 
	
Notes Payable on Redemption Date
	
 
	
125

	
 
	
Section 9.6
	
 
	
Redemption From Unused Proceeds
	
 
	
126

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE X
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ACCOUNTS, ACCOUNTINGS AND RELEASES
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 10.1
	
 
	
Collection of Cash
	
 
	
127

	
 
	
Section 10.2
	
 
	
Principal Collection Account; Interest Collection Account; Custodial Account
	
 
	
127

	
 
	
Section 10.3
	
 
	
Note Payment Account 
	
 
	
129

	
 
	
Section 10.4
	
 
	
Expense Account
	
 
	
130

	
 
	
Section 10.5
	
 
	
Unused Proceeds Account
	
 
	
131

	
 
	
Section 10.6
	
 
	
Reports by Parties
	
 
	
132

	
 
	
Section 10.7
	
 
	
Reports; Accountings
	
 
	
132

	
 
	
Section 10.8
	
 
	
Release of Assets
	
 
	
135

	
 
	
Section 10.9
	
 
	
[Reserved
	
 
	
136

	
 
	
Section 10.10
	
 
	
[Reserved
	
 
	
136

	
 
	
Section 10.11
	
 
	
Tax Matters
	
 
	
136

	
 
	
Section 10.12
	
 
	
Interest Advances
	
 
	
136

	
 
	
Section 10.13
	
 
	
Certain Procedures
	
 
	
139

	
 
	
Section 10.14
	
 
	
Information Available Electronically
	
 
	
139

	
 
	
Section 10.15
	
 
	
Investor Q&A Forum; Investor Registry
	
 
	
142

 

			
	
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Section 10.16
	
 
	
Permitted Funded Companion Participation Acquisition Account
	
 
	
144

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XI 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
APPLICATION OF CASH
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 11.1
	
 
	
Disbursements of Cash from Note Payment Account
	
 
	
145

	
 
	
Section 11.2
	
 
	
Trust Accounts
	
 
	
151

	
 
	
Section 11.3
	
 
	
Securities Accounts
	
 
	
152

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XII
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
PURCHASE AND SALE OF MORTGAGE LOANS; ACQUISITION OF 
	
 
	
 

	
 
	
 
	
 
	
RELATED FUNDED COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 12.1
	
 
	
Sale of Mortgage Loans
	
 
	
152

	
 
	
Section 12.2
	
 
	
Acquisition of the Delayed Close Mortgage Loan(s)
	
 
	
154

	
 
	
Section 12.3
	
 
	
Conditions Applicable to all Transactions Involving Sale or Grant
	
 
	
155

	
 
	
Section 12.4
	
 
	
Acquisition of Related Funded Companion Participations
	
 
	
155

	
 
	
Section 12.5
	
 
	
Ongoing Future Advance Estimates
	
 
	
156

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XIII
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
SECURED PARTIES’ RELATIONS
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 13.1
	
 
	
Subordination
	
 
	
157

	
 
	
Section 13.2
	
 
	
Standard of Conduct
	
 
	
161

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XIV
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
MISCELLANEOUS
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 14.1
	
 
	
Form of Documents Delivered to Indenture Trustee
	
 
	
161

	
 
	
Section 14.2
	
 
	
Acts of Noteholders
	
 
	
162

	
 
	
Section 14.3
	
 
	
Notices, Etc., to Indenture Trustee, the Issuer, the Servicer, the Operating Advisor, the Directing Holder and the Rating Agencies
	
 
	
162

	
 
	
Section 14.4
	
 
	
Notices and Reports to Noteholders; Waiver
	
 
	
165

	
 
	
Section 14.5
	
 
	
Effect of Headings and Table of Contents
	
 
	
165

 

			
	
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Section 14.6
	
 
	
Successors and Assigns
	
 
	
165

	
 
	
Section 14.7
	
 
	
Severability
	
 
	
166

	
 
	
Section 14.8
	
 
	
Benefits of Indenture
	
 
	
166

	
 
	
Section 14.9
	
 
	
Governing Law
	
 
	
166

	
 
	
Section 14.10
	
 
	
Submission to Jurisdiction
	
 
	
166

	
 
	
Section 14.11
	
 
	
Counterparts
	
 
	
166

	
 
	
Section 14.12
	
 
	
Waiver of Jury Trial
	
 
	
166

	
 
	
Section 14.13
	
 
	
Confidential Treatment of Documents
	
 
	
167

	
 
	
Section 14.14
	
 
	
17g-5 
	
 
	
167

	
 
	
Section 14.15
	
 
	
Rating Agency Condition
	
 
	
170

	
 
	
Section 14.16
	
 
	
Wells Fargo Delaware Trust Company, N.A
	
 
	
170

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XV
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ASSIGNMENT OF PURCHASE AND SALE AGREEMENTS, SERVICING AGREEMENT, 
	
 
	
 

	
 
	
 
	
 
	
INTERMEDIATE TRUST AGREEMENT AND TRUST ADMINISTRATION AGREEMENT
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 15.1
	
 
	
Assignment of Purchase and Sale Agreements, Servicing Agreement, Intermediate Trust Agreement and Trust Administration Agreement
	
 
	
170

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XVI
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
[RESERVED]
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ARTICLE XVII
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
ADVANCING AGENT
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Section 17.1
	
 
	
Liability of the Advancing Agent
	
 
	
171

	
 
	
Section 17.2
	
 
	
Merger or Consolidation of the Advancing Agent
	
 
	
171

	
 
	
Section 17.3
	
 
	
Limitation on Liability of the Advancing Agent and Others
	
 
	
172

	
 
	
Section 17.4
	
 
	
Representations and Warranties of the Advancing Agent
	
 
	
172

	
 
	
Section 17.5
	
 
	
Resignation and Removal; Appointment of Successor
	
 
	
173

	
 
	
Section 17.6
	
 
	
Acceptance of Appointment by Successor Advancing Agent
	
 
	
176

 

						
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
SCHEDULES
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Schedule A
	
 
	
Schedule of Mortgage Loans
	
 
	
 

	
 
	
Schedule B
	
 
	
LIBOR Formula
	
 
	
 

 

			
	
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Schedule C-1
	
 
	
List of Authorized Officers of the Trust Depositor
	
 
	
 

	
 
	
Schedule C-2
	
 
	
List of Authorized Officers of the Servicer
	
 
	
 

 

						
	
 
	
EXHIBITS
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Exhibit A-1
	
 
	
Form of Class A Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-2
	
 
	
Form of Class A Definitive Note
	
 
	
 

	
 
	
Exhibit A-3
	
 
	
Form of Class A-S Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-4
	
 
	
Form of Class A-S Definitive Note
	
 
	
 

	
 
	
Exhibit A-5
	
 
	
Form of Class B Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-6
	
 
	
Form of Class B Definitive Note
	
 
	
 

	
 
	
Exhibit A-7
	
 
	
Form of Class C Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-8
	
 
	
Form of Class C Definitive Note
	
 
	
 

	
 
	
Exhibit A-9
	
 
	
Form of Class D Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-10
	
 
	
Form of Class D Definitive Note
	
 
	
 

	
 
	
Exhibit A-11
	
 
	
Form of Class E Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-12
	
 
	
Form of Class E Definitive Note
	
 
	
 

	
 
	
Exhibit A-13
	
 
	
Form of Class F Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-14
	
 
	
Form of Class F Definitive Note
	
 
	
 

	
 
	
Exhibit A-15
	
 
	
Form of Class G Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-16
	
 
	
Form of Class G Definitive Note
	
 
	
 

	
 
	
Exhibit A-17
	
 
	
Form of Class H Regulation S Global Note/Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit A-18
	
 
	
Form of Class H Definitive Note
	
 
	
 

	
 
	
Exhibit B-1
	
 
	
Form of Transfer Certificate for Transfer from a Rule 144A Global Note

 or Definitive Note to a Regulation S Global Note
	
 
	
 

	
 
	
Exhibit B-2
	
 
	
Form of Transfer Certificate for Transfer from a Regulation S Global Note or Definitive Note to a Rule 144A Global Note
	
 
	
 

	
 
	
Exhibit B-3
	
 
	
Form of Transfer Certificate for Transfer from a Regulation S Global

Note, Rule 144A Global Note or Definitive Note to a Definitive Note

Exhibit B-4
	
 
	
 

	
 
	
Exhibit B-4
	
 
	
Form of Transfer Certificate for Affiliates of RAIT Partnership
	
 
	
 

	
 
	
Exhibit C
	
 
	
Form of Trust Receipt
	
 
	
 

	
 
	
Exhibit D
	
 
	
Form of Request for Release 
	
 
	
 

	
 
	
Exhibit E
	
 
	
Form of NRSRO Certification
	
 
	
 

	
 
	
Exhibit F
	
 
	
Form of Monthly Report
	
 
	
 

	
 
	
Exhibit G-1
	
 
	
Form of Investor Certification (Indenture Trustee Website)
	
 
	
 

	
 
	
Exhibit G-2
	
 
	
Form of Investor Certification (Monthly Report)
	
 
	
 

	
 
	
Exhibit H
	
 
	
Form of Online Vendor Certification
	
 
	
 

	
 
	
Exhibit I
	
 
	
Form of Indenture Trustee Report Regarding the Mortgage Loan File
	
 
	
 

	
 
	
Exhibit J
	
 
	
Form of Acquisition of Related Funded Companion Participation

Officer’s Certificate
	
 
	
 

	
 
	
Exhibit K
	
 
	
Form of [Delayed Close Mortgage Loan][Related Funded Companion

Participation] Subsequent Transfer Instrument (Seller to Trust Depositor)
	
 
	
 

 

			
	
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Exhibit L
	
 
	
Form of [Delayed Close Mortgage Loan][Related Funded Companion
	
 
	
 

	
 
	
 
	
 
	
Participation] Subsequent Transfer Instrument (Trust Depositor to Issuer)
	
 
	
 

	
 
	
Exhibit M
	
 
	
Form of Direction Letter Regarding Acquisition of Related Funded

Companion Participations
	
 
	
 

 

 

			
	
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THIS INDENTURE dated as of November 29, 2017 (the “Indenture”) is made among RAIT 2017-FL8 TRUST, a Delaware statutory trust, as issuer, RAIT PARTNERSHIP, L.P., as advancing agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee, paying agent, calculation agent, transfer agent, custodian, backup advancing agent and note registrar.

 

PRELIMINARY STATEMENT

 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the issuance of the Notes as provided herein.  All covenants and agreements made by the Issuer herein are for the benefit and security of the Noteholders, the Servicer, the Special Servicer, the Trust Depositor, the Backup Advancing Agent, the Operating Advisor and the Indenture Trustee (collectively, the “Secured Parties”). The Issuer is entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

 

All things necessary to make this Indenture a valid agreement of the Issuer in accordance with its terms have been done.

 

GRANTING CLAUSES

 

The Issuer hereby Grants to the Indenture Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising, all accounts, general intangibles, chattel paper, instruments, securities, investment property and any and all other property (other than Excepted Property) of any type or nature owned by it, including (a) the Intermediate Trust Certificate (which evidences the 100% beneficial ownership interest in (1) the Mortgage Loans (listed, as of the Closing Date, in the Schedule of Mortgage Loans hereto) and all payments thereon or with respect thereto and (2) any Delayed Close Mortgage Loan or Related Funded Companion Participation acquired by or at the direction of the Issuer after the Closing Date in accordance with the terms of this Indenture, and all payments thereon or with respect thereto), (b) the Custodial Account, the Interest Collection Account, the Principal Collection Account, the Participated Whole Loan Collection Account (to the extent of the Issuer’s interest therein), the Unused Proceeds Account, the Note Payment Account, the Expense Account, the Permitted Funded Companion Participation Acquisition Account, all funds and other property standing to the credit of each such account, Eligible Investments purchased with funds standing to the credit of each such account and all income from the investment of funds therein, (c) the rights of the Issuer under the Servicing Agreement and the Purchase and Sale Agreements, (d) all Cash delivered to the Indenture Trustee (directly or through a Securities Intermediary), (e) the Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries, (f) the Issuer’s ownership interest in, and rights to, Sensitive Assets, and (g) all proceeds, accessions, profits, income benefits, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the Issuer described in the preceding clauses, but excluding Excepted Property (collectively, the “Collateral”).  In addition, as further security for the Notes, the Issuer, as the 100% beneficial owner of the Intermediate Trust Certificate, hereby Grants to the Indenture Trustee, for the benefit and security of the Secured Parties, all of the Intermediate Trust’s rights, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising, all accounts, general intangibles, chattel paper, instruments, securities, investment property and any and all other property (other than Excepted Property) of any type or nature owned by it, including (a) the Mortgage Loans (listed, as of the Closing Date, in the Schedule of Mortgage Loans hereto) and all payments thereon or with respect thereto and (b) any Delayed Close Mortgage Loan or Related Funded Companion Participation acquired by or at the direction of the Issuer after the Closing Date in accordance with the terms of this Indenture, and all payments thereon or with respect thereto.

 

 

 

Such Grants are made, however, to the Indenture Trustee to hold in trust, to secure the Notes equally and ratably without prejudice, priority or distinction between any Note and any other Note by reason of difference in time of issuance or otherwise, except as expressly provided in this Indenture, and to secure (i) the payment of all amounts due on the Notes in accordance with their respective terms, (ii) the payment of all other sums payable under this Indenture (including by reference to any other agreement) and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture (collectively, the “Secured Obligations”).

 

Except to the extent otherwise provided in this Indenture, the Issuer does hereby constitute and irrevocably appoint the Indenture Trustee the true and lawful attorney of the Issuer, with full power (in the name of the Issuer or otherwise), to exercise all rights of the Issuer with respect to the Collateral held for the benefit and security of the Secured Parties and to ask, require, demand, receive, settle, compromise, compound and give acquittance for any and all moneys and claims for moneys due and to become due under or arising out of any of the Collateral held for the benefit and security of the Secured Parties, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the Indenture Trustee may deem to be necessary or advisable in the premises.   The power of attorney granted pursuant to this Indenture and all authority hereby conferred are granted and conferred solely to protect the Indenture Trustee’s interest in the Collateral held for the benefit and security of the Secured Parties and shall not impose any duty upon the Indenture Trustee to exercise any power. This power of attorney shall be irrevocable as one coupled with an interest prior to the payment in full of all the obligations secured hereby.

 

Except to the extent otherwise provided herein, this Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein. Upon the occurrence of any Indenture Event of Default, and in addition to any other rights available under this Indenture or any other instruments included in the Collateral held for the benefit and security of the Secured Parties or otherwise available at law or in equity, the Indenture Trustee shall have all rights and remedies of a secured party on default under the laws of the State of New York and other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to compliance with any mandatory requirements of applicable law, to sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public or private sale.

 

It is expressly agreed that anything therein contained to the contrary notwithstanding, the Issuer shall remain liable under any instruments included in the Collateral to perform all the obligations assumed by it thereunder, all in accordance with and pursuant to the terms and provisions thereof, and except as otherwise expressly provided herein, the Indenture Trustee shall not have any obligations or liabilities under such instruments by reason of or arising out of this Indenture, nor shall the Indenture Trustee be required or obligated in any manner to perform or fulfill any obligations of the Issuer under or pursuant to such instruments or to make any payment, to make any inquiry as to the nature or sufficiency of any payment received by it, to present or file any claim, or to take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

The designation of the Indenture Trustee in any transfer document or record is intended and shall be deemed, first, to refer to the Indenture Trustee as custodian on behalf of the Issuer and second, to refer to the Indenture Trustee as secured party on behalf of the Secured Parties; provided that the Grant made by the Issuer to the Indenture Trustee pursuant to the Granting Clauses hereof shall apply to any Collateral bearing such designation.

 

 

			
	
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The Indenture Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with the required standard of care set forth herein such that the interests of the Secured Parties may be adequately and effectively protected.

 

The Indenture Trustee on behalf of each of the Secured Parties hereby agrees and acknowledges that none of the Secured Parties shall have any claim on the funds and property from time to time deposited or credited in or to the Trust Certificate Account or the proceeds thereof (other than in its capacity as a Holder of the Trust Certificate, if applicable).

 

CREDIT RISK RETENTION

On the Closing Date, the Trust Depositor will retain 100% of the Class H Notes. The Class H Notes are referred to in this Indenture as the EHRI.  The fair value of the EHRI is $14,288,000.

As  of  the  Closing Date, the  Mortgage Loans have an  aggregate outstanding Principal Balance equal to approximately $259,776,000.

Pursuant to the Seller Purchase and Sale Agreement, the Seller will be required to timely deliver (or cause to be timely delivered) to the Indenture Trustee any notices contemplated by Section 10.14(a)(v) of this Agreement.

 

ARTICLE I

 

DEFINITIONS AND INTERPRETATION

 

Section 1.1       Definitions.  Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture.  Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2 shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular provision.

“Accelerated Maturity Date” has the meaning specified in Section 5.5(a) hereof.

“Access Termination Notice” has the meaning specified in the Future Funding Agreement.

“Account” means any of the Interest Collection Account, the Principal Collection Account, the Note Payment Account, the Custodial Account, the Expense Account, the Unused Proceeds Account, the Permitted Funded Companion Participation Acquisition Account and the Trust Certificate Account.   Any Account established hereunder shall include any number of sub-accounts or shall be sub-accounts of other accounts to the extent deemed necessary by the Indenture Trustee for convenience in administering the Accounts.

“Account Control Agreement” means the Securities Account Control Agreement dated as of the Closing Date, among the Issuer, the Indenture Trustee and the Securities Intermediary.

 

			
	
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“Acquisition Criteria” means the following criteria that shall be satisfied with respect to each Related Funded Companion Participation as of the related acquisition date of such Related Funded Companion Participation:

 

(a)      the underlying Mortgage Loan is not a Defaulted Mortgage Loan or a

Specially Serviced Mortgage Loan;

 

(b)      upon acquisition, the Related Funded Companion Participation will not be an Impaired Mortgage Loan;

 

(c)      no Indenture Event of Default has occurred and is continuing;

 

(d)      the requirements set forth in Section 12.4(b) regarding the representations and warranties with respect to such Related Funded Companion Participation and the related Mortgaged Property have been met (subject to such exceptions as are reasonably acceptable to the Special Servicer);

 

(e)      no Control Shift Event with respect to the Class E Notes has occurred and is continuing;

 

(f)      the acquisition of such Related Funded Companion Participation will be at a price no greater than the outstanding principal balance of such Related Funded Companion Participation; and

 

(g)      notice has been provided to each Rating Agency at least five Business Days prior to such acquisition.

“Act of Noteholders” has the meaning specified in Section 14.2 hereof. 

“Administrative Expenses” means with respect to any Payment Date (a) Indenture Trustee Expenses and (b) all amounts (including indemnities) due or accrued with respect to such Payment Date and payable by the Issuer or any Permitted Subsidiary to (i) the Owner Trustee pursuant to the Trust Agreement, (ii) the Intermediate Trust Trustee pursuant to the Intermediate Trust Agreement, (iii) the Independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection with the preparation of tax forms on behalf of the Issuer), (iv) any other Person in respect of any governmental fee, registered office fee, charge or tax in relation to the Issuer (as certified by an Authorized Officer of the Issuer to the Indenture Trustee), (v) the Placement Agents in respect of amounts payable to them under the Placement  Agreement,  (vi) the  Rating  Agencies  in  respect  of  Rating  Agency  Expenses, (vii) CREFC® in respect of the CREFC® Intellectual Property Royalty License Fee and (viii) any other Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant to or in connection with this Indenture and the Notes; provided that Administrative Expenses shall not include (A) any amounts due or accrued with respect to the actions taken on or in connection with the Closing Date, (B) amounts payable in respect of the Notes or the Indenture Trustee Fee and (C) any Servicing Fee, Special Servicing Fee, Operating Advisor Fees or other amount payable or reimbursable to the Servicer, the Special Servicer or the Operating Advisor, respectively, pursuant to the terms of the Servicing Agreement.

 

			
	
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 “Advancing Agent” means RAIT Partnership, L.P., or any successor thereto in such capacity.

 

“Advancing Agent Fee” means a per annum fee payable to the Advancing Agent on each Payment Date in accordance with the Priority of Payments equal to 0.001% of the outstanding  principal  amount  of  the  Class A  Notes,  Class A-S  Notes  and  Class B  Notes immediately prior to such Payment Date (except that if the Indenture Trustee is unable to identify a successor Advancing Agent at such rate of compensation, the Indenture Trustee will be authorized to make arrangements for increased compensation at a reasonable market rate, such increased rate to be payable by the Issuer).  For so long as the Advancing Agent is an Affiliate of the Directing Holder, the Advancing Agent Fee will be 0.00%.   Following any failure of the Advancing Agent to make any Interest Advance, the Backup Advancing Agent shall be obligated to make such Interest Advance, and the Advancing Agent Fee shall be payable to the Backup Advancing Agent.

 

“Advisers Act” has the meaning specified in Section 2.4(s) hereof.

 

“Affiliate” or “Affiliated” means, with respect to any Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, “control” of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.  Notwithstanding the foregoing, “Affiliate,” with respect to the Issuer, does not include entities that are under common control by virtue of the affiliations of the directors of the Issuer.

 

“Agent Members” means members of, or participants in, the Depository, Clearstream or Euroclear.

 

“Aggregate Outstanding Amount” means, (i) when used with respect to any Class of Principal Balance Notes at any time, the aggregate principal amount of such Class of Principal Balance Notes Outstanding at such time, and (ii) when used with respect to all Classes of Principal Balance Notes in the aggregate, the aggregate principal amount of all Principal Balance Notes Outstanding at such time.

 

“Aggregate Principal Balance” means, when used with respect to any Pledged Assets or Mortgage Loans as of any date of determination, the sum of the Principal Balances on such date of determination of all such Pledged Assets or Mortgage Loans.

 

“Appraisal” has the meaning set forth in the Servicing Agreement.

 

“Appraisal Reduction Event” means the occurrence of any of the following events with respect to a Mortgage Loan (or, in the case of a Mortgage Loan that is a Pari Passu Participation, the related Participated Whole Loan):

 

(1)      the 90th day following the occurrence of any uncured delinquency in monthly payments with respect to such Mortgage Loan or Participated Whole Loan, as applicable;

 

			
	
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(2)      receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of the Mortgaged Property securing such Mortgage Loan or Participated Whole Loan, as applicable;

 

(3)      the date on which the Mortgaged Property securing such Mortgage Loan or Participated Whole Loan, as applicable, becomes REO Property;

 

(4)      such Mortgage Loan or Participated Whole Loan, as applicable, becomes a Modified Mortgage Loan; and

 

(5)      a  payment  default  occurs  with  respect  to  a  balloon  payment; provided, however if (A) the related borrower is diligently seeking a refinancing commitment (and delivers a statement to that effect to the Servicer within 30 days after the default, who will promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing), (B) the related borrower continues to make its scheduled monthly payment, (C) no other Appraisal Reduction Event has occurred with respect to that Mortgage Loan or Participated Whole Loan, as applicable, and (D) for so long as no Control Shift Event with respect to the Class E Notes has occurred and is continuing, the Directing Holder consents, an Appraisal Reduction Event will not occur until 90 days beyond the related maturity date, unless extended by the Special Servicer in accordance with the Transaction Documents, the Indenture or the Servicing Agreement; and provided, further, if the related borrower has delivered to the Servicer, who shall have promptly delivered a copy to the Special Servicer, the Operating Advisor, and for so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder, on or before the 90th day after the related maturity date, a refinancing commitment reasonably acceptable to the Special Servicer, and the borrower continues to make its scheduled monthly payments (and no other Appraisal Reduction Event has occurred with respect to that Mortgage Loan or Participated Whole Loan, as applicable), an Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond the related maturity date (or extended maturity date) and (2) the termination of the refinancing commitment.

 

“Authenticating Agent” means, with respect to the Notes or any Class of the Notes, the Person designated by the Indenture Trustee, if any, to authenticate such Notes on behalf of the Indenture Trustee pursuant to Section 2.11.

 

“Authorized Officer” means (i) with respect to the Issuer, any Officer (or attorney- in-fact appointed by the Issuer) of the Owner Trustee, the Servicer or the Trust Administrator who is authorized to act for the Issuer in matters relating to, and binding upon, the Issuer, (ii) with respect to the Trust Depositor, the Servicer or the Trust Administrator, initially those individuals the names of whom appear on the lists of Authorized Officers attached hereto (as such list may be modified or supplemented from time to time thereafter), (iii) with respect to the Indenture Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer and (iv) 

 

			
	
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with respect to the Intermediate Trust, any officer of the Intermediate Trust Trustee, the Servicer or the Intermediate Trust Administrator that is authorized to act for the Intermediate Trust or authorized to act for the Issuer, in matters relating to and binding upon, the Intermediate Trust. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary.

 

“Available  Redemption  Funds”  has  the  meaning specified in  Section 9.1(b) hereof.

 

“Backup Advancing Agent” means Wells Fargo Bank, National Association, solely in its capacity as backup advancing agent hereunder, unless a successor Person shall have become the backup advancing agent pursuant to the applicable provisions of this Indenture, and thereafter Backup Advancing Agent shall mean such successor Person.

 

“Bad Faith” means, with respect to the conduct or transaction concerned, the absence of “good faith” (as such term is defined in the UCC).

 

“Balance” means at any time, with respect to Cash or Eligible Investments in any Account at such time, the aggregate of the (i) current balance of Cash, demand deposits, time deposits, certificates of deposit, federal funds and money market funds; (ii) principal amount owing in respect of interest-bearing corporate and government securities, money market accounts, repurchase obligations and reinvestment agreements; and (iii) purchase price (but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial paper.

 

“Bank” means Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States, in its individual capacity and not as Indenture Trustee.

 

“Bankruptcy Code” means the United States Bankruptcy Code, Title 11 of the United States Code, as amended.

 

“Beneficial Owner” means any Person owning an interest in a Global Note as reflected on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participant for which a Depository Participant of the Depository acts as agent.

 

“Benefit Plan” has the meaning specified in Section 2.4(n) hereof.

 

“Board Resolution” means with respect to the Issuer, a resolution or written consent of the holder of the Trust Certificate.

 

“Business Day” means a day on which commercial banks are open for business in each of New York, New York, Atlanta, Georgia, London, England and the city in which the Corporate Trust Office of each of the Indenture Trustee, the Intermediate Trust Trustee and the Owner Trustee is located and, in the case of the final payment of principal of any Note, the place of presentation of such Note.

 

“Calculation Agent” has the meaning specified in Section 7.14(a) hereof.

 

 

			
	
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“Calculation Amount” means, with respect to any Mortgage Loan (or, in the case of a Mortgage Loan that is a Pari Passu Participation, the related Participated Whole Loan) as to which an Appraisal Reduction Event has occurred, the lesser of (a) the outstanding principal amount of such Mortgage Loan or Participated Whole Loan, as applicable, and (b) the sum of (1) the appraised value(s) (net of any prior mortgage liens) of the related Mortgaged Property or Mortgaged Properties securing such Mortgage Loan or Participated Whole Loan, as applicable, as determined by the most recent Updated Appraisal in respect of such Mortgaged Property or Mortgaged Properties, plus (2) all escrows, letters of credit and reserves (other than escrows and reserves for taxes, ground rents, assessments and insurance) plus (3) all insurance and casualty proceeds and condemnation awards that constitute collateral for the related Mortgage Loan or Participated Whole Loan, as applicable (whether paid or then payable by any insurance company or government authority), in each case, as determined by the Special Servicer (in the case of any Mortgage Loan that is a Pari Passu Participation, the amount determined by this clause (b) shall be reduced by the proportionate share attributable to the funded portion of the Companion Participation, if any).

 

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

 

“Cash Purchaser” has  the meaning specified in the definition of  “Qualified Buyer”.

 

“Certificate  of  Authentication”  has  the  meaning  specified  in  Section 2.3(f) hereof.

 

“Certificate Register” has the meaning give to such term in the Trust Agreement.

 

 “Certificated Security” has the meaning specified in Section 8-102(a)(4) of the UCC.

 

“Class” means, with respect to the Notes, each of the eight classes thereof consisting of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, respectively.

 

“Class A Defaulted Interest Amount” means, with respect to the Class A Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A Notes on account of any interest shortfalls in respect of the Class A Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class A Notes” means the Class A First Priority Senior Secured Floating Rate Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at the Class A Note Rate.

 

“Class A Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus (i) prior to and including the Payment Date occurring in November 2022,  0.850%,  and (ii) beginning with the payment made on  the Payment Date occurring in November 2022, 1.100%.

 

 “Class A Subordinate Interests” has the meaning specified in Section 13.1(a) hereof.

 

 

			
	
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“Class A-S Defaulted Interest Amount” means, with respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A-S Notes on account of any interest shortfalls in respect of the Class A-S Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class A-S Notes” means the Class A-S Second Priority Senior Secured Floating Rate Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at the Class A-S Note Rate.

 

“Class A-S Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus Date (i) prior to and including the Payment Date occurring in November 2022,  1.450%,  and (ii) beginning with the payment made on  the Payment Date occurring in November 2022, 1.700%.

 

 “Class A-S Subordinate Interests” has the meaning specified in Section 13.1(b) hereof.

 

“Class B Defaulted Interest Amount” means, with respect to the Class B Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class B Notes on account of any interest shortfalls in respect of the Class B Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class B Notes” means the Class B Third Priority Senior Secured Floating Rate Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at the Class B Note Rate.

 

“Class B Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus (i) prior to and including the Payment Date occurring in November 2022,  1.750%,  and (ii) beginning with the payment made on  the Payment Date occurring in November 2022, 2.250%.

 

“Class B Subordinate Interests” has the meaning specified in Section 13.1(c) hereof.

 

“Class C Defaulted Interest Amount” means, with respect to the Class C Notes as of each Payment Date on which no Class A Notes, Class A-S Notes or Class B Notes are Outstanding, the accrued and unpaid amount due to holders of the Class C Notes (other than the Class C Deferred Interest Amount) on account of any interest shortfalls in respect of the Class C Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class C Deferred Interest Amount” has the meaning specified in Section 2.6(b).

 

“Class C Notes” means the Class C Fourth Priority Deferrable Senior Secured Floating Rate Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at the Class C Note Rate.

 

 

			
	
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“Class C Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus (i) prior to and including the Payment Date occurring in November 2022,  2.250%,  and (ii) beginning with the payment made on  the Payment Date occurring in November 2022, 2.750%.

 

“Class C Subordinate Interests” has the meaning specified in Section 13.1(d) hereof.

 

“Class D Defaulted Interest Amount” means, with respect to the Class D Notes as of each Payment Date on which no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are Outstanding, the accrued and unpaid amount due to holders of the Class D Notes (other than the Class D Deferred Interest Amount) on account of any interest shortfalls in respect of the Class D Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class D Deferred Interest Amount” has the meaning specified in Section 2.6(c).

 

“Class D Notes” means the Class D Fifth Priority Deferrable Senior Secured Floating Rate Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at the Class D Note Rate.

 

“Class D Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus (i) prior to and including the Payment Date occurring in November 2022,  3.750%,  and (ii) beginning with the payment made on  the Payment Date occurring in November 2022, 4.25%.

 

“Class D Subordinate Interests” has the meaning specified in Section 13.1(e) hereof.

 

“Class E Defaulted Interest Amount” means, with respect to the Class E Notes as of each Payment Date on which no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are Outstanding, the accrued and unpaid amount due to holders of the Class E Notes (other than the Class E Deferred Interest Amount) on account of any interest shortfalls in respect of the Class E Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class E Deferred Interest Amount” has the meaning specified in Section 2.6(f).

 

“Class E Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus 5.750%.

 

“Class E Notes” means the Class E Income Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at a rate per annum equal to the Class E Note Rate.

 

 “Class E Subordinate Interests” has the meaning specified in Section 13.1(h) hereof.

 

 

			
	
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“Class F Defaulted Interest Amount” means, with respect to the Class F Notes as of each Payment Date on which no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are Outstanding, the accrued and unpaid amount due to holders of the Class F Notes (other than the Class F Deferred Interest Amount) on account of any interest shortfalls in respect of the Class F Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class F Deferred Interest Amount” has the meaning specified in Section 2.6(g).

 

“Class F Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus 7.750%.

 

“Class F Notes” means the Class F Income Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at a rate per annum equal to the Class F Note Rate.

 

“Class F Subordinate Interests” has the meaning specified in Section 13.1(i) hereof.

 

“Class G Defaulted Interest Amount” means, with respect to the Class G Notes as of each Payment Date on which no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes or Class F Notes are Outstanding, the accrued and unpaid amount due to holders of the Class G Notes (other than the Class G Deferred Interest Amount) on account of any interest shortfalls in respect of the Class G Notes with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful).

 

“Class G Deferred Interest Amount” has the meaning specified in Section 2.6(h). “Class G Note Rate” means, for each Interest Period relating to a Payment Date, the applicable value of LIBOR, plus 10.000%.

 

“Class G Notes” means the Class G Income Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive interest at a rate per annum equal to the Class G Note Rate.

 

“Class H Notes” means the Class H Income Notes due December 2037, issued by the Issuer on the Closing Date in respect of which the Holders are entitled to receive any Interest Proceeds remaining after all other amounts payable therefrom.

 

“Class H Subordinate Interests” has the meaning specified in Section 13.1(k) hereof.

 

“Clean-up Call” has the meaning specified in Section 9.1(a) hereof.

 

“Clean-up Call Date” has the meaning specified in Section 9.1(a) hereof.

 

“Clearing Agency”  means an organization registered as  a  “clearing agency” pursuant to Section 17A of the Exchange Act.

 

 

			
	
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“Clearing Corporation” has the meaning specified in Section 8-102(a)(5) of the UCC.

“Clearstream” means Clearstream Banking S.A.

“Closing Date” means November 29, 2017.

“Closing Date Mortgage Loans” means the Mortgage Loans, other than the Delayed Close Mortgage Loan, that are deposited into the Intermediate Trust on the Closing Date, which are listed on Schedule A attached hereto.

 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. “Collateral” has the meaning specified in the Granting Clauses.

“Collection Accounts” means the Interest Collection Account and the Principal Collection Account.

“Companion Participation” means the non-controlling pari passu participation interest in a Participated Whole Loan that is not included in the Underlying Mortgage Pool or beneficially owned by the Issuer.

“Controlling Class” means the Class A Notes or, if there are no Class A Notes Outstanding, then the Class A-S Notes or, if there are no Class A-S Notes Outstanding, then the Class B Notes or, if there are no Class B Notes Outstanding, then the Class C Notes or, if there are no  Class C  Notes  Outstanding, then  the  Class D  Notes  or,  if  there  are  no  Class D  Notes Outstanding, then the Class E Notes or, if there are no Class E Notes Outstanding, then the Class F Notes or, if there are no Class F Notes Outstanding, then the Class G Notes or, if there are no Class G Notes Outstanding, then the Class H Notes.

“Control Shift Event” has the meaning specified in the Servicing Agreement.

“Consultation Termination Event” has the meaning specified in the Servicing Agreement.

“Corporate Trust Office” means (a) in the case of the Indenture Trustee (i) for Note transfer purposes, the principal corporate trust office at Wells Fargo Bank, National Association, Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, 7th Floor, Minneapolis, Minnesota 55479, Attention:   Corporate Trust Services – RAIT 2017-FL8, and (ii) for  all  other purposes,  at  9062  Old  Annapolis Road, Columbia, Maryland 21045-1951, Attention: Client Manager – RAIT 2017-FL8  and (b) and in the case of the Owner Trustee, 919 N. Market Street, Suite 1600, Wilmington, Delaware 19801, Attention:  RAIT 2017-FL8 and in each case, such other address as the Indenture Trustee or Owner Trustee may designate from time to time by notice to the Noteholders, the Servicer, and the Issuer, or the principal corporate trust office of any successor Indenture Trustee or Owner Trustee.

 

“Credit Enhancement Level” means, with respect to any Class of Principal Balance Notes, the fraction, expressed as a percentage, where the numerator is the Aggregate Outstanding Amount (excluding the Deferred Interest Amount) of each Class of Principal Balance Notes that is subordinate to such Class of Principal Balance Notes, and the denominator is the Aggregate Outstanding Amount (excluding the Deferred Interest Amount) of all Classes of Principal Balance Notes.

 

			
	
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“Credit Risk Retention Rules” means the final credit risk retention rule issued by the Securities and Exchange Commission (appearing at 17 CFR § 246.1, et seq.) that adopted the joint final rule promulgated by the Regulatory Agencies (appearing at 79 F.R. 77601; pages 77740-77766) to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as such rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Regulatory Agencies in the adopting release (79 FR 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.

 

“CREFC®”  means  CRE  Finance  Council,  formerly  known  as  Commercial Mortgage Securities Association, or any association or organization that is a successor thereto.

 

“CREFC®  Intellectual Property Royalty License Fee” means with respect to each Mortgage Loan and for any Payment Date, an amount accrued during the related Interest Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Principal Balance of such Mortgage Loan as of the close of business on the Determination Date in such Interest Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated for partial periods.

 

“CREFC® Intellectual Property Royalty License Fee Rate” means, with respect to each Mortgage Loan, a rate equal to 0.0005% per annum.

 

“Custodial Account” means the Securities Account designated the “Custodial Account” and established in the name of the Indenture Trustee pursuant to Section 10.2(i) hereof.

 

“Custodian” has the meaning specified in Section 3.3(a) hereof.

 

“DBRS” means DBRS, Inc., or any successor thereto.

 

“Default” means any Indenture Event of Default or any occurrence that, with notice or lapse of time or both, would become an Indenture Event of Default.

 

“Defaulted Interest Amount” means the Class A Defaulted Interest Amount, Class A-S Defaulted Interest Amount, Class B Defaulted Interest Amount, Class C Defaulted Interest Amount, Class D Defaulted Interest Amount, Class E Defaulted Interest Amount, Class F Defaulted Interest Amount or Class G Defaulted Interest Amount, as applicable, in accordance with Section 5.1(a).   For the avoidance of doubt, so long as a more senior Class of Principal Balance Notes is Outstanding, any interest payment due on the Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes or Class H Notes, as applicable, that is not paid as a result of the operation of the Priority of Payments on any Payment Date shall not be considered a “Defaulted Interest Amount.”

 

 

			
	
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“Defaulted Mortgage Loan” means, for purposes of this Indenture, any Mortgage Loan (or, in the case of a Mortgage Loan that is a Pari Passu Participation, the related Participated Whole Loan) as to which either (x) a payment default (after giving effect to any applicable grace, notice or cure period but without giving effect to any waiver) has occurred and is continuing for more than 60 days; or (y) there is known to the Special Servicer a material non-monetary event of default that has occurred and is continuing (after giving effect to any applicable grace, notice or cure period but without giving effect to any waiver) for more than 60 days after the Special Servicer obtained actual knowledge thereof and provided any required notices have been delivered to the related borrower.

 

“Deferred Interest Amount” means the Class C Deferred Interest Amount, the Class D Deferred Interest Amount, the Class E Deferred Interest Amount, the Class F Deferred Interest Amount and the Class G Deferred Interest Amount, as applicable.

 

“Definitive Note” has the meaning specified in Section 2.1(b) hereof.

 

“Delayed  Close  Mortgage  Loan”  means  the  Mortgage  Loan  identified  on

Schedule A attached hereto as The View at Lake Highlands.

“Depositor Purchase and Sale Agreement” means the Purchase and Sale Agreement, dated on or about the Closing Date, by and among RAIT 2017-FL8 Trust, as purchaser and RAIT 2017-FL8, LLC, as seller and any other Depositor Purchase and Sale Agreement entered into after the Closing Date if a purchase agreement is necessary to comply with this Indenture, which agreement is pledged to the Indenture Trustee pursuant to this Indenture.

 

“Depository” or “DTC” means The Depository Trust Company, a New York corporation, its nominees, and their respective successors.

 

“Depository Participant” means a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository effects book-entry transfers and pledges of Notes deposited with the Depository.

 

“Determination  Date”  means  the  11th  day  of  each  month,  commencing  in December 2017, or if such date is not a Business Day, the next succeeding Business Day.

 

“Directing Holder” means the Majority Holder(s) (or the appointed representative of the Majority Holder(s)) of the most subordinate of (1) the Class E Notes, (2) the Class F Notes, (3) the Class G Notes and (4) the Class H Notes, in each case, as to which no Control Shift Event has occurred and is continuing. None of the Holders of the Senior Notes will be eligible to act as (or appoint a representative to act as) the Directing Holder at any time. The initial Directing Holder will be the Trust Depositor.

 

“Distribution” means, for purposes of this Indenture, any payment of principal, interest or fee or any dividend or premium payment made on, or any other distribution in respect of, the Intermediate Trust Certificate, an Eligible Investment or other Pledged Asset.

 

“Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for all debts, public and private.

 

 

			
	
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“Due Date” means each date on which a Distribution is due on a Pledged Asset or a Mortgage Loan.

 

“Due Period” means, with respect to any Payment Date, the period that commences on the day after the second preceding Determination Date and ends on and includes the Determination Date immediately preceding such Payment Date, except that (a) the initial Due Period will commence on, and include, the Closing Date and (b) the final Due Period will end on, and include, the day preceding the Stated Maturity of the Notes.  The “Payment Date” relating to any Due Period shall be the first Payment Date following the last day of such Due Period.

 

“Early Unused Proceeds Release Date” means, in the event the Seller has reasonably determined that a Delayed Close Mortgage Loan will not be originated or be available for acquisition by the Trust Depositor to be included as an asset of the Intermediate Trust on or prior to the Purchase Termination Date, such earlier date as is designated by the Seller (by providing written notice to the Issuer, the Trust Depositor and the Indenture Trustee) for such Delayed Close Mortgage Loan.  An Early Unused Proceeds Release Date shall not be any day from and including the Determination Date to and including the Payment Date in any month.

“EHRI” means the Class H Notes, which are retained by the Trust Depositor on the Closing Date.

 

“Eligible Investments” include any Dollar-denominated investment that is one or more of the following (and may include investments for which the Indenture Trustee and/or its Affiliates or the Servicer and/or its Affiliates provides services or receives compensation):

 

(a)      Cash;

 

(b)      direct Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are expressly backed by the full faith and credit of the United States;

 

(c)      demand and time deposits in, certificates of deposit of, bankers’ acceptances payable within 183 days of issuance issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States (including the Bank) or any state thereof and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the debt obligations of such depository institution or trust company (or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment are rated (i) in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) at least “Aa3/P-1” by Moody’s;

 

(d)      unleveraged  repurchase  obligations  with  respect  to  (i) any  security described in clause (b) above or (ii) any other Registered obligation issued or guaranteed by an agency or instrumentality of the United States (in each case without regard to the stated maturity of such security), in either case entered into with a U.S. federal or state depository institution or trust company (acting as principal) described in clause (c) above or entered into with a corporation (acting as principal) the short-term obligations of which are rated (i) in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) at least “Aa3/P-1” by Moody’s;

 

			
	
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(e)      registered debt securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state thereof that are rated (i) in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) at least “Aa3/P-1” by Moody’s;

 

(f)      commercial paper or other short-term obligations with a maturity of not more than 183 days from the date of issuance that are rated (i) in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) at least “Aa3/P-1” by Moody’s;

 

(g)      registered reinvestment agreement issued or unconditionally guaranteed by any bank, or a Registered reinvestment agreement issued or unconditionally guaranteed by any insurance company or a Registered reinvestment agreement issued or unconditionally guaranteed by any other corporation or entity (if treated as debt by the obligor) that is rated (i) in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) at least “Aa3/P-1” by Moody’s; and

 

(h)      interests in any money market fund, including the Wells Fargo Advantage Money Market Fund, or similar investment vehicle having at the time of investment therein (i) the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) and (ii) a rating of at least “Aaa-mf” by Moody’s; and, in each case (other than clause (a) or (h)), with a stated maturity or, in the case of clause (g), a withdrawal date (in each case giving effect to any applicable grace period) no later than the Business Day immediately preceding the Payment Date next following the Due Period in which the  date  of  investment occurs;  provided  that  Eligible  Investments may  not  include (i) any mortgaged-backed security, (ii) any security that does not provide for payment or repayment of a stated principal amount in one or more installments, (iii) any security purchased at a price in excess of 100% of the par value thereof, (iv) any investment the income from or proceeds of disposition of which is or will be subject to reduction for or on account of any withholding or similar tax (other than pursuant to FATCA), (v) any security the acquisition (including the manner of acquisition), ownership, enforcement or disposition of which will subject the Issuer or the Intermediate Trust to net income tax in any jurisdiction, (vi) any floating rate security (other than the time deposits described in clause (c) above) whose interest rate is inversely or otherwise not proportionately related to an interest rate index or is calculated as other than the sum of an interest rate index plus or minus a spread, (vii) any security whose rating by S&P includes the subscript “r,” “t,” “p,” “pi” or  “q,”  (viii) any  security  that  the  Servicer  determines  (in  accordance  with  the  Servicing Agreement) to be subject to substantial non-credit-related risk, (ix) any interest-only securities or (x) any security the acquisition, ownership, enforcement and disposition of which will cause the Issuer or the Intermediate Trust to fail to be treated as an Issuer Parent Disregarded Entity; provided further that, if any of the rating requirements set forth in clauses (c), (d), (e), (f) or (g) above are not satisfied, such investment will qualify as an Eligible Investment upon satisfaction of the Rating Agency Condition with respect to the Rating Agencies.  Eligible Investments may be obligations of, and may be purchased from, the Indenture Trustee and its Affiliates so long as (i) such Eligible Investments satisfy the minimum ratings requirements of DBRS (or, if not rated by DBRS, an equivalent rating by any two other NRSROs) set forth in clauses (c) – (h) above, and (ii) the Indenture Trustee has a capital and surplus of at least U.S. $200,000,000 and has a long - term unsecured credit rating of at least “Baa1” by Moody’s, and may include obligations for which the Indenture Trustee or an Affiliate thereof receives compensation for providing services. Notwithstanding the foregoing, except in the case of clauses (e) and (h), such obligation shall have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change.

 

 

			
	
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“Entitlement Holder” has the meaning specified in Section 8-102(a)(7) of the UCC.

 

“Entitlement Order” has the meaning specified in Section 8-102(a)(8) of the UCC.

 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended.

“E.U. Risk Retention Letter” means that certain letter agreement between RAIT Partnership and the Trust Depositor, dated on or about the Closing Date

 

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

 

“Excepted Property” means the Trust Certificate Account and all of the funds and other property from time to time deposited in or credited to the Trust Certificate Account.

 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

“Exchange Date” means any Business Day other than the first or last Business Day of the month, subject to approval by the Indenture Trustee.

 

“Exit Fees” means, with respect to any Mortgage Loan, any fee identified in the related Loan Documents as an “exit fee”, “exit additional interest” or similarly defined term and paid by the related borrower in connection with a repayment of such Mortgage Loan (other than any prepayment premium), including any fee that is payable upon a prepayment if such fee would also be payable if the amount prepaid were paid on the scheduled maturity date of such Mortgage Loan.

 

“Expense  Account”  means  the  Securities  Account  designated  the  “Expense Account” and established in the name of the Indenture Trustee pursuant to Section 10.4 hereof.

 

“Expense Year” means each 12-month period commencing on the Business Day following the Payment Date in December each year (or in the case of the first Expense Year, the Closing Date) and ending on the Payment Date in December of the following year.

 

“FATCA” means Sections 1471 through 1474 of the Code and any regulations or official interpretations thereof.

 

“Final Pool Principal Balance” means, including the anticipated initial principal balance of the Delayed Close Mortgage Loan(s), $259,776,000.

“Financial Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. “Financing Statement” means a financing statement relating to the Collateral naming the Issuer as debtor and the Indenture Trustee on behalf of the Secured Parties as secured party.

 

 

			
	
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“Fitch” means Fitch Ratings, Inc., or any successor thereto.

 

“Floor Rate” means a specified fixed minimum interest rate set forth in the Loan Documents for a Mortgage Loan.

 

“Future Funding Account Control Agreement” means any account control agreement entered into in accordance with the terms of the Future Funding Agreement by and among RAIT Partnership, L.P., as pledgor, the Indenture Trustee, as secured party, and an account bank, as the same may be amended, supplemented or replaced from time to time.

 

“Future Funding Agreement”  means the future funding agreement, dated as of the Closing Date, by and among RAIT 2017-FL8 A-2 Holdings, LLC, as obligor, RAIT Partnership, L.P., as Future Funding Indemnitor, and the Indenture Trustee, as trustee on behalf of the Noteholders, as the same may be amended, supplemented or replaced from time to time.

 

“Future Funding Holder” with regard to each Future Funding Participation, means RAIT 2017-FL8 A-2 Holdings, LLC, or a permitted affiliate thereof in accordance with the related Participation Agreement.

“Future Funding Indemnitor” means RAIT Partnership, L.P., and its successors in interest.

“Future Funding Participation” means, with respect to each Mortgage Loan that is a Pari Passu Participation, the future funding companion participation interest, which (unless it is acquired as a Related Funded Companion Participation after the Closing Date in accordance with the terms of this Agreement) is not included in the Underlying Mortgage Pool or beneficially owned by the Issuer or the Intermediate Trust.

“Future Funding Reserve Account” has the meaning specified in the Servicing Agreement.

“Global Notes” means the Regulation S Global Notes and the Rule 144A Global Notes.

“Government Items” means a security (other than a security issued by the Government National Mortgage Association) issued or guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to each of the foregoing, that is maintained in book-entry form on the records of a Federal Reserve Bank.

“Grant” means to grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, grant and create a security interest in and right of set-off against, deposit, set over and confirm. A Grant of the Pledged Assets, or of any other security or instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, without limitation, the immediate continuing right to claim, collect, receive and take receipt for principal, interest and fee payments in respect of the Pledged Assets or such other instruments, and all other Cash payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

			
	
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“Holder” or “Noteholder” means, with respect to any Note, the Person in whose name such Note is registered in the Note Register and with respect to the Trust Certificate, the Person in whose name such Trust Certificate is registered in the register maintained under the Certificate Register.

“IAI” means an institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.”

 

“Impaired Mortgage Loan” means (1) any Defaulted Mortgage Loan or (2) any Mortgage Loan as to which a default is reasonably foreseeable, as determined by the Special Servicer in accordance with the Servicing Standard.

 

“Indenture” means this instrument and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

“Indenture Accounts” means the Note Payment Account, the Permitted Funded Companion Participation Acquisition Account, the Unused Proceeds Account and the Custodial Account.

“Indenture Event of Default” has the meaning specified in Section 5.1 hereof.

“Indenture Trustee” means Wells Fargo Bank, National Association, a national banking association, solely in its capacity as trustee hereunder, unless a successor Person shall have become the Indenture Trustee pursuant to the applicable provisions of this Indenture, and thereafter Indenture Trustee shall mean such successor Person.  Wells Fargo Bank, National Association, shall perform its duties hereunder through its Corporate Trust Services division.

 

“Indenture Trustee Expenses” means, with respect to any Payment Date, all expenses and indemnified amounts (other than fees) due or accrued with respect to such Payment Date that are payable by the Issuer to (i) the Indenture Trustee in its various capacities, including without limitation to (a) the Indenture Trustee pursuant to Section 6.7 hereof or any co-trustee appointed pursuant to Section 6.12 hereof, and (b) the Note Registrar pursuant to Section 2.4(a) hereof, (ii) the Custodian hereunder and pursuant to the Account Control Agreement, (iii) the Paying Agent, (iv) the Calculation Agent, (v) the Transfer Agent, (vi) the Backup Advancing Agent and (vii) the Intermediate Trust Trustee.

 

“Indenture Trustee Fee” means, a fee equal to $48,000 per annum, which will be payable in monthly installments on each Payment Date in accordance with the Priority of Payments, to Wells Fargo Bank, National Association, in its capacities (or any successor to it in such capacities) as (i) Note Registrar, Indenture Trustee, Rule 17g-5 Information Provider and Backup Advancing Agent under the Indenture and (ii) Custodian hereunder and under the Account Control Agreement. The Indenture Trustee will pay to the Owner Trustee the Owner Trustee Fee and to the Intermediate Trust Trustee the Intermediate Trust Trustee Fee, each out of the Indenture Trustee Fee.

 

“Indenture Trustee Fee Rate” means, with respect to each Payment Date, the annualized rate at which the Indenture Trustee Fee would need to accrue on the Aggregate Principal Balance of the Mortgage Loans as of the first day of the related Mortgage Loan Accrual Period, on the same basis as interest accrues on the Mortgage Loans, in order to yield the Indenture Trustee Fee for such Payment Date.

 

			
	
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“Independent” means, as to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions and (iii) if required to deliver an opinion or certificate to the Indenture Trustee pursuant to this Indenture, states in such opinion or certificate that the signer has read this definition and that the signer is Independent within the meaning hereof. “Independent” when used with respect to any accountant may include an accountant who performs agreed upon procedures on the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person under Interpretation 101-11 of Rule 101 of the Rules of Conduct of the Code of Professional Conduct of the American Institute of Certified Public Accountants.

 

“Inquiry” has the meaning set forth in Section 10.15 hereof.

“Instrument” has the meaning specified in Section 9-102(a)(47) of the UCC.

“Interest Advance” has the meaning specified in Section 10.12(a) hereof.

 

“Interest Collection Account” means the Securities Account designated the “Interest Collection Account” and established in the name of the Indenture Trustee pursuant to Section 10.2(a) hereof.

 

“Interest Distribution Amount” means, with respect to any Payment Date for any Class of Notes (other than the Class H Notes), the sum of (a) the aggregate amount of interest accrued at the annual rate at which interest accrues on the Aggregate Outstanding Amount of the Principal Balance Notes of such Class during the applicable Interest Period (after giving effect to any redemption of the Notes of such Class or other payment of principal of the Notes of such Class on any preceding Payment Date) plus (b) any Defaulted Interest Amount in respect of the Notes of such Class and accrued interest thereon.

 

“Interest Period” means: (i) with respect to the first Payment Date, the period that commences on and includes the Closing Date and ends on and includes December 14, 2017; and (ii) with respect to each other Payment Date, the period that commences on the 15th day of the calendar month preceding the calendar month in which the related Payment Date occurs and ends on and includes the 14th day of the calendar month in which the related Payment Date occurs.

 

“Interest Proceeds” means, with respect to any Payment Date, (A) the sum (without duplication) of (1) all cash payments of interest (including any amount representing the accreted portion of a discount from the face amount of an Eligible Investment) and other distributions received by the Issuer (including by means of distribution from the Intermediate Trust) during the related Due Period in respect of (a) all Mortgage Loans other than Defaulted Mortgage Loans (net of the Servicing Fee, Special Servicing Fee, the Operating Advisor Fees, the amount of any Nonrecoverable Property Protection Advances and all other amounts retained by, or payable to, the Servicer, the Special Servicer or the Operating Advisor in accordance with the terms of the Servicing Agreement) and (b) Eligible Investments, in each case, excluding any accrued interest 

 

			
	
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included in Principal Proceeds pursuant to clause (A)(3) or (4) of the definition of Principal Proceeds, (2) all make whole premiums, prepayment premiums or any interest amount paid in excess of the stated interest amount of a Mortgage Loan received during the related Due Period, (3) all amendment and waiver fees, late payment fees, commitment fees and other fees (but excluding Exit Fees and Scheduled Extension Fees, which are being retained by the Seller) and commissions received by the Issuer (including by means of distribution from the Intermediate Trust) during such Due Period in connection with such Mortgage Loans and Eligible Investments (other than, in each such case, fees and commissions received in connection with the restructuring of a Mortgage Loan and, for the avoidance of doubt, any origination fees paid by a related borrower), (4) funds remaining on deposit in the Expense Account upon redemption of the Notes in whole, in accordance with Section 10.4 hereof, (5) with respect to any Defaulted Mortgage Loan sold by or at the direction of the Issuer during the related Due Period, the excess, if any, of the amount received by the Issuer (including by means of distribution from the Intermediate Trust) in connection with such sale and the par amount of such Defaulted Mortgage Loan, (6) all payments of principal on Eligible Investments purchased with proceeds of items (A)(1), (2) and (3) of this definition, (7) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent with respect to such Payment Date, (8) any excess proceeds received in respect of a Mortgage Loan after the principal amount of such Mortgage Loan has been reduced to zero, but only if, so long as no Control Shift Event with respect to the Class E Notes has occurred and is continuing, the Directing Holder instructs the Issuer to treat such amounts as “Interest Proceeds”, and (9) any payments similar to the foregoing received with respect to any Mortgage Loan held by a Permitted Subsidiary, provided that Interest Proceeds will in no event include any payment or proceeds specifically defined as “Principal Proceeds” in the definition thereof, minus (B) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or the Backup Advancing Agent out of any of the items listed above.

 

For the avoidance of doubt, “Interest Proceeds” shall not include the Servicing Fee, Special Servicing Fee, the amount of any Nonrecoverable Property Protection Advances and any other amounts retained by, or payable to, the Servicer or the Special Servicer in accordance with the terms of the Servicing Agreement and shall not include any Exit Fees or any Scheduled Extension Fees.

 

“Interest Proceeds Waterfall” has the meaning specified in Section 11.1(a)(i) hereof.

 

“Interest Shortfall” has the meaning specified in Section 10.12(a) hereof.

 

“Intermediate Trust” means RAIT 2017-FL8 Intermediate Trust, a newly formed common law trust created and existing under the laws of the State of New York, and any successor Intermediate Trust under the Intermediate Trust Agreement.

 

“Intermediate Trust Administration Agreement” means the Intermediate Trust Administration Agreement, dated as of November 29, 2017, between the Intermediate Trust, the Trust Depositor and the Intermediate Trust Trustee, as amended from time to time.

“Intermediate Trust Administrator” means RAIT Partnership, L.P., or any successor thereto in such capacity.

 

 

			
	
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“Intermediate Trust Agreement” means the Trust Agreement, dated as of November 29, 2017, between the Trust Depositor and the Intermediate Trust Trustee, as amended from time to time.

 

“Intermediate Trust Certificate” means a certificate evidencing 100% of the ownership interest in the Intermediate Trust, substantially in the form of Exhibit A to the Intermediate Trust Agreement.

 

“Intermediate Trust Trustee” means Wells Fargo Bank, National Association, not in its individual capacity but solely as intermediate trust trustee under the Intermediate Trust Agreement, and any successor Intermediate Trust Trustee thereunder.

 

“Intermediate Trust Trustee Fee” means the annual fee (in an amount previously agreed to between the Intermediate Trust Trustee and the Trust Depositor) payable in equal monthly installments on each Payment Date, in accordance with the Priority of Payments, to Wells Fargo Bank, National Association, in its capacity as Intermediate Trust Trustee. The Intermediate Trust Trustee Fee shall be paid by the Indenture Trustee from the Indenture Trustee Fee.

 

“Intervening ALRS” has the meaning specified in Section 3.3 hereof.

 

“Intervening Assignments of Mortgage” has the meaning specified in Section 3.3 hereof.

 

“Intervening UCC-3s” has the meaning specified in Section 3.3 hereof.

 

“Investment Company Act” means the United States Investment Company Act of 1940, as amended, and the rules thereunder.

 

“Investor  Certification”  means  a  certificate,  substantially  in  the  form  of Exhibit G-1 or Exhibit G-2 hereto, representing that such person executing the certificate is a Noteholder or a beneficial owner of a Note, a holder of the Trust Certificate or a prospective purchaser of a Note and that either (a) such person is not an agent of, or an investment advisor to, any borrower or property manager or any affiliate of any borrower or property manager, in which case such person will have access to all the reports and information made available to Noteholders or the holder of the Trust Certificate hereunder, or (b) such person is an agent or affiliate of, or an investment advisor to, any borrower or property manager, in which case such person will only receive access to the Monthly Report. The Investor Certification may be submitted electronically by means of the Indenture Trustee’s website.

 

“Investor  Registry”  means  the  Investor  Registry  described  in  Section 10.15 hereof.

 

“Investor  Q&A  Forum”  means  the  Investor  Q&A  Forum  described  in Section 10.15 hereof.

“Issuer” means RAIT 2017-FL8 Trust, a newly formed statutory trust created and existing under the laws of the State of Delaware, unless a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

			
	
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“Issuer Order” and “Issuer Request” mean, respectively, a written order or a written request (which may be in the form of a standing order or request), in each case dated and signed in the name of the Issuer by an Authorized Officer of the Issuer or by an Authorized Officer of the Servicer or the Trust Administrator (on behalf of the Issuer) where permitted pursuant to this Indenture or the Servicing Agreement, as the context may require or permit. An order or request provided in an email or other electronic means acceptable to the Indenture Trustee by an Authorized Officer of the Issuer shall constitute an Issuer Order except, in each case, to the extent the Indenture Trustee requests otherwise in writing.

 

“Issuer Parent” means the REIT that, for U.S. federal income tax purposes, directly or indirectly owns (or is deemed to own) 100% of the stock of the Issuer within the meaning of Section 856(i)(2) of the Code, as evidenced by an Opinion of Counsel.  The initial Issuer Parent is RAIT Financial.

 

“Issuer Parent Disregarded Entity” means any Qualified REIT Subsidiary or other entity which is is disregarded as an entity separate from the Issuer Parent within the meaning of Treasury Regulations Section 301.7701-3(b)(1)(ii) or the grantor trust provision of the Code.

 

“Junior Notes” means the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes authorized by, and authenticated and delivered under this Indenture.

 

“Last Endorsee” means, with respect to any Mortgage Loan, the Intermediate Trust.

 

“LIBOR” has the meaning specified in Schedule B hereto.

 

“LIBOR Business Day” has the meaning specified in Schedule B hereto.

 

“LIBOR Determination Date” has the meaning specified in Schedule B hereto.

 

“LIBOR Spread” has the meaning specified in Schedule B hereto.

 

“Loan Document” means, with respect to any Mortgage Loan, the note, loan agreement, participation agreement or other agreements pursuant to which such Mortgage Loan has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Mortgage Loan or of which holders of such Mortgage Loan are the beneficiaries.

 

“Loss Value Payment” means a cash payment made to the Issuer by the Seller in connection with a breach of representation or warranty with respect to any Mortgage Loan pursuant to the Seller Purchase and Sale Agreement in an amount that the Servicer on behalf of the Issuer or the Intermediate Trust, subject to the consent of the Majority Holders of each Class of Notes (excluding any Note held by the Seller or any of its affiliates), determines is sufficient to compensate the Issuer or the Intermediate Trust for such breach of representation or warranty, which Loss Value Payment will be deemed to cure such breach of representation or warranty.

 

 

			
	
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“Majority Holder”, “Majority Holders” or “Majority Holder(s)” means, with respect to any Class or Classes of Notes, the Holder(s) of more than 50% of the Aggregate Outstanding Amount of such Class or Classes of Notes at such time.

 

“Maturity” means, with respect to any Note, the date on which all Outstanding unpaid principal of such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Modified Mortgage Loan” means a Mortgage Loan that has (or, in the case of a Mortgage Loan that is a Pari Passu Participation that relates to a Participated Whole Loan that has) been modified by the Special Servicer pursuant to the Servicing Agreement in a manner that:

 

(a)      except as expressly contemplated by the related Loan Documents, reduces or delays in a material and adverse manner the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current monthly payments with respect to such Mortgage Loan or Participated Whole Loan, as applicable);

 

(b)      except as expressly contemplated by the related Loan Documents, results in a release of the lien of the mortgage on any material portion of the related Mortgaged Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related borrower and upon which the Special Servicer may conclusively rely), of the property to be released; or

 

(c)      in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Mortgage Loan or related Participated Whole Loan, as applicable, or reduces the likelihood of timely payment of amounts due thereon.

 

“Monthly Report” has the meaning specified in Section 10.7(a) hereof.

 

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

 

“Mortgage Loan” means (a) any commercial mortgage loan secured by a first-lien mortgage on one or more commercial or multifamily real properties, and (b) any Pari Passu Participation, in each case, owned by the Intermediate Trust (including any Delayed Close Mortgage Loan and/or Related Funded Companion Participation if deposited into the Intermediate Trust).

 

“Mortgage Loan Accrual Period” means the interest accrual period specified in the related Loan Documents.

 

“Mortgage Loan File” has the meaning set forth in Section 3.3(d) hereof.

 

“Mount Houston Square Release Payment” means the sum of $1,889,400, which will be deposited in the Note Payment Account on the Closing Date in the event that the borrower in respect of the Mortgage Asset identified on Annex A to as Mount Houston Square makes a prepayment prior to the Closing Date in connection with a permitted release of certain parcels (the Dairy Queen and Luby’s Cafeteria pad sites).

 

 

			
	
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“Net Outstanding Portfolio Balance” means, as of any date of determination, the sum (without duplication) of (i) the Aggregate Principal Balance on such date of determination of the Mortgage Loans (other than Mortgage Loans as to which an Appraisal Reduction Event has occurred) and with respect to each Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Calculation Amount on such date of determination of such Mortgage Loan; (ii) the aggregate Balance of all Principal Proceeds held as cash and Eligible Investments, including those held in the Unused Proceeds Account and the Permitted Funded Companion Participation Acquisition Account; and (iii) the Aggregate Principal Balance of all Cash and other Eligible Investments contributed to the Issuer by the holder of the Trust Certificate and Granted to the Indenture Trustee.

 

“No Downgrade Confirmation” means written confirmation from each Rating Agency that the proposed action, or failure to act or other specified event will not in and of itself result in the downgrade, withdrawal or qualification of the then-current rating assigned to the Rated Notes by such Rating Agency. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of electronic mail.

“Non-Permitted Holder” has the meaning specified in Section 2.4(r).

“Nonrecoverable Interest  Advance” means any Interest Advance previously made or proposed to be made which subsequent payments or collections with respect to the Mortgage Loans, in the judgment of the Advancing Agent or the Backup Advancing Agent, as applicable, may be insufficient to fully reimburse such Interest Advance, plus interest thereon, within a reasonable period of time, at the Reimbursement Rate. Any determination of recoverability by the Advancing Agent or the Backup Advancing Agent, as applicable, shall be subject to the standard set forth in Section 10.12 hereof.

 

“Nonrecoverable Property Protection Advances” has the meaning specified in the Servicing Agreement.

 

“Note Interest Rate” means, with respect to the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes and Class G Notes for any Interest Period, the annual rate at which interest accrues on the Notes of such Class for such Interest Period, as specified in Section 2.2 hereof.

 

“Note Payment Account” means the Securities Account designated the “Note Payment Account” and established in the name of the Indenture Trustee pursuant to Section 10.3 hereof.

 

“Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4(a) hereof.

“Notes” means the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes authorized by, and authenticated and delivered under, this Indenture.

 

“NRSRO” means any nationally recognized statistical rating organization, including the Rating Agencies.

 

			
	
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“NRSRO  Certification”  means  a  certification  substantially  in  the  form  of Exhibit E executed by an NRSRO in favor of the Issuer and the Rule 17g-5 Information Provider that states that such NRSRO is a Rating Agency or has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(a)(3)(iii)(B) and that such NRSRO has access to the Rule 17g-5 Website.

 

“Offering” means the offering of the Notes under the Offering Circular.

 

“Offering Circular” means the final Offering Circular, dated November 21, 2017, prepared and delivered in connection with the offer and sale of the Senior Notes, as amended or supplemented.

 

“Officer” means with respect to any corporation or limited liability company, any director, managing member, the chairman of the board of directors, the president, any vice president, the secretary, an assistant secretary, the treasurer or an assistant treasurer of such entity and with respect to any bank or trust company acting as trustee of an express trust or as custodian, any Trust Officer.

 

“Officer’s Certificate” means, with respect to the Servicer, the Special Servicer, the Seller, the Trust Administrator or the Intermediate Trust Administrator, any certificate executed by an Officer thereof, and with respect to the Issuer or the Intermediate Trust, any certificate executed by an Officer of the Trust Administrator or the Intermediate Trust Administrator or as otherwise permitted under the terms of the Trust Agreement and the Intermediate Trust Agreement, as applicable.

“Operating Advisor” means the Operating Advisor appointed pursuant to the Servicing Agreement.

“Operating Advisor Fees” has the meaning specified in the Servicing Agreement. “Opinion of Counsel” means a written opinion addressed to the Indenture Trustee and the Rating Agencies in form and substance reasonably satisfactory to the Indenture Trustee and the Rating Agencies, of an outside third party counsel of national reputation admitted to practice before the highest court of any state of the United States or the District of Columbia, which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which counsel shall be reasonably satisfactory to the Indenture Trustee. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to the Indenture Trustee and the Rating Agencies or shall state that the Indenture Trustee and the Rating Agencies shall be entitled to rely thereon.

“Optional Redemption” has the meaning specified in Section 9.1(b) hereof.

 

“Outstanding” means, with respect to the Notes or a particular Class of the Notes, as of any date of determination, all of (x) the Notes or (y) the Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture as of such date except:

(i)      Notes theretofore canceled by a Note Registrar or delivered to a Note Registrar for cancellation;

 

			
	
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(ii)      Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited with the Indenture Trustee or the Paying Agent in trust for the Holders of such Notes; provided that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Indenture Trustee has been made;

(iii)      Notes issued in exchange for, or in lieu of, other Notes which have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a holder in due course; and

(iv)      Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.5 hereof; and provided, in each case, that in determining whether the Holders of the requisite Aggregate Outstanding Amount of any Notes or Class of Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (1) Notes beneficially owned by the Issuer shall be disregarded and deemed not to be Outstanding and (2) in relation to any assignment or termination of any of the express rights of the Servicer or the Special Servicer under the Servicing Agreement, this Indenture (including the exercise of any right to remove the Servicer or Special Servicer or terminate the Servicing Agreement, and any right to select a replacement Servicer or Special Servicer when the Servicer or the Special Servicer, as the case may be, has been removed for “cause”), or any amendment or other modification of the Servicing Agreement or this Indenture that increases the rights or decreases the obligations of the Servicer or the Special Servicer, Notes that are held, owned or controlled by the Servicer or the Special Servicer or any of their respective Affiliates, or by accounts managed by them shall be disregarded and deemed not to be Outstanding; provided that, except as otherwise provided in the Servicing Agreement, the Servicer and the Special Servicer and any of their respective Affiliates will be entitled to vote Notes owned or controlled by them, or by accounts managed by them (and for which the Servicer or such Affiliate has discretionary authority), with respect to all other matters; except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Trust Officer of the Indenture Trustee actually knows to be beneficially owned in the manner indicated in clause (2) above shall be so disregarded. Notes owned in the manner indicated in clause (2) above that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee, the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, the Servicer, the Special Servicer or an obligor upon the Notes or any Affiliate of the Servicer, the Special Servicer or such obligor or an account for which the Servicer, the Special Servicer or an Affiliate of the Servicer or the Special Servicer, as the case may be, acts as investment adviser (and for which the Servicer, the Special Servicer or such Affiliate has discretionary authority).

 

“Owner Trustee” means Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor owner trustee thereunder.

 

“Owner Trustee Fee” means the annual fee (in an amount previously agreed to between the Owner Trustee and the Trust Depositor) payable in equal monthly installments on each Payment Date, in accordance with the Priority of Payments, to Wells Fargo Delaware Trust Company, N.A., in its capacity as Owner Trustee.  The Owner Trustee Fee shall be paid by the Indenture Trustee from the Indenture Trustee Fee.

 

 

			
	
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“Pari Passu Participation” means any fully funded pari passu participation interest in a Participated Whole Loan, that is included in the Underlying Mortgage Pool (and, accordingly, the Intermediate Trust) and is beneficially owned by the Issuer, as identified on the Mortgage Loan Schedule. The Mortgage Loans identified on Schedule A as (i) The View at Lake Highlands and (ii) Kearny & Clay and are (or, in the case of any such Mortgage Loans that are Delayed Close Mortgage Loans, are expected to be) Pari Passu Participations.

 

“Participated Whole Loan” means a whole mortgage loan that has been participated into (i) a Pari Passu Participation, which will be held by the Intermediate Trust and thereby will be included in the Underlying Mortgage Pool, and (ii) one or more Future Funding Participations, which (unless later acquired, in whole or in part, as a Related Funded Companion Participation) will not be included in the Underlying Mortgage Pool or be owned by the Intermediate Trust or beneficially owned by the Issuer.

“Participated Whole Loan Collection Account” has the meaning specified in the Servicing Agreement.

 

“Participation Agreement” means with respect to each Participated Whole Loan, the participation agreement that governs the rights and obligations of the holders of (x) the related Pari Passu Participation and (y) the Companion Participation.

 

“Paying Agent” means Wells Fargo Bank, National Association, or any other Person authorized by the Issuer to pay the principal of, and interest on, Notes on behalf of the Issuer as specified in Section 7.2 hereof.  With respect to the Trust Certificate, any paying agent appointed pursuant to Section 3.09 of the Trust Agreement, which initially shall be Wells Fargo Bank, National Association.

 

“Payment Date” means, the 4th Business Day following each Determination Date, commencing in December 2017.  The first Payment Date is anticipated to be December 15, 2017.

 

“Permitted Funded Companion Participation Acquisition Account” means the account established by the Indenture Trustee pursuant to Section 10.16 hereof.

“Permitted Funded Companion Participation Acquisition Period” means the period beginning on the Closing Date and ending on the Payment Date in December 2019.

 

“Permitted Principal Proceeds” means amounts received in respect of principal on a Mortgage Loan that (i) are received as a result of an optional prepayment made by the related borrower or a principal repayment made by the related borrower on or prior to the related Mortgage Loan maturity date and (ii) are received during the Permitted Funded Companion Participation Acquisition Period.

 

“Permitted Subsidiary” means any one or more wholly-owned, single purpose entities established exclusively for the purpose of taking title to any mortgage, real property or Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise.

 

“Person” means any individual, corporation (including a business trust), partnership, limited liability company, joint venture, estate, association, joint-stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof.

 

			
	
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“Placement Agents” means, collectively, Barclays Capital Inc., Citigroup Global Markets Inc. and UBS Securities LLC.

 

“Placement Agreement” means the agreement, dated as of November 17, 2017, among the Issuer and the Placement Agents, relating to the placement of the Notes.

 

“Plan Asset Regulation” means the plan asset regulations of the U.S. Department of Labor, 29 C.F.R. Section 2510.3-101(f).

“Plan Fiduciary” has the meaning specified in Section 2.4(s) hereof.

 

“Pledged Assets” means on any date of determination, (a) the Intermediate Trust Certificate, interests in any Permitted Subsidiaries and Eligible Investments that have been Granted to the Indenture Trustee and (b) all non-Cash proceeds thereof, in each case, to the extent not released from the lien of this Indenture pursuant hereto.

 

“Prime Rate” means the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.”  If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest 1/100th of one percent (0.01%).  If The Wall Street Journal ceases to publish the “Prime Rate,” the Servicer shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasigovernmental body, then the Servicer shall select a comparable interest rate index.

 

“Prime Rate Spread” means, with respect to any Class of Notes (other than the Class H Notes) and each Interest Period relating to a Payment Date, the difference (expressed as the number of basis points) between (a) LIBOR for such Class of Notes on the date LIBOR was last applicable to such Class of Notes plus the LIBOR Spread on such Class and (b) the Prime Rate on such date.

“Principal Balance” or “par” means, with respect to any Mortgage Loan or Eligible Investment, as of any date of determination, the outstanding principal amount of such Mortgage Loan or the Balance of such Eligible Investment, as the case may be.

 

“Principal Balance Notes” means the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes and Class H Notes.

 

“Principal Collection Account” means the Securities Account designated the “Principal Collection Account” and established in the name of the Indenture Trustee pursuant to Section 10.2(c) hereof.

 

“Principal Proceeds” means, with respect to any Payment Date, (A) the sum (without duplication) of: (1) all principal payments (including prepayments and other unscheduled principal payments by the borrower) received during the related Due Period on (a) Eligible Investments (other than Eligible Investments purchased with Interest Proceeds, Eligible Investments in the Expense Account, Eligible Investments in the Permitted Funded Companion Participation Acquisition Account and any amount representing the accreted portion of a discount from the face 

 

			
	
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amount of an Eligible Investment) and (b) Mortgage Loans as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Mortgage Loan, (ii) optional prepayments made at the option of the borrower thereof, (iii) recoveries on Defaulted Mortgage Loans or (iv) any other principal payments with respect to Mortgage Loans (not included in Sale Proceeds), (2) all fees and commissions received during such Due Period in connection with Eligible Investments and the restructuring of a Mortgage Loan or default of such Eligible Investments and any origination fees paid by a related borrower, (3) any interest received during such Due Period on such Mortgage Loans or Eligible Investments to the extent such interest constitutes proceeds from accrued interest purchased with Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date, (4) Sale Proceeds received during such Due Period in respect of sales (excluding accrued interest included in Sale Proceeds (unless such accrued interest was purchased with Principal Proceeds) that are designated by the Servicer as Interest Proceeds in accordance with clause (A)(1) of the definition of Interest Proceeds), (5) all cash payments of  interest received during such  Due  Period on  Defaulted Mortgage Loans, (6) funds  transferred to the Note Payment Account from the Permitted Funded Companion Participation Acquisition Account pursuant to Section 10.16, (7) all funds transferred to the Note Payment Account from the  Unused  Proceeds Account pursuant to  Section 10.5(d)  and  (e), excluding any interest proceeds from Eligible Investments in the Unused Proceeds Account, (8) all amounts received during such Due Period in respect of Defaulted Mortgage Loans (other than any amounts included in the definition of “Interest Proceeds” pursuant to item (5) of the definition thereof), (9) any payments similar to the foregoing, received with respect to any Mortgage Loan or REO Property held by a Permitted Subsidiary, (10) any Loss Value Payments received by the Issuer or the Intermediate Trust from the Seller, (11) cash and Eligible Investments contributed to the Issuer by the Holder of the Trust Certificate pursuant to the terms of this Indenture during the related Due Period, (12) in connection with the Payment Date in December 2017, the Mount Houston Square Release Payment; and (13) all other payments received in connection with the Mortgage Loans and Eligible Investments that are not included in Interest Proceeds; minus (B) the aggregate amount of (i) any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or the Backup Advancing Agent out of any of the items listed above and (ii) the portion of the amounts described in clause (A)(1) above that represent Permitted Principal Proceeds and were deposited by the Issuer into the Permitted Funded Companion Participation Acquisition Account for the acquisition of Related Funded Companion Participations by the Intermediate Trust.

 

For the avoidance of doubt, “Principal Proceeds” shall not include any amounts received in respect of principal that were retained by, or payable to, the Servicer or the Special Servicer in accordance with the terms of the Servicing Agreement and will not include any Exit Fees or any Scheduled Extension Fees.

 

References to “Principal Proceeds” on deposit in the Unused Proceeds Account mean all amounts on deposit therein other than interest proceeds from Eligible Investments.

 

“Principal Proceeds Waterfall” has the meaning specified in Section 11.1(a)(ii) hereof.

 

“Priority of Payments” has the meaning specified in Section 11.1(a) hereof.

 

“Privileged Person” includes RAIT Partnership or its affiliates and designees, the Placement Agents, the Servicer, the Special Servicer, the Operating Advisor, the Directing Holder, any NRSRO that provides the Indenture Trustee with an NRSRO Certification, the Indenture Trustee, the Paying Agent, the Advancing Agent and any person who provides the Indenture Trustee with an Investor Certification, which Investor Certification may be submitted electronically by means of the Indenture Trustee’s website.

 

 

			
	
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“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.

 

“Proceeds Availability Period” has the meaning specified in Section 10.16(d) hereof.

 

“Property Protection Advances” has the meaning specified in the Servicing Agreement.

 

“Purchase  and  Sale  Agreements”  means  any  Seller  Purchase  and  Sale Agreements and any Depositor Purchase and Sale Agreements in relation to this transaction.

 

“Purchase Termination Date” means the date that is 90 days after the Closing Date.

 

“Q&A Respondent” means the Q&A Respondent described in Section 10.15 hereof.

 

“Qualified Buyer” means, with respect to a Mortgage Loan, (i) one or more entities whose (A) long-term unsecured debt obligations (other than such obligations whose rating is based on the credit of a person other than such institution) have a credit rating (or are guaranteed by an entity with such a credit rating) from the Rating Agencies at least equal to the rating of the most senior Class of Senior Notes then outstanding or (B) whose (1) short-term unsecured debt obligations have a credit rating of (a) at least “R-1 (middle)” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P and/or Fitch)) and (b) at least “P-1” by Moody’s and (2) long-term unsecured debt obligations have a credit rating of at least “A2” by Moody’s, (ii) one or more purchasers that otherwise satisfies  the  Rating Agency Condition or  (iii) one  or  more  purchasers (a  “Cash Purchaser”) that have agreed to pay or have entered into a binding arrangement to pay the full purchase price of the related Mortgage Loan in cash.

“Qualified Institutional Buyer” or “QIB” has the meaning given in Rule 144A under the Securities Act.

“Qualified REIT Subsidiary” means a corporation that, for U.S. federal income tax purposes, is wholly owned by a real estate investment trust under Section 856(i)(2) of the Code.

“RAIT Financial Trust” or “RAIT Financial” means RAIT Financial Trust, a Maryland real estate investment trust.

 

“RAIT Partnership, L.P.” or “RAIT Partnership” means RAIT Partnership, L.P., a Delaware limited partnership.

 

“Rated Notes” means the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes. the Class E Notes and the Class F Notes.

 

“Rating Agencies” means, collectively, DBRS and Moody’s, and any successor thereto, or, if at any time DBRS, Moody’s or any such successor ceases to provide rating services with respect to the Notes, any other nationally recognized investment rating agency selected by the Issuer and reasonably satisfactory to the Majority Holders of the Principal Balance Notes voting as a single Class.

 

			
	
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“Rating Agency Condition” means a condition that is satisfied with respect to each Rating Agency if:

(a)      the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a written request to each such Rating Agency for a No Downgrade Confirmation; and

(b)      any one of the following has occurred with respect to each such Rating Agency:

(i)      a  No  Downgrade  Confirmation  has  been  received  from  such  Rating Agency; or

(ii)      (A)      within 10 Business Days of such request being sent to such Rating Agency, the Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation;

(B)      the Requesting Party has confirmed that such Rating Agency has received the confirmation request;

(C)      the  Requesting  Party  promptly  requests  the  No  Downgrade Confirmation a second time; and

 

(D)      there is no response to either confirmation request within five (5) Business Days of such second request.

 

“Rating Agency Expenses” means, with respect to any Payment Date, all amounts due or accrued with respect to such Payment Date and payable by the Issuer to the Rating Agencies for fees and expenses in connection with any rating (or rating confirmation) of the Notes.

 

“Rating Agency Inquiry” has the meaning specified in Section 14.14 hereof. 

“Rating Agency Q&A Forum and Servicer Document Request Tool” has the meaning specified in Section 14.14 hereof.

 

“Record Date” means the date on which the Holders of Notes entitled to receive a payment in respect of principal or interest on the succeeding Payment Date or Redemption Date are determined, such date as to any Payment Date or Redemption Date being the last day of the most recently ended calendar month (whether or not a Business Day) prior to such Payment Date or Redemption Date.

“Redemption Date” means any date set for a redemption of Notes pursuant to Section 9.1 hereof or, if such date is not a Business Day, the next following Business Day.

“Redemption  Date  Statement”  has  the meaning specified in  Section 10.7(c) hereof.

 

			
	
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“Redemption Price” means, with respect to (1)(i) in the case of any Class of the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes or Class G Notes, the Aggregate Outstanding Amount of such Class of Notes being redeemed plus (ii) accrued interest thereon (including any Defaulted Interest Amount and accrued, unpaid and uncapitalized interest on any Defaulted Interest Amount) and (2) in the case of the Class H Notes, an amount equal to the sum of all net proceeds from the sale of Mortgage Loans and cash, if any, remaining after the redemption of the Notes (other than the Class H Notes) and payment of all other fees and expenses of the Issuer, the Indenture Trustee, the Intermediate Trust Trustee, the Paying Agent, the Note Registrar or the Backup Advancing Agent.  However, in the case of an Optional Redemption, if the holder of the Class H Notes also owns 100% of each other Class of Junior Notes then outstanding, in lieu of paying the Redemption Price for one or more of such Classes, such holder may elect to exchange such Notes for the Intermediate Trust Certificate (which shall be immediately exchanged for all of the remaining Mortgage Loans and the other assets of the Intermediate Trust), and in such event, delivery of such Mortgage Loans and other assets of the Intermediate Trust shall constitute payment of the Redemption Price for each of the applicable Classes.

“Reference Banks” has the meaning specified in Schedule B hereto.

“Registered” means in registered form for U.S. federal tax purposes and issued after July 18, 1984; provided that a certificate of interest in a trust that is treated as a grantor trust for U.S. federal tax purposes shall not be treated as Registered unless each of the obligations or securities held by the trust were issued after that date.

“Registered Form” has the meaning specified in Section 8-102(a)(13) of the UCC. 

“Registered Securities” has the meaning specified in Section 3.3(a)(iii) hereof. 

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

“Regulation S Global Note” has the meaning specified in Section 2.1(a) hereof.

“Regulatory Agencies” means the Office of the Comptroller of the Currency; the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; the Federal Housing Finance Agency; the Securities and Exchange Commission; and the Department of Housing and Urban Development.

“Reimbursement Interest” means interest accrued on the amount of any Interest Advance made by the Advancing Agent or the Backup Advancing Agent, for so long as it is outstanding, at the Reimbursement Rate.

“Reimbursement Rate” means a per annum rate equal to the “prime rate” as published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time.

“REIT” means a “real estate investment trust” as defined in Section 856(a) of the Code.

“Related Funded Companion Participation” means the funded portion of any Future Funding Participation.

“Relevant Persons” has the meaning specified in Section 2.7 hereof. 

 

			
	
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“Remittance Date” has the meaning specified in the Servicing Agreement. 

“Repurchase Price” means, with respect to any Mortgage Loan, an amount equal to the sum of the following (in each case, without duplication) as of the date of such repurchase: (i) the then outstanding principal balance of such Mortgage Loan, discounted based on the percentage amount of any discount that was applied when such Mortgage Loan was purchased by the Intermediate Trust, plus (ii) accrued and unpaid interest on such Mortgage Loan, plus (iii) any unreimbursed advances on the Mortgage Loan, plus (iv) accrued and unpaid interest on Property Protection Advances and Interest Advances with respect to such Mortgage Loan, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any enforcement action incurred by the Issuer, the Intermediate Trust or the Indenture Trustee in connection with any such repurchase).  For purposes of calculating the interest on Interest Advances made with respect to any individual Mortgage Loan for such purpose, the Servicer or Special Servicer, as applicable, will be required to deem a portion of the aggregate amount of Interest Advances outstanding at any point in time as having been allocated to each of the Mortgage Loans that generated an Interest Shortfall, pro rata, based on the amounts of the respective amounts of related unpaid interest payments.

“Repurchase Request” has the meaning specified in Section 7.17 hereof.

“Retained  Securities”  means,  collectively,  the  Junior  Notes  and  the  Trust Certificate.

“Rule 17g-5” means Rule 17g-5 under the Exchange Act.

“Rule 17g-5 Information” has the meaning specified in Section 14.14 hereof.

“Rule 17g-5 Information Provider” means the Indenture Trustee acting in such capacity under this Agreement.

“Rule 17g-5  Website”  means  the  Rule 17g-5  Information  Provider’s  internet website, which shall initially be located within the Indenture Trustee’s website (https://www.ctslink.com), under the “NRSRO” tab on the page relating to this transaction.

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

“Rule 144A Global Note” has the meaning set forth in Section 2.1(b) hereof.

“Rule 144A Information” means such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).

“S&P” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and any successor thereto.

“Sale” has the meaning specified in Section 5.17(a) hereof.

“Sale Proceeds” means all proceeds received as a result of the sale of the Intermediate Trust Certificate or the Underlying Mortgage Pool, as applicable, and Eligible Investments pursuant to Section 12.1(a), 12.1(b) or 12.1(c) hereof or otherwise which shall be calculated net of any reasonable out-of-pocket expenses of the Issuer, the Intermediate Trust, the Intermediate Trust Trustee, the Servicer or the Indenture Trustee in connection with any such sale.

 

			
	
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“Schedule of Mortgage Loans” means the list of Mortgage Loans that is attached hereto as Schedule A, which Schedule shall include the principal balance and stated maturity of each Mortgage Loan.

“Scheduled Extension Fees” means, with respect to a Mortgage Loan, any fees payable in connection with a scheduled extension of the maturity date of such Mortgage Loan.

“Secured Parties” has the meaning specified in the Preliminary Statement of this Indenture.

“Securities Account” has the meaning specified in Section 8-501(a) of the UCC.

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

“Securities Intermediary” has the meaning specified in Section 8-102(a)(14) of the UCC.

“Security Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC.

“Segregated Liquidity” has the meaning specified in the Servicing Agreement. “Seller” means RAIT Partnership, L.P.

“Seller Purchase and Sale Agreement” means the Seller Purchase and Sale Agreement, dated on or about the Closing Date, by and among RAIT Partnership, L.P., as seller and RAIT 2017-FL8, LLC, as purchaser and any other Seller Purchase and Sale Agreement entered into after the Closing Date if a purchase agreement is necessary to comply with this Indenture, which agreement is assigned to the Issuer and pledged to the Indenture Trustee pursuant to this Indenture.

“Senior Notes” means the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes authorized by, and authenticated and delivered under this Indenture.

“Sensitive Asset” means (i) a Mortgage Loan, or a portion thereof, or (ii) a real property or other interest (including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Mortgage Loan or portion thereof, in either case, which the Servicer has determined pursuant to the Servicing Agreement, which may be based on an Opinion of Counsel, could give rise to material liability of the Issuer or the Intermediate Trust (including liability for taxes) if held directly by the Issuer or the Intermediate Trust.

“Servicer” means RAIT Partnership, solely in its capacity as Servicer under the Servicing Agreement, unless a successor Person shall have become the Servicer pursuant to the applicable provisions of the Servicing Agreement, and thereafter, the Servicer shall mean such successor Person.

“Servicing Agreement” means the servicing agreement, dated as of the Closing Date, among the Issuer, the Servicer, the Special Servicer, the Operating Advisor and the Indenture Trustee.

 

			
	
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“Servicing Fee” means, with respect to each Due Period, the sum of the aggregate amount of all servicing fees payable to the Servicer pursuant to the Servicing Agreement.

“Servicing Fee Rate” has the meaning specified in the Servicing Agreement. “Servicing Standard” has the meaning specified in the Servicing Agreement.

“Similar Law” means any federal, state or local law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code.

“Special Servicer” means RAIT Partnership, solely in its capacity as Special Servicer under the Servicing Agreement unless a successor Person shall have become the Special Servicer pursuant to the applicable provisions of the Servicing Agreement, and thereafter, the Special Servicer shall mean such successor Person.

“Special Servicing Fee” means, with respect to each Due Period, the sum of the aggregate amount of all special servicing fees payable to the Special Servicer pursuant to the Servicing Agreement.

“Specially Serviced Mortgage Loan” has the meaning specified in the Servicing Agreement.

“Specified Person” has the meaning specified in Section 2.5 hereof.

“Stated Maturity” means, with respect to any Note, the Payment Date in December 2037, or, in each case, if such date is not a Business Day, the next following Business Day.

“Subordinate Interests” mean the Class A Subordinate Interests, the Class A-S Subordinate Interests, the Class B Subordinate Interests, the Class C Subordinate Interests, the Class D Subordinate Interests, the Class E Subordinate Interests, the Class F Subordinate Interests, the Class G Subordinate Interests and/or the Class H Subordinate Interests, as the context may require.

“Subsequent Transfer Certificate” means a certificate substantially in the form of Exhibit K or Exhibit L hereto, and as described in Section 12.4 hereof.

“Successor Benchmark Rate Event” has the meaning specified in Schedule B hereto.

“Targeted Credit Enhancement Level” means, with respect to each Class of 

 

			
	
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Notes, the percentage set forth in the table below for such class:

 

			
	
 

Class
	
 
	
Targeted Credit

Enhancement Level

	
Class A Notes ..................
	
 
	
45.500%

	
Class A-S Notes ...............
	
 
	
32.750%

	
Class B Notes...................
	
 
	
27.750%

	
Class C Notes...................
	
 
	
23.125%

	
Class D Notes ..................
	
 
	
17.000%

	
Class E Notes ...................
	
 
	
13.000%

	
Class F Notes ...................
	
 
	
9.000%

	
Class G Notes ..................
	
 
	
5.500%

	
Class H Notes ..................
	
 
	
0.000%

 

“Tax Event” means an event that occurs if any jurisdiction imposes net income, profits or a similar tax on the Issuer or the Intermediate Trust.

“Tax Materiality Condition” means a condition that will be satisfied during any 12-month period if the aggregate amount of any net income, profits or similar tax imposed on the Issuer and the Intermediate Trust exceeds $1,000,000.

“Tax Redemption” has the meaning specified in Section 9.1(c) hereof.

“Total Redemption Amount” means the Redemption Prices of each of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, plus all Administrative Expenses of the Issuer described under clauses (1) through (3) of Section 11.1(a)(i) (without regard to any cap contained therein).

“Transaction Documents” means this Indenture, the Purchase and Sale Agreements, the Servicing Agreement, the Trust Agreement, the Intermediate Trust Agreement, the Trust Administration Agreement, the Intermediate Trust Administration Agreement, the Future Funding Agreement, the Participation Agreements, the Account Control Agreement and the Future Funding Account Control Agreement.

“Transaction Parties” has the meaning specified in Section 2.4(s) hereof. “Transfer  Agent”  means  the  Person  or  Persons,  which  may  be  the  Issuer, authorized by the Issuer to exchange or register the transfer of Notes. Wells Fargo Bank, National Association shall be appointed as the initial Transfer Agent.

“Trust Administration Agreement” means the trust administration agreement, dated as of the Closing Date, between the Trust Administrator and the Issuer, as amended from time to time.

“Trust Administrator” means RAIT Partnership, or any successor thereto in such capacity.

“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of November 29, 2017, between the Trust Depositor, the Owner Trustee and the Indenture Trustee, as amended from time to time.

 

			
	
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“Trust Certificate” means a certificate evidencing 100% of the ownership interest in the Issuer, substantially in the form of Exhibit A to the Trust Agreement.

“Trust Certificate Account” has the meaning given to such term in the Trust Agreement.

“Trust Depositor” means RAIT 2017-FL8, LLC, not in its individual capacity but solely as trust depositor under the Purchase and Sale Agreements, and any successor Trust Depositor thereunder.

“Trust Officer” means, when used with respect to the Indenture Trustee, any officer within Wells Fargo Bank, National Association’s Corporate Trust Office (or any successor group of the Indenture Trustee) authorized to act for and on behalf of the Indenture Trustee, including any vice president, assistant vice president or other officer of the Indenture Trustee customarily performing functions similar to those performed by the persons who at the time shall be such Officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this Indenture.

“UCC” means the Uniform Commercial Code as in effect in the State of New York.

“Uncertificated Security” has the meaning specified in Section 8-102(a)(18) of the UCC.

“Underlying Mortgage Pool” means the pool of Mortgage Loans owned by the Intermediate Trust.

“United States” and “U.S.” mean the United States of America, including the States thereof and the District of Columbia.

“Unregistered Securities” has the meaning specified in Section 5.17(c) hereof. “Unused Proceeds Account” means the trust account established pursuant to Section 10.5(a) hereof.

“Unused Proceeds Principal Amortization Priority” means, in the case of any special amortization of the Notes from the Unused Proceeds Principal Amortization Amount, the following priority of distribution: (a) first, to pay principal on the Notes (other than the most junior Class of Notes then Outstanding), in sequential order, in the amount necessary to cause the Credit Enhancement Level for each Class (after taking into account any other payments of principal scheduled to be made on such Class of Notes on such Payment Date) to equal the Targeted Credit Enhancement Level for such Class, and (b) second, to pay any remaining amounts as principal to the most junior Class of Notes then Outstanding.

“Unused Proceeds Principal Amortization Amount” means, with respect to any Delayed Close Mortgage Loan, any Principal Proceeds remaining in the Unused Proceeds Account allocable to such Delayed Close Mortgage Loan for distribution on the first Payment Date after the Unused Proceeds Release Date for such Delayed Close Mortgage Loan.

 

			
	
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“Unused Proceeds Release Date” means, with respect to a Delayed Close Mortgage Loan, the earlier of  (i) the Purchase Termination Date and (ii) the Early Unused Proceeds Release Date for such Delayed Close Mortgage Loan, if applicable.

“Updated Appraisal” means an appraisal (or a letter update for an existing appraisal which is less than two years old) of the Mortgaged Property from an independent Member of the Appraisal Institute appraiser.

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56 (2001).

“U.S. Person” has the meaning given in Regulation S under the Securities Act.

“Voting Rights” means, at all times during the term of this Agreement and the Servicing Agreement, 100% of the voting rights for the Principal Balance Notes that are allocated among the Holders of the respective Classes of Principal Balance Notes in proportion with the Aggregate Outstanding Amounts of the various Classes of the Principal Balance Notes.

Section 1.2       Assumptions and Calculations.  (a) All calculations required to be made and all reports which are to be prepared pursuant to this Indenture with respect to the Pledged Assets or the Underlying Mortgage Pool, shall be made on the basis of the settlement date for the acquisition, purchase, sale, disposition, liquidation or other transfer of an asset.

(b)      All calculations of interest hereunder that are made with respect to the Notes shall be made on the basis of the actual number of days in the Interest Period divided by 360.

(c)      Unless otherwise specified, test calculations that evaluate to a percentage will be rounded to the nearest ten-thousandth, and test calculations that evaluate to a number or decimal will be rounded to the nearest one hundredth.

Section 1.3      Rules  of  Construction.       Unless  the  context  otherwise  clearly requires:

(i)      the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined;

(ii)      whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms;

(iii)      the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation;”

(iv)      the word “will” shall be construed to have the same meaning and effect as the word “shall;”

(v)      any  definition  of  or  reference  to  any  agreement,  instrument  or  other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein);

 

			
	
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(vi)      any reference herein to any Person, or to any Person in a specified capacity, shall be construed to include such Person’s successors and assigns or such Person’s successors in such capacity, as the case may be; and

(vii)      all references in this instrument to designated “Sections,” “clauses” and other subdivisions are to the designated Sections, clauses and other subdivisions of this instrument as originally executed, and the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Section, clause or other subdivision.

 

			
	
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ARTICLE II

THE NOTES

Section 2.1      Forms Generally.

(a)      Form.  The form of the Notes, including the Certificate of Authentication, shall be substantially as set forth in Exhibits A-1 to A-16 hereto.

(b)      Global Notes and Definitive Notes.

(i)      The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs (or, in the case of an initial transfer of the Junior Notes from the Issuer to RAIT 2017-FL8, LLC, an IAI that is not a QIB) shall be represented by one or more permanent global notes in definitive, fully Registered Form without interest coupons with the applicable legend set forth in Exhibits A-1, A-3, A-5, A-7, A-9, A-11, A-13 and A-15 hereto added to the form of such Notes (each, a “Rule 144A Global Note”), which shall be registered in the name of the nominee of the Depository and deposited with the Indenture Trustee, at its Corporate Trust Office, as custodian for the Depository, duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee or the Depository or its nominee, as the case may be, as hereinafter provided.

(ii)      The Notes initially offered and sold in the United States to (or to U.S. Persons who are) IAIs that are not QIBs (other than with respect to the initial transfer of the Junior Notes from the Issuer to RAIT 2017-FL8, LLC) shall be issued in definitive form, registered in the name of the legal or beneficial owner thereof attached without interest coupons with the applicable legend set forth in Exhibits A-2, A-4, A-6, A-8, A-10, A-12, A-14 and A-16 hereto added to the form of such Notes (each a “Definitive Note”), which shall be duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided.  The aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee or the Depository or its nominee, as the case may be, as hereinafter provided.

(iii)      The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one or more permanent global notes in definitive, fully Registered Form without interest coupons with the applicable legend set forth in Exhibits A-1, A-3, A-5, A-7, A-9, A-11, A-13 and A-15 hereto added to the form of such Notes (each, a “Regulation S Global Note”), which shall be deposited on behalf of the subscribers for such Notes represented thereby with the Indenture Trustee as custodian for the Depository and registered in the name of a nominee of the Depository for the respective accounts of Euroclear and Clearstream or their respective depositories, duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided.  The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee or the Depository or its nominee, as the case may be, as hereinafter provided.

(c)      Book-Entry Provisions.      This Section 2.1(c) shall apply only to Global Notes deposited with or on behalf of the Depository.

 

			
	
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The Issuer shall execute and the Indenture Trustee shall, in accordance with this Section  2.1(c),  authenticate  and  deliver  initially  one  or  more  Global  Notes  that  shall  be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the Indenture Trustee to such Depository or pursuant to such Depository’s instructions or held by the Indenture Trustee’s agent as custodian for the Depository.

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

(d)      Delivery of Definitive Notes in Lieu of Global Notes.  Except as provided in Section 2.9 hereof, owners of beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note.

Section 2.2       Authorized   Amount;   Note   Interest   Rate;   Stated   Maturity; Denominations.  (a) The Aggregate Outstanding Amount of Notes which may be issued under this Indenture may not exceed $259,776,000, excluding Notes issued upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.4, 2.5 or 8.5 hereof.

(b)      The Notes shall be divided into nine Classes having designations, aggregate original principal amounts, Note Interest Rates and Stated Maturities as follows:

 

	
 
	
 
	
Aggregate Original
	
 
	
Note
	
 
	
Note

	
Designation
	
 
	
Principal Amount
	
 
	
Interest Rate
	
 
	
Stated Maturity

	
Class A Notes .
	
 
	
$141,577,000
	
 
	
LIBOR + 0.850%(1)
	
 
	
December 2037

	
Class A-S Notes
	
 
	
$31,823,000
	
 
	
LIBOR + 1.450%(1)
	
 
	
December 2037

	
Class B Notes
	
 
	
$13,314,000
	
 
	
LIBOR + 1.750%(1)
	
 
	
December 2037

	
Class C Notes
	
 
	
$12,664,000
	
 
	
LIBOR + 2.250%(1)
	
 
	
December 2037

	
Class D Notes
	
 
	
$16,236,000
	
 
	
LIBOR + 3.750%(1)
	
 
	
December 2037

	
Class E Notes
	
 
	
$10,391,000
	
 
	
LIBOR + 5.750%
	
 
	
December 2037

	
Class F Notes
	
 
	
$10,391,000
	
 
	
LIBOR + 7.750%
	
 
	
December 2037

	
Class G Notes
	
 
	
$9,092,000
	
 
	
LIBOR + 10.000%
	
 
	
December 2037

	
Class H Notes
	
 
	
$14,288,000
	
 
	
(2)
	
 
	
December 2037

 

	
(1)
	
Following the Payment Date in November 2022, the Note Interest Rate (i) on the Class A Notes and the Class A- S Notes will increase by 0.250% and (ii) on the Class B Notes, the Class C Notes and the Class D Notes will increase by 0.500% and such increased rate will continue to apply with respect to each Payment Date (and related Interest Period) thereafter.

 

 

			
	
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(2)
	
The Class H Notes will not have a specified interest rate. The holder of the Class H Notes will be entitled to receive monthly payments on each Payment Date if and to the extent that payments are being made in accordance with the Interest Proceeds Waterfall, the Aggregate Outstanding Amount of the Class H Notes has not been reduced to zero on any prior Payment Date and funds are available for payment pursuant to clause (19) of the Interest Payments Waterfall.

The Notes will be issuable in a minimum denomination of $250,000 (or $10,000 for Global Notes owned or beneficially owned by a QIB) and will be offered only in such minimum denomination or an integral multiple of $1,000 in excess thereof (or such lesser integral amount in the case of any Global Note that otherwise satisfies the minimum denomination requirement); provided that, after issuance, a Note may fail to be in compliance with the minimum denomination requirement as a result of the repayment of principal thereof in accordance with the Priority of Payments.

(c)      Interest shall accrue on the Aggregate Outstanding Amount of each Class of Notes during each Interest Period (determined after giving effect to any redemption of the Notes of such Class or other payment of principal of the Notes of such Class on the Payment Date related to the preceding Interest Period). To the extent lawful and enforceable, interest shall accrue on the Defaulted Interest Amount in respect of any Senior Note at the Note Interest Rate applicable to such Note until such Defaulted Interest Amount is paid in full.

(d)      The Notes shall be redeemable as provided in Articles IX and XII.

(e)      The Notes shall be numbered, lettered or otherwise distinguished in such manner as may be consistent herewith, determined by the Authorized Officer of the Issuer executing such Notes as evidenced by their execution of such Notes.

(f)      All of the Notes will be issued on the Closing Date.

Section 2.3      Execution, Authentication, Delivery and Dating.   (a) The Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signatures of such Authorized Officers on the Notes may be manual or facsimile (including in counterparts).

(b)      Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized Officers of the Issuer shall bind such Person, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

(c)      At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee or the Authenticating Agent for authentication, and the Indenture Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise.

(d)      Each Note authenticated and delivered by the Indenture Trustee or the Authenticating Agent to or upon Issuer Order on the Closing Date shall be dated as of the Closing Date.  All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication.

 

			
	
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(e)      Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced, but shall represent only the current Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced.  In the event that any Note is divided into more than one Note in accordance with this Article II, the original Aggregate Outstanding Amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original Aggregate Outstanding Amount of such subsequently issued Notes.

(f)      No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication (the “Certificate of Authentication”), substantially in the form provided for herein, executed by the Indenture Trustee or by the Authenticating Agent by the manual signature of one of their Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Section 2.4      Registration, Transfer and Exchange of Notes.

(a)      Registration of Notes. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes. The Indenture Trustee is hereby initially appointed “Note Registrar” for the purpose of maintaining the Note Register and registering Notes and transfers and exchanges of such Notes with respect to the Note Register kept in the United States as herein provided.  Upon any resignation or removal of the Note Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Note Registrar.

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of a successor Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and numbers of such Notes.

Subject to this Section 2.4, upon surrender for registration of transfer of any Notes at the Corporate Trust Office of the Indenture Trustee, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount.

At the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee.  Whenever any Note is surrendered for exchange, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, the Notes that the Noteholder making the exchange is entitled to receive.

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

 

			
	
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Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

Neither the Note Registrar nor the Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business 15 days before any selection of Notes to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption.

(b)      No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from the registration requirements of the Securities Act and is exempt from the registration requirements under applicable state securities laws.

(c)      No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except in accordance with Section 2.4(e) below and in accordance with Rule 144A to QIBs or, solely with respect to (1) Definitive Notes, (2) the initial transfer of the Junior Notes from the Issuer to RAIT 2017-FL8, LLC or (3) any subsequent transfer of the Junior Notes to an Affiliate of RAIT Partnership that has delivered a duly completed certificate substantially in the form of Exhibit B-4 attached hereto, IAIs that are not QIBs purchasing for their own account or for the accounts of one or more other QIBs or IAIs, as applicable, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to non-U.S. Persons in reliance on Regulation S.  None of the Issuer, the Trust Depositor, the Indenture Trustee or any other Person may register the Notes under the Securities Act or any state securities laws.

(d)      Upon final payment due on the Stated Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Indenture Trustee prior to the distribution of such final payment.

(e)      Transfers of Global Notes.  Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with Section 2.1(c) and this Section 2.4(e).

(i)      Except as otherwise set forth below, transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a Definitive Note may only be made in accordance with Section 2.9.

(ii)      Regulation S Global Note to Rule 144A Global Note or Definitive Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A  Global Note  or  for  a  Definitive Note or  to  transfer its  interest in  such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note or for a Definitive Note.   Upon receipt by the Indenture Trustee or the Note Registrar of:

 

			
	
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(A)      if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly completed certificate in the form of Exhibit B-2 attached hereto, or

(B)      if the transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit B-3 hereto, certifying that such transferee is an IAI, then the Note Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule 144A Global Note, approve the instructions at DTC to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Note Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Note Registrar shall record the transfer in the Note Register in accordance with Section 2.4(a) and, upon execution by the Issuer, authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor).

(iii)      Definitive Note or Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such holder or, in the case of a transfer, the transferee is not a U.S. Person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note.  Upon receipt by the Indenture Trustee or the Note Registrar of:

(A)      instructions given in accordance with DTC’s procedures from an Agent Member directing the Indenture Trustee or the Note Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee,

(B)      a  written  order  given  in  accordance  with  DTC’s  procedures containing information regarding the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase,

 

			
	
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(C)      in the case of a transfer of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee, and

(D)      a duly completed certificate in the form of Exhibit B-1 attached hereto, then the Indenture Trustee or the Note Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note (or, in the case of a transfer of Definitive Notes, the Indenture Trustee or the Note Registrar shall cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes so cancelled).

(iv)      Transfer of Rule 144A Global Notes to Definitive Notes.  If, in accordance with Section 2.9, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.9, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Indenture Trustee or the Note Registrar of (A) a duly complete certificate substantially in the form of Exhibit B-3 and (B) appropriate instructions from DTC, if required, the Indenture Trustee or the Note Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Register in accordance with Section 2.4(a) and upon execution by the Issuer authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor).

(v)      Transfer of Definitive Notes to Rule 144A Global Notes.  If a holder of a Definitive Note wishes at any time to exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A Global Note (provided that, other than as described in Section 2.4(e)(vii) below, no IAI that is a QIB may hold an interest in a Rule 144A Global Note). Upon receipt by the Indenture Trustee or the Note Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee; (B) a duly completed certificate substantially in the form of Exhibit B-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC  to cause to  be  credited a  beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information regarding the participant’s account of DTC to be credited with such increase, the Indenture Trustee or the Note Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Note Register in accordance with Section 2.4(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged.

 

			
	
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(vi)      Other Exchanges. In the event that, pursuant to Section 2.9 hereof, a Global Note is exchanged for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure that such transfers are to a QIB or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to time adopted by the Issuer and the Indenture Trustee.

(vii)      It is the intent of the foregoing that under no circumstances may an IAI that is not a QIB take delivery in the form of a beneficial interest in a Rule 144A Global Note other than (1) the initial transfer of a Junior Note from the Issuer to RAIT 2017-FL8, LLC or (2) a subsequent transfer of a Junior Note or a repurchased or retained Senior Note to an IAI that is an Affiliate of RAIT Partnership that has delivered to the Indenture Trustee or the Note Registrar a duly completed certificate substantially in the form of Exhibit B-4 attached hereto.

(f)      Removal of Legend.  If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in Exhibits A-1 to A-16 hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York (and addressed to the Issuer and the Indenture Trustee), as may be reasonably required by the Issuer to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable or ERISA.  Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer to the Indenture Trustee, the Indenture Trustee, at the direction of the Issuer shall authenticate and deliver Notes that do not bear such applicable legend.

(g)      Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit B-1 hereto.

(h)      Each beneficial owner of Rule 144A Global Notes shall be deemed to make the representations and agreements set forth in Exhibit B-2 hereto.

(i)      Each  Holder  of  Definitive  Notes  shall  make  the  representations  and agreements set forth in the certificate attached as Exhibit B-3 hereto.

(j)      Any purported transfer of a Note not in accordance with Section 2.4(a) shall be null and void and shall not be given effect for any purpose hereunder.

(k)      Notwithstanding anything  contained  in  this  Indenture to  the  contrary, neither the Indenture Trustee nor the Note Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or Regulation S promulgated thereunder), ERISA, the Code (or any applicable regulations thereunder) or the laws of any foreign jurisdiction; provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the express terms of this Section 2.4 to be delivered to the Indenture Trustee or Note Registrar prior to registration of transfer of a Note, the Indenture Trustee and/or Note Registrar, as applicable, is required to request, as a condition for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof (and the Indenture Trustee or Note Registrar, as the case may be, shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform).

 

			
	
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(l)      If the Indenture Trustee determines or is notified by the Issuer that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance  with  the  provisions  of  this  Section 2.4  on  the  basis  of  a  materially  incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Indenture Trustee any certification required to be delivered hereunder or (iii) the holder of any interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Indenture Trustee shall not register such attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder.

In addition, the Indenture Trustee may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding paragraph be transferred to any person designated by the Issuer or the Servicer at a price determined by the Issuer or the Servicer, as applicable, based upon its estimation of the prevailing price of such interest and each Holder, by acceptance of an interest in a Note, authorizes the Indenture Trustee to take such action.  In any case, the Indenture Trustee shall not be held responsible for any losses that may be incurred as a result of any required transfer under this this Section 2.4(l).

(m)      Each Holder of Notes approves and consents to (i) the initial purchase of the Intermediate Trust Certificate by the Issuer from the Trust Depositor on the Closing Date, (ii) the acquisition of any Related Funded Companion Participation by the Intermediate Trust and (iii) any other transaction between the Issuer, the Intermediate Trust, the Trust Depositor and RAIT Partnership or its Affiliates that is permitted under the terms of this Indenture.

(n)      Each person acquiring an interest in a Note will be deemed to represent (or in the case of Definitive Notes will be required to represent) that either (a) it is not an “employee benefit plan” (as defined in Section 3(3) of ERISA) or “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Title I of ERISA or Section 4975 of the Code, or any other employee benefit plan or plan which is subject to any federal, state or local law (“Similar Law”) that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (each a “Benefit Plan”) or an entity whose underlying assets include plan assets of any such Benefit Plan or (b) in the case of a Senior Note, its purchase and holding of such Senior Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Benefit Plan subject to Similar Law, do not result in a non-exempt violation of Similar Law.

(o)      For so long as any Senior Note is outstanding, the Trust Depositor (or any other disregarded special purpose entity of RAIT Financial or a subsequent REIT) shall not transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any Retained Securities or any retained or repurchased Senior Note to any other person or entity (except to (i) RAIT Financial, (ii) an entity that is wholly owned by and is a disregarded entity for U.S. federal income tax purposes of RAIT Financial or (iii) a subsequent REIT (in the case of clause (iii), only if all the Retained Securities and any such Senior Notes are transferred to such subsequent REIT)) unless, in each case, the Issuer receives advice from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or receives a written opinion of another nationally recognized tax counsel experienced in such matters that such transfer, pledge or hypothecation will not cause the Issuer to be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis.

 

			
	
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(p)      Any financing arrangement shall prohibit any further transfer (whether by means of actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes) of any Retained Security or any retained or repurchased Senior Note, including a transfer in connection with any exercise of remedies under such financing unless the Issuer receives advice from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or receives a written opinion of another nationally recognized tax counsel experienced in such matters that such transfer, pledge or hypothecation will not cause the Issuer to be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis.

(q)      After the Closing Date, for so long as any Senior Note is outstanding, the holder of the Retained Securities or any retained or repurchased Senior Notes shall not be permitted to transfer, pledge or hypothecate any retained or repurchased Senior Note or any Retained Security to any affiliate of RAIT Financial unless the Issuer receives a bring-down of each of the non-consolidation opinion and the true sale opinion of Winston & Strawn LLP to be delivered on the Closing Date.

(r)      Except as permitted by Section 2.4(e)(vii) hereof, any transfer of a Senior Note or interest therein to a U.S. Person that is determined not to have been a QIB (or solely with respect to Senior Notes issued as Definitive Notes, a U.S. Person that is not an IAI) at the time of acquisition of the Senior Note or interest therein will be null and void and any such proposed transfer of which the Issuer or the Indenture Trustee have notice may be disregarded by the Issuer and the Indenture Trustee for all purposes.

If the Issuer determines that any holder of a Senior Note has not satisfied the applicable requirement described in the preceding paragraph (any such Person a “Non-Permitted Holder”), then the Issuer will promptly after discovery that such Person is a Non-Permitted Holder by the Issuer, the Indenture Trustee (and notice by the Indenture Trustee to the Issuer, if it receives written notice thereof), send notice to such Non-Permitted Holder demanding that such Non- Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within 30 days of the date of such notice.  If such Non-Permitted Holder fails to so transfer its Senior Note or interest therein, the Issuer will have the right, without further notice to the Non-Permitted Holder, to sell such Note or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose.  The Issuer, or the Indenture Trustee acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Senior Note, and selling such Note to the highest such bidder.  However, the Issuer or the Indenture Trustee may select a purchaser by any other means determined by it in its sole discretion. The last holder of such Senior Note that satisfied the applicable requirement in the preceding paragraph, the Non- Permitted Holder and each other Person in the chain of title from such last holder to the Non- Permitted Holder, by its acceptance of an interest in the Senior Note, agrees to cooperate with the Issuer and the Indenture Trustee to effect such transfers.  The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale will be remitted to the Non- Permitted Holder.   The terms and conditions of any such sale will be determined in the sole discretion of the Issuer, and the Issuer will not be liable to any Person having an interest in the Senior Note sold as a result of any such sale or exercise of such discretion.

 

			
	
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(s)      Each beneficial owner of any Senior Notes or any interest therein that is a Benefit Plan, subject to Section 406 of ERISA or Section 4975 of the Code, including any fiduciary purchasing any such Senior Notes on behalf of such a Benefit Plan (“Plan Fiduciary”), will be deemed to have represented by its acquisition of such Senior Notes that:

(i)      none of the Issuer, any borrower, any Placement Agent, the Indenture Trustee, the Intermediate Trust Trustee, the Trust Administrator, the Intermediate Trust Administrator, the Operating Advisor, the Servicer, the Special Servicer, any sub-servicer, or any of their respective affiliated entities (the “Transaction Parties”), has provided or will provide advice with respect to the acquisition of Senior Notes by the Benefit Plan, other than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either:  (a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency; (b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets of a Benefit Plan; (c) is an investment adviser registered under the Advisers Act, or, if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business; (d) is a broker-dealer registered under the Exchange Act; or (e) has, and at all times that the Benefit Plan is invested in the Senior Notes will have, total assets of at least U.S. $50,000,000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan investing in such Notes in such capacity);

(ii)      the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan of the Senior Notes;

(iii)      the Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Benefit Plan’s acquisition of the Senior Notes;

(iv)      none of the Transaction Parties has exercised any authority to cause the Benefit Plan to invest in the Senior Notes or to negotiate the terms of the Benefit Plan’s investment in such Notes;

(v)      the Plan Fiduciary has been informed by the Transaction Parties:  (a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or otherwise made a recommendation, in connection with the Benefit Plan’s acquisition of the Senior Notes; and (b) of the existence and nature of the Transaction Parties financial interests in the Benefit Plan’s acquisition of such Notes; and

(vi)      none of the Transaction Parties will receive any fee or other compensation directly from the Benefit Plan, Plan Fiduciary, any participant or beneficiary, individual retirement account or owner of any such Benefit Plan (as applicable) for any provision of investment advice (as opposed to other services) in connection with the acquisition of the Senior Notes.

 

			
	
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The above representations in this Section 2.4(s) are intended to comply with the U.S. Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed.  Reg. 20,997).     If  such  regulations are revoked, repealed or  no  longer effective, such representations shall be deemed to be no longer in effect.

 

Section 2.5       Mutilated, Defaced, Destroyed, Lost or Stolen Notes.   If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Indenture Trustee and the Transfer Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Specified Persons such security or indemnity as may reasonably be required by them to save each of them harmless then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser, the Issuer shall execute and shall direct the Indenture Trustee to authenticate, and upon Issuer Request the Indenture Trustee shall authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note of the same Class as such mutilated, defaced, destroyed, lost or stolen Note, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding.

If, after delivery of such new Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, the Specified Persons shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Specified Persons in connection therewith.

In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated Note shall be surrendered.

Upon the issuance of any new Note under this Section 2.5, the Issuer, the Indenture Trustee or the Transfer Agent may require the payment by the registered Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

Every new Note issued pursuant to this Section 2.5 in lieu of any mutilated, defaced, destroyed, lost or stolen Note, shall constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section 2.5, to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.

Section 2.6      Payment of Principal and Interest; Rights Preserved. (a) Each Class of Notes (other than Class H) shall accrue interest during each Interest Period at the applicable Note Interest Rate specified in Section 2.2(b) hereof. Notwithstanding the foregoing, in the event a Successor Benchmark Rate Event has occurred, each Class of Notes (other than the Class H Notes) shall accrue interest during each Interest Period at the Prime Rate plus the Prime Rate Spread applicable to each such Class; provided that in no event shall the Note Interest Rate for any such Class 

 

			
	
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of Notes be less than the applicable LIBOR Spread.  Interest on each Class of Notes shall be due and payable on each Payment Date; provided that (i) payment of interest on the Class A-S Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes (including the Class A Defaulted Interest Amount, if any), (ii) payment of interest on the Class B Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes and Class A-S Notes (including the Class A Defaulted Interest Amount and the Class A-S Defaulted Interest Amount, if any), (iii) payment of interest on the Class C Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes, Class A-S Notes and Class B Notes (including the Class A Defaulted Interest Amount, the Class A-S Defaulted Interest Amount and the Class B Defaulted Interest Amount, if any), (iv) payment of interest on the Class D Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes, Class A-S Notes, Class B Notes and Class C Notes (including the Class A Defaulted Interest Amount, the Class A-S Defaulted Interest Amount, the Class B Defaulted Interest Amount and the Class C Defaulted Interest Amount, if any), (v) payment of interest on the Class E Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes, Class A-S  Notes,  Class B  Notes,  Class C  Notes  and  Class D  Notes  (including the  Class A Defaulted Interest Amount, the Class A-S Defaulted Interest Amount, the Class B Defaulted Interest Amount, the Class C Defaulted Interest Amount and the Class D Defaulted Interest Amount, if any), (vi) payment of interest on the Class F Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes (including the Class A Defaulted Interest Amount, the Class A-S Defaulted Interest Amount, the Class B Defaulted Interest Amount, the Class C Defaulted Interest Amount, the Class D Defaulted Interest Amount and the Class E Defaulted Interest Amount, if any), (vii) payment of interest on the Class G Notes is subordinated to the payment on each Payment Date of the interest due and payable on the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes (including the Class A Defaulted Interest Amount, the Class A-S Defaulted Interest Amount, the Class B Defaulted Interest Amount, the Class C Defaulted Interest Amount, the Class D Defaulted Interest Amount, the Class E Defaulted Interest Amount and the Class F Defaulted Interest Amount, if any), (viii) any payments to the Class H Notes in accordance with the Interest Proceeds Waterfall will be made only after, and will be subordinate to, all other amounts payable therefrom have been made, and (ix) payments of interest on all Notes are subordinated to the payment on each Payment Date of other amounts payable prior thereto in accordance with the Priority of Payments.

(b)      For so long as any Class A Notes, Class A-S Notes or Class B Notes are Outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date (any such interest, the “Class C Deferred Interest Amount”) shall be deferred and added to the Aggregate Outstanding Amount of the Class C Notes and shall not be considered “due and payable” for the purposes of Section 5.1(a) hereof until the Payment Date on which such Class C Deferred Interest Amount is available to be paid in accordance with the Priority of Payments. Notwithstanding the foregoing, no accrued interest on the Class C Notes shall constitute Class C Deferred Interest Amounts unless Class A Notes, Class A-S Notes or Class B Notes are then Outstanding. The Class C Deferred Interest Amount accrued to any Payment Date shall bear interest at the Note Interest Rate for the Class C Notes and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments.  Upon the payment of the Class C Deferred Interest Amount on any Payment Date, the Aggregate Outstanding Amount of the Class C Notes will be reduced by the amount of such payment.

 

			
	
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(c)      For so long as any Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date (any such interest, the “Class D Deferred Interest Amount”) shall be deferred and added to the Aggregate Outstanding Amount of the Class D Notes, and shall not be considered “due and payable” until the Payment Date on which funds are available to pay such Class D Deferred Interest Amounts in accordance with the Priority of Payments. Notwithstanding the foregoing, no accrued interest on the Class D Notes shall constitute Class D  Deferred Interest Amounts unless  Class A  Notes,  Class A-S  Notes, Class B Notes or Class C Notes are then outstanding. The Class D Deferred Interest Amount accrued to any Payment Date shall bear interest at the Note Interest Rate for the Class D Notes and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments. Upon the payment of the Class D Deferred Interest Amount on any Payment Date, the Aggregate Outstanding Amount of the Class D Notes will be reduced by the amount of such payment.

(d)      [Reserved.]

(e)      [Reserved.]

(f)      For so long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, any interest due on the Class E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date (any such interest, the “Class E Deferred Interest Amount”) shall be deferred and added to the Aggregate Outstanding Amount of the Class E Notes and shall not be considered “due and payable” for the purposes of Section 5.1(a) hereof until the Payment Date on  such  Class E Deferred Interest Amount is available to be paid in accordance with the Priority of Payments. Notwithstanding the foregoing, no accrued interest on the Class E Notes shall constitute Class E Deferred Interest Amount unless Class A  Notes,  Class A-S  Notes,  Class B  Notes,  Class C  Notes  or  Class D  Notes  are  then Outstanding. The Class E Deferred Interest Amount accrued to any Payment Date shall bear interest at the Class E Note Rate and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments. Upon the payment  of  the  Class E  Deferred  Interest  Amount  on  any  Payment  Date,  the  Aggregate Outstanding Amount of the Class E Notes will be reduced by the amount of such payment.

(g)      For so long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are Outstanding, any interest due on the Class F Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date (any such interest, the “Class F Deferred Interest Amount”) shall be deferred and added to the Aggregate Outstanding Amount of the Class F Notes and shall not be considered “due and payable” for the purposes of Section 5.1(a) hereof until the Payment Date on which such Class F Deferred Interest Amount is available to be paid in accordance with the Priority of Payments. Notwithstanding the foregoing, no accrued interest on the Class F Notes shall constitute Class F Deferred Interest Amount unless Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are then Outstanding.   The Class F Deferred Interest Amount accrued to any Payment Date shall bear interest at the Class F Note Rate and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments. Upon the payment of the Class F Deferred Interest Amount on any Payment Date, the Aggregate Outstanding Amount of the Class F Notes will be reduced by the amount of such payment.

 

			
	
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(h)      For so long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes or Class F Notes are Outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date (any such interest, the “Class G Deferred Interest Amount”) shall be deferred and added to the Aggregate Outstanding Amount of the Class F Notes and shall not be considered “due and payable” for the purposes of Section 5.1(a) hereof until the Payment Date on which such Class G Deferred Interest Amount is available to be paid in accordance with the Priority of Payments.   Notwithstanding the  foregoing, no  accrued interest on  the  Class H  Notes  shall constitute Class G Deferred Interest Amount unless Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes or Class F Notes are then Outstanding.  The Class G Deferred Interest Amount accrued to any Payment Date shall bear interest at the Class G Note Rate and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments.  Upon the payment of the Class G Deferred Interest Amount on any Payment Date, the Aggregate Outstanding Amount of the Class G Notes will be reduced by the amount of such payment.

(i)      The principal of each Note shall be payable no later than the Stated Maturity thereof unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise.

(j)      As a condition to the payment of principal of and interest on any Note without the imposition of U.S. withholding tax, the Issuer, the Indenture Trustee or the Paying Agent shall require certification acceptable to it to enable the Issuer, the Indenture Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Note or the Holder of such Note under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.  Such certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms). In addition, the Issuer, the Indenture Trustee or the Paying Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets. Each Holder agrees to provide any certification requested pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments.

(k)      The Issuer shall not be obligated to pay any additional amounts to the Holders of the Notes as a result of deduction for, or an account of, any present or future taxes, duties, assessments or governmental charges with respect to the Notes.

 

			
	
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(l)      Payments in respect of principal of and interest on the Notes shall be payable by wire transfer in immediately available funds to an account maintained by the Noteholders in accordance with wire transfer instructions received by the Paying Agent on or before the Record Date or, if no wire transfer instructions are received by the Paying Agent in respect of such Note on or before the Record Date, by check drawn on a bank in the United States mailed by first class mail to the address of such Noteholder as it appears on the Note Register at the close of business on the Record Date for such payment.

(m)      The principal of and interest on any Note that is payable on a Redemption Date or in accordance with the Priority of Payments on a Payment Date and is punctually paid or duly provided for on such Redemption Date or Payment Date shall be paid to the Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such payment.  All such payments that are mailed or wired and returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer to be maintained as provided in Section 7.2 hereof.

Payments to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount of the Notes of such Class registered in the name of each such Holder on the Record Date for such payment bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date.

(n)      Payment of any Defaulted Interest Amount may be made in any other lawful manner in accordance with the Priority of Payments if notice of such payment is given by the Indenture Trustee to the Issuer and the Noteholders, and such manner of payment shall be deemed practicable by the Indenture Trustee.

(o)      All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is noted on such Note.

(p)      Notwithstanding any other provision to the contrary, the obligations of the Issuer under the Notes and this Indenture are limited-recourse obligations of the Issuer payable solely from the Collateral in accordance with the Priority of Payments and following realization of the Collateral, any claims of the Noteholders, the other Secured Parties or any third party beneficiary of this Indenture shall be extinguished and shall not thereafter be revived.  This provision shall survive termination of this Indenture for any reason whatsoever. No recourse shall be had against the Issuer, the Owner Trustee, the Intermediate Trust, the Intermediate Trust Trustee, the Indenture Trustee, the Rating Agencies, the Placement Agents, the Operating Advisor or any of their respective successors or assigns or any Officer, member, direct or indirect equity owner, Affiliate, director, manager, employee, security holder or incorporator of the Issuer, the Owner Trustee, the Intermediate Trust, the Intermediate Trust Trustee, the Indenture Trustee, the Rating Agencies, the Placement Agents, Operating Advisor or any of its respective successors or assigns for the payment of any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this Section 2.6(p) shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture until such Collateral has been realized, 

 

			
	
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whereupon any outstanding indebtedness or obligation shall be extinguished.   It is further understood that the foregoing provisions of this Section 2.6(p) shall not limit the right of any Person to name the Issuer as a party defendant in any action or suit or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity.

(q)      Subject to the foregoing provisions of this Section 2.6 and the provisions of Sections 2.4 and 2.5 hereof, each Note delivered under this Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such other Note.

(r)      Payments to the Holder of the Trust Certificate as contemplated by Sections 11.1(a)(i)(17), 11.1(a)(ii)(16) and 11.1(a)(iii)(18) shall be made by the Indenture Trustee to the holder of the Trust Certificate.

Section 2.7       Persons Deemed Owners.   The Issuer, the Indenture Trustee, the Operating Advisor and any agent of any of them (collectively, the “Relevant Persons”) shall treat the Person in whose name any Note on the Note Register is registered as the owner of such Note on the applicable Record Date for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and no Relevant Person shall be affected by notice to the contrary; provided, however, that the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes shall not be considered the owners of any Notes for the purpose of receiving notices.  With respect to the Trust Certificate, on any Payment Date, the Indenture Trustee shall make all distributions thereon to the Holder of the Trust Certificate.

Section 2.8       Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee, shall promptly be canceled by it and may not be reissued or resold.  No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes held by the Indenture Trustee shall be destroyed or held by the Indenture Trustee in accordance with its standard policy unless the Issuer shall direct by an Issuer Order that they be returned to it prior to such Notes’ cancellation and destruction.  Any Notes purchased by the Issuer shall be immediately delivered to the Indenture Trustee for cancellation.

Section 2.9      Global Notes; Definitive Notes; Temporary Notes.

(a)      Definitive Notes.  Definitive Notes shall only be issued in the following limited circumstances:

(i)      upon Transfer of Global Notes to an IAI that is not a QIB in accordance with the procedures set forth in Section 2.4(e)(ii) or Section 2.4(e)(iii);

(ii)      if a holder of a Definitive Note wishes at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.9, such holder may effect such exchange or transfer upon receipt by the Indenture Trustee or the Note Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the 

 

			
	
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transferee, and (B) duly completed certificates in the form of Exhibit B-3, upon receipt of which the Indenture Trustee or the Note Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with Section 2.4(a) and upon execution by the Issuer authenticate and deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Definitive Note surrendered by the transferor).

(iii)      in the event that the Depository notifies the Issuer that it is unwilling or unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within ninety (90) days of such notice, the Global Notes deposited with the Depository pursuant to Section 2.1 hereof shall be transferred to the beneficial owners  thereof subject to  the  procedures and conditions set  forth  in  this Section 2.9.

(b)      Any  Global  Note  that  is  exchanged  for  a  Definitive  Note  shall  be surrendered by the Depository to the Indenture Trustee’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in such Global Note. Any such transfer shall be made, without charge, and the Indenture Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the same Class and authorized denominations.  Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.4(f), bear the applicable legend set forth in Exhibits B-1 or B-2, as applicable, and shall be subject to the transfer restrictions referred to in such applicable legend.

(c)      Subject to the provisions of Section 2.9(b) above, the registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.

(d)      In the event of the occurrence of any of the events specified in Section 2.9(a) above, the Issuer shall promptly make available to the Indenture Trustee a reasonable supply of Definitive Notes.

Pending the preparation of Definitive Notes pursuant to this Section 2.9, the Issuer may execute and, upon Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

If temporary Definitive Notes are issued, the Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay. The Definitive Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other manner permitted by the rules and regulations of any applicable notes exchange, all as determined by the Officers executing such Definitive Notes.  After the preparation of Definitive Notes, the temporary 

 

			
	
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Notes shall be exchangeable for Definitive Notes upon surrender of the applicable temporary Notes at the office or agency maintained by the Issuer for such purpose, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, in exchange  therefor  the  same  aggregate  principal  amount  of  Definitive  Notes  of  authorized denominations.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

Section 2.10   U.S. Tax Treatment of the Issuer and the Notes.   (a) The Issuer intends that, for purposes of U.S. federal income, state and local income and franchise tax and any other income taxes, (i) each of the Issuer and the Intermediate Trust will be treated as an Issuer Parent Disregarded Entity (unless the Issuer has received an opinion of Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or another nationally recognized tax counsel experienced in such matters that the Issuer and the Intermediate Trust will not be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal, state or local income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis) and (ii) the Class A Notes, Class A- S Notes, Class B Notes, Class C Notes and Class D Notes (unless held by the Issuer Parent or an Issuer Parent Disregarded Entity) will be treated as indebtedness, in accordance with Section 10.11 hereof. Each prospective purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with the preceding sentence for U.S. federal income tax purposes.

(b)      The Trust Administrator, on behalf of the Issuer, shall account for the Notes and prepare any reports to Noteholders and shall prepare or cause to be prepared, file and deliver any income tax or information returns to tax authorities consistent with the intentions expressed in Section 2.10(a)  above.    For  the  avoidance  of  doubt,  the  Indenture  Trustee  shall  have  no responsibility for the preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes.

(c)      Each Holder of Notes shall timely furnish to the Issuer or its agents properly completed and signed applicable tax certifications (generally, in the case of U.S. federal income tax, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a United States person within the meaning of Section 7701(a)(30) of the Code or the applicable Internal Revenue Service Form W-8 (or applicable successor form) in the case of a Person that is not a United States person within the meaning of Section 7701(a)(30) of the Code) or other certification acceptable to it to enable the Issuer or its agents to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Note or the Holder or beneficial owner of such Note under any present or future law or regulation of the United States, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation and the delivery of any information or documentation required under FATCA to determine if any payments by the Issuer are subject to withholding. Each Holder of Notes further agrees to promptly update any such information or documentation provided above upon learning that any such information or documentation previously provided has become obsolete or incorrect or is otherwise required and each Noteholder shall be deemed by the acceptance of its Note to agree to provide the Issuer, the Indenture Trustee or their agents information relating to such Noteholder solely to the extent necessary for the Issuer, the Indenture Trustee or their agents to determine any required withholding amounts.

 

			
	
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(d)      Each purchaser, beneficial owner and subsequent transferee of a Note (or interest therein) will be required or deemed to represent and agree that: if it is not a United States Person (as defined in Section 7701(a)(30) of the Code), (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3)(B) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer within the meaning of Section 881(c)(3)(C) of the Code, (B) it is a person that is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, or (C) it has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with the conduct of a trade or business in the United States, and (ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability pursuant to a tax avoidance plan.

(e)      Each purchaser, beneficial owner and subsequent transferee of a Senior Note (or interest therein) (other than (i) RAIT Financial or (ii) an entity that is wholly owned by and is a disregarded entity for U.S. federal income tax purposes of RAIT Financial or (iii) a subsequent REIT that owns 100% of the Junior Notes and the Trust Certificate) is deemed to represent that it is not a member of an "expanded group" (within the meaning of the regulations issued under Code Section 385) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns Junior Notes or the Trust Certificate, except to the extent that the Issuer has received advice from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or receives an opinion of another nationally recognized tax counsel experienced in such matters to the effect that the ownership of a Senior Note (or interest therein) by such purchaser, beneficial owner and subsequent transferee will not cause the Issuer to be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis.

(f)      Noteholders shall be required to provide to the Issuer, the Indenture Trustee or their agents all information, documentation or certifications acceptable to it to permit the Issuer or the Indenture Trustee to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting obligations.

Section 2.11   Authenticating Agents. Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, pursuant to this Indenture, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.3, 2.4, 2.5 and 8.5 hereof, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.11 shall be deemed to be the authentication of Notes by the Indenture Trustee.

Any corporation or banking association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any 

 

			
	
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Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer.  The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer.

The Indenture Trustee agrees to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto and the Indenture Trustee shall be entitled to be reimbursed for such payments, subject to Section 6.7 hereof.  The provisions of Sections 2.8, 6.5 and 6.6 hereof shall be applicable to any Authenticating Agent.

Section 2.12      Book-Entry Provisions.      This  Section 2.12  shall  apply  only  to Global Notes deposited with or on behalf of the Depository.

The Issuer shall execute and the Indenture Trustee shall, in accordance with this Section 2.12, authenticate and deliver initially one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the Indenture Trustee to such Depository or pursuant to such Depository’s instructions or held by the Indenture Trustee’s agent as custodian for the Depository.

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

Section 2.13      No Gross Up. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. Amounts withheld pursuant to applicable tax laws will be treated as having been paid to a beneficial owner by the Issuer.

 

			
	
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ARTICLE III CONDITIONS

PRECEDENT

Section 3.1      General Provisions.      The Notes may be executed by the Owner Trustee on behalf of the Issuer and delivered to the Indenture Trustee for authentication and thereupon the same shall be authenticated and delivered by the Indenture Trustee (or an Authenticating Agent on its behalf) upon Issuer Request, upon receipt by the Indenture Trustee of the following:

(a)      (i)  an Officer’s Certificate of the Issuer, (A) evidencing the authorization by Board Resolution of the execution and delivery of, and the performance of the Issuer’s obligations under, this Indenture, the Trust Agreement, the Purchase and Sale Agreements, the Trust Administration Agreement, the Intermediate Trust Agreement, the Intermediate Trust Administration Agreement, the Account Control Agreement, the Servicing Agreement, the Future Funding Agreement, the Future Funding Account Control Agreement, the Participation Agreements and the Placement Agreement, in each case as may be amended on or prior to, and as in effect on, the Closing Date, and the execution, authentication and delivery of the Notes and the issuance of the Trust Certificate and specifying the Stated Maturity, the principal amount and, except in the case of the Class H Notes, the Note Interest Rate with respect to each Class of Notes to be authenticated and delivered, and (B) certifying that (1) the attached copy of such Board Resolution is a true and complete copy thereof, (2) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon; and

(ii)      either (A) a certificate of the Issuer or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel to the Issuer, satisfactory in form and substance to the Indenture Trustee and on which the Indenture Trustee is entitled to rely, to the effect that no other authorization, approval or consent of any governmental body is required for the valid issuance of the Notes and the Trust Certificate,  or  (B) an  Opinion  of  Counsel  to  the  Issuer  to  the  effect  that  no  such authorization, approval or consent of any governmental body is required under the laws of the State of New York or the federal laws of the United States for the valid issuance of the Notes except as may have been given;

(b)      the following opinions of counsel:

(i)      opinions of Winston & Strawn LLP, special counsel to the Issuer and the Intermediate Trust, dated the Closing Date, relating to (A) certain U.S. federal income tax, (B) certain bankruptcy matters and (C) securities law matters;

(ii)      an opinion of Winston & Strawn LLP, counsel to the Issuer, RAIT Partnership and the Trust Depositor, dated as of the Closing Date, relating to certain corporate matters;

(iii)      opinions of Cadwalader, Wickersham & Taft LLP, counsel to the Placement Agents, dated as of the Closing Date, relating to (A) the validity of the Grant hereunder and the perfection of the Indenture Trustee’s security interest in the Collateral and (B) securities law matters;

 

			
	
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(iv)      an opinion of Alston & Bird LLP, counsel to the Indenture Trustee, dated as of the Closing Date, regarding certain securities law matters;

(v)      an opinion of Alston & Bird LLP, special Delaware counsel to the Issuer, dated the Closing Date, regarding certain issues of Delaware law;

(vi)      opinions of Alston & Bird LLP, counsel to the Owner Trustee, dated as of the Closing Date relating to certain issues of Delaware law and New York law;

(vii)      opinions of Alston & Bird LLP, counsel to the Intermediate Trust Trustee, dated as of the Closing Date relating to certain issues of New York law;

(viii)      opinions of Alston & Bird LLP, counsel to the Indenture Trustee, dated as of the Closing Date relating to certain issues of Delaware law and New York law;

(ix)      an opinion of Alston & Bird LLP, special counsel to the Indenture Trustee, dated the Closing Date, regarding certain issues of Minnesota law;

(x)      an opinion of Richards, Layton & Finger, P.A., special Delaware counsel to the Trust Depositor, dated the Closing Date, regarding certain issues of Delaware law;

(xi)      an opinion of Carlton Fields Jorden Burt, P.A., counsel to the Operating Advisor, regarding certain matters of Georgia and New York law;

(xii)      an opinion of Richards, Layton & Finger, P.A., special Delaware counsel to the Indenture Trustee, dated the Closing Date, regarding certain issues of Delaware law; and

(xiii)      opinions  of  Ledgewood,  P.C.,  a  professional  corporation  and  special counsel to RAIT Financial Trust, the Intermediate Trust and the Issuer, dated the Closing Date, (A) regarding certain Investment Company Act issues and (B) regarding the Issuer’s, the Intermediate Trust’s and RAIT Financial Trust’s qualification and taxation as Issuer Parent Disregarded Entities and a REIT, respectively;

(c)      an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not in Default under this Indenture and that the issuance of the Securities will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under the Trust Agreement, any indenture, contract, other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may be subject; that no Indenture Event of Default shall have occurred and be continuing; that all of the representations and warranties contained herein are true and correct as of the Closing Date; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes have been complied with; and that all expenses due or accrued with respect to the Offering or relating to actions taken on or in connection with the Closing Date have been paid;

(d)      an   Independent  accountant’s  report   (A) confirming  the   information specified in such Independent accountant’s report with respect to each Mortgage Loan set forth on the Schedule of Mortgage Loans attached hereto as Schedule A (not including information relating to the ratings, balance or price of such Mortgage Loan) by reference to such sources as shall be specified therein (and allowing for such exceptions due to scope limitations as may be acceptable to the Issuer and the Placement Agents, in each case in their sole discretion) and (B) specifying the procedures undertaken by them to review data and computations relating to the foregoing statements;

 

			
	
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(e)      an Officer’s Certificate from the Seller (i) confirming that Schedule A correctly lists the Mortgage Loans to be owned by the Intermediate Trust, 100% beneficial ownership interest in which is evidenced by the Intermediate Trust Certificate, such Intermediate Trust Certificate to be owned by the Issuer and to be Granted to the Indenture Trustee on the Closing Date, and (ii) stating the Aggregate Principal Balance of the Mortgage Loans;

(f)      an executed copy of each of this Indenture, the Account Control Agreement, the Servicing Agreement, the Trust Agreement, the Intermediate Trust Agreement, the Participation Agreements, the Future Funding Agreement, the Future Funding Account Control Agreement, the Trust Administration Agreement, the Intermediate Trust Administration Agreement, the Purchase and Sale Agreements, the Placement Agreement and the E.U. Risk Retention Letter;

(g)      evidence of preparation for filing at the appropriate filing office in the State of Delaware of a financing statement, on behalf of the Issuer, relating to the perfection of the lien of this Indenture; and

(h)      an Issuer Order executed by the Issuer directing the Indenture Trustee to (a) authenticate the Notes specified therein, in the amounts set forth therein and registered in the name(s) set forth therein and (b) deliver the authenticated Notes to the Issuer or as otherwise directed by the Issuer.

Section 3.2      Security for the Notes.  Prior to the issuance of the Notes on the Closing Date, the Issuer shall cause the following conditions to be satisfied:

(a)      Grant of Security Interest; Delivery of Closing Date Mortgage Loans. The Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral shall be effective and all Closing Date Mortgage Loans deposited into the Intermediate Trust on the Closing Date (as set forth in Schedule A hereto) together with the Loan Documents with respect thereto shall have been delivered to, and received by, the Indenture Trustee, without recourse (except as expressly provided in each applicable purchase and sale agreement), in the manner provided in Section 3.3(b) hereof.

(b)      Certificate of  the Issuer.    The delivery to  the  Indenture Trustee of  a certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and without personal liability, dated as of the Closing Date, to the effect that, in the case of each Closing Date Mortgage Loan owned by the Intermediate Trust on the Closing Date and immediately prior to the delivery thereof on the Closing Date:

(i)      the Issuer, in its capacity as the 100% beneficial owner of the Intermediate Trust, certifies that the Intermediate Trust is the owner of such Mortgage Loan free and clear of any liens, claims or encumbrances of any nature whatsoever except for those that are being released on the Closing Date;

(ii)      the Issuer, in its capacity as the 100% beneficial owner of the Intermediate Trust, certifies that the Intermediate Trust has acquired its ownership in such Mortgage Loan in good faith without notice of any adverse claim (within the meaning given to such term by Section 8-102(a)(1) of the UCC), except as described in clause (i) above;

 

			
	
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(iii)      the Issuer, in its capacity as the 100% beneficial owner of the Intermediate Trust, certifies that the Intermediate Trust has not assigned, pledged or otherwise encumbered any interest in such Mortgage Loan (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to (or permitted under) this Indenture;

(iv)      the Issuer is the owner of the Intermediate Trust Certificate free and clear of any liens, claims or encumbrances of any nature whatsoever except for those that are being released on the Closing Date;

(v)      the Issuer has acquired its ownership in the Intermediate Trust Certificate in good faith without notice of any adverse claim (within the meaning given to such term by Section 8-102(a)(1) of the UCC), except as described in clause (v) above;

(vi)      the Issuer has not assigned, pledged or otherwise encumbered any interest in the Intermediate Trust Certificate (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to (or permitted under) this Indenture;

(vii)      the Issuer has full right to Grant a security interest in and assign and pledge all of its right, title and interest in such Intermediate Trust Certificate to the Indenture Trustee;

(viii)      the information set forth with respect to such Closing Date Mortgage Loan in the Schedule of Mortgage Loans hereto is correct;

(ix)      each such Mortgage Loan is transferred to the Intermediate Trust as required by Section 3.2(a) hereof; and

(x)      the Grant pursuant to the Granting Clauses of this Indenture shall result in a first priority security interest in favor of the Indenture Trustee for the benefit of the Holders of the Notes in all of the Issuer’s right, title and interest in and to the Collateral pledged to the Indenture Trustee on the Closing Date.

(c)      Rating Letters.   The delivery to the Indenture Trustee of an Officer’s Certificate of the Issuer, to the effect that (i) attached thereto are true and correct copies of one or more letters signed by DBRS and Moody’s, as applicable, confirming that the Class A Notes have been rated “AAA(sf)” by DBRS and “Aaa(sf)” by Moody’s, that the Class A-S Notes have been rated “AAA(sf)” by DBRS, that the Class B Notes have been rated at least “AA(low)(sf)” by DBRS, that the Class C Notes have been rated at least “A(low)(sf)” by DBRS, that the Class D Notes have been rated at least “BBB(low)(sf)” by DBRS, that the Class E Notes have been rated at least “BB(sf)” by DBRS, and that the Class F Notes have been rated at least “B(sf)” by DBRS; and (ii) each such rating is in full force and effect on the Closing Date.

(d)      Accounts.   The delivery by the Indenture Trustee of evidence of the establishment of the Note Payment Account, the Interest Collection Account, the Principal Collection Account, the Expense Account, the Custodial Account, the Unused Proceeds Account, the Permitted Funded Companion Participation Acquisition Account and the Trust Certificate Account to be established on the Closing Date.

 

			
	
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(e)      Deposit to Unused Proceeds Account; Allocable Amounts. On the Closing Date, the Issuer shall deposit into the Unused Proceeds Account, U.S. $17,782,000, which represents the purchase price of the Delayed Close Mortgage Loan(s).

Section 3.3      Transfer  of   Pledged  Assets.      Wells   Fargo   Bank,   National Association is hereby appointed as: (i) Securities Intermediary (in such capacity, the “Custodian”) to hold all Pledged Assets delivered to it in physical form at its office in Minneapolis, Minnesota; and (ii) document custodian (in such capacity, also the “Custodian”) to hold all Mortgage Loan Files delivered to it on behalf of the Intermediate Trust. Any successor to the Custodian, whether as such Securities Intermediary or as custodian for the Mortgage Loan Files, shall be a U.S. state or national bank or trust company that is not an Affiliate of the Issuer and has capital and surplus of at least $200,000,000.  Subject to the limited right to relocate Pledged Assets set forth in Section 7.5(b), the Custodian, as a Securities Intermediary, shall hold all Eligible Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds used to purchase such investments are held in accordance with Article X, and, in respect of each Account (other than the Note Payment Account and the Trust Certificate Account), the Indenture Trustee shall have entered into an agreement with the Securities Intermediary (the “Account Control Agreement”) providing, inter alia, that the establishment and maintenance of such Account will be governed by the laws of the state of New York.  To the maximum extent feasible, Pledged Assets shall be transferred to the Indenture Trustee as Security Entitlements in the manner set forth in clause (i) below. In the event that the measures set forth in clause (i) below cannot be taken as to any Pledged Assets, such Pledged Asset may be transferred to the Indenture Trustee in the manner set forth in clauses (ii) through (vii) below, as appropriate.  The security interest of the Indenture Trustee in Pledged Assets shall be perfected and otherwise evidenced as follows:

(i)      in the case of such Pledged Assets consisting of Security Entitlements by (A) the Issuer causing the Custodian, in accordance with the Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and  (B) the  Issuer  causing the  Custodian to  agree pursuant to  the  Account Control Agreement that it will comply with Entitlement Orders originated by the Indenture Trustee with respect to each such Security Entitlement without further consent by the Issuer;

(ii)      in the case of Pledged Assets that are “uncertificated securities” (as such term is defined in the UCC) to the extent that any such uncertificated securities do not constitute Financial Assets forming the basis of Security Entitlements by the Indenture Trustee pursuant to clause (i) (the “Uncertificated Securities”), by the Issuer (A) causing the issuer(s) of such Uncertificated Securities to register on their respective books the Indenture Trustee as the registered owner thereof upon original issue or transfer thereof or (B) causing another Person, other than a Securities Intermediary, either to become the registered owner of such Uncertificated Securities on behalf of the Indenture Trustee, or such Person having previously become the registered owner, to acknowledge that it holds such Uncertificated Securities for the Indenture Trustee;

(iii)      in the case of Pledged Assets consisting of Certificated Securities in Registered Form to the extent that any such Certificated Securities do not constitute Financial Assets forming the basis of Security Entitlements acquired by the Indenture Trustee pursuant to clause (i) (the “Registered Securities”), by the Issuer (A) causing (1) the Indenture Trustee to obtain possession of such Registered Securities in the State of Minnesota or (2) another Person, other than a Securities Intermediary, either to acquire 

 

			
	
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possession of such Registered Securities on behalf of the Indenture Trustee, or having previously acquired such Registered Securities, in either case, in the State of Minnesota to acknowledge that  it  holds  such  Registered Securities for  the  Indenture Trustee and (B) causing (1) the endorsement of such Registered Securities to the Indenture Trustee by an effective endorsement; or (2) the registration of such Registered Securities in the name of the Indenture Trustee by the issuer thereof upon its original issue or registration of transfer;

(iv)      in the case of Pledged Assets consisting of Certificated Securities in bearer form to the extent that any such Certificated Securities do not constitute Financial Assets forming the basis of Security Entitlements acquired by the Indenture Trustee pursuant to clause (i) (the “Bearer Securities”), by the Issuer causing (A) the Indenture Trustee to obtain possession of such Bearer Securities in the State of Minnesota or (B) another Person, other than a Securities Intermediary, either to acquire possession of such Bearer Securities on behalf of the Indenture Trustee or, having previously acquired possession of such Bearer Securities, in either case, in the State of Minnesota to acknowledge that it holds such Bearer Securities for the Indenture Trustee;

(v)      in the case of Pledged Assets that consist of Money or Instruments (the “Minnesota Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Indenture Trustee pursuant to clause (i), by the Issuer causing (A) the Indenture Trustee to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the Issuer) (1) to (x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Indenture Trustee or (2) to (x) authenticate a record acknowledging that it will hold possession of such Minnesota Collateral for the benefit of the Indenture Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; and

(vi)      in the case of Pledged Assets that consist of UCC Accounts or General Intangibles (“Accounts Receivable”), and all other Pledged Assets of the Issuer in which a security interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the State of Delaware, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the Indenture Trustee as secured party, which financing statement reasonably identifies all such Assets, with the Secretary of State of the State of Delaware.

(b)      The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the debtor’s personal property and assets,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture.

(c)      Without limiting the foregoing, the Issuer and the Indenture Trustee on behalf of the Bank agree, and the Bank shall cause the Custodian, to take such different or additional action as the Indenture Trustee may reasonably request in order to maintain the perfection and priority of the security interest of the Indenture Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood that the Indenture Trustee shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 7.6, as to the need to file any financing statements or continuation statements, the dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made).

 

			
	
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(d)      Without limiting any of the foregoing, in connection with each Grant hereunder, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the following documents (collectively, the “Mortgage Loan File”) with respect to each Mortgage Loan on or prior to the Closing Date (or, in the case of any Delayed Close Mortgage Loan or Related Funded Companion Participation acquired on behalf of the Intermediate Trust after the Closing Date, on or prior to the date of acquisition on behalf of the Intermediate Trust):

(i)      The original or replacement original mortgage note or promissory note (or a copy of such note together with a lost note affidavit), as applicable, bearing all intervening endorsements, endorsed in blank and signed in the name of the Last Endorsee by an authorized Person;

(ii)      An original of any participation certificate together with any and all intervening endorsements thereon, endorsed in blank on its face or by endorsement or stock power attached thereto (without recourse, representation or warranty, express or implied);

(iii)      An original blanket assignment of all unrecorded documents in blank;

(iv)      The original or a copy of any guarantee executed in connection with the promissory note;

(v)      The original mortgage with evidence of  recording thereon, or  a  copy thereof; provided that the original has been or will be in accordance with this Section 3.3(d) submitted or delivered for recordation in the appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case, recordation information shall not be required;

(vi)      The originals of all assumption, modification, consolidation or extension agreements with evidence of recording thereon (or a copy thereof provided that the original has been or will be in accordance with this Section 3.3(d) submitted or delivered for recordation in the appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case, recordation information shall not be required), together with any other recorded document relating to the Mortgage Loan otherwise included in the Mortgage Loan File;

(vii)      An original assignment of mortgage in blank, in form and substance acceptable for recording and signed in the name of the Intermediate Trust;

(viii)      Either (1) the originals of all intervening assignments of mortgage, if any, showing an unbroken chain of title from the originator thereof to the Last Endorsee (“Intervening Assignments of Mortgage”), either (A) with evidence of recording thereon or (B) in recordable form, or (2) copies thereof provided that the originals have each been or will be in accordance with this Section 3.3(d) submitted or delivered for recordation in the appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case, recordation information shall not be required;

(ix)      An original mortgagee policy of title insurance, which may be in electronic form or a conformed version of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has not yet been issued;

 

			
	
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(x)      The original or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage Loan;

(xi)      The original assignment of  leases and rents, if any, with evidence of recording thereon, or a copy thereof provided that the original has been or will be in accordance  with  this  Section 3.3(d)  submitted  or  delivered  for  recordation  in  the appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case, recordation information shall not be required;

(xii)      An original assignment of any assignment of leases and rents from the Last Endorsee in blank, in form and substance acceptable for recording;

(xiii)      The originals of all intervening assignments of assignments of leases, if any, showing an unbroken chain of title from the originator thereof to the Last Endorsee (“Intervening ALRS”), either (A) with evidence of recording thereon or (B) in recordable form, or copies thereof provided that that such originals have each been or will be in accordance  with  this  Section 3.3(d)  submitted  or  delivered  for  recordation  in  the appropriate governmental recording office of  the  jurisdiction where the  encumbered property is located, in which case, recordation information shall not be required;

(xiv)      A copy of the UCC-1 financing statements either (A) with evidence of filing thereon or (B) a copy thereof provided that the originals have each been or will be in accordance  with  this  Section 3.3(d)  submitted  or  delivered  for  recordation  in  the appropriate governmental recording or filing office;

(xv)      UCC-3 assignments in blank from the Last Endorsee, which UCC-3 assignments shall be in form and substance acceptable for filing;

(xvi)      UCC-3 assignments showing a complete chain from the originator to the Last Endorsee (“Intervening UCC-3s”), either (A) with evidence of filing thereon or (B) a copy thereof provided that the originals have each been or will be in accordance with this Section 3.3(d) submitted or delivered for recordation in the appropriate governmental recording or filing office;

(xvii)      An original or copy of any environmental indemnity agreement;

(xviii)      originals or copies of any other material Loan Documents, including, if applicable, any mezzanine intercreditor agreements; and

(xix)      if such Mortgage Loan is a Pari Passu Participation or a Related Funded

Companion Participation:

(1)      each of the documents specified in (d)(i) above with respect to the related Mortgage Loan and (d)(ii) above;

(2)      an original or a copy of the related Participation Agreement; and

(3)      a   copy  of   any   certificate  evidencing  a   related  Companion Participation.

 

			
	
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With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the Issuer (or the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the applicable recording office.

In addition, within 30 days of the Closing Date, or with respect to a Delayed Close Mortgage Loan, within 30 days of the acquisition thereof on behalf of the Intermediate Trust, the Issuer (or Seller) shall submit for filing or recordation, all Intervening Assignments of Mortgage, Intervening ALRs and Intervening UCC-3s that have not previously been recorded or filed, subject to the following two paragraphs of this Section 3.3(d).

In the event that any document or instrument submitted for recordation or filing is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Issuer shall promptly prepare or cause the preparation of a substitute therefor or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document for recording or filing, as appropriate, and the Issuer shall not be deemed to be in breach of this Section 3.3(d) as a result of any delay in submitting such document for recordation or filing caused thereby or for any other reason, so long as the Issuer shall diligently and in good faith continue to take commercially reasonable action to effect such recordation or filing.  In addition, the Issuer shall not be obligated to submit for recordation or filing any Intervening Assignments of Mortgage, Intervening ALRs and Intervening UCC-3s, with respect to any recently originated Mortgage Loan as to which the original recordable document or financing statement has not yet been recorded, until the date that is 30 days after the recorded or filed copy of such recordable document or financing statement has been received by the Issuer.  Notwithstanding anything to the contrary contained in this Section 3.3, in those instances where the public recording or filing office retains the original recorded or filed document, if applicable, after it has been recorded or filed, the obligations hereunder of the Issuer shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded or filed original of such document.

 

			
	
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(e)      The execution and delivery of this Indenture by the Indenture Trustee shall constitute certification by the Indenture Trustee that, except with respect to a Delayed Close Mortgage Loan, (i) each original note specified to the Indenture Trustee by the Issuer (or the Seller) and all allonges thereto, if any, have been received by the Custodian; and (ii) such original note has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and (C) purports to relate to the Mortgage Loan. The Indenture Trustee, or the Custodian on its behalf, agrees to review or cause to be reviewed the Mortgage Loan File within 45 days after the Closing Date, or with respect to a Delayed Close Mortgage Loan, within 45 days after the acquisition of such Delayed Close Mortgage Loan on behalf of the Intermediate Trust, and to deliver to the Issuer and the Servicer a report in the form of Exhibit I attached hereto, indicating, subject to any exceptions found by it in such review, (A) those documents referred to in Section 3.3(d) that have been received, and (B) that such documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Mortgage Loan. The Custodian shall have no responsibility for reviewing the Mortgage Loan File except as expressly set forth in this Section 3.3(e). Neither the Indenture Trustee nor the Custodian shall be under any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(d)), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Underlying Mortgaged Property.

(f)      Upon the first anniversary of the Closing Date, the Custodian shall (i) deliver to the Issuer and the Servicer a final exception report in the form of Exhibit I attached hereto as to any remaining documents that are not in the Mortgage Loan File and (ii) request that the Issuer cause such document deficiency to be cured. If the Issuer cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any recordable document or financing statement (including without limitation any Intervening Assignments of Mortgage, Intervening ALRs and Intervening UCC-3s) or any copy thereof referred to in Section 3.3(d) with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 3.3(d) shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage Loan File, provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable title insurance company or by the Trust Administrator on behalf of the Issuer to be a true and complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 45 days after the issuance of the final exception report, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to the Indenture Trustee promptly after any receipt thereof by the Issuer from the applicable recording or filing office, and the Trust Administrator on behalf of the Issuer shall certify to the Indenture Trustee, no less often than quarterly, that it is in good faith attempting to obtain from the appropriate public recording or filing office such original or copy.

 

			
	
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(g)      Without limiting the generality of the foregoing:

(i)      from time to time upon the request of the Indenture Trustee or the Servicer, the Issuer shall deliver (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals) and as to which the Indenture Trustee or the Servicer, as applicable, shall have reasonably determined to be necessary or appropriate for the administration of such Mortgage Loan hereunder or under the Servicing Agreement or for the protection of the security interest of the Indenture Trustee under this Indenture;

(ii)      in connection with any delivery of documents to the Custodian pursuant to clause (i) above, the Indenture Trustee, or the Custodian on its behalf, shall deliver to the Servicer, on behalf of the Issuer, a Trust Receipt in the form of Exhibit C acknowledging the receipt of such documents by the Custodian and that it is holding such documents on behalf of the Intermediate Trust subject to the terms of this Indenture;

(iii)      from time to time upon request of the Servicer, the Custodian shall, upon delivery by the Servicer of a duly completed Request for Release in the form of Exhibit D hereto, release to the Servicer such of the Loan Documents then in its custody as the Servicer reasonably so requests.   By submission of any such Request for Release, the Servicer shall be deemed to have represented and warranted that it has determined, in accordance with the Servicing Standard, that the requested release is necessary for one or more of the purposes described in such Request for Release.  The Servicer shall return to the Custodian each Loan Document released from custody pursuant to this clause (iii) within twenty (20) Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this Indenture, of the related Mortgage Loan that is consummated within such 20-Business Day period).  Notwithstanding the foregoing provisions of this clause (iii), (A) any note, certificate or other instrument evidencing a Mortgage Loan shall be released only for the purpose of (1) a sale, exchange or other disposition of such Mortgage Loan (including without limitation a foreclosure of the related REO Property or deed in- lieu of foreclosure) that is permitted in accordance with the terms of this Indenture or (2) presentation, collection, renewal or registration of transfer of such Mortgage Loan and (B) the Custodian may refuse to honor any Request for Release following the occurrence of an Indenture Event of Default under this Indenture.

(h)      As of the Closing Date (with respect to the Collateral) and each date on which Collateral is acquired (only with respect to the Collateral so acquired) the Issuer represents and warrants as follows:

(i)      this Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the Indenture Trustee for the benefit of the Noteholders, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer;

(ii)      the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of any Person;

 

			
	
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(iii)      in the case of each item of Collateral that is a financial asset, the Issuer has acquired its ownership in such Collateral in good faith without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof;

(iv)      other than the security interest granted to the Indenture Trustee for the benefit of the Noteholders pursuant to this Indenture, the Issuer has not, pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral;

(v)      the Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral that includes the Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee for the benefit of the Noteholders hereunder or that has been terminated; the Issuer is not aware of any judgment or Pension Benefit Guarantee Corporation lien and tax lien filings against the Issuer;

(vi)      the Issuer has received all consents and approvals required by the terms of each item of Collateral and the Loan Documents with respect to each Mortgage Loan to grant to the Indenture Trustee its interest and rights in such Collateral hereunder;

(vii)      the Issuer has caused or will have caused, within ten (10) days of the Closing Date or date of acquisition, as applicable, the filing of all appropriate financing statements (in the case of an acquisition of Collateral, only if such Collateral is not already described in the financing statements filed within the 10 day period following the closing date) in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Indenture Trustee for the benefit of the Noteholders hereunder;

(viii)      the Collateral is an Instrument, a General Intangible or  a Certificated Security or Uncertificated Security or a securities account or Cash or a Security Entitlement or an account or has been and will have been credited to a Securities Account;

(ix)      the Custodian has agreed to treat all assets credited to the Securities Account as Financial Assets;

(x)      the Issuer has delivered a fully executed Account Control Agreement pursuant to which the Custodian has agreed to comply with all instructions and entitlement orders originated by the Indenture Trustee relating to the Custodial Account without further consent of the Issuer; the Custodial Account is not in the name of any person other than the Issuer or the Indenture Trustee;   the Issuer has not consented to the Securities Intermediary of the Custodial Account to comply with Entitlement Orders of any person other than the Indenture Trustee;

(xi)      (A) all original executed copies of each promissory note, participation certificate or other writings that constitute or evidence any pledged obligation that constitutes Instruments have been delivered to the Custodian for the benefit of the Indenture Trustee, (B) the Issuer has received a written acknowledgement from the Custodian that the Custodian is acting solely as agent of the Indenture Trustee and (C) none of the promissory notes, participation or other writings that constitute or evidence such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Indenture Trustee;

(xii)      each Account is a Securities Account.

 

			
	
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(i)      The Indenture Trustee shall only invest in Eligible Investments which the Custodian agrees to credit to the applicable account.  To the extent any Eligible Investment shall not be delivered to the Indenture Trustee by causing the Custodian to create a Security Entitlement in the Securities Account in favor of the Indenture Trustee, the Issuer shall first deliver an Opinion of Counsel to the Indenture Trustee to the effect that any proposed alternative delivery will effect a perfected security interest in favor of the Indenture Trustee in such Eligible Investment.

ARTICLE IV

SATISFACTION AND DISCHARGE

Section 4.1      Satisfaction and Discharge of Indenture.  This Indenture shall be discharged and shall cease to be of further effect with respect to the Collateral securing the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, as provided herein, (iv) the rights, obligations, indemnities and immunities of the Indenture Trustee hereunder, (v) the rights, obligations, indemnities and immunities of the Servicer, Special Servicer and Operating Advisor hereunder and (vi) the rights of the Noteholders as beneficiaries hereof with respect to the property deposited with the Indenture Trustee and payable to all or any of them; and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

(a)      either:

(i)      all Notes theretofore authenticated and delivered (other than (A) Notes which have been mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.5 hereof and (B) Notes for whose payment Cash has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 7.3 hereof) have been delivered to the Indenture Trustee for cancellation; or

(ii)      all Notes not theretofore delivered to the Indenture Trustee for cancellation (A) have become due and payable, (B) will become due and payable at their Stated Maturity within one year, or (C) are to be called for redemption pursuant to Section 9.1 hereof under an arrangement satisfactory to the Indenture Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.4 hereof and the Issuer has irrevocably deposited or caused to be deposited with the Indenture Trustee, in trust for such purpose, Cash or noncallable direct obligations of the United States in an amount sufficient, as verified by a firm of nationally recognized Independent certified public accountants, to pay and discharge the entire indebtedness on all Notes not theretofore delivered to the Indenture Trustee for cancellation, including all principal and interest (including Deferred Interest Amount, Defaulted Interest Amount and interest on Defaulted Interest Amount, if any) accrued to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or the Redemption Date, as the case may be; provided that (x) such obligations are entitled to the full faith and credit of the United States and (y) this clause (a) shall not apply if an election to act in accordance with the provisions of Section 5.5(a) hereof shall have been made and not rescinded and all proceeds of such liquidation has been made;

 

			
	
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(b)      the Issuer has paid or caused to be paid or provided for all other sums payable hereunder and under the Servicing Agreement and the Trust Administration Agreement; and

(c)      the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the rights, obligations, indemnities and immunities of the Issuer, the Indenture Trustee, the Servicer and, if applicable, the Noteholders, as the case may be, under Sections 2.6, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.7, 7.1 and 7.3 hereof shall survive.

Section 4.2       Application of Trust Cash.  All Cash deposited with the Indenture Trustee pursuant to Section 4.1 hereof for the payment of principal and interest on the Notes shall be held in trust and applied by it in accordance with the provisions of the Notes and this Indenture, in each case subject to the Priority of Payments, for the payment either directly or through the Paying Agent, as the Indenture Trustee may determine, to the Person entitled thereto of the respective amounts in respect of which such Cash has been deposited with the Indenture Trustee; but such Cash need not be segregated from other funds held by the Indenture Trustee except to the extent required herein or required by law.

Section 4.3       Repayment of Cash Held by Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all Cash then held by the Paying Agent other than the Indenture Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied pursuant to Section 7.3 hereof and in accordance with the Priority of Payments and thereupon the Paying Agent shall be released from all further liability with respect to such Cash.

ARTICLE V

EVENTS OF DEFAULT; REMEDIES

Section 5.1      Indenture Events of Default.

“Indenture Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Indenture Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(a)      a default in the payment of any accrued interest, (i) on any Class A Note, Class A-S Note or Class B Note when the same becomes due and payable, or (ii) if no Class A Notes, Class A-S Notes or Class B Notes are outstanding, on the Class C Notes, or (iii) if no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, on the Class D Notes or, (iv) if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, on the Class E Notes, or (v) if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, on the Class F Notes, or (vi) if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes or Class F Notes are outstanding, on the Class G Notes in each case which default continues for a period of five (5) Business Days;

 

			
	
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(b)      a default in the payment of principal of any Note when the same becomes due and payable at its Stated Maturity or Redemption Date (and, in the case of a default in payment resulting solely from an administrative error or omission by the Indenture Trustee, the Paying Agent or the Note Registrar, such default continues for a period of five (5) Business Days);

(c)      the failure on any Payment Date to disburse amounts available in the Interest Collection Account or Principal Collection Account in accordance with the order of priority set forth under Section 11.1(a) hereof (other than a default in payment described in clause (a) or (b) of this Section 5.1), which failure (other than a failure of the Indenture Trustee to disburse funds to the Holder of the Trust Certificate) continues for a period of three (3) Business Days (or, in the case of a default in payment resulting solely from an administrative error or omission by the Indenture Trustee, the Paying Agent or the Note Registrar, such default continues for a period of five (5) Business Days after any of the Issuer or the Servicer has actual knowledge thereof) or after notice thereof (x) to the Issuer and the Servicer by the Indenture Trustee, (y) to the Issuer and the Indenture Trustee by the Servicer or (z) to the Issuer and the Indenture Trustee by the holders of at least 25% of the Aggregate Outstanding Amount of Notes of the Controlling Class, in each case specifying such default or breach and requiring it to be remedied and stating that it is a “notice of default” under this Indenture;

(d)      the Issuer, the Intermediate Trust or the Underlying Mortgage Pool becomes an investment company required to be registered under the Investment Company Act;

(e)      a default in the performance, or breach, of any other covenant or other agreement of the Issuer under this Indenture or any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proves to be incorrect in any material respect when made (which breach, violation, default or incorrect representation or warranty is reasonably expected to have a material and adverse effect on the interest of any of the Noteholders) and the continuation of such default, breach or incorrectness for a period of 30 consecutive days (or, if such default, breach or incorrectness has an adverse effect on the validity, perfection or priority of the security interest granted hereunder or thereunder, 15 consecutive days) after any of the Issuer or the Servicer has actual knowledge thereof or after notice thereof (x) to the Issuer and the Servicer by the Indenture Trustee, (y) to the Issuer and the Indenture Trustee by the Servicer or (z) to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Aggregate Outstanding Amount of Notes of the Controlling Class, in each case specifying such default or breach and requiring it to be remedied and stating that it is a “notice of default” under this Indenture;

(f)      an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) winding up, liquidation, reorganization or other relief in respect of the Issuer or its debts, or of a substantial part of its assets, under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Issuer or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 90 days; or an order or decree approving or ordering any of the foregoing shall be entered;

 

			
	
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(g)      the Issuer or the Intermediate Trust shall (i) voluntarily commence any proceeding or file any petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 5.1(f) hereof, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Issuer or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; or

(h)      the Issuer or the Intermediate Trust is not treated as an Issuer Parent Disregarded Entity, unless (A) the Issuer has received (1) an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s or the Intermediate Trust’s loss of Issuer Parent Disregarded Entity status, as applicable, the Issuer or the Intermediate Trust, as applicable, is not, and has not been, an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis, payments of interest on the Collateral will not be subject to withholding or other taxes, fees or assessments, and the Holders of the Senior Notes are not otherwise materially adversely affected by the Issuer’s or the Intermediate Trust’s loss of Issuer Parent Disregarded Entity status, as applicable, or (2) an amount from the Holder of the Junior Notes sufficient to discharge in full the amounts then due and unpaid on the Senior Notes and amounts and expenses described in clauses (1) through (3) (without regard to the limitations therein) under Section 11.1(a)(i) in accordance with the Priority of Payments or (B) all Classes of Principal Balance Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such redemption has not been rescinded.

If the Issuer shall obtain knowledge or have reason to believe that an Indenture Event of Default shall have occurred and be continuing, the Issuer shall promptly notify, in writing, the Indenture Trustee, the Noteholders, the Servicer, the Special Servicer, the Operating Advisor, the Holder of the Trust Certificate and, after providing such notice to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Website, the Rating Agencies of such Indenture Event of Default.

Section 5.2       Acceleration of Maturity; Rescission and Annulment.   (a) If an Indenture Event of Default occurs and is continuing (other than an Indenture Event of Default specified in Section 5.1(f) or 5.1(g) hereof), (i) the Indenture Trustee (at the direction of the Majority Holders of the Controlling Class by notice to the Issuer) or (ii) the Majority Holders of the Controlling Class, by notice to the Issuer and the Indenture Trustee, may declare the principal of and accrued and unpaid interest on all of the Notes to be immediately due and payable, and upon any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable hereunder, shall become immediately due and payable. If an Indenture Event of Default specified in Section 5.1(f) or 5.1(g) hereof occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all the Notes, and other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder.  Notwithstanding the foregoing, if an Indenture Event of Default specified in Section 5.1(a) or 5.1(b) hereof occurs and is continuing solely with respect to a default in the payment of any principal of or interest on Notes of a Class other than the Controlling Class, neither the Indenture Trustee nor the Holders of such non-Controlling Class shall have the right to declare such principal and other amounts to be immediately due and payable.

 

			
	
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(b)      At any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the Cash due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Majority Holders of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

(i)      the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

(A)      all unpaid installments of principal of and interest on the Notes that would be due and payable hereunder if the Indenture Event of Default giving rise to such acceleration had not occurred; and

(B)      all accrued and unpaid taxes and Administrative Expenses and other sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its agents and counsel; and

(ii)      the Indenture Trustee has determined that all Indenture Events of Default of which a Trust Officer has actual knowledge, other than the nonpayment of the principal of or interest on the Notes that have become due solely by such acceleration, have been cured and the Majority Holders of the Controlling Class by written notice to the Indenture Trustee has agreed with such determination or waived as provided in Section 5.14 hereof. At any such time as the Indenture Trustee shall rescind and annul such declaration and its consequences, the Indenture Trustee shall preserve the Collateral and the Underlying Mortgage Pool in accordance with the provisions of Section 5.5 hereof; provided that, if such preservation of the Collateral and the Underlying Mortgage Pool is rescinded pursuant to Section 5.5 hereof, the Notes may be accelerated pursuant to Section 5.2(a), notwithstanding any previous rescission and annulment of a declaration of acceleration pursuant to this Section 5.2(b) hereof.

No such rescission and annulment shall affect any subsequent Default or impair any right consequent thereon.

Section 5.3       Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. The Issuer covenants that if a Default occurs in respect of (a) the payment of principal of or interest, if any, on any Class A Note, (b) the payment of principal of or interest, if any, on any Class A-S Note (but with respect to interest, only after the Class A Notes and all interest accrued thereon have been paid in full), (c) the payment of principal of or interest, if any, on any Class B Note (but with respect to interest, only after the Class A Notes and Class A-S Notes and all interest accrued thereon have been paid in full), (d) the payment of principal of or interest, if any, on any Class C Note (but with respect to interest, only after the Class A Notes, Class A-S Notes and Class B Notes and all interest accrued thereon have been paid in full), (e) the payment of principal of or interest, if any, on any Class D Note (but with respect to interest, only after the Class A Notes, Class A-S Notes, Class B Notes and Class C Notes and all interest accrued thereon have been paid in full), (f) the payment of principal of or interest, if any, on any E Note (but with respect to interest, only after the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes and Class D Notes and all interest accrued thereon have been paid in full), (g) the payment of principal of or interest, if any, on any Class F Note (but with respect to interest, only after the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes and all interest accrued thereon have been 

 

			
	
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paid in full), (h) the payment of principal, if any, on any Class G Note (but only after the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes and all interest accrued thereon have been paid in full) and (i) the payment of principal, if any, on any Class H Note (but only after the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes and Class G Notes and all interest accrued thereon have been paid in full), the Issuer shall upon demand by the Indenture Trustee or any affected Noteholder, pay to the Indenture Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal, interest upon the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest at the applicable Note Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture Trustee and such Noteholder and their respective agents and counsel.

If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may, and shall, upon the direction by the Majority Holders of the Controlling Class, prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Notes and collect the Cash adjudged or decreed to be payable in the manner provided by law out of the Collateral.

If an Indenture Event of Default occurs and is continuing, the Indenture Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as shall be deemed most effectual (if no direction by the Majority Holders of the Controlling Class is received by the Indenture Trustee) or as the Indenture Trustee may be directed by the Majority Holders of the Controlling Class, to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

In case there shall be pending Proceedings relative to the Issuer or any other obligor upon the Notes under the Bankruptcy Code or any other applicable bankruptcy, insolvency, reorganization or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its respective property or such other obligor or its property, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or the creditors or property of the Issuer or such other obligor, the Indenture Trustee, regardless of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and regardless of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3 hereof, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

(a)      to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes upon direction by the Majority Holders of the Controlling Class and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, by the Indenture Trustee and each predecessor Indenture Trustee) and of the Noteholders allowed in any Proceedings relative to the Issuer or other obligor upon the Notes or to the creditors or property of the Issuer or such other obligor;

 

			
	
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(b)      unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Notes, upon the direction of such Holders, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency Proceedings or person performing similar functions in comparable Proceedings; and

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

Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

In any Proceedings brought by the Indenture Trustee on behalf of the Holders, the Indenture Trustee shall be held to represent, subject to Section 6.16 hereof, all the Secured Parties, if applicable, pursuant to Section 6.16.

Notwithstanding anything in this Section 5.3 to the contrary, the Indenture Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant to this Section 5.3 hereof except in accordance with Section 5.5(a) hereof.

Section 5.4       Remedies. (a) If an Indenture Event of Default shall have occurred and be continuing, and the Notes have been declared due and payable and such declaration and its consequences have not been rescinded and annulled, the Issuer agrees that the Indenture Trustee may after notice to the Noteholders, the Servicer and, after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website, the Rating Agencies, and shall, upon direction by the Majority Holders of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies:

(i)      institute Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Collateral any Cash adjudged due;

(ii)      sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof;

(iii)      institute  Proceedings  from  time  to  time  for  the  complete  or  partial foreclosure of this Indenture with respect to the Collateral;

 

			
	
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(iv)      exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Secured Parties hereunder;

(v)      exercise any other rights and remedies that may be available at law or in equity; and

(vi)      direct the Intermediate Trustee, the Servicer and/or the Special Servicer, as applicable, to sell the Underlying Mortgage Pool, in whole or in part;

 

provided that the Indenture Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant to this Section 5.4 hereof or direct the sale or liquidation of all or any part of the Underlying Mortgage Pool except in accordance with Section 5.5(a) hereof.

The Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the cost of which shall be considered an Administrative Expense) as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 hereof and as to the sufficiency of the proceeds and other amounts receivable with respect to the Collateral or the Underlying Mortgage Pool to make the required payments of principal of and interest on all the Notes to be redeemed, which opinion shall be conclusive evidence as to such feasibility or sufficiency.

(b)      If an Indenture Event of Default as described in Section 5.1(e) hereof shall have occurred and be continuing, the Indenture Trustee may, and, at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Indenture Event of Default under such Section, and enforce any equitable decree or order arising from such proceeding; provided that if the Indenture Trustee shall receive conflicting or inconsistent requests from two or more groups of Holders of the Notes of the Controlling Class, each representing less than the Majority Holders of the Controlling Class, the Indenture Trustee shall follow the instructions of the group representing the higher percentage of interest in the Aggregate Outstanding Amount of the Notes of the Controlling Class, notwithstanding any other provisions of this Indenture.

(c)      Upon any sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, any Noteholder or Noteholders or Holder of the Trust Certificate or the Servicer or any of its Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser at any such Sale may, in paying the purchase Money, turn in any of the Notes in lieu of Cash equal to the amount which shall, upon distribution of the net proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account the Class of such Notes).  Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the Holders thereof after proper notation has been made thereon to show partial payment.

Upon any sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of Cash by the Indenture Trustee, or by the Officer making a sale under judicial proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

			
	
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Any such sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall bind the Issuer, the Intermediate Trust, the Indenture Trustee, the Noteholders and the Holder of the Trust Certificate, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them.

(d)      Notwithstanding  any  other  provision  of  this  Indenture,  the  Indenture Trustee may not, prior to the date which is one year and one day, or if longer the applicable preference period then in effect, after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under federal or state bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.4 hereof shall preclude, or be deemed to stop, the Indenture Trustee (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer the applicable preference period then in effect, in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency proceeding filed or commenced by a Person  other than the  Indenture Trustee, or  (ii) subject to  the  limitations contained in  this Section 5.4 hereof, from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or similar proceeding. This provision shall survive termination of this Indenture.

Section 5.5       Preservation of Collateral.  (a) Notwithstanding anything herein to the contrary, if an Indenture Event of Default shall have occurred and be continuing when any Class of Notes is Outstanding, the Indenture Trustee shall retain the Collateral and the Underlying Mortgage Pool intact, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles X, XII and XIII unless:

(i)      the Indenture Trustee determines that the anticipated net proceeds of a sale or liquidation of such Collateral or the Underlying Mortgage Pool (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due and unpaid on the Notes for principal and interest on the Notes that would be due and payable under the Indenture if the Indenture Event of Default giving rise to such acceleration had not occurred, and to pay due and unpaid Administrative Expenses and Indenture Trustee Fees, all unreimbursed Interest Advances together with Reimbursement Interest, and any accrued and unpaid Servicing Fees, Special Servicing Fees, workout fees, liquidation fees and other fees and amounts (including without limitation Property Protection Advances and interest thereon) due to the Servicer or Special Servicer under the Servicing Agreement; or

(ii)      the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of each Class of Principal Balance Notes, subject to the provisions hereof, direct the sale and liquidation of the Collateral.

The Indenture Trustee shall give written notice of the retention of the Collateral to the Issuer with a copy to the Servicer, the Operating Advisor and the Holders of the Notes.  So long as such Indenture Event of Default is continuing, any such retention pursuant to this Section may be rescinded at any time when the conditions specified in clause (i) or (ii) exist.

 

			
	
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If either of the conditions set forth in clause (i) or clause (ii) above is satisfied, the Indenture Trustee will liquidate the Collateral or cause the liquidation of the Underlying Mortgage Pool and, on the sixth Business Day (the “Accelerated Maturity Date”) following the Business Day (which shall be the Determination Date for such Accelerated Maturity Date) on which the Indenture Trustee notifies the Issuer, the Servicer and, after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website, the Rating Agencies that such liquidation is completed, apply the proceeds of such liquidation in accordance with the Priority of Payments. The Accelerated Maturity Date will be treated as a Payment Date, and distributions on such date will be made in accordance with the Priority of Payments.

(b)      Nothing contained in Section 5.5(a) hereof shall be construed to require the Indenture Trustee to preserve the Collateral securing the Notes if prohibited by applicable law.

(c)      In determining whether the condition specified in Section 5.5(a)(i) hereof exists, the Indenture Trustee shall obtain bid prices with respect to each security contained in the Collateral from two nationally recognized dealers, as specified by the Servicer in writing, which are Independent from each other and the Servicer, at the time making a market in such securities and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such security. For purposes of making the determinations required pursuant to Section 5.5(a)(i) hereof, the Indenture Trustee shall apply the standards set forth in Section 9.2(a) hereof.  In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Pledged Assets and/or the Underlying Mortgage Pool and the execution of a sale or other liquidation thereof in connection with a determination whether the condition specified in Section 5.5(a)(i) hereof exists, the Indenture Trustee may, but shall not be required to, retain (at the expense of the Issuer, payable from the Collateral), consult with, and rely on an opinion of an Independent investment banking firm of national reputation.

The Indenture Trustee shall deliver to the Noteholders, the Servicer and the Issuer a report prepared by such investment bank or accountant stating the results of any determination required pursuant to Section 5.5(a)(i) hereof as soon as reasonably practicable after making such determination. The Indenture Trustee shall make the determinations required by Section 5.5(a)(i) hereof within 30 days after an Indenture Event of Default and at the request of the Majority Holders of the Controlling Class at any time during which the Indenture Trustee retains the Collateral pursuant to Section 5.5(a)(i) hereof. In the case of each calculation made by the Indenture Trustee pursuant to Section 5.5(a)(i) hereof (which may be made in consultation with an investment bank or accountant), the Indenture Trustee shall obtain (at the expense of the Issuer, payable from the Collateral) a letter of an Independent certified public accountant confirming the accuracy of the computations of the Indenture Trustee and certifying their conformity to the requirements of this Indenture. In determining whether the Holders of the requisite Aggregate Outstanding Amount of any Class of Notes have given any direction or notice or have agreed pursuant to Section 5.5(a) hereof, any Holder of a Note of a Class who is also a Holder of Notes of another Class or any Affiliate of any such Holder shall be counted as a Holder of each such Note for all purposes.

Section 5.6       Indenture  Trustee  May  Enforce  Claims  Without  Possession  of Notes.  All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in Section 5.7 hereof.

 

			
	
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Section 5.7       Application of Cash Collected. Any Cash collected by the Indenture Trustee with respect to the Notes pursuant to this Article V and any Cash that may then be held or thereafter received by the Indenture Trustee with respect to the Notes hereunder shall be applied subject to Section 13.1 hereof and in accordance with the provisions of (and subject to the limitations in) Section 11.1 hereof, at the date or dates fixed by the Indenture Trustee.

Section 5.8       Limitation on Suits. No Holder of any Note shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

(a)      such Holder has previously given to the Indenture Trustee written notice of an Indenture Event of Default;

(b)      except as otherwise provided in Section 5.9 hereof, the Holders of at least 25% of the then Aggregate Outstanding Amount of the Notes of the Controlling Class shall have made a written request to the Indenture Trustee to institute Proceedings in respect of such Indenture Event of Default in its own name as Indenture Trustee hereunder;

(c)      such Holder or Holders have offered to the Indenture Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

(d)      the Indenture Trustee for 30 days after its receipt of such notice, request and offer of indemnity has failed to institute any such Proceeding; and

(e)      no direction inconsistent with such written request has been given to the Indenture Trustee during such 30-day period by the Majority Holders of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of the Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with Section 13.1 hereof and the Priority of Payments.

If the Indenture Trustee shall receive conflicting or inconsistent requests (each with indemnity provisions) from two or more groups of Holders of the Notes of the Controlling Class, each representing less than the Majority Holders of the Controlling Class, the Indenture Trustee shall follow the instructions of the group representing the higher percentage of interest in the Aggregate Outstanding Amount of the Controlling Class, notwithstanding any other provisions of this Indenture.

Section 5.9       Unconditional Rights  of  Noteholders  to  Receive  Principal  and Interest.  (a) Notwithstanding any other provision in this Indenture (other than Section 2.6(i)) hereof, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal and/or interest on such Note as such principal and/or interest become due and payable in accordance with Section 13.1 hereof and the Priority of Payments and, subject to the provisions of Section 5.8 hereof, to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 

			
	
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(b)      If collections in respect of the Collateral are insufficient to make payments due in respect of the Notes, no other assets will be available for payment of the deficiency following realization of the Collateral and application of the proceeds thereof in accordance with Section 13.1 hereof and the Priority of Payments, and the obligations of the Issuer to pay any deficiency shall thereupon be extinguished and shall not thereafter revive.

Section 5.10   Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Secured Parties shall continue as though no such Proceeding had been instituted.

Section 5.11   Rights and Remedies Cumulative.   No  right or  remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing by law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 5.12   Delay or Omission Not Waiver.   No delay or omission of the Indenture Trustee or of any Noteholder to exercise any right or remedy accruing upon any Indenture Event of Default shall impair any such right or remedy or constitute a waiver of any such Indenture Event of Default or an acquiescence therein or a waiver of a subsequent Indenture Event of Default.  Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 5.13   Control by Controlling Class. Notwithstanding any other provision of this Indenture (but subject to the proviso in the definition of “Outstanding” in Section 1.1 hereof), the Majority Holders of the Controlling Class shall have the right to direct the Indenture Trustee in the conduct of any proceedings for any remedy available to the Indenture Trustee for exercising any trust, right, remedy or power conferred on the Indenture Trustee; provided that:

(a)      such direction shall not conflict with any rule of law or with this Indenture;

(b)      the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; provided that, subject to Section 6.1 hereof, the Indenture Trustee need not take any action that it determines might involve it in liability (unless the Indenture Trustee has received satisfactory indemnity against such liability as set forth below);

(c)      the Indenture Trustee shall have been provided with indemnity satisfactory to it; and

(d)      any direction to the Indenture Trustee to undertake a Sale of the Collateral or to direct the sale of all or any portion of the Underlying Mortgage Pool shall be made only pursuant to, and in accordance with, Sections 5.4(a) and 5.5 hereof.

 

			
	
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Section 5.14   Waiver of Past Defaults. Prior to the time a judgment or decree for payment of the Cash due has been obtained by the Indenture Trustee, as provided in this Article V, the Majority Holders of the Controlling Class may on behalf of the Holders of all the Notes waive any past Default and its consequences (including rescinding the acceleration of the Notes), except a Default:

(a)      in the payment of the principal of any Note or in the payment of interest (including Defaulted Interest Amount and interest on Defaulted Interest Amount) on the Notes; or

(b)      in respect of a covenant or provision hereof that under Section 8.2 hereof cannot be modified or amended without the waiver or consent of the Holder of each Outstanding Note affected thereby.

In the case of any such waiver, (i) the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto, and (ii) the Indenture Trustee shall promptly give written notice of any such waiver to each Holder of Notes. The Rating Agencies shall be notified by the Issuer (after the Issuer provides such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website) of any such waiver under this Section 5.14.

Upon any such waiver, such Default shall cease to exist, and any Indenture Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

Section 5.15      Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 hereof shall not apply to any suit instituted by the Indenture Trustee or any Noteholder, or group of Noteholders, holding in the aggregate more than 10% in Aggregate Outstanding Amount of the Controlling Class, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest, as applicable, on any Note or any other amount payable hereunder on or after the Stated Maturity expressed in such Note (or, in the case of redemption, on or after the applicable Redemption Date).

Section 5.16      Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenant that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

			
	
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Section 5.17   Sale of Collateral or Underlying Mortgage Pool.  (a) The power to effect or direct any sale, assignment or termination (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4(a) and 5.5 hereof shall not be exhausted by any one or more Sales as to any portion of such Collateral or Underlying Mortgage Pool remaining unsold, but shall continue unimpaired until the entire Collateral or Underlying Mortgage Pool shall have been sold or all amounts secured by the Collateral shall have been paid or discharged. The Indenture Trustee may upon notice to the Noteholders, and shall, upon direction of the Majority Holders of the Controlling Class from time to time postpone or cause the postponement of any Sale by announcement made at the time and place of such Sale; provided that, if the Sale is rescheduled for a date more than ten Business Days after the date of the determination by an investment bank appointed by the Indenture Trustee pursuant to Section 5.5 hereof, such Sale shall not occur unless and until an investment bank has again made the determination required by Section 5.5 hereof. The Indenture Trustee hereby expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that the Indenture Trustee shall be authorized to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7 hereof.

(b)      The Indenture Trustee may bid for and acquire any portion of the Collateral in connection with a public Sale thereof, and may pay all or part of the purchase price by crediting against amounts owing on the Notes or other amounts secured by the Collateral all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred by the Indenture Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof. The Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Notes.  The Indenture Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law in accordance with this Indenture.

(c)      If any portion of the Collateral consists of securities not registered under the Securities Act (“Unregistered Securities”), the Indenture Trustee shall seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent of the Majority Holders of the Controlling Class, seek a no-action position from the United States Securities and Exchange Commission or any other relevant federal or state regulatory authorities, regarding the legality of a public or private sale of such Unregistered Securities (the costs of which, in each case, shall be reimbursable to the Indenture Trustee pursuant to Section 6.7 hereof).  In no event will the Indenture Trustee be required to register Unregistered Securities under the Securities Act.

(d)      The Indenture Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral in connection with a sale thereof. In addition, the Indenture Trustee is hereby irrevocably appointed the agent and attorney- in-fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection with a sale thereof, and to take all action necessary to effect such sale. No purchaser or transferee at such a sale shall be bound to ascertain the Indenture Trustee’s authority, to inquire into the satisfaction of any conditions precedent or see to the application of any Cash.

Section 5.18   Action on the Notes.   The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Secured Parties shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer.

 

			
	
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ARTICLE VI

THE INDENTURE TRUSTEE

Section 6.1       Certain  Duties  and  Responsibilities.       (a) Except  during  the continuance of an Indenture Event of Default:

(i)      the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied or permissive covenants, duties or obligations shall be read into this Indenture against the Indenture Trustee; and

(ii)      in the absence of manifest error or Bad Faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they substantially conform on their face to the requirements of this Indenture and shall promptly, but in any event within three Business Days in the case of an Officer’s Certificate furnished by the Issuer or the Servicer, notify the party delivering the same if such certificate or opinion does not conform.  If a corrected form shall not have been delivered to the Indenture Trustee within 15 days after such notice from the Indenture Trustee, the Indenture Trustee shall so notify the Noteholders.

(b)      In case an Indenture Event of Default known to the Indenture Trustee has occurred and is continuing, the Indenture Trustee shall, prior to the receipt of directions, if any, from the Majority Holders of the Controlling Class (or other Noteholders to the extent provided in Article V hereof), exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

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

(i)      this subclause (c) shall not be construed to limit the effect of subclause (a) of this Section 6.1 hereof;

(ii)      the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that the Indenture Trustee was negligent in ascertaining the pertinent facts;

(iii)      the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer, the Directing Holder or the Servicer in accordance with this Indenture and/or the Majority Holders (or such other percentage as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the terms hereof) relating to the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee in respect of any Note, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture;

 

			
	
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(iv)      no provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds (except to pay expenses that could reasonably be expected to be incurred in connection with the performance of its normal duties) or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it unless such risk or liability relates to performance of its ordinary services under this Indenture; provided, that nothing contained herein shall relieve the Bank, in its capacity hereunder as Backup Advancing Agent of the obligation, upon the occurrence of a failure by the Advancing Agent to make certain Interest Advances pursuant to the terms of this Agreement; and

(v)      the Indenture Trustee shall not be liable to the Noteholders for any action taken or omitted by it at the direction of the Issuer, the Servicer, the Directing Holder and/or the Holders of the Notes under the circumstances in which such direction is required or permitted by the terms of this Indenture.

(vi)      Except as otherwise expressly set forth in this Agreement, knowledge or information acquired by (i) Wells Fargo Bank, National Association in any of its respective capacities hereunder or under any other document related to this transaction shall not be imputed to Wells Fargo Bank, National Association or any Affiliate of Wells Fargo Bank, National Association (including but not limited to Wells Fargo Delaware Trust Company, National Association) in any of its other capacities hereunder or under such other documents, and (ii) any Affiliate of Wells Fargo Bank, National Association (including but not limited to Wells Fargo Delaware Trust Company, National Association) shall not be imputed to Wells Fargo Bank, National Association, in any of its respective capacities hereunder and vice versa.

(d)      For all purposes under this Indenture, the Indenture Trustee shall not be deemed to have notice or knowledge of any failure by any other party to this Agreement to comply with any of its respective obligations under this Agreement or any Default or Indenture Event of Default described in this Indenture unless a Trust Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Indenture Event of Default or such a Default, as the case may be, is received by a Trust Officer at the Corporate Trust Office, and such notice references, as applicable, the Notes generally, the Issuer, the Collateral or this Indenture.  For purposes of determining the Indenture Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to such an Indenture Event of Default or such a Default, as the case may be, such reference shall be construed to refer only to such an Indenture Event of Default or such a Default, as the case may be, of which the Indenture Trustee is deemed to have notice as described in this Section 6.1(d) hereof.

(e)      Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Article VI.

(f)      The Indenture Trustee shall, upon reasonable prior written notice to the Indenture Trustee, permit the Issuer, the Majority Holders of the Controlling Class (or a representative thereof) or the Rating Agencies, during the Indenture Trustee’s normal business hours at its Corporate Trust Office, to examine all books of account, records, reports and other papers of the Indenture Trustee relating to the Notes, to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Indenture Trustee by such Person) and to discuss the Indenture Trustee’s actions, as such actions relate to the Indenture Trustee’s duties with respect to the Notes, with the Indenture Trustee’s Officers and employees responsible for carrying out the Indenture Trustee’s duties with respect to the Notes.

 

			
	
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Section 6.2      Notice of Indenture Event of Default.

Promptly (and in no event later than two Business Days) after the occurrence of any Indenture Event of Default known to the Indenture Trustee or after any declaration of acceleration has been made or delivered to the Indenture Trustee pursuant to Section 5.2 hereof, the Indenture Trustee shall transmit by mail to the Rating Agencies (for so long as any Class of Notes is Outstanding) (after providing such information to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website) and to all Holders of Notes, as their names and addresses appear on the Note Register, notice of all Indenture Events of Default hereunder known to the Indenture Trustee, unless such Indenture Event of Default shall have been cured or waived.

Section 6.3       Certain Rights of Indenture Trustee.  Except as otherwise provided in Sections 6.1, 8.1 and 8.2 hereof:

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

(b)      any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case may be;

(c)      whenever in the administration of this Indenture the Indenture Trustee shall (i) deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of manifest error or Bad Faith on its part, rely upon an Officer’s Certificate or (ii) be required to determine the value of any Collateral or funds hereunder or the cash flows projected to be received therefrom, the Indenture Trustee may, in the absence of manifest error or Bad Faith on its part, rely on reports of nationally recognized accountants, investment bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized dealers in securities of the type being valued and securities quotation services;

(d)      as a condition to the taking or omitting of any action by it hereunder, the Indenture Trustee may consult with counsel and the written or verbal advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Indenture Trustee of a supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel;

(e)      subject to its rights as Backup Advancing Agent, the Indenture Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be reasonably incurred by it in compliance with such request or direction;

 

			
	
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(f)      the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper documents, but the Indenture Trustee, in its discretion, may and, upon the written direction of the Majority Holders of the Controlling Class (or a representative thereof) or the Rating Agencies shall make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and, the Indenture Trustee shall be entitled, on reasonable prior notice to the Issuer, to examine the books and records of the Issuer relating to the Notes and the Collateral, as applicable, at the premises of the Issuer, personally or by agent or attorney during the Issuer’s normal business hours; provided that the Indenture Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law, by any regulatory authority or by the documents delivered pursuant to or in connection with this Indenture and the Notes and (ii) to the extent that the Indenture Trustee, in its sole judgment, may determine that such disclosure is consistent with its obligations hereunder;

(g)      the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder (except with respect to its duty to make any Interest Advance under the circumstances specified in Section 10.12) either directly or by or through agents or attorneys;

(h)      in the absence of Bad Faith, the Indenture Trustee shall not be liable for any action it takes, suffers or omits to take that it reasonably believes to be authorized or within the discretion of its rights or powers hereunder;

(i)      the Indenture Trustee shall not be responsible for the accuracy of the books or records of, or for any acts or omissions of, the Depository, the Transfer Agent (other than the Indenture Trustee itself acting in that capacity), Clearstream, Euroclear, any Calculation Agent (other than the Indenture Trustee itself acting in that capacity) or the Paying Agent (other than the Indenture Trustee itself acting in that capacity);

(j)      the Indenture Trustee shall not be liable for the actions or omissions of the Servicer, the Directing Holder, the Operating Advisor or any other party to this Agreement; and without limiting the foregoing, the Indenture Trustee shall not (except to the extent, if at all, otherwise expressly stated in this Indenture) be under any obligation to monitor, evaluate or verify compliance by the Servicer or Operating Advisor with the terms hereof or the Servicing Agreement, or to verify or independently determine the accuracy of information received by it from the Servicer or Operating Advisor (or from any selling institution, agent bank, trustee or similar source) with respect to the Mortgage Loans;

(k)      to the extent any defined term hereunder, or any calculation required to be made or determined by the Indenture Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time (GAAP), the Indenture Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants appointed by the Issuer as to the application of GAAP in such connection, in any instance;

(l)      the Indenture Trustee shall not be liable to the Noteholders for any action taken or omitted by it at the direction of the Issuer, the Servicer and/or the Holders of the Notes under the circumstances in which such direction is required or permitted by the terms of this Indenture;

 

			
	
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(m)       the Indenture Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (including acts of God, strikes, lockouts, riots, acts of war or (to the extent beyond the Indenture Trustee’s control) loss or malfunctions of utilities, computer (hardware or software) or communications services);

(n)      to the fullest extent permitted by law and notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be personally liable for special, indirect, punitive or consequential loss or damage (including, without limitation, lost profits) even if the Indenture Trustee has been advised of the likelihood of such damages and regardless of the form of action;

(o)      the Indenture Trustee is hereby authorized and directed to execute and deliver the Future Funding Agreement and the Future Funding Account Control Agreement;

(p)      the Indenture Trustee shall not be under any obligation to take any action in the performance of its duties hereunder that would be in violation of applicable law;

(q)      to  the  extent  the  Indenture  Trustee  determines  that  any  substantial ambiguity exists in the interpretation of any definition, provision or term contained in this Agreement pertaining to the performance of its duties hereunder, or to the extent more than one methodology can be used to make any of the determinations or calculations to be performed by the Indenture Trustee hereunder, the Indenture Trustee may request written direction from the Issuer as to the interpretation or methodology it should adopt with respect thereto. The Issuer shall promptly provide such written direction, and the Indenture Trustee shall be entitled conclusively to rely upon (absent manifest error), and shall be protected and held harmless in acting upon, such written direction; and

(r)      any reference in this Agreement to the Indenture Trustee “discovering”, “learning of”, or “being aware of” any matter or event (or wording of similar effect) shall be deemed to be a reference to a Trust Officer of the Indenture Trustee having actual knowledge of, or having received written notice of, such matter or event.

Section 6.4       Not Responsible for Recitals or Issuance of Notes.   The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Indenture Trustee’s obligations hereunder), the Trust Agreement, the Collateral or the Notes.  The Indenture Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any Cash paid to the Issuer pursuant to the provisions hereof. Additionally, the Indenture Trustee shall not at any time have any responsibility or liability for or with respect to (i) the legality, validity, enforceability of any Note, any collateral document or the Collateral or (ii) the perfection or priority of any Note.

Section 6.5       May Hold Notes. The Indenture Trustee, the Paying Agent, the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and, may otherwise deal with the Issuer or any of its Affiliates, with the same rights it would have if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent.

 

			
	
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Section 6.6       Cash Held in Trust.  Cash held by the Indenture Trustee hereunder shall be held in trust to the extent required herein. The Indenture Trustee shall be under no liability for interest on any Cash received by it hereunder except as otherwise agreed upon with the Issuer and except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Indenture Trustee in its commercial capacity and income or other gain actually received by the Indenture Trustee on Eligible Investments.

Section 6.7      Compensation and Reimbursement. (a) The Issuer agrees:

(i)      to pay the Indenture Trustee on each Payment Date the compensation specified herein for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

(ii)      except as otherwise expressly provided herein, to reimburse the Indenture Trustee (subject to any written agreement between the Issuer and the Indenture Trustee) in a timely manner upon its request for all reasonable expenses and disbursements and advances (except as otherwise provided herein with respect to Interest Advances) incurred or made by the Indenture Trustee in accordance with any provision of this Indenture or in the enforcement of any provision hereof and expenses related to the maintenance and administration of the Collateral (including securities transaction charges and the reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Indenture Trustee pursuant to Section 5.4, 5.5 or 6.3 hereof, except any such expense or disbursement as may be attributable to its negligence, willful misconduct or Bad Faith but only to the extent any such securities transaction charges have not been waived during a Due Period due to the Indenture Trustee’s receipt of a payment from a financial institution with respect to certain Eligible Investments);

(iii)      to indemnify Wells Fargo Bank, National Association, in both its individual capacity and its capacity as the Indenture Trustee and its Officers, directors, employees and agents for, and to hold them harmless against, any claim, loss, liability, damage or expense (including, without limitation, any legal fees or expenses or litigation, and of investigation, counsel fees, judgments and amounts paid in settlement), incurred or expended without negligence, willful misconduct or Bad Faith on their part, in connection with (A) investigating, preparing for, defending itself or themselves against or prosecuting for itself or themselves (including in connection with obtaining the enforcement of the Issuer’s indemnification obligations) or for the sake of the Trust any legal proceeding, whether pending or threatened, that is related directly or indirectly in any way to the Trust, the Transaction Documents, the Mortgage Loans, the Intermediate Trust Certificate or other assets of the Trust, or the Notes (including without limitation the initial offering, any secondary trading and any transfer and exchange of the Notes), (B) the acceptance or administration of the trusts created hereunder or under any other Transaction Document, and (C) the performance of any and all of its or their duties and responsibilities and the exercise or lack of exercise of any and all of its or their powers, rights or privileges hereunder  or  under  any  other  Transaction  Document,  including  without  limitation (1) complying with any new or updated law or regulation in any way related to or affecting the transaction contemplated by the Transaction Documents or any party to the Transaction Documents, and (2) addressing any bankruptcy in any way related to or affecting the Transaction 

 

			
	
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contemplated by the Transaction Documents or any party to the Transaction Documents, including, as applicable, all costs incurred in connection with the use of default specialists within or outside Wells Fargo Bank, National Association (in the case of Wells Fargo Bank, National Association personnel, such costs to be calculated using standard market rates) arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder; and

(iv)      to pay the Indenture Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for any collection action taken pursuant to Section 6.13 hereof.

(b)      The rights and indemnities afforded to Wells Fargo Bank, National Association, in both its individual capacity and its capacity as Indenture Trustee under this Agreement, including without limitation this Section 6.7, shall apply, mutatis mutandis, to the Intermediate Trust Trustee, Paying Agent, Calculation Agent, Transfer Agent, Custodian, Backup Advancing Agent and Note Registrar under this Agreement and each Transaction Document. The indemnification obligations set forth in this Section shall survive the discharge or assignment of this Agreement and the termination or resignation of the Indenture Trustee.

(c)      The Issuer may remit payment for such fees and expenses to the Indenture Trustee or, in the absence thereof, the Indenture Trustee may from time to time deduct payment of its fees and expenses hereunder from Cash credited to the Note Payment Account pursuant to Section 11.1 hereof.

(d)      The Indenture Trustee hereby agrees not to cause or join in the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary until at least one year and one day, or if longer the applicable preference period (plus one day) then in effect, after the payment in full of all Notes issued under this Indenture. This provision shall survive termination of this Agreement.  To the extent that the entity acting as Indenture Trustee is acting as Note Registrar, Calculation Agent, Paying Agent, Transfer Agent, Backup Advancing Agent, Rule 17g-5 Information Provider, Authenticating Agent, Securities Intermediary or Custodian, the rights, privileges, immunities and indemnities set forth in this Article VI shall also apply to it acting in each such capacity.

(e)      The Indenture Trustee agrees that the payment of all amounts to which it is entitled pursuant to sub-sections (a)(i), (a)(ii), (a)(iii) and (a)(iv) of this Section 6.7 shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such Priority of Payments, shall be payable solely from the Collateral and following realization of the Collateral, any such claims of the Indenture Trustee against the Issuer, and all obligations of the Issuer, shall be extinguished. The Indenture Trustee shall have a lien upon the Collateral to secure the payment of such payments to it in accordance with the Priority of Payments; provided that the Indenture Trustee shall not institute any proceeding for enforcement of  such  lien  except in  connection with  an  action taken pursuant to  Section 5.3  hereof for enforcement of the lien of this Indenture for the benefit of the Noteholders.

 

			
	
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(f)      The Indenture Trustee shall receive amounts pursuant to this Section 6.7 and Sections 11.1(a)(i), 11.1(a)(ii) and 11.1(a)(iii) only to the extent that such payment is made in accordance with the Priority of Payments and the failure to pay such amounts to the Indenture Trustee will not, by itself, constitute an Indenture Event of Default.  Subject to Section 6.9, the Indenture Trustee shall continue to serve as Indenture Trustee under this Indenture notwithstanding the fact that the Indenture Trustee shall not have received amounts due to it hereunder.  No direction by the Majority Holders of the Controlling Class shall affect the right of the Indenture Trustee to collect amounts owed to it under this Indenture.

If on any Payment Date when any amount shall be payable to the Indenture Trustee pursuant to this Indenture such amount is not paid because there are insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which a fee shall be payable and sufficient funds are available therefor in accordance with the Priority of Payments.

Section 6.8       Corporate Indenture Trustee Required; Eligibility. There shall at all times be an Indenture Trustee hereunder which shall be a corporation or banking association organized and doing business under the laws of the United States or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $200,000,000, subject to supervision or examination by federal or State authority, having a rating on its unsecured long-term debt of at least (i) “AA (low)” by DBRS (or “A (high)” by DBRS if such Person has a short-term debt rating of at least “R-1 (middle)” from DBRS) and (ii) “Baa1” by Moody’s (or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation) and having an office within the United States.   If such corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, including in its capacity as Backup Advancing Agent, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

Section 6.9       Resignation and  Removal; Appointment  of  Successor.      (a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article VI hereof shall become effective until the acceptance of appointment by the successor Indenture Trustee under Section 6.10 hereof.

(b)      Subject to Section 6.9(a), the Indenture Trustee may resign at any time by giving 30 days’ advance written notice thereof to the Issuer, the Noteholders, the Servicer and the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website).

(c)      Subject to Section 6.9(a) hereof, the Indenture Trustee may be removed at any time (i) on 30 days’ advance written notice by Act of Noteholders of at least 662⁄3% of the Aggregate Outstanding Amount of each Class of Principal Balance Notes or (ii) on 10 days’ advance written notice when an Indenture Event of Default shall have occurred and be continuing by Act of Noteholders of at least 662⁄3% of the Aggregate Outstanding Amount of Notes of the Controlling Class, in each case delivered to the Indenture Trustee and to the Issuer.

 

			
	
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(d)      If at any time:

(i)      the Indenture Trustee shall cease to be eligible under Section 6.8 hereof and shall fail to resign after written request therefor by the Issuer or by any Holder; or

(ii)      the Indenture Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Indenture Trustee or of its property shall be appointed or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or

(iii)      the Indenture Trustee shall commence a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or shall make any assignment for the benefit of its creditors or shall fail generally to pay, or shall admit in writing its inability to pay, its debts as such debts become due or shall take any corporate action in furtherance of any of the foregoing, then, in any such case (subject to Section 6.10(a) hereof), (A) the Issuer, by Issuer Order, may remove the Indenture Trustee or (B) subject to Section 5.15 hereof, the Indenture Trustee or any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

(e)      If the Indenture Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Indenture Trustee for any reason, the Issuer, by  Issuer  Order,  shall  promptly appoint a  successor Indenture Trustee in  accordance with Section 6.10; provided that such successor Indenture Trustee shall be appointed only upon the written consent of the Majority Holders of each Class or, at any time when an Indenture Event of Default shall have occurred and be continuing, by the Majority Holders of the Controlling Class. If the Issuer shall fail to appoint a successor Indenture Trustee within 60 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Indenture Trustee may be appointed by Act of the Majority Holders of the Controlling Class delivered to the Issuer and the retiring Indenture Trustee.  The successor Indenture Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee and supersede any successor Indenture Trustee proposed by the Issuer.   If no successor Indenture Trustee shall have been so appointed by the Issuer or such Holders and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15 hereof, any Holder or the resigning or removed Indenture Trustee may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee, and all fees, costs and expenses (including without limitation attorneys’ fees) incurred in connection with such petition shall be paid by the Issuer.

(f)      The Issuer shall give prompt notice of each resignation and each removal of the Indenture Trustee and each appointment of a successor Indenture Trustee by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website), the Servicer and the Holders as their names and addresses appear in the Note Register. Each notice shall include the name of the successor Indenture Trustee and the address of its Corporate Trust Office.  If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Indenture Trustee, the successor Indenture Trustee shall cause such notice to be given at the expense of the Issuer.

 

			
	
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If the Indenture Trustee shall resign or be removed, the Indenture Trustee shall also resign or be removed as Paying Agent, Calculation Agent, Note Registrar and any other capacity in which the Indenture Trustee is then acting pursuant to this Indenture and the Account Control Agreement.

Section 6.10   Acceptance  of  Appointment  by  Successor.       Every  successor Indenture Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and the retiring Indenture Trustee (with copies to each Holder of Notes) an instrument accepting such appointment. Upon delivery of the required instrument (subject to the next following paragraph), the resignation or removal of the retiring Indenture Trustee shall become effective and such successor Indenture Trustee, without any other act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Indenture Trustee, but, on request of the Issuer or the Majority Holders of any Class or the successor Indenture Trustee, such retiring Indenture Trustee shall, upon payment of its charges, fees, indemnities and expenses then unpaid, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the retiring Indenture Trustee and shall duly assign, transfer and deliver to such successor Indenture Trustee all property and Cash held by such retiring Indenture Trustee hereunder, subject nevertheless to its lien, if any, provided for in Section 6.7(e) hereof.  Upon request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such rights, powers and trusts.

No successor Indenture Trustee shall accept its appointment unless at the time of such acceptance such successor shall be qualified and eligible under this Article VI and (a) such successor shall have the ratings specified under Section 6.8 hereof, or (b) the Rating Agency Condition with respect to each Rating Agency has been satisfied.

Section 6.11   Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee.  Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder; provided such entity shall be otherwise qualified and eligible under this Article VI, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any of the Notes have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes.

Section 6.12   Co-Indenture Trustees and Separate Indenture Trustee. At any time or times, including for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Issuer and the Indenture Trustee shall have power to appoint one or more Persons to act (at the expense of the Issuer) as co-trustee, jointly with the Indenture Trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders may have the right to do, subject to the other provisions of this Section 6.12 hereof.

 

			
	
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The Issuer shall join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by them of a request to do so, the Indenture Trustee shall have power to make such appointment.

Should any written instrument from the Issuer be required by any co-trustee so appointed for more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer, as the case may be. The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds are available therefor under subclauses (3) and (15) of Section 11.1(a)(i) for any reasonable fees and expenses in connection with such appointment.

Every co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

(a)      the Notes shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Indenture Trustee hereunder, shall be exercised solely by the Indenture Trustee;

(b)      the rights, powers, duties and obligations hereby conferred or imposed upon the Indenture Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee or by the Indenture Trustee and such co-trustee jointly, in the case of the appointment of a co-trustee, as shall be provided in the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by a co-trustee;

(c)      the Indenture Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12 hereof, and in case an Indenture Event of Default has occurred and is continuing, the Indenture Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer.  A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12 hereof;

(d)      no co-trustee hereunder shall be personally liable by reason of any act or omission of the Indenture Trustee or any other co-trustee hereunder;

(e)      any Act of Noteholders delivered to the Indenture Trustee shall be deemed to have been delivered to each co-trustee;

(f)      any co-trustee shall make the representations set forth in Section 6.14 hereof; and

(g)      each co-trustee or separate trustee is not an agent of the Indenture Trustee.

 

			
	
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Section 6.13   Certain Duties Related to Delayed Payment of Proceeds.   In the event that in any month the Indenture Trustee shall not have received a scheduled payment in Cash of principal and/or interest and/or fees or other scheduled payment due on such Due Date with respect to a Pledged Asset that is not being serviced by the Servicer or the Special Servicer pursuant to the terms of the Servicing Agreement (in each case, to the extent it has actual knowledge of the expected timing of receipt of such payment), (a) the Indenture Trustee shall promptly notify the Issuer and the Trust Administrator in writing and (b) unless within three (3) Business Days (or the end of the applicable grace period for such payment, if longer) after such notice such payment shall have been received by the Indenture Trustee, or the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.1(a)), shall have made provision for such payment satisfactory to the Indenture Trustee in accordance with Section 10.1(a), the Indenture Trustee shall request the obligor of such Pledged Asset, the trustee under the related Loan Document or any paying agent designated by either of them, as the case may be, to make such payment as soon as practicable after such request but in no event later than three (3) Business Days after the date of such request. In the event that such payment is not made within such time period, the Indenture Trustee, subject to the provisions of Section 6.1(c)(iv), shall take such action as the Trust Administrator reasonably shall direct in writing. Any such action shall be without prejudice to any right to claim an Indenture Event of Default under this Indenture.  In the event that the Issuer, the Servicer or the Special Servicer, as applicable, requests a release of a Pledged Asset in connection with any such action under the Servicing Agreement, such release shall be subject to Section 10.8 and Article XII of this Indenture, as the case may be.  Notwithstanding any other provision hereof, the Indenture Trustee shall deliver to the Issuer or its designee any payment with respect to any Pledged Asset received after the Due Date thereof to the extent the Issuer previously made provision for such payment satisfactory to the Indenture Trustee in accordance with this Section 6.13 and such payment shall not be deemed part of the Collateral.

Section 6.14   Representations and Warranties of the Bank.  The Bank represents and warrants that:

(a)      the Bank is a national banking association with trust powers, duly and validly existing under the laws of the United States, with corporate power and authority to execute, deliver and perform its obligations under this Indenture, and is duly eligible and qualified to act as trustee under this Indenture;

(b)      this Indenture has been duly authorized, executed and delivered by the Bank and constitutes the valid and binding obligation of the Bank, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;

(c)      neither the execution or delivery by the Bank of this Indenture nor the performance by the Bank of its obligations under this Indenture requires the consent or approval of, the giving of notice to or the registration or filing with, any governmental authority or agency under any existing law of the United States governing the banking or trust powers of the Bank;

 

			
	
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(d)      neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions contemplated by this Indenture, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding upon the Bank or any of its properties or assets, (ii) will violate the provisions of the governing documents of the Bank or (iii) will violate any provision of, result in any default or acceleration of any obligations under, result in the creation or imposition of any lien pursuant to, or require any consent under, any material agreement to which the Bank is a party or by which it or any of its property is bound, the violation of which would have a material adverse effect on the Bank or its property; and

(e)      there are no proceedings pending or, to the best knowledge of the Bank, threatened against the Bank before any federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Pledged Assets or the performance by the Bank of its obligations under this Indenture.

Section 6.15   Requests for Consents.   In the event that the Indenture Trustee receives written notice of any proposed amendment, consent or waiver under the Loan Documents of any Mortgage Loan (before or after any default) or in the event any action is required to be taken in respect to a Loan Document, the Indenture Trustee shall promptly contact the Issuer and the Servicer (or with respect to any Specially Serviced Mortgage Loan, the Special Servicer). The Indenture Trustee agrees to cooperate with the Servicer or the Special Servicer, as the case may be, by either executing and delivering to the Servicer or the Special Servicer, as the case may be, from time to time (x) powers of attorney evidencing the authority and power under this Agreement or the Servicing Agreement of the Servicer or the Special Servicer, as the case may be, to give consent, grant a waiver, vote or exercise any rights or remedies with respect to any such Mortgage Loan or (y) such documents or instruments deemed necessary or appropriate by the Servicer or the Special Servicer, as the case may be, to enable the Servicer or the Special Servicer, as the case may be, to carry out its servicing or special servicing obligations in accordance with the Servicing Agreement.  In the absence of any instruction from the Servicer or the Special Servicer, as applicable, the Indenture Trustee shall not engage in any vote or take any action with respect to such a Mortgage Loan.

Section 6.16   Representative for  Noteholders Only; Agent for  Other Secured Parties.  With respect to the security interests created hereunder, the pledge of any portion of the Collateral to the Indenture Trustee is to the Indenture Trustee as representative of the Noteholders and agent for other Secured Parties.  In furtherance of the foregoing, the possession by the Indenture Trustee of any portion of the Collateral and the endorsement to or registration in the name of the Indenture Trustee of any portion of the Collateral (including without limitation as Entitlement Holder of the Custodial Account) are all undertaken by the Indenture Trustee in its capacity as representative of the Noteholders and as collateral agent for the other Secured Parties. The Indenture Trustee shall not by reason of this Indenture be deemed to be acting as fiduciary for the Servicer; provided that the foregoing shall not limit any of the express obligations of the Indenture Trustee under this Indenture.

Section 6.17   Withholding. (a) If any withholding tax is imposed on the Issuer’s payment under the Notes to any Noteholder, such tax shall reduce the amount of such payment otherwise distributable to such Noteholder.  The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any Noteholder sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the Indenture 

 

			
	
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Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to any Noteholder shall be treated as Cash distributed to such Noteholder at the time it is withheld by the Indenture Trustee and remitted to the appropriate taxing authority. The Indenture Trustee shall determine in its sole discretion whether to withhold tax with respect to a distribution in accordance with this Section 6.17 hereof and Section 2.6 hereof.  If any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses incurred. Failure of a Holder of a Note to provide the Indenture Trustee or the Paying Agent and the Issuer with appropriate tax certificates will result in amounts being withheld from the payment to such Holders. Nothing herein shall impose an obligation on the part of the Indenture Trustee to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Mortgage Loans. Amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer as provided in Section 7.1 hereof.  In the event that tax must be withheld or deducted from payments of principal or interest, neither the Issuer nor the Indenture Trustee shall be obliged to make any additional payments to the Holders of any Notes on account of such withholding or deduction.

(b)      As of the Closing Date (i) each of the Issuer and the Intermediate Trust will be treated as an Issuer Parent Disregarded Entity of RAIT Financial Trust for U.S. federal income tax purposes, and (ii) each of the Accounts (including income, if any, earned on the investment of funds in such Accounts) for U.S. federal income tax reporting and withholding purposes will be owned by RAIT Financial Trust (the “Account Owner”).  RAIT Financial Trust agrees to notify Wells Fargo Bank, National Association (“Wells Fargo”) in writing promptly following any change in the status of the Issuer as a Qualified REIT Subsidiary for U.S. federal income tax purposes and to provide updated tax documentation reflecting such change, as more fully described in this paragraph. The Account Owner shall provide Wells Fargo in its capacity as Paying Agent with (i) an IRS Form W-9 or appropriate IRS Form W-8 by the Closing Date, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of Wells Fargo as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes to the Account Owner and (b) to permit Wells Fargo to fulfill its tax reporting obligations under applicable law with respect to the Accounts or any amounts paid to the Account Owner. If any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect (including without limitation in connection with the transfer of any beneficial ownership interest in the Issuer), the Account Owner shall timely provide to Wells Fargo in its capacity as Paying Agent accurately updated and complete versions of such IRS forms or other documentation. Wells Fargo, both in its individual capacity and in its capacity as Paying Agent, shall have no liability to the Account Owner or any other person in connection with any tax withholding for amounts paid or withheld from the Accounts pursuant to applicable law arising from the Account Owner’s failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph.

Section 6.18   USA  Patriot  Act.       The  parties  hereto  acknowledge  that  in accordance with requirements established under the USA PATRIOT Act, the Indenture Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee.  Each party hereby agrees that it shall provide the Indenture Trustee with such information in its possession as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

 

			
	
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ARTICLE VII

COVENANTS

Section 7.1      Payment  of  Principal  and  Interest.       The  Issuer  will  duly  and punctually pay all principal and interest (including the Class C Deferred Interest Amount, Class D Deferred Interest Amount, Class E Deferred Interest Amount, Class F Deferred Interest Amount, Class G Deferred Interest Amount, any Defaulted Interest Amount and interest thereon, if any) in accordance with the terms of the Notes and this Indenture.

Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of principal and/or interest shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.  The Indenture Trustee hereby gives notice to each Noteholder that the failure of such Noteholder to provide the Indenture Trustee with appropriate tax certifications may result in amounts being withheld under the Code or other applicable law from payments to such Noteholder under this Indenture; provided that amounts withheld under the Code or other applicable law shall be considered as having been paid by the Issuer as provided above.

Section 7.2       Maintenance of Office or Agency.  The Issuer hereby appoints the Indenture Trustee as Paying Agent for the payment of principal of and interest on the Notes. Notes may be surrendered for registration of transfer or exchange at the Corporate Trust Office of the Indenture Trustee.

The Issuer hereby appoints Wells Fargo Delaware Trust Company, N.A., with an address at 919 N. Market Street, Suite 1600, Wilmington, Delaware 19801, as the Issuer’s agent where notices and demands to or upon the Issuer in respect of the Notes or this Indenture may be served.

The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes; provided that (A) the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served and (B) no Paying Agent shall be appointed in a jurisdiction which would subject payments on the Notes to withholding tax as a result of the Paying Agent being located therein. The Issuer shall give prompt written notice to the Indenture Trustee, the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website) and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency.

If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York or shall fail to furnish the Indenture Trustee with the address thereof, presentations and surrenders may be made at and notices and demands may be served on the Issuer, and Notes may be presented and surrendered for payment to the Paying Agent at its office (and the Issuer hereby appoint the same as their agent to receive such respective presentations, surrenders, notices and demands).

 

			
	
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Section 7.3       Cash for Payments to be Held in Trust.  All payments of amounts due and payable with respect to any Notes and the Trust Certificate that are to be made from amounts withdrawn from the Note Payment Account shall be made on behalf of the Issuer by the Indenture Trustee or the Paying Agent (in each case, from and to the extent of available funds in the Note Payment Account and subject to the Priority of Payments) with respect to payments on the Notes.

Whenever the Paying Agent is not also the Note Registrar, the Issuer shall furnish, or cause the Note Registrar to furnish (at the expense of the Issuer, payable from the Collateral), no later than the fifth calendar day after each Record Date a list, if necessary, in such form as the Paying Agent may reasonably request, of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder.

Whenever the Paying Agent is not also the Indenture Trustee, the Issuer and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Indenture Trustee to deposit on such Payment Date or Redemption Date, as the case may be, with the Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Note Payment Account, the Interest Collection Account or the Principal Collection Account, as the case may be), such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) the Issuer shall promptly notify the Indenture Trustee of its action or failure so to act.  Any Cash deposited with a Paying Agent (other than the Indenture Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by the Paying Agent to the Indenture Trustee for application in accordance with Article XI.  The Paying Agent shall be deemed to agree by assuming such role not to cause the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary for the non-payment to the Paying Agent of any amounts payable thereto until at least one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued under this Indenture.

The initial Paying Agent shall be as set forth in Section 7.2 hereof. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof to the Indenture Trustee; provided that so long as any Class of Notes is rated by the Rating Agencies and with respect to any additional or successor Paying Agent for the Notes, either (i) the Paying Agent for the Notes has a rating of (a) not less than “A” by DBRS and (b) not less than “P-1/Aa3” by Moody’s, or shall be otherwise acceptable to DBRS and Moody’s, or (ii) the Rating Agency Condition with respect to each Rating Agency and to the appointment of the Paying Agent shall have been satisfied. In the event that (i) such successor Paying Agent ceases to have a rating of at least (a) “A” by DBRS and (b) “P-1/Aa3” by Moody’s or be otherwise acceptable to DBRS and Moody’s or (ii) the Rating Agency Condition with respect to each Rating Agency and to the appointment of the Paying Agent shall not have been satisfied, the Issuer shall promptly remove the Paying Agent and appoint a successor Paying Agent.  The Issuer shall not appoint the Paying Agent (other than an initial Paying Agent) that is not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by Federal and/or state and/or national banking authorities.  The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which the Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3 hereof, that the Paying Agent will:

 

			
	
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(a)      allocate all sums received for payment to the Holders of Notes for which it acts as Paying Agent on each Payment Date and Redemption Date among such Holders in the proportion specified in the instructions set forth in the applicable Monthly Report or Redemption Date Statement or as otherwise provided herein, in each case to the extent permitted by applicable law;

(b)      hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

(c)      if the Paying Agent is not the Indenture Trustee, immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment;

(d)      if the Paying Agent is not the Indenture Trustee, immediately give the Indenture Trustee notice of any Default by the Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and

(e)      if the Paying Agent is not the Indenture Trustee at any time during the continuance of any such Default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by the Paying Agent.

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or the Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by the Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Indenture Trustee, the Paying Agent shall be released from all further liability with respect to such Cash.

Except as otherwise required by applicable law with respect to the escheatment of funds, any Cash deposited with the Indenture Trustee or the Paying Agent in trust for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts and all liability of the Indenture Trustee or the Paying Agent with respect to such trust Cash (but only to the extent of the amounts so paid to the Issuer) shall thereupon cease.  The Indenture Trustee or the Paying Agent, before being required to make any such release of payment, may, at the request of the Issuer, adopt and employ, at the expense of the Issuer, any reasonable means of notification of such release of payment, including mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in Cash due and payable but not claimed is determinable from the records of the Paying Agent, at the last address of record of each such Holder.

Section 7.4       Existence of Issuer; Compliance with Laws.       (a) So long as any Note is outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect its existence and rights as a statutory trust organized under the laws of the State of Delaware and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this 

 

			
	
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Indenture, the Notes and each instrument or agreement included in the Collateral; provided that the Issuer shall be entitled to change its jurisdiction of registration from Delaware to any other jurisdiction reasonably selected by the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes or the Holder of the Trust Certificate, (ii) written notice of such change shall have been given by the Indenture Trustee to the Holders of the Notes or Holder of the Trust Certificate and, after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website, the Rating Agencies, 15 Business Days prior to such change, (iii) on or prior to the 15th Business Day following such notice the Indenture Trustee shall not have received written notice from the Majority Holders of the Senior Notes or the Directing Holder objecting to such change, and (iv) the Issuer prepares, creates and delivers any documents necessary to maintain the perfection of a first priority security interest under this Indenture.

(b)      So long as any Note is outstanding, the Issuer shall ensure that all statutory trust formalities regarding its existence are followed (including, but not limited to, holding all regular and special board meetings appropriate to authorize all statutory trust action, keeping separate and accurate minutes of its meetings and/or passing all resolutions or consents necessary to authorize actions taken or to be taken and maintaining accurate and separate books, records and accounts) and shall ensure that it is at all times in compliance with Section 4.01 of the Trust Agreement. So long as any Note is outstanding, the Issuer shall not take any action or conduct its affairs in a manner that is likely to result in its separate existence being ignored or its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. So long as any Note is outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be kept and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so long as any Note is outstanding, (i) the Issuer shall (A) pay its own liabilities only out of its own funds and (B) hold itself out and identify itself as a separate and distinct entity under its own name and (ii) the Issuer shall not (A) have any subsidiaries (other than the Intermediate Trust or a Permitted Subsidiary), (B) have any employees (other than its directors), (C) pay dividends other than in accordance with the terms of this Indenture and the Trust Agreement, (D) conduct business under an assumed name (i.e., no “DBAs”), (E) commingle its funds or assets with those of any other Person, or (F) enter into any contract or agreement with any of its Affiliates (other than the Transaction Documents or those contemplated by this Agreement), except upon terms and conditions that are commercially reasonable and substantially similar to those available in arm’s-length transactions.

(c)      So long as any Note is outstanding, the Issuer shall, to the maximum extent permitted by applicable law, cause the Intermediate Trust to maintain in full force and effect its existence and rights as a common law trust formed under the laws of the State of New York and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of the Intermediate Trust Agreement and the Intermediate Trust Certificate.

Section 7.5       Protection  of  Collateral.    (a) The  Issuer  (or,  with  respect  to continuation statements, the Indenture Trustee on behalf of the Issuer) shall file any financing statements and any continuation statements, provided that the Issuer shall from time to time at the request of any Secured Party execute and deliver all such supplements and amendments hereto and upon receipt of an Opinion of Counsel, execute all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Secured Parties hereunder and to:

 

			
	
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(i)      Grant more effectively all or any portion of the Collateral;

(ii)      maintain, preserve and perfect the lien (and the first priority nature thereof) of this Indenture or to carry out more effectively the purposes hereof;

(iii)      perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture (including any and all actions necessary or desirable as a result of changes in law or regulations);

(iv)      enforce any of the Pledged Assets or other instruments or property included in the Collateral;

(v)      preserve and defend title to the Collateral and the rights therein of the Indenture Trustee and the Holders of the Notes against the claims of all persons and parties; and

(vi)      pursuant to Section 11.1(a) hereof, pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral. The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute, if required, and/or file, at the Issuer’s expense, any continuation statement or other instrument delivered to it pursuant to this Section 7.5 hereof, and the Indenture Trustee, as agent of the Issuer, agrees to file such continuation statements as are necessary to maintain perfection of the Collateral perfected by the filing of Financing Statements; provided that such appointment shall not impose upon the Indenture Trustee, or release or diminish or transfer the Issuer’s obligation under this Section 7.5 hereof, provided further, that the Issuer retains ultimate responsibility to maintain the perfection of the Collateral perfected by the filing of Financing Statements. Notwithstanding the foregoing sentence, the Indenture Trustee shall have no duty to ascertain the correctness of the information contained on any continuation statements provided by the Issuer to the Indenture Trustee for filing under this Section 7.5 (absent such provided continuation statement appearing deficient on its face).  The Indenture Trustee agrees that it will from time to time, at the direction of any Secured Party, execute and cause to be filed, at the expense of the Issuer, payable from the Collateral, continuation statements. The Indenture Trustee shall be entitled to rely on an Opinion of Counsel as to the need to file any financing statements and continuation statements, the dates by which such filings are required to be made and the jurisdiction in which such filings are required to be made. The Issuer shall otherwise cause the perfection and priority of the security interest in the Collateral and the maintenance of such security interest at all times. Notwithstanding anything to the contrary herein, the right of a Secured Party to provide direction to the Indenture Trustee shall not impose upon the Indenture Trustee as Secured Party, any obligation to provide any such direction. The Issuer hereby (i) authorizes the Indenture Trustee at any time and from time to time to file continuation statements and amendments thereto that describe the Collateral as “all assets of the Issuer,” “all assets of the Issuer other than Excepted Property” or words of similar effect (regardless of whether any particular asset described in such financing statements falls within the Granting Clauses of this Indenture) and that contain any other information required by Part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any continuation statement or amendment, including whether the Issuer is an organization, the type of organization and any organization identification number issued to the Issuer, and (ii) ratifies such authorization to the extent that the Indenture Trustee has filed any such continuation statements, or amendments thereto prior to the date hereof. The Issuer shall 

 

			
	
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otherwise cause the perfection and priority of the security interest in the Collateral and the maintenance of such security interest at all times. Notwithstanding anything to the contrary herein, the right of a Secured Party to provide direction to the Indenture Trustee shall not impose upon the Indenture Trustee as Secured Party, any obligation to provide any such direction. The Issuer agrees that a carbon, photographic, photostatic or other reproduction of a Financing Statement is sufficient as a Financing Statement.

(b)      The   Indenture   Trustee   shall   not   (i) except   in   accordance   with Section 10.8(a), (b) or (c) hereof, as applicable, or in connection with a payment of Cash expressly permitted by this Indenture (including Section 11.1 hereof), remove any portion of the Collateral that consists of Cash or is evidenced by an Instrument, certificate or other writing (A) from the jurisdiction in which it was held at the date the most recent Opinion of Counsel was delivered pursuant to Section 7.6 hereof (or from the jurisdiction in which it was held as described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.1(c) hereof, if no Opinion of Counsel has yet been delivered pursuant to Section 7.6 hereof) or (B) from the possession of the Person who held it on such date or (ii) cause or permit ownership or the pledge of any portion of the Collateral that consists of book-entry securities to be recorded on the books of a Person (A) organized in a different jurisdiction from the jurisdiction in which such ownership or pledge was recorded at such date or (B) other than the Person on whose books such ownership or pledge was recorded at such date, unless the Indenture Trustee shall have first received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions.

(c)      The Issuer shall (1) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the Issuer or the Intermediate Trust of any Pledged Assets that secure the Notes or any Mortgage Loan held as an asset of the Intermediate Trust and (2) if required to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered a United States Internal Revenue Service Form W-9 or successor applicable form, to each issuer, counterparty or paying agent with respect to (as applicable) an item included in the Pledged Assets at the time such item included in the Pledged Assets is purchased or entered into and thereafter prior to the expiration or obsolescence of such form.

(d)      The Issuer shall enforce all of its material rights and remedies under the Transaction Documents.  The Issuer shall not enter into any agreement amending, modifying or terminating the Account Control Agreement without (i) 10 days’ prior notice to the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website), (ii) 10 days’ prior notice thereof to the Indenture Trustee, which notice shall specify the action proposed to be taken by the Issuer (and the Indenture Trustee shall promptly deliver a copy of such notice to each Noteholder, except in the case of amendments and modifications of the type and nature described in Section 8.1 hereof) and (iii) satisfaction of the Rating Agency Condition with respect to each Rating Agency and with respect to such amendment, modification or termination being satisfied.

(e)      Without at least 30 days’ prior written notice to the Indenture Trustee and the Servicer, the Issuer shall not change its name, or the name under which it does business, from the name shown on the signature pages hereto or re-incorporate, re-form or re-organize itself under the law of a different jurisdiction.

(f)      So long as any Note is outstanding, the Issuer shall comply with all laws, ordinances, rules and regulations of all federal, state and local authorities now in force or that may be enacted hereafter applicable to the Issuer.

 

			
	
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Section 7.6       Opinions  as  to  Collateral.       (a) Within  the  six-month  period preceding the fifth anniversary of the Closing Date (and every five years thereafter) (for so long as any Notes remain Outstanding), the Issuer shall furnish or cause to be furnished to the Indenture Trustee and, after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website, the Rating Agencies, an Opinion of Counsel stating that, in the opinion of such counsel, as of the date of such opinion, the security interest created by this Indenture with respect to the Collateral remains a valid and perfected security interest and describing the manner in which such security interest shall remain perfected.

Section 7.7       Performance of Obligations.   (a) The Issuer shall not take any action, and will use its best effort not to permit any action to be taken by others, that would release any Person from any such Person’s covenants or obligations under any instrument included in the Mortgage Loans, except in the case of enforcement action taken with respect to any Defaulted Mortgage Loan in accordance with the provisions hereof and actions by the Servicer or Special Servicer in accordance with the Servicing Agreement and not prohibited by this Indenture or as otherwise required hereby.

(b)      The Issuer may, with the prior written consent of the Majority Holders of the Controlling Class (except for agreements entered into as of the Closing Date, which shall not require such prior consent) contract with other Persons, including the Servicer, the Special Servicer and the Bank, for the performance of actions and obligations to be performed by the Issuer hereunder by such Persons.  Notwithstanding any such arrangement, the Issuer, as the case may be, shall remain liable for all such actions and obligations.  In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer, as the case may be, will punctually perform, and use its commercially reasonable efforts to cause such other Person to perform, all of their obligations and agreements contained in any related agreement.

(c)      The Issuer and the Intermediate Trust shall treat all acquisitions of Mortgage Loans as a “purchase” for tax, accounting and reporting purposes.

Section 7.8      Negative Covenants.  (a) Each of the Issuer and the Intermediate Trust shall not:

(i)      operate so as to be subject to U.S. federal income taxes on its net income;

(ii)      claim any credit on, make any deduction from, or dispute the enforceability of, the payment of the principal, interest or any other amount payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert any claim against any present or future Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Collateral;

(iii)      (A) incur or assume or guarantee any indebtedness, other than the Notes and as expressly permitted in this Indenture and the transactions contemplated hereby; (B) issue any additional class of notes; or (C) issue any additional shares or certificates other than the Trust Certificate;

 

			
	
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(iv)      (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture, the Notes or the Servicing Agreement, except as may be expressly permitted hereby; (B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Collateral, except (with respect to each of subclauses (A), (B) and (C) above) as expressly permitted by this Indenture and the Servicing Agreement;

(v)      amend the Servicing Agreement, except pursuant to the terms thereof;

(vi)      dissolve  or  liquidate  in  whole  or  in  part,  except  as  permitted  under Section 7.10 hereof;

(vii)      except for any agreements involving the purchase and sale of Mortgage Loans or REO Properties having customary purchase or sale terms or which are documented using customary loan trading documentation, enter into or be a party to any agreements that provide for a future financial obligation on the part of the Issuer unless such agreements contain “non-petition” and “limited recourse” provisions with respect to the Issuer;

(viii)      amend its organizational documents except pursuant to the terms thereof;

(ix)      without satisfaction of the Rating Agency Condition with respect to any Rating Agency, amend or waive the “non-petition” or “limited recourse” provisions of this Indenture, the Notes, the Account Control Agreement, the Servicing Agreement, the Trust Agreement, the Trust Administration Agreement, the Trust Certificate (and any Agreement relating thereto), the Servicing Agreement or any other material agreement to which the Issuer is a party; or

(x)      fail to comply with the provisions of Section 4.01 of the Trust Agreement or Section 2.06 of the Intermediate Trust Agreement, as applicable.

(b)      Neither the Issuer nor the Indenture Trustee shall (or shall cause the Intermediate Trust to) sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or encumber (or permit such to occur or suffer such to exist with respect to), any part of the Collateral or the Underlying Mortgage Pool, as applicable, or enter into or engage in any business with respect to any part of the Collateral or the Underlying Mortgage Pool, as applicable, except, in each of the foregoing cases, as permitted by this Indenture and the Servicing Agreement.

(c)      The Issuer shall keep all of its assets in the Intermediate Trust Certificate, Eligible Investments and Cash.

(d)      The  Issuer  shall  not  acquire  or  form  any  subsidiary  (other  than  the Intermediate Trust or a Permitted Subsidiary) or employ any employees (other than its managers).

(e)      No transfer or financing of a Retained Security or a retained or repurchased Senior Note shall be permitted except in accordance with clauses (o), (p) and (q) of Section 2.4.

 

			
	
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Section 7.9       Statement as to Compliance.   On or before January 31st in each calendar year commencing in 2019, or immediately if there has been an Indenture Event of Default under this Indenture, the Issuer shall deliver to the Indenture Trustee, each Noteholder and Holder of the Trust Certificate making a written request therefor and to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Website (and shall then deliver to the Rating Agencies in compliance with Rule 17g-5) an Officer’s Certificate of the Issuer stating, as to each signer thereof, that:

(a)      a review of the activities of the Issuer and of the Issuer’s performance under this Indenture during the twelve-month period ending on December 31st of the previous year has been made under such Officer’s supervision (or from the Closing Date until December 31, 2018, in the case of the first such certificate) based on reports and other information delivered to such Officer by the Indenture Trustee; and

(b)      to the best of such Officer’s knowledge, information and belief (and without personal knowledge), based on such review, the Issuer has fulfilled all of its obligations under this Indenture throughout the period, or, if there has been an Indenture Event of Default or an occurrence that is, or with notice or lapse of time or both would become, an Indenture Event of Default, has occurred, specifying each such Indenture Event of Default or occurrence known to such Officer and the nature and status thereof, including actions undertaken to remedy the same.

Section 7.10   Issuer may Consolidate, Etc., Only on Certain Terms.   (a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its assets to any Person unless:

(i)      the Issuer shall be the surviving entity, or the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the assets of the Issuer are transferred shall be an entity organized and existing under the laws of the State of Delaware or such other jurisdiction approved by the Majority Holders of the Senior Notes and the Majority Holder of the Class D Notes; provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of formation pursuant to Section 7.4 hereof; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and the performance and observance of every covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

(ii)      the Rating Agency Condition with respect to each Rating Agency has been satisfied;

(iii)      if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the assets of the Issuer are transferred shall have agreed with the Indenture Trustee (A) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of the Collateral or all or substantially all of its assets to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to Article V, Article IX or Article XII;

 

			
	
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(iv)      if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the assets of the Issuer are transferred shall have delivered to the Indenture Trustee and, after delivery of such information to the Rule 17g-5 Information Provider for prior posting to the Rule 17g-5 Website, the Rating Agencies, an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes, (B) the Indenture Trustee continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes, or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Indenture Trustee or any Noteholder may reasonably require;

(v)      immediately after giving effect to such transaction, no Default or Indenture Event of Default shall have occurred and be continuing;

(vi)      the Issuer shall have delivered to the Indenture Trustee, the Servicer and each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article VII and that all conditions precedent in this Article VII provided for relating to such transaction have been complied with;

(vii)      the Issuer has received an opinion from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP, Ledgewood, P.C. or an opinion of other nationally recognized U.S. tax counsel experienced in such matters that such action will not adversely affect the tax treatment of the Noteholders as described in the Offering Circular under the heading “Certain U.S. Federal Income Tax Considerations” to any material extent; and

(viii)      after giving effect to such transaction, the Issuer shall not be required to register as an investment company under the Investment Company Act.

Section 7.11   Successor  Substituted.    Upon  any  consolidation  or  merger,  or transfer or conveyance of all or substantially all of the assets of the Issuer, in accordance with Section 7.10 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer), or, the Person to which such transfer or conveyance is made, shall succeed to, and be 

 

			
	
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substituted for, and may exercise every right and power of, and shall be bound by each obligation or covenant of, the Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer, as the case may be, herein.  In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 7.11 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture.

Section 7.12   No Other Business.  The Issuer shall not engage in any business or activity other than issuing and selling the Notes and the Trust Certificate pursuant to this Indenture and any supplements thereto, entering into the Servicing Agreement, the Purchase and Sale Agreements, the Future Funding Agreement, the Account Control Agreement, the Future Funding Account Control Agreement, the Trust Agreement and the Trust Administration Agreement and acquiring, owning, holding, disposing of and pledging the Mortgage Loans in connection with the Notes and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

Section 7.13   Reporting.   At  any  time  when  the  Issuer  is  neither subject  to Section 13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or Beneficial Owner of a Note, the Issuer shall promptly furnish  or  cause to  be  furnished  Rule 144A  Information to  such  Holder or Beneficial Owner, to a prospective purchaser of such Note designated by such Holder or Beneficial Owner or to the Indenture Trustee to be made available to such Holder or Beneficial Owner or a prospective purchaser designated by such Holder or Beneficial Owner, as the case may be, in order to permit compliance by such Holder or Beneficial Owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or Beneficial Owner.

Section 7.14   Calculation Agent. (a) The Issuer hereby agrees that for so long as any of the Notes remain Outstanding the Issuer will at all times cause there to be an agent appointed to calculate LIBOR in respect of each Interest Period in accordance with the terms of Schedule B hereto (the “Calculation Agent”), which agent shall be a financial institution, having a combined capital and surplus of at least $200,000,000, subject to supervision or examination by federal or state banking authorities, having (1) a long-term debt rating of at least (i) “A” by DBRS and (ii) “A2” by Moody’s and (2) a short-term debt rating of at least “P-1” by Moody’s, or shall be otherwise acceptable to each Rating Agency and having an office within the United States.  The Issuer has initially appointed the Indenture Trustee as Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such, is removed by the Issuer or fails to determine the Note Interest Rate for (or the amount of interest payable to) any Class of Notes for any Interest Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank which is engaged in transactions in Dollar deposits in the international Eurodollar market and which does not control or is not controlled by or under common control with the Issuer or any of its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed.  The determination of the Note Interest Rate (and the related Interest Distribution Amount) for each Class of Notes for each Interest Period by the Calculation Agent shall (in the absence of manifest error) be final and binding on all parties.

 

			
	
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(b)      The Calculation Agent shall calculate the Note Interest Rate for each Class of Notes for the related Interest Period and the amount of interest for such Interest Period payable on the related Payment Date in respect of each $1,000 principal amount of each Class of Notes. The Calculation Agent will make such information available on its website via the related Monthly Report to the Issuer, the Servicer, the Special Servicer, the Indenture Trustee, the Paying Agent, the Depository, and, if requested, Euroclear and Clearstream; provided, that if the Calculation Agent and the Indenture Trustee are not the same Person, the Calculation Agent shall deliver such rates and amounts prior to such Payment Date, and provided, further, that the Calculation Agent shall deliver such rates and amounts prior to such Payment Date upon request by any of the foregoing. The Calculation Agent will also specify, upon request, to the Issuer and the Indenture Trustee the quotations upon which the Note Interest Rates are based.

Section 7.15   Amendment  or  Termination  of  Certain  Documents.    Prior  to entering into or consenting to any amendment to or termination of, or any waiver of a provision contained in, the Account Control Agreement, the Trust Agreement, the Intermediate Trust Agreement, the Purchase and Sale Agreements, the Trust Administration Agreement, the Intermediate Trust Administration Agreement or the Servicing Agreement, the Issuer shall provide the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website), the Servicer and the Indenture Trustee with written notice thereof.  If the Issuer has knowledge of any material breach of any of the foregoing agreements, then the Issuer shall provide notice of such breach to the Rating Agencies. The Indenture Trustee will not be permitted to enter into any such amendment, termination or waiver without satisfaction of the Rating Agency Condition; provided, that without prior notice to or the consent of the Noteholders, and without satisfaction of the Rating Agency Condition, the Indenture Trustee will be permitted to at any time and from time to time (1) consent to any request not otherwise permitted under this Section 7.15, waive any provision of, or agree to any amendment or supplement to, any of the documents referenced in this Section 7.15 if such waiver, amendment or supplement will not materially adversely affect the interests of any Class of Noteholders (excluding any Note owned by RAIT Partnership or any of its Affiliates or by accounts managed by any of them) or (2) enter into one or more amendments to any of the documents referenced in this Section 7.15, in form satisfactory to the Indenture Trustee, for any of the following purposes:

(i)      to conform such document to the provisions described in the Offering Circular (or any supplement thereto);

(ii)      to correct any inconsistency or cure any defect, ambiguity, omission or mistake in such document or in order to address any manifest error in any provision of such document;

(iii)      to make any modification that is immaterial or technical in nature;

(iv)      to  evidence  the  succession  of  another  Person  to  the  Issuer  and  the assumption by any such successor Person of the covenants of the Issuer in such document;

(v)      to add to the covenants of the Issuer, the Trust Depositor, the Indenture Trustee or the Intermediate Trust Trustee for the benefit of the Issuer or the Holders of all of the Notes or to surrender any right or power conferred upon the Issuer in such document;

(vi)      to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee for the benefit of the Secured Parties or to the Intermediate Trust Trustee for the benefit of the Intermediate Trust;

 

			
	
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(vii)      to evidence and provide for the acceptance of appointment of a successor Indenture Trustee, Owner Trustee or Intermediate Trust Trustee;

(viii)      to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee or the Intermediate Trust Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) or transferred to the Intermediate Trust Trustee for the benefit of the Intermediate Trust or to subject any additional property to the lien of this Indenture or under the Intermediate Trust Agreement;

(ix)      to obtain ratings on one or more Classes of the Notes from any rating agency;

(x)      to evidence any waiver or elimination by the Rating Agencies of any requirement or condition of the Rating Agencies set forth therein or to amend or supplement any provision of such document to the extent necessary to maintain the then- current ratings assigned to the Notes;

(xi)      to take any action commercially reasonably necessary or  advisable to prevent the Issuer or the Intermediate Trust from becoming subject to an entity-level tax for U.S. federal income tax purposes, or to prevent the Issuer or the Intermediate Trust, the Holders of the Notes, the Holder of the Trust Certificate or the Indenture Trustee from being subject to withholding or other taxes, fees or assessments or otherwise subject to U.S. federal, state, local or foreign income or franchise tax on a net income tax basis; or

(xii)      to evidence changes to applicable laws and regulations.

The Indenture Trustee shall be entitled to receive and conclusively rely upon an Officer’s Certificate of the Issuer (or the Trust Administrator on its behalf), or with respect to the Intermediate Trust Agreement or the Intermediate Trust Administration Agreement, an Officer’s Certificate of the Intermediate Trust (or the Intermediate Trust Administrator on its behalf), or an Opinion of Counsel, provided by the Issuer, which Officer’s Certificate or Opinion of Counsel, as applicable, shall state (i) solely in the case of any waiver, amendment or supplement described in clause (1) of the immediately preceding sentence, whether or not any such Class of Notes would be materially and adversely affected by such amendment, waiver or modification, (ii) that such amendment, waiver or modification is authorized or permitted under the terms of the document being waived, modified or supplemented, and (iii) that the conditions precedent set forth in such document with respect to waiver, modification or supplement have been satisfied.   Such determination shall be conclusive and binding on all present and future Noteholders.  The Indenture Trustee shall not be liable for any such determination made in good faith and in reliance in good faith upon an Opinion of Counsel delivered to the Indenture Trustee. The Issuer shall not enter into any amendment, modification or waiver of any of the documents referenced in this Section 7.15 unless the Issuer receives advice from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or receives an opinion of another nationally recognized tax counsel experienced in such matters that such supplemental indenture will not (i) cause the Issuer or the Intermediate Trust to be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis, or (ii) unless the Majority Holders of each affected 

 

			
	
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Class have consented thereto, cause or constitute an event in which gain or loss would be recognized by any Noteholder of such Class. The cost of any amendment, waiver or supplement entered into in respect of any document described in this Section 7.15 shall be paid by (i) the Person requesting such amendment, waiver or supplement, or (ii) if requested by any party on behalf of the Noteholders or the Holder of the Trust Certificate, the Issuer.

Section 7.16   Permitted Subsidiaries. Notwithstanding any other provision of this Indenture, the Servicer on behalf of the Issuer shall be permitted to cause the Intermediate Trust (by written direction to the Servicer, the Special Servicer and/or the Intermediate Trust Trustee, as applicable) at any time to transfer any Sensitive Assets to a Permitted Subsidiary of the Issuer (such Sensitive Asset to be deemed distributed to the Issuer and immediately contributed to the applicable Permitted Subsidiary) or to cause the Intermediate Trust to form a Permitted Subsidiary to hold such Sensitive Assets.  Prior to causing any such transfer to occur, the Issuer shall deliver to the Indenture Trustee and the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Website) written notice of its intent to cause such transfer and an Opinion of Counsel to the effect that this Indenture creates a security interest in the applicable Permitted Subsidiary and such security interest has been perfected for the benefit of the Secured Parties. The following provisions shall apply to all Sensitive Assets and Permitted Subsidiaries:

(a)      For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it were still part of the Underlying Mortgage Pool and owned by the Intermediate Trust.

(b)      Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if it were a distribution on the Intermediate Trust Certificate and each Permitted Subsidiary shall cause all proceeds of and collections on each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the applicable Collection Account.

(c)      To the extent applicable, the Issuer shall establish one or more Securities Accounts with the Custodian for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Assets to be credited to such Securities Accounts.

(d)      If the Indenture Trustee or any other authorized party takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral or to cause the sale, liquidation or disposition of all or substantially all of the Underlying Mortgage Pool, the Issuer or the Servicer on the Issuer’s behalf shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other assets held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, in the same manner as a Distribution on the Intermediate Trust Certificate.

(e)      Each Permitted Subsidiary shall comply with each covenant set forth in subsections (a) and (b) of Section 7.4 of this Indenture as if such covenant were applicable to it as an entity of its type organized or formed in its related jurisdiction, mutatis mutandis, provided that (i) the reference to “Section 4.01 of the Trust Agreement” in the first sentence of subsection (b) shall be deemed replaced with a reference to “Section 4.01 of the Trust Agreement or Section 2.06 of the Intermediate Trust Agreement, as applicable,” and (ii) the reference in clause (ii)(C) of the last sentence of subsection (b) to “Trust Agreement” shall be deemed replaced by a reference to “Trust Agreement or the Intermediate Trust Agreement, as applicable”.

 

			
	
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Section 7.17   Repurchase Requests. If the Issuer or the Indenture Trustee receives or otherwise becomes aware of any request or demand that a Mortgage Loan be repurchased due to any breach of a representation or warranty or document defect made with respect to such Mortgage Loan or with respect to a Related Funded Companion Participation, upon the occurrence of the event specified in Section 12.4(d) hereof (any such request or demand, a “Repurchase Request”) or a withdrawal of a Repurchase Request from any Person, then the Indenture Trustee or the Issuer, as applicable, shall promptly forward or otherwise provide written notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Servicer, and include the following statement in the related correspondence: “This is a “[Repurchase Request]/[withdrawal of a Repurchase Request]” under Section 3.18 of the Servicing Agreement relating to RAIT 2017-FL8 Trust requiring action by you as the “Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Indenture Trustee or Issuer pursuant to the prior sentence, the Servicer shall be deemed to be the Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with the procedures set forth in Section 3.18 of the Servicing Agreement with respect to such Repurchase Request.  If the Indenture Trustee or the Issuer receives notice or has knowledge of a withdrawal of a Repurchase Request of which notice has been previously received or given, and such notice was not received from or copied to the Servicer, then the Indenture Trustee or the Servicer on behalf of the Issuer, as applicable, shall promptly give notice of such withdrawal to the Servicer.

Section 7.18      [Reserved.]

Section 7.19   Purchase of the Delayed Close Mortgage Loan(s) After the Closing Date.  The Issuer shall (or shall cause the Special Servicer on its behalf to), prior to the Unused Proceeds Release Date, use commercially reasonable efforts to apply amounts on deposit in the Unused Proceeds Account to purchase the Delayed Close Mortgage Loan(s), in accordance with Section 10.5(c) and Section 12.2 on behalf of and for inclusion in the Intermediate Trust.

Section 7.20      Qualified REIT Subsidiary Status.       Each of the Issuer and the Intermediate Trust is intended to qualify as an Issuer Parent Disregarded Entity.

Section 7.21   ABS Due Diligence Services. If any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due diligence services such party may have provided with respect to the Mortgage Loans (any such party a “Due Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the Rule 17g-5 Information Provider for posting on the Rule 17g-5 Website.  The Rule 17g-5 Information Provider shall post on the Rule 17g-5 Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement, promptly upon receipt thereof.

ARTICLE VIII

SUPPLEMENTAL INDENTURES

Section 8.1      Supplemental   Indentures   Without   Consent   of   Noteholders.

(a) Without the consent of the Noteholders and without satisfaction of the Rating Agency Condition with respect to each Rating Agency (except as otherwise expressly set forth in this Section 8.1), the Issuer and the Indenture Trustee, at any time and from time to time subject to Section 8.3 hereof, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

 

			
	
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(i)      to  evidence  the  succession  of  another  Person  to  the  Issuer  and  the assumption by any such successor Person of the covenants of the Issuer herein and in the Notes pursuant to Section 7.10 or 7.11 hereof;

(ii)      to add to the covenants of the Issuer or the Indenture Trustee for the benefit of the Holders of all of the Notes or to surrender any right or power herein conferred upon the Issuer;

(iii)      to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee for the benefit of the Secured Parties or add to the conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes;

(iv)      to evidence and provide for the acceptance of appointment hereunder by a successor Indenture Trustee and to add to or change any of the provisions of this Indenture as necessary to facilitate the administration of the trusts hereunder by more than one Indenture Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof;

(v)      to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) or to subject any additional property to the lien of this Indenture;

(vi)      to modify the restrictions on and procedures for resales and other transfers of the Notes to reflect any changes in any applicable law or regulation (or the interpretation thereof) or in accordance with the USA PATRIOT Act and any other similar applicable laws or regulations or to enable the Issuer to rely upon any less restrictive exemption from registration under the Securities Act, the Exchange Act, the Investment Company Act or other applicable law or to remove restrictions on resale and transfer to the extent not required thereunder;

(vii)      to obtain ratings on one or more Classes of the Notes from any rating agency;

(viii)      evidence any waiver or elimination by the Rating Agencies of any requirement or condition of the Rating Agencies set forth herein or to amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned to the Notes;

(ix)      to accommodate the issuance of any Class of Notes to be held through the facilities of DTC, Euroclear or Clearstream or otherwise;

(x)      to accommodate the issuance of any Class of Notes as Definitive Notes;

(xi)      to make administrative changes as the Issuer deems appropriate and that do not materially and adversely affect the interests of any Noteholder;

 

			
	
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(xii)      to take any action commercially reasonably necessary or  advisable to prevent the Issuer or the Intermediate Trust from becoming subject to an entity-level tax for U.S. federal income tax purposes, or to prevent the Issuer or the Intermediate Trust, the Holders of the Notes, the Holder of the Trust Certificate or the Indenture Trustee from being subject to withholding or other taxes, fees or assessments or otherwise subject to U.S. federal, state, local or foreign income or franchise tax on a net income tax basis;

(xiii)      evidence changes to applicable laws and regulations;

(xiv)      reduce the minimum denominations required for transfer of the Notes;

(xv)      modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if (a) the Advancing Agent or Backup Advancing Agent determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard and (b) such modification does not adversely affect the status of the Issuer or Intermediate Trust for federal income tax purposes, as evidenced by an Opinion of Counsel;

(xvi)      modify the procedures set forth in this Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Indenture Trustee, the Paying Agent, the Operating Advisor or the Servicer; provided, further, that the Rule 17g-5 Information Provider shall post to the Rule 17g-5 Website and, thereafter, the Indenture Trustee shall provide notice of any such amendment pursuant to this clause (xvi) to the Rating Agencies; and

(xvii)      make  any  change  to  any  other  provisions  with  respect  to  matters  or questions arising under this Indenture; provided that the required action will not adversely affect in any material respect the interests of any Noteholders not consenting thereto, as evidenced by (a) an Opinion of Counsel or (b) satisfaction of the Rating Agency Condition with respect to each Rating Agency.

(b)      Notwithstanding Section 8.1(a) or any other provision of this Indenture, but subject to Section 8.3 hereof, without prior notice to the Noteholders, without the consent of the Noteholders and without satisfaction of the Rating Agency Condition with respect to any Rating Agency, the Issuer and the Indenture Trustee may at any time and from time to time enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

(i)      conform this Indenture to the provisions described in the Offering Circular (or any supplement thereto);

(ii)      to correct any inconsistency or cure any defect, ambiguity, omission or mistake in this Indenture or in order to address any manifest error in any provision of this Indenture; or

(iii)      make any modification that is immaterial or technical in nature.

(c)      Notwithstanding Section 8.1(a) or any other provision of this Indenture, but subject to Section 8.3 hereof, following the occurrence of a Successor Benchmark Rate Event and at the direction of the Directing Holder, the Issuer and the Indenture Trustee also may enter into a supplemental indenture to provide for the Notes of each Class to bear interest based on an industry benchmark rate that is comparable to LIBOR instead of LIBOR (or instead of the Prime Rate) from 

 

			
	
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and after a Payment Date specified in such supplemental indenture; provided that no such supplemental indenture shall become effective unless (i) the Rating Agency Condition has been satisfied with respect thereto and (ii) the Majority Holders of each Class of Notes outstanding consents to such supplemental indenture following delivery to each Noteholder of not less than thirty (30) days prior notice of such supplemental indenture. For purposes of the foregoing, the absence of objection by the Holders of at least 50% in Aggregate Outstanding Amount of the Notes of any Class of Notes for a period of 30 days following delivery to it of such prior notice will be deemed, for all purposes of this Indenture, to constitute consent by the Majority Holders of such Class of Notes; provided, however, that if a majority or more of the holders of any Class of Notes does not affirmatively object to such supplemental indenture, the Issuer shall direct the Indenture Trustee to enter into such supplemental indenture. In no event shall the Indenture Trustee be liable for entering into such supplemental indenture without the affirmative consent of a majority or more of any Class of Notes..

Section 8.2       Supplemental  Indentures  With  Consent  of  Noteholders.    The Indenture Trustee and Issuer may, subject to Section 8.3 hereof, enter into one or more indentures supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of the Notes of any Class under this Indenture only with the consent of the Majority Holders of any Class or Classes of the Notes materially and adversely affected thereby (excluding any Notes owned by RAIT Partnership or any of its affiliates or by any accounts managed by them) by Act of said Noteholders or by written consent of the Noteholders delivered to the Indenture Trustee and the Issuer. Unless the Indenture Trustee is notified (after giving (x) 10 Business Days’ notice of such change to the Rating Agencies and the Holders of the Notes requesting notification by such Noteholders if any such Noteholders would be materially and adversely affected by the proposed supplemental indenture and (y) following such initial 10 Business Day period, an additional 5 Business Days’ notice to any holder of Notes that did not respond to the initial notice) by the Majority Holders of the Notes of any Class that will be materially and adversely affected by the proposed supplemental indenture (excluding any Notes owned by RAIT Partnership or any of its affiliates or by any accounts managed by them), the interests of the Holders of the Notes of such Class will not be deemed to be materially and adversely affected by such proposed supplemental indenture and the Indenture Trustee will be permitted to enter into such supplemental indenture.   Such determinations shall be conclusive and binding on all present and future Noteholders.  The Indenture Trustee shall not be liable for any such determination made in good faith and in reliance upon the expiry of the foregoing time periods.

Notwithstanding anything in this Indenture to the contrary, no such supplemental indenture shall be entered into (other than to conform the provisions of this Indenture to the Offering Circular), without the consent of all of the Holders of the Outstanding Notes materially adversely affected thereby and, if materially adversely affected thereby, the Holder of the Trust Certificate (whose consent will be evidenced by an Officer’s Certificate of the Issuer certifying that such consent has been obtained and upon which the Indenture Trustee is entitled to conclusively rely), if such supplemental indenture proposes to:

(i)      change the Stated Maturity of the principal of or the due date of any installment of interest on any Note, reduce the principal amount thereof or the Note Interest Rate, or the Redemption Price with respect thereto, or change the earliest date on which the Issuer may redeem any Note, change the Priority of Payments so as to affect the application of proceeds of any Collateral to the payment of principal of or interest on the Notes or distributions on the Trust Certificate or change any place where, or the coin or currency in which, any Note or the principal thereof, or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);

 

			
	
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(ii)      reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required (a) for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their consequences provided for in this Indenture or (b) to request that the Indenture Trustee preserve the Collateral pledged under this Indenture or rescind the Indenture Trustee’s election to preserve the Collateral or to sell or liquidate the Collateral pursuant to this Indenture;

(iii)      materially impair or materially adversely affect the Collateral except as otherwise expressly permitted in this Indenture;

(iv)      permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral or terminate such lien on any property at any time subject hereto (other than in connection with the sale or exchange thereof in accordance with, or as otherwise permitted by, this Indenture) or deprive the Holder of any Note of the security afforded by the lien of this Indenture except, in each of the foregoing cases, as otherwise permitted by this Indenture;

(v)      modify any of the provisions of this Section 8.2, except to increase any percentage of Aggregate Outstanding Amount of Holders of each Class whose consent is required for any action or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

(vi)      modify the definition of the term “Outstanding,” the definition of the term “Indenture Event of Default” or Section 11.1 or Section 13.1 hereof;

(vii)      increase the permitted minimum denominations of any Class of Notes;

(viii)      modify any of the provisions of this Indenture in such a manner as to affect directly the calculation of the amount of any payment of interest on or principal of any Note or the rights of the Holders of Notes to the benefit of any provisions for the redemption of such Notes contained herein;

(ix)      amend the “non-petition” or “limited recourse” provisions of this Indenture or the Notes; or

(x)      reduce the percentage interest of the Aggregate Outstanding Amount of Notes of each Class required for any matter pursuant to this Indenture.

The Indenture Trustee shall be entitled to receive and conclusively rely upon an Officer’s Certificate of the Issuer ( or the Trust Administrator on its behalf) or an Opinion of Counsel, provided by and at the expense of the Issuer, stating whether or not such Class of Notes would be materially and adversely affected by such change (after giving notice of such change to the Holders of the Notes).  Such determination shall be conclusive and binding on all present and future Holders. The Indenture Trustee shall not be liable for any such determination made in good faith and in reliance in good faith upon an Opinion of Counsel delivered to the Indenture Trustee as described in Section 8.3 hereof.

 

			
	
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It shall not be necessary for any Act of Noteholders under this Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act or consent shall approve the substance thereof.

Section 8.3       Execution of Supplemental Indentures.  In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article VIII or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall receive, and (subject to Sections 6.1 and 6.3 hereof) shall be fully protected in relying in good faith upon an Opinion of Counsel, provided by and at the expense of the Issuer, stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been complied with. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations which may be therein contained. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Indenture Trustee’s own rights, duties or indemnities under this Indenture or otherwise.  The Indenture Trustee shall not enter into any supplemental indenture (including a supplemental indenture entered into pursuant to Section 8.1 or 8.2 hereof) that modifies the rights or obligations of the Servicer, the Special Servicer or the Operating Advisor in any respect or may reasonably be expected to materially and adversely affect the Servicer, the Special Servicer or the Operating advisor, respectively, without the prior written consent of the Servicer, the Special Servicer or the Operating advisor, respectively, and the Servicer, the Special Servicer or the Operating advisor, respectively, shall not be bound by any amendment to this Indenture which modifies the rights or obligations of the Servicer, the Special Servicer or the Operating advisor, respectively, unless the Servicer, the Special Servicer or the Operating advisor, respectively, shall have consented thereto in writing. The cost of any amendment entered into hereunder shall be paid out of the RAIT 2017-FL8 Trust unless such amendment is requested by any party to this Indenture at the request of, and on behalf of the Noteholders, in which case the cost of such amendment shall be paid by the requesting Noteholders.

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to Section 8.1 or Section 8.2, the Indenture Trustee, at the expense of the Issuer, shall mail a copy thereof to the Noteholders, the Servicer, the Operating Advisor and, after delivery of a copy thereof to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website, the Rating Agencies. Any failure of the Indenture Trustee to publish or mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

As long as any Note is Outstanding, the Issuer shall not enter into any supplemental indenture pursuant to Sections 8.1 or 8.2 hereof unless the Issuer receives advice from Cadwalader, Wickersham & Taft LLP, Winston & Strawn LLP or Ledgewood, P.C. or receives an opinion of another nationally recognized tax counsel experienced in such matters that such supplemental indenture will not (i) cause the Issuer or the Intermediate Trust to be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal income tax purposes that, in each case, is subject to U.S. federal, state or local income tax on a net income basis, or (ii) unless the Majority Holders of each affected Class have consented thereto, cause or constitute an event in which gain or loss would be recognized by any Noteholder of such Class.  The Indenture Trustee shall be entitled to rely upon the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition with respect to each Rating Agency has been satisfied.

 

			
	
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Section 8.4       Effect of Supplemental Indentures.   Upon the execution of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder shall be bound thereby.

Section 8.5       Reference   in   Notes   to   Supplemental   Indentures.      Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Indenture Trustee and the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

			
	
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ARTICLE IX

REDEMPTION OF NOTES

Section 9.1      Clean-up Call, Optional Redemption and Tax Redemption. (a) The Notes may be redeemed by the Issuer at the option of and at the direction of the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Class H Notes, in whole but not in part, on any Payment Date (the “Clean-up Call Date”), on or after the Payment Date on which the Aggregate Outstanding Amount of the Principal Balance Notes (excluding any Class C Deferred Interest Amount, Class D Deferred Interest Amount, Class E Deferred Interest Amount, Class F Deferred Interest Amount and Class G Deferred Interest Amount) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Principal Balance Notes on the Closing Date, at a price equal to the applicable Redemption Prices (such redemption, a “Clean-up Call”); and provided, that the funds available to be used for such Clean-up Call are at least equal to the Total Redemption Amount. Disposition of Mortgage Loans in connection with a Clean-up Call may include sales of Mortgage Loans to more than one purchaser, including by means of sales of participation interests in one or more Mortgage Loans to more than one purchaser.

(b)      The Notes shall be redeemable (in whole but not in part) on any Payment Date (such redemption, an “Optional Redemption”) from the Sale Proceeds and all Cash and Eligible Investments maturing on or prior to the scheduled Redemption Date credited to the Interest Collection Account, the Principal Collection Account, the Expense Account and the Note Payment Account (“Available Redemption Funds”), at the written direction of the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Class H Notes, at the applicable Redemption Prices; provided that (i) no such Optional Redemption may be effected prior to the Payment Date occurring in November 2019 and (ii) subject to the next paragraph, the Available Redemption Funds on the relevant Payment Date are at least equal to the Total Redemption Amount. In the case of an Optional Redemption, if the holder of the Class H Notes also owns 100% of each other Class of Junior Notes then outstanding, in lieu of paying the Redemption Price for one or more of such Classes, such holder may elect to exchange such Notes for the Intermediate Trust Certificate and immediately thereafter exchange the Intermediate Trust Certificate for all of the remaining Mortgage Loans and other assets of the Intermediate Trust. In such event, the Total Redemption Amount referred to in clause (ii) of the proviso to the prior paragraph shall exclude the cash Redemption Prices for the Classes subject to such election.

(c)      Upon the occurrence of a Tax Event and if the Tax Materiality Condition is satisfied, the Notes shall be redeemable by the Issuer on any Payment Date (such redemption, a “Tax Redemption”) in whole but not in part at the written direction of the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Class H Notes from Available Redemption Funds on such Payment Date at the applicable Redemption Price; and provided further, that Available Redemption Funds on the relevant Payment Date are at least equal to the Total Redemption Amount.

(d)      In the event of an Optional Redemption, Clean-up Call or Tax Redemption, unless the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Class H Notes have requested the Issuer to redeem the Class H Notes on such Payment Date, the amount of Mortgage Loans sold in connection with such Optional Redemption, Clean-up Call or Tax Redemption shall not exceed by any material amount the amount necessary for the Issuer to obtain the Total Redemption Amount.  In addition, for the avoidance of doubt no Tax Redemption may be effected unless the Tax Materiality Condition is satisfied.

 

			
	
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Section 9.2       Redemption Procedures for Optional Redemption, Clean-up Call or Tax Redemption.  (a) The Notes may not be redeemed pursuant to Section 9.1 hereof unless at least six Business Days before the scheduled Redemption Date, the Issuer shall have furnished to the Indenture Trustee evidence (such evidence to be sent via electronic mail to cts.cmbs.bond.admin@wellsfargo.com indicating firm bids or an Officer’s Certificate of the Issuer), and certifies to the Indenture Trustee, that the Issuer (x) has entered or caused the Intermediate Trust to enter into a binding agreement or agreements with, or (y) has obtained or caused to be obtained firm bids from one or more Qualified Buyers pursuant to which the Issuer has agreed or caused the Intermediate Trust to agree to sell, not later than the Business Day immediately preceding the scheduled Redemption Date, all or part of the Mortgage Loans at a sale price (including in such price the sale of accrued interest) that, when added to other Available Redemption Funds on the relevant Payment Date, is at least equal to an amount sufficient to pay (in accordance with the Priority of Payments) the Total Redemption Amount (subject to the proviso in the first paragraph of Section 9.1(6) above).

(b)      Installments of principal and interest due on or prior to a Redemption Date shall continue to be payable to the Holders of such Notes as of the relevant Record Dates according to their terms. The election of the Issuer to redeem any Notes pursuant to Section 9.1 hereof shall be evidenced by an Issuer Order directing the Indenture Trustee to make the payment to the Paying Agent of the Redemption Price of all of the Notes to be redeemed from funds in the Note Payment Account in accordance with the Priority of Payments.  The Issuer shall deposit, or cause to be deposited, the funds required for an Optional Redemption, Clean-up Call or Tax Redemption pursuant to Section 9.1 hereof in the Note Payment Account on or before the fifth Business Day prior to the Redemption Date or, if later, upon receipt.

(c)      The Issuer shall set the Redemption Date and the applicable Record Date and give notice thereof to the Indenture Trustee pursuant to Section 9.3 hereof.

(d)      Any amounts applied to the redemption of the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G or Class H Notes pursuant to Section 9.1 hereof shall be applied to the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G or Class H Notes respectively, in each case, pro rata in accordance with the Aggregate Outstanding Amounts of such Class of Notes on the date of such redemption.

Section 9.3       Notice to Indenture Trustee of Optional Redemption, Clean-up Call or Tax Redemption. (a) In the event of any redemption pursuant to Section 9.1 hereof, the Issuer shall, at least 45 days (but not more than 90 days) prior to the scheduled Redemption Date, notify the Indenture Trustee, the Rule 17g-5 Information Provider (for posting on the Rule 17g-5 Website), the Rating Agencies (after delivery to the Rule 17g-5 Information Provider), the Servicer, the Operating Advisor, the Holders of the Notes of the Controlling Class and the Paying Agent of such Redemption Date, the applicable Record Date, the principal amount of each Class of Notes to be redeemed on such Redemption Date and the Redemption Price of such Notes in accordance with Section 9.1 hereof.

Section 9.4       Notice of Optional Redemption, Clean-up Call or Tax Redemption or Maturity by the Issuer. (a) Notice of redemption pursuant to Section 9.1 hereof or the Maturity of any Class of Notes shall be given by the Indenture Trustee in the manner provided in Section 14.4 hereof not less than 10 Business Days prior to the applicable Redemption Date or Maturity to each Holder of Notes to be redeemed pursuant to Section 9.1 hereof or to mature, at such Holder’s address in the Note Register with a copy of such notice to the Rating Agencies.

 

			
	
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All notices of redemption shall state:

(i)      the applicable Redemption Date;

(ii)      the applicable Record Date;

(iii)      the Redemption Price;

(iv)      the principal amount of each Class of Notes to be redeemed shall terminate and that interest on such principal amount of Notes shall cease to accrue on the date specified in the notice; and

(v)      the place or places where such Notes are to be surrendered for payment of the Redemption Price, which shall be the Corporate Trust Office of the Indenture Trustee.

The notice of redemption with respect to an Optional Redemption, Clean-Up Call or Tax Redemption shall be withdrawn by the Issuer on or prior to the fifth Business Day preceding the scheduled Redemption Date by written notice to the Indenture Trustee, the Operating Advisor, the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Website), the Rating Agencies (after delivery to the Rule 17g-5 Information Provider) and the Holders of the Notes if on or prior to the sixth Business Day preceding the scheduled Redemption Date (i) the Issuer has not delivered to the Indenture Trustee the certification required to be delivered by the Issuer pursuant to Section 12.1(b)(ii)(x) hereof, (ii) the Independent accountants appointed by the Issuer have not confirmed    in    writing    the    calculations    made    in    such    certification    pursuant    to Section 12.1(b)(ii)(y) hereof or (iii) in the case of a Cash Purchaser, such purchaser has not paid the purchase price in full to the Issuer or escrowed the purchase price pursuant to an arrangement reasonably acceptable to the Issuer and the Indenture Trustee on or prior to the sixth Business Day preceding the scheduled Redemption Date.

At the cost of the Issuer, the Indenture Trustee shall give notice to each Holder of Notes to be redeemed of any withdrawal by overnight courier guaranteeing next day delivery, sent not later than the fifth Business Day prior to the scheduled Redemption Date, at such Holder’s address in the Note Register maintained by the Note Registrar, and to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Website) and the Rating Agencies (after delivery to the Rule 17g-5 Information Provider).

Notice of redemption shall be given by the Issuer or, at the Issuer’s request following notice to the Indenture Trustee in accordance with Section 9.3 hereof, by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected for redemption shall not impair or affect the validity of the redemption of any other Notes.

Section 9.5       Notes Payable on Redemption Date.  Notice of redemption having been given as aforesaid, the Notes to be so redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and from and after the Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest, if any) such Notes shall cease to bear interest on the Redemption Date. Upon final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided that if there is delivered to the Issuer and the Indenture 

 

			
	
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Trustee (i) in the case of a Holder that is not a Qualified Institutional Buyer, such security or indemnity as may be required by them to save each of them harmless (an unsecured indemnity agreement delivered to the Issuer and the Indenture Trustee by an institutional investor with a net worth of at least U.S. $200,000,000 being deemed to satisfy such security or indemnity requirement) and (ii) an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer and the Indenture Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender.  Installments of interest on Notes of a Class so to be redeemed whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according to the terms and provisions of Section 2.6(l) hereof.

If any Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Period the Note remains Outstanding.

However, in the case of an Optional Redemption, if the holder of the Class H Notes also owns each other Class of Junior Notes then outstanding, in lieu of paying the Redemption Price for one or more of such Classes, such holder may elect to exchange such Notes for the Intermediate Trust Certificate (which shall be immediately exchanged for all of the remaining Mortgage Loans and the other assets of the Intermediate Trust), and in such event, delivery of such Mortgage Loans and other assets of the Intermediate Trust shall constitute payment of the Redemption Price for each of the applicable Classes.

Section 9.6       Redemption From Unused Proceeds.  Any Principal Proceeds on deposit in the Unused Proceeds Account not used to fund the purchase price of a Delayed Close Mortgage Loan will be distributed in accordance with the Unused Proceeds Principal Amortization Priority on the Payment Date following the Purchase Termination Date. Any Interest Proceeds remaining in the Unused Proceeds Account after the Purchase Termination Date shall be applied as Interest Proceeds on the Payment Date following the Purchase Termination Date.

In addition, if at any time prior to the Purchase Termination Date, the Seller notifies the Issuer and the Indenture Trustee in writing, that a Delayed Close Mortgage Loan will not be available for acquisition for inclusion in the Intermediate Trust prior to the Purchase Termination Date (a “Withdrawal Notice”) and designates an Early Unused Proceeds Release Date for such Delayed Close Mortgage Loan, Principal Proceeds on deposit in the Unused Proceeds Account, shall, upon Issuer Order, be deposited in the Note Payment Account on the Early Unused Proceeds Release Date and applied in accordance with the Unused Proceeds Principal Amortization Priority on the next Payment Date; provided that, the Early Unused Proceeds Release Date may not be any day from and including the Determination Date to and including the Payment Date in any month.

 

			
	
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ARTICLE X

ACCOUNTS, ACCOUNTINGS AND RELEASES

Section 10.1   Collection of Cash.   (a) Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Cash and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture, including all payments due on the Pledged Assets, in accordance with the terms and conditions of such Pledged Assets.  The Indenture Trustee shall segregate and hold all such Cash and property received by it in trust for the Secured Parties and shall apply it as provided in this Indenture.

(b)      Each of the parties hereto hereby agrees to cause the Custodian and any other Securities Intermediary that holds (or is deemed to hold) any Cash or other property for the Issuer in an Account to agree with the parties hereto that (x) each Account is a Securities Account in respect of which the Indenture Trustee is the Entitlement Holder, (y) the Cash, Securities and other property credited to any Account is to be treated as a Financial Asset under Article 8 of the UCC and (z) the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110 of the UCC) for that purpose will be the State of New York. In no event may any Financial Asset held in any Account be registered in the name of, payable to the order of, or specially Indorsed to, the Issuer unless such Financial Asset has also been Indorsed in blank or to the Custodian or other Securities Intermediary that holds such Financial Asset in such Account.  Each Account shall be held and maintained through an office located in the State of New York or Minnesota.

(c)      The Indenture Trustee or its Affiliates are permitted to receive additional compensation from Persons other than the Issuer that could be deemed to be in the Indenture Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using  Affiliates  to  effect  transactions  in  certain  Eligible  Investments  and  (iii) effecting transactions in certain Eligible Investments.

Section 10.2   Principal   Collection   Account;   Interest   Collection   Account; Custodial Account.  (a) The Indenture Trustee shall, prior to the Closing Date, cause to be established a Securities Account which shall be designated as the “Interest Collection Account,” which may be a subaccount of the Note Payment Account and which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, into which the Indenture Trustee shall from time to time, subject to Section 10.8(d) hereof, deposit all Interest Proceeds (except as otherwise provided herein).

(b)      [Reserved.]

(c)      The  Indenture  Trustee  shall,  prior  to  the  Closing  Date,  cause  to  be established a Securities Account which shall be designated as the “Principal Collection Account,” which may be a subaccount of the Note Payment Account and which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, into which, the Indenture Trustee shall from time to time, subject to Section 10.8(d) hereof, deposit all Principal Proceeds.  All amounts received by the Indenture Trustee on behalf of the Issuer and not otherwise required to be remitted to a particular Account, shall be remitted to the Principal Collection Account.

 

			
	
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(d)      The Issuer may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such Cash (that is not proceeds of the Collateral) in a Collection Account (in addition to any amount required hereunder to be deposited therein) as it deems, in its sole discretion, to be advisable and by notice to the Indenture Trustee may designate that such Cash that is not proceeds of the Collateral is to be treated as Principal Proceeds or Interest Proceeds hereunder at its discretion. All Cash deposited from time to time in a Collection Account pursuant to this Indenture shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided.  The Collection Accounts shall at all times comply with the requirements of Section 11.2 hereof.  The Indenture Trustee agrees to give the Issuer prompt notice (with a copy to the Servicer, the Rating Agencies and the Holders of the Notes of the Controlling Class) if a Trust Officer of the Indenture Trustee receives written notice that either Collection Account or any funds on deposit therein, or otherwise standing to the credit of a Collection Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

(e)      All Distributions, any deposit required pursuant to Section 10.2(f) hereof and any net proceeds from the sale or disposition of a Mortgage Loan or an REO Property received by the Indenture Trustee shall be immediately deposited into the Interest Collection Account or the Principal Collection Account, as the case may be. Subject to Sections 10.2(g) and 11.2 hereof, all amounts deposited in the Collection Accounts, together with any securities in which funds included in such property are or will be invested during the term of this Indenture for the benefit of the Secured Parties, and any income or other gain realized from such investments shall be held by the Indenture Trustee in the Collection Accounts as part of the Collateral subject to disbursement and withdrawal as provided in this Section 10.2. The Indenture Trustee shall invest all funds received into the Collection Accounts during a Due Period and amounts received in prior Due Periods and retained in the Collection Accounts in Eligible Investments in accordance with Section 10.2(f) hereof.   The Indenture Trustee, within one Business Day after receipt of any Distribution or other proceeds which are not Cash, shall so notify the Issuer and the Servicer and the Issuer shall, within five Business Days of receipt of such notice from the Indenture Trustee, sell such Distribution or other proceeds for Cash in an arm’s length transaction to a Person which is not an Affiliate of the Issuer and deposit the proceeds thereof in the Interest Collection Account or Principal Collection Account, as the case may be, for investment pursuant to this Section 10.2; provided that the Issuer need not sell such Distributions or other proceeds if it delivers an Officer’s Certificate to the Indenture Trustee certifying that such Distributions or other proceeds constitute Mortgage Loans, REO Properties or Eligible Investments.  All such proceeds will be retained in the Collection Accounts unless such proceeds are used as otherwise permitted under this Indenture.

(f)      By Issuer Order executed by an Authorized Officer (which may be in the form of standing instructions), the Issuer shall at all times direct the Indenture Trustee to, and upon receipt of such Issuer Order, the Indenture Trustee shall, for the benefit of the Secured Parties, invest and reinvest the funds held in the Accounts (other than the Trust Certificate Account, the Note Payment Account and the Custodial Account) in Eligible Investments maturing not later than the earlier of (i) 30 days after the date of such investment or (ii) the Business Day immediately preceding the next Payment Date (or, in the absence of such direction, in Eligible Investments so maturing that are described in clause (h) of the definition thereof).  All interest and other income from such investments shall be deposited in such Account, any gain realized from such investments shall be credited to such Account, and any loss resulting from such investments shall be charged to such Account. Any gain or loss with respect to an Eligible Investment shall be allocated in such a manner as to increase or 

 

			
	
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decrease, respectively, Principal Proceeds and/or Interest Proceeds in the proportion which the amount of Principal Proceeds and/or Interest Proceeds used to acquire such Eligible Investment bears to the purchase price thereof.  The Indenture Trustee shall not in any way be held liable by reason of any insufficiency of such Accounts resulting from any loss relating to any such investment, provided, that nothing herein shall relieve the Bank of (i) its obligations or liabilities under any agreement entered into by, or any security or obligation issued by, the Bank or any Affiliate thereof or (ii) liability for any loss resulting from negligence, willful misconduct or Bad Faith on the part of the Bank or any Affiliate thereof.

(g)      The Indenture Trustee shall transfer to the Note Payment Account for application pursuant to Section 11.1(a) hereof and in accordance with the calculations contained in the Monthly Report prepared by the Indenture Trustee pursuant to Section 10.7(a) hereof, on or prior to the close of business on the Business Day prior to each Payment Date, any amounts then held in the Collection Accounts and all Interest Advances made to or by the Indenture Trustee pursuant to Section 10.12 and any Unused Proceeds Principal Amortization Amounts.

(h)      The Indenture Trustee shall apply amounts credited to the Collection Accounts in accordance with any Redemption Date Statement delivered to the Indenture Trustee in connection with the redemption of Notes pursuant to Section 9.1 hereof.

(i)      The Indenture Trustee shall, prior to the Closing Date, establish a segregated Securities Account which shall be designated as the “Custodial Account,” on behalf of the Custodian, which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Secured Parties and into which the Indenture Trustee shall from time to time deposit (or be deemed to deposit) Pledged Assets. All Pledged Assets from time to time deposited (or deemed deposited) in, or otherwise standing to the credit of, the Custodial Account pursuant to this Indenture shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided. The Indenture Trustee agrees to give the Issuer immediate notice (with a copy to the Rating Agencies and the Holders of the Notes of the Controlling Class) if a Trust Officer of the Indenture Trustee receives written notice that the Custodial Account or any funds on deposit therein, or otherwise standing to the credit of the Custodial Account, shall become subject to any writ, order judgment, warrant of attachment, execution or similar process.  The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other than in accordance with the Priority of Payments.  All amounts on deposit in the Custodial Account from time to time shall remain uninvested.

Section 10.3   Note Payment Account.  (a) The Indenture Trustee shall, prior to the Closing Date, establish a segregated Securities Account which shall be designated as the “Note Payment Account,” which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Secured Parties. Any and all funds at any time on deposit in, or otherwise to the credit of, the Note Payment Account shall be held in trust by the Indenture Trustee for the benefit of the Secured Parties. Except as provided in Sections 11.1 and 11.2 hereof, the only permitted withdrawal from or application of funds on deposit in, or otherwise standing to the credit of, the Note Payment Account shall be (i) to pay the interest on and the principal of the Notes in accordance with their terms and the provisions of this Indenture, (ii) to deposit into the Trust Certificate Account for distributions to the Holder of the Trust Certificate and (iii) pursuant to the Monthly Report, to pay Administrative Expenses, amounts due to the Advancing Agent or the Backup Advancing Agent in connection with the reimbursement of Interest Advances and interest thereon and other amounts specified therein, each in accordance with the Priority of Payments.  The 

 

			
	
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Indenture Trustee agrees to give the Issuer, the Servicer and the Holders of the Notes of the Controlling Class immediate notice if a Trust Officer of the Indenture Trustee receives written notice that the Note Payment Account or any funds on deposit therein, or otherwise standing to the credit of the Note Payment Account, shall become subject to, any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall not have any legal, equitable or beneficial interest in the Note Payment Account other than in accordance with the Priority of Payments. The Note Payment Account shall at all times comply with the requirements of Section 11.2 hereof.

(b)      The  Indenture  Trustee  shall,  prior  to  the  Closing  Date,  cause  to  be established a Securities Account which shall be designated as the “Trust Certificate Account,” which may be a subaccount of the Note Payment Account and which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Holder of the Trust Certificate, into which the Indenture Trustee shall from time to time, subject to Section 10.8(d) hereof, deposit all amounts payable to the Holder of the Trust Certificate in accordance with the Priority of Payments (except as otherwise provided herein).

(c)      All funds received into and held in the Note Payment Account and the Trust Certificate Account (or any subaccount thereof) shall remain uninvested.

Section 10.4   Expense Account.   (a) The Indenture Trustee shall, prior to the Closing Date, cause to be established a segregated Securities Account which shall be designated as the “Expense Account,” which shall be held in the name of the Indenture Trustee as Entitlement Holder in trust for the benefit of the Secured Parties. Any and all funds at any time on deposit in, or otherwise to the credit of, the Expense Account shall be held in trust by the Indenture Trustee for the benefit of the Secured Parties.

(b)      On the Closing Date, RAIT Partnership or its Affiliates shall deposit into the Expense Account an amount equal to U.S. $100,000.  On each Payment Date, the Indenture Trustee shall transfer (as directed in writing by the Servicer no later than 1:00 p.m. Eastern time on the applicable Remittance Date) to the Expense Account from the Note Payment Account amounts required to be deposited therein pursuant to Section 11.1(a) hereof and in accordance with the calculations contained in the Monthly Report prepared by the Indenture Trustee pursuant to Section 10.7(a) hereof.  Except as provided in Sections 11.1 and 11.2 hereof, the only permitted withdrawal from or application of funds on deposit in, or otherwise standing to the credit of, the Expense Account shall be to pay (on any day other than a Payment Date) accrued and unpaid Administrative Expenses of the Issuer, provided that the Indenture Trustee shall be entitled (but not required) without liability on its part, to refrain from making any such payment of an Administrative Expense on any day other than a Payment Date if, in its reasonable determination, taking into account the Priority of Payments and Interest Advances, the payment of such amounts is likely to leave insufficient funds available to pay in full each of the items payable prior thereto in the Priority of Payments on the next succeeding Payment Date.  The Issuer shall, by Issuer Order, direct the Indenture Trustee to, and, upon receipt of such Issuer Order the Indenture Trustee shall, transfer all funds on deposit in the Expense Account, at the time when substantially all of the Issuer’s assets have been sold or otherwise disposed of (as determined by the Servicer), into the Note Payment Account for application as Interest Proceeds on the immediately succeeding Payment Date pursuant to Section 11.1(a).

(c)      The Indenture Trustee agrees to give the Issuer, the Holders of the Notes of the Controlling Class and the Placement Agents immediate notice if a Trust Officer of the Indenture Trustee receives written notice that the Expense Account or any funds on deposit in, or otherwise standing to the credit of, the Expense Account, shall become subject to, any writ, order, judgment, warrant of attachment, execution or similar process.  The Expense Account shall at all times comply with the requirements of Section 11.2 hereof.

 

			
	
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(d)      The Indenture Trustee shall invest all funds received into the Expense Account during a Due Period and amounts received in prior Due Periods and retained in the Expense Account in Eligible Investments in accordance with Section 10.2(f) hereof.

Section 10.5      Unused Proceeds Account.  (a) The Indenture Trustee shall, on or prior to the Closing Date, establish a single, segregated trust account, which may be a sub-account of a single account, which shall be designated as the “Unused Proceeds Account,” which shall be held in trust in the name of the Indenture Trustee, for the benefit of the Indenture Trustee and for the benefit of the Secured Parties, into which the amount specified in Section 3.2(e) shall be deposited. All amounts credited to the Unused Proceeds Account pursuant to this Indenture shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided.

(b)      The Indenture Trustee agrees to give the Issuer prompt notice if it becomes aware that the Unused Proceeds Account or any funds on deposit therein, or otherwise to the credit of the Unused Proceeds Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process.  The Issuer shall have no legal, equitable or beneficial interest in the Unused Proceeds Account other than in accordance with the Priority of Payments.

(c)      On or prior to the Purchase Termination Date, the Issuer (or the Special Servicer on behalf of the Issuer) may by Issuer Order direct the Indenture Trustee to, and upon receipt of such Issuer Order the Indenture Trustee shall, apply amounts on deposit in the Unused Proceeds Account to acquire on behalf of the Intermediate Trust any Delayed Close Mortgage Loan as directed by the Servicer as permitted under and in accordance with the requirements of Section 7.19 and such Issuer Order.   The Issuer hereby acknowledges and agrees that, upon acquisition of a Delayed Close Mortgage Loan from the Trust Depositor, such Delayed Close Mortgage Loan will be an asset of the Intermediate Trust and the Issuer’s sole interest therein shall be as the holder of the Intermediate Trust Certificate (which evidences 100% beneficial ownership of the Intermediate Trust).

(d)      Principal Proceeds remaining in the Unused Proceeds Account shall, on the Business Day after the Purchase Termination Date, be deposited in the Note Payment Account and applied pursuant to Section 11.1(a)(ii)(2) on the Payment Date following the Purchase Termination Date.

(e)      Without limitation of clause (d) of this Section 10.5, if the Issuer and the Indenture Trustee receive a Withdrawal Notice from the Seller, the Issuer shall instruct the Indenture Trustee by Issuer Order to transfer the Unused Proceeds Principal Amortization Amount on deposit in the Unused Proceeds Account to the Note Payment Account on the Early Unused Proceeds Release Date and apply it pursuant to Section 11.1(a)(ii)(2) on the next Payment Date; provided that, the Early Unused Proceeds Release Date may not be any day from and including the Determination Date to and including the Payment Date in any month.

(f)      The Indenture Trustee shall invest all funds received into the Unused Proceeds Account during a Due Period and amounts received in prior Due Periods and retained in the Unused Proceeds Account in Eligible Investments in accordance with Section 10.2(f) hereof.

 

			
	
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Section 10.6   Reports by Parties. The Indenture Trustee shall make available in a timely fashion to the Servicer, the Special Servicer, the Operating Advisor, the Directing Holder, the Rating Agencies (after delivery to the Rule 17g-5 Information Provider) and the Issuer any information regularly maintained by the Indenture Trustee that the Issuer, the Directing Holder, the Servicer, the Special Servicer or the Operating Advisor may from time to time request with respect to the Collateral, the Underlying Mortgage Pool or the Accounts and provide any other information reasonably available to the Indenture Trustee by reason of its acting as Indenture Trustee hereunder and required to be provided by Section 10.7 hereof or to permit the Issuer to perform its obligations hereunder.  Each of the Issuer, the Servicer, the Special Servicer (with respect to a Mortgage Loan that is a Specially Serviced Mortgage Loan), the Operating Advisor and the Directing Holder shall promptly forward to the Indenture Trustee any information in their possession or reasonably available to them concerning any of the Collateral that the Indenture Trustee reasonably may request or that reasonably may be necessary to enable the Indenture Trustee to prepare any report or perform any duty or function on its part to be performed under the terms of this Indenture. The Issuer shall promptly notify the Indenture Trustee and the Holders of the Notes of the Controlling Class if the rating of any Class of Notes has been, or it is known by the Issuer that such rating will be, changed or withdrawn.

Section 10.7   Reports; Accountings.  (a) Based on monthly reports prepared by the Servicer and the Special Servicer and delivered by the Servicer to the Indenture Trustee in accordance with Section 4.01 of the Servicing Agreement, the Indenture Trustee shall prepare and make available electronically on its website initially located at www.ctslink.com (or, upon written request from registered Holders of the Notes or from those parties that cannot receive such statement electronically, provide by first class mail), on each Payment Date to Privileged Persons, a report in the form attached hereto as Exhibit F (the “Monthly Report”), setting forth, among other things, the following information:

(i)      the amount of the distribution of principal and interest on such Payment Date to the Noteholders and any reduction of the Aggregate Outstanding Amount of the Principal Balance Notes;

(ii)      the aggregate amount of compensation paid to the Indenture Trustee and servicing compensation paid to the Servicer and the Special Servicer during the related Due Period;

(iii)      the Aggregate Outstanding Amount of each Class of Notes immediately before and immediately after the Payment Date;

(iv)      the number, Aggregate Principal Balance, weighted average remaining term to maturity and weighted average interest rate of the Mortgage Loans as of the end of the related Due Period;

(v)      the   number   and   aggregate   Principal   Balance   of   Mortgage   Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) Mortgage Loans that are current but “specially serviced” or in foreclosure but not an REO property;

(vi)      the value of any REO Property owned by the Intermediate Trust or any Permitted Subsidiary as of the end of the related Due Period, on an individual Mortgage Loan basis, based on the most recent appraisal or valuation;

 

			
	
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(vii)      the amount of Interest Proceeds and Principal Proceeds received in the related Due Period;

(viii)      the amount of any Interest Advances made by the Advancing Agent or the Backup Advancing Agent, as applicable;

(ix)      the payments due pursuant to the Priority of Payments with respect to each clause thereof;

(x)      the number and related Principal Balances of any Mortgage Loans extended or modified during the related Due Period on an individual Mortgage Loan basis;

(xi)      the amount of any remaining unpaid interest due on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes as of the close of business on the Payment Date;

(xii)      a listing of each Mortgage Loan that was the subject of a principal prepayment during the related Due Period and the amount of principal prepayment occurring;

(xiii)      the Aggregate Principal Balance of the Mortgage Loans outstanding as of the close of business on the related Determination Date;

(xiv)      with respect to any Mortgage Loan as to which a liquidation occurred during the related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Note Payment Account and other amounts received in connection with the liquidation (separately identifying the portion thereof allocable to distributions on the Notes);

(xv)      with respect to any REO Property owned by the Intermediate Trust or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period, (A) the related Mortgage Loan and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Securities);

(xvi)      the aggregate amount of interest on Interest Advances in respect of the Mortgage Loans paid to the Advancing Agent and/or the Backup Advancing Agent since the prior Payment Date;

(xvii)      a listing of each material modification, extension or waiver made with respect to each Mortgage Loan;

(xviii)      a listing of any Material Document Defect or Material Breach;

(xix)      an itemized listing of any Special Servicing Fees, Workout Fees and Liquidation Fees received by the Special Servicer or any of its affiliates during the related Due Period; and

 

			
	
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(xx)      the amount of any dividends or other distributions to the Trust Certificate on the Payment Date.

(b)      All information made available on the Indenture Trustee’s website will be restricted and the Indenture Trustee will only provide access to such reports to those parties entitled thereto pursuant to this Indenture. In connection with providing access to its website, the Indenture Trustee may require registration and the acceptance of a disclaimer.

(c)      Not more than five Business Days after receiving an Issuer Request requesting information regarding a redemption of the Notes of a Class as of a proposed Redemption Date set forth in such Issuer Request, the Indenture Trustee shall compute the following information and provide such information in a statement (the “Redemption Date Statement”) delivered to the Directing Holder and the Paying Agent:

(i)      the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such Redemption Date;

(ii)      the amount of accrued interest due on such Notes as of the last day of the Due Period immediately preceding such Redemption Date;

(iii)      the Redemption Price;

(iv)      the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable in respect of the Notes being redeemed or to the Noteholders thereof); and

(v)      the amount in the Accounts (other than the Trust Certificate Account) available for application to the redemption of such Notes.

(d)      The Issuer hereby authorizes the Indenture Trustee to, and the Indenture Trustee shall, make available (to the extent received by the Indenture Trustee) to Bloomberg Financial Markets, L.P., CMBS.com, Inc., Trepp, LLC and Intex Solutions, Inc. or such other vendor chosen by the Issuer that submits to the Indenture Trustee a certification in the form of Exhibit H to this Agreement, all the Monthly Reports, CREFC® reports and supplemental notices delivered or made available pursuant to this Section 10.7 to Privileged Persons.

(e)      The Issuer shall cooperate (and cause the Servicer and the Special Servicer to cooperate) with the Indenture Trustee in connection with the preparation of each Monthly Report. The Indenture Trustee shall in no event have any liability for the actions or omissions of the Servicer or the Special Servicer, and shall have no liability for any inaccuracy or error in a Monthly Report prepared by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Issuer, the Servicer or the Special Servicer.   The Indenture Trustee shall not be liable for any failure to perform or delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Servicer, the Special Servicer or other Person in furnishing necessary, timely and accurate information to the Indenture Trustee. It is expressly understood and agreed that the application and performance by the Indenture Trustee of its obligation to prepare the Monthly Report shall, with respect to information relating to the Mortgage Loans, be based upon, and in reliance upon, data and information provided to it by the Servicer and the Special Servicer.  The Indenture Trustee shall be permitted to conclusively rely, absent manifest error, upon data and information provided to it by the Servicer and the Special Servicer, and nothing herein shall impose or imply any duty or obligation on the part of the Indenture Trustee to recompile, recalculate, verify the accuracy of, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any Obligor is in default or in compliance with the documents governing the related Mortgage Loan.

 

			
	
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Section 10.8   Release  of  Assets.       (a) Unless  the  Majority  Holders  of  the Controlling Class shall have given notice to the Indenture Trustee at a time when an Indenture Event of Default shall have occurred and be continuing that Pledged Assets, Mortgage Loans and REO Properties may not be sold without the consent of the Majority Holders of the Controlling Class (and in any event subject to Article XII), the Issuer shall, in connection with any sale required or permitted pursuant to Section 12.1 hereof, by Issuer Order executed by an Authorized Officer of the Issuer and delivered to the Indenture Trustee at least two Business Days prior to the settlement date for any sale of a Pledged Asset, Mortgage Loan or REO Property certifying that the conditions set forth in Section 12.1 hereof are satisfied, direct the Indenture Trustee to release (if and to the extent applicable) such Pledged Asset, Mortgage Loan or REO Property (and all right, title and interest of the Issuer with respect thereto) from the lien of this Indenture against receipt of payment therefor.

(b)      The Issuer shall, if delivery of a Pledged Asset is a condition to redemption or payment in full, by Issuer Order executed by an Authorized Officer of the Issuer and delivered to the Indenture Trustee at least two Business Days prior to the date set for redemption or payment in full of such Pledged Asset, certifying that such Pledged Asset is being redeemed or paid in full, direct the Indenture Trustee or, at the Indenture Trustee’s instructions, the Custodian, to deliver such Pledged Asset, if in physical form, duly endorsed, or, if such Pledged Asset is a Clearing Corporation Security, to cause it to be presented, to the appropriate paying agent therefor on or before the date set for redemption or payment, in each case against receipt of the redemption price or payment in full thereof.

(c)      Unless the Majority Holders of the Controlling Class shall have given notice to the Indenture Trustee at a time when an Indenture Event of Default shall have occurred and be continuing that Pledged Assets, Mortgage Loans and REO Properties may not be sold without the consent of the Majority Holders of the Controlling Class (and in any event subject to Article XII), the Issuer shall, in accordance with Section 6.16 hereof, by Issuer Order executed by an Authorized Officer of the Issuer and delivered to the Indenture Trustee at least two Business Days prior to the date set for an exchange or Offer or other disposition permitted hereby or by the Servicing Agreement (including without limitation a foreclosure or deed in-lieu of foreclosure of the related real property), certifying that a Pledged Asset, Mortgage Loan or REO Property is subject to an exchange or Offer or other such disposition and setting forth in reasonable detail the procedure for response to such Offer or other such disposition, direct the Indenture Trustee or, at the Indenture Trustee’s instructions, the Custodian, to deliver (i) with respect to a Mortgage Loan, the related Mortgage Loan File and (ii) such Pledged Asset, if in physical form, duly endorsed, or, if such Pledged Asset is a Clearing Corporation Security, to cause it to be delivered, as applicable, in accordance with such Issuer Order, in each case against receipt of payment therefor.

(d)      The Indenture Trustee shall deposit any proceeds received by it from the disposition of a Pledged Asset, Mortgage Loan or REO Property in the Interest Collection Account or the Principal Collection Account, as directed by the Servicer or the Issuer.

(e)      The Indenture Trustee shall, upon receipt of an Issuer Order at such time as there are no Notes Outstanding and all obligations of the Issuer hereunder have been satisfied, release the Collateral from the lien of this Indenture.

 

			
	
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(f)      The Issuer may retain agents to assist the Issuer in preparing any notice or other report required under Section 10.6 hereof.

Section 10.9      [Reserved.]

Section 10.10  [Reserved.]

Section 10.11  Tax Matters.  (a) The Issuer shall, and by accepting a Note, each Holder of Notes agrees to, treat the Class A Notes, Class A-S Notes, Class B Notes, Class C Notes and Class D Notes (unless held by the Issuer Parent or an Issuer Parent Disregarded Entity) as indebtedness, each for U.S. federal, state and local income tax purposes, to report all income (or loss) in accordance with such characterization and each further agrees not to take any action inconsistent with such treatment, except as otherwise required by any taxing authority under applicable law.

(b)      The Issuer agrees not to elect to be treated as other than an Issuer Parent Disregarded Entity for U.S. federal income tax purposes.

(c)      The Issuer agrees to ensure that the Intermediate Trust does not elect to be treated as other than an Issuer Parent Disregarded Entity for U.S. federal income tax purposes.

Section 10.12  Interest Advances.  (a) If, with respect to any Payment Date, the sum of (i) Interest Proceeds received during the related Due Period and (ii) funds on deposit in the Interest Collection Account are insufficient to pay in full interest due on the Class A Notes, the Class A-S Notes and the Class B Notes in accordance with the Priority of Payments on any such Payment Date (the amount of such insufficiency, an “Interest Shortfall”), then the Indenture Trustee shall provide the Advancing Agent with written notice of such Interest Shortfall no later than 10:00 a.m. (New York time) on the Business Day immediately preceding such Payment Date. The Indenture Trustee shall provide the Advancing Agent with notice, prior to any funding of an Interest Advance (as defined below) by the Advancing Agent, of any additional interest remittances received by the Indenture Trustee after delivery of such initial notice that reduce such Interest Shortfall.  No later than 5:00 p.m. (New York time) on the Business Day immediately preceding the related Payment Date, the Advancing Agent shall advance (each such advance, an “Interest Advance”), by deposit in the Note Payment Account, subject to a determination of recoverability by the Advancing Agent as described in this Section 10.12, a cash amount equal to the lesser of (i) the amount of the Interest Shortfall that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes and (ii) the aggregate of the interest payments due and not received in respect of the Mortgage Loans.

Any Interest Advance made by the Advancing Agent with respect to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Indenture Trustee on the same Business Day that such Interest Advance was made (or, if such Interest Advance is made prior to final determination by the Indenture Trustee of such Interest Shortfall, on the Business Day of such final determination). The Advancing Agent shall provide the Indenture Trustee written notice of a determination by the Advancing Agent that a proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than the close of business on the Business Day immediately preceding the related Payment Date.

 

			
	
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If the Advancing Agent does not make any required Interest Advance at or prior to the time at which distributions are to be made pursuant to Section 11.1, the Backup Advancing Agent shall make such Interest Advance, subject to a determination of recoverability by the Backup Advancing Agent as described in Section 10.12.

The Indenture Trustee and the Backup Advancing Agent shall be entitled to conclusively rely on any determination by the Advancing Agent (including any prior determination by the terminated Advancing Agent) that an Interest Advance, if made, would constitute a Nonrecoverable Interest Advance.  Notwithstanding the foregoing, to the extent the Advancing Agent fails to make an Interest Advance it was required to make, the Advancing Agent shall not be entitled to make a recoverability determination affecting the Backup Advancing Agent’s obligation to provide an Interest Advance and any such determination shall not be binding on the Backup Advancing Agent. No later than the close of business on the Remittance Date related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall, the Advancing Agent shall provide such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website.

Notwithstanding anything herein to the contrary, neither the Advancing Agent nor the Backup Advancing Agent shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith and, in respect of any such determination made by the Advancing Agent, in accordance with the Advancing Standards (as defined below), that such Interest Advance, plus interest expected to accrue thereon at the Reimbursement Rate, will be recoverable from subsequent payments or collections with respect to all Mortgage Loans. Such interest on any Interest Advance shall be payable to the Advancing Agent or the Backup Advancing Agent, as the case may be, in accordance with the Priority of Payments. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing Agent or the Backup Advancing Agent, as applicable, shall take into account:

(1)      amounts that may be realized on each mortgaged property in its “as is” or then current condition and occupancy;

(2)      that such Interest Advances, together with interest accruing thereon, may only be recovered from subsequent payments or collections on the Mortgage Loans;

(3)      the possibility and effects of future adverse change with respect to the mortgaged properties, the potential length of time before such Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and

(4)      the fact that Interest Advances are intended to provide liquidity only and not credit support to the Noteholders.

 

			
	
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For purposes of any such determination of whether an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance shall be deemed to be nonrecoverable if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future payments or collections on the Mortgage Loans may be insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate, within a reasonable period of time. Absent Bad Faith, the determination by the Advancing Agent or the Backup Advancing Agent, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding on the Noteholders. The Backup Advancing Agent shall be entitled to conclusively rely on any determination by the Advancing Agent that an Interest Advance, if made, would constitute a Nonrecoverable Interest Advance. The Servicer and the Special Servicer shall provide any information regarding the Mortgage Loans reasonably requested by the Advancing Agent or the Backup Advancing Agent in connection with the Advancing Agent’s or the Backup Advancing Agent’s determination, as applicable, of whether any Interest Advance would be recoverable.

Notwithstanding anything contained herein or in any other Transaction Document to the contrary, in calculating the amount of any Interest Advance amount allocable to any individual Mortgage Loan (including, but not limited to, for purposes of determining the Mortgage Loan Par Purchase Price (as defined in the Servicing Agreement) of such Mortgage Loan), the Servicer or the Special Servicer, as applicable, shall determine such amount by allocating all unreimbursed Interest Advances among all of the Mortgage Loans for which there are unreimbursed interest shortfalls pro rata (in accordance with the amounts of unreimbursed interest shortfalls on each such Mortgage Loan).

(b)      The Advancing Agent and the Backup Advancing Agent shall each be entitled to recover any previously unreimbursed Interest Advance made by it (including any Nonrecoverable  Interest   Advance),   together   with   interest   thereon,   in   accordance   with Section 11.1(i).

(c)      The Advancing Agent and the Backup Advancing Agent shall each be entitled with respect to any Interest Advance made by it (including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate.

(d)      The Advancing Agent’s obligations to make Interest Advances in respect of the Class A Notes, Class A-S Notes and Class B Notes shall continue through the date on which the outstanding principal amount of such Notes is paid in full or redeemed.

(e)      In no event shall the Advancing Agent or the Backup Advancing Agent be required to advance any payments in respect of interest on any Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or any payments in respect of principal on any Notes.

(f)      To the extent that the Backup Advancing Agent makes an Interest Advance on any Payment Date that the Advancing Agent was required, but failed to make and the Advancing Agent did not determine that such Interest Advance would be a Nonrecoverable Interest Advance, the Advancing Agent shall be deemed to have resigned and the Backup Advancing Agent, as successor Advancing Agent, shall be entitled to receive the Advancing Agent Fee in accordance with the Priority of Payments for such Payment Date thereafter.

 

			
	
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(g)      In consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to receive, at the times set forth herein and subject to the conditions and the priority of distribution provisions hereof, to the extent funds are available therefor, the Advancing Agent Fee (except to the extent the Advancing Agent Fee is being paid to the Backup Advancing Agent, as successor Advancing Agent, as described in clause (f), above).

(h)      The determination by the Advancing Agent or the Backup Advancing Agent, as applicable, (i) that it has made a Nonrecoverable Interest Advance or (ii) that any proposed Interest Advance, if made, would constitute a Nonrecoverable Interest Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Indenture Trustee (or, if applicable, retained thereby), the Issuer, and, the Rule 17g-5 Information Provider for posting on the Rule 17g-5 Website setting forth the basis for such determination; provided, that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent’s or the Backup Advancing Agent’s entitlement to reimbursement with respect to, any Interest Advance.

(i)      The Advancing Agent, in such capacity, shall act in the best interests of the Holders of the Class A Notes, the Class A-S Notes and the Class B Notes (taking into account the interests of the Holders of the Class A  Notes,  the Class A-S  Notes  and the Class B Notes collectively), as determined by the Advancing Agent, in its good faith judgment and in accordance with this Indenture and applicable law, and in all cases without regard to: (i) any relationship that the Advancing Agent may have with any obligor under a Mortgage Loan or any Affiliate of such obligor, any seller or any other parties to this Indenture; (ii) the ownership of any Note by the Advancing Agent or any of its Affiliates; (iii) the Advancing Agent’s right to receive compensation for its services (or the adequacy of such compensation) and reimbursement for its costs hereunder; (iv) the ownership or management of any interests in any Mortgage Loans, any Mortgaged Properties or any mezzanine loans secured by direct or indirect interests in any obligor under a Mortgage Loan by the Advancing Agent; (v) any obligation of the Advancing Agent or any of its Affiliates to cure a breach of a representation or warranty or document defect with respect to, or repurchase or substitute for, any Mortgage Loan; and (vi) any other debt the Advancing Agent or any of its Affiliates has extended to any obligor under any Mortgage Loan or any of its Affiliates (the  criteria  specified  in  this  Section 10.12(i),  collectively  referred  to  as  the  “Advancing Standards”).

Section 10.13  Certain Procedures. For so long as the Notes may be transferred in accordance  with  Rule 144A,  the  Issuer  will  ensure  that  any  Bloomberg  screen  containing information about the Rule 144A Global Notes includes the following (or similar) language:

(i)      the “Note Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will state: “Iss’d Under 144A”;

(ii)      the “Security Display” page will have the flashing red indicator “See Other Available Information”; and

(iii)      the indicator will link to the “Additional Security Information” page, which will state that the Notes “are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities Act).

Section 10.14  Information Available Electronically.   (a) The Indenture Trustee shall make available to any Privileged Person the following items (in each case, as applicable, to the extent received by it) by means of the Indenture Trustee’s website located at www.ctslink.com.

 

			
	
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(i)      The following documents, which shall initially be made available under a tab or heading designated “deal documents”:

(A)      the final Offering Circular related to the Notes;

(B)      this Indenture, and any schedules, exhibits and supplements thereto; and

(C)      the CREFC® Loan Setup file;

(ii)      The following documents, which shall initially be made available under a tab or heading designated “periodic reports”:

(A)      the Monthly Reports prepared by the Indenture Trustee pursuant to Section 10.7(a); and

(B)      certain   information   and   reports   specified   in   the   Servicing Agreement (including the collection of reports specified by CRE Finance Council (or any successor organization reasonably acceptable to the Indenture Trustee and the Servicer) known as the “CREFC® Investor Reporting Package”) relating to the Mortgage Loans, to the extent that the Indenture Trustee receives such information and reports from the Servicer from time to time;

(iii)      The following documents, which shall initially be made available under a tab or heading designated “Additional Documents”:

(A)      inspection reports delivered to the Indenture Trustee under the terms of the Servicing Agreement; and

(B)      appraisals delivered to the Indenture Trustee under the terms of the

Servicing Agreement;

(iv)      The following documents, which shall initially be made available under a tab or heading designated “special notices”:

(A)      notice of final payment on the Notes delivered to the Indenture Trustee pursuant to Section 9.4;

(B)      notice of termination of the Servicer or the Special Servicer;

(C)       notice of a Servicer Termination Event or a Special Servicer Termination Event, each as defined in the Servicing Agreement and delivered to the Indenture Trustee under the terms of the Servicing Agreement;

(D)      notice of the resignation of any party to the Indenture and notice of the acceptance of appointment of a replacement for any such party, to the extent such notice is prepared or received by the Indenture Trustee;

(E)      Officer’s Certificates supporting the determination that any Interest Advance was (or, if made, would be) a Nonrecoverable Interest Advance delivered to the Indenture Trustee pursuant to Section 10.12;

 

			
	
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(F)      (1) any  direction  received  by  the  Indenture  Trustee  from  the Directing Holder for the termination of the Special Servicer during any period when such person is entitled to make such a direction and, (2) if a Consultation Termination Event has occurred and is continuing, any direction of the holders of at least 75% of the aggregate Voting Rights of the Notes to terminate the Special Servicer in response to the recommendation of the Operating Advisor;

(G)      any recommendation of the Operating Advisor to the Indenture Trustee to replace the Special Servicer;

(H)      any direction received by the Indenture Trustee from Holders of at least 662⁄3% of the Aggregate Outstanding Amount of each Class of Principal Balance Notes or Holders of at least 662⁄3% of the Aggregate Outstanding Amount of Notes of the Controlling Class for the termination of the Indenture Trustee pursuant to Section 6.9(c); and

(I)      notice of the occurrence or cessation of any Control Shift Event or Consultation Termination Event;

(v)      The following information, which shall initially be made available under a tab or heading designated “Risk Retention Special Notices”:

(A)      the fair value (expressed as a percentage of the fair value of all Notes and dollar amount) of the actual principal amount of the Retention Interest acquired and retained by the Retention Holder as of the Closing Date (based on actual sale prices and finalized Class sizes);

(B)      the fair value (expressed as a percentage of the fair value of all Notes and dollar amount) of the Notes that the Retention Holder is required to retain pursuant to the Credit Risk Retention Rules;

(C)      to the extent that the valuation methodology or any of the key inputs and assumptions on the Closing Date are materially different than those disclosed in the “Credit Risk Retention” section of the Offering Circular, a description of any such material differences; and

(D)      any notice or documents provided to the Indenture Trustee by the Issuer, Trust Administrator or the Servicer which the Issuer or the Servicer, as applicable, has directed the Indenture Trustee to post to the “Risk Retention Special Notices” tab;

(vi)      the “Investor Q&A Forum” pursuant to Section 10.15;

(vii)      solely to Noteholders and holder of the Trust Certificate, the “Investor Registry” pursuant to Section 10.15.

 

The Indenture Trustee shall, in addition to posting the applicable notices on the “Risk  Retention  Special  Notices”  tab  described  in  clause (v)  above,  provide  email notification to any Privileged Person (other than market data providers) that has registered to receive access to the Indenture Trustee’s website that a notice has been posted to the “Risk Retention Special Notices” tab.

 

			
	
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(b)      Notwithstanding the requirements set forth in Section 10.4(a) set forth above, the Indenture Trustee will be authorized to use such other headings and labels on its website as it may reasonably determine from time to time.

(c)      For  the  avoidance of  doubt, the  Indenture Trustee shall provide such Monthly Report and the CREFC®  Investor Reporting Package to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Website in accordance with, and subject to, the provisions of Section 14.14 hereof.

(d)      The Indenture Trustee makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor. In addition, the Indenture Trustee may disclaim responsibility for any information distributed by the Indenture Trustee for which it is not the original source. The Indenture Trustee shall not be responsible for the accuracy or completeness of any information supplied to it by the Servicer is included in any reports, statements, materials or information prepared or provided by the Servicer or Special Servicer, as applicable, and the Indenture Trustee shall be entitled to conclusively rely, absent manifest error, upon the Servicer’s reports and the Special Servicer’s reports without any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. The Indenture Trustee shall have no obligation to monitor or investigate Material Document Defects or Material Breaches and shall only include any such Material Document Defect or Material Breach on the Monthly Report to the extent that it has received notice thereof from the Seller pursuant to the Seller Purchase and Sale Agreement. In connection with providing access to the Indenture Trustee’s website, the Indenture Trustee may require registration and the acceptance of a disclaimer and an Investor Certification. The Indenture Trustee shall not be liable for the dissemination of information in accordance herewith.

(e)      Assistance in using the Indenture Trustee’s website can be obtained by calling its customer service desk at (866) 846-4526 or at ctslink.customerservice@wellsfargo.com, or at any other number or email address as designated by the Indenture Trustee to the Noteholders.

Section 10.15  Investor Q&A Forum; Investor Registry. (a) The Indenture Trustee shall make a question-and-answer forum (the “Investor Q&A Forum”) available to Privileged Persons by means of the Indenture Trustee’s website, where Noteholders (including beneficial owners of Notes) and prospective purchasers of Notes may (i) submit inquiries to the Indenture Trustee relating to the Monthly Reports, and submit inquiries to the Servicer, the Special Servicer or, for so long as a Control Shift Event with respect to the Class E Notes has occurred and is continuing, the Operating Advisor (each, a “Q&A Respondent”) relating to any reports prepared by that party, the Mortgage Loans, or the properties related thereto (each an “Inquiry” and collectively, “Inquiries”), and (ii) view previously submitted Inquiries and related answers. Upon receipt of an Inquiry for a Q&A Respondent, the Indenture Trustee shall forward the Inquiry to the applicable Q&A Respondent, in each case via email within a commercially reasonable period of time following receipt thereof.  Following receipt of an Inquiry, the Indenture Trustee and the applicable Q&A Respondent, unless such party determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent shall be by email to the Indenture Trustee.  The Indenture Trustee shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Indenture Trustee’s website. If the Indenture Trustee or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Issuer or the Noteholders, (iii) 

 

			
	
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answering any Inquiry would be in violation of applicable law, the Loan Documents,  this  Indenture  or  the  Servicing  Agreement,  (iv) answering  any  Inquiry  would materially increase the duties of, or result in significant additional cost or expense to, the Indenture Trustee, the Servicer, the Special Servicer or the Operating Advisor, as applicable or (v) answering any such inquiry would reasonably be expected to result in the waiver of an attorney-client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it shall not be required to answer such Inquiry and shall promptly notify the Indenture Trustee of such determination. The Indenture Trustee shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered. Any notice by the Indenture Trustee to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because the Indenture provides that the Indenture Trustee, Servicer, Special Servicer and Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, this Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Indenture Trustee, the Servicer, the Special Servicer or the Operating Advisor, as applicable, or (v) answering any such inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, no inference shall be drawn from the fact that the Indenture Trustee, the Servicer, the Special Servicer or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to the respondent, and shall not be deemed to be answers from any other Person, including the Issuer, the Placement Agents or any of their respective Affiliates.  None of the Placement Agents, the Issuer, the Intermediate Trust Trustee, the Servicer, the Special Servicer, the Operating Advisor, or the Indenture Trustee, or any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.  The Indenture Trustee shall not be required to post to the Indenture Trustee’s website any Inquiry or answer thereto that the Indenture Trustee determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect questions, answers and other communications that are not submitted via the Indenture Trustee’s website. Additionally, the Indenture Trustee may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum.

(b)      The Indenture Trustee shall make the “Investor Registry” available to any Noteholder or holder of the Trust Certificate and any beneficial owner of a Note via the Indenture Trustee’s website. Noteholders and beneficial owners of Notes can register on a voluntary basis and thereafter obtain contact information with respect to any other Noteholder or beneficial owner that has so registered.  Any person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder, a beneficial owner of a Note or holder of the Trust Certificate and (ii) it grants authorization to the Indenture Trustee to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and phone number.  If any Noteholder or beneficial owner of a Note notifies the Indenture Trustee that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Indenture Trustee shall promptly remove it from the Investor Registry.   The Indenture Trustee shall not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon.  The Indenture Trustee may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

			
	
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Section 10.16  Permitted Funded Companion Participation Acquisition Account. (a) The Indenture Trustee shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as the “Permitted Funded Companion Participation Acquisition Account” which shall be held in trust for the benefit of the Secured Parties and over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal. All amounts credited to the Permitted Funded Companion Participation Acquisition Account pursuant to this Indenture shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided.

(b)      Upon receipt of Permitted Principal Proceeds by the Issuer, if so directed by the Future Funding Holder by delivery of a notice substantially in the form of Exhibit M hereto, the Issuer shall deposit, or direct the Indenture Trustee to deposit, all or a portion of such funds, into the Permitted Funded Companion Participation Acquisition Account.

(c)      The Indenture Trustee agrees to give the Issuer prompt notice if it becomes aware that the Permitted Funded Companion Participation Acquisition Account or any funds on deposit therein, or otherwise to the credit of the Permitted Funded Companion Participation Acquisition Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial interest in the Permitted Funded Companion Participation Acquisition Account other than in accordance with the Priority of Payments. The Permitted Funded Companion Participation Acquisition Account shall remain at all times an Eligible Account.

(d)      The only permitted withdrawals from or application of Permitted Principal Proceeds on deposit in, or otherwise standing to the credit of, the Permitted Funded Companion Participation   Acquisition   Account   shall   be   (i) to   acquire   Related   Funded   Companion Participations in accordance with Section 12.4. of this Indenture and (ii) to withdraw amounts for deposit into the Note Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds.  Any Permitted Principal Proceeds deposited into the Permitted Funded Companion Participation Acquisition Account will be available for use to acquire Related Funded Companion Participations in accordance with Section 12.4 for a period, not to exceed the earlier of (1) 120 days from the date of receipt of such Permitted Principal Proceeds (the “Proceeds Availability Period”) and (2) the end of the Permitted Funded Companion Participation Acquisition Period. If (x) the Issuer fails to acquire Related Funded Companion Participations with such specified Permitted Principal Proceeds within the applicable Proceeds Availability Period, or (y) if the Issuer is so directed by the Future Funding Holder on any Payment Date prior to the expiration of the applicable Proceeds Availability Period, the Indenture Trustee (upon the direction of the Issuer in the case of clause (y)) shall withdraw such Permitted Principal Proceeds (“Excluded Permitted Principal Proceeds”) from the Permitted Funded Companion Participation Acquisition Account and deposit such Permitted Principal Proceeds into the Note Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds and the Issuer shall not be permitted to cause any Excluded Permitted Principal Proceeds to be re-deposited into the Permitted Funded Companion Participation Acquisition Account.   Upon the expiration of the Permitted Funded Companion Participation Acquisition Period, the Indenture Trustee shall transfer all amounts on deposit in the Permitted Funded Companion Participation Acquisition Account to the Note Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds.

 

			
	
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ARTICLE XI

APPLICATION OF CASH

Section 11.1      Disbursements   of   Cash   from   Note   Payment   Account.

(a) Notwithstanding any other provision in this Indenture, but subject to the other clauses of this Article XI hereof, on each Payment Date and on the Accelerated Maturity Date, the Indenture Trustee shall disburse amounts transferred to the Note Payment Account from the Collection Accounts pursuant to Section 10.2(g) hereof as follows and for application by the Indenture Trustee in accordance with the following priorities (the “Priority of Payments”):

 

(i)      On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Indenture Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the order of priority (the “Interest Proceeds Waterfall”) set forth below:

 

(1)      to the payment of taxes and filing and registration fees owed by the Issuer, if any;

 

(2)      (a) first, to the extent not previously reimbursed, to the Advancing Agent or the Backup Advancing Agent, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party, (b) second, to the Advancing Agent, the Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (provided that the Advancing Agent has not failed to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of this Indenture, and if the Advancing Agent failed to make an Interest Advance, then the Backup Advancing Agent, as successor Advancing Agent, will receive the Advancing Agent Fee, and (c) third, to the Advancing Agent and the Backup Advancing Agent, (i) to the extent due and payable to such party, Reimbursement Interest and (ii) reimbursement of any outstanding Interest Advances not (in the case of this clause (ii)) to exceed the amount that would result in an Interest Shortfall with respect to such Payment Date;

 

(3)      (a) first, to the Indenture Trustee, the Indenture Trustee Fee and any previously due but unpaid Indenture Trustee Fees, (b) second, to the Indenture Trustee, all accrued and unpaid Indenture Trustee Expenses (other than amounts payable pursuant to indemnities) under this Indenture (and, if an Indenture Event of Default has occurred and is continuing under this Indenture, all accrued and unpaid expenses of the Indenture Trustee (including amounts payable pursuant to the indemnity)), (c) third, to the extent not previously reimbursed, to the Indenture Trustee, Indenture Trustee Expenses constituting indemnities, and (d) fourth, to the payment of all other accrued and unpaid Administrative Expenses then due and payable;  provided  that  all  payments  made  pursuant  to  subclauses (b) through (d) of this clause (3) (together with all amounts withdrawn from the Expense Account in respect of Administrative Expenses) do not exceed

 

			
	
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$300,000 in the aggregate during the applicable Expense Year (including such Payment Date);

 

(4)      to the payment of the Interest Distribution Amount with respect to the Class A Notes;

 

(5)      to the payment of the Interest Distribution Amount with respect to the Class A-S Notes;

 

(6)      to the payment of the Interest Distribution Amount with respect to the Class B Notes;

 

(7)      to the payment of the Interest Distribution Amount with respect to the Class C Notes;

 

(8)      to the payment of the Class C Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class C Notes);

 

(9)      to the payment of the Interest Distribution Amount with respect to the Class D Notes;

 

(10)       to the payment of the Class D Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class D Notes);

 

(11)       to the payment of the Interest Distribution Amount with respect to the Class E Notes;

 

(12)       to the payment of the Class E Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class E Notes);

 

(13)       to the payment of the Interest Distribution Amount with respect to the Class F Notes;

 

(14)       to the payment of the Class F Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class F Notes);

 

(15)       to the payment of the Interest Distribution Amount with respect to the Class G Notes;

 

(16)       to the payment of the Class G Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class G Notes);

 

(17)       to the payment of, first, to the Indenture Trustee of accrued and unpaid Indenture Trustee Expenses and, second, all other accrued and unpaid Administrative Expenses, in each case in the priority of, and to the extent not paid pursuant to, clause (3) above (whether as the result of the limitations on amounts set forth therein or otherwise);

 

 

			
	
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(18)       for  deposit  into  the  Expense  Account  in  respect  of anticipated Administrative Expenses that will be due prior to the next Payment Date such amount as the Servicer directs the Indenture Trustee in writing (no later than the applicable Remittance Date), but in no event may such deposit cause the Balance of all Eligible Investments and cash in the Expense Account (including any amounts remaining on deposit in the Expense Account from the Closing Date) immediately after such deposit to exceed $50,000; and

 

(19)       to the Holder of the Class H  Notes (for  so long as  the Aggregate Outstanding Amount of the Class H Notes has not been reduced to zero on a prior Payment Date, and otherwise to the Holder of the Trust Certificate), any remaining amounts (in the case of the Class H Notes, as interest).

 

(ii)      On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Indenture Event of Default, Principal Proceeds with respect to the related Due Period will be distributed in the order of priority (the “Principal Proceeds Waterfall”) set forth below:

 

(1)      to the payment of the amounts referred to in clauses (1) to (6) of the Interest Proceeds Waterfall in the same order of priority specified therein, but only to the extent not paid in full thereunder;

 

(2)      on the Payment Date after the Unused Proceeds Release Date for a Delayed Close Mortgage Loan, an amount equal to the Unused Proceeds Principal Amortization Amount for such Delayed Close Mortgage Loan to the payment of principal of the Notes (other than the most junior Class of Notes then Outstanding) in accordance with the Unused Proceeds Principal Amortization Priority (in such amounts and in such priority as are described in the definition of such term);

 

(3)      to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;

 

(4)      to the payment of principal of the Class A-S Notes until the Class A Notes have been paid in full;

 

(5)      to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;

 

(6)      if no Class A Notes, Class A-S Notes or Class B Notes are Outstanding, to the payment of the amounts referred to in clause (7) of the Interest Proceeds Waterfall, but only to the extent not paid in full thereunder;

 

(7)      to the payment of principal of the Class C Notes (including the Class C Deferred Interest Amount), until the Class C Notes have been paid in full;

 

(8)      if no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are Outstanding, to the payment of the amounts referred to in clause (9) of the Interest Proceeds Waterfall, but only to the extent not paid in full thereunder;

 

			
	
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(9)      to the payment of principal of the Class D Notes (including the Class D Deferred Interest Amount), until the Class D Notes have been paid in full;

 

(10)       if  no  Class A  Notes,  Class A-S  Notes,  Class B  Notes, Class C Notes or Class D Notes are outstanding, to the payment of the amounts referred to in clause (11) of the Interest Proceeds Waterfall, but only to the extent not paid in full thereunder;

 

(11)       to the payment of principal of the Class E Notes (including the Class E Deferred Interest Amount), until the Class E Notes have been paid in full;

 

(12)       if  no  Class A  Notes,  Class A-S  Notes,  Class B  Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, to the payment of the amounts referred to in clause (13) of the Interest Proceeds Waterfall, but only to the extent not paid in full thereunder;

 

(13)       to the payment of principal of the Class F Notes (including the Class F Deferred Interest Amount), until the Class F Notes have been paid in full;

 

(14)       if  no  Class A  Notes,  Class A-S  Notes,  Class B  Notes, Class C  Notes,  Class D  Notes,  Class E  Notes  or  Class F  Notes  are outstanding, to the payment of the amounts referred to in clause (15) of the Interest Proceeds Waterfall, but only to the extent not paid in full thereunder;

 

(15)       to the payment of principal of the Class G Notes (including the Class G Deferred Interest Amount), until the Class G Notes have been paid in full;

 

(16)      to the payment of principal of the Class H Notes, until the Class H Notes have been paid in full;

 

(17)       to the payment of amounts referred to in clauses (17) and (18) of the Interest Proceeds Waterfall, in the same order of priority specified therein, but only to the extent not paid in full thereunder; and

 

(18)       to  the  Holder  of  the  Trust  Certificate,  any  remaining amounts.

 

(iii)      On any Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Indenture Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period will be distributed in the following order of priority:

 

(1)      to the payment of the amounts referred to in clauses (1) through (3) of the Interest Proceeds Waterfall, in the same order of priority set forth therein, but without giving effect to any limitations on amounts payable set forth therein;

 

(2)      to the payment of any out-of-pocket fees and expenses of the Issuer and Indenture Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Indenture Event of Default, including in connection with sale and liquidation of any of the Collateral in connection therewith;

 

 

			
	
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(3)      to the payment of the Interest Distribution Amount with respect to the Class A Notes;

 

(4)      to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;

 

(5)      to the payment of the Interest Distribution Amount with respect to the Class A-S Notes;

 

(6)      to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full;

 

(7)      to the payment of the Interest Distribution Amount with respect to the Class B Notes;

 

(8)      to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;

 

(9)      to the payment of the Interest Distribution Amount with respect to the Class C Notes;

 

(10)       to the payment of principal of the Class C Notes (including the Class C Deferred Interest Amount) until the Class C Notes have been paid in full;

 

(11)       to the payment of the Interest Distribution Amount with respect to the Class D Notes;

 

(12)       to the payment of principal of the Class D Notes (including the Class D Deferred Interest Amount) until the Class D Notes have been paid in full;

 

(13)       to the payment of the Interest Distribution Amount with respect to the Class E Notes;

 

(14)       to the payment of principal of the Class E Notes (including the Class E Deferred Interest Amount) until the Class E Notes have been paid in full;

 

(15)       to the payment of the Interest Distribution Amount with respect to the Class F Notes;

 

(16)       to the payment of principal of the Class F Notes (including the Class F Deferred Interest Amount) until the Class F Notes have been paid in full;

 

(17)       to the payment of the Interest Distribution Amount with respect to the Class G Notes;

 

(18)       to the payment of principal of the Class G Notes (including the Class F Deferred Interest Amount) until the Class G Notes have been paid in full;

 

(19)      to the payment of principal of the Class H Notes until the Class H Notes have been paid in full; and

 

(20)       any remaining Interest Proceeds and Principal Proceeds to the Holder of the Trust Certificate.

 

			
	
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(iv)      Any Interest Proceeds or Principal Proceeds applied to pay principal of the Class C Notes, Class D Notes, Class E Notes, Class F Notes or Class G Notes will be applied first to pay any related Deferred Interest Amount prior to being applied to reduce the remaining portion of the related Aggregate Outstanding Amount.

 

(b)      On or prior to the close of business on the Remittance Date preceding each Payment Date, the Issuer shall remit (or cause the Servicer to remit) to the Indenture Trustee for deposit into the Note Payment Account pursuant to Section 10.2(g) hereof, an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be paid on such Payment Date.

 

(c)      If, on any Payment Date, as applicable, the amount available in the Note Payment Account from amounts received in the related Due Period is insufficient to make the full amount of the disbursements required by the statements furnished by the Issuer pursuant to Section 10.7(b) hereof, the Indenture Trustee shall make the disbursements called for in the order and according to the priority set forth under Section 11.1(a) hereof, to the extent funds are available therefor.

 

(d)      Except as otherwise expressly provided in this Section 11.1, if on any Payment Date the amount available in the Note Payment Account from amounts received in the related Due Period is insufficient to make the full amount of the disbursements required under any clause of the Interest Proceeds Waterfall or the Principal Proceeds Waterfall to different Persons, the Indenture Trustee shall make the disbursements called for by such clause ratably in accordance with the respective amounts of such disbursements in such clause then due and payable to the extent funds are available therefor.

 

(e)      In connection with the application of funds to pay Administrative Expenses of the Issuer, in accordance with sub-clauses (3), (15) and (16) of clause (i) of Section 11.1(a) hereof and sub-clauses (1) and (15) of clause (ii) of Section 11.1(a) hereof, the Indenture Trustee shall remit such funds, to the extent available, as directed by the Issuer pursuant to the related Monthly Report (net of amounts payable to the Indenture Trustee).  All such payments shall be made pursuant to the Priority of Payments.

 

(f)      Any amounts to be paid to the Indenture Trustee for distribution to the Holder of the Trust Certificate pursuant to clause (19) of the Interest Proceeds Waterfall, clause (18) of the Principal Proceeds Waterfall or clause (20) of the payment waterfall described under clause (iii) of Section 11.1(a) shall be released from the lien of this Indenture.

 

(g)      In connection with any required payment by the Issuer to the Operating Advisor pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Mortgage Loans, such amounts shall be paid to the Operating Advisor pursuant to the terms of the Servicing Agreement.

 

(h)      [Reserved.]

 

 

			
	
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(i)      The Advancing Agent (or the Backup Advancing Agent, as successor Advancing Agent, as provided in Section 10.12(f)) shall be entitled to receive the Advancing Agent Fee payable in accordance with the Priority of Payments. In addition, the Advancing Agent and the Backup Advancing Agent shall each be entitled on each Payment Date to reimbursement of any previously unreimbursed Interest Advance made by it, together with interest thereon, from Interest Proceeds, and to the extent not reimbursed in full by Interest Proceeds, from Principal Proceeds, prior to application of collections in accordance with Section 11.1(a), as well as in accordance with the Priority of Payments; provided that (i) reimbursement of Interest Advances (other than Nonrecoverable Interest Advances) shall not cause an additional Interest Shortfall, (ii) reimbursement of Nonrecoverable Interest Advances, together with interest thereon, shall be made first from Interest Proceeds, and to the extent not reimbursed in full from Interest Proceeds, from Principal Proceeds and (iii) reimbursement of Nonrecoverable Interest Advances shall be made regardless of whether such reimbursement causes an additional Interest Shortfall and may be made on any Business Day prior to the related Determination Date or on a Payment Date. For purposes of the foregoing, an Interest Advance shall be deemed to be a Nonrecoverable Interest Advance if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future payments or collections on the Mortgage Loans could reasonably be expected to be insufficient to fully reimburse such Interest Advance, plus interest thereon. Amounts used for the reimbursement of Interest Advances and interest thereon shall not be included in the Available Redemption Funds for any Payment Date. Notwithstanding the foregoing, the Advancing Agent or the Backup Advancing Agent, as applicable, may opt, in its sole discretion, to defer the reimbursement for Nonrecoverable Interest Advances to a subsequent Payment Date or Payment Dates if such reimbursement would trigger an additional Interest Shortfall.  The Advancing Agent will also be permitted (but not obligated) to defer or otherwise structure the timing of recoveries by the Advancing Agent of Nonrecoverable Interest Advances in such manner as the Advancing Agent determines is in the best interest of the Holders of the Class A Notes, the Class A-S Notes and the Class B Notes, as a collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments. In addition, based upon information available at such time, the Advancing Agent or the Backup Advancing Agent, as applicable, shall provide 15 days prior notice to the Servicer, the Indenture Trustee and the Rating Agencies if an Interest Advance is determined to be a Nonrecoverable Interest Advance and whether or not reimbursement thereof shall be deferred; provided, that the failure to provide such notice shall in no way limit the rights of  either  the  Advancing  Agent  or  the  Backup  Advancing  Agent  to  reimburse  itself  for Nonrecoverable Interest Advances on any Payment Date.

 

Section 11.2      Trust Accounts. Each Account shall remain at all times with either (x) the Indenture Trustee’s Corporate Trust Office in a segregated trust account that is subject to fiduciary funds on deposit regulations (or internal guidelines) substantially similar to 12 C.F.R. § 9.10(b) or (y) a financial institution (i) the short-term debt obligations of which are rated at least (a) “R-1 (middle)” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P and/or Fitch)), and (b) “P- 1” by Moody’s, in the case of accounts in which funds are held for thirty (30) days or less (or such lower rating as to which the Rating Agency Condition with respect to each Rating Agency is satisfied) or (ii) in the case of accounts in which funds are held for more than thirty (30) days, (a) the long-term debt obligations of which are rated at least “A (high)” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P and/or Fitch)) and (b) the long-term and short-term debt obligations of which are rated at least “A2/P-1” by Moody’s, or, in each case, such other rating with respect to which the Rating Agency Condition for each Rating Agency has been satisfied and having a combined capital and surplus of at least $200,000,000 and subject to supervision or examination by federal or state authority.

 

 

			
	
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All Cash held by, or deposited with, the Indenture Trustee in any Account (other than the Custodial Account) pursuant to the provisions of this Indenture, and not invested in Mortgage Loans or Eligible Investments as herein provided, shall be deposited in one or more accounts, maintained at a financial institution described in the preceding paragraph, to be held in trust for the benefit of the Noteholders.  Except with respect to amounts on deposit in the Note Payment Account, to the extent Cash deposited in an account exceeds amounts insured by the Bank Insurance Fund or Savings Association Insurance Fund administered by the Federal Deposit Insurance Corporation, or any agencies succeeding to the insurance functions thereof, and is not fully collateralized by direct obligations of the United States, such excess shall be invested in Eligible Investments (pursuant to and as provided in Sections 10.2, 10.3 and 10.4 hereof).

 

Section 11.3      Securities  Accounts.    The  Issuer  hereby  directs  the  Indenture Trustee to invest all amounts held by, or deposited with the Indenture Trustee in the Permitted Funded Companion Participation Acquisition Account pursuant to the provisions of this Indenture in Eligible Investments described in clause (h) of the definition of Eligible Investments and such amounts shall be credited to the Indenture Accounts that are the source of funds for such investment.  Any amounts not so invested in Eligible Investments as herein provided, shall be credited to one or more securities accounts established and maintained pursuant to the Securities Account Control Agreement at the Corporate Trust Office of the Indenture Trustee, or at another financial  institution  whose  (1) long-term  rating  is  at  least  equal  to  “A1”  by  Moody’s  or (2) (x) long-term rating is at least equal to “A2” by Moody’s and (y) short-term rating is at least equal to “P-1” by Moody’s (or such lower rating as the Rating Agency shall approve) and agrees to act as a Securities Intermediary on behalf of the Indenture Trustee on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement.

ARTICLE XII

 

PURCHASE AND SALE OF MORTGAGE LOANS; ACQUISITION OF RELATED FUNDED COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES

 

Section 12.1      Sale  of  Mortgage  Loans.    (a) Except  as  otherwise  expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of or cause to be sold or otherwise disposed of any Mortgage Loan.  Subject to satisfaction of any applicable conditions in Section 10.8, so long as on or prior to the trade date for such sale the Servicer has certified to the Indenture Trustee that each of the conditions applicable to such sale set forth below has been satisfied, the Issuer may direct the Intermediate Trust Trustee, the Servicer and/or Special Servicer in writing (a copy of which writing shall be delivered to the Indenture Trustee) to sell, and the Intermediate Trust Trustee, the Servicer and/or Special Servicer, as applicable, shall be permitted to sell, in the manner directed by the Issuer in writing, on behalf of the Intermediate Trust:

 

(i)      any Defaulted Mortgage Loan at the direction of the Special Servicer acting pursuant to the Servicing Agreement (subject to the consent of the Directing Holder, for so long as no Control Shift Event with respect to the Class E Notes has occurred and is continuing) provided that the Special Servicer may also sell such Defaulted Mortgage Loan (and any REO Property) in accordance with the terms of the Servicing Agreement;

 

(ii)      any Mortgage Loan with respect to which a material document defect or material breach of representation or warranty set forth in the Seller Purchase and Sale Agreement exists, which requires the Seller to repurchase such Mortgage Loan at the Repurchase Price thereof;

 

			
	
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(iii)      any Mortgage Loan in connection with an Optional Redemption, Clean-up Call, Tax Redemption, at the Stated Maturity or in connection with the exercise of a purchase option held by the holder of a mezzanine loan or similar interest; and

 

(iv)      any Related Funded Companion Participation as set forth in Section 12.4(d). All Sale Proceeds of any Mortgage Loans and REO Properties sold by or at the request of the Issuer in accordance with this Section 12.1 will, upon receipt by the Indenture Trustee, be deposited in the Interest Collection Account or the Principal Collection Account, as the case may be, in accordance with Sections 10.2(a) and 10.2(c) hereof and applied on the Payment Date immediately succeeding the end of the Due Period in which they were received in accordance with the Priority of Payments or as otherwise required by Article IX.

 

(b)      After  the  Issuer  has  notified  the  Indenture  Trustee  of  an  Optional Redemption, Clean-up Call or Tax Redemption in accordance with Section 9.3 hereof, the Issuer (or the Directing Holder) may direct the Intermediate Trust Trustee, the Servicer and/or the Special Servicer in writing (a copy of which writing shall be delivered to the Indenture Trustee) to sell, and the Intermediate Trust Trustee, the Servicer and/or the Special Servicer, as applicable, shall be permitted to sell, any Mortgage Loan or REO Property without regard to the foregoing limitations in Section 12.1(a) hereof; provided that:

 

(i)      in connection with an Optional Redemption, Clean-up Call or Tax Redemption, the Sale Proceeds therefrom must be used to pay certain expenses and redeem all of the Notes in whole but not in part pursuant to Sections 9.1(a), 9.1(b) and 9.1(c) hereof, and upon any such sale the Indenture Trustee shall release the Pledged Assets, such Mortgage Loans and REO Properties pursuant to Section 10.8 hereof;

 

(ii)      in connection with an Optional Redemption, Clean-up Call or Tax Redemption, the Issuer may not direct the Intermediate Trust Trustee to sell (and the Intermediate Trust Trustee, the Servicer and/or the Special Servicer, as applicable, shall not be permitted to sell) a Mortgage Loan or REO Property pursuant to this Section 12.1(b) hereof unless on or prior to the sixth Business Day preceding the scheduled Redemption Date:

 

(x)      the Issuer certifies to the Indenture Trustee that (1) in its judgment based on calculations included in such certification by the Issuer (which certification shall include the sale prices of the Mortgage Loans), the Available Redemption Funds will be sufficient to pay the Total Redemption Amount pursuant to Section 9.2(a) hereof and (2) the sale prices of the Mortgage Loans intended to be sold in connection with such redemption are not (in the sole judgment of the Servicer) below the fair market value of such Mortgage Loans; and

 

(y)      an Independent accountant appointed by the Issuer shall confirm in writing the calculations made in clause (x)(1) above;

 

(iii)      in connection with an Optional Redemption, Clean-up Call or Tax Redemption, all the Mortgage Loans and REO Properties to be sold pursuant to this Section 12.1(c) hereof must be sold in accordance with the requirements set forth in Section 9.2(a) hereof, as the case may be; and

 

 

			
	
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(iv)      in connection with an Optional Redemption, if the holder of the Class H Notes also owns 100% of each other Class of Junior Notes then outstanding, in lieu of paying the Redemption Price for one or more of such Classes, such holder may elect to exchange such Notes for the Intermediate Trust Certificate and immediately thereafter exchange the Intermediate Trust Certificate for all of the remaining Mortgage Loans and other assets of the Intermediate Trust, in which event the certification required by clause (ii)(x) above with respect to the Total Redemption Amount shall exclude cash Redemption Prices for the Classes subject to such election.

 

(c)      The Servicer and the Special Servicer, their Affiliates and any account for which the Servicer and the Special Servicer or an Affiliate of the Servicer or the Special Servicer acts as investment adviser (and for which the Servicer or such Affiliate has discretionary authority) shall be entitled to bid on any Mortgage Loan to be sold by or at the request of the Issuer pursuant to this Section 12.1 hereof.

 

(d)      Notwithstanding anything herein to the contrary, the Servicer on behalf of the Issuer shall be permitted to sell to a Permitted Subsidiary any Sensitive Asset for consideration consisting of equity interests in such Permitted Subsidiary (or an increase in the value of equity interests already owned).

 

Section 12.2   Acquisition of the Delayed Close Mortgage Loan(s).  (a) On the Closing Date, the Issuer will deposit the sum of $17,782,000 into the Unused Proceeds Account to be available for the acquisition, on or prior to the Purchase Termination Date, of the Delayed Close Mortgage Loan(s) by the Intermediate Trust), subject to confirmation by the Special Servicer that the terms of the Loan Documents evidencing each such Mortgage Loan substantially conform to those provided to the Special Servicer as of the date hereof (receipt of which is hereby acknowledged), as evidenced by the delivery to the Indenture Trustee of an Officer’s Certificate of the Special Servicer confirming the same.

 

(b)      The Issuer may also cause the Intermediate Trust to acquire any Delayed Close Mortgage Loan, subject to each of the conditions set forth in paragraph (a) above, this subsection (b) and subsections (c) and (d) below, by instructing the Indenture Trustee by Issuer Order to release amounts in the Unused Proceeds Account directly to the account of the related obligor.

 

(c)      The acquisition by the Intermediate Trust of a Delayed Close Mortgage Loan, and the remittance by the Indenture Trustee of amounts from the Unused Proceeds Account as consideration for such acquisition shall be conditioned upon (i) receipt by the Indenture Trustee of the Officer’s Certificate described in paragraph (a) above (upon which the Indenture Trustee may conclusively rely) and (ii) satisfaction of the Rating Agency Condition.

 

(d)      In connection with the acquisition of a Delayed Close Mortgage Loan, the Seller shall make the representations and warranties set forth on Exhibit B to the Seller Purchase and Sale Agreement as of the date of such acquisition (subject to such exceptions as are reasonably acceptable to the Special Servicer) and deliver the related Mortgage Loan File to the Custodian. Upon the acquisition of such Delayed Closing Mortgage Loan by the Intermediate Trust, the Mortgage Loan Schedule (as defined in the Servicing Agreement) shall be amended to add such Delayed Close Mortgage Loan.

 

 

			
	
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Section 12.3   Conditions Applicable to all Transactions Involving Sale or Grant. (a) Any transaction effected after the Closing Date under Article V, Article IX or Section 10.2 hereof or this Article XII shall be conducted on an arms’ length basis and if effected with the Issuer, the Indenture Trustee, the Servicer, the Special Servicer or any Affiliate of any of the foregoing, shall be effected at fair market value in a secondary market transaction on terms at least as favorable to the Noteholders as would be the case if such Person were not so Affiliated or, on the Closing Date, and on the date of transfer of each Delayed Close Mortgage Loan, pursuant to the Purchase and Sale Agreements. The Indenture Trustee shall have no responsibility to oversee compliance with this clause by the other parties.

 

(b)      Upon any Grant pursuant to this Article XII, all of the Issuer’s right, title and interest in and to the Pledged Assets shall be Granted to the Indenture Trustee pursuant to this Indenture, such Pledged Assets shall be assigned or endorsed to the Indenture Trustee (or in blank), and, if applicable, the Indenture Trustee shall receive such Pledged Assets (as well as, with respect to any Mortgage Loans, the delivery of all related Mortgage Loan Files in accordance with Section 3.3(d) hereof). The Indenture Trustee shall also receive, not later than the date of delivery of any Mortgage Loan delivered after the Closing Date, an Officer’s Certificate of the Issuer or the Servicer certifying that, as of the date of such Grant, such Grant complied with the applicable conditions of and is permitted by this Article XII.

 

(c)      Notwithstanding anything contained in this Article XII to the contrary, but subject to Section 12.3(d) hereof, the Issuer shall have the right to effect any transaction which has been consented to by the Holders of Notes evidencing 100% of the Aggregate Outstanding Amount of each and every Class of Notes and of which the Rating Agencies have been notified.

 

(d)      Notwithstanding anything to the contrary in this Indenture, in no event may the Issuer or the Intermediate Trust engage in any business or activity that would cause the Issuer or the Intermediate Trust to fail to qualify as a Qualified REIT Subsidiary or other Issuer Parent Disregarded Entity or which otherwise would subject the Issuer or the Intermediate Trust to net income tax in any jurisdiction.

 

Section 12.4   Acquisition   of    Related   Funded    Companion   Participations. (a) Upon receipt of Permitted Principal Proceeds, if so directed by the Future Funding Holder, the Issuer shall deposit all or a portion of such funds, or cause the Indenture Trustee to deposit such funds, into the Permitted Funded Companion Participation Acquisition Account and during the period ending on the earlier of (1) the Proceeds Availability Period and (2) the end of the Permitted Funded Companion Participation Acquisition Period, shall, if directed by the Future Funding Holder, cause the Intermediate Trust to acquire such Related Funded Companion Participations as identified by such Future Funding Holder (ownership of which shall be, and hereby are upon acquisition by the Intermediate Trust, evidenced by the Intermediate Trust Certificate, which is Granted to the Trustee pursuant to the Granting Clause of this Indenture), subject to the satisfaction of the Acquisition Criteria as of the date of the acquisition of any such Related Funded Companion Participation as evidenced by the delivery to the Indenture Trustee of an Officer’s Certificate of the Servicer confirming the satisfaction of the Acquisition Criteria.

 

 

			
	
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(b)      The  acquisition  by  the  Intermediate  Trust  of  any  Related  Funded Companion Participation, and the remittance by the Indenture Trustee of amounts from the Permitted Funded Companion Participation Acquisition Account as consideration for such acquisition shall be conditioned upon (i) receipt by the Indenture Trustee of the Officer’s Certificate of the Servicer confirming satisfaction of the Acquisition Criteria (upon which the Indenture Trustee may conclusively rely) substantially in the form of Exhibit J hereto, (ii) receipt by the Custodian of the Subsequent Transfer Instrument substantially in the form of Exhibit K hereto with respect to the transfer of the applicable Related Funded Companion Participation, which Subsequent Transfer Instrument shall, as of the date of such transfer, (1) list the purchase price for the Related Funded Companion Participation, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Seller Purchase and Sale Agreement and (3) reaffirm the representations and warranties made in Section 4 of the Seller Purchase and Sale Agreement, subject only to such exceptions, if any, as were taken by the Seller with respect to the related Pari Passu Participation (which are also set forth in Schedule 1 to such transfer instrument), (iii) receipt by the Custodian of the Subsequent Transfer Instrument substantially in the form of Exhibit L hereto with respect to the transfer of the applicable Related Funded Companion Participation, which Subsequent Transfer Instrument shall, as of the date of such transfer, (1) list the purchase price for the Related Funded Companion Participations, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Depositor Purchase and Sale Agreement and (3) reaffirm the representations and warranties made in Section 4 of the Depositor Purchase and Sale Agreement, subject only to such exceptions, if any, as were taken by the Trust Depositor with respect to the related Pari Passu Participation (which are also set forth in Schedule A to such transfer instrument) and (iv) if the Related Funded Companion Participation is evidenced by a physical certificate, receipt by the Custodian of such certificate together with any and all intervening endorsements thereon, endorsed in blank.

 

(c)      After the termination of the Permitted Funded Companion Participation Acquisition Period, the Issuer may not cause the Intermediate Trust to acquire or cause to be acquired any Related Funded Companion Participations.

 

(d)      If the acquisition by the Intermediate Trust of all or a portion of a Related Funded Companion Participation results, in and of itself, in a downgrade of the ratings of any Class of Notes by Moody’s, then the former holder of the applicable related Future Funding Participation shall promptly upon its receipt of written notice thereof repurchase such Related Funded Companion Participation at the same price as such entity paid to acquire it less any principal prepayments received by the Issuer and allocated thereto.

 

Section 12.5   Ongoing Future Advance Estimates. (a) The Indenture Trustee, on behalf of the Noteholders is hereby directed by the Issuer to (i) enter into the Future Funding Agreement and the Future Funding Account Control Agreement, pursuant to which the Future Funding Indemnitor will agree to pledge certain collateral described therein in order to secure certain future funding obligations of the Future Funding Holder under the Participation Agreements and (ii) administer the rights of the Indenture Trustee and the secured party, as applicable, under the Future Funding Agreement and the Future Funding Account Control Agreement.

 

(b)      The Rule 17g-5 Information Provider shall promptly post to the Rule 17g-5 Website pursuant to Section 14.14 of this Agreement, any certification with respect to the Future Funding Participations that is delivered to it in accordance with the Future Funding Agreement.

 

 

 

			
	
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ARTICLE XIII

SECURED PARTIES’ RELATIONS

Section 13.1      Subordination.  (a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class A Notes that the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes and the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class A Subordinate Interests”) shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided. If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class A Notes shall be paid in full before any further payment or distribution is made on account of the Class A Subordinate Interests pursuant to Section 11.1(a)(iii). The Holders of the Notes and the Holder of the Trust Certificate evidencing Class A Subordinate Interests agree, for the benefit of the Holders of the Class A Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Subordinate Interests until the payment in full of the Class A Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day) then in effect.

 

(b)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class A-S Notes that the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class A-S Subordinate Interests”) shall be subordinate and junior to the Class A- S Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided. If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class A-S Notes shall be paid in full before any further payment or distribution   is   made   on   account   of   the   Class A-S   Subordinate   Interests   pursuant   to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Class A-S Subordinate Interests agree, for the benefit of the Holders of the Class A-S Notes, not to cause or join in the filing of a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Subordinate Interests until the payment in full of the Class A-S Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(c)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class B Notes that the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class B Subordinate Interests”) shall be subordinate 

 

			
	
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and  junior  to  the  Class B  Notes  to  the  extent and  in  the  manner set  forth  in Section 11.1(a) hereof and hereinafter provided.  If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class B Notes shall be paid in full before any further payment or distribution is made on account of the Class B Subordinate Interests pursuant to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Class B Subordinate Interests agree, for the benefit of the Holders of the Class B Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Subordinate Interests until the payment in full of the Class B Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(d)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class C Notes that the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class C Subordinate Interests”) shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided. If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class C Notes shall be paid in full before any further payment or distribution   is   made   on   account   of   the   Class C   Subordinate   Interests   pursuant   to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Class C Subordinate Interests agree, for the benefit of the Holders of the Class C Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Subordinate Interests until the payment in full of the Class C Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(e)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class D Notes that the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class D Subordinate Interests”) shall be subordinate and junior to the Class D Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided. If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class D Notes shall be paid in full before any further payment or distribution is made on account of the Class D Subordinate Interests pursuant to Section 11.1(a)(iii). The Holders of the Notes and the Holder of the Trust Certificate evidencing Subordinate Interests agree, for the benefit of the Holders of the Class D Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Class D Subordinate Interests until the payment in full of the Class D Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(f)      [Reserved.]

(g)      [Reserved.]

 

			
	
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(h)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class E Notes that the Class F Notes, the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class E Subordinate Interests”) shall be subordinate and junior to the Class E Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided.   If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class E Notes shall be paid in full before any further payment or distribution is made on account of the Class E Subordinate Interests pursuant to Section 11.1(a)(iii). The Holders of the Notes and the Holder of the Trust Certificate evidencing Subordinate Interests agree, for the benefit of the Holders of the Class E Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Class E Subordinate Interests until the payment in full of the Class E Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(i)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class F Notes, the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class F Notes that the Class G Notes, the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class F Subordinate Interests”) shall be subordinate and junior to the Class F Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided.   If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class F Notes shall be paid in full before any further payment or distribution is made on account of the Class F Subordinate Interests pursuant to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Subordinate Interests agree, for the benefit of the Holders of the Class F Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Class F Subordinate Interests until the payment in full of the Class F Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(j)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class G Notes and the Class H Notes agree for the benefit of the Holders of the Class G Notes that the Class H Notes, the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class G Subordinate Interests”) shall be subordinate and junior to the Class G Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided.  If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class G Notes shall be paid in full before any further payment or distribution is made on account of the Class G Subordinate Interests pursuant to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Subordinate Interests agree, for the benefit of the Holders of the Class G Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Class G Subordinate Interests until the payment in full of the Class G Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

			
	
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(k)      Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer, the Holder of the Trust Certificate and the Holders of the Class H Notes agree for the benefit of the Holders of the Class H Notes that the Trust Certificate and the Issuer’s rights in and to the Collateral (the “Class H Subordinate Interests”) shall be subordinate and junior to the Class H Notes to the extent and in the manner set forth in Section 11.1(a) hereof and hereinafter provided. If any Indenture Event of Default has not been cured or waived and acceleration occurs in accordance with Article V, including as a result of an Indenture Event of Default specified in Section 5.1(f) or 5.1(g), the Class H Notes shall be paid in full before any further payment or distribution   is   made   on   account   of   the   Class H   Subordinate   Interests   pursuant   to Section 11.1(a)(iii).  The Holders of the Notes and the Holder of the Trust Certificate evidencing Class H Subordinate Interests agree, for the benefit of the Holders of the Class H Notes, not to cause or join in the filing of a petition for winding up or a petition in bankruptcy against the Issuer for failure to pay to them amounts due in respect of such Subordinate Interests until the payment in full of the Class H Notes and not before one year and one day have elapsed since such payment or, if longer, the applicable preference period (plus one day).

 

(l)      In the event that notwithstanding the provisions of this Indenture, any holder of any Subordinate Interests shall have received any payment or distribution in respect of such Subordinate Interests contrary to the provisions of this Indenture, then, unless and until all amounts payable to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable, shall have been paid in full in Cash or the Majority Holders of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable, consent, other than in Cash in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Indenture Trustee, which shall pay and deliver the same to the Holders of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable, in accordance with this Indenture.

 

(m)      Each holder of Subordinate Interests agrees with all Holders of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable, that such holder of Subordinate Interests shall not demand, accept, or receive any payment or distribution in respect of such Subordinate Interests in violation of the provisions of this Indenture including this Section 13.1; provided that after all amounts payable to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable, have been paid in full, the Holders of such Subordinate Interests shall be fully subrogated to the rights of the Holders of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes, in each case as applicable.  Nothing in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of Subordinate Interests.

 

(n)      The Holders of each Class of Notes agree, for the benefit of all Holders of each Class of Notes, not to cause the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary until the payment in full of the Notes and not before one year and a day, or if longer, the applicable preference period then in effect (plus one day), has elapsed since such payment.

 

			
	
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Section 13.2      Standard of Conduct. In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Secured Party under this Indenture, subject to the terms and conditions of this Indenture, including Section 5.9 hereof, a Secured Party or Secured Parties shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Secured Party, the Issuer, or any other Person, except for any liability to which such Secured Party may be subject to the extent the same results from such Secured Party’s taking or directing an action, or failing to take or direct an action, in Bad Faith or in violation of the express terms of this Indenture.

 

ARTICLE XIV

MISCELLANEOUS

Section 14.1      Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.  Any such certificate of an Authorized Officer of the Issuer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer or any other Person, stating that the information with respect to such factual matters is in the possession of the Issuer or such other Person, unless such Authorized Officer of the Issuer or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer or Directing Holder, stating that the information with respect to such matters is in the possession of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default is a condition precedent to the taking of any action by the Indenture Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s rights to make such request or direction, the Indenture Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default as provided in Section 6.1(d) hereof.

 

			
	
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Section 14.2      Acts  of  Noteholders.    (a) Any  request,  demand,  authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act of Noteholders” signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Indenture  Trustee  and  the  Issuer,  if  made  in  the  manner  provided  in  this  Section 14.2. Notwithstanding anything to the contrary contained herein, with respect to any Noteholder which has notified the Indenture Trustee in writing that pursuant to such Noteholder’s organizational documents or other documents governing such Noteholder’s actions, such Noteholder is not permitted to take any affirmative action approving, rejecting or otherwise acting upon any Issuer Request including, but not limited to, a request for the consent of such Noteholder to a proposed amendment or waiver pursuant to this Indenture, the failure by such Noteholder to consent to or reject any such requested action will be deemed a consent by such Noteholder to the requested action.

 

(b)      The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Indenture Trustee deems sufficient.

 

(c)      The principal amount and registered numbers of Notes held by any Person, and the date of his holding the same, shall be proved by the Note Register.

 

(d)      Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder (and any transferee thereof) of such Note and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 

(e)      In  connection  with  any  vote,  consent  or  waiver  to  be  made  by  the Noteholders as to which the Servicer or Special Servicer is not entitled to vote, the Indenture Trustee shall request from the Servicer a list of Securities held by the Servicer or Special Servicer.

 

Section 14.3      Notices, Etc., to Indenture Trustee, the Issuer, the Servicer, the Operating Advisor, the Directing Holder and the Rating Agencies.   Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:

 

(a)      the Indenture Trustee shall be sufficient for every purpose hereunder if in writing in legible form and confirmed by overnight courier service guaranteed next day delivery to the Indenture Trustee addressed to it at Wells Fargo Bank, National Association, Corporate Trust Services, 9062 Old Annapolis Road, Columbia, Maryland 21045-1951 Attention – Trust Administration Group (RAIT 2017-FL8) or at GCTSTrustAdministrationGroup@wellsfargo.com, with a copy to its Corporate Trust Office or at any other address furnished in writing to the other parties hereto;

 

 

			
	
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(b)      the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer addressed to it at RAIT 2017-FL8 Trust, c/o RAIT Partnership, L.P., Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Scott L.N. Davidson, Chief Executive Officer and President, Fax: 215-207-2786 (with a copy to RAIT Financial Trust, Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Jamie Reyle, Esq., General Counsel, Fax: 215-391-4171) or at any other address furnished in writing to the other parties hereto;

 

(c)      the Advancing Agent shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer addressed to it at RAIT Partnership, L.P., Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Scott L.N. Davidson, Chief Executive Officer and President, Fax: 215-207-2786 (with a copy to RAIT Financial Trust, Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Jamie Reyle, Esq., General Counsel, Fax: 215-391-4171) or at any other address furnished in writing to the other parties hereto;

 

(d)      the Directing Holder shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Directing Holder addressed to it at RAIT 2017-FL8, LLC, c/o RAIT Partnership, L.P., Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Scott L.N. Davidson, Chief Executive Officer and President, Fax: 215-207-2786 (with a copy to RAIT Financial Trust, Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103, Attention: Jamie Reyle, Esq., General Counsel, Fax: 215-391-4171) or at any other address furnished in writing to the Issuer and the Indenture Trustee;

 

(e)      DBRS shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to DBRS, Inc., addressed to 333 West Wacker Drive, Suite 1800, Chicago, Illinois 60606, Attention: Commercial Mortgage Surveillance, Fax: (312) 332-3492, e-mail: cmbs.surveillance@dbrs.com, or such other address that such Rating Agency shall designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with DBRS shall be provided to the Rule 17g-5 Information Provider in accordance with, and subject to, the provisions of Section 14.14 hereof;

 

(f)      Moody’s shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that such Rating Agency shall designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with Moody’s shall be provided to the Rule 17g-5 Information Provider in accordance with, and subject to, the provisions of Section 14.14 hereof;

 

			
	
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(g)      the Servicer or Special Servicer, as applicable, shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and sent by facsimile in legible form and confirmed by overnight courier service guaranteed next day delivery, or by electronic mail (where expressly provided therein) to the Servicer or Special Servicer, as applicable, addressed to it at the address specified in the Servicing Agreement or at any other address furnished in writing to the Issuer and the Indenture Trustee by the Servicer or Special Servicer, as applicable;

 

(h)      the Operating Advisor shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and sent by facsimile in legible form and confirmed by overnight courier service guaranteed next day delivery, or by electronic mail (where expressly provided therein) to the Operating Advisor addressed to it at Trimont Real Estate Advisors, LLC, 3500 Lenox Road, Suite G1, Atlanta, Georgia 30326, Attention: Operating Advisor, Email: operatingadvisor@trimontrea.com, Fax Number: (404) 420-5610 and with a copy to Carlton Fields Jorden Burt, One Atlanta Center, 1201 W. Peachtree Street NW, Suite 3000, Atlanta, Georgia 30309, Attention: W. Gregory Null, email: gnull@cfjblaw.com, or at any other address previously furnished in writing to the Issuer and the Indenture Trustee; and

 

(i)      the Placement Agents shall be sufficient for every purpose hereunder if in writing and sent by facsimile in legible form and confirmed by overnight courier service guaranteed next day delivery to (i) in the case of Barclays Capital Inc., 745 7th Avenue, 4th Floor, New York, New York 10019, Attention: Daniel Vinson, Facsimile: (646) 758-1527, E-mail: daniel.vinson@barclays.com, with a copy to Barclays Capital Inc., 745 7th Avenue, New York, New York 10019, Attention: Steven P. Glynn, Legal Department, Facsimile: (212) 412-7519, E- mail:  steven.glynn@barclays.com; (ii)  in  the  case  of  Citigroup  Global  Markets  Inc.,  390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:   Paul Vanderslice, fax number:  (212) 723-8599, and 388 Greenwich Street, 19th Floor, New York, New York 10013, Attention:  Richard Simpson, fax number:  (646) 328 2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com; and (iii) in the case of UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: David Schell, Facsimile: (212) 821-2943, with a copy to UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Office of the General Counsel, Facsimile: (212) 821-2943, and with a copy to UBS Securities LLC, 153 West 51st Street, New York, New York 10019, Attention: Chad Eisenberger, Executive Director & Counsel, or any other address furnished in writing to the Issuer and the Indenture Trustee.

 

Delivery of any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents made as provided above will be deemed effective: (i) if in writing and delivered in person or by overnight courier service, on the date it is delivered; (ii) if sent by facsimile transmission, on the date that transmission is received by the recipient in legible form (as evidenced by the sender’s written confirmation of delivery); and (iii) if sent by mail, on the date that mail is delivered or its delivery is attempted; in each case, unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Business Day.

 

 

			
	
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Section 14.4      Notices and Reports to Noteholders; Waiver.  Except as otherwise expressly provided herein, where this Indenture provides for a report to Holders or for a notice to Holders of Notes of any event,

 

(a)      such notice shall be sufficiently given to all Holders of Notes if in writing and mailed, first-class postage prepaid, to each Holder of a Note affected by such event, at the address of such Holder as it appears in the Note Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such report or notice;

 

(b)      such report or notice shall be in the English language; and

 

(c)      all reports or notices to Holders of the Junior Notes and the Trust Certificate shall be sufficiently given if provided in writing and mailed, first class postage prepaid, to the Directing Holder.

 

Such reports and notices will be deemed to have been given on the date of such mailing.  The Indenture Trustee shall have the right to change the method by which such reports are distributed in order to make such distribution more convenient and/or more accessible to the Noteholders, and in such event the Indenture Trustee shall provide timely notification thereof (in any event not less than 30 days) to all Noteholders.

 

The Indenture Trustee will deliver to the Holder of any Note shown on the Note Register any readily available information or notice requested to be so delivered, at the expense of the Issuer.

 

A copy of any notice or report delivered or made available to any Holder of Notes hereunder shall be delivered or made available by the Indenture Trustee to the Placement Agents.

 

Neither the failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes.

 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In the event that, by reason of the suspension of the regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 14.5      Effect of Headings and Table of Contents.  The Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 14.6      Successors and Assigns.   All covenants and agreements in this Indenture by the Issuer shall bind its respective successors and assigns, whether so expressed or not.

 

			
	
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Section 14.7      Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 14.8      Benefits of Indenture. Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person, other than (i) the parties hereto and their successors hereunder and (ii) the Noteholders, the Holder of the Trust Certificate, the Servicer, the Special Servicer, the Operating Advisor, the Future Funding Holder, the Future Funding Indemnitor and the Placement Agents (each of whom, in the case of this clause (ii), shall be an express third party beneficiary hereunder provided that, with respect to the Servicer, Special Servicer, Operating Advisor, Future Funding Holder, Future Funding Indemnitor and Placement Agents only to the extent of provisions related thereto), any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 14.9      Governing Law. THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND EACH NOTE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) TO THIS INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

Section 14.10      Submission to Jurisdiction.  The Issuer and the Indenture Trustee hereby irrevocably submit to the jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and the Issuer and Indenture Trustee hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court. The Issuer and the Indenture Trustee hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  The Issuer irrevocably consents to the service of any and all process in any action or proceeding by the mailing (by registered or certified mail or by overnight courier service) or delivery of copies of such process to it at the office of the Issuer’s agent in Delaware set forth in Section 7.2 hereof, with a copy as required by law to the Secretary of State for the State of New York.  The Issuer agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

Section 14.11      Counterparts.  This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 14.12      Waiver of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING.  Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among other things, the mutual waivers and certifications in this paragraph.

 

			
	
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Section 14.13      Confidential  Treatment  of  Documents.       Except  as  otherwise provided in this Indenture or as required by law and as required by Rule 144A, this Indenture shall be treated by the parties hereto as confidential. The Indenture Trustee shall make available on its website (located at www.ctslink.com) a copy of this Indenture to any holder of a beneficial interest in any Note upon completion of an Investor Certification therefor certifying that it is such a holder and to any Person which any such Holder or the Placement Agents certifies to the Indenture Trustee is a transferee of such beneficial interest.

 

Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, or information obtained by the Indenture Trustee from sources other than the parties hereto, (ii) disclosure of any and all information (A) if required to do so by any applicable law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respect of the Indenture Trustee’s business or that of its Affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Indenture Trustee or any Affiliate or  an  Officer,  director, employer or  shareholder thereof is  subject or  (D) to  any  Affiliate, Independent or internal auditor, agent, employee or attorney of the Indenture Trustee having a need to know the same; provided that the Indenture Trustee has advised such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Issuer or its Affiliates.

 

Notwithstanding anything herein to the contrary, subject to the provisions of Section 15.5 hereof, the parties, and each employee, representative or other agent of any such party, may disclose to any and all persons or entities, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the offering of the Notes and the Trust Certificate and all materials of any kind, including opinions and other tax analysis, that are provided to the parties relating to such tax treatment and tax structure; provided that such authorization to disclose such tax treatment and tax structure shall not permit disclosure of information identifying the Issuer, the Servicer or any other party hereto, the offering of the Notes and the Trust Certificate (except to the extent such information is relevant to such tax structure or tax treatment).

 

Section 14.14      17g-5. The Issuer shall comply with its obligations under Rule 17g- 5 promulgated under the Exchange Act (“Rule 17g-5”), by their or their agent’s posting on the Rule 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all information that the Issuer or other parties on its behalf, including the Indenture Trustee and the Servicer, provide to the Rating Agencies for the purposes of determining the initial credit rating of the Senior Notes or undertaking credit rating surveillance of the Senior Notes (the “Rule 17g-5 Information”); provided that no party other than the Issuer, the Indenture Trustee or the Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Servicer.  At all times while any Senior Notes are rated by the Rating Agencies or any other NRSRO, the Issuer shall engage a third party to post Rule 17g-5 Information to the Rule 17g-5 Website. The Issuer hereby engages the Indenture Trustee (in such capacity, the “Rule 17g-5 Information Provider”), to post Rule 17g-5 Information it receives from the Issuer, the Indenture Trustee or the Servicer to the Rule 17g-5 Website in accordance with this Section 14.14, and the Indenture Trustee hereby accepts such engagement.

 

 

			
	
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Any information required to be delivered to the Rule 17g-5 Information Provider by any party under this Agreement or the Servicing Agreement shall be delivered to it via electronic mail at 17g5InformationProvider@wellsfargo.com, specifically with a subject reference of “RAIT 2017-FL8” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the Rule 17g-5 Information Provider.

 

The foregoing information shall be made available by the Rule 17g-5 Information Provider on the Rule 17g-5 Website. Information will be posted on the same Business Day of receipt provided that such information is received by 12:00 p.m. (Eastern time) or, if received after 12:00 p.m., on the next Business Day. The Rule 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove such information from the Rule 17g-5 Website, and shall remove such information promptly when instructed to do so by the Person that delivered such information to the Rule 17g-5 Information Provider. The Indenture Trustee and the Rule 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information merely by posting such information to the Rule 17g-5 Website to the extent such information was not produced by the Indenture Trustee or the Rule 17g-5 Information Provider, as applicable. Access will be provided by the Rule 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit E hereto (which certification may be submitted electronically via the Rule 17g-5 Website). Questions regarding delivery of information to the Rule 17g-5 Information Provider may be directed to the Rule 17g-5 Information Provider at (866) 846-4526 or 17g5InformationProvider@wellsfargo.com (specifically referencing “RAIT 2017-FL8” in the subject line). Information provided to the Rule 17g-5 Information Provider pursuant to this section shall be delivered via email, containing a document in a format suitable for posting on the website. 

 

Upon request of the Issuer or the Rating Agencies, the Rule 17g-5 Information Provider shall post on the Rule 17g-5 Website any additional information requested by the Issuer or the Rating Agencies to the extent such information is delivered to the Rule 17g-5 Information Provider electronically in accordance with this Section 14.14. In no event shall the Rule 17g-5 Information Provider disclose on the Rule 17g-5 Website the Rating Agencies or NRSRO that requested such additional information.

 

The Rule 17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the Rule 17g-5 Website in respect of the transaction governed by this Agreement each time an additional document is posted to the Rule 17g-5 Website.

 

Any information required to be delivered to the Rating Agencies pursuant to this Indenture shall be furnished to the Rating Agencies, but only after such information has been delivered to the Rule 17g-5 Information Provider in accordance with Section 14.14, and the Rule 17g-5 Information Provider has provided written confirmation (which may be in the form of electronic mail) that such information has been posted on the Rule 17g-5 Website.

 

 

			
	
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The Rule 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Servicer Document Request Tool. The “Rating Agency Q&A Forum and Servicer Document Request Tool” shall be a service available on the Rule 17g-5 Website, where NRSROs may (i) submit questions to the Indenture Trustee relating to any Monthly Report, or submit questions to the Servicer or the Special Servicer, as applicable, relating to the reports prepared by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the forum to submit requests (each such submission also, a “Rating Agency Inquiry”) to the Servicer for loan-level reports and other related information. Upon receipt of a Rating Agency Inquiry for the Servicer or the Special Servicer, the Rule 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate person, in each case within a commercially reasonable period of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the Rule 17g-5 Information Provider, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply by email to the Indenture Trustee. The Rule 17g-5 Information Provider shall post (within a commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry with the related response thereto (or such reports, as applicable) to the Rating Agency Q&A Forum and Servicer Document Request Tool. Any reports posted by the Rule 17g-5 Information Provider in response to an inquiry may be posted on a separate website or web page accessible by a link on the Rule 17g-5 Website. If the Indenture Trustee, the Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan document, (ii) answering any Rating Agency Inquiry is or would be reasonably expected to result in a waiver of any attorney-client privilege, or the disclosure of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Indenture Trustee, the Servicer or the Special Servicer, as applicable, and (B) the Indenture Trustee, the Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Indenture Trustee) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Indenture Trustee, Servicer or Special Servicer, as applicable, under this Indenture, it shall not be required to answer such Rating Agency Inquiry and shall promptly notify the Rule 17g-5 Information Provider by email of such determination. The Rule 17g-5 Information Provider shall promptly thereafter post the Rating Agency Inquiry with the reason it was not answered to the  Rating  Agency  Q&A  Forum  and  Servicer  Document  Request  Tool.  The  Rule  17g-5 Information Provider shall not be liable for the failure by any other such Person to so answer a Rating Agency Inquiry. Questions posted on the Rating Agency Q&A Forum and Servicer Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on the Rating Agency Q&A Forum and Servicer Document Request Tool shall be attributable only to the respondent, and shall not be deemed to be answers from any other person. None of the Issuer or any of its respective Affiliates will certify to any of the information posted in the Rating Agency Q&A Forum and Servicer Document Request Tool and no such party shall have any responsibility or liability for the content of any such information. The Rule 17g-5 Information Provider shall not be required to post to the Rule 17g-5 Website any Rating Agency Inquiry or answer thereto that the Rule 17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Servicer Document Request Tool will not reflect questions, answers and other communications that are not submitted via the Rule 17g- 5 Website.

 

 

			
	
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Section 14.15      Rating Agency Condition. Other than with respect to satisfaction of the Rating Agency Condition in connection with the acquisition of a Delayed Close Mortgage Loan, any request for satisfaction of a Rating Agency Condition made by the Issuer or Indenture Trustee, as applicable, pursuant to this Indenture, shall be made in writing, which writing shall contain a cover page indicating the nature of the request for satisfaction of such Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agency receiving such request to process such request. Such written request for satisfaction of a Rating Agency Condition shall be provided in electronic format to the Rule 17g-5 Information Provider for posting on the Rule 17g-5 Website in accordance with Section 14.14 hereof.

 

Section 14.16      Wells  Fargo  Delaware  Trust  Company,  N.A.    It  is  expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wells Fargo Delaware Trust Company, N.A., not individually or personally but solely as Owner Trustee on behalf of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred upon and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by Wells Fargo Delaware Trust Company, N.A., but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the part of Wells Fargo Delaware Trust Company, N.A. individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Agreement and by any person claiming by, through or under them and (iv) under no circumstances shall Wells Fargo Delaware Trust Company, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaking by the Issuer under this Agreement or any related documents.

ARTICLE XV

 

ASSIGNMENT OF PURCHASE AND SALE AGREEMENTS, SERVICING

AGREEMENT, INTERMEDIATE TRUST AGREEMENT AND TRUST

ADMINISTRATION AGREEMENT

 

Section 15.1      Assignment   of   Purchase   and   Sale   Agreements,   Servicing Agreement, Intermediate Trust Agreement and Trust Administration Agreement. (a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Notes and amounts payable to the Secured Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally pledges, assigns, transfers, conveys and sets over to the Indenture Trustee, for the benefit of the Noteholders, all of the Issuer’s estate, right, title and interest in, to and under (but not any of its obligations with respect to) each Purchase and Sale Agreement, the Servicing Agreement, the Intermediate Trust Agreement and the Trust Administration Agreement (each, an “Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation of the Seller thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Indenture Trustee hereby grants the Issuer a license to exercise all of the Issuer’s rights pursuant to the Article 15 Agreements without notice to or the consent of the Indenture Trustee (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Indenture Event of Default hereunder until such time, if any, that such Event of Default is cured or waived.

 

			
	
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(b)      The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreements, nor shall any of the obligations of the Issuer contained in each of the Article 15 Agreements be imposed on the Indenture Trustee.

 

(c)      Upon the retirement of the Notes and the release of the Pledged Assets from the lien of this Indenture, this assignment and all rights herein assigned to the Indenture Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Indenture Trustee in, to and under each of the Article 15 Agreements shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion.

 

(d)      The Issuer represents that it has not executed any assignment of any of the Article 15 Agreements other than this collateral assignment.

 

(e)      The Issuer agrees that this assignment is irrevocable, and that it shall not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith.   The Issuer shall, from time to time upon the request of the Indenture Trustee, execute all instruments of further assurance and all such supplemental instruments with respect to this assignment as the Indenture Trustee may specify. (f)      The parties hereto acknowledge that the Noteholders shall be entitled hereunder to all rights granted to them under the Servicing Agreement to the same extent as if such rights were expressly set forth herein.

 

ARTICLE XVI

[RESERVED]

ARTICLE XVII

ADVANCING AGENT

Section 17.1      Liability of the Advancing Agent.  The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Advancing Agent.  The Advancing Agent shall promptly provide notice to the Issuer, the Servicer and the Indenture Trustee of (i) any voluntary or involuntary proceeding or petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereinafter in effect, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Advancing Agent or for a substantial part of its assets and (iii) any general assignment made by the Advancing Agent for the benefit of its creditors.

 

Section 17.2      Merger  or  Consolidation  of  the  Advancing  Agent.       (a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture to perform its duties under this Indenture.

 

			
	
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(b)      Any  Person  into  which  the  Advancing  Agent  may  be  merged  or consolidated, or any corporation resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing Agent shall have no effect on the Indenture Trustee’s obligations under Section 10.12, which obligations shall continue pursuant to the terms of Section 10.12).

 

Section 17.3      Limitation on Liability of the Advancing Agent and Others.  None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer or Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, Bad Faith or negligence in the performance of duties or by reason of negligent disregard of obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense incurred by reason of any breach of a representation, warranty or covenant made herein, any misfeasance, Bad Faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties hereunder.

 

Section 17.4      Representations and Warranties of  the Advancing Agent.       The Advancing Agent represents and warrants that:

 

(a)      the Advancing Agent (i) has been duly organized, is validly existing and is in good standing under the laws of the State of Delaware, (ii) has full power and authority to own the Advancing Agent’s assets and to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require, such qualification, except for failures to be so qualified that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the provisions of this Indenture applicable to the Advancing Agent;

 

(b)      the Advancing Agent has full power and authority to execute, deliver and perform this Indenture; this Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable against it in accordance with the terms hereof, except that the enforceability hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

 

			
	
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(c)      neither the execution and delivery of this Indenture nor the performance by the Advancing Agent of its duties hereunder conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Certificate of Limited Partnership and limited partnership agreement of the Advancing Agent, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent is a party or is bound, (iii) any law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties, and which would have, in the case of any of (i), (ii) or (iii) of this subsection (c), either individually or in the aggregate, a material adverse effect on the business, operations, assets or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under this Indenture; (d)      no litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any of its obligations under this Indenture in accordance with the terms hereof; and

 

(e)      no consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or court or other person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained.

 

Section 17.5   Resignation and  Removal; Appointment  of  Successor.    (a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this Article XVII shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 17.6.

 

(b)      The Advancing Agent may resign at any time by giving written notice thereof to the Issuer, the Indenture Trustee, the Directing Holder, the Servicer, the Operating Advisor, the Noteholders and the Rule 17g-5 Information Provider for posting to the Rule 17g-5

Website.

 

(c)      The Advancing Agent may be removed at any time by the Majority Holders of the Class A Notes, the Class A-S Notes and the Class B Notes, upon written notice delivered to the Indenture Trustee and to the Issuer.

 

(d)      If the Advancing Agent fails to make an Interest Advance required by this Indenture with respect to a Payment Date, the Advancing Agent shall be deemed to have resigned and the Backup Advancing Agent shall be required to make such Interest Advance and shall thereafter, as successor Advancing Agent, be entitled to receive the Advancing Agent Fee in accordance with the Priority of Payments.

 

(e)      If the Advancing Agent shall have failed to make an Interest Advance required by this Indenture, which failure, in each case, is not cured by the remittance of the amount of such Interest Advance by the Advancing Agent to the Indenture Trustee by 11:00 a.m., New York time, on the related Payment Date, the Indenture Trustee may (without the need for any act on the part of any Person) terminate the Advancing Agent as an advancing agent hereunder and the Backup Advancing Agent shall automatically (and without the need for any act on the part of any Person) assume the capacity of the successor Advancing Agent hereunder.  Thereafter, the Backup Advancing Agent (for so long as the Backup Advancing Agent acts as successor Advancing Agent) shall be entitled to receive, in consideration of becoming the successor Advancing Agent, the Advancing Agent Fee (for so long as the Backup Advancing Agent acts as successor Advancing Agent) in accordance with the Priority of Payments.

 

			
	
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(f)      Subject to Section 17.5(d),  if the Advancing Agent shall resign or  be removed, upon receiving such notice of resignation or removal, the Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Indenture Trustee, the Servicer and the Operating Advisor; provided that, other than with respect to the Backup Advancing Agent, such successor Advancing Agent shall be appointed only subject to satisfaction of the Rating Agency Condition with respect to each Rating Agency and upon the written consent of the Majority Holders of the Class A Notes, the Class A-S Notes and the Class B Notes.   If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing Agent shall not have been delivered to the Advancing Agent within thirty (30) days after the giving of such notice of resignation, the resigning Advancing Agent, the Indenture Trustee or any Holder of the Trust Certificate, on behalf of himself and all others similarly situated, may petition, any court of competent jurisdiction for the appointment of a successor Advancing Agent.

 

(g)      The Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies (after providing such notice to the Rule 17g-5 Information Provider for prior posting on the Rule 17g-5 Website) and to the Holders of the Notes as their names and addresses appear in the Note Register.

 

(h)      No resignation or removal of the Advancing Agent and no appointment of a Successor Advancing Agent (other than the Backup Advancing Agent) shall become effective until the acceptance of appointment by the Successor Advancing Agent.

 

Section 17.6      Acceptance  of  Appointment  by  Successor  Advancing  Agent. (a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Servicer, the Operating Advisor, the Indenture Trustee and the retiring Advancing Agent an instrument accepting such appointment.  Upon delivery of the required instruments, the resignation or removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Advancing Agent.

 

(b)      No appointment of a successor Advancing Agent shall become effective unless the Rating Agency Condition with respect to each Rating Agency has been satisfied.

 

 

 

			
	
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the day and year first above written.

 

			
	
RAIT 2017-FL8 TRUST, as Issuer

	
 
	
 
	
 

	
By:
	
 
	
Wells Fargo Delaware Trust Company,

N.A., not in its individual capacity, but

solely as Owner Trustee

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Tracy M. McLamb

	
 
	
 
	
Name:  Tracy M. McLamb

	
 
	
 
	
Title:    Vice President

	
 
	
 
	
 

	
WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual capacity,

but solely as Indenture Trustee, Paying Agent,

Calculation Agent, Transfer Agent, Custodian,

Backup Advancing Agent and Note Registrar

	
 
	
 
	
 

	
By:
	
 
	
/s/ Michael J. Baker

	
 
	
 
	
Name:  Michael J. Baker

	
 
	
 
	
Title:    Vice President

	
 
	
 
	
 

	
RAIT PARTNERSHIP, L.P., not in its

individual capacity, but solely as Advancing

Agent

	
 
	
 
	
 

	
By:
	
 
	
RAIT General, Inc., its general partner

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jamie Reyle

	
 
	
 
	
Name:  Jamie Reyle

	
 
	
 
	
Title:    General Counsel

 

 

 

 

 

 

 

 

 

 

			
	
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SCHEDULE A

 

SCHEDULE OF MORTGAGE LOANS

 

						
	
Mortgage

Loan

Number
	
 

Property Name
	
 

Mortgage

Loan Type
	
 

Principal Balance
	
 

Initial Maturity

Date
	
 

Fully Extended

Maturity Date

	
 

1.
	
Winding

Trails

Apartments
	
 

Whole Loan
	
 

$22,100,000
	
 

8/1/2020
	
 

8/1/2022

	
 

2.
	
Monarch

Portfolio
	
 

Whole Loan
	
 

$22,054,000
	
 

6/1/2018
	
 

6/1/2020

	
 

3.
	
Woodlake

Center

Portfolio
	
 

Whole Loan
	
 

$19,995,000
	
 

2/1/2018
	
 

2/1/2019

	
 

4.
	
227

Fayetteville
	
 

Whole Loan
	
 

$18,000,000
	
 

11/1/2020
	
 

11/1/2022

	
 

5.
	
The View at

Lake 

Highlands
	
 

Pari Passu

Participation1
	
 

$17,782,000
	
 

1/1/2021
	
 

1/1/2023

	
 

6.
	
The Arbors

Office Park
	
 

Whole Loan
	
 

$17,200,000
	
 

4/1/2018
	
 

4/1/2020

	
 

7.
	
550 Pharr

Road
	
 

Whole Loan
	
 

$15,400,000
	
 

8/1/2020
	
 

8/1/2022

	
 

8.
	
Kearny & 

Clay
	
Pari Passu

Participation
	
 

$13,300,000
	
 

10/1/2020
	
 

10/1/2022

	
 

9.
	
Barrington

Apartments
	
 

Whole Loan
	
 

$13,150,000
	
 

10/1/2020
	
 

10/1/2022

	
 

10.
	
West Village 

Student 

Housing
	
 

Whole Loan
	
 

$12,585,000
	
 

9/1/2020
	
 

9/1/2022

	
 

11.
	
Mount 

Houston 

Square
	
 

Whole Loan
	
 

$11,900,000
	
 

5/1/2018
	
 

5/1/2020

	
 

12.
	
The Village

Apartments
	
 

Whole Loan
	
 

$10,750,000
	
 

11/1/2020
	
 

11/1/2022

	
 

13.
	
Promenade 

Montgomery 

Center
	
 

Whole Loan
	
 

$9,400,000
	
 

4/1/2018
	
 

4/1/2019

	
 

14.
	
3603 Haven

Avenue
	
 

Whole Loan
	
 

$7,800,000
	
 

10/1/2020
	
 

10/1/2022

 

1The Mortgage Loan identified as The View at Lake Highlands is a Delayed Closed Mortgage Loan included in this Mortgage Loan Schedule solely for informational purposes.   It is not a Closing Date Mortgage Loan (as defined in the Indenture).

 

 

 

			
	
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15.
	
The Convoy

Retail Center
	
 

Whole Loan
	
 

$7,700,000
	
 

12/1/2020
	
 

12/1/2022

	
 

16.
	
Valore at

Southern

Park
	
 

Whole Loan
	
 

$5,600,000
	
 

12/1/2020
	
 

12/1/2022

	
 

17.
	
Vaughn

Manor
	
 

Whole Loan
	
 

$5,510,000
	
 

11/1/2019
	
 

11/1/2022

	
 

18.
	
400 North

Elizabeth
	
 

Whole Loan
	
 

$5,400,000
	
 

1/1/2018
	
 

1/1/2020

	
 

19.
	
The Concord

Building
	
 

Whole Loan
	
 

$5,250,000
	
 

8/1/2020
	
 

8/1/2022

	
 

20.
	
Buford

Village
	
 

Whole Loan
	
 

$5,100,000
	
 

1/1/2018
	
 

1/1/2020

	
 

21.
	
Canfield

Apartments
	
 

Whole Loan
	
 

$5,000,000
	
 

12/1/2020
	
 

12/1/2022

	
 

22.
	
Westside

Heights
	
 

Whole Loan
	
 

$4,800,000
	
 

3/1/2018
	
 

3/1/2020

	
 

23.
	
Lakeshore

Club
	
 

Whole Loan
	
 

$4,000,000
	
 

8/1/2020
	
 

8/1/2022

 

 

 

 

			
	
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SCHEDULE B 

LIBOR FORMULA

“LIBOR” for purposes of calculating the Note Interest Rate for each Class of Notes for each Interest Period will be determined by the Calculation Agent in accordance with the following provisions:

 

1.      On each LIBOR Determination Date, “LIBOR” shall equal the offered rate, as determined by the Calculation Agent, for deposits in U.S. dollars for a period equal to 30 days, which appears on the Reuters Page LIBOR01 (or such other page that may replace that page on such service for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News as of 11:00 a.m., London time, on the LIBOR Determination Date.

 

2.      If, on any LIBOR Determination Date, such rate does not appear on Reuters Screen LIBOR01, the Calculation Agent shall determine LIBOR on the basis of the rates at which deposits in U.S. Dollars are offered by Reference Banks at approximately 11:00 a.m. (London time) on the LIBOR Determination Date to prime banks in the London interbank market for a period of one month commencing on the LIBOR Determination Date and in a representative amount of U.S. $1,000.  The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations.  If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m. (New York City time) on the LIBOR Determination Date for loans in U.S. Dollars to leading European banks for a period of one month commencing on the LIBOR Determination Date and in a representative amount of U.S. $1,000.

 

3.      LIBOR for the first Interest Period will be determined on the first LIBOR Business Day of the calendar month in which the Closing Date occurs.

 

4.      Notwithstanding the foregoing, in no event shall LIBOR be less than zero.

 

In making the above calculations, (A) all percentages resulting from the calculation (other than the calculation determined pursuant to clause (2) above) will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point (0.00001%) and (B) all percentages determined pursuant to clause (2) above will be rounded, if necessary, in accordance with the method set forth in (A), but to the same degree of accuracy as the two rates used to make the determination (except that such percentages will not be rounded to a lower degree of accuracy than the nearest one thousandth of a percentage point (0.001%)).

 

In the event the Servicer determines with respect to the Mortgage Loans that by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR (a “Successor Benchmark Rate Event”), then the Note Interest Rate applicable to each Class of Notes (other than the Class H Notes) for each Payment Date thereafter will be modified to be the Prime Rate plus the Prime Rate Spread for each such Class of Notes (but in no event shall the Note Interest Rate for any such Class of Notes be less than the applicable LIBOR Spread).

 

 

			
	
USActive 37579766.24
	
Sch. B-1
	
 

 

 

 

As used in both paragraphs 1 and 2 above:

 

“LIBOR Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks in London, England are not open for business.

 

“LIBOR Determination Date” means, (i) with respect to any Interest Period, other than the first Interest Period, the first LIBOR Business Day of the calendar month in which such Interest Period commences, and (ii) with respect to the first Interest Period, the first LIBOR Business Day of the calendar month in which the Closing Date occurs.

 

“LIBOR Spread” means, with respect to each Class of Notes (other than the Class H Notes), the percentage over LIBOR used to determine the Note Interest Rate for such Class of Notes.

 

“Reference Banks” mean four major banks in the London interbank market, selected by the Calculation Agent.

 

“Prime Rate” means the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall Street Journal ceases to publish the “Prime Rate,” the Servicer shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasigovernmental body, then the Servicer shall select a comparable interest rate index.

 

“Prime Rate Spread” means, with respect to any Class of Notes (other than the Class H Notes) and each Interest Period relating to a Payment Date, the difference (expressed as the number of basis points) between (a) the LIBOR for such Class of Notes on the date LIBOR was last applicable to such Class of Notes plus the LIBOR Spread on such Class and (b) the Prime Rate on such date.

 

The determination of the Note Interest Rate for each Class of Notes by the Calculation Agent shall (in the absence of manifest error) be final and binding upon all parties.

 

 

 

			
	
USActive 37579766.24
	
Sch. B-2
	
 

 

 

SCHEDULE C-1

 

LIST OF AUTHORIZED OFFICERS OF  THE TRUST DEPOSITOR 

(Attached)

 

 

			
	
USActive 37579766.24
	
Sch. C-1
	
 

 

 

SCHEDULE C-2

 

LIST OF  AUTHORIZED OFFICERS OF  THE SERVICER

(Attached)

 

			
	
USActive 37579766.24
	
Sch. C-2Exhibit 10.1

    

    

    EXECUTION VERSION

    

    

    CONSENT AND AMENDMENT NO. 2

        TO

        REVOLVING SYNDICATED FACILITY AGREEMENT

     

    CONSENT AND AMENDMENT NO. 2, dated as of
        March 22, 2019 (this “Amendment”), to the Revolving Syndicated Facility Agreement, dated as of September 22, 2017, as amended by that certain Amendment No. 1 and Waiver to
        Revolving Syndicated Facility Agreement, dated as of February 26, 2019 (as the same now exists and is hereby and may hereafter be amended, supplemented or restated, and including this Amendment, the “Credit Agreement”), by, among others, Tronox US Holdings Inc., a Delaware corporation, and certain of its Subsidiaries and Affiliates party thereto, as U.S. Borrowers and Guarantors (collectively, the “Current U.S. Borrowers”), Tronox Limited (ACN 153 348 111), an Australian public limited company incorporated in
          the Commonwealth of Australia, and certain of its Subsidiaries party thereto, as Australian Borrowers and Guarantors (collectively, the “Current Australian Borrowers”), Tronox Pigments (Holland) B.V., a private company with limited liability under Dutch law (besloten

          vennootschap met beperkte aansprakelijkheid), having its official seat (statutaire
          zetel) in Rozenburg, Zuid-Holland, the Netherlands, having its registered office address at Professor Gerbrandyweg 2 (3197 KK) Botlek Rotterdam, the Netherlands, registered
          with the Dutch trade register of the chamber of commerce under number 24179173 and Tronox Pigments (Netherlands) B.V. a private company with limited liability under Dutch law (besloten vennootschap met beperkte aansprakelijkheid), having its official seat (statutaire zetel) in  Lot 22, Mason Road, Kwinana Beach, Western Australia 6167, Australia, registered with the Dutch trade register of the chamber of
          commerce under number 34132341, and certain of its Affiliates party thereto, as Dutch Borrowers and Guarantors (collectively, the “Current Dutch Borrowers”; and together with the Current U.S. Borrowers and the Current Australian Borrowers and any Additional Co-Borrowers who become party thereto, collectively, the “Borrowers” and each, a “Borrower”), the Subsidiary Guarantors party thereto, the Lenders, Wells Fargo Bank, National Association, as issuing bank, as swingline lender, as administrative agent (the “Administrative Agent”) for the Lenders and as collateral agent for the Secured Parties and as Australian
          security trustee. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement;

     

    W I T N E S S E T H:

     

    WHEREAS, the Borrowers, the Subsidiary Guarantors, the Lenders, and the Administrative Agent, among others, are parties to the Credit
        Agreement;

     

    WHEREAS, the Credit Agreement contemplates that following the consummation of the Cristal Acquisition, the eligibility criteria
        applicable to the assets and properties of the Additional Dutch Borrowers shall take account of the eligibility criteria with respect thereto under the Cristal ABL Agreement;

     

      

    WHEREAS, the Borrowers intend to enter into that certain Term Loan and Revolving Credit Facilities Agreement, dated on or about the
        Amendment No. 2 Effective Date (as amended, supplemented and/or refinanced), among Tronox Mineral Sands Proprietary Limited and Tronox KZN Sands Proprietary Limited, as borrowers with joint and several liability, the lenders party thereto from time
        to time, The Standard Bank of South Africa Limited, as Coordinating Bank, and Firstrand Bank Limited, as Facility Agent (the “South African Credit Agreement”;  and 

     

    
      
        

    

     

    WHEREAS, the Borrowers wish to amend certain provisions of the Credit Agreement on the terms set forth herein, and the Administrative
        Agent and the Lenders constituting the Supermajority Lenders under the Credit Agreement agree, pursuant to Section 10.02(b) of the Credit Agreement, to such amendments
        set forth herein.

     

    NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

     

    Section 1.           Amendment to Credit Agreement. The Credit Agreement is hereby amended to delete the stricken text (indicated textually in
        the same manner as the following example: stricken text)
        and by adding the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the Credit Agreement (exclusive of Schedules and Exhibits thereto) attached as Annex A hereto.

     

    Section 2.        Amendments to Schedules and Exhibits to the Credit Agreement; Amendments to Other Loan Documents.  (a) Upon and after (i) the consummation of a Top-Hat Transaction and (ii) the satisfaction of
        all Accession Conditions in connection therewith, each reference to “Holdings” in the Schedules and Exhibits to the Credit Agreement and in the other Loan Documents shall, notwithstanding anything to the contrary therein or in any other Loan
        Document, be deemed to be a reference to Tronox Holdings plc, a public limited company incorporated under the laws of England and Wales and having company number 11653089.

     

    (b)          Schedule II (Commitments) to the Credit Agreement is hereby deleted in its entirety, and the Schedule II (Commitments) attached hereto as Annex B shall be substituted in lieu thereof.

     

    (c)          Attached hereto as Annex C is the new Schedule 1.01(i) (Top 20 Customers) to the Credit Agreement.

     

    (d)          On and as of the Amendment No. 2 Effective Date,
        Section 4.4 of the Intercreditor Agreement shall be amended by deleting the second parenthetical contained therein and substituting the following in lieu thereof:  “(subject to any limitations set forth in Section 2.11(b), as applicable, of the Initial Term Loan Agreement as in effect on the Amendment No. 2 Effective Date (as defined in the Initial Term Loan Agreement))”.

     

    Section 3.            Consent.  Notwithstanding the provisions of the Credit Agreement, and subject to the terms and conditions hereof, the Lenders hereby consent to the Indebtedness incurred under the South African
        Credit Agreement pursuant to and in accordance with the terms thereof as in effect as of the Amendment No. 2 Effective Date, and as the terms thereof may be amended from time to time in a manner not adverse to any of the Loan Parties, the
        Administrative Agent, or the Lenders.

     

    
      
        

    

    Section 4.             Representations and Warranties, No Default.  Each Loan Party hereby represents and warrants that as of the Amendment No. 2 Effective Date and after giving effect to the amendments set forth in
        this Amendment, (i) this Amendment has been duly authorized, executed and delivered by such Loan Party and constitutes, when executed and delivered by such Loan Party, a legal, valid and binding obligation of such Loan Party, enforceable against it
        in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, (ii) such Loan
        Party has the requisite power and authority to execute, deliver and perform its obligations under this Amendment and each other agreement or instrument contemplated hereby to which it is a party, and (iii) no Default or Event of Default exists and
        is continuing.

     

    Section 5.             Effectiveness.  This Amendment shall become effective on the date (such date, the “Amendment No. 2 Effective Date”)
        that the following conditions have been waived or satisfied:

     

    
      
        	

              	(a)	
                The Administrative Agent shall have received executed signature pages hereto from the Borrowers, the other Loan Parties, the Administrative Agent and the Lenders;

              

      

    

     

    
      
        	

              	(b)	
                The Administrative Agent shall have received a true, correct and complete copy of Amendment No. 2 to First Lien Term Loan Credit Agreement, as dated and in full force and
                    effect on or about the date of this Amendment;

              

      

    

     

    
      
        	

              	(c)	
                The Administrative Agent shall have received a true and complete copy of an amendment to the Intercreditor Agreement, dated and in full force and effect on or about the
                    date of this Amendment, executed by the Administrative Agent and the Term Loan Agent, and implementing the amendment described in Section 2(b) above; and

              

      

    

     

    
      
        	

              	(d)	
                The representations and warranties set forth in Section 4 of this Amendment shall be true and correct on and as of the Amendment No. 2 Effective Date.

              

      

    

     

    Section 6.             Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
        taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic means shall be effective as delivery of an original counterpart of this Amendment.

     

    
      
        	

              	Section 7.	
                Governing Law; Waiver of Jury Trial, Etc..

              

      

    

     

    
      
        

    

    THE PROVISIONS OF SECTIONS 10.09 AND 10.10 OF THE CREDIT AGREEMENT SHALL APPLY TO THIS AMENDMENT MUTATIS MUTANDIS.

     

    Section 8.             Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in
        interpreting, this Amendment.

     

    Section 9.            Effect of Amendment.  The Lenders hereby reserve their rights under the Loan Documents and applicable law in respect of Defaults or Events of Default.  Except as expressly set forth herein,
        this Amendment (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other Agent, in each case under the Credit Agreement or any
        other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan
        Document or be construed as a novation thereof.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement as amended hereby, or any other Loan Document as amended hereby, is hereby ratified and
        re-affirmed in all respects and shall continue in full force and effect.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 2 Effective Date, all references to the Credit
        Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit
        Agreement as amended by this Amendment.

     

    Section 10.          Acknowledgement and Affirmation.  Each Loan Party party hereto expressly acknowledges that (a) all of its obligations under the Security Documents and the other Loan Documents to which it is a
        party are hereby reaffirmed and remain in full force and effect on a continuous basis and (ii) its grant of security interests pursuant to the Security Documents is hereby reaffirmed and remains in full force and effect after giving effect to this
        Amendment.

     

    Section 11.           No Novation.  By its execution of this Amendment, each of the parties hereto acknowledges and agrees that the terms of this Amendment do not constitute a novation of, but rather a supplement
        to, the terms of the pre-existing indebtedness and related agreements as evidenced by the Credit Agreement.

     

    [Remainder of page left intentionally blank]

     

     

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the
        day and year first above written.

     

    	 	
            U.S. BORROWERS:

          
	 	 	 
	 	
            TRONOX INCORPORATED

          
	 	
            TRONOX LLC

          
	 	
            TRONOX PIGMENTS LLC

          
	 	
            TRONOX FINANCE LLC

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Timothy Carlson

          
	 	
            Name:

          	
            Timothy Carlson

          
	 	
            Title:

          	
            Vice President and Chief Financial Officer

          
	 	 	 
	 	 	 
	 	
            TRONOX US HOLDINGS INC.

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Timothy Carlson

          
	 	
            Name:

          	
            Timothy Carlson

          
	 	
            Title:

          	
            Chief Financial Officer

          

     

    

    

     

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

     

    

    

    
      
        

    

    

    

    	
            AUSTRALIAN BORROWERS

             

            SIGNED, SEALED and DELIVERED by

            Edward T. Prosapio

            as attorney for

            TRONOX LIMITED (ACN 153 348 111)

            TRONOX AUSTRALIA HOLDINGS PTY LIMITED (ACN 155 254 274)

            TRONOX AUSTRALIA PIGMENTS HOLDINGS PTY LIMITED (ACN 155 120 728)

            TRONOX GLOBAL HOLDINGS PTY LIMITED

            (ACN 154 691 826)

            TRONOX PIGMENTS AUSTRALIA HOLDINGS PTY LIMITED (ACN 155 235 304)

            TRONOX PIGMENTS AUSTRALIA PTY LIMITED

            (ACN 155 254 336)

            TRONOX SANDS HOLDINGS PTY LIMITED

            (ACN 154 709 332)

            TRONOX HOLDINGS (AUSTRALIA) PTY LTD

            (ACN 071 040 750)

            TRONOX AUSTRALIA PTY LTD

            (ACN 009 084 851)

            TIO2 CORPORATION PTY LTD

            (ACN 009 124 181)

            YALGOO MINERALS PTY. LTD.

            (ACN 008 948 383)

            TIFIC PTY. LTD. (ACN 009 123 451)

            TRONOX MINERAL SALES PTY LTD

            (ACN 009 344 094)

            TRONOX MANAGEMENT PTY LTD

            (ACN 009 343 364)

            TRONOX WESTERN AUSTRALIA PTY LTD

            (ACN 009 331 195)

            TRONOX WORLDWIDE PTY LIMITED

            (ACN 158 561 061)

             

          	 	
            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

          	 

      

        

    /s/ Edward T. Prosapio

     

          

    By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney under power of attorney dated 15 September 2017 in the presence of:

    

    

    Julie A. Constantinides

    Signature of witness

    

    

    Julie A. Constantinides

    Name of witness (block letters)

    

    

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    
      
        

    

     

    	 	
            DUTCH BORROWERS:

          
	 	 	 
	 	 	 
	 	
            TRONOX HOLDINGS COÖPERATIEF U.A.

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director A

          
	 	 	 
	 	
            By:

          	
            /s/ Anthony Martin Orrell

          
	 	
            Name:

          	
            Anthony Martin Orrell

          
	 	
            Title:

          	
            Director B

          
	 	 	 
	 	
            TRONOX WORLDWIDE PTY LIMITED, acting as Managing Partner of TRONOX HOLDINGS EUROPE C.V.

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            TRONOX PIGMENTS (NETHERLANDS) B.V.

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            TRONOX PIGMENTS (HOLLAND) B.V.

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          

     

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    

    

    
      
        

    

    

    

    	 	
            GUARANTORS:

          
	 	 	 
	 	
            TRONOX INTERNATIONAL FINANCE LLP

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Representative Board Member of Tronox Limited

          
	 	 	 
	 	
            TRONOX UK LIMITED

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            TRONOX UK HOLDINGS LIMITED

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            TRONOX FINANCE PLC

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            TRONOX INTERNATIONAL HOLDINGS GMBH

          
	 	 	 
	 	
            By:

          	
            /s/ Steven A. Kaye

          
	 	
            Name:

          	
            Steven A. Kaye

          
	 	
            Title:

          	
            Chairman of the Management Board

          

     

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    

    

    
      
        

    

    

    

    	
            SIGNED, SEALED and DELIVERED by

            Edward T. Prosapio

            as attorney for

            TRONOX PIGMENTS PTY LIMITED

            (ACN 052 533 829)

             

             

          	 	
            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

            )

          	 

    

    

    /s/ Edward T. Prosapio

    

    

    By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney under power of attorney
        dated 22 February 2019 in the presence of:

    

    

    /s/ Julie A. Constantinides

    Signature of witness

    

    

    /s/ Julie A. Constantinides

    Name of witness (block letters)

    

    

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    

    

    
      
        

    

    WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Lender, Administrative Agent and Collateral Agent

        

    

    

    

    

    

    	
            By:

          	
            /s/ Peter Schuebler

          	 
	 	
            Name:

          	
            Peter Schuebler

          	 
	 	
            Title:

          	
            Vice President

          	 

    

    

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    

    

    
      
        

    

    

    

    	
            BANK OF AMERICA, N.A., as Lender

          
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Cynthia G. Stannard

          	 
	
            

            

          	
            Name:

          	
            Cynthia G. Stannard

          	 
	
            

            

          	
            Title:

          	
            Senior Vice President

          	 
	 	 	 	 
	 	 	 	 
	
            CITIBANK, N.A., as Lender

          
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Christopher Marino

          	 
	
            

            

          	
            Name:

          	
            Christopher Marino

          	 
	
            

            

          	
            Title:

          	
            Vice President and Director

          	 
	 	 	 	 
	 	 	 	 
	
            GOLDMAN SACHS BANK USA, as Lender

          
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Josh Rosenthal

          	 
	
            

            

          	
            Name:

          	
            Josh Rosenthal

          	 
	
            

            

          	
            Title:

          	
            Authorized Signatory

          	 
	 	 	 	 
	
            CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender

          
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Christopher Day

          	 
	
            

            

          	
            Name:

          	
            Christopher Day

          	 
	
            

            

          	
            Title:

          	
            Authorized Signatory

          	 
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Brady Bingham

          	 
	
            

            

          	
            Name:

          	
            Brady Bingham

          	 
	

          	
            Title:

          	
            Authorized Signatory

          	 
	 	 	 	 
	
            ROYAL BANK OF CANADA, as Lender

          
	 	 	 	 
	
            By:

          	
            /s/ Pierre Noriega

          	 
	
            

            

          	
            Name:

          	
            Pierre Noriega

          	 
	
            

            

          	
            Title:

          	
            Authorized Signatory

          	 

    

    

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

    

    

    
      
        

    

    

    

    	
            BARCLAYS BANK PLC, as Lender

          
	 	 	 	 
	
            By:

          	
            /s/ Kevin Crealese

          	 
	
            

            

          	
            Name:

          	
            Kevin Crealese

          	 
	
            

            

          	
            Title:

          	
            Managing Director

          	 

    

    

    

    

    [Signature Page to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement]

     

    

    

    
      
        

    

    Annex A

    

    

    Composite Credit Agreement

    

    

    [see attached]

  

  

  

  
    
      

  

  
    Annex

            A to Consent and Amendment No. 2 to Revolving Syndicated Facility Agreement

    
      

      

      
        

    

     

          

    $550,000,000

     

    REVOLVING SYNDICATED FACILITY AGREEMENT

     

    dated as of September 22, 2017,

     

    among

     

    TRONOX US HOLDINGS INC.,

        and certain of its Subsidiaries and Affiliates,

        as U.S. Borrowers and Guarantors,

     

    TRONOX LIMITED (ACN 153 348 111) and certain of its Subsidiaries,

        as Australian Borrowers and Guarantors,

     

    TRONOX PIGMENTS (HOLLAND) B.V. and certain of its Affiliates,

        as Dutch Borrowers and Guarantors,

     

    and

     

    THE OTHER GUARANTORS PARTY HERETO,

        as Guarantors,

     

    THE LENDERS PARTY HERETO,

     

    WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Issuing Bank, Swingline Lender, Administrative Agent and Collateral Agent,

     

    WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Australian Security Trustee,

    

    

     

    BANK OF AMERICA, N.A. and CITIBANK, N.A.,

    as Co-Syndication Agents,

     

    GOLDMAN SACHS BANK USA,

    as Documentation Agent,

     

    and

     

    WELLS FARGO BANK, NATIONAL ASSOCIATION, CITIGROUP GLOBAL MARKETS INC.,

     GOLDMAN SACHS BANK USA, and BANK OF AMERICA, N.A.,

    as Joint Lead Arrangers and Bookmanagers

    

    

    
      
        

    

    
    

    

    TABLE OF CONTENTS

     

    	
            Section

          	
            Page

          

    

    

    ARTICLE I

        

    

    	
            DEFINITIONS

          	
            2

          
	 	 	 
	
            Section 1.01

          	
            Defined Terms.

          	
            2

          
	
            Section 1.02

          	
            Classification of Loans and Borrowings

          	
            7477

          
	
            Section 1.03

          	
            Terms Generally

          	
            7477

          
	
            Section 1.04

          	
            Accounting Terms; GAAP

          	
            7478

          
	
            Section 1.05

          	
            Resolution of Drafting Ambiguities

          	
            7579

          
	
            Section 1.06

          	
            UCC/PPSA Australia

          	
            7579

          
	
            Section 1.07

          	
            Currency Matters

          	
            7679

          
	
            Section 1.08

          	
            Timing of Payment and Performance

          	
            7680

          
	
            Section 1.09

          	
            Certain Calculations and Tests

          	
            7680

          
	
            Section 1.10

          	
            Certain Dutch Law Matters

          	
            7881

          
	 	 	 
	
            ARTICLE II

          
	 	 	 
	
            THE CREDITS

          	
            7982

          
	 	 	 
	
            Section 2.01

          	
            Commitments

          	
            7982

          
	
            Section 2.02

          	
            Loans

          	
            8084

          
	
            Section 2.03

          	
            Borrowing Procedure

          	
            8185

          
	
            Section 2.04

          	
            Evidence of Debt; Repayment of Loans

          	
            8386

          
	
            Section 2.05

          	
            Fees

          	
            8487

          
	
            Section 2.06

          	
            Interest on Loans

          	
            8588

          
	
            Section 2.07

          	
            Termination and Reduction of Commitments

          	
            8589

          
	
            Section 2.08

          	
            Interest Elections

          	
            8689

          
	
            Section 2.09

          	
            [Intentionally Omitted]

          	
            8790

          
	
            Section 2.10

          	
            Optional and Mandatory Prepayments of Loans

          	
            8790

          
	
            Section 2.11

          	
            Alternate Rate of Interest

          	
            8993

          
	
            Section 2.12

          	
            Yield Protection

          	
            9093

          
	
            Section 2.13

          	
            Breakage Payments

          	
            9195

          
	
            Section 2.14

          	
            Payments Generally; Pro Rata Treatment; Sharing of Setoffs

          	
            9295

          
	
            Section 2.15

          	
            Taxes

          	
            9497

          
	
            Section 2.16

          	
            Mitigation Obligations; Replacement of Lenders

          	
            97101

          
	
            Section 2.17

          	
            Swingline Loans

          	
            98102

          
	
            Section 2.18

          	
            Letters of Credit

          	
            100103

          
	
            Section 2.19

          	
            Defaulting Lenders

          	
            107111

          
	
            Section 2.20

          	
            Increase in Commitments

          	
            109112

          
	
            Section 2.21

          	
            Determination of Borrowing Bases

          	
            111114

          
	
            Section 2.22

          	
            Accounts; Cash Management

          	
            127131

          
	
            Section 2.23

          	
            Australian Public Offer

          	
            129133

          
	
            Section 2.24

          	
            Australian Tax Matters

          	
            131134

          
	
            Section 2.25

          	
            Dutch Tax Matters

          	
            133137

          
	
            Section 2.26

          	
            Nature and Extent of Each Borrower’s Liability

          	
            136139

          

    

    

    
      -i-

      
        

    

    

    

    

    

    	
            ARTICLE III

          
	 	 	 
	
            REPRESENTATIONS AND WARRANTIES

          	
            137141

          
	 	 	 
	
            Section 3.01

          	
            Organization; Requisite Power and Authority; Qualification

          	
            137141

          
	
            Section 3.02

          	
            Equity Interests and Ownership

          	
            138141

          
	
            Section 3.03

          	
            Due Authorization; Binding Obligation

          	
            138141

          
	
            Section 3.04

          	
            No Conflict; Governmental Consents

          	
            138142

          
	
            Section 3.05

          	
            Financial Statements

          	
            139142

          
	
            Section 3.06

          	
            No Material Adverse Effect

          	
            139143

          
	
            Section 3.07

          	
            Adverse Proceedings, Etc.

          	
            139143

          
	
            Section 3.08

          	
            Taxes

          	
            139143

          
	
            Section 3.09

          	
            Properties

          	
            140143

          
	
            Section 3.10

          	
            Environmental Matters

          	
            140144

          
	
            Section 3.11

          	
            No Defaults

          	
            141145

          
	
            Section 3.12

          	
            Material Contracts

          	
            142145

          
	
            Section 3.13

          	
            Government Regulations

          	
            142145

          
	
            Section 3.14

          	
            Federal Reserve Regulations; Exchange Act.

          	
            142146

          
	
            Section 3.15

          	
            Employee Matters

          	
            142146

          
	
            Section 3.16

          	
            Employee Benefit Plans

          	
            143146

          
	
            Section 3.17

          	
            Certain Fees

          	
            143147

          
	
            Section 3.18

          	
            Solvency

          	
            144147

          
	
            Section 3.19

          	
            Compliance with Statutes, Etc.

          	
            144147

          
	
            Section 3.20

          	
            Disclosure

          	
            144147

          
	
            Section 3.21

          	
            Patriot Act

          	
            144148

          
	
            Section 3.22

          	
            Foreign Assets Control Regulations and Anti-Money Laundering

          	
            144148

          
	
            Section 3.23

          	
            Senior Indebtedness

          	
            145149

          
	
            Section 3.24

          	
            [Intentionally Omitted]

          	
            145149

          
	
            Section 3.25

          	
            Security Matters

          	
            145149

          
	
            Section 3.26

          	
            Certain Dutch Law Matters

          	
            147151

          
	
            Section 3.27

          	
            Certain Australian Law Matters

          	
            148151

          
	
            Section 3.28

          	
            Use of Proceeds

          	
            148151

          
	
            Section 3.29

          	
            Insurance

          	
            148152

          
	
            Section 3.30

          	
            Location of Material Inventory

          	
            149152

          
	
            Section 3.31

          	
            Accuracy of Borrowing Bases

          	
            149152

          
	
            Section 3.32

          	
            Not a Trustee

          	
            149152

          
	
            Section 3.33

          	
            No Immunity

          	
            149152

          
	
            Section 3.34

          	
            [Intentionally omitted]

          	
            149153

          
	
            Section 3.35

          	
            EEA Financial Institution

          	
            149153

          
	 	 	 
	
            ARTICLE IV

          
	 	 	 
	
            CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS

          	
            149153

          
	 	 	 
	
            Section 4.01

          	
            Conditions to Effectiveness

          	
            149153

          
	
            Section 4.02

          	
            Conditions to All Credit Extensions.

          	
            153157

          
	
            Section 4.03

          	
            Conditions to Initial Credit Extension to an Eligible Subsidiary.

          	
            154158

          

    

    

    
      -ii-

      
        

    

    

    

    

    

    	
            ARTICLE V

          
	 	 	 
	
            AFFIRMATIVE COVENANTS

          	
            156159

          
	 	 	 
	
            Section 5.01

          	
            Financial Statements, Reports, etc.

          	
            156159

          
	
            Section 5.02

          	
            Existence

          	
            160164

          
	
            Section 5.03

          	
            Payment of Obligations, Taxes and Claims

          	
            160164

          
	
            Section 5.04

          	
            Maintenance of Properties

          	
            161165

          
	
            Section 5.05

          	
            Insurance

          	
            161165

          
	
            Section 5.06

          	
            Books and Records; Inspections

          	
            162166

          
	
            Section 5.07

          	
            Lenders Meetings

          	
            162166

          
	
            Section 5.08

          	
            Compliance with Laws

          	
            163166

          
	
            Section 5.09

          	
            Environmental

          	
            163167

          
	
            Section 5.10

          	
            Subsidiaries

          	
            164168

          
	
            Section 5.11

          	
            Additional Material Real Estate Assets

          	
            166169

          
	
            Section 5.12

          	
            Further Assurances

          	
            166170

          
	
            Section 5.13

          	
            Cash Management

          	
            167171

          
	
            Section 5.14

          	
            Post-Closing Matters

          	
            167171

          
	
            Section 5.15

          	
            Maintenance of Ratings

          	
            167171

          
	
            Section 5.16

          	
            Centre of Main Interests

          	
            168172

          
	
            Section 5.17

          	
            Use of Proceeds

          	
            168172

          
	
            Section 5.18

          	
            Borrowing Base-Related Reports

          	
            168172

          
	
            Section 5.19

          	
            Borrowing Base Verification; Inventory Appraisals

          	
            169173

          
	
            Section 5.20

          	
            Designation of Subsidiaries

          	
            169173

          
	
            Section 5.21

          	
            PPSA Australia.

          	
            170174

          
	
            Section 5.22

          	
            Australian Financial Assistance and Related Matters

          	
            170174

          
	
            Section 5.23

          	
            MIRE Events

          	
            171175

          
	
            Section 5.24

          	
            Intercompany Loans

          	
            175

          
	 	 	 
	
            ARTICLE VI

          
	 	 	 
	
            NEGATIVE COVENANTS

          	
            171175

          
	
            Section 6.01

          	
            Indebtedness

          	
            171175

          
	
            Section 6.02

          	
            Liens

          	
            175179

          
	
            Section 6.03

          	
            No Further Negative Pledges

          	
            180184

          
	
            Section 6.04

          	
            Restricted Junior Payments

          	
            180184

          
	
            Section 6.05

          	
            Restrictions on Subsidiary Distributions

          	
            183188

          
	
            Section 6.06

          	
            Investments

          	
            184188

          
	
            Section 6.07

          	
            Minimum Consolidated Fixed Charge Coverage Ratio

          	
            186190

          
	
            Section 6.08

          	
            Fundamental Changes; Dispositions of Assets

          	
            186190

          
	
            Section 6.09

          	
            Disposal of Subsidiary Interests

          	
            189194

          
	
            Section 6.10

          	
            Sales and Lease Backs

          	
            190194

          
	
            Section 6.11

          	
            Transactions with Affiliates

          	
            190194

          
	
            Section 6.12

          	
            Conduct of Business

          	
            191195

          
	
            Section 6.13

          	
            Permitted Activities of Holdings and Tronox Bahamas.

          	
            191195

          
	
            Section 6.14

          	
            Amendments or Waivers of Organizational Documents and Other Documents

          	
            192197

          
	
            Section 6.15

          	
            Fiscal Year

          	
            193197

          
	
            Section 6.16

          	
            Australian GST Group

          	
            193197

          

    

    

    
      -iii-

      
        

    

    

    

    

    

    	
            Section 6.17

          	
            Limitation on Issuance of Capital Stock

          	
            193198

          
	
            Section 6.18

          	
            Dutch Law Matters

          	
            194198

          
	
            Section 6.19

          	
            [Intentionally Omitted]

          	
            194198

          
	
            Section 6.20

          	
            Relationship to Term Loan

          	
            194198

          
	 	 	 
	
            ARTICLE VII

          
	 	 	 
	
            GUARANTEE

          	
            194199

          
	 	 	 
	
            Section 7.01

          	
            The Guarantee

          	
            194199

          
	
            Section 7.02

          	
            Obligations Unconditional

          	
            195199

          
	
            Section 7.03

          	
            Reinstatement

          	
            196201

          
	
            Section 7.04

          	
            Subrogation; Subordination

          	
            196201

          
	
            Section 7.05

          	
            Remedies

          	
            196201

          
	
            Section 7.06

          	
            Instrument for the Payment of Money

          	
            197201

          
	
            Section 7.07

          	
            Continuing Guarantee

          	
            197201

          
	
            Section 7.08

          	
            General Limitation on Guarantee Obligations

          	
            197201

          
	
            Section 7.09

          	
            Swiss Guarantee Limitation

          	
            197202

          
	
            Section 7.10

          	
            [Intentionally Omitted].

          	
            199204

          
	
            Section 7.11

          	
            Release of Guarantors

          	
            199204

          
	
            Section 7.12

          	
            Right of Contribution

          	
            200204

          
	
            Section 7.13

          	
            Keepwell

          	
            200204

          
	 	 	 
	
            ARTICLE VIII

          
	 	 	 
	
            EVENTS OF DEFAULT

          	
            200205

          
	
            Section 8.01

          	
            Events of Default

          	
            200205

          
	
            Section 8.02

          	
            Application of Proceeds

          	
            203207

          
	
            Section 8.03

          	
            Clean-Up

          	
            204208

          
	 	 	 
	
            ARTICLE IX

          
	 	 	 
	
            THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

          	
            204209

          
	 	 	 
	
            Section 9.01

          	
            Appointment and Authority

          	
            204209

          
	
            Section 9.02

          	
            Rights as a Lender

          	
            205209

          
	
            Section 9.03

          	
            Exculpatory Provisions

          	
            205210

          
	
            Section 9.04

          	
            Reliance by Agent

          	
            206211

          
	
            Section 9.05

          	
            Delegation of Duties

          	
            206211

          
	
            Section 9.06

          	
            Resignation of Agent

          	
            207211

          
	
            Section 9.07

          	
            Non-Reliance on Agent and Other Lenders

          	
            208212

          
	
            Section 9.08

          	
            Withholding Tax

          	
            208213

          
	
            Section 9.09

          	
            No Other Duties, etc.

          	
            209213

          
	
            Section 9.10

          	
            Enforcement

          	
            209213

          
	
            Section 9.11

          	
            Lien Releases

          	
            209214

          
	
            Section 9.12

          	
            Australian Security Trustee

          	
            209214

          
	
            Section 9.13

          	
            Collateral Agent Acting as Security Trustee

          	
            211216

          

    

    

    
      -iv-

      
        

    

    

    

    	
            ARTICLE X

          
	 	 	 
	
            MISCELLANEOUS

          	
            215219

          
	 	 	 
	
            Section 10.01

          	
            Notices

          	
            215219

          
	
            Section 10.02

          	
            Waivers; Amendment

          	
            218222

          
	
            Section 10.03

          	
            Expenses; Indemnity; Damage Waiver

          	
            222226

          
	
            Section 10.04

          	
            Successors and Assigns

          	
            224228

          
	
            Section 10.05

          	
            Survival of Agreement

          	
            227232

          
	
            Section 10.06

          	
            Counterparts; Integration; Effectiveness

          	
            227232

          
	
            Section 10.07

          	
            Severability

          	
            228232

          
	
            Section 10.08

          	
            Right of Setoff

          	
            228232

          
	
            Section 10.09

          	
            Governing Law; Jurisdiction; Consent to Service of Process.

          	
            228233

          
	
            Section 10.10

          	
            Waiver of Jury Trial

          	
            229234

          
	
            Section 10.11

          	
            Headings.

          	
            229234

          
	
            Section 10.12

          	
            Treatment of Certain Information; Confidentiality.

          	
            229234

          
	
            Section 10.13

          	
            USA PATRIOT Act Notice and Customer Verification

          	
            230235

          
	
            Section 10.14

          	
            Interest Rate Limitation

          	
            231235

          
	
            Section 10.15

          	
            [Intentionally Omitted]

          	
            231236

          
	
            Section 10.16

          	
            Obligations Absolute

          	
            231236

          
	
            Section 10.17

          	
            Dollar Equivalent Calculations

          	
            232236

          
	
            Section 10.18

          	
            Judgment Currency

          	
            232237

          
	
            Section 10.19

          	
            Special Provisions Relating to Currencies Other Than Dollars

          	
            233237

          
	
            Section 10.20

          	
            Australian Code of Banking Practice

          	
            233238

          
	
            Section 10.21

          	
            Contracting out of PPSA Australia Provisions

          	
            233238

          
	
            Section 10.22

          	
            Parallel Debt

          	
            234238

          
	
            Section 10.23

          	
            Intercompany Indebtedness

          	
            234239

          
	
            Section 10.24

          	
            Certain Undertakings with Respect to Securitization Subsidiaries

          	
            235240

          
	
            Section 10.25

          	
            Designation of Guarantors

          	
            236240

          
	
            Section 10.26

          	
            No Fiduciary Relationship

          	
            236240

          
	
            Section 10.27

          	
            Acknowledgment and Consent to Bail-In of EEA Financial Institutions

          	
            236241

          

    

    

    
      -v-

      
        

    

    

    

    ANNEXES

     

    
      
        	Annex I	
                Applicable Margin

              

      

    

    

    

    SCHEDULES

     

    
      
        	Schedule I	
                Agreed Security Principles

              

      

    

    
      
        	Schedule II	
                Commitments

              

      

    

    
      
        	Schedule 1.01(a)	
                [Intentionally Omitted]

              

      

    

    
      
        	Schedule 1.01(b)	
                Subsidiary Guarantors

              

      

    

    
      
        	Schedule 1.01(c)	
                Products

              

      

    

    
      
        	Schedule 1.01(d)	
                [Intentionally Omitted]

              

      

    

    
      
        	Schedule 1.01(e)	
                Direct Competitors

              

      

    

    
      
        	Schedule 1.01(f)	
                Freight Forwarders

              

      

    

    
      
        	Schedule 1.01(g)	
                [Intentionally Omitted]

              

      

    

    
      
        	Schedule 1.01(h)	
                Eligible Multinational Account Debtors

              

      

    

    
      
        	Schedule 1.01(i)	
                Top 20 Customers

              

      

    

    
      
        	Schedule 2.18	
                Existing Letters of Credit

              

      

    

    
      
        	Schedule 2.22(b)	
                Controlled Accounts

              

      

    

    
      
        	Schedule 3.02	
                Equity Interests, Ownership and Jurisdictions

              

      

    

    
      
        	Schedule 3.09	
                Real Estate Assets

              

      

    

    
      
        	Schedule 3.10	
                Environmental Matters

              

      

    

    
      
        	Schedule 3.12(a)	
                Material Contracts

              

      

    

    
      
        	Schedule 3.12(b)	
                Exceptions to Material Contracts Being in Full Force; Material

              

      

    

    Defaults under Material Contracts

    
      
        	Schedule 3.17	
                Certain Fees

              

      

    

    
      
        	Schedule 3.25	
                Mortgage Recording Offices

              

      

    

    
      
        	Schedule 3.29	
                Insurance

              

      

    

    
      
        	Schedule 3.30	
                Location of Material Inventory

              

      

    

    
      
        	Schedule 4.01(g)	
                Capital Structure

              

      

    

    
      
        	Schedule 4.01(h)	
                Local Counsel

              

      

    

    
      
        	Schedule 5.14	
                Post-Closing Matters

              

      

    

    
      
        	Schedule 6.01(i)	
                Certain Indebtedness

              

      

    

    
      
        	Schedule 6.01(p)	
                Certain Letters of Credit

              

      

    

    
      
        	Schedule 6.02(l)	
                Certain Liens

              

      

    

    
      
        	Schedule 6.03	
                Certain Negative Pledges

              

      

    

    
      
        	Schedule 6.05	
                Certain Restrictions on Subsidiary Distributions

              

      

    

    
      
        	Schedule 6.06(i)	
                Certain Investments as of the Closing Date

              

      

    

    
      
        	Schedule 6.08	
                Certain Asset Sales

              

      

    

    
      
        	Schedule 6.11	
                Certain Affiliate Transactions

              

      

    

    

    

    EXHIBITS

     

    
      
        	Exhibit A	
                Form of Administrative Questionnaire

              

      

    

    
      
        	Exhibit B	
                Form of Assignment and Assumption

              

      

    

    
      
        	Exhibit C	
                Form of Borrowing Request

              

      

    

    
      
        	Exhibit D	
                Form of Compliance Certificate

              

      

    

    
      
        	Exhibit E	
                Form of Interest Election Request

              

      

    

    
      
        	Exhibit F	
                Form of Joinder Agreement

              

      

    

    
      -vi-

      
        

    

    

    

    
      
        	Exhibit G	
                Form of Landlord Access Agreement

              

      

    

    
      
        	Exhibit H	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit I	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit K-1	
                Form of Revolving Note

              

      

    

    
      
        	Exhibit K-2	
                Form of Swingline Note

              

      

    

    
      
        	Exhibit L-1	
                Form of Perfection Certificate

              

      

    

    
      
        	Exhibit L-2	
                Form of Perfection Certificate Supplement

              

      

    

    
      
        	Exhibit M	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit N	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit O	
                Form of Solvency Certificate

              

      

    

    
      
        	Exhibit P	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit Q	
                Form of Non-Bank Certificate

              

      

    

    
      
        	Exhibit R	
                [Intentionally Omitted]

              

      

    

    
      
        	Exhibit S	
                Form of Borrowing Base Certificate

              

      

    

    
      
        	Exhibit T	
                UK Borrower Terms and Conditions

              

      

    

    

    

    
      -vii-

      
        

    

    
    

    

    REVOLVING SYNDICATED FACILITY AGREEMENT

     

    This REVOLVING SYNDICATED FACILITY AGREEMENT (this “Agreement”)

        dated as of September 22, 2017, among TRONOX US HOLDINGS INC., a Delaware corporation and certain of its Subsidiaries and Affiliates party hereto, as U.S. Borrowers and Guarantors (collectively, the “Initial U.S. Borrowers”), TRONOX LIMITED (ACN 153 348 111), an Australian public limited company incorporated in the Commonwealth of Australia (“HoldingsTronox Limited”) and
        certain of its Subsidiaries party hereto, as Australian Borrowers and Guarantors (collectively, the “Initial Australian Borrowers”), TRONOX PIGMENTS (HOLLAND) B.V., a private company with limited liability under Dutch law (besloten
          vennootschap met beperkte aansprakelijkheid), having its official seat (statutaire zetel) in Rozenburg, Zuid-Holland, the Netherlands, having its
        registered office address at Professor Gerbrandyweg 2 (3197 KK) Botlek Rotterdam, the Netherlands, registered with the Dutch trade register of the chamber of commerce under number 24179173, and certain of its Affiliates party hereto, as Dutch
        Borrowers and Guarantors (collectively, the “Initial Dutch Borrowers”; and together with the Initial U.S. Borrowers and the Initial Australian Borrowers and
        any Additional Co-Borrowers who become party hereto, collectively, the “Borrowers” and each, a “Borrower”), the Subsidiary Guarantors (such term and each other capitalized term used but not defined herein having the meaning given to it in Article I), the Lenders, WELLS FARGO BANK, NATIONAL ASSOCIATION, as issuing
        bank (in such capacity, the “Issuing Bank”), as swingline lender (in such capacity, the “Swingline Lender”), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders and as collateral agent
        (in such capacity, the “Collateral Agent”) for the Secured Parties and the Issuing Bank and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Australian security
        trustee (in such capacity, the “Australian Security Trustee”), BANK OF AMERICA, N.A. and CITIBANK, N.A., as co-syndication agents (the “Syndication Agents”), GOLDMAN SACHS BANK USA, as documentation agent (the “Documentation Agent”),

        and WELLS FARGO BANK, NATIONAL ASSOCIATION,  CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS BANK USA,  and BANK OF AMERICA, N.A., as joint lead arrangers and bookmanagers (in such capacity, collectively the “Arrangers”, and each individually, an “Arranger”).

     

    WITNESSETH:

     

    WHEREAS, the Borrowers have requested the Lenders to extend credit in the form of Revolving Loans at any time and from time to time
        prior to the Revolving Maturity Date, in an aggregate principal amount at any time outstanding not in excess of $550,000,000.

     

    WHEREAS, the Borrowers have requested the Swingline Lender to make Swingline Loans, at any time and from time to time prior to the
        Revolving Maturity Date, in an aggregate principal amount at any time outstanding not in excess of 10% of the aggregate Revolving Commitments.

     

    WHEREAS, the Borrowers have requested the Issuing Bank to issue letters of credit as provided in this Agreement.

     

    WHEREAS, the Guarantors have agreed to guarantee the obligations of the Borrowers hereunder subject to the terms hereof and as set forth
        in the other Loan Documents and each of the Borrowers and each of the Guarantors have agreed to secure all of their respective Obligations by granting to the Collateral Agent, for the benefit of Secured Parties, (a) first priority liens on all
        Revolving Loan Priority Collateral and (b) second priority liens in the Term Loan Priority Collateral, in each case subject to exceptions as permitted by the terms of the Loan Documents.

     

    WHEREAS, the proceeds of the Loans are to be used in accordance with Section

            3.28.

     

    
      1

      
        

    

    

    

    NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrowers and the Issuing Bank is willing to issue letters of
        credit for the account of the Borrowers on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

     

    ARTICLE I

        

        DEFINITIONS

     

    Section 1.01          Defined Terms.

     

    As used in this Agreement, the following terms shall have the meanings specified below:

     

    “2017 GAAP Leases” shall have the meaning
        assigned to such term in Section 1.04.

     

    “ABR”, when used in reference to any Loan or
        Borrowing, is used when such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

     

    “ABR Borrowing” shall mean a Borrowing
        comprised of ABR Loans.

     

    “ABR Loan” shall mean any ABR Revolving Loan or
        U.S. Swingline Loan.

     

    “ABR Revolving Loan” shall mean any Revolving
        Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

     

    “Accession

            Conditions” shall mean the following:

     

    (a)

            The Administrative Agent shall have received from each of Tronox Holdings and Tronox Intermediate Holdings a joinder to this Agreement pursuant to which each such entity expressly agrees to become a party to this Agreement and to perform all
            obligations of “Holdings” (in the case of Tronox Holdings) and a “Holding Company” under this Agreement and the other Loan Documents, in form and substance reasonably satisfactory to the Administrative Agent;

     

    (b)

            The Administrative Agent shall have received a written opinion of (A) Willkie Farr & Gallagher LLP, as special counsel for Tronox Holdings and Tronox Intermediate Holdings, (B) Norton Rose Fulbright LLP, U.K. counsel for the Administrative
            Agent, and (C) Norton Rose Fulbright Australia, Australian counsel for the Administrative Agent, in each case, dated as of the Accession Date and in form and substance reasonably satisfactory to the Administrative Agent;

     

    (c)

            The Administrative Agent shall have received a certificate of each of Tronox Holdings and Tronox Intermediate Holdings, dated the Accession Date, including or attaching a copy of (i) each Organizational Document of each such entity, (ii) a
            specimen signature of the Responsible Officers of each such entity executing the Loan Documents to which it is a party, (iii) the relevant corporate resolutions (including the resolutions of the Board of Directors) and, in the case of Tronox
            Intermediate Holdings, shareholder resolutions approving and authorizing the execution, delivery and performance of the Loan Documents to which it is a party, certified as of the Accession Date by a Responsible Officer as being in full force
            and effect without modification or amendment and (iv) in the case of Tronox Intermediate Holdings, (x) a certificate certifying that no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B of the Companies Act 2006)
            has been issued in respect of its shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of each such entity, which is certified by a Responsible Officer of such entity to be
            correct, complete and not amended or superseded as at a date no earlier than the Accession Date, or (y) a certificate of each such entity certifying that it is not required to comply with Part 21A of the Companies Act 2006;

     

    
      2

      
        

    

    

    

    (d)

            The Administrative Agent shall have received from each of Tronox Holdings and Tronox Intermediate Holdings (i) a Security Accession Deed, duly executed and delivered on behalf of such entity, in respect of the English law governed debenture
            dated as of September 22, 2017 entered into by the UK Loan Parties as Chargors and Tronox Limited and Tronox Global Holdings Pty Limited in favor of the Collateral Agent, (ii) a Debtor Accession Deed as Debtor and Holdings (as applicable) and a
            Creditor Accession Undertaking, each duly executed and delivered on behalf of such entity, in respect of the Intercompany Intercreditor Agreement, dated as of October 6, 2017, among, inter alios, the Collateral Agent, the Administrative Agent,
            and the other Creditors and the Debtors (each as defined therein), (iii) an executed joinder to the Intercreditor Agreement in substantially the form attached as an exhibit thereto, (iv) an executed joinder to the Intercompany Note in form and
            substance reasonably satisfactory to the Administrative Agent, (v) an Australian-law governed Specific Security Deed entered into by Tronox Intermediate Holdings in respect of its shares in Tronox Limited in favor of the Australian Security
            Trustee, and (vi) in connection with the transfer of the Equity Interests in Tronox Pigments Holland B.V. from Tronox Limited to Tronox Intermediate Holdings, (x) a Dutch-law governed transfer of contract agreement among Tronox Limited as
            transferor, Tronox Intermediate Holdings as transferee, and the Administrative Agent, the Collateral Agent, the Term Loan Agent and Tronox Pigments Holland B.V. as counterparties, and (y) a Dutch-law governed deed of pledge of future shares
            among Tronox Intermediate Holdings as pledgor, the Term Loan Agent as pledgee, and Tronox Pigments Holland B.V. as company;

     

    (e)

            All outstanding Equity Interests in Tronox Intermediate Holdings and Tronox Limited shall have been pledged pursuant to the Security Documents (including Tronox Intermediate Holdings entering into an Australian-law governed Specific Security
            Deed in respect of its shares in Tronox Limited);

     

    (f)

            The Administrative Agent shall have received at least two Business Days prior to the Accession Date all documentation and other information about Tronox Holdings and Tronox Intermediate Holdings as shall have been reasonably requested in
            writing by the Administrative Agent or any Lender (through the Administrative Agent), to the extent such reasonable notice has been provided to Tronox Holdings and Tronox Intermediate Holdings, that the Administrative Agent or such Lender shall
            have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including Title III of the USA Patriot Act;

     

    (g)

            The organizational structure of Holdings and its Subsidiaries shall be received by the Administrative Agent on or prior to the Accession Date;

     

    (h)

            On and after giving effect to the occurrence of the Accession Date, the representations and warranties of each of Tronox Holdings and Tronox Intermediate Holdings set forth in Sections 3.01, 3.03, 3.04, 3.13, 3.19, 3.25, and 3.35 (in each case,
            solely with respect to itself and with any references to “Loan Documents” therein to include the Accession Documents) shall be true and correct in all material respects; provided that, to the extent that such representations and warranties
            specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or
            similar language shall be true and correct in all respects on the Accession Date or on such earlier date, as the case may be; and

     

    
      3

      
        

    

    

    

    (i)

            At the time of and immediately after the Accession Date, no Default or Event of Default shall have occurred and be continuing. The occurrence of the Accession Date shall be deemed to constitute a representation and warranty by Tronox Holdings
            and Tronox Intermediate Holdings (and the Administrative Borrower, solely with respect to this clause (i)) on the Accession Date as to the matters specified in clauses (h) and (i) of this definition.

     

    “Accession

            Date” shall mean the date upon which all of the Accession Conditions are satisfied.

     

    “Accession

            Documents” means the documents required to be delivered by Tronox Holdings and Tronox Intermediate Holdings pursuant to clauses (a) and (d) of the definition of “Accession Conditions”.

     

    “Account Debtor” shall mean any Person who may
        become obligated to another Person under, with respect to, or on account of, an Account.

     

    “Accounts” shall mean all “accounts,” as such
        term is defined in the UCC as in effect on the date hereof in the State of New York, as applicable, and includes registered claims (vorderingen op naam)
        within the meaning of the Dutch Civil Code, in each case, in which any Person now or hereafter has rights.

     

    “Accounts Advance Rate” shall mean (i) during a
        Seasonal Period, 90%, and (ii) otherwise, 85%.

     

    “Acquired EBITDA” shall mean, with respect to
        any Pro Forma Entity for any period, the amount for such period of Consolidated Adjusted EBITDA of such Pro Forma Entity (determined as if references to Holdings and the Restricted Subsidiaries in the definition of “Consolidated Adjusted EBITDA”
        (and in the component financial definitions used therein) were references to such Pro Forma Entity and its Subsidiaries which will become Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity.

     

    “Acquired Entity or Business” has the meaning
        assigned to such term in the definition of “Consolidated Adjusted EBITDA.”

     

    “Acquisition Transaction” means the purchase or
        other acquisition, by merger, consolidation or otherwise, by Holdings or any Restricted Subsidiary of any Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division,
        product line or line of business of), any Person or of a majority of the outstanding Equity Interests of any Person (including any Investment which serves to increase Holdings’ or any Restricted Subsidiary’s respective equity ownership in any joint
        venture to an amount in excess of the majority of the outstanding Equity Interests of such joint venture).

     

    “Activation Notice” shall have the meaning
        assigned to such term in Section 2.22.

     

    “Additional Co-Borrower” shall mean any
        Eligible Subsidiary (including an Eligible Subsidiary formed or acquired in connection with a Permitted Acquisition or other permitted Investment), which is either (I) a Cristal Acquired Subsidiary or (II) (a) has satisfied each of the each of the
        conditions precedent set forth Section 4.03; (b) is able to prepare all collateral reports in a comparable manner to the Borrowers’ reporting procedures on the date such
        Subsidiary becomes an Additional Co-Borrower and to the extent required to establish a borrowing base in its jurisdiction; (c) is not party to a Permitted Securitization; (d) to the extent not already a Loan Party, has executed and delivered to the
        Administrative Agent and the Collateral Agent a Perfection Certificate Supplement and such joinder agreements to this Agreement, contribution and set-off agreements and other Security Documents consistent with the Security Documents delivered by
        existing Borrowers as the Administrative Agent and the Collateral Agent (and the Australian Security Trustee, if applicable) have reasonably requested and so long as each of the Administrative Agent and the Collateral Agent (and the Australian
        Security Trustee, if applicable) have received all UCC (or its foreign equivalent) search results necessary to confirm the Collateral Agent’s First Priority Lien on all of such Additional Co-Borrower’s personal property, subject to Permitted Liens;
        and (e) has delivered all information required under Section 10.13 and as to which the Administrative Agent has completed all vetting and similar procedures pursuant to
        Requirements of Law and bank policy; provided that, prior to permitting such Subsidiary to initially borrow any Revolving Loans or obtain the initial
        issuance of any Letters of Credit hereunder (i) such Additional Co-Borrower shall have delivered a Borrowing Base Certificate dated no earlier than twenty-five (25) days prior to the date such assets are first included in the Borrowing Base and
        (ii) the Administrative Agent, in its discretion, shall have the reasonable right prior to the date such assets are first included in the Borrowing Base to conduct Collateral field audits and Inventory Appraisals with respect to such Subsidiary,
        including, without limitation, of (x) such Subsidiary’s practices in the computation of its Borrowing Base and (y) the assets included in such Subsidiary’s Borrowing Base and related financial information such as, but not limited to, sales, gross
        margins, payables, accruals and reserves, in each case, prepared on a basis reasonably satisfactory to the Administrative Agent and at the sole expense of such Subsidiary.

     

    
      4

      
        

    

    

    

    “Additional Incremental Class” shall have the
        meaning assigned to such term in Section 2.20(a).

     

    “Administrative Agent” shall have the meaning
        assigned to such term in the preamble hereto and includes each other Person appointed as the successor pursuant to Article X.

     

    “Administrative Agent Fee” shall have the
        meaning assigned to such term in Section 2.05(b).

     

    “Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the form
            of Exhibit A.

     

    “Administrative Borrower” shall mean HoldingsTronox Limited, or any successor entity serving in that role pursuant to Section 2.03(b).

     

    “Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the form of Exhibit A.

     

     “Adverse Proceeding” shall mean any action,
        suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Holdings or any of its Restricted Subsidiaries) at law or in equity, or
        before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of Holdings or any Borrower, threatened in writing against or affecting Holdings or any of its Restricted
        Subsidiaries or any property of Holdings or any of its Restricted Subsidiaries.

     

    “Affiliate” shall mean, with respect to a
        specified Person, another Person that directly or indirectly controls or is controlled by or is under common control with the Person specified for the purposes of this definition, “control” (including, with correlative meanings, the terms
        “controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power (i) to vote 25% or more of the Securities having ordinary voting power for the election of
        directors of such Person or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.

     

    
      5

      
        

    

    

    

    “Agents” shall mean the Administrative Agent
        and the Collateral Agent; and “Agent” shall mean any of them.

     

    “Agreed Security Principles” means those
        certain agreed security principles set out in Schedule I hereto, solely with respect to (i) Loan Parties that are not U.S. Loan Parties, and (ii) assets and properties
        located outside of the United States or any political subdivision thereof.

     

    “Aggregate Borrowing Base” shall mean the sum of (a) the Australian Borrowing Base; plus (b) the
        Dutch Borrowing Base; plus (c) the U.S. Borrowing Base plus
        (d) Qualified Cash.

     

    “Agreement” shall have the meaning assigned to
        such term in the preamble hereto.

     

    “Alkali Sale” shall mean the sale by certain of
        HoldingsTronox Limited and its Subsidiaries of their alkali chemicals business to Genesis Energy consummated on September 1, 2017.

     

    “Alternate Base Rate” shall mean, for any day,
        a fluctuating rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the greatest of (a) the Base Rate in effect on such day; (b) the Federal Funds Effective Rate in effect on such day plus 0.50%; and (c) the LIBOR Rate for an Interest Period of one-month beginning on such day (or if such day is not a Business Day, on the immediately preceding Business Day) plus 1.00%. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to
        ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the Alternate Base Rate shall be
        determined without regard to clause (b) of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base
        Rate due to a change in the Base Rate or the Federal Funds Effective Rate shall be effective on the effective date of such change in the Base Rate or the Federal Funds Effective Rate, respectively.

     

    “Amendment

            No. 2” shall mean Amendment No. 2 to Revolving Syndicated Facility Agreement, dated as of March 22, 2019, by and among the Loan Parties, the Lenders party thereto, and the Administrative Agent.

     

    “Amendment

            No. 2 Effective Date” shall have the meaning set forth in Amendment No. 2.

     

    “Anti-Corruption Laws” means laws, regulations,
        or orders relating to anti-bribery or anti-corruption (governmental or commercial), including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, as amended; the UK Bribery Act 2010; and applicable laws, regulations, or orders
        enacted to implement the OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions and the UN Convention against Corruption.

     

    “Anti-Terrorism Laws” shall mean any
        Requirement of Law related to terrorism financing or money laundering including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (“USA PATRIOT Act”) of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s),
        1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended), Executive Order 13224 (effective September 24, 2001), the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and, in the UK, the Money
        Laundering Regulations 2007, Proceeds of Crime Act 2002 and Terrorism Act 2000.

     

    
      6

      
        

    

    

    

    “Applicable Fee” shall mean (a) 0.375% at any
        time when the Revolving Exposure is less than or equal to 30% of the aggregate Revolving Commitments; and (b) 0.25% at any time when the Revolving Exposure is greater than 30% of the aggregate Revolving Commitments.

     

    “Applicable Margin” shall mean, for any day,
        with respect to any Revolving Loan the applicable percentage set forth in Annex I under the appropriate caption.

     

    “Applicable Percentage” shall mean, with
        respect to any Lender, the percentage of the total Loans and Commitments represented by such Lender’s Loans and Commitments.

     

    “Appointee” shall have the meaning assigned to
        such term in Section 9.13(c).

     

    “Approved Currency” shall mean each of dollars
        and euros; provided that, with respect to Letters of Credit issued hereunder, Approved Currencies also include Australian Dollars, New Zealand Dollars and Sterling.

     

    “Approved Fund” shall mean any Fund that is
        administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

     

    “Arranger” shall have the meaning assigned to
        such term in the preamble hereto.

     

    “ASIC” means the Australian Securities and
        Investments Commission.

     

    “Asset Sale” shall mean a sale, lease or sub
        lease (as lessor or sublessor), Sale and Leaseback Transaction, assignment, conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, or any issuance or sale of any Equity
        Interests of any Restricted Subsidiary of Holdings to, any Person (other than (a) among Borrowers, (b) any Borrower and any Guarantor, (c) among Guarantors, (d) by a non-Loan Party to a Loan Party, (e) among non-Loan Parties or (f) to any
        Restricted Subsidiary; provided that in the case of this clause (f) to a non-Loan Party, (1)
        such Asset Sale is for Fair Market Value, (2) and any promissory note or other non-cash consideration received in respect thereof is an Investment in a Restricted Subsidiary that is not a Loan Party, which Investment is permitted hereunder, (3) if
        such Asset Sale includes Revolving Loan Priority Collateral, then (x) as of the making of such Asset Sale and after giving effect thereto on a Pro Forma Basis, the Payment Conditions shall be satisfied, and (y) not less than five (5) Business Days
        (or such later date as agreed to by the Administrative Agent in its sole discretion) prior to the consummation of such Asset Sale, Administrative Borrower shall have delivered to Administrative Agent an updated Borrowing Base Certificate giving Pro
        Forma Effect to such Asset Sale), in one transaction or a series of transactions, of all or any part of Holdings’ or any of its Restricted Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether
        tangible or intangible, whether now owned or hereafter acquired, created, leased or licensed, including the Equity Interests of any of Holdings’ Restricted Subsidiaries, other than (i) inventory (or other assets) sold, conveyed, transferred,
        assigned, disposed of, leased or licensed out in the ordinary course of business (excluding any sales, conveyances, transfers, assignments, dispositions, leases or licenses out by operations or divisions discontinued or being discontinued); (ii)
        non-exclusive licenses of Intellectual Property in the ordinary course of business; (iii) the disposition of cash and Cash Equivalents in the ordinary course of business; (iv) except for purposes of Section 6.03, sales, leases, sub-leases, Sale and Leaseback Transactions, assignments, conveyances, exclusive licenses, transfers or other dispositions for consideration of less than $5,000,000 with respect to
        any transaction or series of related transactions and less than $15,000,000 in the aggregate during any Fiscal Year; (v) the sales of Accounts arising in the ordinary course of business to the Bahamas Receivables Purchaser pursuant to the Bahamas
        Receivables Purchase Agreement; (vi) sales and other dispositions to the extent that (x) such property is exchanged for credit against the purchase price of similar replacement property, or other assets of comparable or greater value or usefulness
        to the business or (y) an amount equal to the net cash proceeds of such sales and other dispositions are promptly applied to the purchase price of such replacement property; provided, that in the case of clause (vi)(y), in the event such sale and other disposition includes Revolving Priority Collateral, as of the making of
        such sales and other dispositions and after giving effect thereto on a Pro Forma Basis, the Payment Conditions shall be satisfied; and (vii) issuance of Equity Interests of Holdings to the extent permitted by Section 6.17.  For the avoidance of doubt, a grant or pledge of a security interest or a collateral assignment shall not constitute an Asset Sale.

     

    
      7

      
        

    

    

    

    “Assignment and Assumption” shall mean an
        assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.04(b)), and accepted by
        the Administrative Agent, in substantially the form of Exhibit B, or any other form approved by the Administrative Agent.

     

    “Associate” has the meaning assigned to such
        term in section 128F(9) of the Australian Tax Act.

     

    “Attributable Indebtedness” shall mean, when
        used with respect to any Sale and Leaseback Transaction, as at the time of determination, the present value (discounted at a rate equivalent to the Borrowers’ then-current weighted average cost of funds for borrowed money as at the time of
        determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction.

     

    “Australia” shall mean the Commonwealth of
        Australia.

     

    “Australian Controlled Accounts” shall mean all
        Controlled Accounts maintained by an Australian Borrower.

     

    “Australian Borrowers” shall mean,
        collectively, (a) the Initial Australian Borrowers; and (b) any Additional Co-Borrower incorporated or organized under the laws of Australia that becomes a party hereto after the date hereof.

     

    “Australian Borrowing Base” shall mean at any
        time, subject to adjustment as provided in Section 2.21, an amount equal to the sum
        (expressed in dollars, based on the Dollar Equivalent thereof) of, without duplication, the lesser of:

     

    (a)         (i)          the book value of the Australian Eligible Accounts multiplied by the Accounts Advance Rate; plus

     

    (ii)          the lesser of, (A) the Inventory Cost Advance Rate multiplied by the Cost of the Australian Eligible Inventory and (B) the Inventory Recovery Advance Rate multiplied by the Net Recovery Cost Percentage multiplied by the Cost of
          the Australian Eligible Inventory; minus

     

    (iii)          any Australian Reserves then in effect established from time to time by the Administrative Agent, in the exercise of its Permitted Discretion; and

     

    
      8

      
        

    

    

    

    (b)          40% of the aggregate
        Revolving Commitments in effect at such time.

     

    Notwithstanding anything to the contrary, the aggregate of the Dutch Borrowing Base and the Australian Borrowing Base shall not exceed
        40% of the aggregate Revolving Commitments in effect at such time.

     

    The Australian Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate theretofore
        delivered to the Administrative Agent with such adjustments as the Administrative Agent deems appropriate, in its Permitted Discretion to correct errors, to implement Reserves or to adjust for fluctuations in the currency exchange rate relating to
        assets comprising the Australian Borrowing Base.

     

    “Australian Dollars” shall mean the lawful
        currency of Australia.

     

    “Australian Eligible Accounts” shall have the
        meaning assigned to such term in Section 2.21(a).

     

    “Australian Eligible Inventory” shall have the
        meaning assigned to such term in Section 2.21(d).

     

    “Australian General Security Deed” shall mean
        collectively, (a) the General Security Deed dated on or after the Closing Date among the Loan Parties party thereto and the Australian Security Trustee; and (b) one or more other Australian General Security Deeds dated on or after the Closing Date
        among the Loan Parties party thereto and the Collateral Agent or the Australian Security Trustee that secure obligations under the Loan Documents, as the same may be amended, restated, supplemented or otherwise modified from time to time in
        accordance with their respective terms.

     

    “Australian GST Act” shall mean the Australian A New Tax System (Goods and Services Tax) Act 1999 (Cth).

     

    “Australian GST Group” shall mean a GST Group
        as defined in Australian GST Act.

     

    “Australian Loan Party” shall mean a Loan Party
        incorporated, organized or otherwise formed in Australia.

     

    “Australian Pension Plan” shall mean any
        regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cth)) contributed to by, or to which there is or may be an obligation to contribute by, any Loan Party in respect of its Australian employees
        or former employees.

     

    “Australian Priority Payables Reserve” shall
        mean on any date of determination, a reserve in an amount as the Administrative Agent may determine in its Permitted Discretion up to the amounts secured by any rights (whether imposed under a statute of Australia or any state or territory of
        Australia), Liens, choate or inchoate, which rank or are capable of ranking in priority to the Collateral Agent’s, Australian Security Trustee’s and/or the Secured Parties’ Liens and/or for amounts which may represent costs relating to the
        enforcement of the Administrative Agent’s or the Australian Security Trustee’s Liens including, without limitation, to the extent applicable by operation of law, any such amounts due and not paid for wages, superannuation contributions,
        superannuation guarantee charges, leave of absence, injury compensation and retrenchment payments that would have priority in an external administration as specified in Part 5.6 of the Corporations Act, and any claims that have priority under the
        PPSA Australia.

     

    
      9

      
        

    

    

    

    “Australian Reserves” shall mean the sum
        (without duplication) of the Australian Priority Payables Reserve and such additional reserves pertaining to the Australian Borrowers, in such amounts and with respect to such matters, as the Administrative Agent may establish from time to time in
        its Permitted Discretion; provided, that the initial Australian Reserves, if any, shall be as set forth on the Borrowing Base Certificate delivered for
        purposes of the Closing Date.

     

    “Australian Resident Borrower” shall mean each
        of the Australian Borrowers and Tronox Finance LLC, Tronox Pigments Ltd, Tronox Pigments LLC, Tronox Holdings Europe, Tronox Holdings Coöperatief  and Tronox Pigments Netherlands B.V.

     

    “Australian Resident Loan Party” shall mean
        each of the Australian Loan Parties and Tronox Finance LLC, Tronox Pigments Ltd, Tronox Pigments LLC, Tronox Holdings Europe, Tronox Holdings Coöperatief and Tronox Pigments Netherlands B.V., but does not include Holdings.

     

    “Australian Revolving Loan” shall mean a Loan
        made by the Lenders to an Australian Borrower pursuant to Section 2.01(a). Each Australian Revolving Loan shall either be an ABR Revolving Loan or a Eurodollar Revolving
        Loan.

     

    “Australian Security Agreements” shall mean,
        collectively, (a) the Australian Security Trust Deed; (b) each Australian General Security Deed; (c) the Australian Specific Security Deed; and (d) each pledge or security agreement between or among any Loan Party incorporated or organized under
        the laws of the Commonwealth of Australia or any province or territory thereof and the Collateral Agent or the Australian Security Trustee, in each case that secure obligations under the Loan Documents.

     

    “Australian Security Trust” shall mean the
        trust established under the Australian Security Trust Deed.

     

    “Australian Security Trust Deed” shall mean
        that certain Australian Security Trust Deed dated on or after the Closing Date, executed as a deed poll by the Australian Security Trustee.

     

    “Australian Security Trustee” shall mean Wells
        Fargo Bank, National Association or any successor security trustee appointed in accordance with this Agreement.

     

    “Australian Specific Security Deed” means each
        Australian law Specific Security Deed (if any) among the Loan Parties party thereto and the Collateral Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms.

     

    “Australian Subsidiary” shall mean each
        Australian Loan Party and each other Subsidiary of Holdings incorporated, organized or otherwise formed in Australia.

     

     “Australian Tax Act” shall mean the Australian Income Tax Assessment Act 1936 (Cth) or the Australian Income Tax
          Assessment Act 1997 (Cth) (as applicable).

     

    “Available Cash” shall mean, as of any date of
        determination, the aggregate amount of (x) unrestricted cash and Cash Equivalents owned by Holdings and the Restricted Subsidiaries (excluding any Securitization Subsidiary), as reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP but without giving Pro Forma Effect to the receipt of the proceeds of any Indebtedness that is incurred on such date and
        (y) cash and Cash Equivalents restricted in favor of the Collateral Agent and the Term Loan Agent (which may also include cash and Cash Equivalents securing other Indebtedness permitted hereunder that is secured by a Lien on the Collateral in favor
        of the Collateral Agent, the Term Loan Agent or any Senior Representative and Liens permitted pursuant to Section 6.02).

     

    
      10

      
        

    

    

    

    “Average Daily Borrowing Availability” shall
        mean, for any period, the average of the respective Borrowing Availability amounts as at the end of each day during such period.

     

    “Bahamas Receivables Purchase Agreement” shall
        mean that certain Non-Recourse Receivables Purchase Agreement, dated January 18, 2012 (as amended, restated, supplemented and / or modified and in effect as of the Closing Date), or any replacement receivables purchase agreement or similar form of
        agreement between Tronox Bahamas, as seller, and the Bahamas Receivables Purchaser, in such form as may be acceptable to the parties thereto and the Administrative Agent.

     

    “Bahamas Receivables Purchaser” shall mean the
        purchaser under the Bahamas Receivables Purchase Agreement, which shall be a U.S. Borrower, an Australian Borrower or, from and after this Agreement is amended to add a Borrower organized under the laws of the UK in accordance with Exhibit T, a UK Borrower, and which, on the Closing Date, is Tronox Pigments LLC.

     

    “Bahamian Receivables Conditions” shall mean
        the following conditions:

     

    (a)          execution and
        delivery of the Bahamas Receivables Purchase Agreement and related documentation, each in form and substance reasonably satisfactory to the Administrative Agent;

     

    (b)          delivery of (i) legal
        opinions with respect to the Bahamas Receivables Purchase Agreement (which shall provide an opinion that the sale of the receivables, having been made for good and valuable consideration, will be absolute and creditors, trustees, receivers,
        administrators or any other similar person under any Debtor Relief Law would not have any claim to such receivables or the Proceeds thereof in any insolvency or similar proceeding under any Debtor Relief Law involving the seller, subject to any
        fraudulent preference or fraudulent disposition); (ii) evidence that there are no stamp taxes payable in connection with the transactions contemplated as part of the Bahamas Receivables Purchase Agreement (which evidence may be in the form of a
        legal opinion) or evidence that if there are stamp taxes payable in connection with the transactions contemplated as part of the Bahamas Receivables Purchase Agreement), such stamp taxes have been paid or arrangements for payment satisfactory to
        the Administrative Agent have been made; and (iii) all Security Documents executed by the Bahamas Receivables Purchaser and certificates, in each case in form and substance reasonably satisfactory to the Collateral Agent and the Australian Security
        Trustee;

     

    (c)          (i) all Accounts
        relating to the sale of Inventory produced or owned by an Australian Loan Party (including any Accounts arising from “flash sales” or other on-selling arrangements with third party customers) are owned by an Australian Borrower, a U.S. Borrower or,
        from and after this Agreement is amended to add a Borrower organized under the laws of the UK in accordance with Exhibit T, a UK Borrower (other than Accounts owned by
        Tronox Bahamas) and are subject to a perfected, First Priority Lien in favor of the Collateral Agent or the Australian Security Trustee pursuant to documents in form and substance reasonably satisfactory to the Collateral Agent and the Australian
        Security Trustee; and (ii) the Account Debtors with respect to such Accounts make all payments on such Accounts to a bank account owned by an Australian Borrower, a U.S. Borrower or, from and after this Agreement is amended to add a Borrower
        organized under the laws of the UK in accordance with Exhibit T, a UK Borrower and subject to a perfected, First Priority Lien in favor of the Collateral Agent or the
        Australian Security Trustee pursuant to documents (including Control Agreements) in form and substance reasonably satisfactory to the Administrative Agent;

     

    
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    (d)          (i) all Account
        Debtors with respect to Accounts originally owned by Tronox Bahamas (and sold to the Bahamas Receivables Purchaser) relating to the sale of Inventory acquired directly or indirectly from any Australian Loan Party make all payments on such Accounts
        to an account owned by Tronox Bahamas in its capacity as servicer; and (ii) all Proceeds in such accounts are swept on a daily basis to a bank account owned by the Bahamas Receivables Purchaser and subject to a perfected security interest and
        continuing agreement in favor of the Collateral Agent or the Australian Security Trustee pursuant to documents (including Control Agreements) in form and substance reasonably satisfactory to the Agents; and

     

    (e)          the Bahamas
        Receivables Purchase Agreement or a notice filing in respect thereof shall be filed with such Governmental Authority or at such filing office in the Bahamas as is necessary or desirable in the opinion of the Administrative Agent.

     

    “Bail-In Action” means the exercise of any
        Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

     

    “Bail-In Legislation” means, with respect to
        any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
        Legislation Schedule.

     

    “Bailee Letter” shall mean a bailee letter of
        any bailee in possession of any assets of any Loan Party in form and substance reasonably satisfactory to the Administrative Agent.

     

    “Base Rate” shall mean, for any day, a rate per
        annum that is equal to the corporate base rate of interest established by the Administrative Agent from time to time; each change in the Base Rate shall be effective on the date such change is effective. The corporate base rate is not necessarily
        the lowest rate charged by the Administrative Agent to its customers.

     

    “Blocked Borrower” shall Tronox Blocked
        Borrower LLC, a Delaware limited liability company.

     

    “Blocked Term Facility Account” shall have the
        meaning assigned to the term “Blocked Borrower Account” in, and shall be subject to the terms and conditions of, the Intercreditor Agreement.

     

    “Board” shall mean the Board of Governors of
        the Federal Reserve System of the United States.

     

    “Board of Directors” shall mean, with respect
        to any Person, (a) in the case of any corporation, the board of directors of such Person; (b) in the case of any limited liability company, the board of managers of such Person and, in respect of a Person organized under the laws of the
        Netherlands, the managing board (bestuur) and/or the supervisory board (raad

          van commissarissen), as applicable; (c) in the case of any partnership (other than any limited liability partnership), the Board of Directors of the general partner of such Person; and (d) in any other case, the functional equivalent of
        the foregoing.

     

    “Borrower” and “Borrowers” shall have the meaning assigned to such terms in the preamble hereto.

     

    
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    “Borrowing” shall mean (a) Loans of the same
        Class and Type, made, converted or continued on the same date and, in the case of Eurodollar Revolving Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan.

     

    “Borrowing Availability” shall mean at any time
        (I) the lesser of (a) the Aggregate Borrowing Base at such time; and (b) the aggregate amount of the Lenders’ Revolving Commitments at such time, in each case, less (II) the aggregate Revolving Exposure of all Lenders at such time.

     

    “Borrowing Base” shall mean, as the context may
        require, the Aggregate Borrowing Base, the U.S. Borrowing Base, the Australian Borrowing Base and/or the Dutch Borrowing Base.

     

    “Borrowing Base Certificate” shall mean a
        certificate signed by a Financial Officer of the Administrative Borrower delivered to the Administrative Agent, substantially in the form of, and containing the information prescribed by Exhibit S, setting forth the Borrowers’ calculation of the Australian Borrowing Base, the Dutch Borrowing Base, the U.S. Borrowing Base and the Aggregate Borrowing Base.

     

    “Borrowing Request” shall mean a request by the
        Administrative Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit

            C, or such other form as shall be approved by the Administrative Agent.

     

     “Business Day” shall mean any day other than a
        Saturday, Sunday or other day on which banks in New York City are authorized or required by law to close; provided, however, that when used in connection with (a) a Eurodollar Revolving Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the
        London interbank market, (b) a Euro Denominated Loan, the term “Business Day” shall also exclude any day on which the Trans-European Real-time Gross Settlement Operating System (or any successor operating system) is not operating (as determined in
        good faith by the Administrative Agent).

     

    “Canadian Dollars” shall mean the lawful
        currency of Canada.

     

    “Capital Lease Obligations” of any Person shall
        mean an obligation that is a Capitalized Lease; and the amount of Indebtedness represented thereby at any time shall be the amount of the liability in respect thereof that would at that time be required to be capitalized on a balance sheet in
        accordance with GAAP as in effect on the Closing Date.

     

    “Cash Dominion Period” shall mean, any period
        (i) commencing on the date that (A) a Specified Event of Default shall have occurred and be continuing or (B) the Borrowing Availability for five (5) consecutive Business Days shall be less than the greater of (x) $40,000,00030,000,000
        and (y) 12.5% of the aggregate Revolving Commitments in effectAggregate Borrowing Base at such time; and (ii) continuing until, during the preceding 30 consecutive days, no Specified Event of Default has existed on any day
        and the Borrowing Availability has at all times been greater than the greater of (A) $40,000,00030,000,000 and (B) 12.5% of the aggregate

            Revolving Commitments in effectAggregate Borrowing Base at such time.

     

    “Cash Equivalents”  shall mean, as at any date
        of determination, any of the following: (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations
        of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (b) marketable direct obligations issued by any state of the United States of America or any political subdivision of any
        such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper
        maturing no more than six months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances (or, in
        the case of Non-U.S. Entities, the foreign equivalent thereof) maturing within six months after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof
        or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (ii) has Tier 1 capital (as defined in such regulations) of not less than $500,000,000 (or, in
        the case of a Non-U.S. Entity that is incorporated in Australia, issued or accepted by any Lender or commercial bank incorporated in Australia or authorised deposit-taking institution (as defined in the Banking Act 1959 (Cth)) and which has a
        rating of at least A-1 from S&P or at least P-1 from Moody’s); (e) demand deposit accounts holding cash, (f) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments
        referred to in clauses (a) and (b) above, (ii) has net assets of not less than $3.0 billion,
        and (iii) has the highest rating obtainable from either S&P or Moody’s and (g) other short-term investments of a type analogous to the foregoing utilized by Non-U.S. Entities; provided, that, in the case of any Investment by a Non-U.S. Entity, “Cash Equivalents” shall also include: (w) direct obligations of the sovereign nation (or any agency thereof) in which such Non-U.S. Entity is
        organized and is conducting business or in obligations fully and unconditionally guaranteed by such sovereign nation (or any agency thereof), (x) investments of the type and maturity described in clauses (a) through (f) above of obligors that are Non-U.S. Entities, which Investments or obligors (or the parents of such obligors) have
        ratings described in such clauses or equivalent ratings from comparable foreign rating agencies, (y) repurchase obligations of any Affiliate of an Arranger or any commercial bank (or any Affiliate thereof) satisfying the requirements of clause (d) above, in each case having a term of not more than six months; and (z) other Investments consistent with the cash investment policy of Holdings, as such cash
        investment policy is in effect on the Closing Date.

     

    
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    “Cash Management Obligations” means
        (a) obligations in respect of any treasury management services, overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash management services or any automated clearing house transfers of funds and
        (b) other obligations in respect of netting services, employee credit, commercial credit card, debit card, stored value card or purchase card programs and similar arrangements.

     

    “Cash Management System” shall have the meaning
        assigned to such term in Section 2.22.

     

    “Casualty Event” shall mean any involuntary
        loss of title, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any material property of Holdings or any of its Restricted Subsidiaries. For the avoidance of
        doubt, “Casualty Event” shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law, or by
        reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of any Person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof.

     

    A “Change in Control” shall be deemed to have
        occurred if:

     

    (a)          at any time after
        the date hereof, (i) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other than (x) Exxaro or (y) Cristal or any of and their respective Affiliates (a) shall have acquired beneficial ownership or control
        of more than 50% on a fully diluted basis of the voting and/or economic interest in the Equity Interests of Holdings or (b) shall have obtained the power (whether or not exercised) to elect a majority of the members of the Board of Directors of
        Holdings; (ii) Holdings (or, in the event a Top Hat Transaction has been consummated, a Parent Entity of Holdings) shall
        cease to beneficially own and control, directly or indirectly, 100% on a fully diluted basis of the economic and voting interest in the Equity Interests of the Borrowereach Loan Party (except as expressly permitted under this
            Agreement); or (iii) the majority of the seats (other than vacant seats) on the Board of Directors of Holdings (or, in the
            event a Top Hat Transaction is consummated, a Parent Entity of Holdings) cease to be occupied by Persons who either (a) were members of the Board of Directors of HoldingsTronox Limited on the Closing
        Date or (b) were nominated for election by the Board of Directors of HoldingsTronox Limited, a majority of whom were directors on the Closing Date or whose election or nomination for election was previously approved by a
        majority of such directors; or

     

    
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    (b)          there shall  have
        occurred a “change in control” (or corresponding definition) under the Senior Unsecured 2022 Notes, the New Notes, the Term Loan Agreement or any other agreement with respect to Material Indebtedness of Holdingsany Holding Company
        or other Loan Party.

     

    For purposes of this definition, (i) “beneficial ownership” shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, and (ii) the phrase
        Person or “group” is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or “group” and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary
        or administrator of any such plan”.

     

    “Change in Law” shall mean the occurrence,
        after the date of this Agreement, of any of the following: (a) the adoption or taking into effect of any law, treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the administration,
        interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives
        thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
        United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

     

    “Charges” shall have the meaning assigned to
        such term in Section 10.14.

     

    “Chattel Paper” shall mean all “chattel paper,”
        as such term is defined in the PPSA Australia or the UCC as in effect on the date hereof in the State of New York, as applicable, in which any Person now or hereafter has rights.

     

    “Class,” when used in reference to any Loan or
        Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or Swingline
        Commitment, in each case, under this Agreement as originally in effect or pursuant to Section 2.20, of which such Loan, Borrowing or Commitment shall be a part.

     

    “Clean-Up Period” shall have the meaning
        assigned to such term in Section 8.03.

     

    
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    “Closing Date” shall mean the date on which the
        conditions set forth in Article IV of this Agreement are satisfied and the agreement becomes effective pursuant to the provisions of Section 10.06, such date being September 22, 2017.

     

    “Closing Date Refinancing” means, collectively,
        (i) the repayment, redemption, repurchase or other discharge of the Indebtedness evidenced by the Existing Credit Agreement, the Senior Unsecured 2020 Notes and the Term Loan Agreement (as such term is defined in the Existing Credit Agreement),
        each in accordance with payoff letters reasonably satisfactory to the Administrative Agent, and (ii) the termination of all commitments to extend credit in respect of the Indebtedness described in the foregoing clause (i) and (iii) the termination and release of any security interests and guarantees in connection therewith, in each case pursuant to documentation reasonably satisfactory to the Administrative
        Agent.

     

    “Code” shall mean the Internal Revenue Code of
        1986, as amended from time to time.

     

    “Collateral” shall mean, collectively, all of
        the Security Agreement Collateral, the Mortgaged Property and all other property of whatever kind and nature subject or purported to be subject from time to time to a Lien under any Security Document.

     

    “Collateral Agent” shall have the meaning
        assigned to such term in the preamble hereto.

     

    “Collection Account” shall have the meaning
        assigned to such term in Section 2.22.

     

    “COMI” means the centre of main interests (as
        that term is used in Article 3(1) of the EU Insolvency Regulation).

     

    “Commercial Letter of Credit” shall mean any
        letter of credit or similar instrument issued for the purpose of providing credit support in connection with the purchase of materials, goods or services by the Borrowers or any of their respective Subsidiaries in the ordinary course of their
        businesses.

     

    “Commitment” shall mean, with respect to any
        Lender, such Lender’s Revolving Commitment or Swingline Commitment, and any adjustment to such Lender’s Revolving Commitment pursuant to the provisions set forth in Section 2.20.

     

    “Commitment Fee” shall have the meaning
        assigned to such term in Section 2.05(a).

     

    “Commodity Exchange Act” means the Commodity
        Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

     

    “Companies” shall mean Holdings and its
        Restricted Subsidiaries; and “Company” shall mean any one of them.

     

    “Compliance Certificate” shall mean a
        certificate of a Financial Officer substantially in the form of Exhibit D.

     

    “Confidential Information Memorandum” shall
        mean that certain confidential information memorandum used in the primary syndication of the credit facilities provided for in this Agreement.

     

    “Consolidated Adjusted EBITDA” means, for any
        period, the Consolidated Net Income for such period, plus:

     

    
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    (a)          without duplication and to the
        extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

     

    (i)          total interest expense and, to the
        extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such
        derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

     

    (ii)          provision for taxes based on
        income, profits, revenue or capital, including federal, foreign and state income, franchise, and similar taxes based on income, profits, revenue or capital and foreign withholding taxes paid during such period (including in respect of repatriated
        funds) including penalties and interest related to such taxes or arising from any tax examinations,

     

    (iii)          depreciation, depletion and
        amortization (including  amortization of deferred financing fees or costs (including original issue discount)),

     

    (iv)          other non-cash charges  (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) Holdings may determine not
        to add back such non-cash charge in the current period or (B) to the extent Holdings decides to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated Adjusted EBITDA to such
        extent), and excluding amortization of a prepaid cash item that was paid in a prior period,

     

    (v)          [intentionally omitted],

     

    (vi)        losses or discounts on sales of
        receivables and related assets in connection with any Permitted Receivables Financing,

     

    (vii)          cash receipts (or any netting
        arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Adjusted EBITDA in any prior period to the extent non-cash gains relating to such receipts were deducted in the calculation of Consolidated
        Adjusted EBITDA pursuant to clause (c) below for any previous period and not added back,

     

    (viii)        (A) any costs or expenses
        incurred or paid by Holdings (or any direct or indirect parent thereof) or any Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or long term incentive plan or
        agreement, any severance agreement or any stock subscription or shareholder agreement, and (B) any charge in connection with the rollover, acceleration or payout of equity interests held by management and members of the board of Holdings (or any
        direct or indirect parent thereof), in each case under this clause (B), to the extent any such cash charge is funded with net cash proceeds contributed to Holdings as a
        capital contribution or as a result of net cash proceeds of an issuance of Equity Interests (other than Disqualified Capital Stock, any “specified equity contribution” or any “excluded contribution” (other than any such excluded contribution
        designated for such purpose)) of Holdings,

     

    
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    (ix)          any net pension or other
        post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost)
        existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature,

     

    (x)            charges attributable to, and
        payments of, legal settlements, fines, judgments or orders,

     

    (xi)          to the extent deducted in the
        calculation of Consolidated Net Income, earn-out obligation expense incurred in connection with any acquisition or other investment (including any acquisition or other investment consummated prior to the Closing Date) which is paid or accrued
        during the applicable period,

     

    (xii)          to the extent not otherwise
        included in Consolidated Net Income, proceeds of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not then received so long as Holdings in good
        faith expects to receive such proceeds within the next four fiscal quarters (it being understood that to the extent such proceeds are not actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated
        Adjusted EBITDA for such fiscal quarters)),

     

    (xiii)       the amount of any charge or
        deduction associated with any Restricted Subsidiary that is attributable to any non-controlling interest or minority interest of any third party,

     

    (xiv)        charges, expenses or losses
        incurred in connection with any Tax Restructuring (in each case, whether or not consummated), and

     

    (xv)        charges relating to the sale of
        products in new locations, including, without limitation, start-up costs, initial testing and registration costs in new markets, the cost of feasibility studies, travel costs for employees engaged in activities relating to any or all of the
        foregoing and the allocation of general and administrative support in connection with any or all of the foregoing

     

    plus

     

    (b)          without duplication, the amount of
        “run rate” cost savings, operating expense reductions and synergies related to the Transactions, the Cristal Acquisition and any restructuring, cost saving initiative or other initiative that are projected by Holdings in good faith to be realized
        as a result of actions that have been taken or initiated or are expected to be taken or initiated on or prior to the date that is eight fiscal quarters after the end of the relevant Test Period or, in the case of the Transactions, the Closing Date
        (including restructuring and integration charges) (which cost savings shall be added to Consolidated Adjusted EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the
        relevant period), net of the amount of actual benefits realized from such actions (it being understood that “run rate” shall mean the full reasonably expected recurring benefit during the eight fiscal quarter period referred to above that is
        associated with the relevant action); provided that (A) such cost savings are factually supportable and reasonably identifiable and (B) no cost savings,
        operating expense reductions or synergies shall be added pursuant to this clause (b) to the extent duplicative of any expenses or charges relating to such cost savings,
        operating expense reductions or synergies that are included in clause (a) above or are excluded from Consolidated Net Income pursuant to clause (a) of the definition thereof; less

     

    
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    (c)          without duplication and to the
        extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

     

    (i)          (i)          non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated
        Adjusted EBITDA in any prior period),

     

    (ii)          the amount of any non-controlling
        interest consisting of loss attributable to non-controlling interests of third parties in any Restricted Subsidiary that is not a wholly-owned subsidiary added to and not deducted in such period from Consolidated Net Income, and

     

    (iii)        cash expenditures (or any netting
        arrangements resulting in increased cash expenditures) not representing Consolidated Adjusted EBITDA in any period to the extent non-cash losses relating to such expenditures were added to the calculation of Consolidated Adjusted EBITDA for any
        previous periods and not subtracted back;

     

    in each case, as determined on a consolidated basis for Holdings and the Restricted Subsidiaries in accordance with GAAP; provided that:

     

    (I)          there shall be included in
        determining Consolidated Adjusted EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property, business or asset acquired by Holdings or any Restricted Subsidiary during such period (other than any Unrestricted
        Subsidiary) whether such acquisition occurred before or after the Closing Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to
        the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), in each case based on the Acquired EBITDA of such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or
        conversion) determined on a historical Pro Forma Basis,

     

    (II)          there shall be (A) excluded in
        determining Consolidated Adjusted EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other than any Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued
        operations by Holdings or any Restricted Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such
        operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a “Sold
          Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a “Converted

          Unrestricted Subsidiary”), in each case based on the Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer, disposition,
        closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated Adjusted EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma
        Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment certificate delivered to the Administrative Agent (for further
        delivery to the Lenders), and

     

    
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    (III)          Consolidated Adjusted EBITDA
        shall be increased (with respect to losses) or decreased (with
        respect to gains) by, without duplication, any net realized gains and losses relating to (i) amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net realized gains and losses from exchange rate
        fluctuations on intercompany balances and balance sheet items, net of realized gains or losses from related Swap Agreements (entered into in the ordinary course of business or consistent with past practice)) or (ii) any other amounts denominated in
        or otherwise trued-up to provide similar accounting as if it were denominated in foreign currencies.

     

    “Consolidated Capital Expenditures” shall mean,
        for any period, for any period, the additions to property, plant and equipment and other capital expenditures of Holdings and the Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of Holdings for
        such period prepared in accordance with GAAP.

     

    “Consolidated Fixed Charge Coverage Ratio”
        shall mean, for any Test Period, the ratio of (a) the sum of (I) Consolidated Adjusted EBITDA for such Test Period (without giving effect to clause (xv) of the definition of “Consolidated Adjusted EBITDA”) minus (II)
        the aggregate amount of Consolidated Capital Expenditures paid in cash for such period (other than (i) financed with the incurrence of long-term Indebtedness (other than Loans hereunder), (ii) made to restore, replace or rebuild assets subject to
        casualty or condemnation events to the extent made with the cash proceeds of insurance or condemnation awards, (iii) to the extent made with cash proceeds of Asset Sales permitted hereunder and/or (iv) constituting capital assets acquired in a
        Permitted Acquisition or similar Investment) to (b) Consolidated Fixed Charges for such Test Period; provided that, in connection with any calculation of the
        Consolidated Fixed Charge Coverage Ratio hereunder, Holdings shall provide to the Administrative Agent reasonably detailed information setting forth, with respect to each of the defined terms applicable to the determination of the Consolidated
        Fixed Charge Coverage Ratio hereunder, all applicable amounts attributable to Holdings and its Restricted Subsidiaries, collectively, on the one hand, and the Unrestricted Subsidiaries, collectively, on the other hand.

     

    “Consolidated Fixed Charges” shall mean, for
        any period, the sum, without duplication, of:

     

    (a)          consolidated interest
        expense for such period of Holdings and its Restricted Subsidiaries (calculated in accordance with GAAP) paid in cash, minus, the total consolidated
        interest income of the Companies for such period, minus, any one-time financing fees to the extent included in consolidated interest expense for such
        period (provided the foregoing shall be calculated after giving effect to net payments, if any, made and received pursuant to interest rate Swap Agreements
        with to respect to Indebtedness);

     

    (b)          all cash payments made by Holdings and its Restricted Subsidiaries in respect of income taxes made during such
          period (net of any cash refund in respect of income taxes actually received during such period);

     

    
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    (c)          the principal amount
        of all scheduled amortization payments on all long-term Indebtedness paid in cash of Holdings and its Restricted Subsidiaries for such period (as determined on the first day of the respective period and after giving effect to any reduction thereof
        due to mandatory or permitted prepayments on such Indebtedness); provided that for the avoidance of doubt, it is agreed that any principal payments at final
        maturity made with identifiable proceeds of Indebtedness or equity to the extent such Indebtedness or equity was incurred to refinance, replace or refund the entire outstanding principal amount of such Indebtedness shall not be included in this clause (c);

     

    (d)          the product of (i) all cash dividend payments on any series of Disqualified Capital Stock of Holdings or any of its Restricted Subsidiaries (other than
        dividend payments to any Loan Party) multiplied by (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of Holdings and its Subsidiaries, expressed as a decimal; and

     

    (e)          the product of (i) all cash dividend payments on any Preferred Stock (other than Disqualified Capital Stock) of Holdings or any of its Restricted Subsidiaries
        (other than dividend payments to any Loan Party) multiplied by (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of Holdings and its Restricted Subsidiaries, expressed as a decimal.

     

    “Consolidated Net Debt” shall mean, as of any
        date of determination, the outstanding principal amount of all third party Indebtedness for borrowed money (including purchase money Indebtedness), unreimbursed drawings under letters of credit to the extent not reimbursed within one Business Day
        following the drawing thereof, Capital Lease Obligations (other than 2017 GAAP Leases) and third party Indebtedness obligations evidenced by bonds, debentures, notes or similar instruments, in each case of Holdings and the Restricted Subsidiaries
        on such date, on a consolidated basis and determined in accordance with GAAP (but without giving effect to any election to value any such Indebtedness at “fair value” or any other accounting principle that results in any such Indebtedness (other
        than zero coupon Indebtedness) being reflected as an amount below the stated principal amount thereof and excluding, in any event, the effects of any discounting of Indebtedness resulting from the application of acquisition method accounting in
        connection with any Permitted Acquisition or other Investment) minus all Available Cash. For the avoidance of doubt, Consolidated Net Debt shall not
        include any of the foregoing to the extent owed by Unrestricted Subsidiaries.

     

    “Consolidated Net Income” shall mean, for any
        period, the net income (loss) of Holdings and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, excluding, without duplication:

     

    (a)          extraordinary, exceptional unusual
        or non-recurring gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or
        reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities’ opening costs, restructuring charges, accruals or reserves (including restructuring and integration costs related to
        acquisitions after the Closing Date and adjustments to existing reserves and any restructuring charge relating to any Tax Restructuring), whether or not classified as restructuring expense on the consolidated financial statements, business
        optimization charges, systems implementation charges, charges relating to entry into a new market, consulting charges, software development charges, charges associated with new systems design, project startup charges, charges in connection with new
        operations, corporate development charges, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit
        plans (including any settlement of multi-employer plan or pension liabilities), for such period,

     

    
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    (b)          the cumulative effect of a change
        in accounting principles during such period to the extent included in Consolidated Net Income,

     

    (c)          Transaction Costs, including (i)
        payment of any severance and the amount of any other success, change of control or similar bonuses or payments payable to any current or former employee, director, officer or consultant of Holdings or any of its Subsidiaries as a result of the
        Transaction without the requirement of any action on the part of Holdings or any of its Subsidiaries, and (ii) costs in connection with payments related to the rollover, acceleration or payout of equity interests and stock options held by
        management and members of the board of the Borrower and its Subsidiaries, including the payment of any employer taxes related to the items in this clause (c), and similar
        costs, expenses or charges incurred in connection with the Cristal Acquisition and any other Permitted Acquisition or Specified Transaction,

     

    (d)          the net income (loss) for such
        period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting, except to the extent of the amount of dividends or distributions or other similar payments
        that are actually paid in cash (or to the extent converted into cash) by such Person to Holdings or any Restricted Subsidiary during such period,

     

    (e)          any fees and expenses (including
        any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity
        securities (including any Public Offering of Holdings or any direct or indirect parent company), refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to
        the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the
        avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),

     

    (f)          any income (loss) for such period
        attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,

     

    (g)          accruals and reserves that are
        established or adjusted in accordance with GAAP (including any adjustment of estimated payouts on existing earnouts, inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible assets, in-process research and
        development, deferred revenue, advanced billings and debt line items thereof) resulting from the application of recapitalization accounting or the acquisition method of accounting, as the case may be, in relation to the Transactions, the Cristal
        Acquisition or any consummated acquisition or the amortization or write-off of any amounts thereof) or changes as a result of the adoption or modification of accounting policies during such period,

     

    (h)          all Non-Cash Compensation
        Expenses,

     

    
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    (i)          any income (loss) attributable to
        deferred compensation plans or trusts, any employment benefit scheme or any similar equity plan or agreement,

     

    (j)          [intentionally omitted],

     

    (k)          any gain (loss) on asset sales,
        disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are
        subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of),

     

    (l)          any non-cash gain (loss)
        attributable to the mark to market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815-Derivatives and Hedging or mark to market movement of other financial
        instruments pursuant to FASB Accounting Standards Codification 825-Financial Instruments; provided that any cash payments or receipts relating to
        transactions realized in a given period shall be taken into account in such period,

     

    (m)          any non-cash gain (loss) related
        to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances or any other currency-related risk), unrealized or realized net
        foreign currency translation or transaction gains or losses impacting net income,

     

    (n)          any non-cash expenses, accruals or
        reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be
        subtracted from Consolidated Net Income for the period in which such cash payment was made),

     

    (o)          any impairment charge or asset
        write-off or write-down related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities;

     

    (p)          the effects of purchase
        accounting, fair value accounting or recapitalization accounting adjustments (including the effects of such adjustments pushed down to the referent Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair
        value accounting or recapitalization accounting in relation to the Transactions, the Cristal Acquisition or any acquisition consummated before or after the Closing Date, and the amortization, write-down or write-off of any amounts thereof, net of
        taxes, will be excluded; and

     

    (q)          all discounts, commissions, fees
        and other charges (including interest expense) associated with any Permitted Receivables Financing will be excluded.

     

    In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds
        received or, so long as Holdings has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within
        365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), due from business interruption insurance or reimbursement of
        expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other Investment or any disposition of any asset permitted hereunder.

     

    
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    “Contractual Obligation” shall mean, as applied
        to any Person, any provision of any security or other Equity Interest issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of
        its properties is bound or to which it or any of its properties is subject.

     

    “Contribution Amount” has the meaning given in
        subsection 444-90(1A) in Schedule 1 of the Australian Taxation Administration Act 1953 (Cth).

     

    “Control Agreement” shall mean a power of
        attorney, or signing rights “control agreement” or other similar agreement, in each case in form and substance reasonably acceptable to the Collateral Agent and containing terms regarding the waiver of any set-off rights by the depositary bank and
        the treatment of all cash and other amounts on deposit in (or credited to) the respective Controlled Account governed by such Control Agreement consistent with the requirements of Section

            2.22.

     

    “Control Agreement Effective Date” shall mean,
        the date (i) in the case of an obligation to enter into a Control Agreement arising on the Closing Date, that is 90 days after the Closing Date, (ii) in the case of an obligation to enter into a Control Agreement arising upon the consummation of
        the Cristal Acquisition, that is 120 days after the consummation of the Cristal Acquisition and (iii) in the case of any other obligation to enter into a Control Agreement arising after the Closing Date, that is 90 days after the date of such
        obligation, in each case, as may be extended by the Administrative Agent in its sole discretion.

     

    “Controlled Accounts” shall have the meaning
        assigned to such term in Section 2.22.

     

    “Converted Restricted Subsidiary” has the
        meaning assigned to such term in the definition of “Consolidated Adjusted EBITDA.”

     

    “Converted Unrestricted Subsidiary” has the
        meaning assigned to such term in the definition of “Consolidated Adjusted EBITDA.”

     

    “Corporations Act” shall mean the Australian Corporations Act 2001 (Cth).

     

    “Cost” shall mean, as determined by the Agents
        in good faith consistent with customary industry practice for asset-based financings in the chemical industry, with respect to Inventory, the lower of (a) landed cost computed on a first-in first-out or weighted average cost basis (as elected by
        the Administrative Borrower) in accordance with GAAP (or such other GAAP compliant costing method so long as the Administrative Borrower shall have provided ninety (90) days notice to the Administrative Agent) or (b) market value; provided, that for purposes of the calculation of any Borrowing Base, (i) the Cost of the Inventory shall not include: (A) the portion of the cost of Inventory
        equal to the profit earned by any Affiliate on the sale thereof to a Borrower or (B) write-ups or write-downs in cost with respect to currency exchange rates (it being understood that the Cost of Inventory included in any Borrowing Base Certificate
        shall be determined using the currency exchange rate as of the month-end to which such Borrowing Base Certificate relates); and (ii) notwithstanding anything to the contrary contained herein, the cost of the Inventory shall be computed in the same
        manner and consistent with the most recent Inventory Appraisal which has been received and approved by the Agents in their reasonable discretion consistent with customary industry practice for asset-based financings in the chemical industry.

     

    “Covenant Testing Period” shall mean any period
        (a) commencing on the date that Borrowing Availability shall be less than the greater of (A) $40,000,000 and (B) 10% of the aggregate Revolving Commitments in effect at such time (such trigger, the “Covenant Testing Trigger”); provided that the occurrence of the Covenant Testing Trigger is solely triggered by a
        decline in the Aggregate Borrowing Base resulting from an updated appraisal or field examination with respect to assets or property comprising any part of the Borrowing Base, the Borrowers shall have one Business Day to increase the Borrowing Availability such that the Covenant Testing Trigger does not apply (during which period the Lenders shall not be obligated to make Loans and Issuing Banks shall not
        be required to issue, renew or extend any Letters of Credit); and (b) continuing until, during the preceding 30 consecutive days, Borrowing Availability has at all times been greater than the greater of (i) $40,000,000 and (ii) 10% of the aggregate
        Revolving Commitments in effect at such time.

     

    
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    “Covenant Testing Trigger” has the meaning
        assigned to such term in the definition of “Covenant Testing Period.”

     

    “Credit Extension” shall mean, as the context
        may require, (i) the making of a Loan by a Lender (other than Incremental Loans) or (ii) the issuance of any Letter of Credit, or the amendment, extension or renewal of any existing Letter of Credit, by the Issuing Bank (other than any such
        amendment, modification, renewal or extension that does not increase the Stated Amount of the relevant Letter of Credit).

     

    “Cristal” means The National Titanium Dioxide
        Company, Limited.

     

    “Cristal ABL Agreement” shall mean that certain
        Credit Agreement dated as of March 18, 2014 (as amended, restated and/or supplemented and in effect as of the Closing Date), by and among Cristal USA Inc., Cristal Inorganic Chemicals Switzerland Ltd., the other parties thereto, and Wells Fargo
        Bank, National Association.

     

    “Cristal Acquired Subsidiary” shall mean each
        Subsidiary of Cristal which as of the Closing Date are party to the Cristal ABL Agreement.

     

    “Cristal Acquisition” shall mean, the
        acquisition by Holdings and certain of its Subsidiaries of the TiO(2) business of The National Titanium Dioxide Company Limited pursuant to and in accordance with the terms of the Cristal Acquisition Transaction Agreement.

     

    “Cristal Acquisition Transaction Agreement”
        shall mean, the Transaction Agreement, dated as of February 21, 2017 (as amended, restated and/or supplemented) by and among The National Titanium Dioxide Company Limited, the CompanyTronox Limited, and, solely for purposes
        of certain provisions thereof, Cristal Inorganic Chemicals Netherlands Coöperatief W.A.

     

    “Cristal Closing Date” shall have the meaning
        assigned to such term in Section 1.10(d).

     

    “Debtor Relief Law” shall mean Title 11 of the
        United States Code, and all other liquidation, administration, company voluntary arrangement, scheme of arrangement, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
        reorganization, or similar debtor relief laws of the U.S. or other applicable jurisdictions (whether state, provincial, federal or foreign) from time to time in effect, including the Dutch Bankruptcy Code (Fallissementswet), Chapter 3.5.5 of the Dutch Financial Markets Supervisions Act (Wet op het financieel toezicht),

        the Bankruptcy Act 1966 (Cth), the Corporations Act or the Insolvency Act 1986 (UK).

     

    “Default” shall mean any event, occurrence or
        condition which is, or upon notice, lapse of time or both would constitute, an Event of Default.

     

    
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    “Default Rate” shall have the meaning assigned
        to such term in Section 2.06(c).

     

    “Defaulting Lender” shall mean any Lender, as
        determined by the Administrative Agent, that (a) has failed to fund any portion of its Loans or participations in Letters of Credit or Swingline Loans required to be funded by it hereunder within two (2) Business Days of the date required to be
        funded by it hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions
        precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied; (b) has notified the Administrative Agent, the Issuing Bank, the Swingline Lender, any Lender and/or the Borrowers in writing
        that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in
        which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder or thereunder and states that such position is based on such Lender’s determination that a condition precedent
        to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (c) has failed, within three (3) Business Days after request by the
        Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of
        such written confirmation by the Administrative Agent and the Borrowers); (d) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of
        the date when due, unless the subject of a good faith dispute; or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,
        conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
        regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender
        solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
        immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
        contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
        through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.19) upon delivery of written notice of such determination to the Borrowers, the Issuing Bank, each Swingline Lender and each Lender.

     

    “Defaulting Lender Rate” means (a) for the
        first three days from and after the date the relevant payment is due, the Alternate Base Rate, and (b) thereafter, the interest rate then applicable to Revolving Loans that are ABR Loans (inclusive of the Base Rate Margin applicable thereto.

     

    “Designated Non-Cash Consideration” means the
        Fair Market Value of non-cash consideration received by Holdings or any Restricted Subsidiary in connection with a Disposition pursuant to Section 6.08(c) that is
        designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of Holdings, setting forth the basis of such valuation (which amount will be reduced by the Fair Market Value of the portion of the non-cash
        consideration converted to cash within 180 days following the consummation of the applicable Asset Sale).

     

    
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    “Direct Competitor” shall mean (a) any producer
        or miner of titanium dioxide pigment set forth on Schedule 1.01(e), as such schedule may be updated from time to time by Holdings by delivery of an updated Schedule 1.01(e) to the Administrative Agent for distribution to the Lenders (it being understood and agreed that (a) any Person that is listed on such schedule that is not a
        producer or miner of titanium dioxide pigment shall in no event be deemed a Direct Competitor; (b) any updates to such schedule shall not take effect until the Business Day that is five (5) Business Days after the date such updated schedule is
        distributed to the Lenders) and (c) any Affiliate of any Person described in clauses (a) and (b)
        above that is either identified in writing to the Administrative Agent.

     

    “Disposed EBITDA” means, with respect to any
        Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated Adjusted EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to Holdings
        and the Restricted Subsidiaries in the definition of “Consolidated Adjusted EBITDA” (and in the component financial definitions used therein) were references to such Sold Entity or Business and its subsidiaries or to such Converted Unrestricted
        Subsidiary and its subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted Subsidiary.

     

    “Disqualified Capital Stock” shall mean any
        Equity Interest which, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable
        (other than solely for Equity Interests which are not otherwise Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise; (b) is redeemable at the option of the holder thereof (other than solely for Equity Interests which are
        not otherwise Disqualified Capital Stock), in whole or in part; (c) provides for the scheduled payments or dividends in cash; or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute
        Disqualified Capital Stock, in each case, prior to the date that is 91 days after the Revolving Maturity Date, except, in the case of clauses (a) and (b), if as a result of a change of control or asset sale, so long as any rights of the holders thereof upon the occurrence of such a change of control or asset sale event are
        subject to the prior payment in full of all Obligations.

     

    “Dollar Denominated Loan” shall mean each Loan
        denominated in dollars at the time of the incurrence thereof.

     

    “Dollar Equivalent” shall mean, (a) as to any
        amount denominated in euros as of any date of determination, the amount of dollars that would be required to purchase the amount of euros based upon the spot selling rate at which the Administrative Agent offers to sell euros for dollars in the
        London foreign exchange market at approximately 11:00 a.m. London time on such date for delivery two (2) Business Days later; and (b) as to any amount denominated in any currency other than dollars or euros, the amount of dollars that would be
        required to purchase the amount of such other currency based upon the spot selling rate at which the Administrative Agent offers to sell such other currency for dollars in the London foreign exchange market at approximately 11:00 a.m. London time
        on such date for delivery two (2) Business Days later.

     

     “dollars” or “$” shall mean lawful money of the United States.

     

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

     

    
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    “Drawing Document” means any Letter of Credit
        or other document presented for purposes of drawing under any Letter of Credit, including by electronic transmission such as SWIFT, electronic mail, facsimile or computer generated communication.

     

    “Dutch Borrowers” shall mean (a) the Initial
        Dutch Borrowers and (b) any Additional Co-Borrower organized under the laws of the Netherlands that may become a party hereto after the date hereof.

     

    “Dutch Borrowing Base” shall mean at any time,
        subject to adjustment as provided in Section 2.21, an amount equal to the sum (expressed in dollars, based on the Dollar Equivalent thereof) of, without duplication, the
        lesser of:

     

    (a)       (i)          the book value of the Dutch Eligible Accounts multiplied by the Accounts Advance Rate; plus

     

    (ii)          the lesser of, (A) the Inventory Cost Advance Rate multiplied by the Cost of the Dutch Eligible Inventory of the, and (B) the Inventory Recovery Advance Rate multiplied by the Net Recovery Cost Percentage multiplied by the Cost of
          the Dutch Eligible Inventory; minus

     

    (iii)          any Dutch Reserves then in effect established from time to time by the Administrative Agent, in the exercise of its Permitted Discretion; and

     

    (b)          40% of the aggregate
        Revolving Commitments in effect at such time.

     

    Notwithstanding anything to the contrary, the aggregate of the Dutch Borrowing Base and the Australian Borrowing Base shall not exceed
        40% of the aggregate Revolving Commitments in effect at such time.

     

    The Dutch Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate theretofore
        delivered to the Administrative Agent with such adjustments as the Administrative Agent deem appropriate, in its Permitted Discretion to correct errors, to implement Reserves or to adjust for fluctuations in the currency exchange rate relating to
        assets comprising the Dutch Borrowing Base.

     

    “Dutch Civil Code” shall mean the civil code of
        the Netherlands (Burgerlijk Wetboek).

     

    “Dutch Eligible Accounts” shall have the
        meaning assigned to such term in Section 2.21(b).

     

    “Dutch Eligible In-Transit Inventory” shall
        mean Inventory owned by a Dutch Borrower that otherwise satisfies the criteria for Dutch Eligible Inventory set forth herein but is located outside of the Netherlands and which is (i) in transit from a third party, or (ii) in transit from a Loan
        Party from a location in the United States of America or Australia to either the premises of a Freight Forwarder in the Netherlands, or the premises of such Dutch Borrower in the Netherlands which are either owned and controlled by such Dutch
        Borrower or leased by such Dutch Borrower; provided, that no Inventory shall be Dutch Eligible In-Transit Inventory unless:

     

    (a)          the Collateral Agent,
        on behalf of Secured Parties, has a perfected, First Priority Lien upon such Inventory and all documents of title with respect thereto;

     

    
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    (b)          such Inventory either
        (i) is the subject of a negotiable bill of lading (A) in which the Collateral Agent is named as the consignee (either directly or by means of endorsements); (B) that was issued by the carrier respecting such Inventory that is subject to such bill
        of lading; and (C) that is in the possession of the Collateral Agent or the Freight Forwarder handling the importing, shipping and delivery of such Inventory, in all cases acting on the Collateral Agent’s behalf subject to a Freight Forwarder
        Letter, duly authorized, executed and delivered by such Freight Forwarder; or (ii) is the subject of a negotiable forwarder’s cargo receipt and such cargo receipt on its face indicates the name of the Freight Forwarder as a carrier or multi-modal
        transport operator and has been signed or otherwise authenticated by it in such capacity or as a named agent for or on behalf of the carrier or multi-modal transport operator, in any case respecting such Inventory and either (A) names the
        Collateral Agent as the consignee (either directly or by means of endorsements); or (B) is in the possession of the Collateral Agent or the Freight Forwarder handling the importing, shipping and delivery of such Inventory, in all cases acting on
        Agent’s behalf subject to a Freight Forwarder Letter, duly authorized, executed and delivered by such Freight Forwarder;

     

    (c)          such Dutch Borrower
        has title to such Inventory and such Inventory is not subject to any title reservation right or provision;

     

    (d)         the Collateral Agent
        shall have received a Freight Forwarder Letter, duly authorized, executed and delivered by the Freight Forwarder located in the Netherlands handling the importing, shipping and delivery of such Inventory;

     

    (e)          such Inventory is
        insured against types of loss, damage, hazards, and risks, and in amounts, required by the Loan Documents, and the Collateral Agent shall have received a copy of the certificate of marine cargo insurance in connection therewith in which it has been
        named as an additional insured and loss payee in a manner reasonably acceptable to the Collateral Agent;

     

    (f)          such Inventory is not
        subject to a Letter of Credit;

     

    (g)          such Inventory shall
        not have been in transit for more than forty-five (45) days; and

     

    (h)          if such Inventory is
        being transported pursuant to an agreement of sale and purchase or another agreement which provides for the transfer of title to such Inventory or for the creation of security rights in respect thereof, such agreement of sale and purchase or other
        agreement is governed by the laws of the Netherlands, the United States, the UK or Australia, or the laws of such other jurisdictions as the Administrative Agent may reasonably agree;

     

    provided that the
        Administrative Agent may, in its discretion, exclude any particular Inventory from the definition of “Dutch Eligible In-Transit Inventory” in the event the Administrative Agent determines in its Permitted Discretion that such Inventory is subject
        to any Person’s right of reclamation, repudiation, stoppage in transit or any event has occurred or is reasonably anticipated by the Administrative Agent to arise which may otherwise adversely impact the ability of the Administrative Agent to
        realize upon a material portion of such Inventory.

     

    “Dutch Eligible Inventory” shall have the
        meaning assigned to such term in Section 2.21(e).

     

    “Dutch law” shall mean the laws directly
        applicable in the Netherlands and “Netherlands law” and “the laws of the
          Netherlands” shall be construed accordingly.

     

    
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    “Dutch Loan Party” shall mean a Loan Party
        incorporated, organized or otherwise formed under the laws of the Netherlands.

     

    “Dutch Opco” shall mean Tronox Pigments
        (Holland) B.V., a private company with limited liability under Dutch law (besloten vennootschap met beperkte aansprakelijkheid), having its official seat (statutaire zetel) in Rozenburg, Zuid-Holland, the Netherlands, having its registered office address at Professor Gerbrandyweg 2 (3197 KK) Botlek Rotterdam, the
        Netherlands, registered with the Dutch trade register of the chamber of commerce under number 24179173 (as such entity’s name may change), and its successors and assigns.

     

    “Dutch Priority Payables Reserve:” shall mean
        on any date of determination, a reserve in an amount as the Administrative Agent may determine in its Permitted Discretion not to exceed the amounts secured by any Liens, choate or inchoate, which rank or are capable of ranking in priority to the
        Collateral Agent’s Liens and/or for amounts which may represent costs relating to the enforcement of the Collateral Agent’s Liens.

     

    “Dutch Reserves” shall mean the sum (without
        duplication) of the Dutch Priority Payable Reserves and such additional reserves, in such amounts and with respect to such matters, as the Administrative Agent may establish from time to time in its Permitted Discretion; provided, that the initial Dutch Reserves, if any, shall be as set forth on the Borrowing Base Certificate delivered for purposes of the Closing Date.

     

    “Dutch Revolving Loan” shall mean a Loan made
        by the Lenders to a Dutch Borrower pursuant to Section 2.01(a). Each Dutch Revolving Loan shall either be an ABR Revolving Loan or a Eurodollar Revolving Loan.

     

    “Dutch Security Agreements” shall mean (a) that
        certain Security Deed, dated as of the Closing Date, among the Loan Parties party thereto and the Collateral Agent; (b) that certain Deed of Pledge of Shares, dated as of the Closing Date, between Tronox Holdings Coöperatief U.A., Tronox Pigments
        (Netherlands) B.V. and the Collateral Agent; (c) that certain Deed of Pledge of Shares, dated as of the Closing Date, between Tronox Limited, Tronox Pigments (Holland) B.V. and the Collateral Agent; (d) that certain Deed of Pledge of Membership
        Interests of Tronox Holdings Coöperatief U.A., dated as of the Closing Date, among the Loan Parties party thereto and the Collateral Agent; (e) that certain Deed of Pledge of Partnership Interests of Tronox Holdings Europe C.V., dated as of the
        Closing Date, among the Loan Parties party thereto and the Collateral Agent; (f) that certain Deed of Mortgage, dated on or about the Closing Date, between Tronox Pigments (Holland) B.V. and the Collateral Agent; and (g) each other pledge,
        mortgage, or security agreement, in each case, expressed to be governed by the laws of the Netherlands, and entered into between or among any Loan Party and the Collateral Agent, including but not limited to a Dutch law deed of pledge of insurance
        claims, if any, a Dutch law disclosed deed of pledge of intercompany receivables, if any, a Dutch law disclosed deed of pledge of bank accounts, if any, a Dutch law undisclosed deed of pledge of trade receivables, if any, a Dutch law deed of pledge
        of inventory, if any, a Dutch law deed of pledge of movable assets, a Dutch law deed of pledge of shares in the capital of each Dutch Loan Party (other than a Dutch Loan Party which is a limited partnership or a cooperative), a Dutch law deed of
        pledge of membership interests in each Dutch Loan Party which is a cooperative, a Dutch law deed of pledge of partnership interests in each Dutch Loan Party which is a limited partnership and a Dutch law deed of mortgage of real property and in
        each case, in form and substance reasonably satisfactory to the Collateral Agent.

     

    “Dutch Subsidiaries” shall mean the Dutch Opco
        and each other Subsidiary of Holdings incorporated, organized or otherwise formed under the laws of the Netherlands.

     

    
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    “EEA Financial Institution” means (a) any
        credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

     

    “EEA Member Country” means any of the member
        states of the European Union, Iceland, Liechtenstein, and Norway.

     

    “EEA Resolution Authority” means any public
        administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

     

    “Eligible Account Debtor Jurisdictions” shall
        mean Australia, the Netherlands, the United States, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, New Zealand, Portugal, Spain, Sweden, Switzerland, United Kingdom, in each case together with any state or
        province thereof (as applicable); provided, however, that the
        Borrowers shall satisfy any requirements to notify Account Debtors in a manner deemed necessary or desirable by the Administrative Agent in its Permitted Discretion.

     

    “Eligible Accounts” shall mean collectively,
        the Australian Eligible Accounts, the Dutch Eligible Accounts and the U.S. Eligible Accounts.

     

    “Eligible Assignee” shall mean any Person to
        whom it is permitted to assign Loans and Commitments pursuant to Section 10.04(b)(i); provided
        that “Eligible Assignee” shall not include the Borrower or any of their respective Affiliates or Subsidiaries or any natural Person; provided, further that notwithstanding anything to the contrary in the foregoing definition, in no event shall any Person that is a Direct Competitor as of the applicable
        “trade date” with respect to any assignment hereunder be an Eligible Assignee.

     

     “Eligible In-Transit Inventory” shall mean
        collectively, the Dutch Eligible In-Transit Inventory and the U.S. Eligible In-Transit Inventory.

     

    “Eligible Inventory” shall mean collectively,
        the Australian Eligible Inventory, the Dutch Eligible Inventory and the U.S. Eligible Inventory.

     

     “Eligible Multinational Account Debtors” shall
        mean the Account Debtors set forth on Schedule 1.01(h).

     

    “Eligible Subsidiary” shall mean any direct or
        indirect Wholly Owned Restricted Subsidiary of Holdings that is organized or incorporated under the laws of Australia, the United States, the Netherlands, the United Kingdom or such other jurisdiction requested by the Administrative Borrower and
        reasonably acceptable to the Administrative Agent taking into consideration, among other reasonable considerations, applicable laws and rules with respect to the perfection of security interests in collateral, and the exercise of rights and
        remedies by the Administrative Agent with respect thereto, in such jurisdiction.

     

    “Employee Benefit Plan” shall mean any employee
        benefit plan, as defined in Section 3(3) of ERISA, whether subject to the Requirements of Law of the United States or otherwise, (a) which is or, within the last six (6) years, was sponsored, maintained or contributed to, or required to be
        contributed to, by any Company or any of its ERISA Affiliates or (b) which any Company could have any liability, whether absolute or contingent.

     

    
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    “Environment” shall mean ambient air, indoor
        air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface or subsurface strata, natural resources or as otherwise defined in any Environmental Law.

     

    “Environmental Claim” shall mean any written
        notice of violation, claim, action, suit, adjudicatory or proceeding, demand, abatement order or other legally binding order or directive (conditional or otherwise) by any Governmental Authority or any other Person arising (i) pursuant to or in
        connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any actual or alleged Environmental Liability; or (iii) in connection with any actual or alleged damage, injury, threat or harm to human health and
        safety, natural resources or the Environment arising from any Hazardous Material or related to any Environmental Law.

     

    “Environmental Law” shall mean any and all
        foreign, domestic, federal, state or local laws, statutes, ordinances, codes, orders, rules, regulations, judgments, decrees, directives, legally binding judicial and administrative orders, common law, or any other requirements of Governmental
        Authorities, in each case having the force or effect of law, imposing liability or standards of conduct relating to (a) environmental matters, including pollution, preservation, remediation or the protection of the Environment or natural resources,
        or the emission of greenhouse gases; (b) the generation, use, treatment, storage, transportation or disposal of, or exposure to, Hazardous Materials; or (c) occupational safety and health or the protection of human, plant or animal health or
        welfare from environmental hazards.

     

    “Environmental Legacy Liabilities” shall mean
        any and all Environmental Claims or Environmental Liabilities, whether now existing or hereinafter arising, in each case, related to (a) any actual or alleged exposure to Hazardous Materials (including asbestos, benzene or creosote) that occurred
        on or prior to January 12, 2009 or otherwise related to products manufactured, or environmental contamination caused, on or prior to January 12, 2009 other than in connection with the operation of the Real Property owned, leased, operated or used
        by Holdings or any of its Restricted Subsidiaries or any of their Affiliates, or (b) the presence or Release of Hazardous Materials at, on, under or from any real property other than the Real Property owned, leased, operated or used by Holdings or
        any of its Restricted Subsidiaries or any of their Affiliates, including any Environmental Legacy Property, on or prior to January 12, 2009.

     

    “Environmental Legacy Property” shall mean any
        real property, other than the Real Property owned, leased, operated or used by Holdings or any of its Restricted Subsidiaries or any of their Affiliates, that (a) was owned, operated or leased, or to which Hazardous Materials were sent for
        disposal, on or prior to January 12, 2009 by Holdings or any of its Restricted Subsidiaries or any of their respective predecessors or Affiliates, or (b) was owned, operated or leased by Holdings or any of its Restricted Subsidiaries or any of
        their respective predecessors or Affiliates prior to the creation and formation of Tronox Worldwide LLC as a spin-off from Kerr-McGee Corporation.

     

    “Environmental Liabilities” shall mean any
        liability, claim, loss, damage, punitive damage, consequential damage, criminal liability, fine, penalty, interest, cost, expense, deficiency, obligation or responsibility, whether known or unknown, arising under or relating to any Environmental
        Laws, or Remedial Actions, or any Release or threatened Release of, or exposure to, Hazardous Materials, including costs and liabilities for any Remedial Action, personal injury, property damage, natural resource damages, court costs, and fees,
        disbursements and expenses of counsel, experts and consultants and costs of investigations and feasibility studies.

     

    
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    “Equity Interest” shall mean, with respect to
        any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership
        interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date
        hereof or issued after the Closing Date, but excluding debt securities convertible or exchangeable into such equity.

     

    “ERISA” shall mean the Employee Retirement
        Income Security Act of 1974, as the same may be amended from time to time and any successor thereto.

     

    “ERISA Affiliate” shall mean, with respect to
        any Person, any trade or business (whether or not incorporated) that, together with such Person, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is
        treated as a single employer under Section 414(m) or (o) of the Code.

     

    “ERISA Event” shall mean (a) any “reportable
        event,” as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to any Pension Plan (other than an event for which the 30-day notice period is waived by regulation); (b) with respect to any Pension Plan, the failure
        to satisfy the minimum funding standard under Section 302 or Section 303 of ERISA or Section 412 or Section 430 of the Code, whether or not waived; (c) the failure to make by its due date a required installment under Section 430(j) of the Code with
        respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard,
        or an extension of any amortization period is sought, with respect to any Pension Plan; (e) the incurrence by any Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan;
        (f) the receipt by any Company or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Pension Plan or Pension Plans or to appoint a trustee to administer any Pension Plan, or
        the occurrence of any event or condition which could reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the incurrence by any Company or any of its
        ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” within the meaning of Section 4001(a)(2) of ERISA; (h) the receipt
        by any Company or its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA;
        (i) the “substantial cessation of operations” within the meaning of Section 4062(e) of ERISA with respect to any Pension Plan; (j) the making of any amendment to any Employee Benefit Plan, or the existence of any other condition, circumstance or
        occurrence relating to any Employee Benefit Plan, which could reasonably be expected to result in the imposition of a lien or security interest or the posting of a bond or other security pursuant to the Code or ERISA; (k) the occurrence of a
        nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to any Company; or (l) any Foreign Benefit Event.

     

    “EU Bail-In Legislation Schedule” means the EU
        Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

     

    “EU Insolvency Regulation” means Regulation
        (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings.

     

    
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    “euro” or “ €” shall mean the single currency of the Participating Member States.

     

    “Euro Denominated Loan” shall mean each Loan
        denominated in euros at the time of the incurrence thereof.

     

    “Euro Letter of Credit” shall mean any Letter
        of Credit to the extent denominated in euros.

     

    “Euro Equivalent” shall mean, as to any amount
        denominated in dollars as of any date of determination, the amount of euros that could be purchased with such amount of dollars based upon the Spot Selling Rate.

     

    “Eurodollar Revolving Borrowing” shall mean a
        Borrowing comprised of Eurodollar Revolving Loans.

     

    “Eurodollar Revolving Loan” shall mean any
        Revolving Loan bearing interest at a rate determined by reference to the LIBOR Rate in accordance with the provisions of Article II.

     

    “Event of Default” shall have the meaning
        assigned to such term in Section 8.01.

     

    “Excess Amount” shall have the meaning assigned
        to such term in Section 2.10(c).

     

    “Exchange Act” shall mean the Securities
        Exchange Act of 1934, as amended.

     

    “Excluded Account” shall mean any deposit
        account, securities account or commodities account (each account as defined in the UCC) (a) exclusively used for payroll, payroll taxes (including withholding taxes), other employee wage and benefit payments to or for the benefit of any Loan
        Party’s employees and other employee compensation payments (including salaries, wages, benefits and expense reimbursements, 401(k) and other retirement plans and employee benefits, including rabbi trusts for deferred compensation and healthcare
        benefits); (b) funded solely to pay sales and use taxes or value added or similar taxes payable by any Loan Party; (c) which has an average daily balance for a fiscal month of less than $5,000,000; (d) that is an escrow account or a fiduciary or
        trust account established in good faith and not with a view to avoiding the requirements contained in any Loan Document; (e) that is a disbursement account of a Loan Party so long as such disbursement accounts are not permitted to contain any
        balances estimated in good faith by the Administrative Borrower to be greater than necessary to fund checks presented for payments on that date; (f) that is a zero balance account; and (g) that is owned by Tronox Bahamas to the extent that granting
        a security interest in such deposit account or securities account would result in a stamp tax being assessed or becoming due in the Bahamas. For the avoidance of doubt, the Blocked Term Facility Account shall be an Excluded Account.

     

    “Excluded Swap Obligation” shall mean, with
        respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
        illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute
        an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such Lien becomes effective with respect to such Swap Obligation. If a Swap
        Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or Lien is or becomes illegal.

     

    
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    “Excluded Taxes” shall mean, with respect to
        the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) Taxes imposed on or measured by net income or profits or franchise Taxes
        (however denominated), in each case, (i) imposed as a result of such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such
        Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which any other Lender is located, (c) any Tax
        that is imposed pursuant to any Requirements of Law that are in effect at the time such Lender becomes a party hereto (other than pursuant to a request by the Borrower under Section
            2.16(b)), except to the extent that such Foreign Lender’s assignor, if any, was entitled, immediately prior to such assignment, to receive additional amounts or indemnity payments from the Borrowers with respect to such withholding
        Tax pursuant to Section 2.15; (d) in the case of a Lender who designates a new lending office, any withholding Tax that is imposed pursuant to any Requirements of Law
        that are in effect at the time of such change in lending office, except to the extent that such Lender was entitled, immediately prior to such change in lending office, to receive additional amounts or indemnity payments from any Borrower with
        respect to such withholding Tax pursuant to Section 2.15; (e) any Tax that is attributable to such Lender’s failure to comply with Section 2.15(e); (f) any withholding taxes imposed pursuant to FATCA; and (g)

        any tax payable that is listed in Section 2.24(b)(i) to (viii).; (h) withholding
            required on account of the payee receiving a direction under section 255 of the Australian Tax Act or section 260-5 of Schedule 1 of the Taxation Administration Act 1953 or any similar Australian law, and (i) Taxes imposed because the payee has
            not received written notice of that recipient’s Australian tax file number or Australian business number or evidence of any exemption that recipient may have from the need to advise its Australian tax file number or Australian business number.

     

    “Executive Order” shall have the meaning
        assigned to such term in Section 3.22.

     

    “Exempt Entity” shall mean (a) the South
        African Subsidiaries; (b) [intentionally omitted]; (c) with respect to any Dutch Subsidiary, until the date that (i) if applicable such subsidiary receives unconditional positive advice of the works council of such subsidiary in respect of (1) it
        becoming an Additional Co-Borrower and/or a Guarantor hereunder and (2) any Dutch Security Agreement or this Agreement falling within the scope of such works council’s right to advise under Dutch law and (ii) the Board of Directors of such
        subsidiary shall have approved, and all other required corporate action shall have been taken to approve, the entry into of any applicable Dutch Security Agreements and this Agreement; (d) any Unrestricted Subsidiary, (e) any Subsidiary precluded
        from providing any Guaranty as described in subclauses (ii) - (y) in the proviso of Section 5.10(a) solely during such time as the circumstances preventing a Subsidiary from becoming a Guarantor pursuant to such subclauses (ii) - (y) are in existence; and (f) any Securitization Subsidiary.

     

    “Existing Credit Agreement” shall mean the
        Amended and Restated Revolving Syndicated Facility Agreement, dated as of April 1, 2015, as amended and otherwise modified from time to time prior to the date hereof, among the Borrowers and Guarantors party thereto, the lenders party thereto, UBS
        AG, Stamford Branch, as issuing bank, swingline lender, administrative agent and collateral agent, UBS Loan Finance LLC, as swingline lender, and UBS AG, Stamford Branch, as Australian security trustee.

     

    “Existing Letters of Credit” shall mean the
        letters of credit set forth on Schedule 2.18.

     

    “Extended Term Account” shall mean an Account
        with payment terms between 31 and 60 days.

     

    
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    “Exxaro” means Exxaro Resources Limited, a
        company organized under the laws of the Republic of South Africa, Exxaro Holdings Sands (Proprietary) Limited, a company incorporated in the Republic of South Africa, and Exxaro International BV, a company incorporated in The Netherlands.

     

    “Fair Market Value” means with respect to any
        asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged
        in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset.

     

    “FATCA” shall mean Sections 1471 through 1474
        of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
        entered into pursuant to current Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities entered into in
        connection with the implementation of the foregoing.

     

    “Federal Funds Effective Rate” shall mean, for
        any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
        Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of
        recognized standing selected by it (and, if any such rate is below zero, then the rate determined pursuant to this definition shall be deemed to be zero).

     

    “Fee Letter” shall mean the confidential fee
        letter, dated as of September 12, 2017, by and between HoldingsTronox Limited and Wells Fargo Bank, National Association, as Arranger.

     

    “Fees” shall mean the Commitment Fees, the
        Administrative Agent Fees, the LC Participation Fees and the Fronting Fees.

     

    “Financial Officer” of any Person shall mean
        the chief financial officer, principal accounting officer, treasurer or controller of such Person.

     

    “Financial Officer Certification” means, with
        respect to the financial statements for which such certification is required, the certification of the chief financial officer, chief executive officer or treasurer of Holdings (or, if the senior executive officers or senior financial officers of
        Holdings and its Subsidiaries are at Tronox Inc., then of Tronox Inc.) that such financial statements fairly present, in all material respects, the financial condition of Holdings and its Restricted Subsidiaries as at the dates indicated and the
        results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

     

    “Financial Plan” shall have the meaning
        assigned to such term in Section 5.01(i).

     

    “FIRREA” shall mean the Financial Institutions
        Reform, Recovery and Enforcement Act of 1989, as amended.

     

    “First Lien Net Leverage Ratio” shall have the
        meaning assigned to such term in the Term Loan Agreement as in effect as of the date hereof.

     

    
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    “First Priority” shall mean with respect to any
        Lien purported to be created in any Collateral pursuant to any Security Document, that such Lien is senior to all other Liens with respect to all Collateral other than, (w) at any time a Loan Party is party to the Term Loan Agreement, the Lien of
        the Term Loan Agent in the Term Loan Priority Collateral (only to the extent and on the terms set forth in the Intercreditor Agreement), (x) at any time a Loan Party is party to any definitive agreement governing Permitted Secured Indebtedness, the
        Lien of the Senior Representative in the Term Loan Priority Collateral (only to the extent and on the terms set forth in the Permitted Secured Indebtedness Intercreditor Agreement), (y) Permitted Liens that are statutory Liens or Liens that arise
        by operation of Requirements of Law in the Collateral and (z) those Permitted Liens set forth in Sections 6.02(g), (h), (i), (j), (l), (m), (p), (q), (s), (t), (x) or (mm) (in the case of (mm), solely
        with respect to Term Loan Priority Collateral)

     

    “Fiscal Year” shall mean the fiscal year of
        Holdings (and/or its Subsidiaries, as such term is applicably used) ending on December 31 of each calendar year.

     

    “Fixed Dollar Basket” shall have the meaning
        assigned to such term in Section 6.20.

     

    “Flood Certificate” shall mean a “Standard
        Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor Governmental Authority performing a similar function.

     

    “Flood Hazard Property” means any Real Estate
        Asset subject to a mortgage in favor of Collateral Agent, for the benefit of Secured Parties, and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.

     

    “Flood Insurance Laws” means, collectively, (a)
        the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance
        Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (e) the Biggert-Waters Flood Insurance Reform Act of
        2012 as now or hereafter in effect or any successor statute thereto.

     

    “Flood Program” shall mean the National Flood
        Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case
        as amended from time to time, and any successor statutes.

     

    “Flood Zone” shall mean areas having special
        flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time, and any successor statute.

     

    “Foreign Benefit Event” shall mean (a) with
        respect to any Foreign Plan other than any Australian Pension Plan, the existence of unfunded liabilities in excess of the amount permitted under any applicable Requirements of Law, or in excess of the amount that would be permitted absent a waiver
        from a Governmental Authority or Governmental Entity; (b) with respect to any Foreign Plan, the failure of any Company to make the required contributions or payments, under any applicable Requirements of Law or any other legal instrument, on or
        before the due date for such contributions or payments (or the incurrence by any Company of a superannuation guarantee charge pursuant to applicable Requirements of Law); (c) with respect to any Foreign Plan other than any Australian Pension Plan,
        the provision of a notice by any Company to terminate contributions to the Foreign Plan; (d) with respect to any Foreign Plan other than any Australian Pension Plan, the receipt by the Foreign Plan (or any Company) of a notice by a Governmental
        Authority, Governmental Entity or any other entity relating to the intention to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan, or alleging the insolvency of any such Foreign Plan;
        (e) with respect to any Foreign Plan, the incurrence of any liability, whether absolute or contingent, by any Company under applicable Requirements of Law on account of the complete or partial termination of such Foreign Plan or the complete or
        partial withdrawal of any participating employer therein, or (f) with respect to any Foreign Plan, the occurrence of any transaction that is prohibited under any applicable Requirements of Law and that could reasonably be expected to result in the
        incurrence of any material liability by any Company, or the imposition on any Company of any material fine, excise tax, Lien or penalty resulting from any noncompliance with any applicable Requirements of Law.

     

    
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    “Foreign Lender” shall mean (a) with
        respect to any Taxes imposed by a non-U.S. jurisdiction, a Lender that is treated as a foreign lender by such jurisdiction for purposes of such Tax; and (b) with respect to any Taxes imposed by the United States or a state or locality thereof, a
        Lender that is not a “U.S. Person” within the meaning of Section 7701(a)(30) of the Code.

     

    “Foreign Plan” shall mean the Australian
        Pension Plan and any employee benefit plan, program, policy, arrangement, understanding or agreement that provides pension or retirement benefits (whether or not registered under any applicable pension benefits or tax laws) maintained or
        contributed to by (or to which there is or may be an obligation to contribute of) any Company with respect to any individual’s employment in any jurisdiction with a Loan Party outside the United States that is not subject to ERISA.

     

    “Foreign Security Agreement” shall mean, as the
        context may require, any Australian Security Agreement, any Dutch Security Agreement and/or any UK Security Agreement.

     

    “Foreign Subsidiary” means any Subsidiary that
        is not a U.S. Entity.

     

    “Freight Forwarder Letter” shall mean an
        acknowledgement agreement of any Freight Forwarder in possession of, having a Lien upon, or having rights or interests in Holdings’ or its Restricted Subsidiaries’ books and records or Inventory in which such Freight Forwarder acknowledges and
        agrees to hold the applicable documents as an agent of the Administrative Agent for purposes of perfecting the Administrative Agent’s Lien on such documents in form and substance reasonably satisfactory to the Administrative Agent.

     

    “Freight Forwarders” shall mean the persons
        listed on Schedule 1.01(f) or such other person or persons as may be selected by the Administrative Borrower after the date hereof after written notice by the
        Administrative Borrower to the Collateral Agent who handle the receipt of Inventory within the United States of America or the Netherlands, as applicable, and/or clear Inventory through the Bureau of Customs and Border Protection (formerly the
        Customs Service) or other domestic or foreign export control authorities or otherwise perform port of entry services to process Inventory imported by a U.S. Borrower from outside the United States of America or by a Dutch Borrower from outside the
        Netherlands (such persons sometimes being referred to herein individually as a “Freight Forwarder”).

     

    “Fronting Fee” shall have the meaning assigned
        to such term in Section 2.05(c).

     

    “Fund” shall mean any Person that is (or will
        be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

     

    “Future Parent Entity” shall have the meaning
        assigned to such term in Section 5.01.

     

    
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    “GAAP” shall mean the generally accepted
        accounting principles in the United States applied on a consistent basis; provided that with respect to Loan Parties incorporated, registered or organized
        under Dutch law, “GAAP” shall mean accounting principles generally applied in the Netherlands.

     

    “Governmental Authority” shall mean any
        foreign, federal, state, provincial, local, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive,
        legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a non-United States entity or government
        (including any supra-national bodies such as the European Union or the European Central Bank).

     

    “Governmental Authorization” shall mean any
        permit, license, authorization, plan, directive, certification, registration, approval, consent order or consent decree of or from any Governmental Authority.

     

    “Governmental Entity” shall mean any federal,
        state, national, supranational, provincial, regional or local governmental or regulatory authority, agency, commission, minister, bureau, court, tribunal, arbitrator, self-regulatory organization, or other governmental entity.

     

    “Group Liability” shall mean a tax-related
        liability set out in Section 721-10(2) of the Australian Tax Act.

     

    “Guaranteed Obligations” shall have the meaning
        assigned to such term in Section 7.01.

     

    “Guarantees” shall mean, as the context may
        require, (a) the guarantees issued pursuant to Article VII by Holdings and the Subsidiary Guarantors, or (b) any obligation, contingent or otherwise, of any Person (the “guarantor”) guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
        Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the
        payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) as an account party in respect of
        any letter of credit or letter of guaranty issued to support such Indebtedness, provided that (A) the term Guarantee as used under this clause (b) shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations in effect on the
        Closing Date or entered into after the Closing Date in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness), and (B) the amount of any Guarantee as used
        under this clause (b) shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of
        which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by a Financial Officer.  The term “Guarantee” as a verb has a corresponding meaning.

     

    “Guarantors” shall mean Holdings, the Borrowers
        and the Subsidiary Guarantors; provided, however, notwithstanding
        anything to the contrary in this Agreement or the other Loan Documents, in no event shall any Exempt Entity be required to become a Guarantor.

     

    
      39

      
        

    

    

    

    “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.

     

    “Head Company” shall mean the head company (as
        defined in the Australian Tax Act) of the Tax Consolidated Group of which the Australian Loan Parties are or become members.

     

    “Holdings” shall have the meaning assigned to such term in the preamble

            hereto.

     

    “Holding

            Company” means (a) at any time prior to (i) the consummation of a Top-Hat Transaction and (ii) the satisfaction of all Accession Conditions in connection therewith, Tronox Limited, and (b) upon and after (i) the consummation of a Top-Hat
            Transaction and (ii) the satisfaction of all Accession Conditions in connection therewith, each of Tronox Holdings, Tronox Intermediate Holdings, and Tronox Limited.

     

    “Holdings”

            means (a) at any time prior to (i) the consummation of a Top-Hat Transaction and (ii) the satisfaction of all Accession Conditions in connection therewith, Tronox Limited, and (b) upon and after (i) the consummation of a Top-Hat Transaction and
            (ii) the satisfaction of all Accession Conditions in connection therewith, Tronox Holdings.

     

     “Immaterial Subsidiary” shall mean, at any
        date of determination, each Restricted Subsidiary of Holdings that has been designated as an “Immaterial Subsidiary” from time to time in writing by Holdings to the Administrative Agent; provided that at no time shall (a) the book value of the consolidated tangible assets of all Immaterial Subsidiaries in the aggregate as of the last day of the most recent fiscal quarter or Fiscal Year for
        which financial statements are available equal or exceed 5% of the consolidated tangible assets of Holdings and its Restricted Subsidiaries as of such date; or (b) the Consolidated Adjusted EBITDA attributable to or generated by all Immaterial
        Subsidiaries in the aggregate for the most recently ended four-fiscal quarter period equal or exceed 5% of the Consolidated Adjusted EBITDA of Holdings and its Subsidiaries on a consolidated basis for such period.

     

    “Increased Incremental Class” shall have the
        meaning assigned to such term in Section 2.20(a).

     

    “Incremental Effective Date” shall have the
        meaning assigned to such term in Section 2.20(a).

     

    “Incremental Joinder” shall have the meaning
        assigned to such term in Section 2.20(c).

     

    “Incremental Revolving Facility” shall have the
        meaning assigned to such term in Section 2.20(a).

     

    “Incremental Loans” shall have the meaning
        assigned to such term in Section 2.20(a).

     

    “Indebtedness” of any Person shall mean,
        without duplication,

     

    
      
        	

              	(a)	
                all obligations of such Person for borrowed money,

              

      

    

     

    
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              	(b)	
                all obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet of such
                    Person prepared in accordance with GAAP, whether or not representing obligations for borrowed money,

              

      

    

     

    
      
        	

              	(c)	
                all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,

              

      

    

     

    
      
        	

              	(d)	
                all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) trade accounts payable in the ordinary course of business,
                    (ii) any earn-out obligation, purchase price adjustment or similar obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within thirty (30) days after being due
                    and payable and (iii) liabilities associated with customer prepayments and deposits),

              

      

    

     

    
      
        	

              	(e)	
                Disqualified Capital Stock,

              

      

    

     

    
      
        	

              	(f)	
                all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property
                    owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed,

              

      

    

     

    
      
        	

              	(g)	
                [intentionally omitted],

              

      

    

     

    
      
        	

              	(h)	
                any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (A) to purchase, repurchase or otherwise acquire such obligation
                    or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (B) to maintain the solvency or any balance
                    sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (A) or (B) of this clause (h), the primary purpose or intent thereof is as described in clause (g) above,

              

      

    

     

    
      
        	

              	(i)	
                to the extent not otherwise included, all Guarantees by such Person of Indebtedness of others,

              

      

    

     

    
      
        	

              	(j)	
                all Capital Lease Obligations of such Person other than an amount in respect of 2017 GAAP Leases that is equal to the amount of any liability in respect thereof that would,
                    as at the Closing Date, had such lease been effect, not be required to be capitalized on a balance sheet,

              

      

    

     

    
      
        	

              	(k)	
                all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty,

              

      

    

     

    
      
        	

              	(l)	
                all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and

              

      

    

     

    
      
        	

              	(m)	
                all obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including under any Swap Agreement, in each case, whether
                    entered into for hedging or speculative purposes or otherwise; provided, in no event shall obligations under any Swap Agreement be deemed
                    “Indebtedness” for calculating the Consolidated Fixed Charge Coverage Ratio unless such obligations relate to such Swap Agreement which has been terminated.

              

      

    

     

    
      41

      
        

    

    

    

    provided that the term “Indebtedness” shall
        not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller until payable, (iii) contingent indemnity and
        similar obligations incurred in the ordinary course of business until such time as any demand for payment is made in respect thereof, and (iv) Indebtedness of any Parent Entity (for which none of Holdings or any Restricted Subsidiary is liable)
        appearing on the balance sheet of Holdings solely by reason of push down accounting under GAAP.

     

    The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a
        general partner), to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
        therefor.  The amount of Indebtedness of any Person for purposes of clause (f) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be
        equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

     

    “Indemnified Taxes” shall mean Taxes, other
        than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document.

     

    “Indemnitee” shall have the meaning assigned to
        such term in Section 10.03(b).

     

    “Individual LC Commitment” shall mean, as to
        each Issuing Bank, the dollar limitation set forth for such Issuing Bank in the definition of “Issuing Bank”, as such amount may be modified from time to time in accordance with Section 2.18(t).

     

    “Individual LC Exposure” means, as of any date
        of determination with respect to any Lender, such Lender’s participation in the LC Exposure pursuant to Section 2.18(e) on such date.

     

    “Information” shall have the meaning assigned
        to such term in Section 10.12.

     

    “Initial Australian Borrowers” shall have the
        meaning assigned to such term in the preamble hereto.

     

    “Initial Dutch Borrowers” shall have the
        meaning assigned to such term in the preamble hereto.

     

    “Initial U.S. Borrowers” shall have the meaning
        assigned to such term in the preamble hereto.

     

    “Instruments” shall mean all “instruments,” as
        such term is defined in the UCC as in effect on the date hereof in the State of New York, in which any Person now or hereafter has rights, and shall include (amongst others) any instruments referred to in Titles 6 and 7 of the Dutch Commercial Code
        (Wetboek van Koophandel).

     

    
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    “Insurance Policies” shall mean the insurance
        policies and coverages required to be maintained by each Loan Party which is an owner of Mortgaged Property with respect to the applicable Mortgaged Property pursuant to Section
            5.05 and all renewals and extensions thereof.

     

    “Insurance Requirements” shall mean,
        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 each Loan Party which is an owner of Mortgaged Property and applicable to the Mortgaged Property or any use or condition thereof.

     

    “Intellectual Property” shall have the meaning
        assigned to such term in the U.S. Security Agreement.

     

    “Intellectual Property Security Agreements”
        shall have the meaning assigned to such term in the U.S. Security Agreement.

     

    “Intercompany

            Loans” means (a) that certain Intercompany Loan, dated as of June 2012, between Tronox UK Finance Limited, as the lender, and Tronox Mineral Sands (Pty) Ltd., as the borrower, in the approximate principal amount of ZAR 5,080 million, and (b)
            that certain Intercompany Loan, dated as of June 2012, between Tronox UK Finance Limited, as the lender, and Tronox KZN Sands (Pty) Ltd., as the borrower, in the approximate principal amount of ZAR 777 million.

     

    “Intercompany Note” shall mean the Third
        Amended and Restated Intercompany Note, dated as of the Closing Date, executed by the Loan Parties and other Subsidiaries party thereto.

     

    “Intercreditor Agreement” shall mean that
        certain Intercreditor Agreement dated as of the Closing Date, among, the Collateral Agent and the Term Loan Agent, and acknowledged and agreed to by each Loan Party as the same has been and may be amended, supplemented or otherwise modified from
        time to time.

     

    “Interest Election Request” shall mean a
        request by the Administrative Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08(b), substantially in the form of Exhibit E.

     

    “Interest Payment Date” shall mean (a) with
        respect to any ABR Loan (including Swingline Loans), the first calendar day of each January, April, July and October to occur during any period in which such Loan is outstanding; (b) with respect to any Eurodollar Revolving Loan, the last day of
        the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Revolving Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that
        occurs at intervals of three months’ duration after the first Business Day of such Interest Period; and (c) the Revolving Maturity Date or such earlier date on which the Revolving Commitments are terminated, as the case may be.

     

    “Interest Period” shall mean, with respect to
        any Eurodollar Revolving Loan, a period commencing on the date of the making of such Eurodollar Revolving Borrowing (or the continuation of a Eurodollar Revolving Loan or the conversion of a ABR Loan to a Eurodollar Revolving Loan) and ending 1, 2,
        3, or 6 months thereafter; provided, that (a) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each
        Interest Period to, but excluding, the day on which any Interest Period expires, (b) any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in
        another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (c) with respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
        corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, or 6 months after the date on which the Interest Period began, as applicable,
        and (d) Borrowers may not elect an Interest Period which will end after the Revolving Maturity Date; provided, however, that an Interest Period shall be limited to the extent required under Section 2.03(a)(v).

     

    
      43

      
        

    

    

    

    “Inventory” shall mean all “inventory,” as such
        term is defined in the UCC as in effect on the date hereof in the State of New York, as applicable, and includes moveable not registered assets (roerende zaken niet
          registergoederen) within the meaning of the Dutch Civil Code, in each case, wherever located, in which any Person now or hereafter has rights.

     

    “Inventory Appraisal” shall mean the most
        recent inventory appraisal conducted by an independent appraisal firm selected by the Administrative Agent and, in the absence of a Specified Event of Default, reasonably acceptable to Holdings, and delivered pursuant to Section 5.19 (and, if applicable, in the case of an Additional Co-Borrower, pursuant to the proviso in the definition of “Additional Co-Borrower”).

     

    “Inventory Cost Advance Rate” shall mean (i) during a Seasonal Period, 80%, and (ii) otherwise, 75%.

     

    “Inventory Recovery Advance Rate” shall mean
        (i) during a Seasonal Period, 90%, and (ii) otherwise, 85%.

     

    “Investments” shall mean, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or
        Indebtedness or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or equity participation or interest in,
        another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of
        another Person or assets constituting a business unit, line of business or division of such Person. The amount, as of any date of determination, of (i) any Investment in the form of a loan or an advance shall be the principal amount thereof
        outstanding on such date, minus any cash payments actually received by such investor representing interest in respect of such Investment (to the extent any such payment to be deducted does not exceed the remaining principal amount of such
        Investment), but without any adjustment for writedowns or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (ii) any Investment in the form of a Guarantee shall be
        equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof, as
        determined in good faith by a Financial Officer, (iii) any Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the investee, including any such transfer in the form of a capital contribution, shall
        be the Fair Market Value of such Equity Interests or other property as of the time of the transfer, minus any payments actually received by such investor representing a return of capital of, or dividends or other distributions in respect of, such
        Investment (to the extent such payments do not exceed, in the aggregate, the original amount of such Investment), but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such
        Investment after the date of such Investment, and (iv) any Investment (other than any Investment referred to in clause (i), (ii) or (iii) above) by the specified Person in the form of a purchase or other acquisition for value of any Equity Interests,
        evidences of Indebtedness or other securities of any other Person shall be the original cost of such Investment (including any Indebtedness assumed in connection therewith), plus (A) the cost of all additions thereto and minus (B) the amount of any
        portion of such Investment that has been repaid to the investor in cash as a repayment of principal or a return of capital, and of any cash payments actually received to and received by such investor representing interest, dividends or other
        distributions in respect of such Investment (to the extent the amounts referred to in clause (B) do not, in the aggregate, exceed the original cost of such Investment
        plus the costs of additions thereto), but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment.  For purposes of Section 6.08, if an Investment involves the acquisition of more than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with
        GAAP; provided that pending the final determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be as reasonably
        determined by a Financial Officer.

     

    
      44

      
        

    

    

    

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

     

    “IRS” shall mean the Internal Revenue Service.

     

    “ISP” means, with respect to any Letter of
        Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any version or revision thereof accepted by the Issuing Bank for use.

     

    “Issuer Document” means, with respect to any
        Letter of Credit, a letter of credit application, a letter of credit agreement, or any other document, agreement or instrument entered into (or to be entered into) by a Borrower in favor of Issuing Bank and relating to such Letter of Credit.

     

    “Issuing Bank” shall mean, as the context may
        require, (a) with respect to not more than $26,000,000 of the LC Commitment, Wells Fargo Bank, National Association, in its capacity as issuer of Letters of Credit, including the Existing Letters of Credit, issued by it; (b) with respect to not
        more than $15,000,000 of the LC Commitment, Goldman Sachs Bank USA, in its capacity as issuer of Letters of Credit, (c) with respect to not more than $22,000,000 of the LC Commitment, Bank of America, N.A., in its capacity as issuer of Letters of
        Credit, (d) with respect to not more than $22,000,000 of the LC Commitment, Citibank, N.A., in its capacity as issuer of Letters of Credit and (e) any other Lender that may become an Issuing Bank pursuant to Sections 2.18(j) and (k) in its capacity as issuer of Letters of Credit issued by such Lender; or (e) collectively, all
        of the foregoing.

     

    “ITSA” shall mean an agreement between the
        members of an Australian GST Group which takes effect as an indirect tax sharing agreement under section 444-90 of Schedule 1 of the Australian Taxation Administration Act 1953 (Cth) and complies with the Australian Taxation Administration Act 1953
        (Cth) and the Australian GST Act as well as any applicable law, official directive, request, guideline or policy (whether or not having the force of law) issued in connection with the Australian Taxation Administration Act 1953 (Cth), any such
        agreement to be in the form and substance reasonably satisfactory to the Administrative Agent.

     

    “Joinder Agreement” shall mean a joinder
        agreement substantially in the form of Exhibit F.

     

    “Judgment Currency” shall have the meaning
        assigned to such term in Section 10.18(a).

     

    
      45

      
        

    

    

    

    “Judgment Currency Conversion Date” shall have
        the meaning assigned to such term in Section 10.18(a).

     

    “Krone” shall mean the lawful currency of
        Denmark.

     

    “Kronor” shall mean the lawful currency of
        Sweden.

     

    “Landlord Access Agreement” shall mean a
        Landlord Access Agreement, substantially in the form of Exhibit G, or such other form as may reasonably be acceptable to the Administrative Agent.

     

    “LCT Election” has the meaning set forth in Section 1.09.

     

    “LCT Test Date” has the meaning set forth in Section 1.09.

     

    “LC Commitment” shall mean the commitment of
        the Issuing Bank to issue Letters of Credit to the Borrowers pursuant to Section 2.18. The amount of the LC Commitment shall initially be $85,000,000, but in no event
        exceed the Revolving Commitment.

     

    “LC Disbursement” shall mean a payment or
        disbursement made by the Issuing Bank pursuant to a drawing under a Letter of Credit.

     

    “LC Exposure” shall mean at any time the sum of
        (a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the Dollar Equivalent of the
        aggregate principal amount of all Reimbursement Obligations outstanding at such time. The LC Exposure of any Revolving Lender at any time shall mean its Pro Rata Percentage of the aggregate LC Exposure at such time.

     

    “LC Participation Fee” shall have the meaning
        assigned to such term in Section 2.05(c).

     

    “Leases” shall mean any and all leases,
        subleases, tenancies, options, concession agreements, rental agreements, occupancy agreements, franchise agreements, access agreements and any other agreements (including all amendments, extensions, replacements, renewals, modifications and/or
        guarantees thereof), whether or not of record and whether now in existence or hereafter entered into, affecting the use or occupancy of all or any portion of any Real Property.

     

    “Legal Reservations” shall mean (a) the
        principle that equitable remedies are remedies which may be granted or refused at the discretion of the court, the principle of reasonableness, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganization,
        court schemes, moratoria, administration and other laws generally affecting the rights of creditors and secured creditors; (b) the time barring of claims under applicable limitation laws and defenses of set-off or counterclaim (including the
        limitation acts) and the possibility that an undertaking to assume liability for or to indemnify a person against non-payment of U.K. stamp duty may be void; (c) the principle that in certain circumstances security granted by way of fixed charge
        may be recharacterized as a floating charge or that security purported to be constituted as an assignment may be recharacterized as a charge; and (d) any other matters which are set out as qualifications or reservations (however described)
        regarding a matter of law contained in any legal opinion delivered to the Administrative Agent in connection with any Loan Document.

     

    “Lenders” shall mean (a) the financial
        institutions that are party hereto on the Closing Date; (b) the financial institutions that have become a party hereto pursuant to an Incremental Joinder; and (c) any financial institution that has become a party hereto pursuant to an Assignment
        and Assumption, other than, in each case, any such financial institution that has ceased to be a party hereto pursuant to an Assignment and Assumption. Unless the context clearly indicates otherwise, the term “Lenders” shall include the Swingline
        Lender.

     

    
      46

      
        

    

    

    

    “Letter of Credit” shall mean any (a) Standby
        Letter of Credit; and (b) Commercial Letter of Credit, in each case, issued or to be issued by an Issuing Bank for the account of a Borrower pursuant to Section 2.18.

     

    “Letter of Credit Collateralization” means
        either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to the Administrative Agent (including that the Administrative Agent has a first priority perfected Lien in such cash collateral), including provisions that
        specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.05(c) of this Agreement (including any Fronting Fees)
        will continue to accrue while the Letters of Credit are outstanding) to be held by the Administrative Agent for the benefit of the Lenders in an amount equal the sum of (i) 103% of the then existing LC Exposure denominated in dollars, and (ii) 110%
        of the then existing LC Exposure denominated in any other currency, (b) delivering to the Administrative Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to the
        Administrative Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing the Administrative Agent with a standby letter of credit, in form and substance reasonably satisfactory to the
        Administrative Agent, from a commercial bank acceptable to the Administrative Agent (in its sole discretion) in an amount equal to sum of (i) 103% of the then existing LC Exposure denominated in dollars, and (ii) 110% of the then existing LC
        Exposure denominated in any other currency (it being understood that the Letter of Credit Fee and all Fronting Fees set forth in this Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue
        must be an amount that can be drawn under any such standby letter of credit).

     

    “Letter of Credit Related Person” has the
        meaning set forth in Section 2.18.

     

    “Letter of Credit Indemnified Costs” has the
        meaning set forth in Section 2.18.

     

    “Leverage Ratio” shall mean the ratio as of the
        last day of any fiscal quarter of (a) Consolidated Net Debt as of such day to (b) Consolidated Adjusted EBITDA for the four fiscal quarter period ending on such date.

     

    “LIBOR Rate” means the rate per annum as
        published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Administrative Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement
        of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the Eurodollar Rate Loan requested (whether as an initial Eurodollar Rate Loan or as a continuation of a Eurodollar Rate Loan or as
        a conversion of an ABR Revolving Loan to a Eurodollar Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is below zero, then the rate shall be deemed to be zero). Each determination of the LIBOR Rate shall be
        made by the Administrative Agent and shall be conclusive in the absence of manifest error.

     

    “Lien” shall mean, (a) (x) any lien, mortgage,
        pledge, assignment, security interest, charge, “security interest” as defined in the PPSA Australia, tax privileges (bodemrecht) or encumbrance of any kind
        (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature thereof) and (y) any option, trust or other preferential arrangement having the practical effect
        of any of the items listed in clause (x); and (b) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.

     

    
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    “Limited Condition Transaction” means any
        acquisition (including by way of merger) by Holdings or one or more of its Restricted Subsidiaries, in each case, permitted pursuant to this Agreement whose consummation is not conditioned upon the availability of, or on obtaining, third party
        financing.

     

    “Loan Documents” shall mean this Agreement, the
        Letters of Credit, the Intercreditor Agreement, the Notes (if any), and the Security Documents and, solely for purposes of clause (d) of Section 8.01, the confidential Fee Letter.

     

    “Loan Parties” shall mean Holdingseach Holding Company, the other Borrowers and the Subsidiary Guarantors.

     

    “Loans” shall mean, as the context may require,
        a Revolving Loan or a Swingline Loan.

     

    “London Business Day” shall mean any day on
        which banks are generally open for dealings in dollar deposits in the London interbank market.

     

    “Margin Stock” shall have the meaning assigned
        to such term in Regulation U.

     

    “Market Disruption Loans” shall mean Loans the
        rate of interest applicable to which is based upon the Market Disruption Rate, and the Applicable Margin with respect thereto shall be the same as the Applicable Margin then applicable to Eurodollar Revolving Loans; provided that, other than with respect to the rate of interest and Applicable Margin applicable thereto, Market Disruption Loans shall for all purposes hereunder and under the other
        Loan Documents be treated as ABR Loans.

     

    “Market Disruption Rate” shall mean, for any
        day, a fluctuating rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) equal to, as determined in the reasonable discretion of the Administrative Agent in good faith pursuant to its reasonable judgment, either (i) the
        Alternate Base Rate for such day or (ii) the rate for such day reasonably determined by the Administrative Agent to be the cost of funds of representative participating members in the interbank eurodollar market selected by the Administrative Agent
        (which may include Lenders) for maintaining loans similar to the relevant Market Disruption Loans. Any change in the Market Disruption Rate shall be effective as of the opening of business on the effective day of any change in the relevant
        component of the Market Disruption Rate.

     

    “Market Intercreditor Agreement” means (a) to
        the extent executed in connection with the incurrence of Indebtedness secured by Liens on the Collateral which are intended to rank equal in priority to the Liens on the Collateral securing the Secured Obligations (but without regard to the control
        of remedies), a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent and the Collateral Agent and Holdings, which agreement shall provide that the Liens on the Collateral securing such
        Indebtedness shall rank equal in priority to the Liens on the Collateral securing the Secured Obligations (but without regard to the control of remedies) and (b) to the extent executed in connection with the incurrence of Indebtedness secured by
        Liens on the Collateral which are intended to rank junior to the Liens on the Collateral securing the Secured Obligations a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent and the Collateral
        Agent and Holdings, which agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank junior to the Liens on the Collateral securing the Obligations.

     

    “Master Agreement” has the meaning assigned to
        such term in the definition of “Swap Agreement.”

     

    
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    “Material Adverse Effect” shall mean a material
        adverse effect on and/or with respect to (a) the business, results of operations, properties, assets or financial condition, in each case of Holdings and its Restricted Subsidiaries taken as a whole; (b) the ability of the Loan Parties, taken as a
        whole, to fully and timely perform their Obligations; (c) the legality, validity, binding effect or enforceability against a Loan Party that is a Material Entity of a Loan Document to which it is a party; (d) the rights, remedies and benefits
        available to, or conferred upon, any Agent and any Lender or any Secured Party under any Loan Document; or (e) the Collateral or the Liens in favor of the Collateral Agent (for its benefit and for the benefit of the other Secured Parties) on the
        Collateral or the priority of such Liens.

     

    “Material Contract” shall mean any contract or
        other arrangement to which Holdings or any of its Restricted Subsidiaries is a party (other than the Loan Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.

     

    “Material Entity” shall mean (a) each of the
        Borrowers; (b) Holdingsany Holding Company; and (c) any Restricted Subsidiary of Holdingsany Holding Company that is not an Immaterial Subsidiary.

     

    “Material Indebtedness” means (without
        duplication) (i) Indebtedness incurred pursuant to the Term Loan Documents, (ii) Indebtedness incurred pursuant to the New Notes, (iii) Indebtedness incurred pursuant to the Senior Unsecured 2022 Notes, and (iv) other Indebtedness for borrowed
        money (other than the Obligations), Capital Lease Obligations (other than 2017 GAAP Leases), unreimbursed obligations for letter of credit drawings and financial guarantees (other than ordinary course of business contingent reimbursement
        obligations) or obligations in respect of one or more Swap Agreements, of any one or more of Holdings and the Restricted Subsidiaries in an aggregate principal amount exceeding $75,000,000.  For purposes of determining Material Indebtedness, the
        “principal amount” of the obligations in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements and/or collateral posted) that Holdings or any Restricted Subsidiary would be required
        to pay if such Swap Agreement were terminated at such time.

     

    “Material Real Estate Asset” means each parcel of real property and the improvements thereon owned in fee by a Loan Party with an individual Fair Market Value of greater than $20,000,000, as
        determined on the Closing Date for existing real property and on the date of acquisition for any after-acquired real property (or the date of substantial completion of any material improvement thereon or new construction thereof).

     

    “Maximum Rate” shall have the meaning assigned
        to such term in Section 10.14.

     

    “MIRE Event” shall mean if there are any
        Mortgaged Properties at such time, any increase, extension of the maturity or renewal of any of the Commitments or Loans (including in connection with any Incremental Revolving Loan or any amendment to this Agreement, but excluding for the
        avoidance of doubt (a) any continuation or conversion of borrowings or (b) the making of any Loan).

     

    “MNPI” shall have the meaning assigned to such
        term in Section 10.01(d).

     

    “Mortgage” shall mean any deed of trust,
        mortgage, deed to secure debt, debenture or other document creating a Lien on any Real Estate Asset or any interest in any Real Estate Asset, in each case (a) as the same may be amended, restated, supplemented or otherwise modified from time to
        time in accordance with the terms thereof and (b) in form and substance reasonably acceptable to the Collateral Agent.

     

    
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    “Mortgaged Property” shall mean (a) each owned
        Real Property identified as a Mortgaged Property on Schedule 2(e) to the Perfection Certificate dated the Closing Date; and (b) each Real Property, if any, which shall be
        subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c).

     

    “Multiemployer Plan” shall mean a multiemployer
        plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Company or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any Company or
        any ERISA Affiliate has within the preceding five (5) plan years made, or had any obligation to make, contributions; or (c) with respect to which any Company could incur liability, whether absolute or contingent.

     

    “Narrative Report” shall mean with respect to
        the financial statements for which such narrative report is required, a narrative report describing the operations of Holdings and its Restricted Subsidiaries in the form prepared for presentation to senior management thereof for the applicable
        month, fiscal quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which such financial statements relate.

     

    “Net Recovery Cost Percentage” shall mean the
        fraction, expressed as a percentage, (a) the numerator of which is the amount equal to the recovery on the aggregate amount of the Inventory at such time on a “net orderly liquidation value” basis as set forth in the most recent Inventory Appraisal
        received by the Administrative Agent, net of operating expenses, liquidation expenses and commissions reasonably anticipated in the disposition of such assets; and (b) the denominator of which is the original Cost of the aggregate amount of the
        Inventory, subject to appraisal.

     

    “New Notes” shall mean the 5.750% senior notes
        due 2025 issued by Tronox Finance plc, a public limited company incorporated under the laws of England and Wales.

     

    “New Notes Documents” shall mean that certain
        indenture pursuant to which the New Notes are issued and the related documents entered into pursuant thereto.

     

    “New Zealand Dollars” shall mean the lawful
        currency of New Zealand.

     

    “Non-Cash Compensation Expense” means any
        non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements.

     

    “Non-Eligible Subsidiary” shall mean any
        Subsidiary of Holdings that is not organized or incorporated under the laws of Australia, the Netherlands or the United States.

     

    “Non-U.S. Entity” shall mean any Person that is
        not a U.S. Entity.

     

    “Notes” shall mean any notes evidencing the
        Revolving Loans or Swingline Loans issued pursuant to this Agreement, if any, substantially in the form of Exhibit K-1 or K-2.

     

    “Obligation Currency” shall have the meaning
        assigned to such term in Section 10.18(a).

     

    “Obligations” shall mean (a) obligations of the
        Borrowers and the other Loan Parties from time to time arising under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy,
        insolvency, receivership or other similar proceeding (or which would have been secured but for pendency of any such proceeding), regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by
        acceleration, upon one or more dates set for prepayment or otherwise; (ii) each payment required to be made by the Borrowers and the other Loan Parties under this Agreement in respect of any Letter of Credit, when and as due, including payments in
        respect of Reimbursement Obligations, interest thereon and obligations to provide Letter of Credit Collateralization; and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct,
        contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrowers
        and the other Loan Parties under this Agreement and the other Loan Documents; and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrowers and the other Loan Parties under or pursuant to this
        Agreement and the other Loan Documents.

     

    
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    “Officers’ Certificate” shall mean a
        certificate executed by one Responsible Officer and one of the Financial Officers of the Administrative Borrower, each in his or her official (and not individual) capacity.

     

    “Offshore Associate” shall mean an Associate:

     

    (a)          which is a
        non-resident of Australia and does not acquire or hold, or would not acquire or hold, the participations as Lender under this Agreement in carrying on a business in Australia at or through a permanent establishment of the Associate in Australia; or

     

    (b)          which is a
        resident of Australia and which acquires or holds, or would acquire or hold, the participations as Lender under this Agreement in carrying on a business in a country outside Australia at or through a permanent establishment of the Associate in the
        country, and

     

    which, in either case, is not acquiring or holding the participations as Lender under this Agreement or receiving payment in the capacity of a clearing
        house, custodian, funds manager or responsible entity of a registered managed investment scheme.

     

    “Organizational Documents” shall mean, with
        respect to any Person, (a) in the case of any corporation, the certificate of incorporation and by-laws (or similar documents) of such Person; (b) in the case of any limited liability company, the certificate of formation and operating agreement,
        deed of incorporation, certificate of incorporation, certificates of incorporation on change of name, memorandum of association and articles of association (or similar documents) of such Person; (c) in the case of any limited partnership, the
        certificate of formation and limited partnership agreement (or similar documents) of such Person; (d) in the case of any limited liability partnership, the certificate of formation and partnership agreement (or similar documents) of such Person;
        (e) in the case of any general partnership, the partnership agreement (or similar document) of such Person; (f) in the case of any trust, the trust deed (or similar document of such Person); and (g) in any other case, the functional equivalent of
        the foregoing. In the event any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational
        Document” shall only be to a document of a type customarily certified by such governmental official.

     

    “Other Connection Taxes” means, with respect to
        the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made under this Agreement, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax
        (other than any connection resulting from or relating to the transactions contemplated by this Agreement or the other Loan Documents).

     

    
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    “Other Taxes” shall mean all present or future
        stamp, court, documentary, intangible, recording, filing or similar taxes, charges or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
        this Agreement or any other Loan Document (and any interest, additions to tax or penalties applicable thereto), but excluding (a) Excluded Taxes and (b) any such Tax that is an Other Connection Tax imposed with respect to an assignment.

     

    “Overadvance” shall have the meaning assigned
        to such term in Section 2.01(c).

     

    “Parent Entity” means any Person that is a
        direct or indirect parent of Holdings and of which Holdings is a direct or indirect wholly-owned subsidiary.

     

    “Participant” shall have the meaning assigned
        to such term in Section 10.04(d).

     

    “Participant Register” shall have the meaning
        assigned to such term in Section 10.04(d).

     

    “Participating Member State” shall mean the
        member states of the European Union that adopt or have adopted the euro as their lawful currency in accordance with the legislation of the European Union relating to the Economic and Monetary Union.

     

    “Payment Conditions” shall mean, with respect
        to the applicable specified activity in this Agreement, on any date of determination, (a) subject to Section 1.09, no Event of Default has occurred and is continuing;
        (b)(i) if the Consolidated Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis, for the Test Period ended immediately prior to the date of determination for which financial statements are then available or are required to be delivered
        under Section 5.01(b) or (c) is greater than 1.00 to 1.00, the pro forma Borrowing Availability shall not be less than the greater of (x) $60,000,00040,000,000 and (y) 15% of the aggregate Revolving Commitments in effect at such time and (ii) if the
        Consolidated Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis, for the Test Period ended immediately prior to the date of determination for which financial statements are then available or are required to be delivered under Section 5.01(b) or (c) is less than or equal to 1.00 to 1.00, the pro forma Borrowing
        Availability shall not be less than the greater of (x) $80,000,00060,000,000 and (y) 20% of the aggregate Revolving Commitments in effect at such time and (c) the Administrative Borrower shall have delivered a
        certificate to the Administrative Agent certifying as to clauses (a) and (b) (as applicable)
        above.

     

    “PBGC” shall mean the Pension Benefit Guaranty
        Corporation referred to and defined in ERISA.

     

    “Pension Plan” shall mean any Employee Benefit
        Plan that is a an employee pension benefit plan (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and is sponsored or
        maintained by any of the Companies or any of their respective ERISA Affiliates or to which any of the Companies or their respective ERISA Affiliates contributes or has an obligation to contribute (or has had an obligation to make contributions) at
        any time during the preceding five plan years.

     

    “Perfection Certificate” shall mean a
        certificate in the form of Exhibit L-1 or any other form approved by the Collateral Agent, as the same shall be supplemented from time to time by a Perfection Certificate
        Supplement or otherwise.

     

    
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    “Perfection Certificate Supplement” shall mean
        a certificate supplement in the form of Exhibit L-2 or any other form approved by the Collateral Agent.

     

    “Permitted Acquisition” shall mean any
        transaction for the (a) acquisition of all or substantially all of the property of any Person, or of any business or division of any Person; or (b) acquisition (including by merger or consolidation) of the Equity Interests of any Person that
        becomes a Subsidiary after giving effect such transaction; provided that in the case of such transactions, each of the following conditions shall be met:

     

    (i)          subject to Section 1.09, no Event of Default then exists would result therefrom;

     

    (ii)          (w) the Person or business to be acquired shall be, or shall be engaged in, a business of the type that Holdings and its Subsidiaries are permitted to be engaged in under Section 6.12, (x) all actions required to be taken with respect to any newly
          created or acquired Subsidiary (including each subsidiary thereof that constitutes a Restricted Subsidiary) or assets in order to satisfy the requirements, to the extent required by Section 5.10, shall have been taken, and (y) such acquired Person shall become a Restricted Subsidiary;

     

    (iii)          all transactions in connection therewith shall be consummated in accordance with all applicable Requirements of Law;

     

    (iv)          if such acquisition is for an aggregate cash purchase price amount in excess of $75,000,000, Holdings shall have delivered to the Administrative Agent (A) at least five (5)
          Business Days prior to such proposed acquisition (or such shorter period as may be agreed by the Administrative Agent), a certification setting forth the aggregate consideration for such acquisition and certifying that such transaction complies
          with this definition (which shall have attached thereto reasonably detailed backup data and calculations showing such compliance and (B) promptly upon request by Administrative Agent, (i) a copy of the purchase agreement related to the proposed
          Permitted Acquisition (and any related documents reasonably requested by Administrative Agent to the extent available) provided such documents and information may not be permitted to be provided in light of any applicable confidentiality
          requirements (it being understood that Holdings shall use commercially reasonable efforts to obtain any applicable consents to permit delivery to the Administrative Agent) and (ii) quarterly and annual financial statements of the Person whose
          Equity Interests or assets are being acquired for the twelve month period immediately prior to such proposed Permitted Acquisition, including any audited financial statements, in each case to the extent available;

     

    (v)          if the assets acquired in such Permitted Acquisition are intended to be included in the Borrowing Base, to the extent such assets exceed the greater of $25,000,000 and five
          percent (5%) of the Borrowing Base (exclusive of the assets so acquired), prior to the inclusion of such assets in the Borrowing Base, the Administrative Agent, in its discretion, shall have the right prior to the date such assets are first
          included in the Borrowing Base to conduct Collateral field audits and Inventory Appraisals with respect to such Restricted Subsidiary at the sole expense of the Borrowers; and

     

    (vi)          the Payment Conditions are satisfied at the time such acquisition is consummated.

     

    
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    “Permitted Collateral Liens” shall mean (a) in
        the case of Collateral other than Mortgaged Property, Permitted Liens; and (b) in the case of Mortgaged Property, “Permitted Collateral Liens” shall mean the Liens described in clauses

            (a), (b), (c), (e), and (j) of Section 6.02.

     

    “Permitted Discretion” shall mean a
        determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment by the Administrative Agent in accordance with customary business practices for comparable asset-based
        lending transactions. In exercising its Permitted Discretion, the Administrative Agent shall not establish or increase any Reserve except upon three (3) Business Days’ prior written notice (which may be by e-mail) to the Administrative Borrower
        following good faith discussions with the Administrative Borrower; provided further that prior notice and discussions with the Administrative Borrower shall not be required for (i) Reserves for (a) Swap Obligations and obligations under Treasury Services Agreements, in each case to the extent included in
        Secured Obligations; (b) rent at locations leased by any Loan Party; (c) consignee’s, warehousemen’s and bailee’s charges; and (d) if in the good faith judgment of the Administrative Agent, failure to implement such Reserve immediately could
        reasonably be expected to result in a Material Adverse Effect or adversely affect the Revolving Loan Priority Collateral or the rights of the Lenders hereunder, or (ii) for

          changes to any Reserves resulting solely by virtue of calculations of the amount of such Reserves in accordance with the methodology of calculation previously utilized.

     

    “Permitted Indebtedness” shall have the meaning
        assigned to such term in Section 6.01.

     

    “Permitted Liens” shall have the meaning
        assigned to such term in Section 6.02.

     

    “Permitted Receivables Financing” means a
        securitization or other similar financing (including any factoring program) of assets or property that is non-recourse to Holdings, the Borrowers and the Restricted Subsidiaries, pursuant to (i) the Bahamas Receivables Purchase Agreement, or (ii)
        agreements substantially similar to the Bahamas Receivables Purchase Agreement and approved in writing by the Administrative Agent in its sole discretion.

     

    “Permitted Refinancing” means, with respect to
        any Person, any modification, refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that (a) the principal amount (or
        accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except (i) by an amount equal to unpaid accrued interest and
        premium (including tender premiums) thereon plus underwriting discounts, other amounts paid, and fees, commissions and expenses (including upfront fees, original issue discount or initial yield payments) incurred, in connection with such
        modification, refinancing, refunding, renewal or extension, (ii) by an amount equal to any existing revolving commitments unutilized thereunder to the extent that the portion of any existing and unutilized revolving commitment being refinanced was
        permitted to be drawn under Section 6.01 prior to such refinancing (other than by reference to a Permitted Refinancing) and such drawing shall be deemed to have been made
        and (iii) to the extent such excess amounts is otherwise permitted to be incurred under Section 6.01, (b) other than with respect to a Permitted Refinancing in respect of
        Indebtedness permitted pursuant to Section 6.01(e), (j) and (aa) (other than in respect of Indebtedness for borrowed money), Indebtedness resulting from such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or
        later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) if the
        Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations, Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated in right of
        payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (d) such Permitted Refinancing is not secured by
        a Lien on any assets other than the collateral securing, and with no higher priority than, the Indebtedness being refinanced, (e) if unsecured, such Indebtedness shall remain unsecured (unless permitted to be secured by another provision of Section 6.02) and (f) no Loan Party that was not an obligor with respect to the Indebtedness being refinanced shall be an obligor under the Permitted Refinancing and if the
        Indebtedness being refinanced was (or was required to be) subject to an Intercreditor Agreement, the holders of such Permitted Refinancing (if such Indebtedness is secured) or their authorized representative on their behalf, shall become party to
        such Intercreditor Agreement providing for the same (or lesser) lien priority.  For the avoidance of doubt, it is understood and agreed that a Permitted Refinancing includes successive Permitted Refinancings of the same Indebtedness.

     

    
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    “Permitted Reorganization”
        shall mean:

    

    

    (a)          any corporate reorganization (or
        similar transaction or event) undertaken (each, a “Reorganization”), and each step reasonably required to effect such Reorganization, provided that, in connection therewith, (x) any assets distributed that were, immediately prior to such Reorganization, owned by Holdings and its Restricted Subsidiaries, continue
        to be owned by Holdings and its Restricted Subsidiaries, (y) any assets that were, immediately prior to such Reorganization, owned by a Loan Party prior to such Reorganization, continue to be owned by a Loan Party after giving effect to such
        Reorganization, and (z) any assets subject to a Lien in favor of the Collateral Agent immediately prior to such Reorganization shall be subject to a Lien in favor of the Collateral Agent after giving effect to such Reorganization; and

     

    (b)          any transaction or series of
        transactions or steps, including using a scheme of arrangement under Pt 5.1 of the Australian Corporations Act or similar arrangement (the “Top-Hat Transaction”)

        pursuant to which Holdings becomes a wholly-owned direct or indirect subsidiary of a parent company (the “Top-Hat Company”), which shall be publicly listed, provided, that, after giving effect to such Top-Hat Transaction the Top-Hat Company shall be organized and existing under the laws of the United States, any state
        in the United States or the District of Columbia, Ireland or the United Kingdom, provided, that (y) any assets that were, immediately prior to such
        Reorganization, owned by a Loan Party prior to such Reorganization, continue to be owned by a Loan Party after giving effect to such Reorganization, and (z) any assets subject to a Lien in favor of the Collateral Agent immediately prior to such
        Reorganization shall be subject to a Lien in favor of the Collateral Agent after giving effect to such Reorganization;

     

    in the case of any of clauses (i) and (ii) above, such Reorganization shall only qualify as a Permitted Reorganization if (w) no Default or Event of Default is continuing, (x) such Restructuring does not impair the Guarantee or the
        security interests of the Lenders in any material respect and is otherwise not adverse to the Lenders in any material respect, (y) no Borrower shall change its jurisdiction of organization or formation in connection therewith and (z) after giving
        effect to such Restructuring, Holdings and its Restricted Subsidiaries otherwise comply with Section 5.12.

     

    “Permitted Secured Indebtedness” shall mean
        Indebtedness (including Commitments in respect thereof) permitted to be incurred under any Incremental Equivalent Debt, Ratio Indebtedness, Acquisition Debt, Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt
        (each as defined under the Term Loan Agreement as in effect as of the date hereof) (with respect to Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt, only to the extent not resulting from a Refinancing
        Amendment (as defined in the Term Loan Agreement as in effect on the date hereof)) and any Permitted Refinancing thereof, to the extent such Indebtedness is permitted to be secured pursuant to such definitions as set forth in the Term Loan
        Agreement as in effect as of the date hereof.

     

    
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    “Permitted Secured Indebtedness Intercreditor
          Agreement” shall mean the Intercreditor Agreement or a Market Intercreditor Agreement, as applicable.

     

    “Permitted Securitization” shall mean a
        Securitization that complies with the following criteria: (a) the cash portion of the initial purchase price paid by the Securitization Subsidiary to Holdings and its Subsidiaries at closing for the Securitization Assets is at least 75% of the Fair
        Market Value of the Securitization Assets at such time; (b) the aggregate Investment by Holdings or any of its Subsidiaries in the Securitization Subsidiary does not exceed the customary investment required in the securitization market; and (c) the
        Seller’s Retained Interest and all proceeds thereof shall constitute Collateral (unless the Securitization Subsidiary is a South African Subsidiary, is not owned by a Loan Party, the granting of a Lien in the Seller’s Retained Interest would result
        in a violation of applicable Requirements of Law or the Administrative Agent determines in its reasonable discretion that the benefit to the Secured Parties of the granting of a Lien in Seller’s Retained Interest is substantially outweighed by the
        burden of granting such a Lien) and, subject to the foregoing, all necessary steps to perfect a security interest in such Seller’s Retained Interest for the benefit of the Secured Parties are taken by Holdings and its Subsidiaries.

     

    “Permitted Securitization Agent” shall mean any
        collateral agent or similar representative of the secured parties under any Permitted Securitization or, if no such representative exists, the provider or providers of such Permitted Securitization.

     

     “Permitted Securitization Intercreditor Agreement”
        shall have the meaning assigned to such term in Section 6.01(k).

     

    “Permitted Seller Notes” shall mean any
        promissory note issued by Holdings or any of its Restricted Subsidiaries to a seller in any Permitted Acquisition or another permitted Investment constituting part of the purchase price thereof (or to a third party lender in connection with any
        Permitted Acquisition or another permitted Investment); provided that (unless agreed to by the Administrative Agent in its sole discretion) such Indebtedness
        (a) is unsecured; (b) is expressly subordinated to the prior payment in full in cash of Obligations; and (c) has a scheduled maturity of at least 90 days beyond the Revolving Maturity Date.

     

    “Permitted Transferees” means, with respect to
        any Person that is a natural person (and any Permitted Transferee of such Person), (a) such Person’s immediate family, including his or her spouse, ex-spouse, children, step-children and their respective lineal descendants, (b) any trust or other
        legal entity the beneficiary of which is such Person’s immediate family, including his or her spouse, ex-spouse, children, stepchildren or their respective lineal descendants and (c) without duplication with any of the foregoing, such Person’s
        heirs, executors and/or administrators upon the death of such Person and any other Person who was an Affiliate of such Person upon the death of such Person and who, upon such death, directly or indirectly owned Equity Interests in Holdings.

     

    “Person” shall mean any natural person,
        corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

     

    “Post-Increase Revolving Lenders” shall have
        the meaning assigned to such term in Section 2.20(d).

     

    
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    “PPSA Australia” shall mean (a) the Personal
        Property Securities Act 2009 (Cth), (or any successor statute) and any regulation made at any time under the Personal Property Securities Act 2009 (Cth), including the Personal Property Securities Regulations 2009 (Cth) (each as amended from time
        to time); and (b) any amendment made at any time to any other legislation as a consequence of a law or regulation referred to in clause (a).

     

    “Preferred Stock” shall mean, with respect to
        any Person, any and all preferred or preference Equity Interests (however designated) of such Person whether now outstanding or issued after the Closing Date.

     

    “Premises” shall have the meaning assigned
        thereto in the applicable Mortgage.

     

    “Products” shall mean the products developed,
        researched, manufactured (including mining and exploring for raw materials for manufacture), distributed, marketed or sold by Holdings and its Restricted Subsidiaries, including those set forth on Schedule 1.01(c).

     

    “Private Side Communications” shall have the
        meaning assigned to such term in Section 10.01(d).

     

    “Private Siders” shall have the meaning
        assigned to such term in Section 10.01(d).

     

    “Pro Forma Adjustment” means, for any Test
        Period, any adjustment to Consolidated Adjusted EBITDA made in accordance with clause (b) of the definition of that term.

     

    “Pro Forma Basis,” “Pro Forma Compliance” and “Pro
          Forma Effect” mean, as to any Person, for any events as described below that occur subsequent to the commencement of a period for which the effect of such events is being calculated, and giving effect to the events for which such
        calculation is being made, such calculation as will give pro forma effect to such events as if such events occurred on the first day of the four (4) consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference
        Period”): (a) in making any determination of Consolidated Adjusted EBITDA or any component thereof, effect shall be given to any Specified Transaction, the Cristal Acquisition and any synergies, operating improvements, cost savings or
        restructurings of the business of Holdings or any of the Restricted Subsidiaries, in each case, that occurred during the Reference Period or with respect to any such event or transaction included in the definition of Specified Transactions are
        expected to occur within eight (8) fiscal quarters of the determination to take such actions and which Holdings determines are reasonably identifiable and projected in good faith to result from actions that have been taken or with respect to which
        substantial steps have been taken or are expected to be taken, and without duplication of any such amount included in Consolidated Adjusted EBITDA pursuant to the definition thereof, and provided that any increase in Consolidated Adjusted EBITDA as
        a result of synergies, operating improvements, cost savings and restructurings pursuant to this definition shall be subject to the limitations set forth in clause (b) of
        the definition of Consolidated Adjusted EBITDA; (b) in making any determination on a Pro Forma Basis, of Pro Forma Compliance or of Pro Forma Effect, (x) all Indebtedness (including Indebtedness issued, incurred or assumed as a result of, or to
        finance, any relevant transactions and for which the financial effect is being calculated, whether incurred under the Loan Documents or otherwise) issued, incurred, assumed or repaid during the Reference Period (or with respect to Indebtedness
        repaid, during the Reference Period or subsequent to the end of the Reference Period and prior to, or simultaneously with, the event for which the calculation of any such ratio is made) shall be deemed to have been issued, incurred, assumed or
        repaid at the beginning of such period and (y) interest expense of such Person attributable to interest on any Indebtedness for which pro forma effect is being given as provided in preceding clause (x) bearing floating interest rates shall be computed on a pro forma basis as if the rates that would have been in effect during the period for which pro forma effect is being given had been actually in effect during
        such periods, (c) with respect to (A) any redesignation of a Subsidiary as an Restricted Subsidiary, effect shall be given to such Subsidiary redesignation and all other Subsidiary redesignations after the first day of the    relevant Reference
        Period and on or prior to the date of the respective Subsidiary redesignation then being designated, collectively and (B) any designation of a Subsidiary as an Unrestricted Subsidiary, effect shall be given to such designation and all other
        designations of Subsidiaries as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then applicable designation of a Subsidiary as an Unrestricted Subsidiary, collectively and (d)
        notwithstanding anything to the contrary in this definition or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the asset sale, transfer, disposition or lease thereof has
        been entered into as discontinued operations, no Pro Forma Effect shall be given to the classification thereof as discontinued operations (and the Consolidated Adjusted EBITDA or any component thereof attributable to any such Person, business,
        assets or operations shall not be excluded for any purposes hereunder) until such asset sale, transfer, disposition or lease shall have been consummated. Whenever a financial ratio or test or covenant is to be calculated on a Pro Forma Basis, the
        reference to the “Test Period” for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which financial statements of Holdings are available and
        have been delivered to the Administrative Agent pursuant to Section 5.01(b) or Section 5.01(c).

     

    
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    “Pro Forma Disposal Adjustment” shall mean taking into account any limitations set forth in the definition of Pro Forma Basis, for any four-quarter period that includes all or a portion of a fiscal quarter
        included in any Post-Transaction Period with respect to any Sold Entity or Business, the pro forma increase or decrease in Consolidated Adjusted EBITDA projected by the Borrower in good faith as a result of contractual arrangements between Holdings
        or any Restricted Subsidiary entered into with such Sold Entity or Business at the time of its disposal or within the Post-Transaction Period and which represent an increase or decrease in Consolidated Adjusted EBITDA which is incremental to the
        Disposed EBITDA of such Sold Entity or Business for the most recent four-quarter period prior to its disposal.

     

    “Pro Forma Entity” means any Acquired Entity or
        Business or any Converted Restricted Subsidiary.

     

    “Pro Forma Financial Statements” has the
        meaning assigned to such term in the definition of “Specified Financial Statements.”

     

    “Pro Rata Percentage” of any Revolving Lender
        at any time shall mean the percentage of the total Revolving Commitments of all Revolving Lenders represented by such Lender’s Revolving Commitment; provided that

        for purposes of Section 2.19(b) and (c), “Pro Rata Percentage” shall mean the percentage of the total Revolving Commitments (disregarding the Revolving Commitment of any Defaulting Lender to the extent its Swingline Exposure or LC Exposure is
        reallocated to the non-Defaulting Lenders) represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Pro Rata Percentage shall be determined based upon the Revolving Commitments most recently in
        effect, after giving effect to any assignments.

     

    “Projections” shall have the meaning assigned
        to such term in Section 3.05(c).

     

    “property” shall mean any right, title or
        interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible and including Equity Interests or other ownership interests of any Person and whether now in existence or owned or
        hereafter entered into or acquired, including all Real Property.

     

    
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    “Property Material Adverse Effect” shall have
        the meaning assigned thereto in the Mortgage.

     

    “Public Siders” shall have the meaning assigned
        to such term in Section 10.01(d).

     

    “Qualified Capital Stock” of any Person shall
        mean any Equity Interests of such Person that are not Disqualified Capital Stock.

     

    “Qualified Cash” shall mean with respect to any
        Person, the amount of unrestricted cash and Cash Equivalents of such Person that are on deposit in a deposit account or securities account of such Person which deposit account or securities account is maintained in the United States or the United
        Kingdom, and is subject to a perfected first priority security interest in favor of the Administrative Agent minus prior to the consummation of the Cristal
        Acquisition (or the time that the Cristal Acquisition Transaction Agreement is terminated), the lesser of the amount of Qualified Cash that shall be (x) utilized as consideration to consummate the Cristal Acquisition and (y) payable to reduce the
        outstanding Indebtedness under the Term Loan Agreement.

     

    “Qualified ECP Guarantor” shall mean, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the
        relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
        promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

     

    “Qualified Holding Company Debt” shall mean
        unsecured Indebtedness of Holdingsany Holding Company that:

     

    (1)          is not subject to any Guarantee by any Subsidiary of
        Holdingsany Holding Company (including any Loan Party, but excluding any
            other Holding Company),

     

    (2)          will not mature prior to the date that is six (6)
        months after the Revolving Maturity Date with respect to any Loans in effect on the date of issuance or incurrence thereof,

     

    (3)          has no scheduled amortization or scheduled payments
        of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (it being understood that such Indebtedness may have mandatory prepayment, repurchase or redemption provisions satisfying the requirements of
        clause (5) below),

     

    (4)         does not require any payments in cash of interest or
        other amounts in respect of the principal thereof prior to the later to occur of (i) the date that is four (4) years from the date of the issuance or incurrence thereof and (ii) the date that is 180 days after the Revolving Maturity Date in effect
        on the date of such issuance or incurrence, and

     

    (5)        has mandatory prepayment, repurchase or redemption,
        covenant, default and remedy provisions customary for senior discount notes of an issuer that is the parent of a borrower under senior secured credit facilities, and in any event, with respect to covenant, default and remedy provisions, no more
        restrictive (taken as a whole) than those set forth in this Agreement (other than provisions customary for senior discount notes of a holding company);

     

    
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    provided that any such Indebtedness shall
        constitute Qualified Holding Company Debt only if immediately after giving effect to the issuance or incurrence thereof and the use of proceeds thereof, no Event of Default shall have occurred and be continuing.

     

    “Ratio Indebtedness” shall have the meaning
        assigned to such term in the Term Loan Agreement as in effect as of the date hereof.

     

    “Real Estate Asset” shall mean, at any time of
        determination, any interest (fee, leasehold or otherwise) then owned by any Loan Party in any Real Property.

     

    “Real Property” shall mean, collectively, all
        right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each
        case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or
        operation thereof.

     

    “Register” shall have the meaning assigned to
        such term in Section 10.04(c).

     

    “Regulation D” shall mean Regulation D of the
        Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

     

    “Regulation S-X” shall mean Regulation S-X
        promulgated under the Securities Act.

     

    “Regulation T” shall mean Regulation T of the
        Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

     

    “Regulation U” shall mean Regulation U of the
        Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

     

    “Regulation X” shall mean Regulation X of the
        Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

     

    “Reimbursement Obligations” shall mean each
        applicable Borrower’s obligations under Section 2.18(d) to reimburse LC Disbursements.

     

    “Related Parties” shall mean, with respect to
        any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.

     

    “Related Transaction” means, with respect to
        any Limited Condition Transaction, (i) any incurrence of Indebtedness or Liens and (ii) any making of Asset Sales, Permitted Acquisitions, other Investments or prepayments, repurchases, redemptions, defeasances or other satisfactions of any
        Restricted Junior Payment, in each case of clauses (i) and (ii), undertaken in connection
        with such Limited Condition Transaction.

     

    “Release” shall mean any release, spill,
        emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the Environment including the abandonment or disposal of any barrels, containers or
        other closed receptacles containing any Hazardous Material and including the migration of any Hazardous Material through the air, soil, surface water or groundwater.

     

    
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    “Relevant Currency Equivalent” shall mean the
        Dollar Equivalent or the Euro Equivalent, as applicable.

     

    “Remedial Action” shall mean (a) “response” as
        such term is defined in CERCLA, 42 U.S.C. § 9601(24); and (b) all other actions required pursuant to any Environmental Law or by any Governmental Authority, voluntarily undertaken or otherwise reasonably necessary to (i) clean up, investigate,
        sample, evaluate, monitor, remediate, remove, correct, contain, treat, abate or in any other way address any Release of Hazardous Material; (ii) prevent the Release or threat of Release, or minimize the further Release or migration, of any
        Hazardous Material; or (iii) perform studies and investigations in connection with, or as a precondition to, or to determine the necessity of the activities described in, clause (i)
        or (ii) above.

     

    “Reorganization”

            has the meaning assigned to such term in the definition of “Permitted Reorganization.”

     

    “Required Lenders” shall mean two (2) or more
        Lenders having Revolving Commitments or Revolving Exposure more than 50% of the sum of total Revolving Exposures and Revolving Commitments of all Revolving Lenders at such time; provided that the Revolving Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

     

    “Requirements of Law” shall mean, collectively,
        any and all applicable requirements of any Governmental Authority including any and all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes or case law.

     

    “Reserves” shall mean, without duplication, the
        sum of the Australian Reserves, the Dutch Reserves and the U.S. Reserves, as the context may require.

     

    “Responsible Officer” shall mean the chief
        executive officer, president, vice president, chief financial officer, secretary, treasurer or assistant treasurer, or other similar officer, manager or a director of a Loan Party and with respect to certain limited liability companies or
        partnerships that do not have officers, any manager, sole member, managing member or general partner thereof.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been
        authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

     

    “Restricted Junior Payment” shall mean (a) any
        dividend or other distribution, direct or indirect, on account of any shares of any class of Equity Interests of any Company now or hereafter outstanding, except a non-cash dividend payable solely in shares of that class of stock to the holders of
        that class or in options, warrants or other rights to purchase such stock; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Equity Interests
        of any Company (or any direct or indirect parent thereof) now or hereafter outstanding; (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity
        Interests of any Company (or any direct or indirect parent of any Borrower or Holdings) now or hereafter outstanding; (d) any management or similar fees payable to any equityholders other than a Loan Party; and (e) any payment or prepayment of
        principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment, with respect to, (i) the Permitted Seller Notes, (ii) the Term Loan
        Agreement, or (iii) any Subordinated Indebtedness.

     

    
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    “Restricted Obligation” has the meaning set
        forth in Section 7.09.

     

    “Restricted Subsidiary” shall mean a Subsidiary
        other than an Unrestricted Subsidiary., and each of Tronox Sands LLP, Tronox Sands UK Holdings Limited, Tronox
            Sands Investment Funding Limited, and Tronox UK Finance Limited shall constitute Restricted
            Subsidiaries.

     

    “Revolving Availability Period” shall mean the
        period from and including the Closing Date to but excluding the earlier of (a) the Business Day preceding the Revolving Maturity Date; and (b) the date of termination of the Revolving Commitments.

     

    “Revolving Borrowing” shall mean a Borrowing
        comprised of Revolving Loans.

     

    “Revolving Commitment” shall mean, with respect
        to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder up to the amount set forth on Schedule II to this Agreement or by an Incremental
        Joinder, or in the Assignment and Assumption pursuant to which such Lender assumed its Revolving Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section

            2.07 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The aggregate amount of the
        Lenders’ Revolving Commitments on the ClosingAmendment No. 2 Effective Date is $550,000,000350,000,000.

     

    “Revolving Exposure” shall mean, with respect
        to any Lender at any time, the Dollar Equivalent of the aggregate principal amount at such time of all outstanding Revolving Loans of such Lender, plus
        the Dollar Equivalent of the aggregate amount at such time of such Lender’s LC Exposure, plus the aggregate amount at such time of such Lender’s
        Swingline Exposure.

     

    “Revolving Lender” shall mean a Lender with a
        Revolving Commitment.

     

    “Revolving Loan” shall mean, as the context may
        require, a U.S. Revolving Loan, an Australian Revolving Loan or a Dutch Revolving Loan.

     

    “Revolving Loan Priority Collateral” shall have
        the meaning assigned to such term in the Intercreditor Agreement.

     

    “Revolving Maturity Date” shall mean the
        earlier of (a) the date which is five (5) years after the Closing Date, (b) the date which is three (3) months prior to the maturity of the Term Loan Agreement (as such date may be extended pursuant to the terms thereof or as a result of any
        Permitted Refinancing thereof into one or more other credit facilities), and (c) date which is three (3) months prior to the maturity of the Senior Unsecured 2022 Notes (as such date may be extended pursuant to the terms thereof or as a result of
        any Permitted Refinancing thereof into one or more other credit facilities); provided that, in each case, if such date is not a Business Day, the first
        Business Day thereafter.

     

    “Sale and Leaseback Transaction” has the
        meaning assigned to such term in Section 6.10.

     

    “Sanctioned Person” means, at any time, (a) any
        Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, or the U.S. Department of State, the European Union, any Member State of the European
        Union, or the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person.

     

    
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    “Sanctioned Country” means, at any time, a
        country, region or territory which is itself the subject or target of any Sanctions (as of the Closing Date, Cuba, Iran, North Korea, Sudan, Syria, and the Crimea region of Ukraine).

     

    “Sanctions” means economic sanctions
        administered or enforced by the United States Government (including without limitation, sanctions enforced by Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State), the European Union, the United
        Kingdom (including without limitation, sanctions enforced by Her Majesty’s Treasury), the government of Switzerland or any similar laws of those jurisdictions where Holdings or any of its Subsidiaries does business.

     

    “Seasonal Period” shall mean a period of one
        hundred twenty (120) consecutive days in each three hundred sixty (360) day period as designated by the Administrative Borrower by written notice to the Administrative Agent not less than sixty (60) days prior to the beginning of such Seasonal
        Period.  For the avoidance of doubt, the Seasonal Period for any three hundred sixty (360) day period shall be the same period for purposes of calculating the Borrowing Base in each applicable jurisdiction. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the Loan Parties, the Administrative Agent and the
            Lenders hereby agree and acknowledge that the Seasonal Period applicable to the three hundred sixty (360) day period immediately following the Amendment No. 2 Effective Date shall be the consecutive one hundred twenty (120) day period
            commencing on April 1, 2019 and ending on July 30, 2019.

     

    “SEC” shall mean the United States Securities
        and Exchange Commission.

     

    “Secured Leverage Ratio” shall mean the ratio
        as of the last day of any fiscal quarter of (a) Consolidated Net Debt as of such day (other than any portion of Consolidated Net Debt that is unsecured) to (b) Consolidated Adjusted EBITDA for the four fiscal quarter period ending on such date.

     

    “Secured Obligations” shall mean (a) the
        Obligations; (b) the due and punctual payment and performance of all obligations of the Borrowers and the other Loan Parties under each Swap Agreement entered into with any counterparty that is a Secured Party; and (c) the due and punctual payment
        and performance of all obligations of the Borrowers and the other Loan Parties (including overdrafts and related liabilities) under each Treasury Services Agreement entered into with any counterparty that is a Secured Party; provided that the Administrative Agent shall establish a Reserve for the amount of obligations under Swap Agreements or Treasury Services Agreements for such Swap
        Agreements or Treasury Services Agreements to constitute Secured Obligations. Notwithstanding the foregoing, in no event shall the Secured Obligations include any Excluded Swap Obligation.

     

    “Secured Parties” shall mean, collectively, the
        Administrative Agent, the Collateral Agent, each other Agent, the Lenders and each counterparty to a Swap Agreement or Treasury Services Agreement if at the date of entering into such Swap Agreement or Treasury Services Agreement such Person was an
        Agent or a Lender or an Affiliate of an Agent or a Lender and such Person executes and delivers to the Administrative Agent a letter agreement, acknowledged and agreed to by the Administrative Borrower, in form and substance acceptable to the
        Administrative Agent pursuant to which such Person (a) appoints the Collateral Agent as its agent under the applicable Loan Documents; (b) agrees to be bound by the provisions of Sections

            9.03, 10.03 and 10.09 as if it were a Lender; and (c) setting forth the
        maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount.

     

    
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    “Securities” shall mean any stock, shares,
        partnership interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
        convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to
        subscribe to, purchase or acquire, any of the foregoing.

     

    “Securities Act” shall mean the Securities Act
        of 1933.

     

    “Securities Collateral” shall mean the Pledged
        Equity Interests (as defined in the U.S. Security Agreement), the Intercompany Notes and any dividends, interest or distributions in respect of or in exchange for any or all of the Pledged Equity Interests or Intercompany Notes.

     

    “Securitization” shall mean any transaction or
        series of transactions entered into by a Non-Eligible Subsidiary pursuant to which such Non-Eligible Subsidiary sells, conveys, assigns, grants an interest in or otherwise transfers to a Securitization Subsidiary, Securitization Assets (and/or
        grants a security interest in such Securitization Assets transferred or purported to be transferred to such Securitization Subsidiary), and which Securitization Subsidiary finances the acquisition of such Securitization Assets with the cash
        proceeds of Indebtedness permitted to be incurred by such Securitization Subsidiary or the realization of proceeds from the Securitization Assets in the ordinary course of business, or any similar arrangement with respect to the monetization of
        receivables reasonably acceptable to the Administrative Agent, it being understood that a Securitization may involve periodic transfers or pledges of accounts receivable in which new Securitization Assets, or interests therein, are transferred or
        pledged upon collection of previously transferred or pledged Securitization Assets, or interests therein; provided that any such transactions shall otherwise
        comply with the requirements of this Agreement relating to Securitizations.

     

    “Securitization Assets” shall mean any accounts
        receivable owed to an Non-Eligible Subsidiary (whether now existing or arising or acquired or formed in the future), arising in the ordinary course of business from the sale of goods or services, all collateral securing such accounts receivable,
        all contracts and contract rights and all guarantees or other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other assets (including contract rights) which are of the type customarily transferred or
        in respect of which security interests are customarily granted in connection with securitizations of accounts receivable and which are sold, transferred or otherwise conveyed by such Non-Eligible Subsidiary to a Securitization Subsidiary.

     

    “Securitization Subsidiary” shall mean a
        Subsidiary of Holdings that engages in no activities other than in connection with the financing of accounts receivable (and activities incidental thereto) and that is designated by the board of directors (or similar governing body) of Holdings (as
        provided below) as a Securitization Subsidiary and: (a) has no Indebtedness or other Obligations (contingent or otherwise) that: (i) are guaranteed by Holdings, any Borrower or any of their Subsidiaries; (ii) are recourse to or obligate Holdings,
        any Borrower or any of their Subsidiaries in any way or create a Lien on, or otherwise encumber or restrict, the Collateral in any way; or (iii) subjects any property or assets of Holdings, any Borrower or any of their Subsidiaries, directly or
        indirectly, contingently or otherwise, to the satisfaction thereof; (b) has no contract, agreement, arrangement or undertaking (except in connection with a Permitted Securitization) with Holdings, any Borrower or any of their Subsidiaries other
        than on terms no less favorable to Holdings, such Borrower or such Subsidiaries than those that might be obtained at the time from Persons that are not Affiliates of a Borrower, other than fees payable in the ordinary course of business in
        connection with servicing accounts receivables; (c) neither Holdings, nor any Borrower nor any of their Subsidiaries has any obligation to maintain or preserve the Securitization Subsidiary’s financial condition or cause the Securitization
        Subsidiaries to achieve certain levels of operating results; and (d) does not commingle its funds or assets with those of any Borrower or any other Loan Party, in each case, other than Standard Securitization Undertakings. Any such designation by
        the Board of Directors of Holdings will be evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy of the resolution of the Board of Directors of Holdings giving effect to such designation and an officers’
        certificate certifying, to such officer’s knowledge and belief, that such designation complied with the foregoing conditions.

     

    
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    “Security Agreement Collateral” shall mean all
        property pledged or granted as collateral pursuant to any Security Document (a) on the Closing Date or (b) thereafter pursuant to Section 5.10 or 5.11.

     

    “Security Documents” shall mean the U.S.
        Security Agreement, the Australian Security Agreements, the Dutch Security Agreements, the UK Security Agreements, the Mortgages (if any), the Intellectual Property Security Agreements, the Intercreditor Agreement, the Bailee Letters (if any), the
        Landlord Access Agreements (if any) and each other security document or pledge agreement delivered in accordance with applicable local or foreign law to grant a valid, perfected security interest in any property as collateral for the Secured
        Obligations, and all UCC or other financing statements or instruments of perfection required by this Agreement, the U.S. Security Agreement, any Foreign Security Agreement, any Mortgage or any other such security document or pledge agreement to be
        filed with respect to the security interests in property and fixtures created pursuant to the U.S. Security Agreement, any Foreign Security Agreement or any Mortgage and any other document or instrument utilized to pledge or grant or purport to
        pledge or grant a security interest or lien on any property as collateral for the Secured Obligations.

     

    “Security Trustee” shall have the meaning
        assigned to such term in Section 9.13(c).

     

    “Seller’s Retained Interest” shall mean the
        debt or equity interests held by Holdings or a Subsidiary of Holdings in a Securitization Subsidiary to which Securitization Assets have been transferred, including any such debt or equity received as consideration for or as a portion of the
        purchase price for the Securitization Assets transferred, or any other instrument through which Holdings or a Subsidiary of Holdings has rights to or receives distributions in respect of any residual or excess interest in the Securitization Assets.

     

     “Senior Representative” shall mean, with
        respect to any series of notes or term loans constituting Permitted Secured Indebtedness, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is
        issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

     

    “Senior Unsecured 2020 Notes” means an
        indenture dated as of August 20, 2012 providing for the issuance of 6.375% unsecured Senior Notes due 2020.

     

    “Senior Unsecured 2022 Notes” means an
        indenture dated as of March 19, 2015 providing for the issuance of 7.50% unsecured Senior Notes due 2022.

     

    “Senior Unsecured 2022 Notes Documents” shall
        mean that certain indenture pursuant to which the Senior Unsecured 2022 Notes are issued and the related documents entered into pursuant thereto.

     

    “Sold Entity or Business” has the meaning
        assigned to such term in the definition of “Consolidated Adjusted EBITDA.”

     

    
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    “Solvent” and “Solvency” shall mean:

     

    (a)
        with respect to any incorporated, registered or organized under the laws of Australia or any state or territory
            thereof, such Person (i) does not become, does not admit in writing that it is, is not declared to be, or is not deemed under any applicable Requirements of Law to be, insolvent under Australian law; (ii) is able to pay its debts (as and when
            they become due and payable) and does not stop payments of its debts generally; (iii) is not found or declared by a court to be insolvent under Australian law, is not insolvent within the meaning of sections 95A(1) and (2) of the Corporations
            Act or otherwise found or deemed to be insolvent by law or a court; (iv) complies with a statutory demand that has not been stayed or overturned within the meaning of section 459F(1) of the Corporations Act; (v) is not the subject of an event
            described in section 459C(2)(b) or section 585 of the Corporations Act; (vi) is not insolvent under administration (as defined in the Corporations Act; (vii) is not in liquidation, is not in provisional liquidation, is not under administration
            or wound up and has not had a Controller (as defined in the Corporations Act) appointed to its property; (viii) is not subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute or dissolved
            (in each case, other than to carry out a reconstruction or amalgamation while solvent on terms approved by the Administrative Agent); and (b) with respect to any other Person on any date of determination, that on such date (i) the
        Fair Value and the Present Fair Saleable Value of the assets of such Person exceeds such Person’s Stated Liabilities and Identified Contingent Liability; (ii) such person does not have Unreasonably Small Capital; and (iii) such Person can pay its
        Stated Liabilities and Identified Contingent Liability as they mature.

     

    For purposes of the foregoing:

     

    (a)          “Fair Value” shall mean the amount
        at which the assets (both tangible and intangible), in their entirety, of a Person would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant
        facts, with neither being under any compulsion to act,

     

    (b)         “Present Fair Salable Value” means
        the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets (both tangible and intangible) of the Borrower and its Subsidiaries taken as a whole are sold on a going concern basis with
        reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated (provided that for purposes of determining Solvency on the Closing Date, this clause (b) shall be calculated after giving effect to the
        consummation of the Transactions (including the execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans on the Closing Date);

     

    (c)          “Stated Liabilities” means the
        recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of such Person;

     

    (d)          “Identified Contingent
        Liabilities” shall mean the maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of such person; provided that for
        purposes of determining Solvency on the Closing Date, this clause (d) shall be calculated after giving effect to the consummation of the Transactions (including the
        execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans on the Closing Date (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in
        Stated Liabilities pursuant to the proviso in clause (c) above)) as identified and explained in terms of their nature and estimated magnitude;

     

    
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    (e)          “Can pay their Stated Liabilities
        and Contingent Liabilities as they mature” means such Person will have sufficient assets and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of contingent
        liabilities) otherwise become payable; provided that for purposes of determining Solvency on the Closing Date, this clause (e) shall be calculated after giving effect to
        the consummation of the Transactions (including the execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans on the Closing Date); and

     

    (f)          “Do not have Unreasonably Small
        Capital” means such Person will have sufficient capital to ensure that it is a going concern.

     

    “South

            African Credit Agreement” means that certain Term Loan and Revolving Credit Facilities Agreement, dated on or about the Amendment No. 2 Effective Date (as amended, supplemented and/or refinanced), among Tronox Mineral Sands Proprietary Limited
            and Tronox KZN Sands Proprietary Limited, as borrowers with joint and several liability, the lenders party thereto from time to time, The Standard Bank of South Africa Limited, as Coordinating Bank, and Firstrand Bank Limited, as Facility
            Agent.

     

    “South African Subsidiaries” shall mean any
        Subsidiary formed under the laws of the Republic of South Africa or any Subsidiary if, as a result of providing a Guaranty of the Obligations or providing any Collateral or being a party to any of the Loan Documents, such Subsidiary would violate
        any applicable South African “Black Empowerment” laws, any South African exchange control regulations or any other similar South African laws and regulations applicable to it.

     

    “Specified Event of Default” shall mean an
        Event of Default pursuant to Section 8.01(a), (b) (but only with respect to a breach of Section 2.22, Section 6.07 or Section

            5.18 (after giving effect to the grace period contained in Section 8.01)), (f),
        (g) or (m).

     

    “Specified Financial Statements” shall mean (a)
        audited consolidated balance sheets of Holdings and its consolidated subsidiaries for the fiscal years ended December 31, 2014, December 31, 2015 and December 25, 2016, and the related consolidated statements of income and cash flows of Holdings
        and its consolidated subsidiaries, including the notes thereto; (b) the unaudited consolidated balance sheet of Holdings and its consolidated subsidiaries as at the end of, and related unaudited consolidated statements of income and cash flows of
        Holdings and its Subsidiaries for the period ended June 30, 2017; and (c) a pro forma consolidated balance sheet as of June 30, 2017, and related pro forma statement of income of HoldingsTronox Limited for the trailing
        12-month period ended June 30, 2017 prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of income)
        (the pro forma financial statements described in this clause (iii), the “Pro Forma Financial Statements”);

        provided, that no Pro Forma Financial Statement shall be required to include adjustments for purchase accounting (including adjustments of the type
        contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R).

     

    “Specified Transaction” means, with respect to
        any period, any Investment, Asset Sale, incurrence or repayment of Indebtedness, Restricted Junior Payment, subsidiary designation, operating improvements, restructurings or other event that by the terms of the Loan Documents requires “Pro Forma
        Compliance” with a test or covenant hereunder or requires such test or covenant to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect” to such event.

     

    
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    “Spot Selling Rate” shall mean the spot selling
        rate at which the Administrative Agent offers to sell any currency (other than dollars) for dollars in the London foreign exchange market at approximately 11:00 a.m. London time on such date for delivery two (2) Business Days later.

     

    “Standard Letter of Credit Practice” means, for
        Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which
        it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit
        practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

     

    “Standard Securitization Undertakings” shall
        mean representations, warranties, covenants, repurchase obligations and indemnities entered into by Holdings, any Borrower or any of their Subsidiaries which are customary for a seller or servicer of assets transferred in connection with a
        Securitization.

     

     “Standby Letter of Credit” shall mean any
        standby letter of credit or similar instrument issued for the purpose of supporting (a) workers’ compensation liabilities of the Borrowers or any of their respective Subsidiaries; (b) the obligations of third-party insurers of the Borrowers or any
        of their respective Subsidiaries arising by virtue of the laws of any jurisdiction requiring third-party insurers to obtain such letters of credit; (c) performance, payment, deposit or surety obligations of the Borrowers or any of their respective
        Subsidiaries if required by a Requirement of Law or in accordance with custom and practice in the industry; or (d) Indebtedness of the Borrowers or any of their respective Subsidiaries permitted to be incurred under Section 6.01.

     

    “Sterling” shall mean the lawful currency of
        the United Kingdom.

     

    “Subsequent Transaction” has the meaning set
        forth in Section 1.09.

     

    “Subordinated Indebtedness” means any
        Indebtedness contractually subordinated in right of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent.

     

    “Subsidiary” shall mean, with respect to any
        Person at any date, (a) any corporation, partnership, private limited company, public limited company, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of all Equity
        Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the
        direction of the management and policies thereof is at the time owned or controlled, directly or indirectly by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall
        be deemed to be outstanding. Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of Holdings subject to the proviso in the preceding
        sentence.

     

    
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    “Subsidiary Guarantor” shall mean each
        Restricted Subsidiary listed on Schedule 1.01(b), and each other Restricted Subsidiary that is or becomes a party to this Agreement pursuant to Section 5.10 and executes a Joinder Agreement in connection therewith.

     

    “Supermajority Lenders” shall mean two (2) or
        more Lenders having Revolving Commitments and Revolving Exposure of more than 66 2/3% of the sum of total Revolving Exposures and Revolving Commitments of all Revolving Lenders at such time; provided that the Revolving Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Supermajority Lenders.

     

    “Swap” means any agreement, contract, or
        transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

     

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

            Agreement”), including any such obligations or liabilities under any Master Agreement.

     

    “Swap Obligation” means, with respect to any
        Person, any obligation to pay or perform under any Swap.

     

     “Swingline Commitment” shall mean the
        commitment of the Swingline Lender to make loans pursuant to Section 2.17, as the same may be reduced from time to time pursuant to Section 2.07 or Section 2.17. The amount of the Swingline Commitment shall initially be $55,000,000, but shall in no
        event exceed 10% of the aggregate Revolving Commitments.

     

    “Swingline Exposure” shall mean at any time the
        aggregate principal amount at such time of all outstanding Swingline Loans. The Swingline Exposure of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.

     

    “Swingline Lender” shall have the meaning
        assigned to such term in the preamble hereto.

     

    “Swingline Loan” shall mean any loan made by
        the Swingline Lender to a U.S. Borrower pursuant to Section 2.17.

     

    “Swiss Guarantor” has the meaning set forth in
        Section 7.09.

     

    “Swiss Loan Party” shall mean a Loan Party
        incorporated, organized or otherwise formed in Switzerland.

     

    
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    “Tax Consolidated Group” shall mean a
        “consolidated group” or an “MEC group” each as defined in the Australian Tax Act.

     

    “Tax Credit” shall mean a credit against,
        relief or remission for, or refund or repayment of, any Taxes.

     

    “Tax Payment” shall mean the payment of an
        additional amount by a Relevant Borrower under Section 2.24(b) or Section 2.25(a) or a
        payment made by the Relevant Borrower under Section 2.24(c).

     

    “Tax Restructuring” means any reorganizations
        and other activities related to tax planning and tax reorganization (as determined by Holdings in good faith) entered into after the date hereof so long as such Tax Restructuring does not impair the Guarantee or the security interests of the
        Lenders in any material respect and is otherwise not adverse to the Lenders in any material respect and after giving effect to such Tax Restructuring, Holdings and its Restricted Subsidiaries otherwise comply with Section 5.12.

     

    “Tax Return” shall mean all returns,
        statements, filings, attachments and other documents or certifications filed or required to be filed in respect of Taxes.

     

    “Taxes” shall mean any and all present or
        future taxes, levies, imposts, duties, deductions, charges, fees, assessments or withholdings (including backup withholdings) imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

     

    “Term Loan” shall mean any “Loan” as defined in
        the Term Loan Agreement

     

    “Term Loan Agent” shall mean the agent under
        the Term Loan Agreement and related collateral documents, and any successor or new agent thereunder. As of the Closing Date, Bank of America, N.A. is the Term Loan Agent.

     

    “Term Loan Agreement” shall mean the First Lien
        Term Loan Agreement, dated as of the Closing Date, by and among HoldingsTronox Limited, Tronox Finance LLC, Blocked Borrower, the Term Loan Agent and the other parties thereto, and any extension, renewal, refinancing or
        replacement, in whole or in part (whether with the same group of lenders or a different group of lenders) in accordance with the terms of this Agreement and the Intercreditor Agreement.

     

    “Term Loan Documents” shall mean the Term Loan
        Agreement and the other Loan Documents as defined in the Term Loan Agreement, including each mortgage and other security documents, guaranties and the notes issued thereunder.

     

    “Term Loan Priority Collateral” shall have the
        meaning assigned to such term in the Intercreditor Agreement.

     

    “Test Period” means, at any date of
        determination, the most recently completed four consecutive fiscal quarters of Holdings ending on or prior to such date for which financial statements (a) have been (or were required to have been) delivered pursuant to Section 5.01(b) or Section 5.01(c) or (b) for which internally available financial statements have been made
        available to the Administrative Agent.

     

    “TFA” shall mean a tax funding agreement
        between the members of a Tax Consolidated Group which includes (a) reasonably appropriate arrangements for the funding of tax payments by the Head Company having regard to the position of each member of the Tax Consolidated Group; and (b)
        reasonably appropriate arrangements for the compensation of each member  of the Tax Consolidated Group to compensate such member adequately for loss of tax attributes (including tax losses and tax offsets) as a result of being a member of the Tax
        Consolidated Group.

     

    
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    “the Netherlands” means the part of the Kingdom
        of The Netherlands located in Europe.

     

    “Title Company” shall mean any title insurance
        company as shall be retained by the Borrowers and reasonably acceptable to the Administrative Agent.

     

    “Top Hat Company” shall have the meaning
        assigned to such term in the definition of “Permitted Reorganization.”

     

    “Top Hat Reorganization” shall have the meaning
        assigned to such term in the definition of “Permitted Reorganization.”

     

    “Top Hat Transaction” shall have the meaning
        assigned to such term in the definition of “Permitted Reorganization.”

     

    “Total Net Leverage Ratio” shall have the
        meaning assigned to such term in the Term Loan Agreement as in effect as of the date hereof.

     

    “Top

            20 Customer” means each of those certain customers of the Borrowers which are the twenty (20) largest revenue-generating customers of the Borrowers, as calculated on a trailing twelve (12) month  basis as of the most recent calendar month ended
            prior to the Amendment No. 2 Effective Date, and as set forth on Schedule 1.01(i). Such Schedule 1.01(i) shall be updated by the Collateral Agent (from information received by the Borrowers that is acceptable to Collateral Agent in its
            Permitted Discretion) promptly following each calendar quarter to reflect any changes in such list of customers of the Borrowers.

     

    “Transaction Costs” shall mean the fees, costs
        and expenses payable by Holdings, any Borrower or any of Holdings’ Subsidiaries in connection with the transactions contemplated by the Loan Documents (and the refinancing of the outstanding Indebtedness under the Existing Credit Agreement), the
        Term Loan Documents, the satisfaction and discharge and/or redemption of the Senior Unsecured 2020 Notes and the issuance of the New Notes.

     

    “Transaction Documents” shall mean the Loan
        Documents, the Term Loan Documents and the New Notes Documents.

     

    “Transactions” shall mean, collectively, the
        transactions to occur on or prior to the Closing Date pursuant to the Transaction Documents, including (a) the execution, delivery and performance of the Loan Documents (including the refinancing of the outstanding Indebtedness existing under the
        Existing Credit Agreement); (b) the execution, delivery and performance of the Term Loan Documents, (c) the issuance of the New Notes, (d) the satisfaction and discharge and/or redemption of the Senior Unsecured 2020 Notes and (e) the payment of
        all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing.

     

    “Transferred Guarantor” shall have the meaning
        assigned to such term in Section 7.09.

     

    “Treasury Services Agreement” shall mean any
        agreement relating to treasury, depositary and cash management services or automated clearinghouse transfer of funds or to corporate credit cards or p-cards.

     

    
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    “Tronox Bahamas” shall mean Tronox Pigments
        Ltd., a Bahamian entity.

     

    “Tronox Inc.” shall mean Tronox Incorporated, a Delaware corporation.

     

     “Tronox Holdings Coöperatief” shall mean
        Tronox Holdings Coöperatief U.A., a cooperative with excluded liability under Dutch law (coöperatie met uitgesloten aansprakelijkheid), having its official
        seat (statutaire zetel) in Amsterdam, the Netherlands and having its principal place of business at Lot 22, Mason Road, Kwinana Beach, Western Australia 6167,
        Australia, registered with the Dutch trade register of the chamber of commerce under number 55056113.

     

    “Tronox Holdings Europe” shall mean Tronox
        Holdings Europe C.V., a limited partnership (commanditaire vennootschap) formed and existing under Dutch law, having its business address at 1 Brodie Hall
        Drive, Bentley, Westerns Australia 6102, Australia, registered with the Dutch trade register under number 24424862 (the “Partnership”), represented by Tronox
        Worldwide Pty Ltd, a proprietary company limited by shares incorporated under the laws of Australia, having its business address at 1 Brodie Hall Drive, Bentley, Western Australia 6102, Australia, registered under the number ACN 158 561 061, in its
        capacity as the general partner (beherend vennoot) of the
        Partnership.

     

    “Tronox

            Holdings” shall mean Tronox Holdings plc, a public limited company incorporated under the laws of England and Wales with registered number 11653089.

     

    “Tronox Inc.” shall
            mean Tronox Incorporated, a Delaware corporation.

     

    “Tronox

            Intermediate Holdings”
            means Tronox Investment Holdings Limited, a private limited company incorporated under the laws of England and Wales with registered number 11880284.

     

    “Tronox

            Limited” has the meaning assigned to such term in the preamble hereto.

     

     “Tronox Pigments (Netherlands)” shall mean Tronox Pigments (Netherlands) B.V., a private company with
        limited liability under Dutch law (besloten vennootschap met beperkte aansprakelijkheid), having its official seat (statutaire zetel) in Amsterdam, the Netherlands, having its registered address at Lot 22, Mason Road, Kwinana Beach, Western Australia 6167, Australia, registered with the Dutch trade register of the
        chamber of commerce under number 34132341.

     

    “TSA” shall mean an agreement between the
        members of a Tax Consolidated Group which takes effect as a tax sharing agreement under section 721-25 of the Australian Tax Act and complies with the Australian Tax Act and any applicable Requirements of Law, official directive, request, guideline
        or policy (whether or not having the force of law) issued in connection with the Australian Tax Act, any such agreement to be in form and substance reasonably satisfactory to the Administrative Agent.

     

    “Type,” when used in reference to any Loan or
        Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBOR Rate or the Alternate Base Rate.

     

    “UCC” shall mean the Uniform Commercial Code as
        in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction.

     

    
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    “UCP” means, with respect to any Letter of
        Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by Issuing Bank for use.

     

    “UK” shall mean England and Wales.

     

    “UK Financing Subsidiary” shall mean a
        Subsidiary of Holdings organized under the laws of England or Wales which is designated by the Administrative Borrower as a finance subsidiary in a notice to the Administrative Agent. The principal purpose of the finance subsidiary shall be to
        facilitate financing of Holdings and its Subsidiaries on a global basis and it shall not conduct any operations other than financing activities and activities reasonably incidental thereto.

     

    “UK Finance Reserve” shall mean a reserve
        against the Borrowing Base established by the Administrative Agent in its Permitted Discretion on account of the funding of bank accounts owned by a UK Financing Subsidiary, which reserve shall not exceed an amount equal to one year’s payroll
        expense of the applicable UK Financing Subsidiary.

     

    “UK Loan Party” shall mean a Loan Party
        incorporated, organized or otherwise formed in the UK.

     

    “UK Security Agreements” shall mean
        collectively, (a) that certain UK Debenture, dated the Closing Date, among the Loan Parties party thereto and the Collateral Agent; and (b) each other pledge or security agreement, including, without limitation, share charges and debentures,
        governed by the laws of England and Wales between or among any Loan Party incorporated or organized under the laws of England and Wales or any province or territory thereof and the Collateral Agent.

     

    “Undervalued Asset” has the meaning set forth
        in Section 7.09(f).

     

    “United States” and “U.S.” shall mean the United States of America.

     

    “Unrestricted Subsidiary” shall mean a
        Subsidiary (other than a Holding Company or any Borrower) designated by the Administrative Borrower
        as an Unrestricted Subsidiary pursuant to Section 5.20 subsequent to the Closing Date and, as of the Closing Date, Tronox GmbH, Tronox Pigments GmbH, Tronox Pigments (Singapore) Pte. Ltd. Tronox Sands
            LLP, Tronox Sands UK Holdings Limited, Tronox Sands Investment Funding Limited, Tronox UK Finance Limited and

        the Blocked Borrower.

     

    “U.S. Borrowers” shall mean (a) the Initial
        U.S. Borrower; and (b) any Additional Co-Borrower organized under the laws of the United States that may become a party hereto after the date hereof.

     

    “U.S. Borrowing Availability” shall mean at any
        time the lesser of (a) the U.S. Borrowing Base at such time; and (b) the aggregate amount of the Lenders’ Revolving Commitments at such time, in each case, less
        the aggregate U.S. Revolving Exposure of all Lenders at such time.

     

    “U.S. Borrowing Base” shall mean at any time,
        subject to adjustment as provided in Section 2.21, an amount equal to the sum
        of, without duplication:

     

    (a)          the book value of
        the U.S. Eligible Accounts multiplied by the Accounts
        Advance Rate;

     

    
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    (b)          the lesser of, (i)
        the Inventory Cost Advance Rate multiplied by the
        Cost of the U.S. Eligible Inventory, and (ii) the Inventory Recovery Advance Rate multiplied by the Net Recovery Cost Percentage multiplied by the Cost of the U.S. Eligible Inventory; minus

     

    (c)          any U.S. Reserves
        then in effect established from time to time by the Administrative Agent, in the exercise of its Permitted Discretion.

     

    The U.S. Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate theretofore delivered
        to the Administrative Agent with such adjustments as the Administrative Agent deem appropriate, in its Permitted Discretion to correct errors, to implement Reserves or to adjust for fluctuations in the currency exchange rate relating to assets
        comprising the U.S. Borrowing Base.

     

    “U.S. Eligible Accounts” shall have the meaning
        assigned to such term in Section 2.21(c).

     

    “U.S. Eligible In-Transit Inventory” shall mean
        Inventory owned by a U.S. Borrower that otherwise satisfies the criteria for U.S. Eligible Inventory set forth herein but is located outside of the United States of America and which is in transit to either the premises of a Freight Forwarder in
        the United States of America or the premises of such U.S. Borrower in the United States of America which are either owned and controlled by such U.S. Borrower or leased by such U.S. Borrower; provided, that no Inventory shall be U.S. Eligible In-Transit Inventory unless:

     

    (a)          the Collateral Agent,
        on behalf of Secured Parties, has a perfected, First Priority Lien upon such Inventory and all documents of title with respect thereto;

     

    (b)          such Inventory either
        (i) is the subject of a negotiable bill of lading (A) in which the Collateral Agent is named as the consignee (either directly or by means of endorsements); (B) that was issued by the carrier respecting such Inventory that is subject to such bill
        of lading; and (C) that is in the possession of the Collateral Agent or the Freight Forwarder handling the importing, shipping and delivery of such Inventory, in all cases acting on the Collateral Agent’s behalf subject to a Freight Forwarder
        Letter, duly authorized, executed and delivered by such Freight Forwarder; or (ii) is the subject of a negotiable forwarder’s cargo receipt and such cargo receipt on its face indicates the name of the freight forwarder as a carrier or multi-modal
        transport operator and has been signed or otherwise authenticated by it in such capacity or as a named agent for or on behalf of the carrier or multi-modal transport operator, in any case respecting such Inventory and either (A) names the
        Collateral Agent as the consignee (either directly or by means of endorsements); or (B) is in the possession of the Collateral Agent or the Freight Forwarder handling the importing, shipping and delivery of such Inventory, in all cases acting on
        Agent’s behalf subject to a Freight Forwarder Letter, duly authorized, executed and delivered by such Freight Forwarder;

     

    (c)          such Borrower has
        title to such Inventory;

     

    (d)          the Collateral Agent
        shall have received a Freight Forwarder Letter, duly authorized, executed and delivered by the Freight Forwarder located in the United States of America handling the importing, shipping and delivery of such Inventory;

     

    (e)          such Inventory is
        insured against types of loss, damage, hazards, and risks, and in amounts, required by the Loan Documents, and the Collateral Agent shall have received a copy of the certificate of marine cargo insurance in connection therewith in which it has been
        named as an additional insured and loss payee in a manner reasonably acceptable to the Collateral Agent;

     

    
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    (f)          such Inventory is not
        subject to a Letter of Credit; and

     

    (g)          such Inventory shall
        not have been in transit for more than forty-five (45) days;

     

    provided that the
        Administrative Agent may, in its discretion, exclude any particular Inventory from the definition of “U.S. Eligible In-Transit Inventory” in the event the Administrative Agent determines in its Permitted Discretion that such Inventory is subject to
        any Person’s right of reclamation, repudiation, stoppage in transit or any event has occurred or is reasonably anticipated by the Administrative Agent to arise which may otherwise adversely impact the ability of the Administrative Agent to realize
        upon a material portion of such Inventory.

     

    Notwithstanding the above, (x) U.S. Eligible Inventory in transit from a third party shall not be excluded from the definition of U.S.
        Eligible In-Transit Inventory by virtue of clause (b) or (d) of the proviso above for the
        first thirty (30) days following the Closing Date up to an aggregate amount of $12,000,000 for all U.S. Eligible In-Transit Inventory and (y) U.S. Eligible Inventory in transit from a Loan Party to another Loan Party shall not be excluded from the
        definition of U.S. Eligible In-Transit Inventory by virtue of clause (b) or (d) of the
        proviso above for the first thirty (30) days following the Closing Date.

     

    “U.S. Eligible Inventory” shall have the
        meaning assigned to such term in Section 2.21(f).

     

    “U.S. Entity” shall mean any Person organized
        under the laws of the United States of America, any State thereof or the District of Columbia.

     

    “U.S. Loan Parties” shall mean (a) the U.S.
        Borrowers and (b) any other Loan Parties organized under the laws of the United States.

     

    “U.S. Reserves” shall mean the sum (without
        duplication) of all reserves, in such amounts and with respect to such matters, as the Administrative Agent may establish from time to time in its Permitted Discretion; provided, that the initial U.S. Reserves, if any, shall be as set forth on the Borrowing Base Certificate delivered for purposes of the Closing Date.

     

    “U.S. Revolving Loan” shall mean a Loan made by
        the Lenders to a U.S. Borrower pursuant to Section 2.01(a). Each U.S. Revolving Loan shall either be an ABR Revolving Loan or a Eurodollar Revolving Loan.

     

    “U.S. Security Agreement” shall mean that
        certain Pledge and Security Agreement, dated as of Closing Date, among the Loan Parties party thereto and the Collateral Agent for the benefit of the Secured Parties.

     

    “USA PATRIOT Act” shall have the meaning set
        forth in the definition of “Anti-Terrorism Laws.”

     

    “VAT” shall mean

     

    (a)          any tax imposed in
        compliance with the Council Directive of 28 November 2006 or the common system of value added tax (EC Directive 2006/112); and

     

    (b)          any other tax of a
        similar nature, that is either (i) imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a)
        above; or (ii) imposed elsewhere.

     

    
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    “Voting Stock” shall mean, with respect to any
        Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person.

     

    “Weighted Average Life to Maturity” shall mean,
        when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments
        of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
        amount of such Indebtedness.

     

    “Whitewash Australian Entity” means any
        Australian Subsidiary which is required to obtain approval to the giving of financial assistance in accordance with section 260B of the Corporations Act.

     

    “Whitewash Completion Date” shall mean in
        respect of each Australian Subsidiary from time to time that is a Whitewash Australian Entity, (i) while the ultimate Australian holding company of that Whitewash Australian Entity is a public company, the date which is no later than 60 days (or such longer period as consented to by the Australian Security Trustee in its sole discretion)
        after the next scheduled annual general meeting of Holdingsthat ultimate Australian holding company after the date such Australian Subsidiary is acquired by, or otherwise becomes a Subsidiary domiciled in Australia of,
        Holdings or one of its Subsidiaries or (ii) otherwise, the date which is no later than 90 days (or such longer period as consented to by the Australian Security Trustee in its sole discretion) after such Australian Subsidiary is acquired by, or
        otherwise becomes a Subsidiary domiciled in Australia of, Holdings or one of its Subsidiaries.

     

    “Whitewash Documents” means the documents, in a
        form approved by the Administrative Agent (acting reasonably), required under section 260B of the Corporations Act for approving the giving of financial assistance being given by any Australian Subsidiary that is a Whitewash Australian Entity under
        all relevant Loan Documents to which it is proposed to be a party, including, in respect of each Whitewash Australian Entity and the ultimate Australian holding company, the circular or sole member (as applicable) resolution approving the giving of
        the financial assistance by the relevant company, an explanatory statement setting out all the information that is material to the decision on how to vote on such resolution, a notice proposing the passing of a resolution to approve the giving of
        the financial assistance and as required, ASIC forms 2602 (financial assistance details), 2601 (intention to give financial assistance) (other than for the ultimate Australian holding company) and 2205 (notification of resolutions regarding shares)
        (including, in each case, with all necessary attachments, if any).

     

    “Whitewash Resolution Date” shall mean, in
        respect of an Australian Subsidiary that is a Whitewash Australian Entity, the date which is at least 14 days prior to the relevant Whitewash Completion Date for such Australian Subsidiary.

     

    “Wholly Owned Subsidiary” shall mean, as to any
        Person, (a) any corporation 100% of whose capital stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person; and (b) any partnership, association, joint venture,
        limited liability company or other entity in which such Person and/or one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time.

     

    
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    “Withdrawal Liability” shall mean liability to
        a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

     

    “Write-Down and Conversion Powers” means, with
        respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
        described in the EU Bail-In Legislation Schedule.

     

    “Yen” shall mean the lawful currency of Japan.

     

    “ZAR”

            shall mean the lawful currency of the Republic of South Africa.

     

    Section 1.02          Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Swingline Loan”) or by
        Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Swingline Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

     

    Section 1.03          Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
        context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be
        construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any Loan Document, agreement, instrument or other document herein shall be construed as referring to such
        agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein); (b) any reference herein to any Person shall
        be construed to include such Person’s successors and permitted assigns; (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
        hereof; (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement; (e) any reference to any law or regulation herein shall refer to
        such law or regulation as amended, modified or supplemented from time to time; (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
        including cash, securities, accounts and contract rights; (g) “on,” when used with respect to the Mortgaged Property or any property adjacent to the Mortgaged Property, means “on, in, under, above or about”; and (i) unless all references herein or specified otherwise, be references to Eastern time (daylight or standard, as applicable). 

     

    Section 1.04          Accounting

        Terms; GAAP.

     

    (a)          All accounting terms
        not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
        conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

     

    (b)          Notwithstanding
        anything to the contrary herein, but subject to Section 1.09, for purposes of determining compliance with any test contained in this Agreement, the Total Net Leverage
        Ratio and the Consolidated Fixed Charge Coverage Ratio that are calculated with respect to any Test Period during which a Specified Transaction occurs shall be calculated on a Pro Forma Basis.  Further, if since the beginning of any such Test
        Period and on or prior to the date of any required calculation of any financial ratio or test (x) any Specified Transaction has occurred or (y) any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated
        with or into the Borrower or any of its Restricted Subsidiaries or any joint venture since the beginning of such Test Period has consummated any Specified Transaction, then, in each case, any applicable financial ratio or test shall be calculated
        on a Pro Forma Basis for such Test Period as if such Specified Transaction had occurred at the beginning of the applicable Test Period.

     

    
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    (c)          Where reference is
        made to “Holdings and the Restricted Subsidiaries on a consolidated basis” or similar language, such consolidation shall not include any Subsidiaries of Holdings other than Holdings and the Restricted Subsidiaries.

     

    (d)          In the event that the
        Administrative Borrower elects to prepare its financial statements in accordance with IFRS and such election results in a change in the method of calculation of financial covenants, standards or terms (collectively, the “Accounting Changes”) in this Agreement, the Administrative Borrower and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions of
        this Agreement (including the levels applicable herein to any computation of the Total Net Leverage Ratio and the Consolidated Fixed Charge Coverage Ratio) so as to reflect equitably the Accounting Changes with the desired result that the criteria
        for evaluating Holdings’ financial condition shall be substantially the same after such change as if such change had not been made.  Until such time as such an amendment shall have been executed and delivered by the Administrative Borrower, the
        Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed in accordance with GAAP (as determined in good faith by a Responsible Officer of the
        Administrative Borrower) (it being agreed that the reconciliation between GAAP and IFRS used in such determination shall be made available to Lenders) as if such change had not occurred.

     

    (e)          Notwithstanding anything to the
        contrary contained in paragraph (a) above or in the definition of “Capitalized Lease Obligation,” in the event of an accounting change requiring all leases to be
        capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute Capitalized Lease Obligations in conformity with GAAP on the date hereof shall be considered Capitalized Lease
        Obligations (also including subleases, the “2017 GAAP Leases”), and all calculations and deliverables under this Agreement or any other Loan Document shall be
        made or delivered, as applicable, in accordance therewith. A “Capitalized Lease Obligation” is any lease which would, in accordance with GAAP as at the original date of this Agreement, be treated as a “Capitalized Lease Obligation” but, for the
        avoidance of doubt, shall exclude any lease, concession, license of property or other arrangement (or guarantee thereof) which would be considered an operating lease under GAAP as at the original date of this Agreement which is subsequently treated
        as “Capitalized Lease Obligations” as a result of any change to the treatment of such leases or other arrangements under GAAP.

     

    Section 1.05          Resolution

        of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of the Loan Documents
        to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not
        be employed in the interpretation hereof or thereof.

     

    Section 1.06          UCC/PPSA

        Australia. As used herein, (a) the following terms are defined in accordance with the UCC in effect in the State of New York
        from time to time: “Chattel Paper”, “Commercial Tort Claim”, “Equipment”, “Instrument”, “Investment Property” and “Proceeds”; and (b) as such terms relate to any such Property located in Australia, “Chattel Paper” and “Proceeds” shall refer to
        chattel paper and proceeds as those terms are defined in the PPSA Australia, “Equipment” shall refer to goods (other than goods that are consumer property or inventory) as those terms are defined in the PPSA Australia, “Instrument” shall refer to
        negotiable instrument as that term is defined in the PPSA Australia and “Investment Property” shall refer to investment instrument and intermediated security as those terms are defined in the PPSA Australia to the extent applicable.

     

    
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    Section 1.07          Currency

        Matters. Rates.

     

    (a) All references in the Loan Documents to Loans, Letters of Credit, Obligations and other amounts shall be denominated in dollars,
        unless expressly provided otherwise. The Dollar Equivalent of any amounts denominated or reported under a Loan Document in a currency other than dollars shall be determined by the Administrative Agent on a daily basis based on the Spot Selling
        Rate. No Default or Event of Default shall arise as a result of any limitation of threshold in Article VI set forth in dollars being exceeded solely as a result of
        changes in currency exchange rates after the date of the relevant action, event or condition. Each Borrower shall report Cost and other Borrowing Base components to Agent in the currency shown in such Borrower’s financial records, and unless
        expressly provided otherwise, Holdings shall deliver consolidated financial statements and calculate financial covenants in dollars; provided that all
        Borrowing Base Certificates shall report the Borrowing Bases in dollars and any Borrowing Base component payable by the applicable Account Debtor in a currency other than dollars shall be valued at the Dollar Equivalent of such amount as of the
        month-end to which such Borrowing Base Certificate relates and the Administrative Agent may from time to time in its discretion update such Dollar Equivalent based upon changes in the currency exchange rate. For purposes of determining the
        Consolidated Fixed Charge Coverage Ratio and other financial tests in this Agreement, amounts denominated in a currency other than dollars shall be converted to dollars at the currency exchange rate used in preparing the Borrowers’ financial
        statements corresponding to the test period with respect to the applicable date of determination. Notwithstanding anything herein to the contrary, except as otherwise expressly required in this Agreement, if any Obligation is funded and expressly
        denominated in a currency other than dollars, Borrowers shall repay such Obligation in such other currency.

     

    (b) In the event that any change in market conditions or any Change in Law shall at any time after the date hereof, in the reasonable
        opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of
        such changed circumstances to the Administrative Agent and Borrowers and the Administrative Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR Rate Loans of such Lender that are outstanding, the date
        specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to ABR Loans,
        and (z) Borrowers shall not be entitled to request or maintain LIBOR Rate Loans until such Lender determines that it would no longer be unlawful or impractical to do so.  Administrative Agent agrees to exercise good faith in the administration of
        this clause (b) in a manner, as applied to Borrowers, that is not materially different from the manner in which Administrative Agent is then administering the application
        of similar provisions under other, similar credit facilities with similarly-situated customers of Administrative Agent.

     

    Section 1.08          Timing
        of Payment and Performance.  When the payment of any obligations or the performance of any covenant, duty or obligation is stated to be due or performance required on a
        day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest Period” herein) or performance shall extend to the immediately succeeding Business Day, and, in the case of any payment accruing
        interest, interest thereon shall be payable for the period of such extension.

     

    
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    Section 1.09          Certain
        Calculations and Tests.

     

    (a)          Notwithstanding
        anything in this Agreement or any Loan Document to the contrary, for purposes of (i) determining compliance with any provision in this Agreement or any Loan Document that requires the calculation of any financial ratio or test (including, without
        limitation, any Consolidated Fixed Charge Coverage Ratio test), (ii) determining compliance with representations and warranties or the requirement regarding the absence of a Default or Event of Default (or any type of Default or Event of Default),
        in either case without limitation upon the requirement that the conditions precedent to all Credit Extensions be satisfied in accordance with Section 4.02 on the date of
        such Credit Extension, or (iii) testing any cap expressed as a percentage of Consolidated Adjusted EBITDA and any other availability of a “basket” or exception set forth in Article
            VI, in each case in connection with a Specified Transaction or other transaction permitted hereunder, undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of whether any such
        action is permitted hereunder, at the election of Holdings (Holdings’ election to exercise such option in connection with any Limited Condition Transaction, an “LCA
          Election”), will be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the “LCA Test Date”), and
        if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the
        beginning of the most recently completed Test Period ending prior to the LCA Test Date, Holdings could have taken such action on the relevant LCA Test Date in compliance with such ratios, representation, warranty, absence of Default or Event of
        Default or “basket”, such ratio, representation, warranty, absence of Default or Event of Default shall be deemed to have been complied with.  For the avoidance of doubt, if Holdings has made an LCA Election and (x) any of the ratios or “baskets”
        for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio or “basket” (including due to fluctuations of the target of any Limited Condition Transaction) at or prior to the
        consummation of the relevant Limited Condition Transaction, such “baskets” or ratios and other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition
        Transaction is permitted hereunder and (y) in connection with any subsequent calculation of any ratio or “basket” availability on or following the relevant LCA Test Date and prior to the earlier of (i) the date on which such Limited Condition
        Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, (A) any such ratio or “basket” availability shall
        be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of debt and the use of proceeds thereof (but without netting the cash proceeds thereof)) had
        been consummated and (B) solely in connection with the calculation of any ratio or “basket” availability with respect to the making of Restricted Junior Payments, any such ratio or “basket” availability shall be calculated on a Pro Forma Basis
        assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of debt and the use of proceeds thereof (but without netting the cash proceeds thereof)) had not been consummated.  For the further
        avoidance of doubt, in the absence of an LCA Election, unless specifically stated in this Agreement to be otherwise, all determinations of (x) compliance with any financial ratio or test (including, without limitation, any Consolidated Fixed Charge
        Coverage Ratio test) and/or any cap expressed as a percentage of Consolidated Adjusted EBITDA, (y) any representation and warranties, or any requirement regarding the absence of a Default or Event of Default (or any type of Default or Event of
        Default) or (z) any availability test under any “baskets” shall be made as of the applicable date of the consummation of the Specified Transaction.

     

    
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    (b)          Notwithstanding

        anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including, without
        limitation, any Consolidated Fixed Charge Coverage Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or
        transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including, without limitation, any Consolidated Fixed Charge Coverage Ratio test) (any such amounts,
        the “Incurrence-Based Amounts”), it is understood and agreed that the Fixed Amounts (and any cash proceeds thereof and any concurrent borrowing under a
        revolving facility, including a Borrowing consisting of Incremental Revolving Loans) shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based Amounts in connection with such substantially concurrent
        incurrence.

     

    Section 1.10          Certain
        Dutch Law Matters.  In this Agreement, where it relates to or has an
        effect on a Dutch entity or its assets, or Dutch security, then, solely for purposes of Dutch law, a reference to:

     

    (a)          a necessary action to
        authorize where applicable, includes without limitation:

     

    (i)          any action required to comply with the Works Councils Act of The Netherlands (Wet op de ondernemingsraden); and

     

    (ii)          obtaining an unconditional positive advice (advies) from the competent works council(s) if a positive advice is required pursuant to the Dutch Works Councils Act (Wet op de ondernemingsraden);

     

    (b)          gross negligence
        means grove schuld;

     

    (c)          negligence means schuld;

     

    (d)          a security interest
        includes any mortgage (hypotheek), pledge (pandrecht), retention of
        title arrangement (eigendomsvoorbehoud), privilege (voorrecht),
        right of retention (recht van retentie), right to reclaim goods (recht van
          reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);

     

    (e)          a liquidation or
        dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);

     

    (f)          an insolvency
        includes:

     

    (i)          suspension of payments (surseance verleend);

     

    (ii)        emergency regulations (noodregeling) as provided for in the Act on financial supervision (Wet op het financieel toezicht);

     

    (iii)          bankruptcy (failliet verklaard); and

     

    (iv)         any other insolvency proceedings listed in Annex A of Regulation (EU) No 2015/848 of the European Parliament and of the Council of the European Union of 20 May 2015 on
          insolvency proceedings (recast);

     

    
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    (g)          a moratorium includes
        surseance van betaling and a moratorium is declared or occurs includes surseance

          verleend;

     

    (h)          any step or procedure
        taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax Collection Act (Invorderingswet 1990);

     

    (i)          a trustee or receiver
        includes a curator;

     

    (j)          an administrator
        includes a bewindvoerder;

     

    (k)          an attachment
        includes a beslag;

     

    (l)          a merger includes a juridische fusie;

     

    (m)          a demerger includes a
        juridische splitsing; and

     

    (n)         financial assistance
        means any action or contemplated action prohibited by Section 2:98(c) of the Dutch Civil Code (Burgerlijk Wetboek).

     

    ARTICLE II

        

        THE CREDITS

     

    Section 2.01          Commitments.

     

    (a)          Subject to the terms
        and conditions herein set forth, each Lender agrees, severally and not jointly to make (x) Australian Revolving Loans, in dollars, to any Australian Borrower, (y) Dutch Revolving Loans, at the applicable Borrower’s option, in dollars or euros to
        any Dutch Borrower and (z) U.S. Revolving Loans, at the applicable Borrower’s option, in dollars or euros to any U.S. Borrower, in each case at any time and from time to time on or after the Closing Date until the earlier of one Business Day prior
        to the Revolving Maturity Date and the termination of the Revolving Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in:

     

    (i)          such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment;  or

     

    (ii)        the sum of the total Revolving Exposures exceeding the lesser of (A) the total Revolving Commitments and (B) the Aggregate Borrowing Base then in effect.

     

    (b)          Within the limits set
        forth in clause (a) above and subject to the terms, conditions and limitations set forth herein, the Borrowers may borrow, pay or prepay and reborrow Revolving Loans.

     

    
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    (c)          The Administrative
        Agent shall not, without the prior consent of all Lenders, make (and shall use its reasonable best efforts to prohibit the Issuing Bank and Swingline Lender, as applicable, from making) any Revolving Loans or provide any Letters of Credit to the
        Borrowers on behalf of Lenders intentionally and with actual knowledge that such Revolving Loans, Swingline Loans, or Letters of Credit would either (i) cause the aggregate amount of the Revolving Exposure to exceed the Aggregate Borrowing Base or
        (ii) be made when one or more of the other conditions precedent to the making of Loans hereunder cannot be satisfied (or waived in accordance herewith) except, that, Administrative Agent may make (or cause to be made) such additional Revolving
        Loans or Swingline Loans or provide such additional Letters of Credit on behalf of the Lenders (each an “Overadvance” and collectively, the “Overadvances”), intentionally and with actual knowledge that such Loans or Letters of Credit will be made without the satisfaction of the foregoing conditions
        precedent, if the Administrative Agent deems it necessary or advisable in its discretion to do so to, including, without limitation, (1) pay the premiums in respect of all required insurance policies of the Loan Parties, (2) pay property taxes and
        other taxes, assessments and special assessments, levies, fees and all governmental charges 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 Collateral, (3) make repairs, (4) discharge Liens, (5) pay or perform any obligations of any Loan Party under any
        Collateral or (6) take any other action to protect or preserve the value of any Collateral, provided, that: (x) the total principal amount outstanding at any
        time of the Overadvances to the Borrowers which the Administrative Agent may make or provide (or cause to be made or provided) after obtaining such actual knowledge that the conditions precedent have not been satisfied, shall not exceed the amount
        equal to 10% of the Revolving Commitments and shall not cause the total Revolving Exposure to exceed the Revolving Commitments of all of the Lenders; (y) without the consent of all Lenders, (i) no Overadvance shall be outstanding for more than
        sixty (60) days and (ii) after all Overadvances have been repaid, the Administrative Agent shall not make any additional Overadvance unless sixty (60) days or more have elapsed since the last date on which any Overadvance was outstanding; and (iii)
        the Administrative Agent shall be entitled to recover such funds, on demand from the Borrowers together with interest thereon for each day from the date such payment was due until the date such amount is paid to Administrative Agent at the interest
        rate provided for in Section 2.06(c). Each Lender shall be obligated to pay the Administrative Agent the amount of its Pro Rata Percentage of any such Overadvance
        provided that the Administrative Agent is acting in accordance with the terms of this Section 2.01(c). For the avoidance of doubt, no Overadvance shall, in and of itself,
        constitute a Default or Event of Default for as long as such Overadvance remains outstanding in accordance with the terms of this Section 2.01.

     

    (d)          Borrowers and
        Guarantors shall use commercially reasonable efforts to provide Collateral Agent and its field examiners and appraisers, reasonably acceptable to it, sufficient access and information (as reasonably requested) to complete a field examinations, of
        the business, assets, and properties of Borrowers, and an appraisal of the Inventory of Borrowers, in each case on or before the 90th day after the Closing Date (or such later date up to 120 days after the Closing Date as may be agreed by the
        Collateral Agent (“Later Agreed Date”)) and the Borrowers and the Guarantors agree to cooperate in good faith to cause such field examination and appraisal
        with respect to business and assets of Borrowers to be completed as soon as practicable (giving due regard to the operational demands of the Borrowers and the Guarantors, taken as a whole). Notwithstanding anything to the contrary set forth in this
        Agreement or any of the other Loan Documents, if the Collateral Agent has not received such appraisal and final report from the field examination of the Australian Borrowing Base, the Dutch Borrowing Base or the U.S. Borrowing Base, as applicable,
        on or prior to the 90th day after the Closing Date (or any Later Agreed Date), then as to such Borrowing Base in respect of which such appraisal and/or field examination has not been so provided, such Borrowing Base shall be zero (0) until the
        Collateral Agent's receipt and reasonable opportunity to review the results of such appraisal and final report from the field examination.

     

    Section 2.02          Loans.

     

    (a)          Each Loan (other than
        Swingline Loans) shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their applicable Commitments; provided
        that the failure of any Lender to make its Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan
        required to be made by such other Lender). Except for Loans made pursuant to Section 2.17 and Loans deemed made pursuant to Section 2.18(e)(i) and (ii), (x) ABR Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral
        multiple of $1,000,000 and not less than $5,000,000 or (ii) equal to the remaining available balance of the applicable Commitments and (y) Eurodollar Revolving Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an
        integral multiple of $1,000,000 and not less than $5,000,000 or (ii) equal to the remaining available balance of the applicable Commitments.

     

    
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    (b)          Subject to Sections 2.11 and 2.12, (i) each Borrowing of Dollar Denominated Loans shall be comprised
        entirely of ABR Loans or Eurodollar Revolving Loans as the Borrowers may request pursuant to Section 2.03; and (ii) each Borrowing of Euro Denominated Loans shall be
        comprised entirely of Eurodollar Revolving Loans. Each Lender may at its option make any Eurodollar Revolving Loan or any ABR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. Borrowings of more
        than one Type may be outstanding at the same time; provided that the Borrowers shall not be entitled to request any Borrowing that, if made, would result in
        more than twelve (12) Eurodollar Revolving Borrowings outstanding hereunder at any one time. For purposes of the foregoing, Borrowings having different
        Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.

     

    (c)          Except with respect
        to Loans deemed made pursuant to Section 2.18(e)(ii), each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
        immediately available funds to such account in New York City as the Administrative Agent may designate not later than 12:00 (noon), New York City time, and the Administrative Agent shall promptly credit the amounts so received to a U.S. account of
        the applicable Borrower as directed by the Administrative Borrower in the applicable Borrowing Request maintained with the Administrative Agent or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall
        not have been met, return the amounts so received to the respective Lenders.

     

    (d)          Unless the
        Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that
        such Lender has made such portion available to the Administrative Agent at the time of such Borrowing in accordance with clause (c) above, and the Administrative Agent
        may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion
        available to the Administrative Agent, each of such Lender and the Borrowers severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount
        is made available to the Borrowers until the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing; and (ii) in the case of such
        Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding
        amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement, and the Borrowers’ obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.02(d) shall cease.

     

    (e)          Notwithstanding any
        other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Revolving Maturity Date, as applicable.

     

    Section 2.03          Borrowing Procedure.

     

    
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    (a)          To request Loans, the
        Administrative Borrower shall deliver, by hand delivery or telecopier (or e-mail), a duly completed and executed Borrowing Request to the Administrative Agent (i) in the case of Eurodollar Revolving Loans, not later than 11:00 a.m., New York City
        time, three (3) Business Days before the date of the proposed Borrowing; (ii) in the case of Euro Denominated Loans, not later than 11:00 a.m., New York City time, four (4) Business Days before the date of the proposed Borrowing; or (iii) in the
        case of ABR Loans, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of the proposed Borrowing; provided that for Loans to
        be made on the Closing Date, such Borrowing Request may be delivered to the Administrative Agent one Business Day prior to the Closing Date. Each Borrowing Request shall be irrevocable and shall specify the following information in compliance with
        Section 2.02:

     

    (i)          whether the requested borrowing is to be a borrowing of U.S. Revolving Loans, Australian Revolving Loans or Dutch Revolving Loans;

     

    (ii)          the aggregate principal amount of such borrowing;

     

    (iii)          the date of such borrowing, which shall be a Business Day;

     

    (iv)          in the case of Dollar Denominated Loans, whether such borrowing is to be for ABR Loans or Eurodollar Revolving Loans;

     

    (v)          in the case of Eurodollar Revolving Loans, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest
          Period”;

     

    (vi)          the Borrower requesting such borrowing and the location and number of such Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
        Section 2.02(c);

     

    (vii)          that the conditions set forth in Sections 4.02(b)-(d) have been or shall be satisfied as of the proposed date of the borrowing, as applicable; and

     

    (viii)          the Approved Currency for such borrowing.

     

    If no election as to the Type of Loans is specified, then the requested borrowing shall be for ABR Loans in dollars. If no Interest
        Period is specified with respect to any requested Eurodollar Revolving Loan, then the Administrative Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in
        accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of
        the requested Borrowing.

     

    (b)          Appointment of Administrative Borrower. Each Borrower hereby irrevocably appoints and constitutes the Administrative Borrower as its agent to request and receive Loans and
        Letters of Credit pursuant to this Agreement in the name or on behalf of such Borrower. The Administrative Agent and Lenders may disburse the Loans to such bank account of the Administrative Borrower or a Borrower or otherwise make such Loans to a
        Borrower and provide such Letters of Credit to a Borrower, in each case, as the Administrative Borrower may designate or direct, without notice to any other Borrower or Guarantor. The Administrative Borrower hereby accepts the appointment by the
        Borrowers to act as the agent of the Borrowers and agrees to ensure that the disbursement of any Loans to a Borrower requested by or paid to or for the account of such Borrower, or the issuance of any Letter of Credit for a Borrower hereunder,
        shall be paid to or for the account of such Borrower. Each Borrower hereby irrevocably appoints and constitutes the Administrative Borrower as its agent to receive statements on account and all other notices from the Administrative Agent and
        Lenders with respect to the Obligations or otherwise under or in connection with this Agreement and the other Loan Documents. Any notice, election, representation, warranty, agreement or undertaking by or on behalf of any other Borrower by the
        Administrative Borrower shall be deemed for all purposes to have been made by such Borrower, as the case may be, and shall be binding upon and enforceable against such Borrower to the same extent as if made directly by such Borrower. No purported
        termination of the appointment of the Administrative Borrower as agent as aforesaid shall be effective, except after five (5) days’ prior written notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree in
        its sole discretion).

     

    
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    Section 2.04          Evidence of Debt; Repayment of Loans.

     

    (a)          Promise to Repay. Each of the Borrowers hereby unconditionally promises, jointly and severally, to pay (i) to the Administrative Agent for the account of each Revolving
        Lender, the then unpaid principal amount of each Revolving Loan on the Revolving Maturity Date; and (ii) to the Swingline Lender, the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the first
        Business Day after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrowers shall repay all Swingline Loans that were outstanding on the date such Borrowing was requested. All payments or repayments of Loans made pursuant to this
        Section 2.04(a) shall be made in the Approved Currency in which such Loan is denominated.

     

    (b)          Lender and Administrative Agent Records. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers
        to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain records
        including (i) the amount and Approved Currency of each Loan made hereunder, the Type and Class thereof and the Interest Period applicable thereto; (ii) the
        amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each
        Lender’s share thereof. The entries made in the records maintained by the Administrative Agent and each Lender pursuant to this clause (b) shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligations of the Borrowers to repay the Loans in accordance with their terms.
        In the event of any conflict between the records maintained by any Lender and the records of the Administrative Agent in respect of such matters, the records of the Administrative Agent shall control in the absence of manifest error.

     

    (c)          Promissory Notes. Any Lender by reasonable prior written notice to the Administrative Borrower (with a
          copy to the Administrative Agent) may request that Loans of any Class made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if
          requested by such Lender, to such Lender and its registered assigns) in the form of Exhibit K-1 or K-2, as the case may be.
          Thereafter, to the extent the applicable Lender shall so request, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if
          such promissory note is a registered note, to such payee and its registered assigns). If any Lender (and/or its applicable permitted assign) loses the original
          copy of its promissory note, it shall execute an affidavit of loss containing a customary indemnification provision that is reasonably satisfactory to the Administrative Borrower.

     

    
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    Section 2.05          Fees.

     

    (a)          Commitment Fee. The Borrowers agree, jointly and severally, to pay to the Administrative Agent for the account of each Lender a commitment fee (a “Commitment Fee”) equal to the Applicable Fee per annum on the average daily unused amount of each Commitment of such Lender during the period from and including the Closing Date to
        but excluding the date on which such Commitment terminates. Accrued Commitment Fees shall be payable in arrears (A) on the first calendar day of January, April, July and October of each year, commencing on the first such date to occur after the
        date hereof; and (B) on the date on which such Commitment terminates (pro-rated for the number of days elapsed in such month). Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
        elapsed (including the first day but excluding the last day). For purposes of computing Commitment Fees with respect to Revolving Commitments, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving
        Loans and LC Exposure of such Lender (and the Swingline Exposure during such period of such Lender shall be disregarded for such purpose).

     

    (b)          Administrative Agent Fees. The Borrowers agree, jointly and severally, to pay to the Administrative Agent, for its own account, the administrative fees set forth in the Fee
        Letter (the “Administrative Agent Fees”).

     

    (c)          LC and Fronting Fees. The Borrowers agree, jointly and severally, to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee (“LC Participation Fee”) with respect to its participations in Letters of Credit, which shall accrue at a rate equal to the Applicable Margin from time to time used
        to determine the interest rate on Eurodollar Revolving Loans pursuant to Section 2.06 on the average daily amount of such Lender’s LC Exposure (excluding any portion
        thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have
        any LC Exposure; and (ii) to the Issuing Bank a fronting fee (“Fronting Fee”), which shall accrue at the rate of 0.125% per annum on the average daily amount
        of the LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on
        which there ceases to be any LC Exposure, as well as the Issuing Bank’s reasonable and customary fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Accrued LC
        Participation Fees and Fronting Fees shall be payable in arrears (x) on the first calendar day of January, April, July and October of each year, commencing on the first such date to occur after the Closing Date; and (y) on the date on which the
        Revolving Commitments terminate. Any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this clause (c) shall be payable within thirty (30) days after demand therefor. All LC Participation Fees and Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
        number of days elapsed (including the first day but excluding the last day).

     

    (d)          All Fees shall be
        paid on the dates due, in immediately available funds in dollars, to the Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the Borrowers shall pay the Fronting Fees directly to the Issuing Bank. Once paid,
        none of the Fees shall be refundable under any circumstances.

     

    Section 2.06          Interest on Loans.

     

    
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    (a)          ABR Loans. Subject to the provisions of Section 2.06(c), the Loans comprising each ABR Borrowing,
        including each Swingline Loan, shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin in effect from time
        to time.

     

    (b)          Eurodollar Revolving Loans. Subject to the provisions of Section 2.06(c), the Loans comprising
        each Eurodollar Revolving Borrowing shall bear interest at a rate per annum equal to the LIBOR Rate for the Interest Period in effect for such Borrowing plus
        the Applicable Margin in effect from time to time.

     

    (c)          Default Rate. Notwithstanding the foregoing, if there is a Specified Event of Default that is continuing, the Obligations payable by the Borrowers that are past due shall, to
        the extent permitted by applicable Requirements of Law, bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue amounts constituting principal on any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.06;
        or (ii) in the case of any other outstanding and overdue amount, 2% plus the rate applicable to ABR Revolving Loans as provided in Section 2.06(a) (in either case, the “Default Rate”).

     

    (d)          Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued at the Default Rate pursuant to Section 2.06(c) shall be payable on demand; (ii) in
        the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or a Swingline Loan without a permanent reduction in Revolving Commitments), accrued interest on the principal amount repaid or prepaid shall be
        payable on the date of such repayment or prepayment; and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective
        date of such conversion.

     

    (e)          Interest Calculation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate shall
        be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or LIBOR
        Rate shall be determined by the Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.

     

    (f)          Currency for Payment of Interest. All interest paid or payable pursuant to this Section 2.06
        shall be paid in the Approved Currency in which the Loan giving rise to such interest is denominated.

     

    Section 2.07          Termination and Reduction of Commitments.

     

    (a)          Termination of Commitments. The Revolving Commitments, the Swingline Commitment and the LC Commitment shall automatically terminate on the Revolving Maturity Date.

     

    (b)          Optional Terminations and Reductions. At their option, the Borrowers may at any time terminate, or from time to time permanently reduce, without premiums or penalty, the
        Commitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of
        $1,000,000 and not less than $5,000,000; and (ii) the Revolving Commitments shall not be terminated or reduced if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the aggregate amount of Revolving Exposures would exceed the aggregate amount of Revolving Commitments.

     

    
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    (c)          Borrower Notice. The Administrative Borrower shall notify the Administrative Agent by telephone (promptly confirmed in writing) or in writing of any election to terminate or
        reduce the Commitments under Section 2.07(b) at least three (3) Business Days prior to the effective date of such termination or reduction (or such later date as the
        Administrative Agent may agree), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the
        Administrative Borrower pursuant to this Section 2.07 shall be irrevocable; provided
        that a notice of termination of the Commitments delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness of a debt issuance, the closing of a securities offering or another transaction, in which case
        such notice may be revoked by the Administrative Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be
        permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

     

    Section 2.08          Interest Elections.

     

    (a)          Generally. Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall
        have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect
        Interest Periods therefor, all as provided in this Section 2.08. Borrowings consisting of Euro Denominated Loans may not be converted to a different Type. The Borrowers
        may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such
        portion shall be considered a separate Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than twelve (12) Eurodollar Revolving
        Borrowings outstanding hereunder at any one time. This Section 2.08 shall not apply to Swingline Borrowings, which may not be converted or continued.

     

    (b)          Interest Election Notice. To make an election pursuant to this Section 2.08, the Administrative
        Borrower shall deliver, by hand delivery or telecopier (or e-mail), a duly completed and executed Interest Election Request to the Administrative Agent not later than the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting Loans of the Type resulting from such election to be made on the effective date of such election. Each Interest Election Request
        shall be irrevocable. Each Interest Election Request shall specify the following information in compliance with Section 2.02:

     

    (i)          the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, or if outstanding
          Borrowings are being combined, allocation to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     

    (ii)          the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

     

    (iii)          whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Revolving Borrowing;

     

    
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    (iv)          if the resulting Borrowing is a Eurodollar Revolving Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
          contemplated by the definition of the term “Interest Period”; and

     

    (v)          the Approved Currency of such Borrowing.

     

    If any such Interest Election Request requests a Eurodollar Revolving Borrowing but does not specify an Interest Period, then the
        Borrowers shall be deemed to have selected an Interest Period of one month’s duration.

     

    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
        of such Lender’s portion of each resulting Borrowing.

     

    (c)          Automatic Conversion to ABR Borrowing. If an Interest Election Request with respect to a Eurodollar Revolving Borrowing is not timely delivered prior to the end of the
        Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Specified
        Event of Default has occurred and is continuing, the Administrative Agent or the Required Lenders may require, by prior written notice to the Borrowers, that (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Revolving
        Borrowing at the end of the Interest Period applicable thereto; and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

     

    Section 2.09          [Intentionally Omitted].

     

    Section 2.10          Optional and Mandatory Prepayments of Loans.

     

    (a)          Optional Prepayments. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or penalty, subject to
        the requirements of this Section 2.10; provided that each partial optional
        prepayment under this Section 2.10(a) shall be (i) in the case of a partial optional prepayment of ABR Borrowings, in an amount that is an integral multiple of $250,000
        and not less than $1,000,000 or, if less, the outstanding principal amount of such Borrowing and (ii) in the case of a partial optional prepayment of Eurodollar Revolving Borrowings, in an amount that is an integral multiple of $1,000,000 and not
        less than $5,000,000 or, if less, the outstanding principal amount of such Borrowing.

     

    (b)          Revolving Loan Prepayments.

     

    (i)          In the event of the termination of all the Revolving Commitments, the Borrowers shall, on the date of such termination, repay or prepay all of their outstanding Revolving
          Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or provide Letter of Credit Collateralization with respect to all outstanding Letters of Credit.

     

    (ii)          In the event of any partial reduction of the Revolving Commitments, then (x) at or prior to the effective date of such reduction, the Administrative Agent shall notify the
          Borrowers and the Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto and (y) if the sum of the Revolving Exposures would exceed the aggregate amount of Revolving Commitments after giving effect to such reduction,
          then the Borrowers shall, on the date of such reduction, first, repay or prepay Swingline Loans, second,
          repay or prepay Revolving Borrowings and third,
          replace outstanding Letters of Credit or provide Letter of Credit Collateralization with respect to outstanding Letters of Credit, in an aggregate amount sufficient to eliminate such excess.

     

    
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    (iii)          In the event that the sum of all Lenders’ Revolving Exposures exceeds the Revolving Commitments then in effect (including on any date on which Dollar Equivalents are
          determined pursuant to Section 10.17), the Borrowers shall,
          without notice or demand, immediately first, repay or
          prepay Swingline Loans, second, repay or prepay
          Revolving Borrowings, and third, replace outstanding
          Letters of Credit or provide Letter of Credit Collateralization with respect to outstanding Letters of Credit, in an aggregate amount sufficient to eliminate such excess.

     

    (iv)          In the event that the sum of all Lenders’ Revolving Exposures exceeds the Borrowing Base then in effect, (including on any date on which Dollar Equivalents are determined
          pursuant to Section 10.17), the Borrowers shall, without notice or
          demand, immediately first, repay or prepay Swingline
          Loans, second, repay or prepay Revolving Borrowings,
          and third, replace outstanding Letters of Credit or
          provide Letter of Credit Collateralization with respect to outstanding Letters of Credit, in an aggregate amount sufficient to eliminate such excess; provided that to the extent such excess results solely by reason of a change in Reserves or in exchange rates, no repayment, replacement or cash
          collateralization shall be required until such excess remains outstanding for five (5) consecutive Business Days.

     

    (v)          In the event that the aggregate LC Exposure exceeds the LC Commitment then in effect (including on any date on which Dollar Equivalents are determined pursuant to Section 10.17), the Borrowers shall, without notice or demand, immediately
          replace outstanding Letters of Credit or provide Letter of Credit Collateralization with respect to outstanding Letters of Credit, in an aggregate amount sufficient to eliminate such excess.

     

    (vi)          In the event that the aggregate Swingline Exposure exceeds the Swingline Commitment then in effect (including on any date on which Dollar Equivalents are determined pursuant
          to Section 10.17), the Borrowers shall, without notice or demand,
          immediately repay or prepay Swingline Loans in an aggregate amount sufficient to eliminate such excess.

     

    (vii)          In the event that Holdings or its Restricted Subsidiaries receive net cash proceeds in connection with an Asset Sale (other than Asset Sales consummated within forty (40) days after the Amendment No. 2 Effective Date which the Borrowers agreed prior to the Amendment No.
            2 Effective Date to effect in connection with the approval of any applicable anti-trust authority with respect to the Cristal Acquisition heretofore obtained, consisting principally of proceeds of the disposition of the Borrowers’ or its
            Restricted Subsidiaries’ Ashtabula, Ohio titanium dioxide production business) or an insurance or condemnation award and such net cash proceeds constitute
          proceeds of Revolving Loan Priority Collateral, then within three (3) Business Days following receipt of such proceeds, the Borrowers shall prepay the Revolving Loans (without a corresponding reduction of the Revolving Commitments) in an amount
          equal to such net cash proceeds. For the avoidance of doubt, such net cash proceeds received by Holdings and its Restricted Subsidiaries from the Alkali Sale shall not require a prepayment pursuant to this clause (vii).

     

    
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    (c)          Application of Prepayments. Prior to any optional or mandatory prepayment hereunder, the Administrative Borrower shall select the Borrowing or Borrowings to be prepaid and
        shall specify such selection in the notice of such prepayment pursuant to Section 2.10(d), subject to the provisions of this Section 2.10(c). Amounts to be applied pursuant to this Section 2.10 to the prepayment of Revolving Loans shall be applied, as
        applicable, first to reduce outstanding ABR Revolving Loans, and, second,
        any amounts remaining after each such application shall be applied to prepay Eurodollar Revolving Loans. Notwithstanding the foregoing, if the amount of any prepayment of Loans required under this Section 2.10 shall be in excess of the amount of the ABR Loans at the time outstanding (an “Excess Amount”), only the portion of
        the amount of such prepayment as is equal to the amount of such outstanding ABR Loans shall be immediately prepaid and, at the election of the Borrowers, the Excess Amount shall be either (A) deposited in an escrow account on terms reasonably
        satisfactory to the Collateral Agent and applied to the prepayment of Eurodollar Revolving Loans on the last day of the then next-expiring Interest Period for Eurodollar Revolving Loans; provided that (i) interest in respect of such Excess Amount shall continue to accrue thereon at the rate provided hereunder for the Loans which such Excess Amount is intended to repay until such Excess Amount
        shall have been used in full to repay such Loans; and (ii) at any time while an Event of Default has occurred and is continuing, the Administrative Agent may, and upon written direction from the Required Lenders shall, apply any or all proceeds
        then on deposit to the payment of such Loans in an amount equal to such Excess Amount or (B) prepaid immediately, together with any amounts owing to the Lenders under Section 2.13.
        Any mandatory prepayment shall be made without reduction to the Revolving Commitments.

     

    (d)          Notice of Prepayment. The Administrative Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by written
        notice of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment; (ii) in the case of prepayment of a
        Borrowing consisting of Euro Denominated Loans, not later than 11:00 a.m., New York City time, four (4) Business Days before the date of prepayment; (iii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time,
        one (1) Business Day before the date of prepayment; and (iv) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable; provided that a notice of prepayment delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness of another debt issuance or the
        closing of a securities offering or other transaction, in which case such notice may be revoked by the Administrative Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied.
        Each such notice shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly
        following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included
        in the prepaid Borrowing and otherwise in accordance with this Section 2.10. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.06.

     

    Section 2.11          Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Revolving
        Borrowing:

     

    (a)          the Administrative
        Agent reasonably determines (which determination shall be prima facie evidence of the facts so determined) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period or that euros are not available to
        the Lenders in sufficient amounts to fund any Borrowing consisting of Euro Denominated Loans; or

     

    
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    (b)          the Administrative
        Agent reasonably determines or is advised in writing by the Required Lenders that the LIBOR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such
        Borrowing for such Interest Period;

     

    then the Administrative Agent shall give written notice thereof to the Borrowers and the Lenders as promptly as practicable thereafter and, until the
        Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Eurodollar Revolving Borrowing requested to be made on the first day of such Interest Period shall be made as a
        Market Disruption Loan; (ii) any Borrowing that were to have been converted on the first day of such Interest Period to a Eurodollar Revolving Borrowing shall be continued as a Market Disruption Loan; (iii) any outstanding Eurodollar Revolving
        Borrowing shall be converted, on the last day of the then-current Interest Period, to a Market Disruption Loan; and (iv) Borrowing Requests for Euro Denominated Loans shall not be effective; provided that in each of the foregoing, except to the extent the Borrowers in their sole discretion elect to have any such Borrowing be made as, or converted into, an ABR Loan.

     

    Section 2.12          Yield Protection.

     

    (a)          Increased Costs Generally. Subject to the provisions of Section 2.15 and Section 2.24 (which shall be controlling with respect to Indemnified Taxes addressed therein), if any Change in Law shall:

     

    (i)          impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account
          of, or credit extended or participated in, by any Lender or the Issuing Bank;

     

    (ii)          subject any Lender or the Issuing Bank to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any
          Loan made by it, or change the basis of taxation of payments to such Lender or the Issuing Bank in respect thereof (except for Indemnified Taxes, Other Taxes and the imposition of,  or in any change in the rate of, any Excluded Tax payable by
          such Lender, the Issuing Bank or any other recipient); or

     

    (iii)          impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar
          Revolving Loans made by such Lender or any Letter of Credit or participation therein (other than as previously specified above);

     

    and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Revolving Loan (or of
        maintaining its obligation to make any such Loan), or to increase the cost to such Lender, the Issuing Bank or such Lender’s or the Issuing Bank’s holding company, if any, of participating in, issuing or maintaining any Letter of Credit (or of
        maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount), then, upon
        written request of such Lender or the Issuing Bank, the Borrowers will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such
        additional costs incurred or reduction suffered, in each case in accordance with Section 2.12(c).

     

    
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    (b)          Capital Requirements. If any Lender or the Issuing Bank determines (in good faith, but in its sole absolute discretion) that any Change in Law affecting such Lender or the
        Issuing Bank or any lending office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital, liquidity or leverage requirements has or would have the effect of reducing the rate of return on such Lender’s or
        the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by,
        such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
        consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or the Issuing Bank,
        as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered, in each case in accordance with Section 2.12(c).

     

    (c)          Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or
        the Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b)
        of this Section 2.12 and delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender or the Issuing Bank, as the case may
        be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.

     

    (d)          Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 2.12 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided
        that the Borrowers shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section 2.12 for any increased costs incurred or reductions suffered
        more than six (6) months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention
        to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof) .

     

    Section 2.13          Breakage Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any
        principal of any Eurodollar Revolving Loan earlier than the last day of an Interest Period applicable thereto (including as a result of an Event of Default); (b) the conversion of any Eurodollar Revolving Loan earlier than the last day of the
        Interest Period applicable thereto; (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the date specified in any notice delivered pursuant hereto; or (d) the assignment of any Eurodollar Revolving Loan or earlier than the
        last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 2.16(b), then, in any such event, the Borrowers
        shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Revolving Loan, such loss, cost or expense to any Lender shall be deemed to include an amount reasonably determined by such Lender
        to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the LIBOR Rate that would have been applicable to such Loan, for the period from the date of such
        event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan); over (ii) the amount of interest which would
        accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the applicable interbank
        market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.13
        shall be delivered to the Borrowers (with a copy to the Administrative Agent) and shall be conclusive and binding absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within five (5) days after
        receipt thereof.

     

    
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    Section 2.14          Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

     

    (a)          Payments Generally. The Borrowers shall make each payment required to be made by them hereunder or under any other Loan Document (whether of principal, interest, fees or
        Reimbursement Obligations, or of amounts payable under Section 2.12, 2.13, 2.15, 2.24 or 10.03,
        or otherwise) on or before the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available
        funds, without setoff, deduction or counterclaim, unless such deduction is required by law. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
        Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 100 Park Avenue, 14th Floor, New York, New York 10017 (or such other account/office as the
        Administrative Agent may specify to the Borrowers from time to time), except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.12, 2.13, 2.15, 2.24 and 10.03 shall be made directly to the persons entitled thereto and payments pursuant to
        other Loan Documents shall be made to the persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If
        any payment under any Loan Document shall be due on a day that is not a Business Day, unless specified otherwise, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
        interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in dollars, except for payments with respect to any Euro Denominated Loan or Euro Letter of Credit (which payments shall be made
        in euros) or except as expressly specified otherwise. Unless payment is otherwise timely made by the Borrowers, the becoming due of any Obligations (whether principal, interest, fees or other charges) shall be deemed to be a request for ABR Loans
        on the due date, in the amount of such Obligations. The proceeds of such Loans shall be disbursed as direct payment of the relevant Obligation.

     

    (b)          Pro Rata Treatment.

     

    (i)          Except as otherwise expressly provided herein, each payment by the Borrowers of interest in respect of the Loans shall be applied to the amounts of such obligations owing to
          the Lenders pro rata according to the respective
          amounts then due and owing to the Lenders.

     

    (ii)          Except as otherwise expressly provided herein, each payment by the Borrowers on account of principal of the Revolving Borrowings shall be made pro rata according to the respective outstanding principal amounts
          of the Revolving Loans then held by the Revolving Lenders, except as expressly provided in Section 2.20(d).

     

    (c)          Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, Reimbursement
        Obligations, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably
        among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties; and (ii) second, toward payment of principal
        and Reimbursement Obligations then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and Reimbursement Obligations then due to such parties. It is understood that the foregoing does not apply to
        any adequate protection payments under any federal, state or foreign bankruptcy, insolvency, receivership or similar proceeding, and that the Administrative Agent may, subject to any applicable federal, state or foreign bankruptcy, insolvency,
        receivership or similar orders, distribute any adequate protection payments it receives on behalf of the Lenders to the Lenders in its sole discretion (i.e.,
        whether to pay the earliest accrued interest, all accrued interest on a pro rata basis or otherwise).

     

    
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    (d)          Sharing of Set-Off. Subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor
        Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding), if any Lender (and/or the Issuing Bank,
        which shall be deemed a “Lender” for purposes of this Section 2.14(d)) shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of
        any principal of or interest on any of its Loans or other Obligations resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other Obligations greater than its pro rata share thereof as provided herein, then the Lender receiving
        such greater proportion shall (a) notify the Administrative Agent of such fact; and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be
        equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:

     

    (i)          if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
          price restored to the extent of such recovery, without interest; and

     

    (ii)          the provisions of this paragraph shall not be construed to apply to (x) any payment made by any Loan Parties pursuant to and in accordance with the express terms of this
          Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to Holdings or any Restricted
          Subsidiary thereof (as to which the provisions of this paragraph shall apply).

     

    (e)          Each Loan Party
        consents to the foregoing and agrees, to the extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of
        setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. If under applicable bankruptcy, insolvency or any similar law any Secured Party
        receives a secured claim in lieu of a setoff or counterclaim to which this Section 2.14(e) applies, such Secured Party shall to the extent practicable, exercise its
        rights in respect of such secured claim in a manner consistent with the rights to which the Secured Party is entitled under this Section 2.14(e) to share in the benefits
        of the recovery of such secured claim.

     

    (f)          Borrower Default. Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for
        the account of the Lenders or the Issuing Bank hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such
        assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to
        repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
        to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

     

    
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    Section 2.15          Taxes.

     

    (a)          Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document shall be made free and clear of
        and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the applicable withholding agent shall be required by
        applicable Requirements of Law (as determined in the good faith discretion of the applicable withholding agent) to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the applicable Loan Party shall pay an
        additional amount so that after all required deductions of any Indemnified Taxes and Other Taxes have been made (including deductions applicable to additional sums payable under this Section

            2.15) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made; (ii) the applicable withholding agent shall make such deductions; and (iii)
        the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law. A payment shall not be increased under this Section 2.15(a) by reason of a tax
        deduction on account of Tax imposed by Switzerland if so required under applicable law (including double tax treaties), to the extent that on the date on which payment falls due, increasing such payment in such way would breach any Swiss law.

     

    (b)          Payment of Other Taxes by the Borrowers. Without limiting the provisions of clause (a) above, the
        Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law.

     

    (c)          Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent and each Lender, within thirty (30) days after written demand therefor, for the full
        amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) payable by the Administrative Agent or such Lender, as the case may be, and any
        reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate in reasonable detail as to the
        amount of such payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

     

    (d)          Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Administrative Borrower
        shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
        satisfactory to the Administrative Agent.

     

    (e)          Status of Lenders.

     

    (i)          Any Lender that is entitled to an exemption from or reduction of any withholding tax with respect to any payments hereunder or under any other Loan Document shall deliver to
          the Administrative Borrower and to the Administrative Agent, at the time or times reasonably requested by the Administrative Borrower or the Administrative Agent, such properly completed and executed documentation as reasonably requested by the
          Administrative Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Administrative Borrower or the Administrative Agent,
          shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Administrative Borrower or the Administrative Agent as will enable the Administrative Borrower or the Administrative Agent to
          determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the above two sentences, in the case of any taxes that are not U.S. federal withholding
          taxes, the completion, execution and submission of non-U.S. federal forms shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
          be legally disadvantageous to such Lender in any material respect.

     

    
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    (ii)          Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in the United States of America, any Foreign Lender shall
          deliver to the Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
          time thereafter upon the request of the Administrative Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so) whichever of the following is applicable:

     

    (A)          duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party;

     

    (B)          duly completed copies of Internal Revenue Service Form W-8ECI (or any successor forms);

     

    (C)          in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate, substantially in the form of Exhibit Q, or any other form approved by the Administrative Agent, to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of any
        Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no payments in connection with the Loan Documents are effectively connected with such
        Foreign Lender’s conduct of a U.S. trade or business and (y) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor forms);

     

    (D)          to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating Lender granting a typical
          participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, as applicable, a certificate substantially in the form of Exhibit Q, Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the Foreign Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such Foreign Lender are claiming the portfolio interest
          exemption, such Foreign Lender may provide a certificate, in substantially the form of Exhibit Q, on behalf of such beneficial owner(s); or

     

    
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    (E)          to the extent a Foreign Lender may lawfully do so, any other form prescribed by applicable Requirements of Law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together
        with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the Administrative Borrower and the Administrative Agent to determine the withholding or deduction required to be made.

     

    (iii)          Each Lender agrees that if any form, certification or documentation it previously delivered pursuant to this clause (e) expires or becomes obsolete or inaccurate in any respect, such Lender shall promptly (1) deliver to the
          Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) renewals, amendments or additional or successor forms, certifications or documentation, properly completed and duly executed by
          such Lender, together with any other certificate or statement of exemption required in order to confirm or establish such Lender’s status or that such Lender is entitled to an exemption from or reduction in U.S. federal withholding tax, or (2)
          notify Administrative Agent and the Administrative Borrower in writing of its legal inability to deliver any such forms, certificates, documentation or other evidence.

     

    (iv)          Any Lender that is not a Foreign Lender shall deliver to the Administrative Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a
          Lender under this Agreement (and from time to time thereafter as prescribed by applicable Requirements of Law or upon the request of the Administrative Borrower or the Administrative Agent), duly executed and properly completed copies of Internal
          Revenue Service Form W-9 certifying that it is not subject to backup withholding.

     

    (v)          If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the
          applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Administrative Borrower, at the time or times
          prescribed by law and at such time or times reasonably requested by the Administrative Agent or the Administrative Borrower, such documentation prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of
          the Code) and such additional documentation reasonably requested by the Administrative Agent or the Administrative Borrower as may be necessary for the Administrative Agent and the Borrowers to comply with their respective obligations (including
          any applicable reporting requirements) under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or, if necessary, to determine the amount to deduct and withhold from such payment.

     

    (f)          Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its reasonable discretion exercised in good faith, that it has received a refund of any
        Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.15,
        it shall pay to the applicable Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, including any additional amounts paid, by such Loan Party under this Section 2.15 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender, as the case may be, and without
        interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that such Loan Party, upon the request
        of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party pursuant to this clause (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender or in the event the Administrative Agent
        or such Lender is required to repay such refund to such Governmental Authority. This clause (f) shall not be construed to require the Administrative Agent or any Lender
        to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrowers or any other Person. Notwithstanding anything to the contrary in this clause (f), in no event will the Administrative Agent or any Lender be required to pay any amount to a Loan Party the payment of which would place the Administrative Agent or such Lender in a less favorable net
        after-tax position than the Administrative Agent or such Lender would have been in if the Indemnified Taxes or Other Taxes giving rise to such refund had never been imposed in the first instance.

     

    
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    (g)          Payments. For purposes of this Section 2.15, any payments by the Administrative Agent to a Lender
        of any amounts received by the Administrative Agent from the Borrowers on behalf of such Lender shall be treated as a payment from the Borrowers to such Lender.

     

    (h)          Issuing Bank. For all purposes of this Section 2.15, the term “Lender” shall include the Issuing
        Bank and the for the avoidance of doubt, the term “applicable Requirements of Law” shall include FATCA.

     

    (i)          Survival.  Each party’s obligations under this Section 2.15 shall survive the resignation or
        replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

     

    Section 2.16          Mitigation Obligations; Replacement of Lenders.

     

    (a)          Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12,
        or requires the Borrowers to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Sections 2.15 or 2.24, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
        hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.12, 2.15 or 2.24, as the case may be, in the future; and
        (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such
        designation or assignment. A certificate setting forth such costs and expenses in reasonable detail submitted by such Lender to the Borrowers shall be conclusive absent manifest error.

     

    (b)          Replacement of Lenders. If any Lender requests compensation under Section 2.12, or if the
        Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Sections 2.15 or 2.24, or if any Lender is a Defaulting Lender, or if the Borrowers exercise their replacement rights under Section

            10.02(d), then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
        restrictions contained in, and consents required by, Section 10.04), all of its interests, rights and obligations under this Agreement and the other Loan Documents to an
        Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

     

    
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    (i)          the Borrowers shall have paid (or shall have caused to be paid) to the Administrative Agent the processing and recordation fee specified in Section 10.04(b);

     

    (ii)          such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued
          interest thereon, accrued fees and all other amounts due and payable to it hereunder and under the other Loan Documents (including any amounts under Section
            2.13), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts;

     

    (iii)          in the case of any such assignment resulting from a claim for compensation under Section

            2.12 or payments required to be made pursuant to Sections 2.15 or 2.24, such assignment will result in a reduction in such compensation or payments thereafter; and

     

    (iv)          such assignment does not conflict with applicable Requirements of Law.

     

    A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
        circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

     

    Each Lender agrees that, if the Borrowers elect to replace such Lender in accordance with this Section 2.16(b), it shall promptly execute and deliver to the Administrative Agent an Assignment and Assumption to evidence the assignment and shall deliver to the Administrative Agent any Note (if
        Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that the failure of any such Lender to execute
        an Assignment and Assumption shall not render such assignment invalid and such assignment shall be recorded in the Register.

     

    Section 2.17          Swingline Loans.

     

    (a)          Swingline Commitment. Subject to the terms and conditions set forth herein, the Swingline Lender agrees, in reliance upon the agreements of the other Lenders set forth in this
        Section 2.17 and in its discretion, to make Swingline Loans in dollars to the Borrowers from time to time during the Revolving Availability Period, in an aggregate
        principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding 10% of the Revolving Commitments; or (ii) the sum of the total Revolving Exposures exceeding the lesser of
        (A) the total Revolving Commitments and (B) the Aggregate Borrowing Base; provided that the Borrowers shall not use the proceeds of any Swingline Loan to
        refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, repay and reborrow Swingline Loans.

     

    (b)          Swingline Loans. To request a Swingline Loan, the Administrative Borrower shall deliver, by hand delivery or telecopier, a duly completed and executed Borrowing Request to the
        Administrative Agent and the Swingline Lender, not later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the
        amount of the requested Swingline Loan. Each Swingline Loan shall be an ABR Loan. The Swingline Lender shall make each Swingline Loan available to the applicable Borrower to an account as directed by the applicable Borrower in the applicable
        Borrowing Request maintained with the Administrative Agent (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section
            2.18(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. The Borrowers shall not request a Swingline Loan if at the time of or immediately after giving effect to the
        Extension of Credit contemplated by such request a Default has occurred and is continuing or would result therefrom. Swingline Loans shall be made in minimum amounts of $1,000,000 and integral multiples of $100,000 above such amount.

     

    
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    (c)          Prepayment. The Borrowers shall have the right at any time and from time to time to repay any Swingline Loan, in whole or in part, upon giving written notice to the Swingline
        Lender and the Administrative Agent before 4:00 p.m., New York City time, on the proposed date of prepayment.

     

    (d)          Participations. The Swingline Lender may at any time in its discretion, and shall, at the minimum on a weekly basis, by written notice given to the Administrative Agent (provided such notice requirement shall not apply if the Swingline Lender and the Administrative Agent are the same entity) not later than 11:00 a.m., New York
        City time, on the next succeeding Business Day following such notice require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans then outstanding. Such notice shall specify the aggregate
        amount of Swingline Loans in which Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Pro Rata Percentage of
        such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Pro Rata
        Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this Section
            2.17(d) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be
        made without any offset, abatement, withholding or reduction whatsoever (so long as such payment shall not cause such Lender’s Revolving Exposure to exceed such Lender’s Revolving Commitment). Each Revolving Lender shall comply with its obligation
        under this clause (d) by wire transfer of immediately available funds, in the same manner as provided in Section

            2.02(c) with respect to Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
        shall notify the Administrative Borrower of any participations in any Swingline Loan acquired by the Revolving Lenders pursuant to this Section 2.17(d), and thereafter
        payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrowers (or other party on behalf of any Borrower) in respect of a
        Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent. Any such amounts received by the Administrative Agent shall be promptly remitted by the
        Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this Section 2.17(d), as their interests may appear. The purchase of
        participations in a Swingline Loan pursuant to this Section 2.17(d) shall not relieve the Borrowers of any default in the payment thereof.

     

    Section 2.18          Letters of Credit.

     

    (a)          Subject to the terms
        and conditions of this Agreement, upon the request of Borrowers made in accordance herewith, and prior to the Revolving Maturity Date, Issuing Bank agrees to issue a requested standby Letter of Credit or a sight commercial Letter of Credit for the
        account of Borrowers, provided that Goldman Sachs Bank USA shall have no obligation to issue commercial Letters of Credit hereunder.  By submitting a request
        to Issuing Bank for the issuance of a Letter of Credit, Borrowers shall be deemed to have requested that Issuing Bank issue the requested Letter of Credit.  Each request for the issuance of a Letter of Credit, or the amendment, renewal, or
        extension of any outstanding Letter of Credit, shall be (i) irrevocable and  made in writing by a Responsible Officer, (ii) delivered to the Administrative Agent and Issuing Bank via telefacsimile or other electronic method of transmission
        reasonably acceptable to the Administrative Agent and Issuing Bank and reasonably in advance of the requested date of issuance, amendment, renewal, or extension, and (iii) subject to Issuing Bank’s authentication procedures with results
        satisfactory to Issuing Bank.  Each such request shall be in form and substance reasonably satisfactory to the Administrative Agent and Issuing Bank and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment,
        renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing,
        and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied
        by such Issuer Documents as the Administrative Agent or Issuing Bank may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that Issuing Bank generally requests for Letters of Credit in
        similar circumstances.  Issuing Bank’s records of the content of any such request will be conclusive.  Anything contained herein to the contrary notwithstanding, Issuing Bank may, but shall not be obligated to, issue a Letter of Credit that
        supports the obligations of a Loan Party or one of its Subsidiaries in respect of (x) a lease of real property to the extent that the face amount of such Letter of Credit exceeds the highest rent (including all rent-like charges) payable under such
        lease for a period of one year, or (y) an employment contract to the extent that the face amount of such Letter of Credit exceeds the highest compensation payable under such contract for a period of one year.

     

    
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    (b)          Issuing Bank shall
        have no obligation to issue a Letter of Credit if any of the following would result after giving effect to the requested issuance:

     

    (i)          the LC Exposure would exceed the LC Commitment, or

     

    (ii)          the LC Exposure attributable to Letters of Credit issued by any Issuing Bank would exceed the Individual LC Commitment for such Issuing Bank, or

     

    (iii)          the LC Exposure would exceed the total Revolving Commitments less the outstanding amount of Revolving Loans (including Swingline
          Loans), or

     

    (iv)          the LC Exposure would exceed the Aggregate Borrowing Base at such time less the outstanding principal balance of the Revolving Loans (inclusive of Swingline Loans) at such time.

     

    (c)          In the event there is
        a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, Issuing Bank shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s Individual LC Exposure with respect
        to such Letter of Credit may not be reallocated pursuant to Section 2.19(b), or (ii) Issuing Bank has not otherwise entered into arrangements reasonably satisfactory to
        it and Borrowers to eliminate Issuing Bank’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include Borrowers cash collateralizing such Defaulting Lender’s Individual LC Exposure in
        accordance with Section 2.19(b).  Additionally, Issuing Bank shall have no obligation to issue or extend a Letter of Credit if (A) any order, judgment, or decree of any
        Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Bank from issuing such Letter of Credit, or any law applicable to Issuing Bank or any request or directive (whether or not having the force of law) from
        any Governmental Authority with jurisdiction over Issuing Bank shall prohibit or request that Issuing Bank refrain from the issuance of letters of credit generally or such Letter of Credit in particular, (B) the issuance of such Letter of Credit
        would violate one or more policies of Issuing Bank applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will not or may not be in an Approved Currency.

     

    
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    (d)          Any Issuing Bank
        (other than Wells Fargo Bank, National Association or any of its Affiliates) shall notify the Administrative Agent in writing no later than the Business Day prior to the Business Day on which such Issuing Bank issues any Letter of Credit.  In
        addition, each Issuing Bank (other than Wells Fargo Bank, National Association or any of its Affiliates) shall, on the first Business Day of each week, submit to the Administrative Agent a report detailing the daily undrawn amount of each Letter of
        Credit issued by such Issuing Bank during the prior calendar week.  Borrowers and the Lender Group hereby acknowledge and agree that all Existing Letters of Credit shall constitute Letters of Credit under this Agreement on and after the Closing
        Date with the same effect as if such Existing Letters of Credit were issued by Issuing Bank at the request of Borrowers on the Closing Date.  Each Letter of Credit shall be in form and substance reasonably acceptable to Issuing Bank, including the
        requirement that the amounts payable thereunder must be payable in an Approved Currency or the Dollar Equivalent thereof.  If Issuing Bank makes a payment under a Letter of Credit, Borrowers shall pay to the Administrative Agent an amount equal to
        the applicable Letter of Credit Disbursement on the Business Day such LC Disbursement is made and, in the absence of such payment, the amount of the LC Disbursement immediately and automatically shall be deemed to be a Revolving Loan hereunder
        (notwithstanding any failure to satisfy any condition precedent set forth in Section 4.02) and, initially, shall bear interest at the rate then applicable to Revolving
        Loans that are ABR Loans. If an LC Disbursement is deemed to be a Revolving Loan hereunder, Borrowers’ obligation to pay the amount of such LC Disbursement to Issuing Bank shall be automatically converted into an obligation to pay the resulting
        Revolving Loan.  Promptly following receipt by the Administrative Agent of any payment from Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to Issuing Bank or, to the extent that Lenders have made
        payments pursuant to Section 2.18(e) to reimburse Issuing Bank, then to such Lenders and Issuing Bank as their interests may appear

     

    (e)         Promptly following
        receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.18(d), each Lender agrees to fund its Applicable Percentage of any Revolving Loan deemed made
        pursuant to Section 2.18(d) on the same terms and conditions as if Borrowers had requested the amount thereof as a Revolving Loan and the Administrative Agent shall
        promptly pay to Issuing Bank the amounts so received by it from the Lenders.  By the issuance of a Letter of Credit (or an amendment, renewal, or extension of a Letter of Credit) and without any further action on the part of Issuing Bank or the
        Lenders, Issuing Bank shall be deemed to have granted to each Lender, and each Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by Issuing Bank, in an amount equal to its Applicable Percentage of such Letter
        of Credit, and each such Lender agrees to pay to the Administrative Agent, for the account of Issuing Bank, such Lender’s Applicable Percentage of any LC Disbursement made by Issuing Bank under the applicable Letter of Credit.  In consideration and
        in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by Issuing Bank and not
        reimbursed by Borrowers on the date due as provided in Section 2.18(d), or of any reimbursement payment that is required to be refunded (or that the Administrative Agent
        or Issuing Bank elects, based upon the advice of counsel, to refund) to Borrowers for any reason.  Each Lender acknowledges and agrees that its obligation to deliver to the Administrative Agent, for the account of Issuing Bank, an amount equal to
        its respective Applicable Percentage of each LC Disbursement pursuant to this Section 2.18(e) shall be absolute and unconditional and such remittance shall be made
        notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in Section 4.02.  If any such Lender
        fails to make available to the Administrative Agent the amount of such Lender’s Applicable Percentage of an LC Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Administrative Agent (for the
        account of Issuing Bank) shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate until paid in full.

     

    
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    (f)          Each Borrower agrees
        to indemnify, defend and hold harmless each Secured Party (including Issuing Bank and its branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including Issuing
        Bank, a “Letter of Credit Related Person”) (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions,
        investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in
        connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Letter of Credit Related Person (other than Taxes, which shall be
        governed by Section 2.15) (the “Letter of Credit Indemnified Costs”), and which
        arise out of or in connection with, or as a result of this Agreement, any Letter of Credit, any Issuer Document, or any Drawing Document referred to in or related to any Letter of Credit, or any action or proceeding arising out of any of the
        foregoing (whether administrative, judicial or in connection with arbitration); in each case, including that resulting from the Letter of Credit Related Person’s own negligence; provided, that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final,
        non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related Person claiming indemnity.  This indemnification provision shall survive
        termination of this Agreement and all Letters of Credit.

     

    (g)          The liability of
        Issuing Bank (or any other Letter of Credit Related Person) under, in connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages
        suffered by Borrowers that are caused directly by Issuing Bank’s gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of
        such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit, or (iii) retaining Drawing Documents presented under a Letter of Credit.  Borrowers’
        aggregate remedies against Issuing Bank and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid
        by Borrowers to Issuing Bank in respect of the honored presentation in connection with such Letter of Credit under Section 2.18(d), plus interest at the rate then applicable to ABR Loans hereunder.  Borrowers shall take action to avoid and mitigate the amount of any damages claimed against Issuing Bank or any
        other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit.  Any claim by Borrowers under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of
        (x) the amount (if any) saved by Borrowers as a result of the breach or alleged wrongful conduct complained of, and (y) the amount (if any) of the loss that would have been avoided had Borrowers taken all reasonable steps to mitigate any loss, and
        in case of a claim of wrongful dishonor, by specifically and timely authorizing Issuing Bank to effect a cure.

     

    (h)          Borrowers are
        responsible for the final text of the Letter of Credit as issued by Issuing Bank, irrespective of any assistance Issuing Bank may provide such as drafting or recommending text or by Issuing Bank’s use or refusal to use text submitted by Borrowers.
        Borrowers understand that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by Issuing Bank, and Borrowers hereby consent to such revisions and changes not materially
        different from the application executed in connection therewith. Borrowers are solely responsible for the suitability of the Letter of Credit for Borrowers’ purposes.  If Borrowers request Issuing Bank to issue a Letter of Credit for an affiliated
        or unaffiliated third party (an “Account Party”), (i) such Account Party shall have no rights against Issuing Bank; (ii) Borrowers shall be responsible for the
        application and obligations under this Agreement; and (iii) communications (including notices) related to the respective Letter of Credit shall be among Issuing Bank and Borrowers.  Borrowers will examine the copy of the Letter of Credit and any
        other documents sent by Issuing Bank in connection therewith and shall promptly notify Issuing Bank (not later than three (3) Business Days following Borrowers’ receipt of documents from Issuing Bank) of any non-compliance with Borrowers’
        instructions and of any discrepancy in any document under any presentment or other irregularity.  Borrowers understand and agree that Issuing Bank is not required to extend the expiration date of any Letter of Credit for any reason. With respect to
        any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, Issuing Bank, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrowers do not at
        any time want the then current expiration date of such Letter of Credit to be extended, Borrowers will so notify the Administrative Agent and Issuing Bank at least 30 calendar days before Issuing Bank is required to notify the beneficiary of such
        Letter of Credit or any advising bank of such non-extension pursuant to the terms of such Letter of Credit.

     

    
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    (i)          Borrowers’
        reimbursement and payment obligations under this Section 2.18 are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of
        this Agreement under any and all circumstances whatsoever; provided, that subject to Section

            2.18(g) above, the foregoing shall not release Issuing Bank from such liability to Borrowers as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Bank following
        reimbursement or payment of the obligations and liabilities, including reimbursement and other payment obligations, of Borrowers to Issuing Bank arising under, or in connection with, this Section 2.18 or any Letter of Credit.

     

    (j)          Without limiting any
        other provision of this Agreement, Issuing Bank and each other Letter of Credit Related Person (if applicable) shall not be responsible to Borrowers for, and Issuing Bank’s rights and remedies against Borrowers and the obligation of Borrowers to
        reimburse Issuing Bank for each drawing under each Letter of Credit shall not be impaired by:

     

    (i)          honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of
          Credit requires strict compliance by the beneficiary;

     

    (ii)          honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported successor or transferee of any
          beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary;

     

    (iii)          acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft or
          notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit;

     

    (iv)          the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than Issuing
          Bank’s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit);

     

    
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    (v)          acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that Issuing Bank in good faith believes to have been given by a Person
          authorized to give such instruction or request;

     

    (vi)          any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in
          interpretation of technical terms or in translation or any delay in giving or failing to give notice to any Borrower;

     

    (vii)          any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any breach of contract between any beneficiary
          and any Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates;

     

    (viii)          assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement that any Drawing Document be
          presented to it at a particular hour or place;

     

    (ix)          payment to any presenting bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement
          or indemnity under Standard Letter of Credit Practice applicable to it;

     

    (x)          acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where Issuing Bank has issued, confirmed, advised or negotiated such
          Letter of Credit, as the case may be;

     

    (xi)          honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by
          Issuing Bank if subsequently Issuing Bank or any court or other finder of fact determines such presentation should have been honored;

     

    (xii)          dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

     

    (xiii)          honor of a presentation that is subsequently determined by Issuing Bank to have been made in violation of international, federal, state or local restrictions on the
          transaction of business with certain prohibited Persons.

     

    (k)          [Intentionally
        omitted.]

     

    (l)          If by reason of (x)
        any Change in Law, or (y) compliance by Issuing Bank or any other Secured Party with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority, including Regulation
        D:

     

    (i)          any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued or caused to be issued hereunder or hereby, or any
          Loans or obligations to make Loans hereunder or hereby, or

     

    (ii)          there shall be imposed on Issuing Bank or any other member of the Lender Group any other condition regarding any Letter of Credit, Loans, or obligations to make Loans
          hereunder,

     

    
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    and the result of the foregoing is to increase, directly or indirectly, the
          cost to Issuing Bank or any other Secured Party of issuing, making, participating in, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, the Administrative Agent may, at any time
          within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrowers, and Borrowers shall pay within 30 days after demand therefor, such amounts as the Administrative Agent may specify to be
          necessary to compensate Issuing Bank or any other Secured Party for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to ABR Loans
          hereunder; provided, that (A) Borrowers shall not be
          required to provide any compensation pursuant to this Section 2.18(l) for any such amounts incurred more than 180 days prior to the date on which the demand for payment of such amounts is first made to Borrowers, and (B) if an event or circumstance giving rise to such amounts is retroactive, then the
          180-day period referred to above shall be extended to include the period of retroactive effect thereof.  The determination by the Administrative Agent of any amount due pursuant to this Section 2.18(l), as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the
          absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto.

    

    

    (m)          Each Standby Letter
        of Credit shall expire not later than the date that is 12 months after the date of the issuance of such Standby Letter of Credit; provided, that any Standby
        Letter of Credit may provide for the automatic extension thereof or be extended by amendment for any number of additional periods each of up to one year in duration; provided further, that with respect to any Letter of Credit which extends beyond the Revolving Maturity Date, Letter of Credit
        Collateralization shall be provided therefor on or before the date that is five Business Days prior to the Revolving Maturity Date.  Each Commercial Letter of Credit shall expire on the earlier of (i) 120 days after the date of the issuance of such
        Commercial Letter of Credit and (ii) five Business Days prior to the Revolving Maturity Date.

     

    (n)          If (i) any Event of
        Default shall occur and be continuing, or (ii) Borrowing Availability shall at any time be less than zero, then on the Business Day following the date when the Administrative Borrower receives notice from the Administrative Agent or the Required
        Lenders (or, if the maturity of the Obligations has been accelerated, Lenders with Individual LC Exposure representing greater than 50% of the total LC Exposure) demanding Letter of Credit Collateralization pursuant to this Section 2.18(n) upon such demand, Borrowers shall provide Letter of Credit Collateralization with respect to the then existing LC Usage.  If Borrowers are required to provide Letter of Credit
        Collateralization hereunder as a result of the occurrence of an Event of Default, any cash collateral held by the Administrative Agent as a result of such Letter of Credit Collateralization shall be returned by the Administrative Agent to Borrowers
        promptly, but in no event later than seven Business Days, after such Event of Default has been waived in accordance with this Agreement.  If Borrowers fail to provide Letter of Credit Collateralization as required by this Section 2.18(n), the Lenders may (and, upon direction of the Administrative Agent, shall) advance, as Revolving Loans the amount of the cash collateral required pursuant to the Letter of Credit
        Collateralization provision so that the then existing Letter of Credit Usage is cash collateralized in accordance with the Letter of Credit Collateralization provision (whether or not the Revolver Commitments have terminated, an Overadvance exists
        or the conditions in Section 4.02 are satisfied).

     

    (o)          Unless otherwise
        expressly agreed by Issuing Bank and Borrowers when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each Standby Letter of Credit, and (ii) the rules of
        the UCP shall apply to each Commercial Letter of Credit.

     

    
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    (p)          Issuing Bank shall be
        deemed to have acted with due diligence and reasonable care if Issuing Bank’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement.

     

    (q)          In the event of a
        direct conflict between the provisions of this Section 2.18 and any provision contained in any Issuer Document, it is the intention of the parties hereto that such
        provisions be read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.18 shall control and govern.

     

    (r)          The provisions of
        this Section 2.18 shall survive the termination of this Agreement and the repayment in full of the Obligations with respect to any Letters of Credit that remain
        outstanding.

     

    (s)          At Borrowers’ cost
        and expense, Borrowers shall execute and deliver to Issuing Bank such additional certificates, instruments and/or documents and take such additional action as may be reasonably requested by Issuing Bank to enable Issuing Bank to issue any Letter of
        Credit pursuant to this Agreement and related Issuer Document, to protect, exercise and/or enforce Issuing Banks’ rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document. 
        Each Borrower irrevocably appoints Issuing Bank as its attorney-in-fact and authorizes Issuing Bank, without notice to Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business that may include but
        are not limited to advisements, indemnities, checks, bills of exchange and issuance documents.  The power of attorney granted by the Borrowers is limited solely to such actions related to the issuance, confirmation or amendment of any Letter of
        Credit and to ancillary documents or letters customary in the letter of credit business.  This appointment is coupled with an interest.

     

    (t)          The Administrative
        Borrower may, at any time and from time to time, designate one or more additional Revolving Lenders to act as an issuing bank under the terms of this Agreement with the consent of the Administrative Agent (which consent shall not be unreasonably
        withheld), and such Revolving Lender(s). Any Revolving Lender designated as an issuing bank pursuant to this clause (t) shall have all the rights and obligations of the
        Issuing Bank under the Loan Documents with respect to Letters of Credit issued or to be issued by it, and all references in the Loan Documents to the term “Issuing Bank” shall, with respect to such Letters of Credit, be deemed to refer to such
        Revolving Lender in its capacity as the Issuing Bank, as the context shall require. The Administrative Agent shall notify the Lenders of any such additional Issuing Bank. If at any time there is more than one Issuing Bank hereunder, the Borrowers
        may, in their discretion, select which Issuing Bank is to issue any particular Letter of Credit, and the Administrative Agent, each Issuing Bank and the Borrowers shall mutually agree to re-set the Individual LC Commitments for each Issuing Bank
        pursuant to a written letter agreement.

     

    (u)          The Issuing Bank may
        resign as Issuing Bank hereunder at any time upon at least thirty (30) days’ prior notice to the Lenders, the Administrative Agent and the Administrative Borrower. The Issuing Bank may be replaced at any time by written agreement among the
        Administrative Borrower, each Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such resignation or replacement of the
        Issuing Bank shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the retiring or replaced Issuing Bank, as applicable, pursuant to Section
            2.05(c). From and after the effective date of any such resignation or replacement, as applicable, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to
        Letters of Credit to be issued by it thereafter; and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context
        shall require. After the resignation or replacement of an Issuing Bank, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters
        of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit.

     

    
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    (v)          Notwithstanding
        anything herein to the contrary, with respect to any Euro Letter of Credit, the related LC Exposure, the related Reimbursement Obligation of the Borrowers, any reimbursement obligation of any Revolving Lender pursuant hereto, any other obligation
        owed by or to any Revolving Lender, and any LC Participation Fee or Fronting Fee owed pursuant to Section 2.05(c) shall be calculated and due solely in dollars. The
        exchange rate for conversion into dollars utilized shall be the Dollar Equivalent of euros as reasonably determined by the Issuing Bank in consultation with the Administrative Agent based on the rate at which the Issuing Bank could convert or has
        converted any euros into dollars taking into account all transaction costs. Any such exchange rate shall be updated at intervals reasonably determined by the Issuing Bank after consultation with the Administrative Agent.

     

    Section 2.19     Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following
        provisions shall apply for so long as such Lender is a Defaulting Lender:

     

    (a)          the Commitment Fee
        shall cease to accrue on the Commitment of such Lender so long as it is a Defaulting Lender (except to the extent it is payable to the Issuing Bank pursuant to clause (c)(v)
        below);

     

    (b)          if any Swingline
        Exposure or LC Exposure exists at the time a Lender becomes a Defaulting Lender then:

     

    (i)          all or any part of such Swingline Exposure and LC Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata Percentages but
          only to the extent the sum of all non-Defaulting Lenders’ Revolving Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments;

     

    (ii)          if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Defaulting Lender’s Swingline
          Exposure and (y) second, provide Letter of Credit Collateralization with respect to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as such LC Exposure is outstanding;

     

    (iii)          if any portion of such Defaulting Lender’s LC Exposure is cash collateralized pursuant to clause (ii) above, the Borrowers shall not be required to pay the LC Participation Fee with respect to such portion of such Defaulting Lender’s
          LC Exposure so long as it is cash collateralized;

     

    (iv)          if any portion of such Defaulting Lender’s LC Exposure is reallocated to the non-Defaulting Lenders pursuant to clause (i) above, then the LC Participation Fee with respect to such portion shall be allocated among the non-Defaulting Lenders
          in accordance with their Pro Rata Percentages; or

     

    (v)          if any portion of such Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.19(b), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, the
          Commitment Fee that otherwise would have been payable to such Defaulting Lender (with respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and the LC Participation Fee payable with respect
          to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated;

     

    
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    (c)          so long as any Lender
        is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100%
        covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateralized in accordance with Section 2.19(b), and participations in any such newly
        issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in accordance with their respective Pro Rata Percentages (and Defaulting Lenders shall not participate therein); and

     

    (d)          any amount payable to
        such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.14(d) but excluding Section 2.16(b)) may, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative
        Agent in a segregated non-interest bearing account and, subject to any applicable Requirements of Law, be applied at such time or times as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; (ii) second,
        pro rata, to the payment of any amounts owing by such Defaulting Lender to the Issuing Bank or Swingline Lender hereunder; (iii) third, to the funding of any
        Loan or the funding or cash collateralization of any participation in any Swingline Loan or Letter of Credit in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
        Administrative Agent; (iv) fourth, if so determined by the Administrative Agent and Borrower, held in such account as cash collateral for future funding
        obligations of the Defaulting Lender under this Agreement; (v) fifth, pro rata, to the payment of any amounts owing to the Borrowers or the Lenders as a
        result of any judgment of a court of competent jurisdiction obtained by the Borrowers or any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and (vi) sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Loans or Reimbursement Obligations in respect of LC Disbursements which a Defaulting Lender has funded its participation obligations; and
        (y) made at a time when the conditions set forth in Section 4.02 are satisfied, such payment shall be applied solely to prepay the Loans of, and Reimbursement Obligations
        owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Reimbursement Obligations owed to, any Defaulting Lender.

     

    In the event that the Administrative Agent, the Administrative Borrower, the Issuing Bank or the Swingline Lender, as the case may be, each agrees that a
        Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such
        date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Percentage. The rights and
        remedies against a Defaulting Lender under this Section 2.19 are in addition to other rights and remedies that the Borrowers, the Administrative Agent, the Issuing Bank,
        the Swingline Lender and the non-Defaulting Lenders may have against such Defaulting Lender. The arrangements permitted or required by this Section 2.19 shall be
        permitted under this Agreement, notwithstanding any limitation on Liens or the pro rata sharing provisions or otherwise.

     

    
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    Section 2.20          Increase in Commitments.

     

    (a)          Borrower Request. The Borrowers (or any of them) may by written notice from the Administrative Borrower to the Administrative Agent elect in their sole discretion to request
        prior to the Revolving Maturity Date, (I) to add an additional Class of Commitments (each an “Additional Incremental Class”) or (II) to increase to the
        existing Commitments (each an “Increased Incremental Class”; and any such Additional Incremental Class or Increased Incremental Class, an “Incremental Revolving Facility”; and the loans thereunder, “Incremental Revolving
          Loans”), in an amount not in excess of $250,000,000 in the aggregate and in an integral multiple of $10,000,000 and not less than $5,000,000 individually. Each such notice shall specify (i) the date (each, an “Incremental Effective Date”) on which the Borrowers propose that the increased or new Commitments shall be effective (which shall be a date not less than five (5) Business Days after the
        date on which such notice is delivered to the Administrative Agent) and (ii) the identity of each Person (which shall not be a Loan Party or a natural person, and which otherwise meet the criteria set forth in the definition of “Eligible Assignee”)
        to whom the Borrowers propose any portion of such increased or new Commitments be allocated and the amounts of such allocations; provided that any existing
        Lender approached to provide all or a portion of the increased or new Commitments may elect or decline, in its sole discretion, to provide such increased or new Commitment.  Notwithstanding anything to the contrary, in no event shall any
        Incremental Revolving Loans be in the form of a pari passu term loan.

     

    (b)          Conditions. The increased or new Commitments shall become effective, as of such Incremental Effective Date; provided that:

     

    (i)          the representations and warranties under Article III shall be true in all material respects with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case they shall be true and correct in all material
          respects (or in all respects, as applicable) as of such earlier date; provided that, solely with respect to Incremental Revolving Loans that are used to effect or finance a Permitted Acquisition or Investments permitted under this Agreement, the Borrowers shall have the option of making any
          representations and warranties under Article III (other than any
          customary “specified representations”) and determinations as to the availability of any “basket-carveouts” under Article VII effective as of the date of entering the definitive agreement for such Permitted Acquisition or such Investment in accordance with the Limited Condition Transaction
          provisions set forth in Section 1.09;

     

    (ii)          no Event of Default shall have occurred and be continuing or would result from the borrowings to be made on the Incremental Effective Date;

     

    (iii)          the Borrowers shall make any payments required pursuant to Section 2.13 in connection with any adjustment of Revolving Loans pursuant to Section 2.20(d);

     

    (iv)          the Borrowers shall deliver or cause to be delivered any legal opinions or other customary documents reasonably requested by the Administrative Agent in connection with any
          such transaction;

     

    (v)          if not already permitted by the Intercreditor Agreement and to the extent necessary, the Intercreditor Agreement shall have been amended, in a manner reasonably satisfactory
          to the Administrative Agent, to reflect an increase in the maximum principal amount of the aggregate commitments, loans or letters of credit included in the Revolving Loan Debt (as such term is defined in the Intercreditor Agreement) under
          Section 10.4(b)(i) of the Intercreditor Agreement in an amount equal to the amount of the increased or new Commitments; and

     

    
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    (vi)          if the Administrative Agent determines in its reasonable discretion upon the advice of counsel that the same is required by, or advisable under, applicable Requirements of
          Law, the Borrowers and Guarantors shall enter into any security documents, amendments, confirmations, reaffirmations or other agreements to maintain the Collateral Agent’s fully perfected First Priority Lien on the Collateral, subject to the
          terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured
          Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding).

     

    (c)          Terms of New Loans and Commitments. The terms and provisions of the Increased Incremental Class made
          pursuant to the new Commitments shall be identical to the Revolving Loans (it being understood and agreed that the Borrowers may, at their option, pay customary arrangement and upfront fees (or similar fees) in connection with the increased
          Commitments); provided that the terms of any Incremental Revolving Facility established as an Additional Incremental Class shall be
        identical to the terms applicable to any then-existing Class except that any Additional Incremental Class may, subject to a Permitted Secured Indebtedness Intercreditor
          Agreement (if applicable), rank junior in right of payment and/or in priority with respect to proceeds of Collateral to any then-existing Class of Revolving Loans and may be pursuant to different terms and conditions than the existing Revolving
          Loans. The increased or new Commitments shall be effected by a joinder agreement (the “Incremental Joinder”) executed by the Borrowers, the Administrative Agent and each Lender making such increased or new Commitment, in form and substance reasonably satisfactory to each of them. The Incremental
          Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.20. In addition, unless otherwise specifically provided herein, all
          references in Loan Documents to Revolving Loans shall be deemed, unless the context otherwise requires, to include references to Revolving Loans made pursuant to new Commitments made pursuant to this Agreement.

     

    (d)          Adjustment of Revolving Loans. To the extent the Commitments being increased on the relevant Incremental Effective Date are Revolving Commitments, then each Revolving Lender
        that is acquiring a new or additional Revolving Commitment on the Incremental Effective Date shall make a Revolving Loan, the proceeds of which will be used to prepay the Revolving Loans of the other Revolving Lenders immediately prior to such
        Incremental Effective Date, so that, after giving effect thereto, the Revolving Loans outstanding are held by the Revolving Lenders pro rata based on their Revolving Commitments after giving effect to such Incremental Effective Date. If there is a
        new borrowing of Revolving Loans on such Incremental Effective Date, the Revolving Lenders after giving effect to such Incremental Effective Date shall make such Revolving Loans in accordance with Section 2.01(b).

     

    (e)          Equal and Ratable Benefit. The Loans and Commitments established pursuant to this Section 2.20
        shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantees and
        security interests created by the Security Documents. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents
        continue to be perfected under the UCC or otherwise after giving effect to the establishment of any such new Commitments.

     

    
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    Section 2.21          Determination of Borrowing Bases.

     

    (a)          Australian Eligible Accounts. On any date of determination of the Australian Borrowing Base, all of the Accounts owned by the Australian Borrowers and reflected in the most
        recent Borrowing Base Certificate delivered by the Australian Borrowers to the Administrative Agent shall be “Australian Eligible Accounts” for the purposes of this Agreement, except any Account to which any of the exclusionary criteria set forth
        below applies. In addition, the Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against Australian Eligible Accounts. Australian Eligible Accounts shall not include
        any of the following Accounts:

     

    (i)          any Account in which the Collateral Agent (or the Australian Security Trustee), on behalf of the Secured Parties, does not have a perfected, first priority Lien (including
          under the relevant laws of the Account Debtor’s jurisdiction of organization) (subject to Liens permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that have
          priority as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    (ii)          any Account that is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the Collateral Agent (or the Australian Security Trustee), on behalf of
          the Secured Parties; (B) a Permitted Lien which does not have priority over the Lien in favor of the Collateral Agent or the Australian Security Trustee; and (C) a Lien permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that has priority as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          any Account that is not owned by an Australian Borrower;

     

    (iv)          any Account due from an Account Debtor that is either (x) not domiciled in an Eligible Account Debtor Jurisdiction or (y) (if not a natural Person) organized or incorporated
          under the laws of an Eligible Account Debtor Jurisdiction unless (A) such Account is backed by an irrevocable letter of credit or other credit support, in each case, reasonably acceptable to the Administrative Agent and which is in the possession
          of, and is directly drawable by, the Administrative Agent; (B) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Administrative Agent; or (C) (1) such Account Debtor is an Eligible Multinational Account Debtor and (2) such Account Debtor’s securities are rated BBB- or better by S&P or Baa3 or better by Moody’s; provided that the sum of all Australian Eligible Accounts, Dutch Eligible Accounts and U.S. Eligible Accounts, in the aggregate, due from all Eligible Multinational Account Debtors shall not exceed $22,500,000;

     

    (v)          any Account that is payable in any currency other than dollars, Australian Dollars, Canadian Dollars, euros, Krone, Kronor, New Zealand Dollars, Sterling or Yen;

     

    (vi)          any Account that does not arise from the sale of goods or the performance of services by the Australian Borrowers in the ordinary course of their business unless such
          Account (A) arises from the sale of goods or the performance of services by Tronox Bahamas in the ordinary course of business; (B) has been purchased by an Australian Borrower; and (C) otherwise qualifies as an Australian Eligible Account in
          accordance with this Section 2.21(a);

     

    
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    (vii)          any Account that does not comply in all material respects with all applicable legal requirements, including, without limitation, all laws, rules, regulations and orders of
          any Governmental Authority;

     

    (viii)          any Account (A) to the extent that the applicable Australian Borrower’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition
          whatsoever unless such condition is satisfied (for so long as such condition remains unsatisfied); (B) as to which the applicable Australian Borrower is not able to bring suit or otherwise enforce its remedies against the Account Debtor through
          judicial or administrative process or otherwise; or (C) to the extent that it represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to
          pay that invoice is subject to the applicable Australian Borrower’s completion of further performance under such contract or is subject to the equitable lien of a surety bond issuer;

     

    (ix)          to the extent that any defense, counterclaim, setoff or dispute is or has been asserted as to such Account, it being understood that the remaining balance of the Account
          shall be eligible;

     

    (x)          any Account that is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for merchandise sold to or services rendered and
          accepted by the applicable Account Debtor;

     

    (xi)          any Account with respect to which an invoice or other electronic transmission constituting a request for payment, reasonably acceptable to the Administrative Agent in form
          and substance (it being agreed that forms or transmissions substantially similar to those used in Accounts included in the Australian Borrowing Base as of the Closing Date are deemed to be acceptable) and which complies in all material respects,
          if applicable, with the Australian GST Act requirements, has not been sent on a timely basis to, and received by, the applicable Account Debtor, in each case, according to the normal invoicing and timing procedures of the applicable Australian
          Borrower;

     

    (xii)          any Account that arises from a sale to any director, officer, other employee or Affiliate of any Loan Party;

     

    (xiii)          to the extent any Borrower, Guarantor or Restricted Subsidiary is liable for goods sold or services rendered by the applicable Account Debtor to any Borrower, Guarantor or
          Restricted Subsidiary or for which a Borrower, Guarantor or Restricted Subsidiary is liable for a rebate or has accrued a reserve for such Account but only to the extent of the potential offset, rebate or reserve;

     

    (xiv)          any Account that arises with respect to goods that are delivered on a bill-and-hold, cash-on-delivery basis or placed on consignment, guaranteed sale or other terms by
          reason of which the payment by the Account Debtor is or may be conditional;

     

    (xv)          any Account as to which any of the following applies:

     

    (A)          any Account, except to the extent constituting an Extended Term Account, not paid within 120 days following its original invoice date or that is more than 60 days past due according to its original terms of sale; or

     

    
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    (B)          [intentionally omitted]; or

     

    (C)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, the Account Debtor obligated upon such Account suspends its business (taken as a whole), makes a general assignment for the benefit of
        creditors or fails to pay its debts generally as they come due; or

     

    (D)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, a petition is filed by or against any Account Debtor obligated upon such Account under any Debtor Relief Law or any other federal, state or
        foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors;

     

    (xvi)          any Account that is the obligation of an Account Debtor if 50% or more of the dollar amount of all Accounts owing by that Account Debtor are ineligible under the other
          criteria set forth in Section 2.21(a)(xv);

     

    (xvii)          any Account as to which any of the representations or warranties in the Loan Documents are untrue;

     

    (xviii)          to the extent such Account is evidenced by a judgment;

     

    (xix)          any Account that is the obligation of an Account Debtor whose total obligations owing to all of the Borrowers exceed (A) with respect to PPG Industries Inc., forty-five (45%) percent of all Eligible Accounts, (B) with respect to Sherwin Williams, forty (40%) percent of all Eligible Accounts, (BC) with respect to each of AKZO Nobel, thirty (30%) percent of all Eligible Accounts, (D) with respect to Benjamin Moore and PPG Industries, individually, twenty-five (25%) percent of all Eligible Accounts, or (CE) with respect to each of Valspar Corporation and Valspar Sourcing, Inc., twenty (20%) percent, or (F) with respect to all other Account Debtors, individually, fifteen (15%) percent of all Eligible Accounts, in each case to the extent of the obligations owing by such Account Debtor in excess of such percentage; provided, however, that in each case, the amount of Eligible Accounts that are excluded because they exceed the foregoing
          percentage shall be determined by the Administrative Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit;

     

    (xx)          any Account on which the Account Debtor is a Governmental Authority (other than a Governmental Authority representing the Crown in Australia), unless (A) if the Account
          Debtor is the United States of America, any State or political subdivision thereof or any department, agency or instrumentality of the United States of America or any State or political subdivision thereof, the applicable Australian Borrower has
          assigned its rights to payment of such Account to the Collateral Agent or the Australian Security Trustee pursuant to the Assignment of Claims Act of 1940, as amended, in the case of any such federal Governmental Authority, and pursuant to any
          requirements of applicable Requirements of Law, if any, in the case of any such other Governmental Authority; and (B) if the Account Debtor is any other Governmental Authority, the applicable Australian Borrower has, if required by any applicable
          Requirements of Law, assigned its rights to payment of such Account to the Collateral Agent or the Australian Security Trustee pursuant to applicable Requirements of Law, if any, and, in each such case where such acceptance and acknowledgment is
          required by applicable Requirements of Law, such assignment has been accepted and acknowledged by the appropriate government officers to the extent so required;

     

    
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    (xxi)          any Account that is owed by an Account Debtor located in any jurisdiction that requires, as a condition to access to the courts of such jurisdiction, that a creditor qualify
          to transact business, file a business activities report or other report or form, or take one or more other actions, unless the applicable Australian Borrower has so qualified, filed such reports or forms, or taken such actions (and, in each case,
          paid any required fees or other charges), except to the extent the applicable Australian Borrower may qualify subsequently as a foreign entity authorized to transact business in such jurisdiction and gain access to such courts, without incurring
          any cost or penalty reasonably viewed by the Administrative Agent to be material in amount, and such later qualification cures any access to such courts to enforce payment of such Account;

     

    (xxii)          any Account that is not freely assignable by the applicable Australian Borrower without consent of the Account Debtor (unless such irrevocable and unconditional consent has
          been obtained from the relevant Account Debtor);

     

    (xxiii)          any Account that arises under a contract governed by the laws of any jurisdiction other than any Eligible Account Debtor Jurisdiction;

     

    (xxiv)          except for Accounts due from a Top 20 Customer, any Account that provides for payment terms greater than 60 days; or

     

    (xxv)          any Account due from a Top 20 Customer that provides for
            payment terms greater than 120 days; or

     

    (xxvi)          (xxv) any Account that the Administrative Agent determines in its Permitted Discretion may not be paid by reason of the Account Debtor’s inability to pay or which the Administrative Agent otherwise determines in its Permitted
          Discretion is unacceptable for any reason whatsoever (in which event, prior to such exclusion, the Administrative Agent shall provide written notice and be available to discuss in accordance with the procedures set forth in the definition of
          “Permitted Discretion”).

     

    (b)          Dutch Eligible Accounts. On any date of determination of the Dutch Borrowing Base, all of the Accounts owned by the Dutch Borrowers and reflected in the most recent Borrowing
        Base Certificate delivered by the Dutch Borrowers to the Administrative Agent shall be “Dutch Eligible Accounts” for the purposes of this Agreement, except any Account to which any of the exclusionary criteria set forth below applies. In addition,
        the Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against Dutch Eligible Accounts. Dutch Eligible Accounts shall not include any of the following Accounts:

     

    (i)          any Account in which the Collateral Agent, on behalf of the Secured Parties, does not have a perfected, first priority Lien (including under the relevant laws of the Account
          Debtor’s jurisdiction of organization) (subject to Liens permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that have priority as a matter of law and, in each case, as to
          which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    
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    (ii)          any Account that is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the Collateral Agent, on behalf of the Secured Parties; (B) a Permitted
          Lien which does not have priority over the Lien in favor of the Collateral Agent; and (C) a Lien permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that has priority
          as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          any Account that is not owned by a Dutch Borrower;

     

    (iv)          any Account due from an Account Debtor that is either (x) not domiciled in an Eligible Account Debtor Jurisdiction or (y) (if not a natural Person) organized or incorporated
          under the laws of an Eligible Account Debtor Jurisdiction unless (A) such Account is backed by an irrevocable letter of credit or other credit support, in each case, reasonably acceptable to the Administrative Agent and which is in the possession
          of, and is directly drawable by, the Administrative Agent; (B) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Administrative Agent; or (C) (1) such Account Debtor is an Eligible Multinational Account Debtor and (2) such Account Debtor’s securities are rated BBB- or better by S&P or Baa3 or better by Moody’s; provided that the sum of all Australian Eligible Accounts, Dutch Eligible Accounts and U.S. Eligible Accounts, in the aggregate, due from all Eligible Multinational Account Debtors shall not exceed $22,500,000;

     

    (v)          any Account that is payable in any currency other than dollars, Australian Dollars, Canadian Dollars, euros, Krone, Kronor, New Zealand Dollars, Sterling or Yen;

     

    (vi)          any Account that does not arise from the sale of goods or the performance of services by the Dutch Borrowers in the ordinary course of their business;

     

    (vii)          any Account that does not comply in all material respects with all applicable legal requirements, including, without limitation, all laws, rules, regulations and orders of
          any Governmental Authority;

     

    (viii)          any Account (A) to the extent that the applicable Dutch Borrower’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever
          unless such condition is satisfied (for so long as such condition remains unsatisfied); (B) as to which the applicable Dutch Borrower is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial or
          administrative process or otherwise; or (C) that represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject
          to the applicable Dutch Borrower’s completion of further performance under such contract or is subject to the equitable lien of a surety bond issuer;

     

    (ix)          to the extent that any defense, counterclaim, setoff or dispute is or has been asserted as to such Account, it being understood that the remaining balance of the Account
          shall be eligible;

     

    (x)          any Account that is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for merchandise sold to or services rendered and
          accepted by the applicable Account Debtor;

     

    
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    (xi)          any Account with respect to which an invoice or other electronic transmission constituting a request for payment, reasonably acceptable to the Administrative Agent in form
          and substance (it being agreed that forms or transmissions substantially similar to those used in Accounts included in the Dutch Borrowing Base as of the Closing Date are deemed to be acceptable) and which complies with the relevant VAT
          requirements and shows the amounts and percentage of VAT applied, if any, has not been sent on a timely basis to, and received by, the applicable Account Debtor, in each case, according to the normal invoicing and timing procedures of the
          applicable Dutch Borrower;

     

    (xii)          any Account that arises from a sale to any director, officer, other employee or Affiliate of any Loan Party;

     

    (xiii)          to the extent any Borrower, Guarantor or Restricted Subsidiary is liable for goods sold or services rendered by the applicable Account Debtor to any Borrower, Guarantor or
          Restricted Subsidiary or for which a Borrower, Guarantor or Restricted Subsidiary is liable for a rebate or has accrued a reserve for such Account but only to the extent of the potential offset, rebate or reserve;

     

    (xiv)          any Account that arises with respect to goods that are delivered on a bill-and-hold, cash-on-delivery basis or placed on consignment, guaranteed sale or other terms by
          reason of which the payment by the Account Debtor is or may be conditional;

     

    (xv)          any Account as to which any of the following applies:

     

    (A)          any Account, except to the extent constituting an Extended Term Account, not paid within 120 days following its original invoice date or that is more than 60 days past due according to its original terms of sale; or

     

    (B)          [intentionally omitted]; or

     

    (C)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, the Account Debtor obligated upon such Account suspends its business (taken as a whole), makes a general assignment for the benefit of
        creditors or fails to pay its debts generally as they come due; or

     

    (D)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, a petition is filed by or against any Account Debtor obligated upon such Account under any Debtor Relief Law or any other federal, state or
        foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors;

     

    (xvi)          any Account that is the obligation of an Account Debtor if 50% or more of the dollar amount of all Accounts owing by that Account Debtor are ineligible under the other
          criteria set forth in Section 2.21(b)(xv);

     

    (xvii)          any Account as to which any of the representations or warranties in the Loan Documents are untrue;

     

    
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    (xviii)          to the extent such Account is evidenced by a judgment, Instrument or Chattel Paper;

     

    (xix)          any Account that is the obligation of an Account Debtor whose total obligations owing to the Borrowers exceed (A) with respect to PPG Industries Inc., forty-five (45%) percent of all Eligible Accounts, (B) with respect to Sherwin Williams, forty (40%) percent of all Eligible Accounts, (BC) with respect to each of AKZO Nobel, thirty (30%) percent of all Eligible Accounts, (D) with respect to Benjamin Moore and PPG Industries, individually, twenty-five (25%) percent of all Eligible Accounts, or (CE) with respect to each of Valspar Corporation and Valspar Sourcing, Inc., twenty (20%) percent, or (F) with respect to all other Account Debtors, individually, fifteen (15%) percent of all Eligible Accounts, in each case to the extent of the obligations owing by such Account Debtor in excess of such percentage;
        provided, however, that in each case, the amount of Eligible Accounts that are excluded because they
          exceed the foregoing percentage shall be determined by the Administrative Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit;

     

    (xx)          any Account on which the Account Debtor is a Governmental Authority, unless if the Account Debtor is the United States of America, any State or political subdivision thereof
          or any department, agency or instrumentality of the United States of America or any State or political subdivision thereof, the applicable Dutch Borrower has assigned its rights to payment of such Account to the Collateral Agent pursuant to the
          Assignment of Claims Act of 1940, as amended, in the case of any such federal Governmental Authority, and pursuant to any applicable Requirements of Law, if any, in the case of any such other Governmental Authority;

     

    (xxi)          any Account that is owed by an Account Debtor located in any jurisdiction that requires, as a condition to access to the courts of such jurisdiction, that a creditor qualify
          to transact business, file a business activities report or other report or form, or take one or more other actions, unless the applicable Dutch Borrower has so qualified, filed such reports or forms, or taken such actions (and, in each case, paid
          any required fees or other charges), except to the extent the applicable Dutch Borrower may qualify subsequently as a foreign entity authorized to transact business in such jurisdiction and gain access to such courts, without incurring any cost
          or penalty reasonably viewed by the Administrative Agent to be material in amount, and such later qualification cures any access to such courts to enforce payment of such Account;

     

    (xxii)          any Account that arises under a contract which is subject to consumer protection laws;

     

    (xxiii)          any Account that cannot be easily segregated and identified for ownership purposes and for purposes of the Dutch Security Agreements;

     

    (xxiv)          any Account that is not freely assignable by the applicable Dutch Borrower without consent of the Account Debtor (unless such irrevocable and unconditional consent has been
          obtained from the relevant Account Debtor);

     

    (xxv)          any Account which, alone, or together with the agreement from which it arises, contravenes in any material respect any applicable Requirements of Law, including the Dutch
          1977 Sanctions Act (Sanctiewet 1977) and the rules and
          regulations promulgated pursuant thereto;

     

    
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    (xxvi)          any Account that arises under a contract governed by the laws of any jurisdiction other than any Eligible Account Debtor Jurisdiction;

     

    (xxvii)          except for Accounts due from a Top 20 Customer, any Account that provides for payment terms greater than 60 days; or

     

    (xxviii)          any Account due from a Top 20 Customer that provides for
            payment terms greater than 120 days; or

     

    (xxix)          (xxviii) any Account that the Administrative Agent determines in its Permitted Discretion may not be paid by reason of the Account Debtor’s inability to pay or which the Administrative Agent otherwise determines in its Permitted
          Discretion is unacceptable for any reason whatsoever (in which event, prior to such exclusion, the Administrative Agent shall provide written notice and be available to discuss in accordance with the procedures set forth in the definition of
          “Permitted Discretion”).

     

    (c)          U.S. Eligible Accounts. On any date of determination of the U.S. Borrowing Base, all of the Accounts owned by the U.S. Borrowers and reflected in the most recent Borrowing
        Base Certificate delivered by the U.S. Borrowers to the Administrative Agent shall be “U.S. Eligible Accounts” for the purposes of this Agreement, except any Account to which any of the exclusionary criteria set forth below applies. In addition,
        the Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against U.S. Eligible Accounts. Eligible Accounts shall not include any of the following Accounts:

     

    (i)          any Account in which the Collateral Agent, on behalf of the Secured Parties, does not have a perfected, first priority Lien (including under the relevant laws of the Account
          Debtor’s jurisdiction of organization) (subject to Liens permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that have priority as a matter of law and, in each case, as to
          which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    (ii)          any Account that is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the Collateral Agent, on behalf of the Secured Parties; (B) a Permitted
          Lien which does not have priority over the Lien in favor of the Collateral Agent; and (C) a Lien permitted under Section 6.02(b), Section 6.02(d)(i) or Section 6.02(i) that has priority
          as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          any Account that is not owned by a U.S. Borrower;

     

    (iv)          any Account due from an Account Debtor that is either (x) not domiciled in an Eligible Account Debtor Jurisdiction or (y) (if not a natural Person) organized or incorporated
          under the laws of an Eligible Account Debtor Jurisdiction unless (A) such Account is backed by an irrevocable letter of credit or other credit support, in each case, reasonably acceptable to the Administrative Agent and which is in the possession
          of, and is directly drawable by, the Administrative Agent; (B) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Administrative Agent; or (C) (1) such Account Debtor is an Eligible Multinational Account Debtor and (2) such Account Debtor’s securities are rated BBB- or better by S&P or Baa3 or better by Moody’s; provided that the sum of all Australian Eligible Accounts, Dutch Eligible Accounts and U.S. Eligible Accounts, in the aggregate, due from all Eligible Multinational Account Debtors shall not exceed $22,500,000;

     

    
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    (v)          any Account that is payable in any currency other than dollars, Australian Dollars, Canadian Dollars, euros, Krone, Kronor, New Zealand Dollars, Sterling or Yen;

     

    (vi)          any Account that does not arise from the sale of goods or the performance of services by the U.S. Borrowers in the ordinary course of their business unless such Account (A)
          arises from the sale of goods or the performance of services by Tronox Bahamas in the ordinary course of business; (B) has been purchased by a U.S. Borrower; and (C) otherwise qualifies as a U.S. Eligible Account in accordance with this Section 2.21(c);

     

    (vii)          any Account that does not comply in all material respects with all applicable legal requirements, including, without limitation, all laws, rules, regulations and orders of
          any Governmental Authority;

     

    (viii)          any Account (A) to the extent that the applicable U.S. Borrower’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever
          unless such condition is satisfied (for so long as such condition remains unsatisfied); (B) as to which the applicable U.S. Borrower is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial or
          administrative process or otherwise; or (C) that represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject
          to the applicable U.S. Borrower’s completion of further performance under such contract or is subject to the equitable lien of a surety bond issuer;

     

    (ix)          to the extent that any defense, counterclaim, setoff or dispute is or has been asserted as to such Account, it being understood that the remaining balance of the Account
          shall be eligible;

     

    (x)          any Account that is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for merchandise sold to or services rendered and
          accepted by the applicable Account Debtor;

     

    (xi)          any Account with respect to which an invoice or other electronic transmission constituting a request for payment, reasonably acceptable to the Administrative Agent in form
          and substance (it being agreed that forms or transmissions substantially similar to those used in Accounts included in the U.S. Borrowing Base as of the Closing Date are deemed to be acceptable) has not been sent on a timely basis to, and
          received by, the applicable Account Debtor according to the normal invoicing and timing procedures of the applicable U.S. Borrower;

     

    (xii)          any Account that arises from a sale to any director, officer, other employee or Affiliate of any Loan Party;

     

    
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    (xiii)          to the extent any Borrower, Guarantor or Restricted Subsidiary is liable for goods sold or services rendered by the applicable Account Debtor to any Borrower, Guarantor or
          Restricted Subsidiary or for which a Borrower, Guarantor or Restricted Subsidiary is liable for a rebate or has accrued a reserve for such Account but only to the extent of the potential offset, rebate or reserve;

     

    (xiv)          any Account that arises with respect to goods that are delivered on a bill-and-hold, cash-on-delivery basis or placed on consignment, guaranteed sale or other terms by
          reason of which the payment by the Account Debtor is or may be conditional;

     

    (xv)          any Account as to which any of the following applies:

     

    (A)          any Account, except to the extent constituting an Extended Term Account, not paid within 120 days following its original invoice date or that is more than 60 days past due according to its original terms of sale; or

     

    (B)          [intentionally omitted]; or

     

    (C)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, the Account Debtor obligated upon such Account suspends its business (taken as a whole), makes a general assignment for the benefit of
        creditors or fails to pay its debts generally as they come due; or

     

    (D)          to the extent known or reasonably knowable by the Borrowers or the Administrative Agent, a petition is filed by or against any Account Debtor obligated upon such Account under any Debtor Relief Law or any other federal, state or
        foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors;

     

    (xvi)          any Account that is the obligation of an Account Debtor if 50% or more of the dollar amount of all Accounts owing by that Account Debtor are ineligible under the other
          criteria set forth in Section 2.21(c)(xv);

     

    (xvii)          any Account as to which any of the representations or warranties in the Loan Documents are untrue;

     

    (xviii)          to the extent such Account is evidenced by a judgment, Instrument or Chattel Paper;

     

    (xix)          any Account that is the obligation of an Account Debtor whose total obligations owing to the Borrowers exceed (A) with respect to PPG Industries Inc., forty-five (45%) percent of all Eligible Accounts, (B) with respect to Sherwin Williams, forty (40%) percent of all Eligible Accounts, (BC) with respect to each of AKZO Nobel, thirty (30%) percent of all Eligible Accounts, (D) with respect to Benjamin Moore and PPG Industries, individually, twenty-five (25%) percent of all Eligible Accounts, or (CE) with respect to each of Valspar Corporation and Valspar Sourcing, Inc., twenty (20%) percent, or (F) with respect to all other Account Debtors, individually, fifteen (15%) percent of all Eligible Accounts, in each case to the extent of the obligations owing by such Account Debtor in excess of such percentage;
        provided, however, that in each case, the amount of Eligible Accounts that are excluded because they
          exceed the foregoing percentage shall be determined by the Administrative Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit;

     

    
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    (xx)          any Account on which the Account Debtor is a Governmental Authority, unless (A) if the Account Debtor is the United States of America, any State or political subdivision
          thereof or any department, agency or instrumentality of the United States of America or any State or political subdivision thereof, the applicable U.S. Borrower has assigned its rights to payment of such Account to the Collateral Agent pursuant
          to the Assignment of Claims Act of 1940, as amended, in the case of any such federal Governmental Authority, and pursuant to any applicable Requirements of Law, if any, in the case of any such other Governmental Authority; and (B) if the Account
          Debtor is any other Governmental Authority, the applicable U.S. Borrower has, if required by any applicable Requirements of Law, assigned its rights to payment of such Account to the Collateral Agent pursuant to applicable Requirements of Law, if
          any, and, in each such case where such acceptance and acknowledgment is required by applicable Requirements of Law, such assignment has been accepted and acknowledged by the appropriate government officers to the extent so required;

     

    (xxi)          any Account that is owed by an Account Debtor located in any jurisdiction that requires, as a condition to access to the courts of such jurisdiction, that a creditor qualify
          to transact business, file a business activities report or other report or form, or take one or more other actions, unless the applicable U.S. Borrower has so qualified, filed such reports or forms, or taken such actions (and, in each case, paid
          any required fees or other charges), except to the extent the applicable U.S. Borrower may qualify subsequently as a foreign entity authorized to transact business in such jurisdiction and gain access to such courts, without incurring any cost or
          penalty reasonably viewed by the Administrative Agent to be material in amount, and such later qualification cures any access to such courts to enforce payment of such Account;

     

    (xxii)          any Account that is not freely assignable by the applicable U.S. Borrower without consent of the Account Debtor (unless such irrevocable and unconditional consent has been
          obtained from the relevant Account Debtor)

     

    (xxiii)          any Account that arises under a contract governed by the laws of any jurisdiction other than any Eligible Account Debtor Jurisdiction;

     

    (xxiv)          except for Accounts due from a Top 20 Customer, any Account that provides for payment terms greater than 60 days; or

     

    (xxv)          any Account due from a Top 20 Customer that provides for
            payment terms greater than 120 days; or

     

    (xxvi)          (xxv) any Account that the Administrative Agent determines in its Permitted Discretion may not be paid by reason of the Account Debtor’s inability to pay or which the Administrative Agent otherwise determines in its Permitted
          Discretion is unacceptable for any reason whatsoever (in which event, prior to such exclusion, the Administrative Agent shall provide written notice and be available to discuss in accordance with the procedures set forth in the definition of
          “Permitted Discretion”).

     

    
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    (d)          Australian Eligible Inventory. On any date of determination of the Australian Borrowing Base, all of the Inventory owned by the Australian Borrowers and reflected in the most
        recent Borrowing Base Certificate delivered by the Borrowers to the Administrative Agent shall be “Australian Eligible Inventory” for the purposes of this Agreement, except any Inventory to which any of the exclusionary criteria set forth below
        applies. In addition, the Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against Australian Eligible Inventory. Australian Eligible Inventory shall not include any
        Inventory that:

     

    (i)          the Collateral Agent (or the Australian Security Trustee), on behalf of Secured Parties, does not have a perfected, first priority Lien upon (subject to Liens permitted
          under Section 6.02(b), Section 6.02(c), Section

            6.02(d)(i) or Section 6.02(i) that have priority as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    (ii)          is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the Collateral Agent (or the Australian Security Trustee), on behalf of the Secured
          Parties; (B) a Permitted Lien which does not have priority over the Lien in favor of the Collateral Agent or the Australian Security Trustee; and (C) a Lien permitted under Section 6.02(b), Section 6.02(c), Section 6.02(d)(i) or Section 6.02(i) that has priority
          as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          (A) is stored at a leased location where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably satisfactory Landlord Access Agreement has been
          delivered to the Administrative Agent, or (y) Reserves reasonably satisfactory to the Administrative Agent (not to exceed three (3) months of periodic rent and, if a default under the applicable lease or other agreement by the Loan Parties
          exists, an amount equal to the amounts due and payable thereunder) have been established with respect thereto; or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably
          satisfactory, acknowledged Bailee Letter has been received by the Administrative Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; or (C) is stored at a location where the
          aggregate book value of Inventory is less than $1,000,000;

     

    (iv)          is placed on consignment, unless both (x) an effective first ranking Lien under the PPSA Australia in respect of the relevant Inventory in favor of the Collateral Agent or
          the Australian Security Trustee has been established and all relevant financing statements have been properly filed against the consignee (as assigned to the Collateral Agent or the Australian Security Trustee); and (y) there is a written
          agreement acknowledging that such Inventory is held on consignment, that the applicable Australian Borrower retains title to such Inventory, that no Lien arising by, through or under such consignment has attached or will attach to such Inventory
          (and proceeds thereof) and requiring consignee to segregate the consigned Inventory from the consignee’s other personal or movable property;
          provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the aggregate, consisting of Inventory
          placed on consignment shall not exceed $22,500,000;

     

    (v)          is not located in Australia or is in transit;

     

    
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    (vi)          is covered by a negotiable document of title, unless such document has been delivered to the Administrative Agent with all necessary endorsements, free and clear of all
          Liens except those in favor of the Collateral Agent and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with;

     

    (vii)          is to be returned to suppliers or consists of goods returned or rejected by a Borrower’s customers;

     

    (viii)          is obsolete, unsalable, shopworn, damaged or unfit for sale;

     

    (ix)          consists of display items or packing or shipping materials, manufacturing supplies, work-in-process Inventory (except to the extent it is a work-in-process which could
          reasonably be expected to be converted into finished goods within three (3) Business Days following such time) or replacement parts; provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the aggregate, consisting of work-in-process Inventory which
          could reasonably be expected to be converted into finished goods within three (3) Business Days following such time shall not exceed $12,500,000;

     

    (x)          is not of a type held for sale in the ordinary course of the Australian Borrowers’ business;

     

    (xi)          breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;

     

    (xii)          consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available unless the applicable Australian Borrower has
          obtained all of the necessary licenses and is in material compliance with Environmental Law, including with respect to handling and disposal of all such Hazardous Material;

     

    (xiii)          is subject to any licensing arrangement the effect of which would be to limit the ability of Administrative Agent, or any Person selling the Inventory on behalf of
          Administrative Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other Person, unless such consent has been obtained;

     

    (xiv)          is not covered by casualty insurance maintained as required by Section 5.05;

     

    (xv)          is purchased pursuant to an agreement that includes a retention of title provision until the Inventory has been indefeasibly paid for in full;

     

    (xvi)          is held for sale, or intended to be sold, through Tronox Bahamas or another Bahamian entity unless the Bahamian Receivables Conditions are satisfied; or

     

    (xvii)          is not either otherwise acceptable to, or subject to a Reserve acceptable to, the Administrative Agent, in its Permitted Discretion.

     

    (e)          Dutch Eligible Inventory. On any date of determination of the Dutch Borrowing Base, all of the Inventory owned by the Dutch Borrowers and reflected in the most recent
        Borrowing Base Certificate delivered by the Borrowers to the Administrative Agent shall be “Dutch Eligible Inventory” for the purposes of this Agreement, except any Inventory to which any of the exclusionary criteria set forth below applies. In
        addition, the Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against Dutch Eligible Inventory. Dutch Eligible Inventory shall not include any Inventory that:

     

    
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    (i)          the Collateral Agent, on behalf of Secured Parties, does not have a perfected, first priority Lien upon (subject to Liens permitted under Section 6.02(b), Section 6.02(c), Section 6.02(d)(i) or Section 6.02(i) that have priority as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    (ii)          in respect whereof the applicable Borrower does not hold free legal title or which is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the
          Collateral Agent, on behalf of the Secured Parties; (B) a Permitted Lien which does not have priority over the Lien in favor of the Collateral Agent; and (C) a Lien permitted under Section 6.02(b), Section 6.02(c), Section 6.02(d)(i) or Section 6.02(i) that has priority
          as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          (A) is stored at a leased location where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably satisfactory Landlord Access Agreement has been
          delivered to the Administrative Agent, or (y) Reserves reasonably satisfactory to the Administrative Agent (not to exceed three (3) months of periodic rent and, if a default under the applicable lease or other agreement by the Loan Parties
          exists, an amount equal to the amounts due and payable thereunder) have been established with respect thereto; or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably
          satisfactory, acknowledged Bailee Letter has been received by the Administrative Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; or (C) is stored at a location where the
          aggregate book value of Inventory is less than $1,000,000;

     

    (iv)          is placed on consignment, unless a valid consignment agreement which is reasonably satisfactory to the Administrative Agent is in place with respect to such Inventory and
          the Borrowers have taken all steps necessary to perfect the Collateral Agent’s interest in the Inventory (including the filing of financing statements, if applicable); provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the
          aggregate, consisting of Inventory placed on consignment shall not exceed $22,500,000;

     

    (v)          is not located in the Netherlands or is in transit (unless it is Dutch Eligible In-Transit Inventory); provided that the sum of all Dutch Eligible In-Transit Inventory and U.S. Eligible In-Transit Inventory, in each case, in
          transit from a third party, in the aggregate, shall not exceed $27,500,00032,500,000;

     

    (vi)          is covered by a negotiable document of title, unless such document has been delivered to the Administrative Agent with all necessary endorsements, free and clear of all
          Liens except those in favor of the Collateral Agent and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with;

     

    
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    (vii)          is to be returned to suppliers or consists of goods returned or rejected by a Borrower’s customers;

     

    (viii)          is obsolete, unsalable, shopworn, damaged or unfit for sale;

     

    (ix)          consists of display items or packing or shipping materials, manufacturing supplies, work-in-process Inventory (except to the extent it is a work-in-process which could
          reasonably be expected to be converted into finished goods within three (3) Business Days following such time) or replacement parts; provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the aggregate, consisting of work-in-process Inventory which
          could reasonably be expected to be converted into finished goods within three (3) Business Days following such time shall not exceed $12,500,000;

     

    (x)          is not of a type held for sale in the ordinary course of the Dutch Borrowers’ business;

     

    (xi)          breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;

     

    (xii)          consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available unless the applicable Dutch Borrower has obtained
          all of the necessary licenses and is in material compliance with Environmental Law, including with respect to handling and disposal of all such Hazardous Material;

     

    (xiii)          is subject to any licensing arrangement the effect of which would be to limit the ability of Administrative Agent, or any Person selling the Inventory on behalf of
          Administrative Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other Person, unless such consent has been unconditionally and irrevocably obtained;

     

    (xiv)          is not covered by casualty insurance maintained as required by Section 5.05;

     

    (xv)          is purchased pursuant to an agreement that includes a retention of title provision until the Inventory has been indefeasibly paid for in full; or

     

    (xvi)          is not either otherwise acceptable to, or subject to a Reserve acceptable to, the Administrative Agent, in its Permitted Discretion.

     

    (f)          U.S. Eligible Inventory. On any date of determination of the U.S. Borrowing Base, all of the Inventory owned by the U.S. Borrowers and reflected in the most recent Borrowing
        Base Certificate delivered by the Borrowers to the Administrative Agent shall be “U.S. Eligible Inventory” for the purposes of this Agreement, except any Inventory to which any of the exclusionary criteria set forth below applies. In addition, the
        Administrative Agent shall have the right from time to time in its Permitted Discretion to establish, modify or eliminate Reserves against U.S. Eligible Inventory. U.S. Eligible Inventory shall not include any Inventory that:

     

    (i)          the Collateral Agent, on behalf of Secured Parties, does not have a perfected, first priority Lien upon (subject to Liens permitted under Section 6.02(b), Section 6.02(c), Section 6.02(d)(i) or Section 6.02(i) that have priority as a matter of law and, in each case, as to which the Administrative Agent may establish a Reserve in its Permitted Discretion);

     

    
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    (ii)          is subject to any Lien (including Permitted Liens) other than (A) a Lien in favor of the Collateral Agent, on behalf of the Secured Parties; (B) a Permitted Lien which does
          not have priority over the Lien in favor of the Collateral Agent; and (C) a Lien permitted under Section 6.02(b), Section 6.02(c),
        Section 6.02(d)(i) or Section 6.02(i) that has priority as a matter of law and, in each case, as to which the Administrative
          Agent may establish a Reserve in its Permitted Discretion;

     

    (iii)          (A) is stored at a leased location where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably satisfactory Landlord Access Agreement has been
          delivered to the Administrative Agent, or (y) Reserves reasonably satisfactory to the Administrative Agent (not to exceed three (3) months of periodic rent and, if a default under the applicable lease or other agreement by the Loan Parties
          exists, an amount equal to the amounts due and payable thereunder) have been established with respect thereto; or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $1,000,000 unless either (x) a reasonably
          satisfactory, acknowledged Bailee Letter has been received by the Administrative Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; or (C) is stored at a location where the
          aggregate book value of Inventory is less than $1,000,000;

     

    (iv)          is placed on consignment, unless a valid consignment agreement which is reasonably satisfactory to the Administrative Agent is in place with respect to such Inventory and
          the Borrowers have taken all steps necessary to perfect the Collateral Agent’s interest in the Inventory (including the filing of financing statements, if applicable); provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the
          aggregate, consisting of Inventory placed on consignment shall not exceed $22,500,000;

     

    (v)          is not located in the United States or is in transit (unless it is U.S. Eligible In-Transit Inventory); provided that the sum of all Dutch Eligible In-Transit Inventory and U.S. Eligible In-Transit Inventory, in each case, in
          transit from a third party, in the aggregate, shall not exceed $27,500,00032,500,000;

     

    (vi)          is covered by a negotiable document of title, unless such document has been delivered to the Administrative Agent with all necessary endorsements, free and clear of all
          Liens except those in favor of the Collateral Agent and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with;

     

    (vii)          is to be returned to suppliers or consists of goods returned or rejected by a Borrower’s customers;

     

    (viii)          is obsolete, unsalable, shopworn, damaged or unfit for sale;

     

    (ix)          consists of display items or packing or shipping materials, manufacturing supplies, work-in-process Inventory (except to the extent it is a work-in-process which could
          reasonably be expected to be converted into finished goods within three (3) Business Days following such time) or replacement parts; provided that the sum of all Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory, in the aggregate, consisting of work-in-process Inventory which
          could reasonably be expected to be converted into finished goods within three (3) Business Days following such time shall not exceed $12,500,000;

     

    
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    (x)          is not of a type held for sale in the ordinary course of the U.S. Borrowers’ business;

     

    (xi)          breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;

     

    (xii)          consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available unless the applicable U.S. Borrower has obtained
          all of the necessary licenses and is in material compliance with Environmental Law, including with respect to handling and disposal of all such Hazardous Material;

     

    (xiii)          is subject to any licensing arrangement the effect of which would be to limit the ability of Administrative Agent, or any Person selling the Inventory on behalf of
          Administrative Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other Person, unless such consent has been obtained;

     

    (xiv)          is not covered by casualty insurance maintained as required by Section 5.05; or

     

    (xv)          is not either otherwise acceptable to, or subject to a Reserve acceptable to, the Administrative Agent, in its Permitted Discretion.

     

    Notwithstanding anything to the contrary set forth in this Section 2.21,
        the parties acknowledge and agree that the eligibility criteria applicable to the assets and properties of Cristal from and after the consummation of the Cristal Acquisition shall take account of the eligibility criteria with respect thereto, and
        other provisions applicable thereto, in each case under the Cristal ABL Agreement.

     

    Section 2.22          Accounts; Cash Management.

     

    (a)          Each Borrower and
        each Guarantor shall maintain a cash management system which is reasonably acceptable to the Collateral Agent (the “Cash Management System”), which shall
        operate as provided in this Section 2.22; provided that the Cash Management
        System with respect to accounts located in the United States of America, any State thereof or the District of Columbia in place on the Closing Date shall be deemed reasonably acceptable to the Collateral Agent.

     

    (b)          All proceeds of
        Collateral held by the Borrowers or any other Loan Party (other than funds being collected pursuant to the provisions stated below or identifiable Proceeds of Term Loan Priority Collateral) shall be deposited in one or more bank accounts or
        securities investment accounts, as set forth on Schedule 2.22(b) or other accounts in form and substance reasonably satisfactory to the Collateral Agent, in each case,
        subject to the terms of the applicable Security Agreement and applicable Control Agreements; provided that Control Agreements shall not be required prior to
        the Control Agreement Effective Date.

     

    
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    (c)          The Borrowers shall
        establish and maintain, and shall cause each Guarantor to establish and maintain, at its sole expense, deposit accounts subject to a first priority security interest in favor of the Collateral Agent and a Control Agreement over such account
        maintained by the financial institutions as described on Schedule 2.22(b) hereto or with such other banks as are acceptable to the Collateral Agent (in each case, “Controlled Accounts”), and which shall not be subject to cash pooling or other similar arrangements with any entity that is not a Loan Party and shall not be
        subject to cash pooling or other similar arrangements with any entity organized in a jurisdiction other than the jurisdiction of the United States (with respect to Controlled Accounts of any Loan Party that is a U.S. Entity), Australia (with
        respect to Controlled Accounts of any Australian Loan Party) or the Netherlands (with respect to Controlled Accounts of any Dutch Loan Party), into which the Borrowers and Guarantors shall promptly deposit and use commercially reasonable efforts to
        direct their respective Account Debtors to directly remit all payments on Accounts and all payments constituting proceeds of Inventory or other Revolving Loan Priority Collateral in the identical form in which such payments are made, whether by
        cash, check or other manner and shall be identified and segregated from all other funds of the Loan Parties; provided that notwithstanding anything to the
        contrary herein, all payments on Accounts owned by any Dutch Loan Party and all payments constituting proceeds of Inventory or other Revolving Loan Priority Collateral owned by any Dutch Loan Party shall be deposited into accounts and related
        lockboxes maintained by the Collateral Agent or another bank acceptable to the Collateral Agent. Notwithstanding the foregoing, the Loan Parties shall be permitted to fund deposit accounts owned by a UK Financing Subsidiary which are subject to a
        first priority security interest and Control Agreements in favor of the Collateral Agent in such amounts as the Administrative Borrower reasonably deems necessary; provided
        that the aggregate amount of funds on deposit in deposit accounts owned by a UK Financing Subsidiary shall not exceed amounts payable by such UK Financing Subsidiary in the (ten) 10 Business Day (or longer with the consent of the Administrative
        Agent) period following the date of such funding. If the Loan Parties elect to fund such accounts for a period longer than ten (10) Business Days with the consent of the Administrative Agent, the Administrative Borrower shall promptly notify the
        Administrative Agent of the estimated amount of such funding and the Administrative Agent may establish a UK Finance Reserve.  The Borrowers and Guarantors shall cause (i) all of the deposit accounts, securities accounts and commodity accounts of
        the Loan Parties set forth on Schedule 2.22(b) (and each account in substitution or replacement therefor) (which, for the avoidance of doubt, shall not include Excluded
        Accounts) and (ii) each other deposit account, securities account and commodity account of any Loan Party formed or established after the Closing Date (other than Excluded Accounts) to be subject to Control Agreements and shall deliver, or cause to
        be delivered, to the Collateral Agent a Control Agreement duly authorized, executed and delivered by each bank where such account is maintained; provided that
        Control Agreements shall not be required prior to the Control Agreement Effective Date. The Borrowers and Guarantors shall not establish any deposit accounts (other than Excluded Accounts) after the Closing Date into which proceeds of Collateral
        are deposited, unless such Borrower or such Guarantor has complied in full with the applicable provisions of this Section 2.22(c) with respect to such deposit accounts.
        The Borrowers agree that, from and after the delivery of an Activation Notice and subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor Agreement (so
        long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding), all payments made to such Controlled Accounts or other
        funds received and collected by the Administrative Agent, the Collateral Agent or any Lender, whether in respect of the Accounts or as proceeds of Inventory shall be treated as payments to the Administrative Agent, the Collateral Agent and Lenders
        in respect of the Obligations and therefore shall constitute the property of the Administrative Agent, the Collateral Agent and Lenders to the extent of the then outstanding applicable Obligations.

     

    (d)          The applicable bank
        at which any Controlled Accounts are maintained shall agree, from and after the receipt of a notice (an “Activation Notice”) from the Collateral Agent (which
        Activation Notice may, or upon instruction of the Required Lenders, shall, be given by the Collateral Agent at any time during a Cash Dominion Period) pursuant to the applicable Control Agreement, to forward, daily, all amounts in each Controlled
        Account to the account with the Collateral Agent (or a financial institution acceptable to the Collateral Agent) designated as the collection account (the “Collection
          Account”) which shall be under the exclusive dominion and control of the Collateral Agent and which shall not be subject to cash pooling or other similar arrangements. For the avoidance of doubt, provisions of this Section 2.22(d) do not apply to Excluded Accounts.

     

    
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    (e)          From and after the
        delivery of an Activation Notice, with respect to all affected Controlled Accounts, subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor Agreement
        (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding), the Collateral Agent shall apply all such funds in
        the Collection Account on a daily basis to the repayment of the Obligations in accordance with Section 8.02. Notwithstanding the foregoing sentence, after payment in full
        has been made of the amounts required under Section 8.02, upon the Administrative Borrower’s request and as long as no Event of Default has occurred and is continuing
        and, so long as the aggregate Revolving Exposure of all Lenders is greater than zero, all other conditions precedent to a Borrowing have been satisfied, any additional funds deposited in the Collection Account shall be released to the Borrowers.

     

    (f)          The Loan Parties
        shall promptly deposit (or cause the same to be deposited) any monies, checks, notes, drafts or any other payment relating to and/or proceeds of Accounts or Inventory of the Loan Parties which come into their possession or under their control in
        the applicable Controlled Accounts, or remit the same (or cause the same to be remitted), in kind, to the Collateral Agent. The Borrowers agree to reimburse the Collateral Agent on demand for any amounts owed or paid to any bank at which a
        Controlled Account is established or any other bank or Person involved in the transfer of funds to or from the Controlled Accounts arising out of the Collateral Agent’s payments to or indemnification of such bank or Person.

     

    (g)          The Borrowers or the
        Administrative Borrower shall set up deposit accounts in the United States, in each case, subject to Control Agreements within the time periods specified in Section 2.22(b),
        into which proceeds of the Revolving Loans shall be disbursed by the Administrative Agent and prior to the Control Agreement Effective Date, shall be disbursed as directed by the Administrative Borrower into the accounts of the Borrowers as
        specified in writing to the Administrative Agent.

     

    (h)          Notwithstanding the
        foregoing, it is expressly acknowledged that it may be impractical for a non-U.S. Loan Party to obtain a Control Agreement (or the equivalent) from the bank or depositary that maintains its accounts or it may take longer than agreed to obtain a
        Control Agreement (or the equivalent) in which event the Administrative Agent will act reasonably in extending the time for obtaining such Control Agreement (or the equivalent).  For the avoidance of doubt, this Section 2.22 shall be subject to the Agreed Securities Principles.

     

    Section 2.23          Australian Public Offer.

     

    (a)          The Arrangers
        represent and warrant to the Australian Resident Borrowers that they have made, no later than thirty (30) days after the Closing Date of this Agreement:

     

    (i)          invitations to become a Lender under this Agreement to at least ten (10) invitees, and:

     

    
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    (A)          their officers involved in the day-to-day syndication process reasonably believed (or will reasonably believe), at the time of making the invitations, that each invitee was carrying on a business of providing finance, or investing
        or dealing in securities, in the course of operating in financial markets; and

     

    (B)          their officers involved in the day-to-day syndication process did not (or will not) know or suspect at the time of making the invitations that any invitee was an Associate of any of the other invitees or an Offshore Associate of
        any Australian Resident Borrower; or

     

    (ii)          invitations to become a Lender under this Agreement publicly in an electronic form, or in another form, that is used by financial markets for dealing in debentures or debt
          interests, such as on either the Bloomberg or Reuters screen.

     

    (b)          The Australian
        Resident Borrowers irrevocably authorised the Arrangers to make the invitations referred to in this Section 2.23.

     

    (c)          Each Australian
        Resident Borrower represents and warrants that:

     

    (i)          at the time of execution of this Agreement, it does not know, or have reasonable grounds to suspect, that an Offshore Associate of any Australian Resident Borrower became a
          Lender under this Agreement;

     

    (ii)          if any Arranger makes an offer as contemplated in Section 2.23(a), it will notify such Arranger if it knows, or has reasonable grounds to suspect, that an Offshore Associate
          of any Australian Resident Borrower will or may became a Lender under this Agreement; and

     

    (iii)          each Borrower under this agreement is:

     

    (A)          a member of the same “wholly-owned group” (as defined in the Australian Tax Act); or

     

    (B)          an Associate of each other Borrower under this agreement.

     

    (d)          Each Lender that
        became a Lender as a result of an invitation under Section 2.23(a)(i) represents and warrants that:

     

    (i)          an invitation to become Lender was made to it by an Arranger under this Section
            2.23;

     

    (ii)          it was, at the time of the invitation, carrying on a business of providing finance, or investing or dealing in securities, in the course of operating in financial markets;
          and

     

    (iii)          except as disclosed to the Arrangers, it is not, so far as it has actual knowledge, an Associate of any other invitee referred to in Section 2.23(a) or an Offshore Associate of any Australian Resident Borrower.

     

    
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    (e)          At the cost of the
        relevant Australian Resident Borrower, each Lender and each Arranger agree, so far as it is reasonably able to do so, to do or provide the things (including information) which the Australian Resident Borrowers request it to do or provide in
        connection with the invitation made to (or by) it to become a “Lender” under this agreement, if the Australian Resident Borrowers consider them practicable and necessary to ensure that the requirements of section 128F of the Australian Tax Act are
        satisfied or to demonstrate that they are satisfied.

     

    Section 2.24          Australian Tax Matters. With respect to any advance under any Loan Document to any Australian Borrower or any other Borrower required to withhold
        tax in accordance with Australian law (each a “Relevant Borrower” for purposes of this Section

            2.24), this Section 2.24 shall apply instead of the provisions of Section 2.15(a),
        (b), (c), (d),
        (e) and (g).

     

    (a)          Definitions. Solely for purposes of this Section 2.24, the following terms shall have the
        following meanings:

     

    “GST” has the meaning given to it in the
        Australian GST Act, as shall any other term used in Section 2.24 which is defined for purposes of the Australian GST Act.

     

    (b)          Tax Gross-up. Save to the extent required under any applicable Requirements of Law, all payments to be made by a Relevant Borrower to any Lender hereunder or under any Loan
        Document shall be made free and clear of and without deduction or withholding for or on account of Taxes. If a Relevant Borrower is required to deduct or withhold any Taxes, or an amount for or on account of any Taxes from any payment made
        hereunder or under the Loan Documents to any Lender, the Relevant Borrower (in respect of which such deduction or withholding is required to be made) shall be required to pay an additional amount to the extent necessary to ensure that such Lender
        receives a sum equal to the sum that such Lender would have received if no such deduction or withholding (including deductions or withholdings applicable to any additional amounts paid under this Section 2.24(b)) had been made; provided, that this Section
            2.24 shall not apply in relation to withholding or deduction from payments:

     

    (i)          on account of Taxes on the overall net income of a Lender;

     

    (ii)          to, or to a third party on behalf of, a Lender who is liable to such Taxes by reason of the Lender having some connection with the Commonwealth of Australia other than the
          mere participation in this agreement;

     

    (iii)          to, or to a third party on behalf of, a Lender who is liable to such Taxes by reason of the Lender being an Offshore Associate of the Relevant Borrower;

     

    (iv)          to, or to a third party on behalf of, a Lender who is liable to such Taxes as a result of the representation and warranty given by that Lender in Section 2.23(d) being
          incorrect;

     

    (v)          to, or to a third party on behalf of, a Lender who could lawfully avoid (but has not so avoided) such deduction or withholding by complying or procuring that any third party
          complies with any statutory requirements or by making, or procuring that any third party makes, a declaration of non-residence, entitlement to the benefit of a double tax agreement treaty exemption or any similar claim for exemption;

     

    
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    (vi)          on account of the Relevant Borrower receiving a direction under section 255 of the Australian Tax Act or section 260-5 of Schedule 1 of the Taxation Administration Act 1953
          or any similar law;

     

    (vii)          to, or a third party on behalf of, a Lender if the Relevant Borrower has not received written notice of that Person’s tax file number or Australian business number or
          evidence of any exemption that person may have from the need to advise its tax file number or Australian business number;

     

    (viii)          to the extent a loss, liability or cost is compensated for by an increased payment under Section 2.15(a); or

     

    (ix)          on account of any deduction or withholding required by FATCA.

     

    (c)          Tax Indemnity.

     

    (i)          The Relevant Borrowers shall (within three (3) Business Days of demand by the Administrative Agent) pay to a Lender an amount equal to the loss, liability or cost which that
          Lender determines will be or has been (directly or indirectly) suffered for or on account of Taxes by that Lender in respect of a Loan Document; provided that this subclause (i) shall not apply:

     

    (A)          with respect to any Taxes assessed on a Lender:

     

    (I)          under the law of the jurisdiction in which such Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which such Lender is treated as resident for tax purposes; or

     

    (II)          under the law of the jurisdiction in which such Lender’s lending office is located in respect of amounts received or receivable in such jurisdiction,

     

    if such Taxes are imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by
        such Lender; or

     

    (B)          to the extent a loss, liability or cost:

     

    (I)          is compensated for by the payment of an additional amount under Section 2.24(b); or

     

    (II)          would have been compensated for by an increased payment under Section 2.24(b) but was not so compensated solely because one of the exclusions in
        Section 2.24(b) applied.

     

    (ii)          A Lender making, or intending to make a claim under Section 2.24(c)(i) above shall promptly notify the Administrative Agent of the event which will give, or has given, rise to the claim, following which the Administrative Agent shall notify
          the Borrowers.

     

    (iii)          A Lender shall, on receiving a payment from the Relevant Borrowers under this Section

            2.24(c), notify the Administrative Agent.

     

    
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    (d)          Tax Credit. If a Relevant Borrower makes a Tax Payment and the relevant Lender determines that:

     

    (i)          a Tax Credit is attributable either to the payment of an additional amount of which that Tax Payment forms part, or to that Tax Payment; and

     

    (ii)          that Lender has obtained, utilized and retained that Tax Credit,

     

    the Lender shall as soon as reasonably practicable following receipt of such Tax Credit pay an amount to the Relevant Borrower which that Lender determines
        will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Relevant Borrower.

     

    (e)          Notification of Requirement to Deduct Tax. If, at any time, a Relevant Borrower is required by law to make any deduction or withholding from any sum payable by it hereunder or
        under the other Loan Documents (or if thereafter there is any change in the rates at which or the manner in which such deductions or withholdings are calculated), such Relevant Borrower shall promptly notify the Administrative Agent.

     

    (f)          Evidence of Payment of Tax. If a Relevant Borrower makes any payment hereunder or under the other Loan Documents in respect of which it is required to make any deduction or
        withholding, it shall pay the full amount required to be deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable Requirements of Law and shall, as promptly as reasonably practicable
        thereafter, deliver to the Administrative Agent on behalf of the Lenders to which such payment was made evidence of payment as is reasonably satisfactory to Administrative Agent.

     

    (g)          Goods and Services Tax.

     

    (i)          All amounts set out or expressed in a Loan Document to be payable by any party to any Lender which (in whole or in part) constitute the consideration for a taxable supply or
          taxable supplies for GST purposes shall be deemed to be exclusive of GST and the party liable to make that payment shall pay to the Lender (in addition to and at the same time as paying any consideration for such supply) an amount equal to the
          GST payable on that supply, subject to receiving a valid tax invoice from the supplier of that supply.

     

    (ii)          Where a Loan Document requires any party to reimburse or indemnify a Lender for any cost or expense the reimbursement or indemnity (as the case may be) shall be reduced by
          the amount of any input tax credit that the Lender (or representative member of the Australian GST Group of which the Lender is a member) is entitled to.

     

    Section 2.25          Dutch Tax Matters  With respect to any advance under any Loan Document to any Dutch Borrower or any other Borrower that is required to make a Tax
        Deduction in accordance with the relevant provisions of Dutch law (each a “Relevant Borrower” for the purposes of this Section 2.25), this Section 2.25 shall apply instead of the provisions of Section 2.15(a), (b) (c) and (f).

     

    (a)          Tax Indemnity.

     

    (i)          The Relevant Borrowers shall (within three (3) Business Days of demand by the Administrative Agent) pay to a Lender an amount equal to the loss, liability or cost which that
          Lender determines will be or has been (directly or indirectly) suffered for or on account of Taxes by that Lender in respect of a Loan Document; provided that this subclause (i) shall not apply:

     

    
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    (A)          with respect to any Taxes assessed on a Lender:

     

    (I)          under the law of the jurisdiction in which such Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which such Lender is treated as resident for tax purposes; or

     

    (II)          under the law of the jurisdiction in which such Lender’s lending office is located in respect of amounts received or receivable in such jurisdiction,

     

    if such Taxes are imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by
        such Lender; or

     

    (B)          to the extent a loss, liability or cost is compensated for by an increased payment under Section 2.15(a).

     

    (ii)          A Lender making, or intending to make a claim under Section 2.25(a)(i) above shall promptly notify the Administrative Agent of the event which will give, or has given, rise to the claim, following which the Administrative Agent shall notify
          the Borrowers.

     

    (iii)          A Lender shall, on receiving a payment from the Relevant Borrowers under this Section

            2.25(a), notify the Administrative Agent.

     

    (b)          Tax Credit. If a Relevant Borrower makes a Tax Payment and the relevant Lender determines that:

     

    (i)          a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and

     

    (ii)          that Lender has obtained, utilized and retained that Tax Credit,

     

    the Lender shall promptly following receipt of such Tax Credit pay an amount to the Relevant Borrower which that Lender determines will leave it (after
        that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Relevant Borrower.

     

    (c)          Value Added Tax.

     

    (i)          All amounts set out or expressed in a Loan Document to be payable by any party to any Lender which (in whole or in part) constitute the consideration for a supply or
          supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to clause (ii) below, if VAT is or becomes chargeable on any supply made by any Lender to any party under a Loan Document, that party shall pay to the Lender (in addition to and at the
          same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Lender shall promptly provide an appropriate VAT invoice to such party).

     

    
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    (ii)          If VAT is or becomes chargeable on any supply made by any Lender (the “Supplier”) to any other Lender (the “Recipient”) under a Loan Document, and any party other than the Recipient (the “Relevant Party”) is required by the terms of any Loan Document to pay an amount equal to the consideration for such supply to the Supplier (rather
          than being required to reimburse the Recipient in respect of that consideration),

     

    (A)          (1) (where the Supplier is the Person required to account to the relevant tax authority for the VAT), the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the
        amount of VAT; and (2) the Recipient must (where this subsection (ii)(A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the
        Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

     

    (B)          (1) (where the Recipient is the Person required to account to the relevant tax authority for the VAT), the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
        chargeable on that supply; and (2) the Recipient must (where this subsection (ii)(B) applies) promptly pay to the Relevant Party an amount equal to any credit or
        repayment from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply.

     

    (iii)          Where a Loan Document requires any party to reimburse or indemnify a Lender for any cost or expense incurred in connection with such Loan Document, the reimbursement or
          indemnity (as the case may be) shall be for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Lender reasonably determines that it is entitled to credit or repayment in respect of
          such VAT from the relevant tax authority.

     

    (iv)          Any reference in this Section 2.25 to any party shall, at any time when such party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to each
          relevant member of such group at such time.

     

    (v)          In relation to any supply made by a Lender to any party under a Loan Document, if reasonably requested by such Lender, that party must as promptly as reasonably practicable
          provide such Lender with details of that party’s VAT registration and such other information as is reasonably requested in connection with such Lender’s VAT reporting requirements in relation to such supply.

     

    (vi)          Except as otherwise expressly provided in this Section 2.25, a reference to “determines” or “determined” in connection with tax provisions contained in this Section 2.25 means a determination made in the absolute discretion of the Person making the determination, acting reasonably.

     

    Section 2.26          Nature and Extent of Each Borrower’s Liability.

     

    (a)          Joint and Several Liability. All obligations, liabilities, indemnities, representations, warranties and covenants of the Borrowers hereunder are joint and several obligations
        of the Borrowers and may be enforced against any Borrower individually, one or more Borrowers collectively or all of the Borrowers collectively.

     

    
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    (b)          Obligations Unconditional

     

    . The obligations of each Borrower hereunder are, to the fullest extent permitted by applicable Requirements of Law, absolute, irrevocable and
        unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Obligations of any other Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to
        herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or
        defense of a surety or a Loan Party (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of any Borrower
        hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above (in each case, subject to the terms of the applicable Loan Documents):

     

    (i)          at any time or from time to time, without notice to such Borrower, the time for any performance of or compliance with any of the Obligations shall be extended, or such
          performance or compliance shall be waived;

     

    (ii)          any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done
          or omitted;

     

    (iii)          the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be amended in any respect, or any right under the Loan Documents or any other
          agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;
          or

     

    (iv)          any Lien or security interest granted to, or in favor of, Issuing Bank or any Lender or Agent as security for any of the Obligations shall fail to be perfected.

     

    Each Borrower hereby expressly waives, to the fullest extent permitted by applicable Requirements of Law, diligence, presentment, demand
        of payment, protest and all notices whatsoever (other than the ones expressly provided for or set forth in the applicable Loan Documents), and any requirement that any Secured Party exhaust any right, power or remedy or proceed against any other
        Loan Party under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee of, or security for, any of the Obligations. Each Borrower waives, to
        the fullest extent permitted by applicable Requirements of Law, any and all notices of the creation, renewal, extension, waiver, termination or accrual of any of the Obligations and notice of or proof of reliance by any Secured Party upon the joint
        and several liability of the Borrowers, and the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon the joint and several liability of the Borrowers, in each case, subject to the
        terms of the applicable Loan Documents.

     

    (c)          Subrogation; Subordination. Each Borrower hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Obligations and the expiration and
        termination of the Commitments of the Lenders under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its joint and several liability hereunder,
        whether by subrogation or otherwise, against any other Borrower of any of the Obligations or any security for any of the Obligations. Any Indebtedness of any Loan Party permitted pursuant to Section 6.01(b) shall be subordinated to such Loan Party’s Secured Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness.

     

    
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    (d)          General Limitation on Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state,
        federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Borrower under Section 2.26(a)
        would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 2.26(a), then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and
        reduced to the highest amount (after giving effect to the right of contribution established in Section 2.26(e)) that is valid and enforceable and not subordinated to the
        claims of other creditors as determined in such action or proceeding.

     

    (e)          Right of Contribution. Each Borrower hereby agrees that to the extent that another Borrower shall have paid more than its proportionate share of any payment made hereunder,
        such Borrower shall be entitled to seek and receive contribution from and against any other Borrower hereunder which has not paid its proportionate share of such payment. The provisions of this clause (c) shall in no respect limit the obligations and liabilities of any Borrower to the Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders, and each Borrower shall remain liable to the
        Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders for the full amount of the Obligations hereunder.

     

    ARTICLE III

        

        REPRESENTATIONS AND WARRANTIES

     

    Each Loan Party represents and warrants to the Administrative Agent, the Collateral Agent, the Issuing Bank and each of the Lenders, on
        the dates and to the extent required hereunder, that:

     

    Section 3.01          Organization; Requisite Power and Authority; Qualification. Each of Holdings and its Restricted Subsidiaries
        (a) is duly organized or incorporated (as applicable), validly existing and (with respect to any Persons organized, formed or incorporated in any state of the United States, and to the extent applicable in the relevant jurisdiction for any Non-U.S.
        Entities) in good standing under the laws of its jurisdiction of organization or incorporation; (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted,
        to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby; and (c) is qualified to do business and (with respect to any Persons organized, formed or incorporated in any state of the United
        States, and to the extent applicable in the relevant jurisdiction for any Non-U.S. Entities) in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in
        jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect.

     

    Section 3.02          Equity Interests and Ownership. The Equity Interests of each of Holdings and its Restricted Subsidiaries has
        been duly authorized and validly issued and is fully paid and non-assessable. Except as set forth on Schedule 3.02, as of the Closing Date, there is no existing
        option, warrant, call, right, commitment or other agreement to which Holdings or any of its Subsidiaries is a party requiring, and there is no membership interest or other Equity Interests of Holdings or any of its Subsidiaries outstanding which
        upon conversion or exchange would require, the issuance by Holdings or any of its Subsidiaries of any additional membership interests or other Equity Interests of Holdings or any of its Subsidiaries or other Securities convertible into,
        exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Equity Interests of Holdings or any of its Subsidiaries. Schedule
            3.02 correctly sets forth the ownership interest and jurisdiction of organization or incorporation (as appropriate) of Holdingseach Holding Company and each of itstheir Subsidiaries in their respective Subsidiaries as of the ClosingAmendment No. 2 Effective Date (after giving effect to the Transactions).

     

    
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    Section 3.03          Due Authorization; Binding Obligation.

     

    (a)          Due Authorization. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action on the part of each Loan Party that is a
        party thereto.

     

    (b)          Binding Obligation. Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such
        Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by
        equitable principles relating to enforceability.

     

    Section 3.04          No Conflict; Governmental Consents.

     

    (a)          No Conflict. The execution, delivery and performance by the Loan Parties of the Loan Documents to which such Loan Parties are parties and the consummation of the transactions
        contemplated by such Loan Documents do not and will not (i) except as could not reasonably be expected to result in a Material Adverse Effect, violate (A) any provision of any law or any governmental rule or regulation applicable to such Loan Party
        or (B) any Requirement of Law applicable to such Loan Party (including, without limitation, in respect of the Australian Borrowers, Section 260A of the Corporations Act (Cth) (2001)); (ii) except as could not reasonably be expected to result in a
        Material Adverse Effect, conflict with, result in a breach of, constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of such Loan Party; (iii) violate any of the Organizational Documents of such Loan
        Party, (iv) result in or require the creation or imposition of any Lien upon any of the properties or assets of such Loan Party (other than any Liens created under any of the Loan Documents in favor of the Collateral Agent, on behalf of the Secured
        Parties and Permitted Liens); or (v) require any approval of stockholders, members or partners or any approval or consent of any Person under any material Contractual Obligation of such Loan Party, except for such approvals or consents which have
        been obtained and are in full force and effect.

     

    (b)          Governmental Consents. The execution, delivery and performance by the Loan Parties of the Loan Documents entered into on such date and to which such Loan Parties are parties
        and the consummation of the transactions contemplated by such Loan Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except (i) as have been
        obtained or made and are in full force and effect; and (ii) for filings and recordings with respect to the Collateral necessary to perfect Liens created by the Loan Documents, in each case, except as could not reasonably be expected to result in a
        Material Adverse Effect.

     

    Section 3.05          Financial Statements.

     

    (a)          Specified Financial Statements. The Specified Financial Statements described in clauses (i) and (ii) of such definition, and all financial statements delivered pursuant to Sections 5.01(a), (b) and (c), have been prepared in conformity with GAAP and fairly present, in all material
        respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described
        therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments.

     

    
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    (b)          Liabilities. Except as set forth in publicly disclosed financial statements of Holdings and its Subsidiaries or elsewhere publicly disclosed, there are no liabilities of
        Holdings and its Subsidiaries known to such Person of any kind, whether accrued, contingent, absolute, determined, determinable or otherwise, which could reasonably be expected to result in a Material Adverse Effect, and there is no existing
        condition, situation or set of circumstances which could reasonably be expected to result in such a liability, other than liabilities under the Loan Documents, the Term Loan Agreement, the Senior Unsecured 2022 Notes Documents and the New Notes
        Documents.

     

    (c)          Financial Projections. On and as of the Closing Date, the projections of HoldingsTronox

            Limited and its Subsidiaries (both with and without giving effect to the Transactions) heretofore delivered to the Administrative Agent (the “Projections”) are based on good faith estimates and assumptions made
          by the management of Holdings; provided, the
          Projections are not to be viewed as facts and that actual results during the period or periods covered by the Projections may differ from such Projections and that the differences may be material; provided, further, as of the Closing Date, management of HoldingsTronox Limited believed that the Projections were reasonable and attainable.

     

    Section 3.06          No Material Adverse Effect. Since December 31, 2016, no event, circumstance or change has occurred that has
        caused, or could reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.

     

    Section 3.07          Adverse Proceedings, Etc.

     

    (a)          There are no Adverse
        Proceedings that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

     

    (b)          Neither Holdings nor
        any of its Restricted Subsidiaries (i) is in violation of any Requirement of Law that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; or (ii) is subject to or in default with respect to any final
        judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the
        aggregate, could reasonably be expected to have a Material Adverse Effect.

     

    Section 3.08          Taxes. Except as otherwise permitted under Section 5.03, (i) all income and material Tax returns and reports of Holdings and its Restricted Subsidiaries required to be filed by any of them have been timely filed; (ii) all Taxes shown on such tax returns to be
        due and payable have been timely paid; and (iii) all material assessments, fees and other governmental charges upon Holdings and its Restricted Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are
        due and payable have been paid when due and payable. Neither Holdings nor any of its Restricted Subsidiaries knows of any proposed material Tax assessment against Holdings or any of its Restricted Subsidiaries which is not being actively contested
        by Holdings or such Restricted Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if
        any, as shall be required in conformity with GAAP shall have been made or provided therefor. As of the Closing Date, each Australian Loan Party is not, nor has it ever been, a member of an Australian GST Group.

     

    Section 3.09          Properties.

     

    
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    (a)          Generally; Title. Each of Holdings and its Restricted Subsidiaries has (i) good and legal title to (in the case of fee interests in Real Property); (ii) valid leasehold
        interests in (in the case of leasehold interests in real or personal property); (iii) valid licensed or other rights in (in the case of licensed or other interests in Intellectual Property); and (iv) good title to (in the case of all other personal
        property), all of their respective properties and assets reflected in the Specified Financial Statements and in the most recent financial statements delivered pursuant to Section
            5.01, in each case except where the failure to have good and legal title, a valid leasehold interest, a valid license or other rights or good title could not reasonably be expected to have a Material Adverse Effect and for assets
        disposed of since the date of such financial statements in the ordinary course of business or as otherwise permitted under Section 6.08. Except as permitted by this
        Agreement, all such properties and assets are free and clear of Liens other than Permitted Liens.

     

    (b)          Real Estate. As of the Closing Date, Schedule 3.09 contains a true, accurate and complete list of
        (i) all Real Estate Assets, and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Estate Asset of any Loan Party, regardless of
        whether such Loan Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. Each agreement listed in clause

            (ii) of the immediately preceding sentence is in full force and effect and, except as could reasonably be expected to have a Material Adverse Effect, neither Holdings nor any Borrower has knowledge of any default that has occurred
        and is continuing thereunder, and each such agreement constitutes the legally valid and binding obligation of each applicable Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforcement may be limited by
        bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles.

     

    Section 3.10          Environmental Matters. Except as set forth on Schedule 3.10:

     

    (a)          Other than exceptions
        that could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect:

     

    (i)          Holdings and its Restricted Subsidiaries (A) are and have been in compliance with all applicable Environmental Laws, and (B) have obtained, and maintained in full force and
          effect, all Governmental Authorizations arising under Environmental Laws that are required for the conduct of their businesses, operations and Real Property in compliance with Environmental Laws;

     

    (ii)          neither Holdingsno Holding Company nor any of its Restricted Subsidiaries of any Holding Company have received any unresolved written notice, report or other written
          communication regarding any actual or alleged material violation of Environmental Laws or any unresolved Environmental Liabilities relating to their businesses, operations and Real Property;

     

    (iii)          to the knowledge of the Holdings oreach Holding Company and
          any Borrower, no Release at any Real Property or facility owned, leased or operated by Holdings or any of its Restricted Subsidiaries is occurring that requires notice by Holdings or any of its Restricted Subsidiaries to any Governmental
          Authority, any form of Remedial Action under applicable Environmental Law by Holdings or any of its Restricted Subsidiaries, or that would reasonably be expected to form the basis of an Environmental Claim against Holdings or any of its
          Restricted Subsidiaries;

     

    
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    (iv)          neither Holdings nor any of its Restricted Subsidiaries has by law or contract agreed to, assumed or retained any material Environmental Liability or responsibility for any
          Environmental Claim, including under any lease, purchase agreement, sale agreement, joint venture agreement or other binding corporate or real estate document or agreement; and

     

    (v)          there are no pending or, to the knowledge of Holdings or any Borrower, threatened Environmental Claims and there are no violations of Environmental Laws or Releases that
          would reasonably be expected to form the basis of any such Environmental Claim; and

     

    (vi)          the Products are being, or have been, pre-registered and registered within the meaning of the Regulation (EC) No. 1907/2006 concerning the Registration, Evaluation,
          Authorisation and Restriction of Chemicals of the European Union and all rules and regulations promulgated thereunder, and do and will comply with all Environmental Laws relating to the Products or to the sale of the Products in the European
          Union.

     

    (b)          Holdings has provided
        the Administrative Agent, or its agents or consultants, with access to all significant environmental reports, data (including in relation to energy consumption, energy generation and emissions of greenhouse gases to the extent such data exists),
        documents, studies, analyses, investigations, audits and reviews in the possession or control of, or otherwise reasonably available to, Holdings or its Restricted Subsidiaries as necessary to reasonably disclose any material Environmental
        Liabilities with respect to any Real Property or facility owned, leased, operated or used by Holdings or any of its Restricted Subsidiaries or any of their Affiliates set forth in such documents, studies, analyses, investigations, audits or
        reviews.

     

    (c)          No material Lien has
        been recorded or, to the knowledge of Holdings or any Borrower, threatened by any Governmental Authority under any Environmental Law with respect to any Real Property or facility owned, leased, operated or used by Holdings or any of its Restricted
        Subsidiaries.

     

    (d)          Neither Holdings nor
        any of its Subsidiaries is subject to, or has taken any action so as to exacerbate, any Environmental Legacy Liabilities which Environmental Legacy Liabilities, or which exacerbation, could reasonably be expected to have a Material Adverse Effect.

     

    This Section 3.10 contains the sole and exclusive
        representations and warranties of Holdings with respect to any environmental, health or safety matters, including without limitation any arising under any Environmental Laws.

     

    Section 3.11          No Defaults. To the actual knowledge of Holdings or any Borrower, neither Holdings nor any of its Restricted
        Subsidiaries is in material default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its material Contractual Obligations, and no condition exists which, with the giving of notice
        or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect.

     

    Section 3.12          Material Contracts. Schedule
            3.12(a) contains a true, correct and complete list of all the Material Contracts in effect on the Closing Date (other than leases of Real Property set forth on Schedule

            3.09), and, except as described on Schedule 3.12(b), all such Material Contracts are in full force and effect and, to the actual knowledge of
        Holdings or any Borrower, no material defaults by Holdings or a Restricted Subsidiary of Holdings (or, on the Closing Date, any other Person) currently exist thereunder.

     

    
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    Section 3.13          Government Regulations. Neither Holdings nor any of its Restricted Subsidiaries is subject to regulation under
        the Federal Power Act, or to its knowledge under any other applicable statute or regulation of any Governmental Authority which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations
        unenforceable except as expressly set forth herein. Neither Holdings nor any of its Restricted Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” as such terms are defined in the
        Investment Company Act of 1940, as amended.

     

    Section 3.14          Federal Reserve Regulations; Exchange Act.

     

    (a)          Federal Reserve Regulations. None of Holdings, any Borrower or any of their Restricted Subsidiaries is engaged principally in the business of extending credit for the purpose
        of buying or carrying Margin Stock.

     

    (b)          Exchange Act. No portion of the proceeds of any Loans or any Letters of Credit shall be used in any manner, whether directly or indirectly, that causes or would reasonably be
        expected to cause, such the extension of such Loans or issuances of such Letters of Credit or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors or any other regulation thereof or to
        violate the Securities Exchange Act of 1934.

     

    Section 3.15          Employee Matters. Neither Holdings nor any of its Restricted Subsidiaries is engaged in any unfair labor
        practice that could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending against Holdings or any of its Restricted Subsidiaries, or to the best knowledge of Holdings and each Borrower,
        threatened against any of them before the National Labor Relations Board or any similar Governmental Authority or Governmental Entity outside of the United States and no grievance or arbitration proceeding arising out of or under any collective
        bargaining agreement that is so pending against Holdings or any of its Restricted Subsidiaries or, to the best knowledge of Holdings and each Borrower, threatened in writing against any of them; (b) no strike or work stoppage in existence or
        threatened involving Holdings or any of its Restricted Subsidiaries; and (c) to the best knowledge of Holdings and each any Borrower, no union representation question existing with respect to the employees of Holdings or any of its Restricted
        Subsidiaries and, to the best knowledge of Holdings and each Borrower, no union organization activity that is taking place, except (with respect to any matter specified in clause

            (a), (b) or (c) above, either individually or in the
        aggregate) such as is not reasonably likely to have a Material Adverse Effect. All payments due from any Loan Party, or for which any claim may be made against any Loan Party, on account of wages and employee health and welfare insurance and other
        benefits, have been paid or accrued as a liability on the books of such Loan Party except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The consummation of the Transactions will not give rise to
        any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Holdings or any of its Restricted Subsidiaries is bound.

     

    Section 3.16          Employee Benefit Plans.

     

    (a)          Pension Plans. Except as could not reasonably be expected to have a Material Adverse Effect, each Company and, with respect to a Pension Plan, each of their respective ERISA
        Affiliates are in compliance with all applicable provisions and requirements of ERISA, the Code and other Requirements of Law (including Requirements of Law applicable outside of the United States) and the regulations and published interpretations
        thereunder with respect to each Employee Benefit Plan, and have performed all their obligations under each Employee Benefit Plan.  Except as would not reasonably be expected to have a Material Adverse Effect, each Employee Benefit Plan (i) which is
        intended to qualify under Section 401(a) of the Code (or be registered or qualify under similar Requirements of Law applicable outside of the United States) has either received a favorable determination letter from the IRS (or similar documentation
        from a Governmental Authority or Governmental Entity outside of the United States) indicating that such Employee Benefit Plan is so qualified or registered or may rely on a favorable opinion letter issued by the IRS (or similar documentation issued
        by a Governmental Authority or Governmental Entity outside the United States), and, to the knowledge of Holdings and each Borrower, nothing has occurred subsequent to the issuance of such determination or opinion letter (or such similar
        documentation issue by a Governmental Authority or Governmental Entity outside of the United States) which would reasonably be expected to cause such Employee Benefit Plan to lose its qualified or registered status. There are no pending or, to the
        knowledge of Holdings and each Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority or Governmental Entity, with respect to any Employee Benefit Plan that could reasonably be expected to have a Material Adverse
        Effect.  Except as could not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

     

    
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    (b)          Foreign Plans. With respect to each Foreign Plan and except as could not reasonably be expected to have a Material Adverse Effect, (i) none of Holdings, its Restricted
        Subsidiaries or any of their respective directors, officers, employees or agents has engaged in a transaction which would subject Holdings or any of its Restricted Subsidiaries, directly or indirectly, to any tax or civil liability, Lien or
        penalty; (ii) all pension contributions (including, without limitation, employer and employee contributions) required by applicable Requirements of Law, by the terms of such Foreign Plan or by any other instrument to have been made by Holdings or
        its Restricted Subsidiaries have been timely made by Holdings or its Restricted Subsidiaries on or before the due date thereof; and (iii) (A) reserves have been established in the financial statements of Holdings and its Restricted Subsidiaries
        furnished to Lenders in respect of any and all unfunded liabilities (and other financial obligations which have not yet been fulfilled) of Holdings and its Restricted Subsidiaries in accordance with applicable Law or, where required, in accordance
        with ordinary accounting practices in the jurisdiction in which such Foreign Plan is maintained; and (B) Holdings and its Restricted Subsidiaries have no liabilities or financial obligations other than those for which such reserves have been
        established. Except with respect to any pension schemes applied by the Dutch Subsidiaries or any Australian Pension Plan, the present value of the aggregate accumulated benefit liabilities of each Foreign Plans (based on those assumptions used to
        fund such Foreign Plan) did not, as of the last valuation date applicable thereto, exceed the Fair Market Value of the assets of such Foreign Plan in an amount that could reasonably be expected to result in a Material Adverse Effect.

     

    Section 3.17          Certain Fees. As of the Closing Date, except as set forth on Schedule 3.17, no broker’s or finder’s fee or commission will be payable with respect to the transactions contemplated hereby, except as payable to the Agents and Lenders (and equivalent parties in
        connection with the Term Loan Agreement and the New Notes Documents).

     

    Section 3.18          Solvency.  Holdings(A) Tronox Limited and its
        Restricted Subsidiaries taken as a whole are, and, in each case, (i) on the Closing Date, and after giving effect to the Transactions, and (ii) as of the date of each fiscal quarter ending after the Closing Date, will be Solvent and (B) Holdings and its Restricted Subsidiaries, taken as a whole on the Amendment No. 2 Effective
            Date, are Solvent.

     

    Section 3.19          Compliance with Statutes, Etc. Each of Holdings and its Restricted Subsidiaries is in material compliance with
        all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, except such non-compliance that, individually
        or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     

    
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    Section 3.20          Disclosure. No written information (other than the any financial projections and pro forma financial
        information, other forward-looking information and information of a general economic or industry specific nature) furnished to any Agent and any Lender by or on behalf
        of Holdings or any of its Subsidiaries as of the date such information was furnished for use in connection with the Transactions, taken as a whole, contains any untrue statement of a material fact or omits to state a material fact (known to
        Holdings or any Borrower, in the case of any document not furnished by any of them) necessary in order to make the statements contained herein or therein not materially misleading in light of the circumstances in which the same were made (after
        giving effect to all supplements and updates made from time to time). Any projections and pro forma financial information concerning Holdings and its Restricted Subsidiaries contained in such materials are based upon good faith estimates and
        assumptions believed by Holdings or any Borrower to be reasonable at the time made, it being recognized by the Lenders that the projections are subject to significant uncertainties and contingencies, many of which are beyond Holdings’ control, that
        no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ significantly from the projected results and such differences may be
        material.

     

    Section 3.21          Patriot Act. To the extent applicable, each Loan Party is in compliance, in all material respects, with (a)
        the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating
        thereto; (b) the USA PATRIOT Act; and (c) other applicable federal, state or foreign laws relating to “know your customer” and anti-money laundering rules and regulations. No part of the proceeds of the Loans will be used, directly or indirectly,
        for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
        improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

     

    Section 3.22          Foreign Assets Control Regulations and Anti-Money Laundering; Sanctions.

     

    (a)          Each Loan Party and
        each Restricted Subsidiary of each Loan Party is and will remain in compliance in all material respects with all applicable United States, Bahamian, Dutch and Australian economic and trade sanctions laws, decrees and implementing regulations as
        promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control, and all applicable anti-money laundering and counter-terrorism laws including (i) financing provisions of the Bank Secrecy Act; (ii) Part 4 of the Australian Charter of the United Nations Act 1945 (Cth); (iii) the Autonomous Sanctions Act 2011 (Cth) and (iv) the Anti-Money Laundering and Counter-Terrorism Financing Act
        2006 (Cth), and all regulations issued pursuant to any of the foregoing.

     

    (b)          No Loan Party and no
        Restricted Subsidiary of a Loan Party (i) is a Person designated by the United States government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a United States Person cannot deal with in business transactions, (ii) is a Person who is otherwise the target of United States, Bahamian, Dutch or Australian economic and trade sanctions laws such that a
        United States Person, Bahamian Person, Dutch Person or Australian Person cannot deal in business transactions with such Person or (iii) is controlled by (including without limitation by virtue of such Person being a director or owning voting shares
        or interests), or acts, directly or indirectly, for or on behalf of, any Person or entity on the SDN List or a foreign government that is the target of United States, Bahamian or Australian economic and trade sanctions prohibitions such that the
        entry into, or performance under, this Agreement or any other Loan Document would be prohibited under United States, Bahamian, Dutch or Australian law. Further, each Loan Party and each Restricted Subsidiary of each Loan Party is and will remain in
        compliance in all material respects with all Dutch economic sanction laws and regulations and all applicable Dutch anti-money laundering and Dutch counter-terrorism laws, including, but not limited to, the law for the prevention of money laundering
        and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) and the rules and regulations promulgated therefrom, in each case, to
        the extent applicable to it.

     

    
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    (c)          Each of Holdings and
        the Restricted Subsidiaries and, to the knowledge of Holdings and the Borrowers, each of their respective Affiliates, is in compliance in all material respects with applicable Sanctions, Title III of the USA PATRIOT Act, and Anti-Corruption Laws. 
        To the knowledge of Holdings and the Borrowers, none of Holdings, any Borrower, any Restricted Subsidiary or any of their respective Affiliates, has, in the three years prior to the Closing Date, violated Sanctions, Title III of the USA Patriot
        Act, or Anti-Corruption Laws.

     

    (d)          (i) None of the Loan
        Parties is a Sanctioned Person or otherwise the target of Sanctions and (ii) none of the Restricted Subsidiaries that are not Loan Parties, or any director or officer of any Loan Party or Restricted Subsidiary, or to the knowledge of Holdings and
        the Borrowers, any Affiliate,  employee or agency of any Loan Party or Restricted Subsidiary, in each case, is a Sanctioned Person.

     

    Section 3.23          Senior Indebtedness. To the extent any Indebtedness that, by its terms is contractually subordinated to the
        Obligations, is outstanding, the Loans and other Obligations will constitute “senior indebtedness,” “designated senior indebtedness” or other comparable term for all purposes of such subordinated indebtedness.

     

    Section 3.24          [Intentionally Omitted].

     

    Section 3.25          Security Matters.

     

    (a)          U.S. Security Agreement. The U.S. Security Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the ratable
        benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in the U.S. Security Agreement) of the Loan Parties party thereto as of the Closing Date and (i) when the Pledged Collateral (as defined
        in the U.S. Security Agreement) is delivered to the Collateral Agent (to the extent delivery is required by the U.S. Security Agreement) together with stock, membership interest powers or other appropriate instruments of transfer duly executed in
        blank, the Lien created under the U.S. Security Agreement shall constitute a fully perfected First Priority Lien on, and security interest in, all right, title and interest of the Loan Parties in such Pledged Collateral; and (ii) when financing
        statements in appropriate form are filed in the jurisdiction of organization of each U.S. Entity (and in the District of Columbia with respect to any Non-U.S. Entity that is a signatory to the U.S. Security Agreement), the Lien created under the
        U.S. Security Agreement will constitute a fully perfected First Priority Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than Intellectual Property (as defined in the U.S. Security
        Agreement)) on which a Lien may be perfected by the filing of a financing statement.

     

    (b)          PTO Filing; Copyright Office Filing. Upon the recordation of the U.S. Security Agreement (or a short-form security agreement in form and substance reasonably satisfactory to
        Holdings and the Collateral Agent) with the United States Patent and Trademark Office and the United States Copyright Office (and, with respect to any equivalent rights outside of the United States, the taking of appropriate actions under the laws
        of such jurisdictions as required pursuant to the terms of the U.S. Security Agreement, including filing in other appropriate foreign or international offices or registrars), together with the financing statements or such other filings in
        appropriate form are filed in the jurisdiction of organization of each U.S. Entity (and in the District of Columbia with respect to any Non-U.S. Entity that is a signatory to the U.S. Security Agreement), the Lien created under the U.S. Security
        Agreement shall constitute a fully perfected First Priority Lien on, and security interest in, all right, title and interest of the Loan Parties in the Intellectual Property (as defined in the U.S. Security Agreement) (it being understood that (i)
        subsequent filings and recordings in the United States Patent and Trademark Office and the United States Copyright Office and equivalent offices outside the United States may be necessary with respect to registered trademarks and patents, trademark
        and patent applications and registered copyrights acquired or created by the Loan Parties after the date hereof; and (ii) notwithstanding anything to the contrary in this Agreement or any other Loan Document, in no event shall any of the Loan
        Parties be required to make any filings or recordings with intellectual property offices in Asia).

     

    
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    (c)          Mortgages. The Mortgages are effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable First
        Priority Lien on all of the Loan Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when the Mortgages are filed in the offices specified on Schedule 3.25 (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions of Sections 5.11
        and 5.12, when such Mortgage is filed in the offices specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Sections 5.11 and 5.12) and all related recording fees paid, each of the Mortgages shall
        constitute a fully perfected First Priority Lien on, and, subject to the exceptions set forth in the applicable Mortgage, security interest in, all right, title and interest of the Loan Parties in each such Mortgaged Property and the proceeds
        thereof.

     

    (d)          UK Security Agreements. Subject to the Legal Reservations and the Agreed Security Principles, the UK Security Documents, if any, upon execution and delivery thereof by the
        parties thereto, will create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid, enforceable and perfected First Priority Lien in the “Collateral” (as defined in the relevant UK Security Document) of
        the Loan Parties party to such documents to the extent set forth therein.

     

    (e)          Australian Security Agreements. Subject to the Legal Reservations and the Agreed Security Principles, the Australian Security Agreements, if any, upon execution and delivery
        thereof by the parties thereto, will create in favor of the Collateral Agent (or the Australian Security Trustee), for the ratable benefit of the Secured Parties, a legal, valid, enforceable and perfected First Priority Lien in the “Collateral” (as
        defined in the relevant Australian Security Agreements) of the Loan Parties party to such documents to the extent set forth therein.

     

    (f)          Dutch Security Agreements. Subject to the Agreed Security Principles, the Dutch Security Agreements, if any, upon execution and delivery thereof by the parties thereto, will
        create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid, enforceable and perfected First Priority Lien in the “Collateral” (as defined in the relevant Dutch Security Agreements) of the Loan Parties
        party to such documents to the extent set forth therein.

     

    (g)          Other Foreign Security Documents. Any Security Document governed by a law other than applicable Australian laws, Dutch laws, U.S. laws or UK laws creates, upon execution and
        delivery thereof by the parties thereto, an effective First Priority Lien over the assets purported to be secured by it, except that, with respect to a lien (Pfandrecht)
        created under a Security Document governed by Swiss law, such lien (Pfandrecht) may be perfected only by possession or control of the Collateral by the
        Collateral Agent.

     

    
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    (h)          Valid Liens. Subject to the Agreed Security Principles, any Security Document delivered pursuant to Sections 5.11 and 5.12 will, upon execution and delivery thereof by the
        parties thereto, be effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of the Loan Parties’ right, title and interest in and to the
        Collateral thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices as may be required under applicable Requirements of Law; and (ii) subject to the Intercreditor Agreement (so long as any Term Loans are
        outstanding), the terms of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured
        Indebtedness is outstanding), upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given
        to the Collateral Agent to the extent required by any Security Document), such Security Document will constitute fully perfected First Priority Liens on, and security interests in, all right, title and interest of the Loan Parties in such
        Collateral.

     

    Section 3.26          Certain Dutch Law Matters.

     

    (a)          Guarantee. No Dutch Loan Party guarantees or has guaranteed the obligations of any other Person in accordance with Section 2:403 of the Dutch Civil Code (or similar
        arrangements in other jurisdictions).

     

    (b)          Dutch Security. Any security interest or guarantee granted by a Dutch Loan Party is in its corporate interest, is not prejudicial to the rights of other creditors and does not
        violate section 2:98c of the Dutch Civil Code.

     

    (c)          Centre of Main Interests and Establishments. For the purpose of the EU Insolvency Regulation, the COMI of each Dutch Loan Party is situated in the jurisdiction of either its
        (corporate) seat or its business address and it has no “establishment” (as that term is used in Article 2(10) of the EU Insolvency Regulation) in any other jurisdiction.

     

    (d)          Fiscal Unit.  No Loan Party incorporated under Dutch law shall create or become a member of a fiscal unit (fiscale eenheid) for Dutch corporate income tax or value added tax purposes (other than such fiscal unit comprising solely Loan Parties).

     

    (e)          Joint and Several Liability.  No Loan Party incorporated under Dutch law shall issue a declaration of joint and several liability as referred to in Section 2:403 of the Dutch
        Civil Code

     

    Section 3.27          Certain Australian Law Matters.

     

    (a)          Tax Consolidated Group. No Australian Loan Party is a member of a Tax Consolidated Group unless (i) a TSA and a TFA are in full force and effect; and (ii) each member of the
        Tax Consolidated Group to which the Australian Loan Party is a member is party to the TSA and TFA.

     

    (b)          Australian GST Group. Neither Holdings nor any of its Subsidiaries is a member of an Australian GST Group unless an ITSA is in full force and effect.

     

    (c)          Australian Loan Parties. If such Loan Party is an Australian Loan Party, (i) the entering into and performance by it of its obligations under the Loan Documents to which it is
        expressed to be a party are for its commercial benefit and are in its commercial interests; and (ii) the entry into and performance by it of its obligations under the Loan Documents to which it is a party do not contravene the Corporations Act.

     

    
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    Section 3.28          Use of Proceeds.

     

    (a)          The Borrowers will
        use the proceeds of the Revolving Loans and Swingline Loans on and after the Closing Date (a) to effect the Transactions; (b) to pay all fees and expenses owing in connection with the Transactions; and (c) for general corporate purposes (including
        to effect Permitted Acquisitions and other Investments (including the Cristal Acquisition) permitted hereunder).

     

    (b)          Each Borrower will,
        and will cause each of its Restricted Subsidiaries to, ensure that no Proceeds of the Revolving Loans, Swingline Loans or Letters of Credit shall directly be used in violation of law or result in any guarantee or grant of security by any Loan Party
        being in violation of law.

     

    (c)          None of Holdings or
        any Restricted Subsidiary will directly or, to the knowledge of Holdings or the Borrowers, indirectly, use the Proceeds of the Revolving Loans, Swingline Loans or Letters of Credit, or lend, contribute or otherwise make available such proceeds to
        any Subsidiary, joint venture partner or other Person, for the purpose of funding, financing, or facilitating any activities or business or transaction  (i)  with any Sanctioned Person, or in any Sanctioned Country, or (ii) in any manner that would
        result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor, lender or otherwise) of Sanctions.

     

    (d)          None of Holdings, the
        Borrowers or the Restricted Subsidiaries will use the Proceeds of the Revolving Loans, Swingline Loans or Letters of Credit directly, or, to the knowledge of Holdings and the Borrowers, indirectly, for any payments to any governmental official or
        employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any
        Anti-Corruption Law.

     

    Section 3.29          Insurance. Schedule 3.29
        sets forth a true, complete and correct description of all insurance maintained by Holdings and its Subsidiaries as of the Closing Date. All insurance maintained by Holdings and its Subsidiaries is in full force and effect, all premiums have been
        duly paid, neither Holdings nor any of its Subsidiaries has received notice of violation or cancellation thereof, the Premises, and the use, occupancy and operation thereof, comply in all material respects with all Insurance Requirements.

     

    Section 3.30          Location of Material Inventory. Schedule

            3.30 as of the Closing Date sets forth all locations in the United States, the Netherlands and Australia where the aggregate value of Inventory at any such location owned by the Loan Parties exceeds $1,000,000.

     

    Section 3.31          Accuracy of Borrowing Bases. At the time any Borrowing Base Certificate is delivered pursuant to this
        Agreement, each Account and each item of Inventory included in the calculation of each of the Borrowing Bases satisfies all of the criteria stated herein (or of which the Administrative Borrower has hereafter been notified by the Administrative
        Agent under Section 2.21) to be an Eligible Account and an item of Eligible Inventory, respectively.

     

    Section 3.32          Not a Trustee. Except as set out in this document, no Australian Loan Party enters into any Loan Document as
        trustee of any trust or settlement.

     

    
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    Section 3.33          No Immunity. No Loan Party nor any of its Restricted Subsidiaries or any of their assets have immunity from
        the jurisdiction of a court or from legal process, except to the extent it concerns assets located in the Netherlands which qualify as goods intended for public use (goederen bestemd voor de openbare dienst) as referred to in the Dutch Code of Civil Procedure (Wetboek van Burgerlijke
          Rechtsvordering).

     

    Section 3.34          [Intentionally omitted].

     

    Section 3.35          EEA Financial Institution. No Loan Party or the Blocked Borrower is an EEA Financial Institution.

     

    ARTICLE IV

        

        CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS

     

    Section 4.01          Conditions to Effectiveness. The effectiveness of this Agreement and the obligation of each Lender and, if
        applicable, each Issuing Bank to fund any Credit Extension requested to be made by it on the Closing Date shall be subject to the prior or concurrent satisfaction (or waiver) of each of the conditions precedent set forth in this Section 4.01.

     

    (a)          Loan Documents. There shall have been delivered to the Administrative Agent an executed counterpart of each of the Loan Documents and the Perfection Certificate by the Loan
        Parties party thereto.  There shall have been delivered to the Administrative Agent an executed counterpart of the Intercreditor Agreement by the Term Loan Agent.

     

    (b)          Corporate Documents. The Administrative Agent shall have received:

     

    (i)          a certificate of the secretary or assistant secretary of each Loan Party (or, in the case of an Australian Loan Party, a Swiss Loan Party or a UK Loan Party, of a director
          or in the case of a limited liability partnership, a designated member (or delivered by another person is a similar position as is customary in such jurisdiction) dated the Closing Date, certifying (A) that attached thereto is a true and complete
          copy of each Organizational Document of such Loan Party certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its organization; (B) that attached thereto are true and complete copies of relevant
          corporate resolutions duly adopted by the Board of Directors (or any other corporate body of such Loan Party which is authorized under such Loan Party’s Organizational Documents or by any applicable Requirements of Law to resolve on the following
          matters, including, without limitation, in the case of any Swiss Loan Party, in addition to resolutions of the managing directors of each Swiss Loan Party, resolutions of the quotaholders of such Swiss Loan Party) authorizing the execution,
          delivery and performance of the Loan Documents to which such Person is a party and, in the case of the Borrowers, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect;
          (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party (together with a certificate of another officer as to the incumbency
          and specimen signature of the secretary or assistant secretary, director or designated member executing the certificate in this clause (i)); (D) that, in the case of a UK Loan Party whose shares are the subject of a Lien in favor of the Collateral Agent, (i) that no "warning notice" or "restrictions notice"
          (in each case as defined in Schedule 1B of the Companies Act 2006) has been issued in respect of those shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of that UK Loan Party,
          which is certified by a Responsible Officer of that UK Loan Party to be correct, complete and not amended or superseded as at a date no earlier than the Closing Date, or (ii) that such Loan Party is not required to comply with Part 21A of the
          Companies Act 2006; and (E) that attached thereto is an unconditional positive, written advice from any works council in relation to the transactions contemplated by this Agreement and any other document required for compliance with the Dutch Act
          on works councils (to the extent applicable);

     

    
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    (ii)          with respect to any Persons organized, formed or incorporated in any state of the United States, and to the extent applicable in the relevant jurisdiction for any Non-U.S.
          Entities (but not in respect of any Persons incorporated or organized under the laws of Australia, the UK or Switzerland), a certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date, from
          such Secretary of State (or other applicable Governmental Authority) and a “bring-down” good standing dated on or about the Closing Date;

     

    (iii)          in respect of a UK Loan Party whose shares are the subject of a Lien in favour of the Collateral Agent (x) a certificate of that UK Loan Party certifying that (A) each Loan
          Party has complied within the relevant timeframe with any notice it has received pursuant to Part 21A of the Companies Act 2006 from that UK Loan Party; and (B) no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B
          of the Companies Act 2006) has been issued in respect of those shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of that UK Loan Party, which is certified by a Responsible
          Officer of that UK Loan Party to be correct, complete and not amended or superseded as at a date no earlier than the Closing Date; or (y) a certificate of that UK Loan Party certifying that such UK Loan Party is not required to comply with Part
          21A of the Companies Act 2006; and

     

    (iv)          such other documents as the Administrative Agent may reasonably request.

     

    (c)          Other Transactions.  Prior to or substantially concurrently with the initial funding of the Loans on the Closing Date, the Closing Date Refinancing shall be consummated.  The
        Administrative Agent shall have received:

     

    (i)          true and complete copies of the Term Loan Agreement and all material documents, instruments and agreements executed in connection therewith; and

     

    (ii)          true and complete copies of the New Notes Documents.

     

    (d)          Officers’ Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by two Responsible Officers of Holdings, confirming
        compliance with the conditions precedent set forth in this Section 4.01 and Sections 4.02(b)
        and (c).

     

    (e)          Insurance Certificates.  The Administrative Agent shall have received one or more certificates from Holdings’ insurance broker or other evidence satisfactory to it that all
        insurance required to be maintained pursuant to Section 5.05 is in full force and effect.

     

    
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    (f)          Financial Statements; Pro Forma Balance Sheet; Projections. The Lenders shall have received and shall be satisfied with the form and substance of the financial statements
        described in Section 3.05 and with the forecasts of each of the Borrowing Bases and financial performance of Holdings, the Borrowers, and their respective Restricted
        Subsidiaries.  For purposes of this Section 4.01(f), any financial statements required to be delivered shall be deemed to have been received by the Administrative Agent
        and Lenders if such financial statements are filed on EDGAR.  Notwithstanding anything to the contract contained herein, to the extent Holdings’ auditors have withdrawn, or advised Holdings that they intend to withdraw, any audit opinion with
        respect to any such financial statements, this Section 4.01(f) shall be deemed to be not satisfied with respect to such financial statements.

     

    (g)          Capital Structure.  The organizational structure (including ownership percentages owned by Holdings and its Subsidiaries, in the case of the Subsidiaries of Holdings) of
        Holdings and its Subsidiaries shall be as set forth on Schedule 4.01(g).

     

    (h)          Opinions of Counsel. The Administrative Agent shall have received, on behalf of itself, the other Agents, the Arrangers, the Lenders and the Issuing Bank, (i) a favorable
        written opinion of (x) Willkie Farr & Gallagher LLP, special counsel for the Loan Parties; and (y) each local and foreign counsel for the Loan Parties (or the Administrative Agent, to the extent consistent with finance opinion practice in such
        Loan Party’s jurisdiction of organization) listed on Schedule 4.01(h), in each case (A) dated the Closing Date, (B) addressed to the Agents, the Issuing Bank and the
        Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent, and (ii) a true sale legal opinion in connection with the Bahamas Receivables Purchase Agreement.

     

    (i)          Solvency Certificate. The Administrative Agent shall have received a solvency certificate in the form of Exhibit

            O, dated the Closing Date and signed by the chief financial officer of Holdings.

     

    (j)          Requirements of Law. The Lenders shall be satisfied that Holdings, its Subsidiaries and the Transactions shall be in full compliance with all material Requirements of Law,
        including Regulations T, U and X of the Board, and shall have received satisfactory evidence of such compliance reasonably requested by them.

     

    (k)          Consents. Each Loan Party shall have obtained all material Governmental Authorizations and all material consents of other Persons, in each case that are necessary or advisable
        in connection with the transactions contemplated by the Loan Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to the Administrative Agent. All applicable waiting periods shall
        have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Loan Documents or the financing thereof and no action,
        request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have
        expired.

     

    (l)          Litigation. There shall be no litigation, public or private, or administrative proceedings, governmental investigation or other legal or regulatory developments, actual or
        threatened, that, singly or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, or could materially and adversely affect the ability of Holdings, any Borrower or any of their respective Subsidiaries to fully and
        timely perform their respective obligations under the Transaction Documents, or the ability of the parties to consummate the financings contemplated hereby or the other Transactions.

     

    (m)          Fees. The Arrangers and Administrative Agent shall have received all Fees and other reasonable and documented out-of-pocket fees and expenses due and payable on or prior to
        the Closing Date, including, without limitation, reasonable and documented out-of-pocket legal fees and disbursements of up to one firm of counsel to the Administrative Agent and one firm of local counsel in each applicable jurisdiction required to
        be paid by the Borrowers hereunder or under any other Loan Document (which for the avoidance of doubt, shall also include the reasonable and documented charges of Norton Rose Fulbright LLP on or prior to the Closing Date in the United Kingdom, the
        Netherlands and Australia).

     

    
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    (n)          Confirmation of Perfected Security Interest. The Security Documents required hereunder on the Closing Date, subject to the Agreed Security Principles, shall have been executed and delivered in
          form, scope and substance customary for financings of this type and the Collateral Agent shall have a First Priority perfected security interest in the Collateral of the Borrowers and Guarantors; it being understood that other than to the extent
          such perfection may be achieved through (i) the execution of the Loan Documents or (ii) the filing of a UCC financing statement (or jurisdictional equivalent) or other document with the United States Patent and Trademark Office or United States
          Copyright Office, to the extent any Collateral or the grant of a security interest or perfection of such security interest in any Collateral is not provided on the Closing Date after the use by the Loan Parties of commercially reasonable efforts
          to do so or without undue burden or expense, the delivery of such Collateral shall not constitute a condition precedent to the Closing Date but, subject to as specified otherwise elsewhere in this Agreement, may instead be required to be
          delivered within ninety (90) days after the Closing Date (or such later date as the Administrative Agent may from time to time agree in its sole discretion).

     

    (o)          Personal Property Requirements.  The Collateral Agent shall have received:

     

    (i)          reasonably satisfactory evidence that all certificates, agreements or instruments representing or evidencing the Securities Collateral accompanied by instruments of transfer
          and stock powers undated and endorsed in blank have been delivered to the Term Loan Agent (which shall act as bailee for the Collateral Agent (or the Australian Security Trustee));

     

    (ii)          reasonably satisfactory evidence that the Intercompany Note executed by and among Holdings and each of its Restricted Subsidiaries, accompanied by instruments of transfer
          undated and endorsed in blank have been delivered to the Term Loan Agent (which shall act as bailee for the Collateral Agent (or the Australian Security Trustee));

     

    (iii)          reasonably satisfactory evidence that all other certificates, agreements, including instruments necessary to perfect the Collateral Agent’s security interest in all Chattel
          Paper, all Instruments and all Investment Property of each Loan Party (as each such term is defined in the U.S. Security Agreement or any Australian Security Agreement and to the extent required by the U.S. Security Agreement or any Australian
          Security Agreement) have been delivered to the Term Loan Agent (which shall act as bailee for the Collateral Agent (or the Australian Security Trustee));

     

    (iv)          UCC financing statements in appropriate form for filing under the UCC, financing statements in appropriate form for filing under the PPSA Australia, Intellectual Property
          Security Agreements for filing with the United States Patent and Trademark Office and United States Copyright Office and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate or, in the
          opinion of the Collateral Agent, desirable to perfect the Liens created, or purported to be created, by the Security Documents;

     

    
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    (v)          certified copies of UCC, PPSA Australia, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches, bankruptcy and pending
          lawsuit searches or equivalent reports or searches (provided that such copies shall be certified in each jurisdiction to the extent applicable and as customarily delivered in connection with a syndicated financing transaction), each of a recent date listing all effective financing statements,
          lien notices or comparable documents that name any Loan Party as debtor and that are filed in those state and county jurisdictions in which any Loan Party is organized or maintains its principal place of business and such other searches that are
          required by the Perfection Certificate or that the Collateral Agent deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Security Documents (other than Permitted Collateral Liens or any
          other Liens acceptable to the Collateral Agent); and

     

    (vi)          evidence reasonably acceptable to the Collateral Agent of payment or arrangements for payment by the Loan Parties of all applicable recording taxes, fees, charges, costs and
          expenses required for the recording of the Security Documents.

     

    (p)          Anti-Terrorism Laws. At least five (5) Business Days prior to the Closing Date, the Lenders and the Administrative Agent shall have received the information required under Section 10.13.

     

    (q)          Borrowing Base Certificate. The Administrative Agent shall have received a Borrowing Base Certificate evidencing Borrowing Availability on the Closing Date, after giving
        effect to the Credit Extensions to be made (or deemed made) on the Closing Date, of at least $175,000,000.

     

    (r)          Borrowing Request.  The Administrative Agent shall have received a Borrowing Request.

     

    (s)          Certain Pledges.  The Administrative Agent shall have received a copy of the pledge of the Equity Interests held by the Borrower in Dutch Opco and the conditional transfer of
        voting rights as contemplated therein) and (ii) the unconditional positive advice from such works council in respect of the transactions contemplated by the Loan Documents (including the pledge of the Equity Interests held by the Borrower in Dutch
        Opco and the conditional transfer of voting rights as contemplated therein.

     

     

    (t)          Material Adverse Effect.  Since December 31, 2016, no Material Adverse Effect shall have occurred.

     

    Section 4.02          Conditions to All Credit Extensions.

     

    The obligation of each Lender and each Issuing Bank to make any Credit Extension (including any Credit Extension on the Closing Date)
        shall be subject to, and to the satisfaction (or waiver) of, each of the conditions precedent set forth below.

     

    (a)          Notice. The Administrative Agent shall have received a Borrowing Request as required by Section 2.03
        (or such notice shall have been deemed given in accordance with Section 2.03) if Loans are being requested or, in the case of the issuance, amendment, extension or
        renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a request for a Letter of Credit as required by Section 2.18(a) or, in
        the case of the Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have received a Borrowing Request as required by Section 2.17(b).

     

    
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    (b)          No Default. At the time of and immediately after giving effect to such Credit Extension and the application of the proceeds thereof, no Default or Event of Default shall have
        occurred and be continuing on such date.

     

    (c)          Representations and Warranties. Each of the representations and warranties made by any Loan Party set forth in Article

            III hereof or in any other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be
        true and correct in all respects) on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case
        they shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier date.

     

    (d)          Anti-Terrorism Laws. With respect to Letters of Credit issued for the account of a Restricted Subsidiary only, the Lenders and the Administrative Agent shall have timely
        received the information required under Section 10.13.

     

    Each of the delivery of a Borrowing Request or a request for a Letter of Credit (including in respect of any amendment, extension or
        modification to an existing Letter of Credit) and the acceptance by the Borrowers of the proceeds of such Credit Extension shall constitute a representation and warranty by the Borrowers and each other Loan Party that on the date of such Credit
        Extension (both immediately before and after giving effect to such Credit Extension and the application of the proceeds thereof) the conditions contained in Sections 4.02(b)
        and (c) have been satisfied.

     

    Section 4.03          Conditions to Initial Credit Extension to an Eligible Subsidiary.

     

    The obligation of each Lender and each Issuing Bank to make the initial Credit Extension to an Eligible Subsidiary shall be subject to,
        and to the satisfaction (or waiver) of, each of the conditions precedent set forth below.

     

    (a)          Opinion of Counsel. The Administrative Agent shall have received, on behalf of itself, the other Agents, the Arrangers, the Lenders and the Issuing Bank, a customary written
        opinion of special counsel for such Eligible Subsidiary (or the Administrative Agent, to the extent consistent with finance opinion practice in such Loan Party’s jurisdiction of organization), (A) dated the date of the proposed initial Credit
        Extension to such Eligible Subsidiary (each, an “Initial Borrowing Date”), (B) addressed to the Agents, the Issuing Bank and the Lenders and (C) in form and substance
        reasonably satisfactory to the Administrative Agent.

     

    (b)          Corporate Documents. The Administrative Agent shall have received:

     

    (i)          a certificate of the secretary or assistant secretary (or, in the case of an Australian Loan Party or a Swiss Loan Party, of a director or in the case of a limited liability
          partnership, a designated member (or delivered by another person is a similar position as is customary in such jurisdiction)) of such Eligible Subsidiary dated the Initial Borrowing Date (or such earlier date acceptable to the Administrative
          Agent), certifying (A) that attached thereto is a true and complete copy of each Organizational Document of such Eligible Subsidiary certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its
          organization; (B) that attached thereto are true and complete copies of relevant corporate resolutions duly adopted by the Board of Directors (or any other corporate body of such Eligible Subsidiary which is authorized under such Eligible
          Subsidiary’s Organizational Documents or by any applicable Requirements of Law to resolve on the following matters, including, without limitation, in the case of any UK Loan Party, resolutions of the shareholders of such Eligible Subsidiary and,
          in the case of any Swiss Loan Party, in addition to resolutions of the managing directors of each Swiss Loan Party, resolutions of the quotaholders of such Swiss Loan Party) authorizing the execution, delivery and performance of the Loan
          Documents to which such Person is a party and, in the case of the Borrowers, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect; (C) as to the incumbency and specimen
          signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party (together with a certificate of another officer as to the incumbency and specimen signature of the secretary
          or assistant secretary, director or designated member executing the certificate in this clause (i)); (D) that, in the case of a UK Loan Party whose shares are the subject of a Lien in favor of the Collateral Agent, (i) that no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B
          of the Companies Act 2006) has been issued in respect of those shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of such Eligible Subsidiary, which is certified by a Responsible
          Officer of that UK Loan Party to be correct, complete and not amended or superseded as at a date no earlier than the Closing Date, or (ii) that such Eligible Subsidiary is not required to comply with Part 21A of the Companies Act 2006; and (E)
          that attached thereto is an unconditional positive, written advice from any works council in relation to the transactions contemplated by this Agreement and any other document required for compliance with the Dutch Act on works councils (to the
          extent applicable);

     

    
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    (ii)          with respect to any Persons organized, formed or incorporated in any state of the United States, and to the extent applicable in the relevant jurisdiction for any Non-U.S.
          Entities (but not in respect of any Persons incorporated or organized under the laws of Australia, the UK or Switzerland), a certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date, from
          such Secretary of State (or other applicable Governmental Authority); and

     

    (iii)          such other documents as the Lenders, the Issuing Bank or the Administrative Agent may reasonably request in writing and consistent with the requirements of Section 4.01, including but not limited to, applicable Security Documents.

     

    (c)          Anti-Terrorism Laws. The Lenders and the Administrative Agent shall have timely received the information required under Section 10.13.

     

    ARTICLE V

        

        AFFIRMATIVE COVENANTS

     

    Each Loan Party covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the Commitments
        have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full (other than any contingent indemnification obligations as to which no claim
        or demand has been made) and all Letters of Credit have been canceled, Letter of Credit Collateralization has been provided for all Letters of Credit, or all Letters of Credit have expired and all amounts drawn thereunder have been reimbursed in
        full, unless the Required Lenders shall otherwise consent in writing, each Loan Party shall perform, and shall cause each of its Restricted Subsidiaries to perform, all covenants in this Article V.

     

    
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    Section 5.01          Financial Statements, Reports, etc.

     

    Holdings will deliver to the Administrative Agent (on behalf of and for each Lender)

     

    (a)          [Intentionally omitted];

     

    (b)          Quarterly Reports. Commencing with the financial statements for the fiscal quarter ended September 30, 2017, as soon as available, but in any event within 45 days after the
        end of each of the first three (3) quarters of each fiscal year of Holdings and its Subsidiaries, unaudited consolidated balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its
        Subsidiaries and related explanations as of the end of and for such fiscal quarter (except in the case of cash flows) and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding
        period or periods of (or, in the case of the balance sheets, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the consolidated financial position and consolidated results
        of operations and cash flows of Holdings and its consolidated Subsidiaries as of the end of and for such fiscal quarter (except in the case of cash flows) and
        such portion of the fiscal year on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (it being understood that all of the foregoing information may be
        furnished in the form of a Form 10-Q and only the information required by such Form 10-Q shall be required by this Section 5.01(b));

     

    (c)          Annual Reports. Commencing with the financial statements for the fiscal year ending December 31, 2017, as soon as available, but in any event within 90 days after the end of
        each fiscal year of Holdings, audited consolidated balance sheets and related audited consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries as of the end of and for such year, and related notes and
        related explanations thereto, setting forth in each case in comparative form the figures for the previous fiscal year (it being understood that all of the foregoing information may be furnished in the form of a Form 10-K and only the information
        required by such Form 10-K shall be required by this Section 5.01(c)), all reported on by Ernst & Young LLP, PricewaterhouseCoopers LLP, Deloitte LLP or other
        independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit (other than any exception, explanatory paragraph
        or qualification, that is expressly solely with respect to, or expressly resulting solely from, (A) an upcoming maturity date of any Obligations or the Term Loan occurring within one year from the time such opinion is delivered or (B) any potential
        inability to satisfy a financial maintenance covenant on a future date or in a future period hereunder or in respect of the Term Loan)) to the effect that such consolidated financial statements present fairly in all material respects the
        consolidated financial position and consolidated results of operations and cash flows of Holdings and its consolidated Subsidiaries as of the end of and for such year on a consolidated basis in accordance with GAAP consistently applied;

     

    (d)          Financial Officer’s Certificate. Concurrently with the delivery of financial statements under Section
            5.01(b) or (c), a Compliance Certificate (A) certifying as to whether an Event of Default has occurred and, if an Event of Default has occurred, specifying
        the details thereof and any action taken or proposed to be taken with respect thereto, (B) setting forth computations in reasonable detail satisfactory to the Administrative Agent calculating the Consolidated Fixed Charge Coverage Ratio (whether or
        not a Covenant Testing Period exists), (C) showing a reconciliation of Consolidated Adjusted EBITDA to the net income set forth on the statement of income, and (D) the case of financial statements delivered under clause (b) or clause (c) above, setting forth a reasonably detailed calculation of the net cash proceeds received during
        the applicable period by or on behalf of any Borrower or any Subsidiary in respect of any event described in clause (a) of the definition of the term “Prepayment Event”
        (as defined in the Term Loan Agreement as in effect as of the date hereof) and the portion of such net cash proceeds that has been invested or is intended to be reinvested in accordance with the first proviso in Section 2.11(b) of the Term Loan Agreement as in effect as of the date hereof);

     

    
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    (e)          Statements of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and policies from those used in the preparation of
        the Specified Financial Statements, the consolidated financial statements of Holdings and its Restricted Subsidiaries delivered pursuant to Section 5.01(b) or (c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in
        accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance reasonably
        satisfactory to the Administrative Agent;

     

    (f)          Notice of Default. Promptly upon any Responsible Officer of Holdingsany Holding
            Company or any Borrower obtaining actual knowledge (and, in any event, within five (5) Business Days thereof) (i) of any occurrence of a Default or an
          Event of Default; (ii) that any Person has given any notice to Holdingsany Holding Company or any of its Restricted Subsidiaries or
          taken any other action with respect to any event or condition set forth in Section 8.01(m); or (iii) of the occurrence of any event or change that has caused or evidences or could reasonably be expected to result in, either individually or in the aggregate, a Material Adverse Effect, a certificate of a
          Responsible Officer specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, default, event or
          condition, and what action the Borrowers have taken, is taking and proposes to take with respect thereto;

     

    (g)          Notice of Litigation. Promptly upon any Responsible Officer of Holdings or any Borrower obtaining actual knowledge of (A) (i) any Adverse Proceeding not previously disclosed
        in writing to Lenders or (ii) any development in any Adverse Proceeding that, in the case of either clause (i) or (ii) could be reasonably expected to have a Material Adverse Effect; (B) any proceeding with respect to any Loan Document; (C) any proceeding that could reasonably be expected to have a Material Adverse Effect; or (D) any
        proceeding that seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the Transactions contemplated hereby, written notice thereof together with such other information as may be
        reasonably available to the Companies to enable Administrative Agent and its counsel to evaluate such matters;

     

    (h)          Employee Benefit Plans, Multiemployer Plans. (i) Promptly upon any Responsible Officer of Holdings or any Borrower becoming aware (and, in any event, within five (5) Business
        Days thereof) of the occurrence of or forthcoming occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof, what action Holdings, any of its Restricted
        Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the IRS, the Department of Labor, the PBGC or any other Governmental Authority
        or Governmental Entity with respect thereto; and (ii) with reasonable promptness upon the reasonable request of the Administrative Agent, copies of (1) each Schedule SB (Actuarial Information) to the annual report (Form 5500 Series) filed by
        Holdings or any of its Restricted Subsidiaries with the IRS with respect to each Pension Plan (and any similar reports filed by any Company with any Governmental Authority, Governmental Entity or pension provider with respect to each Foreign Plan);
        (2) all notices received by Holdings, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (3) copies of such other documents or governmental reports or
        filings relating to any Employee Benefit Plan; provided that if any Company or its ERISA Affiliate has not requested such documents or notices from the
        administrator or sponsor of the applicable Multiemployer Plan, the applicable Company or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and
        notices promptly after receipt thereof;

     

    
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    (i)          Financial Plan. (i) As soon as practicable and in any event no later than forty-five (45) days after the beginning of each Fiscal Year, a consolidated plan and financial
        forecast for each fiscal quarter of such Fiscal Year, including a forecasted consolidated balance sheet and forecasted consolidated statements of income and cash flows of Holdings and its Restricted Subsidiaries for each such fiscal quarter of such
        Fiscal Year, and an explanation of the assumptions on which such forecasts are based; (each plan delivered pursuant to the above, a “Financial Plan”); and (ii)
        promptly when available, any significant revisions of such Financial Plan;

     

    (j)          Insurance Report. As soon as practicable and in any event within ninety (90) days after the end of each Fiscal Year, a certificate from the Companies’ insurance broker(s) in
        form and substance reasonably satisfactory to Administrative Agent outlining all material insurance coverage maintained as of the date of such certificate by Holdings and its Subsidiaries and promptly notify the Administrative Agent and the
        Collateral Agent whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under Section 5.05 is taken
        out by any Company; and promptly deliver to the Administrative Agent and the Collateral Agent a duplicate original copy of such policy or policies;

     

    (k)          Financial Information of Unrestricted Subsidiaries. For any period in which a Subsidiary has been designated as an Unrestricted Subsidiary, simultaneously with the delivery of
        the financial statements referred to in Section 5.01(b) and (c) above for such period,
        supplemental financial information necessary to eliminate the accounts of Unrestricted Subsidiaries from such consolidated financial statements..

     

    (l)          Information Regarding Collateral.

     

    (i)          Holdings will furnish to the Collateral Agent prompt written notice of any change (A) in Loan Party’s corporate name; (B) in the location of any Loan Party’s chief executive
          office; (C) in any Loan Party’s corporate structure; (D) in any Loan Party’s jurisdiction of organization; or (E) if applicable, in any Loan Party’s Federal Taxpayer Identification Number or state organizational identification number. Each Loan
          Party agrees to promptly provide the Collateral Agent with certified Organizational Documents reflecting any of the changes described in the preceding sentence;

     

    (ii)          Holdings agrees not to effect or permit any change referred to in the preceding subclause

            (i) unless (A) it shall have given the Collateral Agent and the Administrative Agent prompt (and in any event within ten (10) days (or such later date as
          the Administrative Agent may agree) notice following any such change, clearly describing such change and providing such other information in connection therewith as the Collateral Agent or the Administrative Agent may reasonably request; (B) it
          shall have taken all action reasonably satisfactory to the Collateral Agent and the Australian Security Trustee to maintain the perfection and priority of the security interest of the Collateral Agent and the Australian Security Trustee for the
          benefit of the Secured Parties in the Collateral, if applicable (including, without limitation, filings under the UCC or otherwise that are required in order for the Collateral Agent and the Australian Security Trustee to continue at all times
          following such change to have a valid, legal and perfected security interest in all the Collateral as contemplated in the Security Documents);

     

    
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    (iii)          Each Loan Party agrees to promptly notify the Collateral Agent of any change in the location of any office in which it maintains books or records relating to Revolving Loan
          Priority Collateral owned by it or any office or facility at which Revolving Loan Priority Collateral in excess of $1,000,000 is located (including the establishment of any such new office or facility), other than changes in location to a
          Mortgaged Property or a leased property subject to a Landlord Access Agreement; provided that the Loan Parties shall not be required to notify the Collateral Agent under this clause (iii) with respect to (A) mobile goods; (B) Inventory or Equipment in transit or being handled by freight forwarders; (C) property at other locations in connection with the
          repair or refurbishment thereof; and (D) collateral in the possession of employees in the ordinary course of business;

     

    (iv)          Holdings also agrees promptly after it becomes aware to notify the Collateral Agent (A) if any material portion of the Revolving Loan Priority Collateral is damaged or
          destroyed or otherwise materially adversely affected; (B) the incurrence of any material Lien (other than Permitted Collateral Liens) on, or material claim asserted against any of the Collateral; (C) the occurrence of a Casualty Event; or (D) the
          occurrence of any other event which could materially affect the value of the Collateral;

     

    (m)          Annual Collateral Verification. Within 120 days after the end of each Fiscal Year, commencing with the Fiscal Year ended December 31, 2018, Holdings shall deliver to the
        Collateral Agent a certificate of a Responsible Officer (i) either confirming that there has been no change in the information set forth in the Perfection Certificate or the latest Perfection Certificate Supplement and/or identifying such changes
        by setting forth the information required pursuant to the Perfection Certificate Supplement; and (ii) certifying that all UCC financing statements (including fixtures filings, as applicable) and all supplemental Intellectual Property Security
        Agreements or other appropriate filings, recordings or registrations, have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant to clause (n) above (or in the latest Perfection Certificate Supplement delivered pursuant to this Section 5.01(m)) to the extent
        necessary to effect, protect and perfect the security interests under the Security Documents (to the extent perfection may be achieved by the foregoing filings) for a period of not less than 18 months after the date of such certificate (except as
        noted therein with respect to any continuation statements to be filed within such period);

     

    (n)          Other Information. Promptly upon their becoming available, copies of (i) all financial statements,
          reports, notices and proxy statements sent or made available generally by any Loan Party to its security holders or bondholders acting in such capacity; (ii) all regular and periodic reports and all registration statements and prospectuses, if
          any, filed by any Loan Party with any securities exchange or with the SEC, ASIC or any other Governmental Authority; (iii) all press releases and other statements made available generally by Holdingsany Holding Company or any of its Restricted Subsidiaries to the public concerning material developments in the business of Holdingsany Holding Company or any of its Restricted Subsidiaries; and (iv) such other information and data with respect to the operations, business affairs and financial condition of any Company as
          from time to time may be reasonably requested by the Administrative Agent; and

     

    (o)          Term Loan Agreement. Concurrently with the delivery thereof, Holdings shall deliver copies of all reports and other information provided to the agents and lenders under the
        Term Loan Agreement and shall provide notice of all conference calls and meetings of the Loan Parties (as defined therein) and the lenders under such Term Loan Agreement to the extent not prohibited by the Term Loan Agent or any such lenders, in
        each case for informational purposes only.

     

    Holdings may satisfy its obligations in this Section 5.01
        with respect to financial information relating to Holdings by furnishing financial and other information relating to any direct or indirect parent of Holdings as may exist at any time in the future (any such entity the “Future Parent Entity”) instead of Holdings, to the extent such financial and other information otherwise satisfies the requirements of this Section 5.01; provided that to the extent either (x) such Future Parent Entity holds assets (other than its
        direct or indirect interest in Holdings) that exceed 2.5% of the assets of Holdings and its Subsidiaries as of such fiscal period end or (y) such Future Parent Entity has revenues (other than revenue of Holdings and its Subsidiaries) that exceed
        2.5% of the total revenue of Holdings and its Subsidiaries for the immediately preceding fiscal period, then such information related to such Future Parent Entity shall be accompanied by consolidating information that explains in reasonable detail
        the differences between the information of such Future Parent Entity, on the one hand, and the information relating to Holdings and its Subsidiaries on a stand-alone basis, on the other hand.

     

    
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    Section 5.02          Existence. Except as otherwise permitted under Section 6.08 or (other than with respect to Holdings or any Borrower) to the extent that the failure to remain in existence could not reasonably be expected to result in a Material Adverse Effect, each Loan Party will,
        and will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business; provided, no Loan Party (other than a Borrower with respect to existence) or any of its Restricted Subsidiaries shall be required to preserve any such existence, right or franchise,
        licenses and permits if such Person’s Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to
        such Person or to Lenders.

     

    Section 5.03          Payment of Obligations, Taxes and Claims.

     

    (a)          Payment of Obligations. Each Loan Party will, and will cause each of its Restricted Subsidiaries to, pay all material Taxes imposed upon it or any of its properties or assets
        or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or
        may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, that
        such payment shall not be required with respect to any Tax if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (i)(A) adequate reserve or other appropriate provision, as shall
        be required in conformity with GAAP shall have been made therefor and (B) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of
        the Collateral to satisfy such Tax or claim; and (ii) the failure to pay could not reasonably be expected to result in a Material Adverse Effect. No Loan Party (other than a member of Tax Consolidated Group) will, nor will it permit any of its
        Restricted Subsidiaries to, file or consent to the filing of any consolidated income tax return with any Person.

     

    (b)          Australian Tax Consolidation. With respect to each Australian Resident Loan Party, each Loan Party will, and will cause each of its Restricted Subsidiaries to, ensure that (i)
        so long as it is a member of a Tax Consolidated Group (A) there is at all times a TSA for that Tax Consolidated Group (of which each Australian Resident Loan Party is party to) in form and substance reasonably satisfactory to the Agent, (B) each
        member of the Tax Consolidated Group (of which each Australian Resident Loan Party is a member) is party to a TFA; and (C) it complies with the TSA and TFA (ii) the TSA is amended or replaced to the extent necessary to ensure that it remains a
        valid TSA (having regard to changes in the composition or activities of the Tax Consolidated Group); and (iii) the Head Company of the Tax Consolidated Group to which each Australian Resident Loan Party is a member gives the Australian Taxation
        Office a copy of the TSA within the period required by section 721-25(3)(b) of the Australian Tax Act if the Australian Taxation Office gives a notice requiring it to do so.

     

    
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    (c)          Australian GST Group. With respect to each Australian Loan Party, each Loan Party will, and will cause each of its Restricted Subsidiaries to, ensure that it will not become a
        member of an Australian GST Group unless the Australian GST Group of which the Australian Loan Party becomes a member has at all times while the Australian Loan Party is a member a valid ITSA for that Australian GST Group in a form and substance
        reasonably satisfactory to the Administrative Agent, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

     

    Section 5.04          Maintenance of Properties. Except to the extent that the failure to do so could not reasonably be expected to
        result in a Material Adverse Effect, each Loan Party will, and will cause each of its Restricted Subsidiaries to maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear and damage by casualty or
        operational failure excepted, all material tangible properties used or useful in the business of Holdings and its Restricted Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements
        thereof.

     

    Section 5.05          Insurance.

     

    (a)          Each Loan Party will,
        and will cause each of its Restricted Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of each Loan Party’s and its Subsidiaries’ assets wherever located, covering liabilities, losses or damages as are customarily are
        insured against by other Persons engaged in same or similar businesses and similarly situated and located.  All such policies of insurance shall be with financially sound and reputable insurance companies acceptable to the Administrative Agent and
        in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and, in any event, in amount, adequacy, and scope reasonably satisfactory to the Administrative
        Agent.  All property insurance policies are to be made payable to the Collateral Agent for the benefit of the Collateral Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lender’s loss payable endorsement
        with a standard non-contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such
        policies.  All certificates of property and general liability insurance are to be delivered to the Administrative Agent, with the lender’s loss payable and additional insured endorsements in favor of Agent and shall provide for not less than thirty
        days (ten days in the case of non-payment) prior written notice to the Administrative Agent of the exercise of any right of cancellation.  If any Loan Party or its Restricted Subsidiaries fails to maintain such insurance, the Administrative Agent
        may arrange for such insurance, but at the Borrowers’ expense and without any responsibility on the Administrative Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of
        claims. The Borrowers shall give the Administrative Agent prompt notice of any loss exceeding $1,000,000 covered by the casualty or business interruption insurance of any Loan Party or its Restricted Subsidiaries.  Upon the occurrence and during
        the continuance of a Cash Dominion Event, Agent shall have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be
        payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance
        policies.  To the extent available, Holdings shall provide or shall cause to be provided at least thirty (30) days’ prior written notice to the Collateral Agent of any modification adverse to the interests of the Lenders hereunder or cancellation
        of such policy.

     

    
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    (b)          Without limiting the
        generality of the foregoing, with respect to each Mortgaged Property that is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a “special flood hazard area” with respect to which flood insurance
        has been made available under Flood Insurance Laws, the applicable Loan Party (A) will obtain maintain, with financially sound and reputable insurance companies (except to the extent that any insurance company insuring the Mortgaged Property of
        such Loan Party ceases to be financially sound and reputable after the Closing Date, in which case, the applicable Loan Party shall promptly replace such insurance company with a financially sound and reputable insurance company), such flood
        insurance in such reasonable total amount as the Administrative Agent and the Lenders (in consultation with the Administrative Borrower) may from time to time reasonably require, and otherwise sufficient to comply with all applicable rules and
        regulations promulgated pursuant to the Flood Insurance Laws and (B) promptly upon request of the Administrative Agent or any Lender, will deliver to the Administrative Agent or such Lender, as applicable, evidence of such compliance in form and
        substance reasonably acceptable to the Administrative Agent and such Lender, including, without limitation, evidence of annual renewals of such insurance.

     

    Section 5.06          Books and Records; Inspections. Each Loan Party will, and will cause each of its Restricted Subsidiaries to,
        keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities.
        Each Company will permit any authorized representatives designated by the Administrative Agent to visit and inspect any of the properties of such Company and any of its respective Restricted Subsidiaries, to inspect, copy and take extracts from its
        and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and their officers and advisors (including independent public accountants), all upon reasonable prior written notice and at such
        reasonable times during normal business hours and as often as may reasonably be requested; provided, however, that Holdings shall only be responsible for the expenses relating to the foregoing (a) for one visit per Fiscal Year if no Event of Default has occurred and is continuing and (b)
        during the continuation of an Event of Default.

     

    Section 5.07          Lenders Meetings. Holdings will, upon the written request of the Administrative Agent or the Required Lenders,
        participate in one meeting of the Administrative Agent and the Lenders, taken as a whole, once each Fiscal Year to be held at Holdings’ offices in the United States (or at such other location as may be agreed to by Holdings and Administrative Agent
        or, at the option of the Administrative Agent (in consultation with Holdings), by conference call) at such time as may be agreed to by Holdings and the Administrative Agent (giving effect to reasonable operational and timing obligations of Holdings
        and its Subsidiaries).

     

    Section 5.08          Compliance with Laws. Each Loan Party will comply, and will cause each of its Restricted Subsidiaries and
        shall use commercially reasonable efforts to cause all other Persons, if any, on or occupying any Real Property presently or formerly owned, leased, operated or used by any Company to (x) comply, with the requirements of all applicable Requirements
        of Law, rules, regulations and orders of any Governmental Authority (except with respect to Environmental Laws which are covered in Section 5.09, but including,
        without limitation, ERISA, Anti-Corruption Laws, OFAC, the USA PATRIOT Act and other Anti-Terrorism Laws), noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (y) maintain
        in effect and enforce policies and procedures as in effect on the Closing Date and designed to ensure compliance by Holdings and each Subsidiary and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
        Sanctions.

     

    
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    Section 5.09          Environmental.

     

    (a)          Environmental Disclosure. Holdings will deliver to the Administrative Agent and the Lenders:

     

    (i)          promptly upon the occurrence thereof, written notice describing in reasonable detail (1) any Release of Hazardous Materials that could reasonably be expected to require a
          Remedial Action or give rise to Environmental Liabilities or Environmental Claims that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, (2) any Environmental Claim brought against any Company that
          could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect or (3) any Company’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of any Real Property owned, operated
          or leased by any Company that could cause such Real Property or any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental Laws that could reasonably be expected
          to, individually or in the aggregate, have a Material Adverse Effect;

     

    (ii)          as soon as practicable following the sending or receipt thereof by any Company, a copy of any and all written communications with any Governmental Authority or other Person
          with respect to (1) any Environmental Claims that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; (2) any Release of Hazardous Materials that could reasonably be expected to, individually or in
          the aggregate, have a Material Adverse Effect; and (3) any request for information from any Governmental Authority that suggests such Governmental Authority is investigating whether any Company may be potentially responsible for any Release of
          Hazardous Materials that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect;

     

    (iii)          prompt written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property by any Company that would reasonably be expected to expose
          Holdings or any of its Restricted Subsidiaries to, or result in, Environmental Liability or Environmental Claims that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; and (2) any proposed action
          to be taken the Companies to modify current operations in a manner that would reasonably be expected to subject the Companies to any additional material Environmental Liabilities or other material obligations or requirements under any
          Environmental Laws which in either case could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; and

     

    (iv)          with reasonable promptness, such other documents and information as from time to time may be reasonably requested in writing by the Administrative Agent in relation to any
          matters disclosed pursuant to this Section 5.09(a).

     

    (b)          Remedial Action. Each Loan Party shall promptly take, and shall cause each of its Restricted Subsidiaries to promptly take, any and all actions necessary to (i) cure any
        violation of applicable Environmental Laws by such Company that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; (ii) conduct any Remedial Action that may be required pursuant to applicable
        Environmental Laws by such Company that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; and (iii) make an appropriate response to any Environmental Claim against such Company and discharge any
        obligations it may have to any Person thereunder where failure to do so could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.

     

    
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    (c)          Environmental Compliance. Each Loan Party shall comply, and shall cause each of its Restricted Subsidiaries all lessees to comply, with all Environmental Laws, obtain and
        maintain in full force and effect all necessary Governmental Authorizations required pursuant to Environmental Laws, and conduct all Remedial Actions required by, and in accordance with, applicable Environmental Laws except for any failures to
        comply, obtain, maintain or conduct which could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.

     

    Section 5.10          Subsidiaries.

     

    (a)          Subject to Section 5.22, in the event that any Person becomes a Restricted Subsidiary of Holdings (other than any Exempt Entity) or any Restricted Subsidiary that was an Exempt Entity
        but has ceased to be an Exempt Entity, Holdings shall promptly, but in no event later than forty-five (45) days for a U.S. Entity (or (i) sixty (60) days in the case of such a Person becoming a Subsidiary of Holdings that is a non-U.S. Entity or
        (ii) or ninety (90) days in the case of such a Person becoming a Subsidiary of Holdings in connection with the consummation of the Cristal Acquisition) after the date such Person becomes a Restricted Subsidiary of Holdings (other than any Exempt
        Entity) or ceases to be an Exempt Entity (in each case, unless such period is extended by the Administrative Agent in its sole discretion), cause such Restricted Subsidiary (other than any Exempt Entity) to become a Guarantor hereunder (unless such
        Restricted Subsidiary becomes an Additional Co-Borrower hereunder) by executing and delivering to the Administrative Agent and the Collateral Agent a Joinder Agreement or such comparable documentation (in form and substance reasonably satisfactory
        to the Administrative Agent); provided that, notwithstanding the foregoing, (i) each additional Guaranty shall be limited (or not required) as necessary to
        reflect limitations or prohibitions under applicable Requirements of Law with respect to maintenance of share capital, financial assistance and other such similar legal restrictions affecting such Restricted Subsidiary; (ii) Holdings shall not be
        obligated to cause such Restricted Subsidiary to provide a Guaranty of the Obligations to the extent that such Guaranty would result in a violation of applicable Requirements of Law or any liability for individuals that are officers or directors of
        such Restricted Subsidiary which, in any case, cannot be prevented or otherwise avoided through the reasonable commercial efforts of Holdings or such Restricted Subsidiary; (iii) if such Restricted Subsidiary is not directly or indirectly
        wholly-owned by Holdings, another Loan Party or a direct or indirect wholly-owned Restricted Subsidiary of any of the foregoing, if the consent of the co-owner of such Restricted Subsidiary is necessary or desirable and such consent is not obtained
        following the use of commercially reasonable efforts, then such Restricted Subsidiary shall not be required to provide a Guaranty pursuant to this Section 5.10(a); (iv)
        Holdings shall not be obligated to cause such Subsidiary to provide a Guaranty of the Obligations if such Guaranty would result in an adverse tax consequence to Holdings and its Restricted Subsidiaries on account of application of Section 956 of
        the Code; and (v) if the Administrative Borrower in consultation with the Administrative Agent determines that the benefit to the Secured Parties of such Restricted Subsidiary providing a Guaranty of the Obligations is substantially outweighed by
        the expense or burden of such Restricted Subsidiary providing such Guaranty, such actions otherwise required by this Section 5.10(a) shall not be required (in which case
        such Subsidiary shall not be required to take such actions).

     

    
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    (b)          With respect to any Person who provides a Guaranty pursuant to Section 5.10(a) or becomes an Additional Co-Borrower, and subject to the Agreed Security Principles, Holdings shall promptly, but in no event later than, with respect to a United States Person, forty-five (45) days, and with respect to a non-United States Person, sixty (60) days, for a U.S. Entity (or (i) sixty (60) days in the case of such Person becoming a
            Subsidiary of Holdings that is a non U.S. Entity or (ii) ninety (90) days in the case of such Person becoming a Subsidiary of Holdings in connection with the consummation of the Cristal Acquisition), after the date such Person becomes a Restricted Subsidiary of Holdings, in each case, unless extended by the Administrative Agent in its sole discretion: (i) cause such Restricted Subsidiary to
          become a Grantor under the relevant Security Documents, and additional Security Documents (including those compatible with the laws of any non-U.S. Entity’s jurisdiction) in form and substance reasonably acceptable to the Collateral Agent (it
          being understood and agreed that the Secured Parties by their acceptance of the benefits of this Agreement and the Security Documents authorize the Collateral Agent to negotiate and execute such additional Security Documents on their behalf);
          (ii) cause Holdings or the relevant Restricted Subsidiary or Restricted Subsidiaries of Holdings that hold the ownership interests in such Person to take all such actions and execute and deliver, or cause to be executed and delivered, all such
          documents, instruments, agreements, and certificates reasonably requested by the Collateral Agent in respect of the pledge of the Equity Interests in such Person together with undated stock powers or other appropriate instruments of transfer
          executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests, in each case, subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted
          Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding); and (iii)
          cause such Restricted Subsidiary to take all such actions and execute and deliver, or cause to be executed and delivered, all such documents, instruments, agreements, and certificates reasonably requested by the Collateral Agent, including but
          not limited to those which are similar to those described in Sections 4.01(b), (h) (such opinions, if any, to be delivered by
          such counsel as is customary in the relevant jurisdiction), (i), (n) and (o) and Section 5.14; provided however that if the
          Administrative Agent determines (in consultation with the Administrative Borrower) that the benefit to the Secured Parties of the granting of a Lien on certain assets of such Restricted Subsidiary by such Restricted Subsidiary is outweighed by
          the burden of granting a Lien on such assets of such Restricted Subsidiary by such Restricted Subsidiary, such actions otherwise required by this Section
            5.10(b) shall not be required (in which case such Subsidiary shall not be required to take such actions). With respect to each such Restricted Subsidiary,
          Holdings shall promptly send to Administrative Agent written notice setting forth with respect to such Person (x) the date on which such Person became a Restricted Subsidiary of a Borrower; and (y) to the extent applicable, all of the data
          required to be set forth in Schedule 3.25 with respect to such
          Restricted Subsidiary; and such written notice shall be deemed to supplement Schedule 3.25 for all purposes hereof. Notwithstanding anything herein or in any other Loan Document to the contrary, (A) no Loan Party shall be required to grant a security interest in respect of Equity Interests in any South African
          Subsidiaries; (B) in no event shall any of the Loan Parties be required to make any filings or recordings with intellectual property offices in Asia; and (C) no Lien shall be required to be created pursuant to the operation of this Section 5.10(b) to the extent that the granting of such Lien would result in a
          violation of applicable Requirements of Law. Notwithstanding any other provisions of this Section 5.10, other than to the extent such perfection may be achieved through (i) the execution of the Loan Documents or (ii) the filing of a UCC financing statement (or jurisdictional equivalent) or other document with
          the United States Patent and Trademark Office or United States Copyright Office, to the extent any Collateral or the grant of a security interest or perfection of such security interest in any Collateral is not provided within the time specified
          above in this Section 5.10, the Administrative Agent, in its
          reasonable discretion, may agree that the perfection of such security interests in such Collateral instead shall be required to be delivered within such additional period after the start of such obligation hereunder as the Administrative Agent
          may agree in its reasonable discretion.

     

    Section 5.11          Additional Material Real Estate Assets. In the event, and subject to the Agreed Security Principles, that (a) any Material Real Estate Asset acquired by any Loan Party after the Closing Date or (b) any Real Estate Asset owned on the Closing Date becomes a Material Real
        Estate Asset, other than the Mortgaged Properties, and such interest has not otherwise been made subject to the Lien of the Security Documents in favor of the Collateral Agent, for the benefit of Secured Parties, then such Loan Party shall promptly
        take all such actions and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions and certificates, including those which are similar to those described in Schedule 5.14 with respect to each such Material Real Estate Asset that the Collateral Agent shall reasonably request to create in favor of the Collateral Agent, for
        the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such Material Real Estate Assets; provided that the Collateral Agent and the Borrowers agree to exclude such Material Real Estate Asset from the Collateral and the Borrowers shall not be required to deliver any additional Security
        Documents if in each case, as reasonably determined by the Collateral Agent in writing, the cost of obtaining or perfecting a security interest is excessive in relation to the benefit afforded to the Lenders thereby or the Term Loan Agent or the
        Senior Representative determines not to include such Real Estate Assets in the Collateral or to not require delivery of any Mortgages, opinions of counsel, Title Policies or Surveys. In addition to the foregoing, the Borrowers shall, at the request
        of the Collateral Agent, deliver, from time to time, to the Collateral Agent, such appraisals as are required by any Requirement of Law of Real Estate Assets with respect to which the Collateral Agent has been granted a Lien. For the avoidance of
        doubt, with respect to any Real Estate Asset acquired after the Closing Date, unless required pursuant to this Section 5.11, no Loan Party shall be required to
        take any actions to grant a Lien or perfect a Lien in a Real Estate Asset that is not a Material Real Estate Asset.

     

    
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    Section 5.12          Further Assurances.

     

    (a)          At any time or from
        time to time upon the request of the Administrative Agent, and subject to the Agreed Security Principles, each Loan Party will, at the Borrowers’ expense,
        promptly execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any document or
        instrument supplemental to or confirmatory of the Security Documents or any document or instrument creating any additional security interest to the satisfaction of the Administrative Agent, the Collateral Agent or any Lender, and do such other acts
        and things as the Administrative Agent or the Collateral Agent may reasonably request in order to effect fully the purposes of the Loan Documents, at all times subject to the express limitations, exceptions and time limitations included in the Loan
        Documents. In furtherance and not in limitation of the foregoing, each Loan Party shall take such actions as the Administrative Agent or the Collateral Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by
        the Guarantors and are secured by the Collateral and all other assets of the same asset class as those asset classes constituting Collateral (in each case, and perfected with a First Priority Lien) including all of the outstanding Equity Interests
        of the Restricted Subsidiaries of Holdings. If the Administrative Agent, the Collateral Agent or the Required Lenders determine that they are required by a Requirement of Law to have appraisals prepared in respect of the Real Property of any Loan
        Party constituting Collateral, the Borrowers shall provide to the Administrative Agent appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA and are otherwise in form and substance satisfactory
        to the Administrative Agent and the Collateral Agent.

     

    (b)          Each Loan Party
        (other than Tronox Bahamas) hereby authorizes the Collateral Agent to file any financing or continuation statements, Intellectual Property Security Agreements and amendments and supplements to any of the foregoing, in any jurisdictions and with any
        filing offices as the Collateral Agent may determine, in its reasonable discretion, are necessary or advisable to perfect or otherwise protect the security interest granted to the Collateral Agent herein. Such financing statements may describe the
        Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Collateral Agent may determine, in its reasonable discretion, is necessary,
        advisable or prudent to ensure the perfection of the security interest in the Collateral granted to the Collateral Agent in the Security Documents, including, without limitation, describing such property as “all assets, whether now owned or
        hereafter acquired, developed or created” or words of similar effect.

     

    
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    (c)          Notwithstanding the foregoing, the Collateral Agent shall not enter into any Mortgage in respect of any improved real property acquired by any Loan Party after the Closing Date or to be mortgaged
          in connection with a MIRE Event unless the Collateral Agent has provided to the Lenders (i) if such Mortgaged Property relates to an improved real property not located in a Flood Zone, a completed Flood Certificate with respect to such improved
          real property from a third-party vendor at least ten (10) Business Days prior to entering into such Mortgage, or (ii) if such Mortgaged Property relates to an improved real property located in a Flood Zone, the following documents with respect to
          such improved real property at least thirty (30) days prior to entering into such Mortgage: (1) a completed Flood Certificate from a third party vendor; (2) (A) a notification to the Administrative Borrower that such real property is located in a
          Flood Zone and (if applicable) notification to the Administrative Borrower that flood insurance coverage is not available and (B) evidence of the receipt by the Administrative Borrower of such notice; and (3) if required by Flood Insurance Laws,
          evidence of required flood insurance; provided that
          the CollateralTerm Loan Agent may enter into any such Mortgage prior to the notice period specified above if the CollateralTerm Loan Agent shall have received confirmation from each applicable Lender that such Lender has completed any
          necessary flood insurance due diligence to its reasonable satisfaction.

     

    (d)          By the date that is thirty (30) days after the Accession Date (or such later
            date as agreed to by the Term Loan Agent in its reasonable discretion), and in each case, subject to the Intercreditor Agreement, (i) Holdings shall deliver or cause to be delivered to the Term Loan Agent certificates or other instruments
            representing all outstanding Equity Interests in Tronox Intermediate Holdings, Tronox Limited and Tronox UK Holdings Limited, together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank and (ii) if
            any Indebtedness for borrowed money of Holdings, the Borrower or any other Subsidiary in a principal amount of $20,000,000 or more is owing by such obligor to Tronox Holdings or Tronox Intermediate Holdings, and if such Indebtedness shall be
            evidenced by a promissory note, such promissory note shall have been pledged pursuant to the Term Loan Documents and the Term Loan Agent shall have received all such promissory notes, together with undated instruments of transfer with respect
            thereto endorsed in blank.

     

    Section 5.13          Cash Management. Holdings shall (i) maintain the Cash Management System pursuant to Section 2.22 and (ii) keep Proceeds of the Term Loan Priority Collateral separate (which Proceeds shall not be intentionally commingled by Holdings with proceeds of the Revolving Loan
        Priority Collateral, or, if commingled, shall remain identifiable and, if it becomes known to Holdings, as promptly as practicable (but in no event later than five (5) Business Days after such commingling unless extended by the Collateral Agent in
        its sole discretion), segregated and maintained in separate accounts.

     

    Section 5.14          Post-Closing Matters.  Each of the Loan Parties shall execute and deliver the documents and complete the tasks
        set forth on Schedule 5.14 on or before the date specified for such requirement or such later date to be reasonably determined by the Administrative Agent.

     

    Section 5.15          Maintenance of Ratings. At all times on and after the Closing Date, Holdings shall use commercially reasonable
        efforts to maintain (a) a public corporate family rating from Moody’s; and (b) a public corporate credit rating from S&P.

     

    
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    Section 5.16          Centre of Main Interests. For the purpose of the EU Insolvency Regulation, each Dutch Loan Party shall have
        and maintain its COMI, for the purposes of the EU Insolvency Regulation, situated in the jurisdiction of either its current (corporate) seat or its current business address and shall have no “establishment” (as that term is used in Article 2(10) of
        the EU Insolvency Regulation) in any other jurisdiction.

     

    Section 5.17          Use of Proceeds. The Loan Parties shall use the proceeds of the Loans only for the purposes set forth in Section 3.28 (and not in violation of any covenants set forth therein) and request the issuance of Letters of Credit only for the purposes set forth in the
        definition of Commercial Letter of Credit or Standby Letter of Credit, as the case may be. The Loan Parties shall procure that no proceeds received under the Loans will be directly or indirectly used in Switzerland unless a written confirmation or
        countersigned tax ruling application from the Swiss Federal Tax Administration (in a form satisfactory to the Administrative Agent) has been obtained confirming that such use does not result in interest payments under the Agreement being subject to
        Swiss federal withholding tax.

     

    Section 5.18          Borrowing Base-Related Reports. The Borrowers shall deliver or cause to be delivered (at the expense of the
        Borrowers) to the Administrative Agent the following:

     

    (a)          in no event less
        frequently than 30 days after the end of each fiscal month for the month most recently ended (or more frequently as the Borrowers may elect in their sole discretion), a Borrowing Base Certificate from the Borrowers covering the Aggregate Borrowing
        Base, the Australian Borrowing Base, the Dutch Borrowing Base (to the extent that a Dutch Borrower is party to this Agreement) and the U.S. Borrowing Base prepared as of the close of business on the last day of such period (or as otherwise agreed
        to by the Administrative Agent in its sole discretion), accompanied by such supporting reasonable detail and documentation as shall be requested by the Administrative Agent in its Permitted Discretion; provided that if a Cash Dominion Period exists, the Administrative Borrower shall deliver a Borrowing Base Certificate within five (5) Business Days after the end of each calendar week;

     

    (b)          upon request by the
        Administrative Agent, and in no event less frequently than ten (10) days after the end of each fiscal month, (i) a monthly trial balance for the last month in such fiscal quarter showing Accounts outstanding aged from statement date as follows: 1
        to 30 days, 31 to 60 days, 61 to 90 days and 91 days or more, accompanied by a comparison to the prior month’s trial balance and such supporting detail and documentation as shall be requested by the Administrative Agent in its Permitted Discretion;
        (ii) a monthly Account roll-forward, in a format acceptable to the Administrative Agent in its reasonable discretion, tied to the beginning and ending account receivable balances of Borrowers’ general ledger; (iii) a detailed calculation of those
        Accounts that are not eligible for inclusion in the Borrowing Base; (iv) a summary of Inventory by location and type accompanied by such supporting detail and documentation as shall be requested by the Administrative Agent in its Permitted
        Discretion; (v) a detailed calculation of Inventory categories that are not eligible for inclusion in the Borrowing Base; (vi) a summary aging, by vendor, of each Loan Party’s accounts payable and any book overdraft and an aging, by vendor, of any
        held checks; and (vii) a detailed report regarding each Loan Party’s and its Restricted Subsidiaries' cash and Cash Equivalents, including an indication of which amounts constitute Qualified Cash (in each case, together with a copy of all or any
        part of such delivery requested by any Lender in writing after the Closing Date);

     

    (c)          at the time of
        delivery of each of the financial statements delivered pursuant to Sections 5.01(b) and (c),
        a reconciliation of the Accounts, accounts payable, trial balance and quarter-end Inventory reports of the Borrowers to the general ledger of the Borrowers, accompanied by such supporting detail and documentation as shall be requested by the
        Administrative Agent in its Permitted Discretion; and

     

    
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    (d)          such other reports,
        statements and reconciliations with respect to the Borrowing Bases or Collateral of any or all Loan Parties as the Administrative Agent shall from time to time request in its Permitted Discretion.

     

    The delivery of each certificate and report or any other information
          delivered pursuant to this Section 5.18 shall constitute a
          representation and warranty by the Borrowers that the statements and information contained therein are true and correct in all material respects on and as of such date (except that any representation and warranty that is qualified as to “materiality”,“Material Adverse Effect” or similar language shall be true and correct in all respects on
          and of such date), except to the extent such representations and warranties expressly relate to an earlier date (in which case they shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier date.

     

    Section 5.19          Borrowing Base Verification; Inventory Appraisals. Each Loan Party shall, and shall cause each of its
        Restricted Subsidiaries to, permit any of the Administrative Agents’ officers, designated employees or agents, at any reasonable time on reasonable prior notice to the Administrative Borrower, in the name of such Agent, to verify the validity,
        amount or any other matter relating to Accounts or Inventory by mail, telephone, electronic communication, personal inspection or otherwise and to conduct field audits of the financial affairs and Collateral of the Loan Parties. The Loan Parties
        shall cooperate with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process. The Loan Parties shall cooperate with the Administrative Agent and its agents during all (x) Collateral field audits,
        which shall be at the Borrowers’ expense and shall be conducted, at the request of the Administrative Agent, not more than once during any twelve month period, absent a Specified Event of Default or a Cash Dominion Event; and (y) Inventory
        Appraisals, which shall be at the Borrowers’ expense and shall be conducted, at the request of the Administrative Agent, not more than once during any twelve month period, absent a Specified Event of Default or a Cash Dominion Event; provided, however, that (A) in the case of both
        Collateral field audits and Inventory Appraisals, (i) following the occurrence and during the continuation of a Cash Dominion Event, Collateral field audits and Inventory Appraisals shall be conducted, at the request of the Administrative Agent,
        not more than twice during any twelve month period, at the Borrowers’ expense, and (ii) following the occurrence and during the continuation of a Specified Event of Default, Collateral field audits and Inventory Appraisals shall be conducted at the
        Borrowers’ expense more frequently at the Administrative Agent’s reasonable request; and (B) the Borrowers may, in their discretion and at their own expense, cause to be conducted up to two additional Inventory Appraisals during any twelve month
        period.

     

    Section 5.20          Designation of Subsidiaries.  The Administrative Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrowers as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation on a Pro Forma Basis, (x) no Event of Default shall have occurred and be continuing, and
        (y) after giving effect to such designation, the Payment Conditions shall have been satisfied, (ii) no Borrower may be designated as an Unrestricted Subsidiary, (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a
        “Restricted Subsidiary” for the purpose of the Term Loan Documents, the New Notes Documents or the Senior Unsecured 2022 Notes Documents, (iv) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it was previously designated
        an Unrestricted Subsidiary, (v) no Unrestricted Subsidiary shall own any Equity Interests in the Administrative Borrower or its Restricted Subsidiaries, (vi) no Unrestricted Subsidiary shall hold any Indebtedness of, or any Lien on any property of,
        the Administrative Borrower and its Restricted Subsidiaries, (vii) the holder of any Indebtedness of any Unrestricted Subsidiary shall not have any recourse to the Administrative Borrower and its Restricted Subsidiaries with respect to such
        Indebtedness except to the extent otherwise permitted hereunder, (viii) none of Holdings or any of its Restricted Subsidiaries shall have any obligation to subscribe for additional Equity Interests of any Unrestricted Subsidiary or to preserve or
        maintain the financial condition of any Unrestricted Subsidiary, and (ix) no Subsidiary may be designated as an Unrestricted Subsidiary unless (A) none of its assets were included in the calculation of any Borrowing Base immediately prior to such
        Subsidiary's being designated as an Unrestricted Subsidiary, and (B) it holds no assets necessary to the conduct of the Loan Parties’ operations (including, without limitation, Intellectual Property).  The designation of any Restricted Subsidiary
        as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by Holdings (or its applicable Restricted Subsidiary) therein at the date of designation in an amount equal to the Fair Market Value of Holdings’ or its Restricted
        Subsidiary’s (as applicable) investment therein.  The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (x) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary
        existing at such time, (y) a return on any Investment by Holdings (or its applicable Restricted Subsidiary) in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market Value at the date of such designation
        of Holdings or its Subsidiary’s (as applicable) Investment in such Subsidiary, and (z) the formation or acquisition of a Restricted Subsidiary for purposes of Section 5.10.

     

    
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    Section 5.21          PPSA Australia.  Each Loan Party shall ensure that if a Loan Document (or any of the transactions contemplated by any Loan
        Document) is or contains a security interest under the PPSA Australia, each Australian Loan Party shall do anything (such as obtaining consents, completing, signing and producing documents and supplying information) which the Administrative Agent
        or the Australian Security Trustee considers reasonably necessary for the purposes of (i) ensuring that the security interest is enforceable, perfected and otherwise effective; (ii) enabling the Administrative Agent or the Australian Security
        Trustee to apply for any registration, or give any notification, in connection with the security interest so that it has the priority required by the Administrative Agent or the Australian Security Trustee; and (iii) enabling the Administrative
        Agent or the Australian Security Trustee to exercise powers in connection with the security interest. Without limiting any other provision of this Agreement or any other Loan Document, each Australian Loan Party waives its right to receive any
        verification statement (or notice of any verification statement) in respect of any financing statement or financing change statement relating to any security interest created under this Agreement or any other Loan Document. Notwithstanding any
        other provision of this Agreement or any other Loan Document, each of the Australian Security Trustee and the Administrative Agent (i) is not responsible for ensuring that the PPSA Australia is complied with in relation to the Loan Documents or for
        ensuring the accuracy, completeness or effectiveness of any registration or perfection, or the priority, of any security interest and (ii) is not liable to any person for any loss arising in relation to the Loan Documents in connection with the
        PPSA Australia, the register in respect of the PPSA Australia or for acting on any advice given by legal counsel except to the extent that such loss is a direct result of a breach by it of its obligations under this clause. For the purposes of this
        clause, the following words and expressions have the same meanings given to them in the PPSA Australia: "financing change statement", "financing statement" and "verification statement".

     

    Section 5.22          Australian Financial Assistance and Related Matters.

     

    (a)          Prior to the
        consummation of the Cristal Acquisition, Holdings and the Administrative Agent shall have agreed to the form of the Whitewash Documents required to satisfy the requirements of section 260B of the Corporations Act in respect of each Australian
        Subsidiary of Cristal which is a Whitewash Australian Entity and will become a Restricted Subsidiary of Holdings.

     

    (b)          Holdings shall cause
        each Loan Party to ensure that (a)(i) all board and shareholder resolutions that are required to be passed under the Corporations Act to approve the giving of financial assistance by each Whitewash Australian Entity in connection with the entering
        into and performance of each of the Loan Documents by each Whitewash Australian Entity which is will become a Restricted Subsidiary of Holdings are passed; and (ii) all duly completed Whitewash Documents in respect of each Whitewash Australian
        Entity which is or will become a Restricted Subsidiary of Holdings are lodged with ASIC in accordance with the Corporations Act to the extent required, in each case on or prior to the Whitewash Resolution Date and (b) the Loan Parties shall provide
        the Administrative Agent with a certified copy of all the Whitewash Documents, together with evidence that all Whitewash Documents have been (to the extent required) lodged with ASIC within the required time periods, promptly upon receiving a
        request from the Administrative Agent to do so (such request not to be given before the Whitewash Resolution Date).

     

    
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    (c)          Each Whitewash
        Australian Entity shall have satisfied the requirements of section 260B of the Corporations Act by the Whitewash Completion Date.

     

    Section 5.23          MIRE Events . Prior to the occurrence of a MIRE Event, the Borrowers shall provide (and shall use
        commercially reasonable efforts to provide as promptly as reasonably possible prior to such MIRE Event) to the Collateral Agent the following documents in respect of any Mortgaged Property: (a) a completed flood hazard determination from a third
        party vendor; (b) if such improved real property is located in a “special flood hazard area”, (i) a notification to the applicable Loan Parties of that fact and (if applicable) notification to the applicable Loan Parties that flood insurance
        coverage is not available and (ii) evidence of the receipt by the applicable Loan Parties of such notice; (c) if required by Flood Insurance Laws, evidence of required flood insurance, and (d) any other customary documentation that may be
        reasonably requested by the Collateral Agent.

     

    Section 5.24          Intercompany Loans.  Within
            ten (10) Business Days after the incurrence of the South African Term Loans, Holdings shall cause its Restricted Subsidiaries party thereto (a) to repay in full and terminate the Intercompany Loans solely with the proceeds of the South African
            Term Loans and (b) to terminate the Amended and Restated Loan Facility Agreement, dated October 2017, among Tronox UK Finance Limited, Tronox Mineral Sands Proprietary Limited and Tronox KZN Sands Proprietary Limited and all commitments to
            extend credit thereunder.

     

    ARTICLE VI

        

        NEGATIVE COVENANTS

     

    Each Loan Party covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments
        have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full (other than any contingent indemnification obligations as to which no claim or
        demand has been made) and all Letters of Credit have been canceled, cash collateralized in a manner and in an amount consistent with the requirements of Section 2.18(i)
        or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, such Loan Party shall perform, and shall cause each of its Restricted Subsidiaries to perform, all
        covenants in this Article VI.

     

    Section 6.01          Indebtedness.  No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or
        indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except the following (collectively, “Permitted Indebtedness”):

     

    
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    (a)          Indebtedness incurred
        under this Agreement (including any Indebtedness incurred pursuant to Section 2.20) and the other Loan Documents;

     

    (b)          Indebtedness of
        Holdings or any Restricted Subsidiary owing to Holdings or any Restricted Subsidiary to the extent permitted by Section 6.06; provided that all such Indebtedness of any Loan Party owing to any Restricted Subsidiary that is not a Loan Party shall be subordinated to the Obligations (but only to the extent permitted by
        applicable law and not giving rise to material adverse Tax consequences) on terms (A) at least as favorable to the Lenders as those set forth in the Intercompany Note, or (B) otherwise reasonably satisfactory to the Administrative Agent;

     

    (c)          (A) Indebtedness
        arising from an agreement providing for indemnification obligations or obligations in respect of purchase price (including earnouts) or other similar adjustments incurred in an Investment permitted by this Agreement or any Asset Sale, in each case
        permitted under this Agreement and (B) Indebtedness arising from guaranties, letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments securing the performance pursuant to any such agreement described in clause (A);

     

    (d)          Indebtedness incurred
        by Holdings or any Restricted Subsidiary in respect of letters of credit, bank guarantees, bankers’ acceptances, or similar instruments issued or created, or related to obligations or liabilities (other than Indebtedness) incurred in the ordinary
        course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other reimbursement-type obligations regarding workers
        compensation claims;

     

    (e)          obligations in
        respect of performance, bid, appeal and surety bonds and performance, bankers’ acceptance facilities and completion guarantees, leases, government or trade contracts and similar obligations provided by the Borrower or any Restricted Subsidiary or
        obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business, consistent with past practice;

     

    (f)          Cash Management
        Obligations and other Indebtedness in respect of netting services, overdraft protections and similar arrangements and Indebtedness arising from the honoring of a bank or other financial institution of a check, draft or similar instrument drawn
        against insufficient funds, in each case in the ordinary course of business;

     

    (g)          guarantees in the
        ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of Holdings and its Restricted Subsidiaries;

     

    (h)           guarantees by
        Holdings and the Restricted Subsidiaries in respect of Indebtedness of Holdings or any Restricted Subsidiary otherwise permitted hereunder; provided that (A)
        such guarantee is otherwise permitted by Section 6.06 and (B) if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be
        subordinated to the guarantee of the Obligations on terms at least as favorable, taken as a whole, to the Lenders as those contained in the subordination of such Indebtedness;

     

    (i)          Indebtedness
        (A) outstanding on the date hereof; provided that Indebtedness with an outstanding principal amount in excess of $10,000,000 shall only be permitted if set
        forth on Schedule 6.01(i) and any Permitted Refinancing thereof and (B) outstanding on the date hereof and any Permitted Refinancing thereof, in the case of this clause (B), constituting intercompany Indebtedness among Holdings and its Restricted Subsidiaries;

     

    
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    (j)          (A) Indebtedness
        (including Capital Lease Obligations) of Holdings or any Restricted Subsidiary financing the acquisition, construction, repair, replacement, installation or improvement of any property (real or personal, and whether through the direct purchase of
        property or the Equity Interest of any person owning such property); provided that such Indebtedness is incurred concurrently with or within 270 days after
        the applicable acquisition, construction, repair, replacement, installation or improvement, and (B) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding subclause

            (A); provided further that, at the time of any such
        incurrence of Indebtedness and after giving Pro Forma Effect thereto and to the use of the proceeds thereof, the aggregate principal amount of Indebtedness that is outstanding in reliance on subclause (j)(A) shall not exceed the greater of $200,000,000 and 25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period as of such time;

     

    (k)          Indebtedness of any
        Securitization Subsidiary under any Permitted Securitization (i) that is without recourse to any Company (other than such Securitization Entity) or any of their respective assets (other than pursuant to Standard Securitization Undertakings; and
        (ii) that are negotiated in good faith at arm’s length; provided that (w) any Indebtedness pursuant to this clause (k) shall not be incurred, created or assumed if any Event of Default has occurred and is continuing or would result therefrom; (x) the sum of the aggregate outstanding principal amount of the Indebtedness
        of all Securitization Entities under all Permitted Securitizations may not exceed the greater of (i) $150,000,000 and (ii) 20% of the Consolidated Adjusted EBITDA of Holdings and its Restricted Subsidiaries for the most recently ended Test Period;
        (y) the Securitization Subsidiary, the Collateral Agent and the Permitted Securitization Agent shall, if required by the Permitted Securitization Agent for the Permitted Securitization to grant in favor of the Collateral Agent a First Priority Lien
        in the Seller’s Retained Interest, enter into either an amendment, supplement or amendment and restatement of the Intercreditor Agreement with the Term Loan Agent and the Administrative Agent to effectuate such security interest or enter into one
        or more intercreditor agreements with the Administrative Agent to effectuate such security interest (each such intercreditor agreement, a “Permitted Securitization
          Intercreditor Agreement”), and such amended, supplemented or amended and restated Intercreditor Agreement or such Permitted Securitization Intercreditor Agreement shall be in full force and effect so long as any such Permitted
        Securitization remains outstanding (provided that, if Seller’s Retained Interest in the relevant Securitization Subsidiary is not required to be Collateral
        pursuant to the terms of the definition of “Permitted Securitization”, then this clause (k) shall not be applicable to such Seller’s Retained Interest); and (z) after
        giving effect thereto, the entire amount of the Commitments then in effect plus the amount of any increase in Commitments available to the Borrowers
        under Section 2.20 is available to be utilized hereunder without violating Section 6.01 of the Term Loan Agreement or the Intercreditor Agreement;

     

    (l)          Indebtedness of the
        Loan Parties and their Restricted Subsidiaries (1) incurred under the Term Loan Agreement and the other Term Loan Documents (and Permitted Refinancing thereof); provided
        that the aggregate outstanding principal and committed amount of all such Indebtedness shall not exceed the sum of (x) $2,150,000,000 plus (y) the aggregate principal amount of Incremental Facility (as defined in the Term Loan Agreement as in
        effect on the date hereof), in each case permitted to be incurred under the Term Loan Agreement as in effect on the date hereof and (2) incurred under the Senior Unsecured 2022 Notes Documents and the New Notes Documents and any Permitted
        Refinancing thereof;

     

    (m)          Indebtedness
        consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply agreements, in each case in the ordinary course of business;

     

    (n)          (A) Indebtedness of
        any Restricted Subsidiary that is not a Loan Party (x) in an aggregate principal amount outstanding not to exceed the greater of $175,000,000 and 20.0% of Consolidated EBITDA for the most recently ended Test Period) plus (y) incurred from time to
        time pursuant to asset based credit facilities or working capital lines of credit in an aggregate outstanding  principal amount not to exceed the greater of $125,000,000 and 15.0% of Consolidated EBITDA for the most recently ended Test Period so
        long as in each case such Indebtedness is not secured by assets constituting Collateral and the Loan Parties shall not Guarantee such Indebtedness and (B) any Permitted Refinancing of Indebtedness incurred under the foregoing clause (A)(x) or (A)(y), as applicable, which shall not exceed the amounts set forth in such
        respective clauses (plus, in the case of this clause (B), an amount equal to the amounts described in clauses

            (a)(i) and (a)(ii) to the proviso to the definition of Permitted Refinancing);

     

    
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    (o)          [intentionally
        omitted];

     

    (p)          letters of credit
        issued for the account of Holdings or any of its Restricted Subsidiaries (i) that are outstanding on the Closing Date and set forth on Schedule 6.01(p); provided that, for the avoidance of doubt, renewals, extensions and replacements of such letters of credit are not permitted under this clause (p) unless such renewals, extensions and replacements are made in the form of a Letter of Credit issued under this Agreement or in reliance on subclause (ii) of this clause (p); and (ii) other letters of credit issued for the account of Holdings or any of its Restricted
        Subsidiaries in an aggregate principal face amount not to exceed $50,000,000 outstanding at any time; provided that no such letter of credit may be issued if
        an Issuing Bank is able to issue the requested letter(s) of credit as a Letter of Credit under this Agreement;

     

    (q)          other Indebtedness of
        Holdings and its Subsidiaries in an aggregate outstanding  principal amount not to exceed the greater of (i) $35,000,000 and (ii) 3.75% of the Consolidated Adjusted EBITDA of Holdings and its Restricted Subsidiaries for the most recently ended Test
        Period;

     

    (r)          so long as no Event
        of Default has occurred and is continuing or would result therefrom, unsecured Indebtedness in an aggregate outstanding principal amount not to exceed the greater of (i) $300,000,000 and (ii) 37.5% of the Consolidated Adjusted EBITDA of Holdings
        and its Restricted Subsidiaries as of the last day of the most recently ended fiscal quarter for which financial statements are available and have been delivered pursuant to Section
            5.01(b) or Section 5.01(c);

     

    (s)          Permitted Seller
        Notes in an aggregate principal amount not to exceed $175,000,000 outstanding at any time;

     

    (t)          [intentionally
        omitted];

     

    (u)          [intentionally
        omitted];

     

    (v)          [intentionally
        omitted];

     

    (w)          Indebtedness
        representing deferred compensation to employees of Holdings (and any direct or indirect Parent Entity) and the Restricted Subsidiaries incurred in the ordinary course of business;

     

    (x)          Indebtedness
        consisting of obligations under deferred compensation or other similar arrangements incurred (A) in the ordinary course of business to current or former directors, officers, employees, members of management, managers and consultants of Holdings (or
        any direct or indirect Parent Entity) and/or any Restricted Subsidiary and (B) in connection with the Transactions and any Permitted Acquisition or other Investment permitted hereunder;

     

    (y)          Indebtedness in
        respect of (A) Swap Agreements entered into to hedge or mitigate risks to which Holdings or any Restricted Subsidiary has actual exposure (other than those in respect of shares of capital stock or other Equity Interests of Holdings or any
        Restricted Subsidiary) and (B) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any
        interest-bearing liability or investment of Holdings or any Restricted Subsidiary;

     

    
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    (z)          (A) Indebtedness of
        any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary that is merged or consolidated with or into Holdings or any Restricted Subsidiary) after the date hereof as a result of an Acquisition
        Transaction permitted by this Agreement, or Indebtedness of any Person that is assumed by Holdings or any Restricted Subsidiary in connection with an Acquisition Transaction or similar Investment or an acquisition of assets by Holdings or such
        Restricted Subsidiary permitted by this Agreement; provided that (1) such Indebtedness is not incurred in contemplation of such Acquisition Transaction or
        similar Investment or acquisition of assets, (2) other than with respect to a Limited Condition Transaction in which case, compliance with this proviso shall be
        determined in accordance with Section 1.09, before and after giving Pro Forma Effect to the assumption of such Indebtedness and the transactions consummated in connection
        therewith, no Specified Event of Default shall have occurred and be continuing and (3) such Indebtedness is only the obligation of the Person and/or Person’s Subsidiaries that are acquired or that acquire the relevant assets and (B) any Permitted
        Refinancing of Indebtedness incurred pursuant to the foregoing subclause (A);

     

    (aa)          Qualified Holding
        Company Debt;

     

    (bb)          (A) Indebtedness,
        which may be secured to the extent permitted under Section 6.02, of the Borrower or any Restricted Subsidiary; provided that at the time of the incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance on this clause (bb) shall not exceed the greater of $75,000,000 and 10.00% of Consolidated EBITDA for the most recently ended Test Period as of such time and (B) any Permitted Refinancing of Indebtedness
        incurred pursuant to the foregoing subclause (A);

     

    (cc)          Unsecured
        Indebtedness of Holdings and its Restricted Subsidiaries; provided that after giving Pro Forma Effect, the Payment Conditions are satisfied at the time of
        such incurrence; and

     

    (dd)          Indebtedness
        (including Commitments in respect thereof) permitted to be incurred under any Incremental Facility, Incremental Equivalent Debt, Ratio Indebtedness, Acquisition Debt, Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt
        and Permitted Second Priority Refinancing Debt (each as defined under the Term Loan Agreement as in effect as of the date hereof) and any Permitted Refinancing thereof.

     

    Section 6.02          Liens. No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly,
        create, incur, assume or permit to exist any Lien on any property or any asset of any kind (including any document or instrument in respect of goods or accounts receivable) now owned or hereafter acquired, created or licensed by it or on any
        income, profits or revenues or rights in respect of any thereof or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income, profits or
        royalties under the UCC of any State or under any similar recording or notice statute in any jurisdiction in or outside of the United States or under any applicable intellectual property laws, rules or procedure, except the following (collectively,
        the “Permitted Liens”):

     

    (a)          Liens in favor of the
        Collateral Agent for the benefit of Secured Parties granted pursuant to any Security Document to secure the Secured Obligations;

     

    
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    (b)          Liens for Taxes not
        yet due or, if due, if obligations with respect to such Taxes are being contested in good faith by appropriate proceedings and reserves in accordance with GAAP with respect thereto have been provided on the consolidated books of Holdings;

     

    (c)          statutory Liens of
        landlords, banks (and rights of set off), of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by Requirements of Law (other than any such Lien imposed pursuant to Section 430(k) of the Code, ERISA or a
        violation of Section 436 of the Code or analogous provisions under applicable Requirements of Law in jurisdictions outside of the United States that could not reasonably be expected to result in a Material Adverse Effect), in each case incurred in
        the ordinary course of business (i) (x) for amounts not yet overdue or (y) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of forty-five (45) days) are being contested in good faith by
        appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts, which proceedings (or orders entered in connection with such proceedings)
        have the effect of preventing the forfeiture or sale of the property subject to any such Lien; and (ii) which do not in the aggregate materially detract from the value of the property of the Companies, taken as a whole, and do not materially impair
        the use thereof in the operation of the business of the Companies, taken as a whole;

     

    (d)          Liens incurred (i) in
        the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security and analogous provisions under Requirements of Laws in jurisdictions outside of the United States, or (ii) to secure
        the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of
        Indebtedness for borrowed money), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;

     

    (e)          easements, rights of
        way, restrictions, encroachments, and other minor defects or irregularities in title on or with respect to any Real Property, in each case which do not interfere in any material respect with the ordinary conduct of the business of the Companies at
        such Real Property;

     

    (f)          leases, licenses,
        subleases or sublicenses granted to others (on a non-exclusive basis) that are entered into in the ordinary course of business or that do not interfere in any material respect with the business of Holdings or of any Restricted Subsidiary;

     

    (g)          Liens solely on any
        cash earnest money deposits made by Holdings or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

     

    (h)          purported Liens
        evidenced by the filing of precautionary UCC financing statements, PPSA Australia financing statements or any similar filings relating solely to operating leases of personal property and analogous filings under applicable Requirements of Law
        outside of the United States;

     

    (i)          Liens in favor of
        customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

     

    (j)          any zoning or similar
        law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Property;

     

    (k)          non-exclusive
        outbound licenses of patents, copyrights, trademarks and other Intellectual Property rights granted by Holdings or any of its Restricted Subsidiaries in the ordinary course of business;

     

    
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    (l)          Liens described in Schedule 6.02(l); and any modifications, replacements, renewals or extensions thereof; provided
        that (1) such modified, replacement, renewal or extension Lien does not extend to any additional property other than (a) after-acquired property that is affixed or incorporated into the property covered by such Lien and (b) proceeds and products
        thereof, and (2) the obligations secured or benefited by such modified, replacement, renewal or extension Lien are permitted by Section 6.02; and (c) such modified,
        replacement, renewal or extension Lien does not secure more Indebtedness than was secured by the Lien it modifies, replaces, renews, or extends;

     

    (m)          (i) Liens securing Indebtedness permitted pursuant to Section 6.01(j); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and (ii) Liens securing Permitted Secured
          Indebtedness, provided that Liens on the Collateral
          permitted under this clause (m)(ii) shall be permitted only so
          long as such Liens are subject to either the Intercreditor Agreement (if amended to join such Indebtedness to the Intercreditor Agreement) or a Permitted Secured Indebtedness Intercreditor Agreement, as the case may be;

     

    (n)          (i) Liens granted in
        connection with Indebtedness permitted under Section 6.01(k) that are limited in each case to the Securitization Assets transferred or assigned pursuant to the related
        Permitted Securitization; and (ii) Liens on assets of Holdings, the Borrower, the Guarantors or any of their respective Restricted Subsidiaries and Affiliates securing “Obligations” (as defined in the Term Loan Agreement), subject to the
        Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness
        Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding);

     

    (o)          Liens on property and
        Equity Interests of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness of such Restricted Subsidiary that is not a Loan Party, in each case, to the extent such Indebtedness is permitted under Section 6.01(n);

     

    (p)          Liens on insurance
        policies and the proceeds thereof and unearned premiums securing the financing of premiums with respect thereto as provided in Section 6.01(m)(A);

     

    (q)          Liens consisting of
        customary rights of set-off for bankers liens on amounts on deposit at banks or other financial institutions, to the extent arising by operation of law or otherwise, incurred in the ordinary course of business; provided that, unless such Liens are non-consensual and arise by operation of law, or arise under or pursuant to the Dutch General Banking Conditions, in no case shall any such Liens
        secure (either directly or indirectly) the repayment of any Indebtedness;

     

    (r)          judgment Liens in
        respect of judgments that do not constitute an Event of Default under Section 8.01(h) hereof and in respect of which such Company shall in good faith be prosecuting an
        appeal or proceedings for review in respect of which there shall be secured a subsisting stay of execution pending such appeal or proceedings;

     

    (s)          Liens (A) of a
        collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (B) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) and that are
        within the general parameters customary in the banking industry;

     

    (t)          Liens on cash and
        Cash Equivalents arising in connection with the cash collateralization of letters of credit in an amount not to exceed 105% of the aggregate face amount of the letters of credit permitted pursuant to Section 6.01(p);

     

    
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    (u)          (i) other Liens on
        assets other than the Collateral; and (ii) other Liens subordinated to the Liens of the Collateral Agent under this Agreement and any liens in favor of the Term Loan Agent or any Senior Representative, in the case of clause (i) and (ii) together, securing Indebtedness in an aggregate principal amount not to exceed $85,000,000 at any
        time outstanding;

     

    (v)          Liens securing
        Indebtedness permitted pursuant to Section 6.01(b) of Persons that are not Loan Parties;

     

    (w)          Liens securing not
        more than 80% of the aggregate principal amount of Indebtedness permitted pursuant to Section 6.01(q); provided that if the aggregate outstanding principal amount of any individual item of Indebtedness incurred pursuant to such section is equal to or greater than $35,000,000 and such Liens are in respect of any
        Collateral, such Lien must be subordinated to the Liens created pursuant to the Security Documents on terms reasonably satisfactory to the Administrative Agent pursuant to, at the option of the Administrative Agent, either an amendment, supplement
        or amendment and restatement of the Intercreditor Agreement with the Term Loan Agent and the Administrative Agent to join such secured Indebtedness to the Intercreditor Agreement or an intercreditor agreement or subordination agreement with the
        Administrative Agent and the relevant creditor; provided, further,
        that no such Liens shall attach to any Accounts, Inventory or other Revolving Credit Priority Collateral, in each case, owned by a Loan Party;

     

    (x)          title retention
        arrangements relating to goods or raw materials purchased by a Loan Party in the ordinary course of business, which secures only the unpaid purchase price of those goods or raw materials and is scheduled to be, and is, discharged within ninety (90)
        days of its creation;

     

    (y)          an interest that is a
        Lien by virtue only of the operation of section 12(3) of the PPSA Australia which do not secure payment or performance of an obligation;

     

    (z)          Liens on Inventory in
        the Netherlands held by VAT Logistics Integrated Services B.V., VAT Logistics (Rotterdam) B.V., VAT Logistics Maasvlakte B.V., VAT Logistics Zwijndrecht B.V. or European Bulk Services B.V. (or, in each case, any successor thereto or any other
        custodian who has been approved by the Administrative Agent and who has received notice, in each case, in accordance with the Dutch Security Agreements) by virtue of a lien and right of retention over such Inventory which secures unpaid fees owed
        to such holder;

     

    (aa)         Liens on Equity
        Interests of Unrestricted Subsidiaries;

     

    (bb)         Liens on cash or
        Cash Equivalents not constituting Qualified Cash, securing Swap Agreements in the ordinary course of business submitted for clearing in accordance with applicable Requirements of Law and that are not entered into for speculative purposes;

     

    (cc)         [intentionally
        omitted];

     

    (dd)         Liens in favor of
        customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

     

    (ee)         Liens (A) on cash
        advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 6.06 to be applied against the purchase
        price for such Investment or otherwise in connection with any escrow arrangements with respect to any such Investment or any Asset Sale permitted under Section 6.08
        (including any letter of intent or purchase agreement with respect to such Investment or Asset Sale) or (B) consisting of an agreement to dispose of any property in an Asset Sale permitted under Section 6.08, in each case, solely to the extent such Investment or Asset Sale, as the case may be, would have been permitted on the date of the creation of such Lien;

     

    
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    (ff)          Liens granted by a
        Restricted Subsidiary that is not a Loan Party in favor of any Loan Party, Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of Restricted Subsidiary that is not a Loan Party and Liens granted by a Loan Party in favor of
        any other Loan Party;

     

    (gg)         Liens on cash
        collateral granted in favor of any Lender created as a result of any requirement or option to cash collateralize pursuant to this Agreement or any other Loan Document;

     

    (hh)        Liens on cash and
        Cash Equivalents used to satisfy and discharge Indebtedness; provided such satisfaction and discharge is permitted hereunder and occurs within thirty (30)
        days (or such later date as agreed by the Administrative Agent in its sole discretion) following the creation of such Liens;

     

    (ii)          Liens encumbering
        reasonable and customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

     

    (jj)          other Liens
        (including Liens on assets that do not constitute Collateral); provided that at the time of incurrence of such Liens and the obligations secured thereby
        (after giving Pro Forma Effect to any such obligations) the aggregate outstanding face amount of obligations secured by Liens existing in reliance on this clause (jj)
        shall not exceed the greater of $100,000,000 and 12.5% of Consolidated Adjusted EBITDA for the Test Period then last ended; provided further that, in the event that the Liens incurred pursuant to this clause (jj) are secured by the
        Collateral, then such Liens shall rank junior to the Liens securing the Obligations and, in any such case, the beneficiaries thereof (or an agent on their behalf) shall have entered into a customary intercreditor agreement having terms reasonably
        acceptable to the Administrative Agent (and the Intercreditor Agreement);

     

    (kk)         with respect to any
        Foreign Subsidiary, other Liens and privileges arising mandatorily by Requirements of Law;

     

    (ll)          Liens existing on
        property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Subsidiary, in each case after the date hereof; provided
        that (A) such Lien was not created in contemplation of such acquisition or such Person becoming a Subsidiary, (B) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and other than
        after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require or include, pursuant to their terms at such time, a
        pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and (C) the Indebtedness secured thereby is
        permitted under Section 6.01(d) or (j); and

     

    (mm)       additional Liens
        securing Indebtedness permitted under Section 6.01 so long as (1) in the case of Indebtedness secured by a Lien on the Collateral that is pari passu with the Liens
        securing the Term Loans in effect on the Closing Date, the First Lien Net Leverage Ratio shall not exceed (I) 3.50:1.00 or (II) at the election of the Borrower to the extent such Indebtedness is incurred in connection with a Permitted Acquisition
        or similar Investment permitted under the Loan Documents, the First Lien Net Leverage Ratio in effect for the most recently ended Test Period, in each case calculated on a Pro Forma Basis as of the most recently ended Test Period and (2) in the
        case of Indebtedness that is secured by a Lien on the Collateral that is junior to the Liens securing the Term Loans in effect on the Closing Date (without regard to control of remedies) shall not exceed (I) 4.50:1.00 or (II) at the election of
        Holdings to the extent such Ratio Indebtedness is incurred in connection with a Permitted Acquisition or similar Investment permitted under the Loan Documents, the Secured Leverage Ratio in effect for the most recently ended Test Period in each
        case calculated on a Pro Forma Basis as of the most recently ended Test Period and (3) if any such Indebtedness is secured by the Collateral the beneficiaries thereof (or an agent on their behalf) shall have entered into an Intercreditor Agreement.

     

    
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    Section 6.03          No Further Negative Pledges. No Loan Party nor any of its Restricted Subsidiaries shall enter into any
        agreement, instrument, deed or lease which prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of their respective properties or revenues, whether now owned or hereafter acquired, to
        secure the Obligations, except the following: (a) covenants with respect to specific property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to an Asset Sale permitted under Section 6.08 pending the consummation of such sale; (b) restrictions by reason of customary provisions restricting assignments, subletting or other transfers
        contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to
        the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (c) restrictions imposed by any agreement relating to secured Indebtedness permitted by this
        Agreement to the extent such restriction applies only to the property securing by such Indebtedness; (d) restrictions identified on Schedule 6.03 (and, to the
        extent permitted hereunder, any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition); (e) this Agreement,
        the other Loan Documents, the Term Loan Agreement and its related Loan Documents (as defined therein), the New Notes Documents and the Senior Unsecured 2022 Notes Documents and restrictions imposed by Requirements by Law; (f) restrictions arising
        in any Swap Agreement and/or any agreement relating to any Cash Management Obligation; (g) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture
        agreements and other similar agreements, in each case, entered into in the ordinary course of business; (h) restrictions on cash (or Cash Equivalents) or other deposits imposed by agreements entered into in the ordinary course of business (or other
        restrictions on cash or deposits constituting Permitted Liens;  (i) customary net worth provisions contained in real property leases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could
        not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations; and (j) any security interest or right of set-off in favor of Dutch banks arising from their general banking conditions (algemene bankvoorwaarden).

     

    Section 6.04          Restricted Junior Payments. No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries
        through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment, except the following:

     

    (a)          any Company may
        declare and pay dividends or make other distributions ratably to its equity holders (provided that, other than in respect of Restricted Junior Payments made
        with amounts received directly or indirectly from South African Subsidiaries, no Loan Party or any of its Subsidiaries may pay dividends pursuant to this Section 6.04(a)
        to any Person that is not a Loan Party);

     

    (b)          any Restricted
        Subsidiary of Holdings may make Restricted Junior Payments to Holdings to the extent necessary to permit Holdings to make Restricted Junior Payments to any Parent Entity:

     

    (i)          the proceeds of which shall be used by such Parent Entity to pay Taxes of Holdings, any other Subsidiary of Holdings or any group that includes Holdings, any Borrower or any
          other Subsidiary of any Borrower and that files Taxes on a consolidated, combined, affiliated, unitary or similar basis, in each case attributable to the taxable income of Holdings and its Subsidiaries, net of any payment already made by Holdings
          or its Subsidiaries in respect of such Taxes; provided
          that Restricted Junior Payments pursuant to this subclause (i)
          shall not exceed the amount of Taxes that Holdings would have paid if Holdings and its Subsidiaries were a stand-alone taxpayer or stand-alone tax group, reduced by any payment made by Holdings or its Subsidiaries; and provided further that Restricted Junior Payments under this subclause (i) in respect of any Taxes attributable to the income of any Unrestricted Subsidiaries of Holdings may be made
          only to the extent that such Unrestricted Subsidiaries have made cash payments for such purpose to Holdings or any Restricted Subsidiary;

     

    
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    (ii)          the proceeds of which shall be used by such Parent Entity to pay (1) its operating expenses incurred in the ordinary course of business and other corporate overhead costs
          and expenses (including administrative, legal, accounting, tax reporting and similar expenses payable to third parties), that are reasonable and customary and incurred in the ordinary course of business, (2)  customary salary, bonus, severance
          and other benefits payable to current or former directors, officers, members of management, managers, consultants, independent contractors or employees of Holdings or any Parent Entity to the extent such salaries, bonuses and other benefits are
          attributable to the ownership or operation of Holdings and the Restricted Subsidiaries, (3) fees and expenses (x) due and payable by any Borrower or any Restricted Subsidiary and (y) otherwise permitted to be paid by Holdings and the Restricted
          Subsidiaries under this Agreement and (4) payments that would otherwise be permitted to be paid directly by Holdings or the Restricted Subsidiaries pursuant to Section 6.11(f) or (h);

     

    (iii)          the proceeds of which shall be used by Holdings (or any Parent Entity) to pay franchise and similar Taxes, other fees and expenses, required to maintain its organizational
          existence and auditing fees and expenses;

     

    (iv)          the proceeds of which shall be used to pay customary salary, bonus, severance and other benefits payable to current or former directors, officers, members of management,
          managers, consultants, independent contractors or employees of Holdings or any Parent Entity to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of Holdings and the Restricted Subsidiaries;

     

    (v)          the proceeds of which shall be used by any Parent Entity to finance any Investment that would be permitted to be made by Holdings or a Restricted Subsidiary pursuant to Section 6.06;

     

    (vi)          the proceeds of which shall be used by Holdings (or any Parent Entity) to pay (i) fees and expenses related to any successful or unsuccessful equity issuance or offering or
          debt issuance, incurrence or offering, disposition or acquisition, Investment or other transaction permitted by this Agreement and (ii) public company costs; and

     

    (vii)          the proceeds of which shall be used by Holdings (or any Parent Entity) to pay fees and expenses incurred in connection with an initial public offering;

     

    provided however that other than due to Requirements of Law prohibiting the payment by one or more Subsidiaries of their proportionate share of Holdings’ liabilities noted in this Section 6.04(b) (or if any such payment would render one or more Restricted Subsidiaries insolvent or reasonably likely to become insolvent), each Restricted Subsidiary of
        Holdings may not pay more than its proportionate share of Holdings’ liabilities noted in this Section 6.04(b));

     

    
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    (c)          any Restricted
        Subsidiary of any Initial U.S. Borrower may make Restricted Junior Payments to

        the extent necessary to permit Tronox US Holdings Inc., any Initial U.S. Borrower or any other beneficial owner of such Restricted Subsidiary that is a member of an affiliated or consolidated group that includes the Restricted Subsidiary (as
        applicable) to (i) pay franchise Taxes and other Tax obligations or fees required in each case to maintain its corporate existence and (ii) pay Taxes which are due and payable as part of an affiliated or consolidated group that includes the
        Restricted Subsidiary or due to direct or indirect ownership of any interests in Restricted Subsidiaries that are not treated as corporations for applicable Tax purposes, in each case, to the extent such Taxes are attributable to such Restricted
        Subsidiary or any entity in which such Restricted Subsidiary holds a direct or indirect ownership interest;

     

    (d)          (i) Holdings may make
        Restricted Junior Payments to holders of the common stock of Holdings or any Parent Entity in an amount equal to (A) $40,000,000 per annum plus (B) in
        any fiscal quarter, up to $0.25 per share for each such fiscal quarter (as such amount shall be appropriately adjusted for any stock, splits, stock dividends, reverse stock splits, stock consolidations and similar transactions provided that the amount permitted to be paid under this clause (d) in any fiscal
        year, or, in the case of clause (B), fiscal quarter may be increased by an amount equal to the difference (if positive) between the permitted amount in a preceding fiscal
        year or, in the case of clause (B), fiscal quarter and the amount actually used or applied by Holdings during such relevant period; and provided further the amount of any such Restricted Junior Payments shall constitute Consolidated
        Fixed Charges for purposes of computing the Consolidated Fixed Charge Coverage Ratio hereunder;

     

    (e)          Holdings or any
        Restricted Subsidiary may make (i) regularly scheduled payments of principal and interest and mandatory prepayments of principal in respect of any Indebtedness for borrowed money, in accordance with the terms of, and only to the extent required by,
        the agreement pursuant to which such Indebtedness was issued; and (ii) so long as the Payment Conditions are satisfied at the time of such payment, voluntary prepayments of principal and interest in respect of any Permitted Indebtedness;

     

    (f)          notwithstanding
        anything to the contrary contained herein, Holdings may make Restricted Junior Payments, so long as the Payment Conditions are satisfied at the time of such Restricted Junior Payment;

     

    (g)          the distribution, by
        dividend or otherwise, of shares of Equity Interests of, or Indebtedness owed to Holdings, the Borrowers or any Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are Cash
        Equivalents);

     

    (h)          Holdings or any
        Restricted Subsidiary may make Restricted Junior Payments, the proceeds of which are applied (A) on the Closing Date, solely to effect the consummation of the Transactions and (B) to satisfy any purchase price payment under the Cristal Purchase
        Agreement;

     

    (i)          the Borrower may make
        Restricted Junior Payments to any Parent Entity to enable such Parent Entity to pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition (or other similar
        Investment), in an aggregate amount (as to all of the Restricted Junior Payments made in reliance on this clause (i)) not to exceed $5,000,000 in any Fiscal Year;

     

    
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    (j)          payments made by
        Holdings or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, manager or consultant (or their respective controlled
        Affiliates or Permitted Transferees) and any repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants or required
        withholding or similar taxes;

     

    (k)          redemptions in whole
        or in part of any of its Equity Interests for another class of its Equity Interests or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests; provided that such new Equity Interests contain terms and provisions at least as advantageous to the Lenders in all respects material to their interests as those contained in the Equity Interests redeemed
        thereby;

     

    (l)          repurchases of Equity
        Interests in any Parent Entity (or make Restricted Junior Payments to allow repurchases of Equity Interest in any Parent Entity) deemed to occur upon exercise of stock options or warrants or other incentive interests if such Equity Interests
        represent a portion of the exercise price of such stock options or warrants or other incentive interests;

     

    (m)          Permitted
        Refinancings of Subordinated Indebtedness;

     

    (n)          payments as part of
        an applicable high yield discount obligation or AHYDO catch-up payment;

     

    (o)          prepayments, redemptions, purchases, defeasances and other payments in respect of Subordinated Indebtedness (x) prior to their scheduled maturity, in an aggregate principal amount (as to all of such
          prepayments, redemptions, purchases, defeasances and other payments) not to exceed $10,000,000 in any Fiscal Year; provided that no Event of Default then exists or would result therefrom;
            and and
            (y) owing by any Loan Party to any other Loan Party, in each case, other than any such prepayments, redemptions, purchases, defeasances and other payments or distributions that are prohibited by the subordination provisions in respect thereof;

     

    (p)          prepayments, redemptions, purchases, defeasances and other payments or
            distributions in respect of Subordinated Indebtedness owing (x) by any Holding Company to any other Holding Company and (y) by any Restricted Subsidiary to any Loan Party (other than to a Holding Company, unless such payment is made in
            connection with the consummation of the Cristal Acquisition), in each case other than any such prepayments, redemptions, purchases, defeasances and other payments or distributions that are prohibited by the subordination provisions in respect
            thereof; and

     

    (q)          (p) payments
          in respect of any dividend or distribution from the Capital Stock of Holdings and payments to purchase Capital Stock of Holdings, in each case, not to exceed 5% of the market capitalization of Holdings at the time of such payment; provided, that, the amount of all such payments made in reliance
          upon this clause (p) rather than the satisfaction of the Payment
          Conditions under clause (e), above of this Section 6.05, shall constitute Consolidated Fixed Charges for all purposes
          hereunder.

     

    Section 6.05          Restrictions on Subsidiary Distributions. Except as provided herein, no Loan Party shall, nor shall it permit
        any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary of Holdings to: (a)
        pay dividends or make any other distributions on any of such Restricted Subsidiary’s Equity Interests owned by Holdings or any other Restricted Subsidiary of Holdings; (b) repay or prepay any Indebtedness owed by such Restricted Subsidiary to
        Holdings or any other Restricted Subsidiary of Holdings; (c) make loans or advances to Holdings or any other Restricted Subsidiary of Holdings; or (d) transfer, lease or license any of its property or assets to Holdings or any other Restricted
        Subsidiary of Holdings, except for such encumbrances or restrictions (i) in respect of the
            parties to the South African Credit Agreement and other agreements evidencing Indebtedness permitted by (x) Section 6.01(j) that impose
        restrictions on the property with respect to such Indebtedness, (y) Section 6.01(k) that impose restrictions on the property so acquired and (z) Sections 6.01(l), 6.01(m), 6.01(p), 6.01(r), 6.01(z) (to the extent imposing restrictions solely on the Restricted Subsidiaries acquired in an Acquisition Transaction or other Investment described therein), and 6.01(dd); (ii) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and
        similar agreements entered into in the ordinary course of business; (iii) that are or were created by virtue of any transfer of, agreement to transfer or option or right with respect to any property, assets or Equity Interests not otherwise
        prohibited under this Agreement; (iv) described on Schedule 6.05; or (v) in this Agreement and the other Loan Documents.

     

    
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    Section 6.06          Investments. No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or
        indirectly, make or own any Investment in any Person, except:

     

    (a)          Investments in cash
        and Cash Equivalents;

     

    (b)        Investments owned as
        of the Closing Date (and any renewals, replacements, refinancing, refundings and reinvestments thereof that do not increase the principal amount of such Investment) in any Subsidiary of Holdings; provided, that any renewal, replacement, refinancing or refunding of Investments in the form of intercompany loans in existence as of the Closing Date (other than among non-Loan Parties) shall be evidenced
        by the Intercompany Note and in the case of a loan or advance by a Loan Party, shall be subject to a perfected First Priority Lien pursuant to the Security Documents;

     

    (c)          Investments (i) in
        any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or on account of an Asset Sale made in compliance with Section 6.08;
        and (ii) deposits, prepayments and other credits to suppliers made in the ordinary course of business;

     

    (d)          Investments (i) by Holdings(x) by any Holding Company in any other Holding Company and (y) by any Holding Company or any Restricted Subsidiary thereof in any Loan Party (other than Holdings), (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is also not a Loan Party and (iii) by the Borrower or any Restricted
          Subsidiary in any Restricted Subsidiary; provided
          that the aggregate outstanding amount of such Investments (other than any ordinary course Investments) made by Loan Parties after the Closing Date in Restricted Subsidiaries that are not Loan Parties in reliance on this clause (iii), shall not exceed, at the time of incurrence thereof and after
          giving Pro Forma Effect thereto, the greater of $40,000,000 and 5.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period as of such time;

     

    (e)          additional
        Investments and other acquisitions; provided that at the time any such Investment or other acquisition is made, the aggregate outstanding amount of such
        Investment or acquisition made in reliance on this clause (e) (including the aggregate outstanding amount of all consideration paid in connection with all other
        Investments and acquisitions made in reliance on this clause (e), whether in the form of Indebtedness assumed or otherwise), shall not exceed the greater of $20,000,000
        and 2.5% of Consolidated Adjusted EBITDA for the most recently ended Test Period as of such time;

     

    (f)          Investments in joint
        ventures, or in any Restricted Subsidiary to enable such Restricted Subsidiary to make substantially concurrent Investments in joint ventures, in an aggregate outstanding amount not to exceed the greater of $30,000,000 and 3.75% of Consolidated
        EBITDA for the most recently ended Test Period;

     

    
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    (g)          loans or advances to
        present or former officers, directors, managers, members of management, consultants, independent contractors and employees of Holdings, any Parent Entity and the Restricted Subsidiaries (i) for reasonable and customary business-related travel,
        entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Equity Interests in Holdings (or any Parent Entity) (provided that the amount of such loans and advances made in cash to such Person shall be contributed to Holdings or any Restricted Subsidiary in cash as common equity or Qualified Capital Stock) and (iii) for purposes not
        described in the foregoing clauses (i) and (ii); provided that at the time of incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount outstanding in reliance on this clause (iii) shall not exceed $25,000,000;

     

    (h)          Permitted
        Acquisitions;

     

    (i)         each Investment
        described in Schedule 6.06(i) as of the Closing Date, and any renewals, replacements, refinancings or refundings thereof that do not increase the amount of, or require an
        increase in the amount of, such Investment; provided however that,
        for the avoidance of doubt, any increase in the amount of any Investment referenced in this Section 6.06(i) (whether such increased Investment is voluntary or committed)
        shall not be permitted pursuant to this Section 6.06(i) (without limiting the availability of other applicable sections of this Section 6.06 to make such increased Investment);

     

    (j)          Investments by a
        Non-Eligible Subsidiary in a Securitization Subsidiary made in connection with a Permitted Securitization to the extent permitted under Section 6.01(k);

     

    (k)          the Cristal
        Acquisition and any Investments made for the purpose of consummating the Cristal Acquisition;

     

    (l)          Investments received
        in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business, and any Investments consisting of extensions of credit in the
        nature of accounts receivable arising from the granting of trade credit in the ordinary course of business;

     

    (m)          Investments in Swap
        Agreements permitted under Section 6.01;

     

    (n)          Investments
        consisting of deposits, prepayments and/or other credits to suppliers in the ordinary course of business;

     

    (o)          additional unlimited
        Investments; provided that after giving effect to such Investment on a Pro Forma Basis, the Total Net Leverage Ratio is less than or equal to 4.50:1.00 as of
        the end of the most recently ended Test Period as of such time;

     

    (p)          contributions to a
        “rabbi” trust for the benefit of employees, directors, consultants, independent contractors or other service providers of Holdings (or any Parent Entity) or any Restricted Subsidiary or other grantor trust subject to claims of creditors in the case
        of a bankruptcy of Holdings or the Borrower;

     

    (q)          unfunded pension fund
        and other employee benefit plan obligations and liabilities to the extent that the same are permitted to remain unfunded under applicable Requirements of Law;

     

    
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    (r)          Investments in any
        Restricted Subsidiary in connection with intercompany cash management arrangement or related activities arising in the ordinary course of business;

     

    (s)          advances of payroll
        payments to employees in the ordinary course of business;

     

    (t)          Investments made in
        the Blocked Borrower to facilitate payments of interest, scheduled principal, fees and expenses due in connection with the Term Loan Agreement, subject to the terms of the Intercreditor Agreement and provided that the Intercreditor Agreement is in
        full force and effect;

     

    (u)          obligations with
        respect to Guarantees provided by Holdings or any Restricted Subsidiary in respect of leases (other than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

     

    (v)          Investments
        consisting of extensions of trade credit in the ordinary course of business;

     

    (w)          Investments in the
        ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices; and

     

    (x)          other Investments so
        long as both before and immediately after giving effect to such Investment, the Payment Conditions are satisfied at the time of such Investment; provided
        that any Investment involving (x) the acquisition of all or substantially all of the property of any Person, or of any business or division of any Person, in each case, other than a Person that was a Subsidiary prior to such transaction so long as
        such Subsidiary was not formed or acquired in connection with or for the purpose of effectuating such transaction directly or indirectly, or (y) the acquisition (including by merger or consolidation) of the Equity Interests of any Person that
        becomes a Subsidiary after giving effect such transaction, shall also be subject to the conditions set forth in the definition of “Permitted Acquisition”.

     

    Notwithstanding the foregoing, in no event shall any Loan Party make any Investment which results in or facilitates in any manner any Restricted Junior
        Payment not otherwise permitted under the terms of Section 6.04.

     

    Section 6.07          Minimum Consolidated Fixed Charge Coverage Ratio. At any time during a Covenant Testing Period, Holdings shall
        not permit the Consolidated Fixed Charge Coverage Ratio, for the Test Period ended immediately prior to the commencement of such Covenant Testing Period and for each Test Period thereafter to be less than 1.00 to 1.00.

     

    Section 6.08          Fundamental Changes; Dispositions of Assets. No Loan Party shall, nor shall it permit any of its Restricted
        Subsidiaries to, (x) enter into any transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or (y) convey, sell, lease, sublease or license, exchange, transfer or otherwise
        dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible (and including any issuances or sales of any
        Equity Interests of any Restricted Subsidiary of Holdings), whether now owned or hereafter acquired, created, leased or licensed, except:

     

    (a)          (i) any Restricted
        Subsidiary of Holdings (other than a Borrower) may be merged with and into any Borrower or any Subsidiary Guarantor or into any Person that, upon such merger, shall become a Loan Party, or be liquidated, wound up or dissolved, or all or any part of
        its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to any Borrower or any Subsidiary Guarantor or to any Person that, in connection with such
        transaction, becomes a Loan Party; provided, in the case of such a merger, (A) in no event shall the jurisdiction of organization of either the entity being
        merged into another entity or such surviving entity be changed (provided, that the foregoing shall not preclude Non-U.S. Entities from merging into U.S.
        Entities so long as the surviving entity is a U.S. Entity that is a Loan Party), (B) in any merger involving any Borrower, in no event shall a Borrower not be the continuing or surviving Person, (C) the Guarantees of the Obligations and the
        Collateral securing the Obligations shall not be adversely affected in any material respect and (D) any Person that becomes a Loan Party in connection herewith shall comply with Section

            5.10; and (ii) any non-Loan Party may be merged with or into any other non-Loan Party (other than a Borrower), or be liquidated, wound up or dissolved, or all or part of its assets may be conveyed, sold, leased, transferred or
        otherwise disposed of, in one transaction or a series of transactions, to any other non-Loan Party;

     

    
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    (b)          sales or other
        dispositions of assets that do not constitute Asset Sales or that are expressly carved-out from the definition of “Asset Sale;”

     

    (c)          Asset Sales of other
        assets or property (including the sale or issuance of Equity Interests, only Equity Interests in a Restricted Subsidiary) not otherwise permitted under this Section 6.08;
        provided that (i) if such Asset Sale includes Revolving Loan Priority Collateral, then (x) as of the making of such Asset Sale and after giving effect thereto
        on a Pro Forma Basis, the Payment Conditions shall be satisfied, and (y) not less than five (5) Business Days prior to the consummation of such Asset Sale, Administrative Borrower shall have delivered to Administrative Agent an updated Borrowing
        Base Certificate giving Pro Forma Effect to such Asset Sale, (ii) such Asset Sale is made for Fair Market Value, (iii) with respect to any Asset Sale pursuant to this clause (c)
        for a sale price in excess of the greater of (x) $35,000,000 and (y) 5.0% of the Consolidated Adjusted EBITDA of Holdings and the Restricted Subsidiaries for the then most recently ended Test Period for any transaction or series of related
        transactions, Holdings or any Restricted Subsidiary shall receive not less than 75.0% of such consideration in the form of cash or Cash Equivalents; provided,
        however, that for the purposes of this clause (iii), (A) any liabilities (as
        shown on the most recent balance sheet of Holdings or such Restricted Subsidiary provided hereunder or in the footnotes thereto) of Holdings or such Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of cash
        payment to the Loan Document Obligations, (1) that are assumed by the transferee with respect to the applicable Disposition or (2) in respect of which each Restricted Subsidiary is no longer obligated with respect to such liabilities or are
        indemnified against further liabilities, shall be deemed to be cash, (B) any securities received by Holdings or such Restricted Subsidiary from such transferee that are converted by Holdings or such Restricted Subsidiary into cash or Cash
        Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of the applicable Asset Sale, shall be deemed to be cash, (C) Indebtedness of a Restricted Subsidiary that is no longer a Restricted
        Subsidiary as a result of such Asset Sale, to the extent that each other Restricted Subsidiary is released from any guarantee of such Indebtedness in connection with such Asset Sale, shall be deemed to be cash, (D) consideration consisting of
        Indebtedness of the Borrower or any Guarantor that is secured by a Lien which is secured, on a pari passu basis with the Lien securing the Secured
        Obligations, on the asset which is the subject of the Disposition, in each case received from Persons who are not Holdings or any Restricted Subsidiary that is cancelled, shall be deemed to be cash,  and (E) any Designated Non-Cash Consideration
        received by the Borrower or such Restricted Subsidiary in respect of such Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not in excess (at the time of receipt of such Designated Non-Cash Consideration) of the greater of (x) $50,000,000 and (y) 5.0% of the Consolidated
        Adjusted EBITDA of Holdings and the Restricted Subsidiaries for the most recently ended Test Period (net of any Designated Non-Cash Consideration converted into cash or Cash Equivalents), with the Fair Market Value of each item of Designated
        Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash;

     

    
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    (d)          Asset Sales of Equity
        Interests in Unrestricted Subsidiaries;

     

    (e)          disposals of obsolete, worn out or surplus property in the ordinary course of business and Asset Sale of property no longer used or useful in the conduct of the business of Holdings and the Restricted Subsidiaries;

     

    (f)          (i) any license of
        Intellectual Property in the ordinary course of business or (ii) the abandonment or other disposition of Intellectual Property in the ordinary course of business that is no longer material to the conduct of the business of Holdings and its
        Subsidiaries as such business is operated;

     

    (g)          the discount or sale
        of accounts receivables more than 270 days past due, in each case in the ordinary course of business and not included as Australian Eligible Accounts, Dutch Eligible Accounts or U.S. Eligible Accounts in the most recent Borrowing Base Certificate
        delivered pursuant to Section 5.18(a);

     

    (h)          Holdingsany Holding
            Company may merge, amalgamate or consolidate with any other Person; provided that (A) Holdingssuch Holding Company shall
          be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger or consolidation is not Holdingsa Holding Company (any such
          Person, the “Successor Holdings”), (1) thesuch Successor Holdings shall be an entity organized or existing under the laws of the United States, any State thereof or the District of
          Columbia, Australia or the United Kingdom, (2) thesuch Successor Holdings shall expressly assume all the obligations of the Borrowerpredecessor Holding Company under this Agreement and the other Loan Documents to which the Borrowerpredecessor Holding
            Company is a party pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to the Administrative Agent, (3) each Loan
          Party other than the Borrower, unless it is the other party to such merger, amalgamation or consolidation, shall have reaffirmed, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, that its
          Guarantee of, and grant of any Liens as security for, the Secured Obligations shall apply to such Successor Holdings’ obligations under this Agreement and the other Loan Documents and (4) the Administrative Borrower shall have delivered to the Administrative Agent a
          certificate of a Responsible Officer, stating that such merger, amalgamation or consolidation complies with this Agreement; provided further that (x) if such Person is not a Loan Party, no Event of Default (including, without limitation, any Event of Default arising as a result of a Change of Control) exists after giving effect to such merger,
          amalgamation or consolidation and (y) if the foregoing requirements are satisfied, thesuch Successor Holdings will succeed to, and be
          substituted for, the Holdingspredecessor Holding Company under this Agreement and the other Loan Documents; provided further that the Holdings agrees to provide any documentation and other information about thesuch Successor Holdings as shall have been reasonably requested in writing by any Lender through the Administrative Agent that such Lender shall have reasonably determined is
          required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including Title III of the USA Patriot Act;

     

    (i)          Asset Sales of
        inventory and other assets in the ordinary course of business (including on an intercompany basis);

     

    (j)          (i) Asset Sales described in Schedule 6.08 and (ii) the sale of assets acquired in a Permitted Acquisition and required to be sold or otherwise subject to a sale agreement within 24 months of the date of
        acquisition of such assets; provided that, if such Asset Sale includes Accounts or Inventory included in any Borrowing Base, the Borrowers shall deliver an
        updated Borrowing Base Certificate reflecting the removal of such Accounts or Inventory from the Aggregate Borrowing Base that, after giving effect to any concurrent repayment of Loans, demonstrates that the total Revolving Exposures does not
        exceed the lesser of (A) the total Revolving Commitments and (B) the Aggregate Borrowing Base then in effect;

     

    
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    (k)          the subordination of
        the Liens on the Term Loan Priority Collateral securing the Term Loan Agreement to the extent required by the Intercreditor Agreement;

     

    (l)          any sale of Equity
        Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

     

    (m)          a Permitted
        Reorganization;

     

    (n)          the unwinding of any
        Swap Agreement pursuant to its terms;

     

    (o)          each Loan Party and
        each of its Restricted Subsidiaries may surrender or waive contractual rights and settle or waive contractual or litigation claims in the ordinary course of business;

     

    (p)          any merger,
        consolidation, dissolution, Asset Sale or conveyance the sole purpose of which is to reincorporate or reorganize (i) any U.S. Entity in another jurisdiction in the U.S., (ii) any Foreign Subsidiary that is not a Loan Party in the U.S. or any other
        jurisdiction, and/or (iii) any Foreign Subsidiary that is a Loan Party in the U.S. or any other jurisdiction as to which, as of the date of such merger, consolidation, Asset Sale or conveyance, another Loan Party is then incorporated or organized;

     

    (q)          Asset Sales of
        Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between the joint venture parties set forth in, joint venture agreements and similar binding arrangements;

     

    (r)          transfers of
        condemned property as a result of the exercise of “eminent domain” or other similar powers to the respective Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of
        property arising from foreclosure or similar action or that have been subject to a casualty to the respective insurer of such real property as part of an insurance settlement;

     

    (s)          the Borrower and its
        Subsidiaries may undertake or consummate any Tax Restructuring;

     

    (t)          Asset Sales of any assets (including Equity Interests) (A) acquired in connection with any Permitted Acquisition or other Investment permitted hereunder, which assets are not core or principal to
          the business of Holdings and the Restricted Subsidiaries; provided that such Asset Sales are consummated within twelve (12) months (or such longer period as agreed by the Administrative Agent) following such Permitted Acquisition or other permitted Investment, or (B) made to obtain the approval
          of any applicable antitrust authority in connection with a Permitted Acquisition; and

     

    (u)          Investments permitted by Section 6.06, Restricted Junior Payments permitted by Section 6.04 and Liens permitted by Section 6.02, in each
          case, other than by reference to this Section 6.08(u).; and

     

    (v)          Dispositions by any Holding Company to any other Holding Company, so long as all
            applicable collateral and guarantee requirements hereunder remain satisfied in connection therewith.

     

    To the extent that any Collateral is sold, disposed or transferred (or other similar action) pursuant to an Asset Sale of as expressly
        permitted by this Section 6.08 to any Person other than a Loan Party or Restricted Subsidiary, such Collateral shall be sold free and clear of the Liens created by the
        Loan Documents, which Liens shall be automatically released upon the consummation of such Asset Sale; it being understood and agreed that the Administrative Agent shall be authorized to take, and shall take, any actions deemed appropriate in order
        to effect the foregoing.  The foregoing shall not be deemed to constitute a release of Lien in any proceeds of such Collateral, which proceeds shall be promptly remitted for application to the Obligations as and to the extent required pursuant to Section 2.10(b)(4).

     

    
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    Section 6.09          Disposal of Subsidiary Interests. Except for any sale of all of its interests in the Equity Interests of any
        of its Restricted Subsidiaries in compliance with the provisions of Section 6.08 or with respect to any Permitted Lien, no Loan Party shall, nor shall it permit
        any of its Restricted Subsidiaries to, (a) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Restricted Subsidiaries, except to qualify directors if required by applicable
        Requirements of Law; or (b) permit any of its Restricted Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Restricted Subsidiaries, except to another Loan Party
        (subject to the restrictions on such disposition otherwise imposed hereunder), or to qualify directors if required by applicable Requirements of Law.

     

    Section 6.10          Sales and Lease Backs. No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to,
        directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which a Loan Party (a) has sold or
        transferred or is to sell or to transfer to any other Person (other than Holdings or any of its Restricted Subsidiaries), or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred
        by such Loan Party to any Person (other than Holdings or any of its Restricted Subsidiaries) in connection with such lease (each, a “Sale and Leaseback
          Transaction”).

     

    Section 6.11          Transactions with Affiliates. No Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to,
        directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) greater than $25,000,000 in each individual transaction with any Affiliate of
        Holdings on terms and conditions to be not less favorable to Holdings and its Restricted Subsidiaries as would reasonably by obtained by Holdings or such Restricted Subsidiary at that time in a comparable arm’s-length transaction with a Person
        other than an Affiliate; provided, the foregoing restriction shall not apply to (a) transactions with Holdings or any Restricted Subsidiary (or any
        entity that becomes a Restricted Subsidiary as a result of such transaction; (b) employment, consulting, severance and other service or benefit related arrangements between Holdings, the Borrower and the Restricted Subsidiaries and their respective
        officers and employees in the ordinary course of business (including loans and advances pursuant to Section 6.06(g), salary or guaranteed payments and bonuses)
        and transactions pursuant to stock option and other equity award plans and employee benefit plans and arrangements in the ordinary course of business; (c) transactions in existence on the Closing Date described in Schedule 6.11 or any amendment thereof to the extent such an amendment is not (i) materially adverse to the Lenders or (ii) more disadvantageous to the Lenders than the relevant transaction
        in existence on the Closing Date; (d) Restricted Junior Payments permitted pursuant to Section 6.04; (e) Investments permitted pursuant to Sections 6.06(r) and 6.06(q); (f) the Transactions, the payment of fees and
        expenses related to the Transactions and the Cristal Acquisition; (g) [intentionally omitted]; (h) issuances of Equity Interests of Holdings or the Borrower to the extent otherwise permitted by this Agreement; (i) payments by Holdings and the
        Restricted Subsidiaries pursuant to tax sharing agreements among Holdings (and any parent thereof), the Borrowers and the Restricted Subsidiaries on customary terms to the extent attributable to the ownership or operation of the Borrower and the
        Restricted Subsidiaries, to the extent payments are permitted by Section 6.04; (j) the issuance or transfer of Equity Interests (other than Disqualified Capital
        Stock) of Holdings to any former, current or future director, manager, officer, employee or consultant (or spouses, former spouses, successors, heirs, legatees, distributes or Affiliates of any of the foregoing) of the Borrowers, any of the
        Subsidiaries or any direct or indirect parent of any of the foregoing; (k) any transaction in respect of which Holdings delivers to the Administrative Agent a letter addressed to the Board of Directors of Holdings from an accounting, appraisal or
        investment banking firm of nationally recognized standing stating that such transaction is on terms that are no less favorable to Holdings or the applicable Restricted Subsidiary than might be obtained at the time in a comparable arm’s length
        transaction from a Person who is not an Affiliate; (l) guarantees permitted by Section 6.01 or Section 6.06; (m) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with
        the terms of this Agreement that are fair to the Holdings the Restricted Subsidiaries, in the reasonable determination of the Board of Directors of Holdings, or are on terms at least as favorable as might reasonably have been obtained at such time
        from an unaffiliated party, and (n) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers, consultants and employees of Holdings (or any parent thereof), the Borrower and the
        Restricted Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries. Notwithstanding anything in the foregoing to the contrary, no Dutch Loan Party
        shall guarantee the obligations of any Person (other than those of another Loan Party) in accordance with Section 2:403 of the Dutch Civil Code (or similar arrangements in other jurisdictions).

     

    
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    Section 6.12          Conduct of Business. From and after the Closing Date, no Loan Party shall, nor shall it permit any of its
        Restricted Subsidiaries to, engage in any business other than (a) the businesses engaged in by the Borrowers and their Subsidiaries on the Closing Date as described in the Confidential Information Memorandum and any businesses similar, related,
        ancillary, complementary or a reasonable expansion thereof; and (b) such other lines of business as may be consented to by the Required Lenders.

     

    Section 6.13          Permitted Activities of Holdings and Tronox Bahamas.

     

    (a)          HoldingsNo Holding
            Company shall not (i) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than (A) the Indebtedness and
          obligations under this Agreement and the other Loan Documents and, (B) the Indebtedness under Section 6.01(l), Section

            6.01(r), and Section 6.01(dd) and Qualified Holding Company Debt and (C)
            Indebtedness owing to another Holding Company which is not subject to any Guarantees by any Subsidiary of any Holding Company (including the Borrower, but excluding any other Holding Company)); (ii) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired, created, leased or licensed by it other than the Liens created under the Security Documents to
          which it is a party or permitted pursuant to Section 6.02; (iii)
          engage in any business or activity or own any assets other than (A) directly or indirectly holding (1) 100% of the Equity Interests of each of the Borrowers and (2) its other Subsidiaries, (B) performing its obligations and activities incidental
          thereto under the Loan Documents, and to the extent not inconsistent therewith, the Term Loan Documents or documents governing the Indebtedness under Section

            6.01(l), Section 6.01(r), and Section 6.01(dd) and Qualified Holding Company Debt, (C) making Restricted Junior Payments and Investments to the extent permitted by this Agreement, (D) participating in tax, accounting and other administrative matters related to any Parent Entity and
          a Borrower or any of their Subsidiaries, (E) repurchases of Indebtedness through open
          market purchases and Dutch auctions (in the case of Loans, to the extent permitted hereunder), the making of any loan to any officers or directors constituting an Investment permitted under Section 6.06, the making of any Investment in a Borrower or any Restricted Subsidiary that is a Guarantor (including another Holding Company) or, to the extent otherwise allowed under Section 6.06,
          a Restricted Subsidiary that is not a Guarantor, (F) any public offering of its common stock or any other issuance or registration of its Qualified Capital Stock for sale or resale (including, for the avoidance of doubt, the making of any
          dividend or distribution on account of, or any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value of, any shares of any class of Qualified Capital Stock), including the costs, fees and expenses
          related thereto, (G) (i) holding of any cash, Cash Equivalents and other assets received
          from, or Investments made by, a Borrower or any Restricted Subsidiary or contributions to the capital of, or proceeds from the issuance of, Equity Interests of the Parent Entities, in each case, pending prompt application thereof in a manner
          permitted by the terms of this Agreement (including by way of Restricted Junior Payments to any Parent Entity) and, (ii) the payment of
          dividends or making of distributions, making of loans and contributions to the capital of its Subsidiaries and guaranteeing the obligations of its Subsidiaries (other than Indebtedness) and (iii) the payment of dividends, making of distributions, and making of loans and contributions by any Holding Company to any other Holding Company to the extent
            not prohibited by this Agreement or the other Loan Documents, (H) incurring fees, costs and expenses relating to overhead and general operating expenses including professional fees for legal, tax and accounting issues, and paying taxes,
          (I) providing indemnification for its current and former officers, directors, members of
          management, managers, employees and advisors or consultants and (J) activities incidental to the businesses or activities described in the foregoing clauses; (iv) consolidate with or merge with or into, or convey, transfer, lease or license all
          or substantially all its assets to, any Person; (v) sell or otherwise dispose of any Equity Interests of any of its Restricted Subsidiaries except as may be expressly permitted under this Agreement; or (vi) fail to hold itself out to the public
          as a legal entity separate and distinct from all other Persons.

     

    
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    (b)          So long as a Bahamas
        Receivables Purchase Agreement is in effect, Tronox Bahamas shall not (i) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than the Indebtedness and obligations under this Agreement, the other
        Loan Documents, the Term Loan Agreement, any Permitted Secured Indebtedness or as permitted under clause (iii) below; (ii) create or suffer to exist any Lien upon any
        property or assets now owned or hereafter acquired, created, leased or licensed by it other than the Liens created under the Security Documents to which it is a party, Liens granted under the Term Loan Documents that secure the Term Loans and Liens granted to secure the Permitted Secured Indebtedness or Liens permitted pursuant to Section

            6.02; provided that Tronox Bahamas may not grant any Liens on any property or assets pursuant to this clause (ii) to secure the Term Loans or any Permitted Secured Indebtedness unless Tronox Bahamas shall also grant a Lien on the same property and/or assets to the Collateral Agent to secure the
        Secured Obligations; (iii) engage in any business or activity or own any assets other than (A) purchasing assets from a Subsidiary of Holdings and, substantially contemporaneously therewith, selling such assets, resulting in the creation of a
        payment obligation therefor; (B) related to, arising from and incidental to the transactions in connection with Bahamas Receivable Purchase Agreements, and owning assets related thereto; and (C) making Restricted Junior Payments, dispositions and
        Investments to the extent permitted by this Agreement; (iv) except as permitted under Section 6.08(c) or (p),
        consolidate with or merge with or into, or convey, transfer, lease or license all or substantially all its assets to, any Person; (v) sell or otherwise dispose of any Equity Interests of any of its Subsidiaries; or (vi) fail to hold itself out to
        the public as a legal entity separate and distinct from all other Persons; provided that, for the avoidance of doubt, Tronox Bahamas may redomicile into the
        United States or Australia (or any component jurisdiction of each thereof) subject to compliance with the requirements to grant security in accordance with Section 5.10.

     

    Section 6.14          Amendments or Waivers of Organizational Documents and Other Documents. No Loan Party shall, nor shall it
        permit any of its Restricted Subsidiaries to,

     

    (a)          agree to any material
        amendment, restatement, supplement, termination or other modification to, or waiver of, any of its Organizational Documents (including (x) by the filing or modification of any certificate of designation and (y) any election to treat any Pledged
        Equity Interests (as defined in the U.S. Security Agreement) as a “security” under Section 8-103 of the UCC other than concurrently with the delivery of certificates representing such Pledged Equity Interests to the Collateral Agent), in each case,
        that would materially adversely affect the Lenders or their rights under this Agreement in the good faith judgment of the Administrative Agent or the Required Lenders after the Closing Date without obtaining the prior written consent of the
        Required Lenders to such amendment, restatement, supplement, termination or other modification or waiver or agreement; provided (i) that Holdings may issue
        such Equity Interests, so long as such issuance is not prohibited by Section 6.17 or any other provision of this Agreement, and may amend or modify its Organizational
        Documents to authorize any such Equity Interests and (ii) any material amendment, restatement, supplement, termination or other modification to, or waiver of, any of its Organizational Documents shall be permitted to be entered into in connection
        with the Permitted Reorganization;

     

    
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    (b)          agree to any
        amendment, restatement, supplement or other modification to, or waiver of, or make any payment consistent with an amendment thereof or change thereto, (i) any Permitted Seller Notes; (ii) the Bahamas Receivables Purchase Agreement; (iii) any Term
        Loan Document to the extent in violation of the Intercreditor Agreement; (iv) the subordination terms and provisions of the Intercompany Note and the Indebtedness evidenced thereby; or (v) any Permitted Secured Indebtedness or any Indebtedness
        permitted under Section 6.01(l)(2) or 6.01(r), other than as permitted under any
        intercreditor agreement with the Administrative Agent entered into with respect thereto, in each case that would materially adversely affect the Lenders or their rights in this Agreement after the Closing Date in the good faith judgment of the
        Administrative Agent or the Required Lenders without obtaining the prior written consent of Required Lenders to such amendment, restatement, supplement or other modification or waiver; or

     

    (c)          in respect of the
        Australian Loan Parties and Tronox Bahamas only, (i) waive, amend or modify any provisions regarding the direction of proceeds under any sales contract to which an Australian Loan Party or Tronox Bahamas is a party; or (ii) enter into any customer
        contract or similar agreement to which any Australian Loan Party or Tronox Bahamas is a party without the Administrative Agent’s prior written approval of the form thereof (such approval not to be unreasonably withheld or delayed).

     

    Section 6.15          Fiscal Year. Change its Fiscal Year end from December 31.

     

    Section 6.16          Australian GST Group. If it is or becomes a member of an Australian GST Group, (a) enter into and comply with
        the terms of the ITSA of which it is a party; (b) provide a copy of the ITSA to the Administrative Agent within five (5) Business Days of request; (c) ensure that the ITSA is maintained in full force and effect while such Australian GST Group is in
        existence; (d) not amend or vary the ITSA in a manner that would reasonably be expected to be adverse in any material respect to the Lenders without the Administrative Agent’s prior written consent (it being understood and agreed that any such
        amendment that does not adversely affect in any material respect a Loan Party’s cash flows or financial condition or its present or prospective indirect tax liabilities or liabilities under the ITSA shall be deemed to be not adverse to the Lenders
        in any material respect); (d) not cease to be a party to, or replace or terminate the ITSA, without the Administrative Agent’s prior written consent: (e) ensure that the ITSA is in the approved form as determined by the Australian Commissioner of
        Taxation from time to time; (f) ensure that Contribution Amounts are determined on a reasonable basis; and (g) ensure that the representative member of such Australian GST Group provides a copy of the ITSA to the Australian Commissioner of Taxation
        within fourteen (14) days of request or within such other time required by the Australian Commissioner of Taxation.

     

    Section 6.17          Limitation on Issuance of Capital Stock.

     

    
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    (a)          Holdings shall not
        issue any Equity Interest that is not either (i) Qualified Capital Stock or (ii) to the extent permitted by Section 6.01, Disqualified Capital Stock.

     

    (b)          No Loan Party shall
        issue any Equity Interest (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except (i) for stock splits, stock dividends and additional issuances of Equity
        Interests which do not decrease the percentage ownership of the Loan Parties in any class of the Equity Interest of such Subsidiary; (ii) Restricted Subsidiaries of the Borrowers formed after the Closing Date in accordance with Section 6.18 may issue Equity Interests to a Borrower or the Subsidiary of a Borrower which is to own such Equity Interests; and (iii) the Borrowers may issue common stock
        that is Qualified Capital Stock to Holdings. All Equity Interests issued in accordance with this Section 6.17(b) shall, to the extent required by Section 5.10 or any Security Agreement or if such Equity Interests are issued by a Borrower, be delivered to the Collateral Agent for pledge pursuant to the applicable Security Agreement.

     

    Section 6.18          Dutch Law Matters.

     

    (a)          No Loan Party that is
        incorporated, registered or organized under Dutch law shall create or become a member of a fiscal unit (fiscale eenheid) for Dutch corporate income tax or
        value added tax purposes (other than such fiscal unit comprising solely Loan Parties.

     

    (b)          No Loan Party that is
        incorporated, registered or organized under Dutch law shall issue a declaration of joint and several liability as referred to in Section 2:403 of the Dutch Civil Code.

     

    Section 6.19          [Intentionally Omitted]

     

    Section 6.20          Relationship to Term Loan.

     

    (a)          Notwithstanding Section 6.01, no Loan Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or
        remain directly or indirectly liable with respect to any Indebtedness in reliance on Section 6.01 of the Term Loan Agreement (other than the Indebtedness incurred hereunder) unless after giving effect thereto, the entire amount of the Commitments
        then in effect plus the amount of any increase in Commitments available to the Borrowers under Section 2.20 is available to be utilized hereunder without violating Section 6.01 of the Term Loan Agreement or the Intercreditor Agreement.

     

    (b)          No Loan Party shall
        permit any of its Restricted Subsidiaries to guarantee the obligations under the Term Loan Agreement or become a borrower under the Term Loan Agreement unless such Subsidiary is also a Borrower, an Additional Co-Borrower or Guarantor hereunder.

     

    For purposes of the covenants described in Sections 6.01, 6.02, 6.04 and 6.06,
        if any Indebtedness, Lien, Restricted Junior Payment or Investment (or a portion thereof) would be permitted pursuant to one or more provisions described therein, the Administrative Borrower may divide and classify such Indebtedness, Liens,
        Restricted Junior Payments or Investments (or a portion thereof) in any manner that complies with the covenants set forth in Sections 6.01, 6.02, 6.04 and 6.06, as applicable, and may
        later divide and reclassify any such Indebtedness, Lien, Restricted Junior Payment or Investment so long as the Indebtedness, Lien, Restricted Junior Payment or Investment (as so divided and/or reclassified) would be permitted to be made in
        reliance on the applicable exception as of the date of such reclassification.

     

    Notwithstanding any other provisions to the contrary in this Agreement or any other Loan Document, prior to the date on which the Cristal
        Acquisition is consummated, the amount of any fixed Dollar amount in any permission, test or basket (including all de minimis baskets or thresholds) set forth in this Agreement and the other Loan Documents other than that set forth in Section 6.04(d)) (each a “Fixed Dollar Basket”) shall be deemed to be reduced to 50%
        of the amount of the Fixed Dollar Basket set forth herein.

     

    
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    ARTICLE VII

        

        GUARANTEE

     

    Section 7.01          The Guarantee. Each Borrower and each of the other Guarantors hereby jointly and severally guarantee, as a
        primary obligor and not as a surety to each Secured Party and their respective successors and permitted assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or
        otherwise) of the principal of and interest on (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the
        United States Code) the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers, and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Swap
        Agreement or Treasury Services Agreement entered into with a counterparty that is a Secured Party, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”). Notwithstanding the foregoing, in no event shall the Guaranteed Obligations include any Excluded Swap Obligation. The Guarantors hereby jointly and
        severally agree that if any Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without
        any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise)
        in accordance with the terms of such extension or renewal.

     

    Section 7.02          Obligations Unconditional. The obligations of the Guarantors under Section 7.01 shall constitute a guaranty of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of
        the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release
        or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor
        (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute,
        irrevocable and unconditional under any and all circumstances as described above:

     

    (i)          at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended,
          or such performance or compliance shall be waived;

     

    (ii)          any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done
          or omitted;

     

    (iii)          the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan
          Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or
          in part or otherwise dealt with;

     

    
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    (iv)          any Lien or security interest granted to, or in favor of, Issuing Bank or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected;
          or

     

    (v)          the release of any other Guarantor pursuant to Section 7.11.

     

    The Guarantors hereby expressly waive, to the fullest extent permitted by applicable Requirements of Law, diligence, presentment, demand
        of payment, protest and all notices whatsoever (other than the ones expressly provided for or set forth in the applicable Loan Documents), and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the
        Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors
        waive, to the fullest extent permitted by applicable Requirements of Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured
        Party upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between the
        Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of
        payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or
        contingent upon the pursuit by the Secured Parties or any other Person at any time of any right or remedy against the Borrowers or against any other Person which may be or become liable in respect of all or any part of the Guaranteed Obligations or
        against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the
        successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

     

    Section 7.03          Reinstatement. The obligations of the Guarantors under this Article VII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Borrower or other Loan Party in respect of the Guaranteed Obligations is
        rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

     

    Section 7.04          Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction
        in full in cash of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of
        any performance by it of its guarantee in Section 7.01, whether by subrogation or otherwise, against any Borrower or other Guarantor of any of the Guaranteed
        Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan Party permitted pursuant to Section 6.01(b) shall be
        subordinated to such Loan Party’s Secured Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness.

     

    
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    Section 7.05          Remedies. Subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the
        terms of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is
        outstanding), the Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 8.01 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.01) for purposes of Section 7.01, notwithstanding any stay, injunction or other prohibition preventing
        such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations
        (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of Section 7.01.

     

    Section 7.06          Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article VII constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by
        such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

     

    Section 7.07          Continuing Guarantee. The guarantee in this Article VII is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

     

    Section 7.08          General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited
        partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 7.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account
        of the amount of its liability under Section 7.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any
        further action by such Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 7.11) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

     

    Section 7.09          Swiss Guarantee Limitation.  Any guarantee, indemnity or other obligation provided under, or the realization
        of any security interest over any asset granted by, this Agreement or any other Loan Document, by a Guarantor organized or incorporated under the laws of Switzerland (the “Swiss Guarantor”) shall be deemed not to be provided by such Swiss Guarantor to the extent that the same would constitute a breach of the financial assistance prohibitions under Swiss law. Under Swiss law, the following
        restrictions shall be applicable to the Swiss Guarantor:

     

    (a)          Any guarantee,
        indemnity or other obligation by a Swiss Guarantor under this Agreement or any other Loan Documents (the “Restricted Obligations”) and the aggregate use of proceeds from the enforcement of any security interest granted by a Swiss Guarantor shall be
        limited to the amount of that Swiss Guarantor's Free Reserves Available for Distribution at the time payment or the application of proceeds from the realization of a security interest is requested or, the maximum amount permitted by Swiss law
        applicable at such time. Such limitations shall only apply to the extent it is a requirement under applicable law (including any case law) at the point in time payment or the application of proceeds from the realization of a security interest is
        requested. Such limitation (as may apply from time to time or not) shall not (generally or definitively) free such Swiss Guarantor from payment obligations or the application of proceeds from the realization of a security interest under this
        Agreement or any other Loan Document in excess thereof, but merely postpone the payment date therefor or the application of proceeds from the realization of a security interest until such times as payment is again permitted notwithstanding such
        limitation. For the purpose of this Section 7.09, “Free Reserves Available for Distribution” means an amount equal to the maximum amount in which the relevant Swiss Guarantor can make a dividend payment to its shareholder(s) (being the year to date
        balance sheet profit and any freely disposable reserves available for this purpose, in each case in accordance with applicable Swiss law).

     

    
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    (b)          As soon as reasonably
        practicable after having been requested to discharge a Restricted Obligation, but in any event within 90 days from the request of the Administrative Agent (or such later date as may be agreed by the Administrative Agent in its reasonable
        discretion), the respective Swiss Guarantor shall provide the Administrative Agent with (i) an interim statutory balance sheet audited by the statutory auditors of such Swiss Guarantor setting out the Free Reserves Available for Distribution and
        (ii) a confirmation issued by such Swiss Guarantor's legal counsel as to the rate of Swiss withholding tax then applicable to any payment by the Guarantor of a Restricted Obligation or to any enforcement proceeds of a security interest securing a
        Restricted Obligation for the purpose of paragraph (c) below and, promptly thereafter, pay the lesser of (i) the Restricted Obligation and (ii) the amount corresponding to the Free Reserves Available for Distribution or the maximum amount permitted
        by Swiss law applicable at the time payment is requested to the Administrative Agent.

     

    (c)          In case a Swiss
        Guarantor who must make a payment or who must apply proceeds from the realization of a security interest in respect of the Restricted Obligations under this Agreement or any other Loan Document is obliged to withhold Swiss withholding tax in
        respect of such payment, such Swiss Guarantor shall:

     

    (i)          if and to the extent required by applicable law in force at the relevant time:

     

    (A)          procure that such payments can be made without deduction of Swiss withholding tax, or with deduction of Swiss withholding tax at a reduced rate, by discharging the liability to such tax by notification pursuant to applicable law
        (including double tax treaties) rather than payment of the tax;

     

    (B)          if the notification procedure pursuant to paragraph (A) above does not apply, deduct Swiss withholding tax at the rate of 35% (or such other rate as in force from time to time), or if the notification procedure pursuant to
        paragraph (A) above applies for a part of the Swiss withholding tax only, deduct Swiss withholding tax at the reduced rate resulting after the discharge of part of such tax by notification under applicable law, from any payment made by it in
        respect of Restricted Obligations and promptly pay any such taxes to the Swiss Federal Tax Administration; and

     

    (C)          notify the Administrative Agent that such notification or, as the case may be, deduction has been made and provide evidence to the Administrative Agent that such a notification of the Swiss Federal Tax Administration has been made,
        or, as the case may be, that such Swiss withholding tax has been paid to the Swiss Federal Tax Administration;

     

    (ii)          to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Lenders for the deduction of the Swiss withholding tax
          notwithstanding anything to the contrary contained in the Loan Documents, unless grossing-up is permitted under the laws of Switzerland then in force and provided that this should not in any way limit any obligations of any non-Swiss Guarantors
          under the Loan Documents to indemnify the Lenders in respect of the deduction of the Swiss withholding tax. The Swiss Guarantor shall use all reasonable efforts to procure that any person which is entitled to a full or partial refund of any Swiss
          withholding tax paid pursuant to paragraph (i) above will, as soon as possible after the deduction of the Swiss withholding tax: (y) request a refund of the Swiss withholding tax under any applicable law (including double taxation treaties) and
          (z) pay to the Administrative Agent upon receipt any amount so refunded.

     

    
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    (d)          If a Swiss Guarantor
        is obliged to withhold Swiss withholding tax in accordance with paragraph (c) above, the Administrative Agent shall be entitled to further request payment under the Guarantee as per this Agreement or any other Loan Document and other indemnity
        granted to it under this Agreement or any other Loan Document and apply proceeds therefrom against the relevant Obligations to which the payment referred to in paragraph (c) above relates up to an amount which is equal to that amount which would
        have been obtained if no withholding of Swiss withholding tax were required, whereby such further payments shall be subject to Swiss withholding tax as may then be applicable and shall always be limited to the maximum amount of the Free Reserves
        Available for Distribution of such Swiss Guarantor as set out in paragraph (a) above or the maximum amount permitted by Swiss law applicable at such time.

     

    (e)          The Swiss Guarantor
        will take, and cause to be taken, as soon as reasonably practicable but in any event within 90 days from the request of the Administrative Agent (or such later date as may be agreed by the Administrative Agent in its reasonable discretion), all and
        any other action, including, without limitation, the passing of any shareholders’ resolutions to approve any payment or other performance under this Agreement or any other Loan Document and the receipt of any confirmations from the Swiss
        Guarantor's auditors, whether following a request to discharge a Restricted Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is required to make a payment or perform other obligations under this
        Agreement, or any other Loan Document in order to allow a prompt payment of amounts owed by the Swiss Guarantor, a prompt use of proceeds from security interests granted by the Swiss Guarantor or the prompt performance of other obligations under
        this Agreement, or any other Loan Document.

     

    (f)          If the enforcement of
        the Restricted Obligations would be limited due to the effects referred to in this Section 7.09 and if any asset of the Swiss Guarantor has a book value that is less than
        its market value (an “Undervalued Asset”), the Swiss Guarantor shall, to the extent permitted by applicable law and its accounting standards, (i) write up the
        book value of such Undervalued Asset such that its balance sheet reflects a book value that is equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to realize the Undervalued Asset for a sum which is at least equal
        to the market value of such asset. Without prejudice to the rights of the Administrative Agent under this Agreement, or any other Loan Document, the Swiss Guarantor will only be required to realize an Undervalued Asset if such asset is not
        necessary for the Swiss Guarantor's business (nicht betriebsnotwendig).

     

    Section 7.10          [Intentionally Omitted].

     

    Section 7.11          Release of Guarantors.  If, in compliance with the terms and provisions of the Loan Documents, all or
        substantially all of the Equity Interests of any Guarantor are sold or otherwise transferred (a “Transferred Guarantor”) to a Person or persons, none
        of which is a Borrower or a Loan Party, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released (without any further action by any Agent or any other Person so long as the Administrative Agent has
        received the documents requested pursuant to this Section 7.11) from its obligations under the Loan Documents (including under Section 10.03 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document and the pledge of such Equity Interests to the Collateral Agent
        pursuant to the Security Documents shall be automatically released, and, so long as the Borrowers shall have provided the Administrative Agent such certifications or documents as the Administrative Agent shall reasonably request, the Collateral
        Agent shall take such actions as are necessary to effect or evidence each release described in this Section 7.11 in accordance with the relevant provisions of
        the Security Documents, so long as the Borrowers shall have provided the Administrative Agent such certifications or documents as the Administrative Agent shall reasonably request in order to demonstrate compliance with this Agreement; provided that such Guarantor is also released from its obligations under the Term Loan Documents on the same terms.

     

    
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    Section 7.12          Right of Contribution.  Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor
        shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its
        proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 7.04. The
        provisions of this Section 7.11 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent, the Issuing
        Bank, the Swingline Lender and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

     

    Section 7.13          Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and
        irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable
        under this Section 7.12 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 7.12, or otherwise under this Guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater
        amount). The obligations of each Qualified ECP Guarantor under this Article VII shall remain in full force and effect until payment in full of all Guaranteed Obligations. Each Qualified ECP Guarantor intends that this Section 7.12 constitutes, and this Section 7.12 shall be deemed to constitute, a “keepwell, support,
        or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

     

    ARTICLE VIII

        

        EVENTS OF DEFAULT

     

    Section 8.01          Events of Default.  Upon the occurrence and during the continuance of the following events (“Events of Default”):

     

    (a)          Failure to Make Payments When Due. Failure by the Borrowers to pay (i) when due any installment of principal of any Loan or any Reimbursement Obligation, whether at stated
        maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) with respect to any interest on any Loan or any fee or any other amount due hereunder within five (5) days after the date due; or

     

    (b)          Breach of Certain Covenants. Failure of any Loan Party to perform or comply with any term or condition contained in Sections 2.22, 5.01(b), (c), (d), (f) or (l)(iv), Section 5.02, Section 5.09, Section

            5.14, Section 5.18(a), Section 5.18(b)-(d) (for a period of more than three (3) Business Days), Section 5.19 or in Article VI; or

     

    
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    (c)          Breach of Representations, Etc. Any representation, warranty, certification or other statement made or deemed made by any Loan Party or any Restricted Subsidiary in any Loan
        Document or the borrowings or issuances of Letters of Credit hereunder or in any statement or certificate at any time given by any Loan Party or any of its Restricted Subsidiaries in writing pursuant hereto or thereto or in connection herewith or
        therewith shall be false or misleading in any material respect as of the date made or deemed made or furnished, and if capable of being cured, remains incorrect in such material respect for 30 days after receipt by the Administrative Borrower of
        written notice thereof by the Administrative Agent; or

     

    (d)          Other Defaults Under Loan Documents. Any Loan Party shall default in the performance of or compliance with any term contained herein or any of the other Loan Documents, other
        than any such term referred to in any other clause of this Section 8.01, and such default
        shall not have been remedied or waived within thirty (30) days after the earlier of (i) an officer of Holdings becoming aware of such default; and (ii) receipt by Holdings of notice from the Administrative Agent or any Lender of such default; or

     

    (e)          Australian Loan Party Insolvency. An Australian Loan Party that is a Material Entity is not Solvent; or

     

    (f)          Involuntary Bankruptcy, Appointment of Receiver, Etc. (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of any Material Entity in an
        involuntary case under any Debtor Relief Laws now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law or law in any other jurisdiction; (ii) an
        involuntary case shall be commenced against any Material Entity under any Debtor Relief Laws now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of an administrator, receiver, receiver
        and manager, administrative receiver, liquidator, provisional liquidator, manager, sequestrator, trustee, custodian, controller or managing controller or other officer having similar powers over any Material Entity, or over all or a substantial
        part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim administrator, receiver, receiver and manager, liquidator, provisional liquidator, manager, trustee or other custodian, controller
        or managing controller of any Material Entity for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of any Material Entity; provided that, in relation to any Material Entity other than a Material Entity incorporated in England and Wales, any such event described in this clause (ii) above shall continue for sixty (60) days without having been dismissed, bonded or discharged; (iii) in the case of any Material Entity incorporated under the laws
        of England and Wales, any legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness, winding-up dissolution, administration or reorganization (whether by a scheme of
        arrangement or otherwise) or compromise, composition or assignment with creditors; or (iv) any analogous step or procedure shall be taken under the laws of any jurisdiction in respect of any Material Entity; provided further, however, that the issuance of a writ of payment (Zahlungsbefehl) under the Swiss debt enforcement and bankruptcy laws shall not constitute an involuntary case or proceeding with respect to any Swiss Guarantor for the purpose of this Section 8.01(f); or

     

    (g)          Voluntary Bankruptcy, Appointment of Receiver, Etc. (i) Any Material Entity shall have an order for relief entered with respect to it or shall commence a voluntary case under
        any Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment
        of or taking possession by a receiver, receiver and manager, administrator, liquidator, provisional liquidator, manager, trustee or other custodian, controller or managing controller for all or a substantial part of its property; or any Material
        Entity shall make any assignment for the benefit of creditors; (ii) any Material Entity shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due or suspends or threatens to suspend
        making payments of its debts; or the Board of Directors (or similar governing body) of any Material Entity (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or
        in Section 8.01(f); or (iii) any analogous step or procedure shall be taken under the laws of any jurisdiction in respect of any Material Entity; or

     

    
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    (h)          Judgments and Attachments. Any money judgment, writ, warrant of attachment, expropriation, sequestration, distress or execution or similar process individually or in the
        aggregate in excess of $75,000,000 (to the extent not covered by insurance as to which a solvent and unaffiliated insurance company has been notified and not denied coverage) shall be entered or filed against any Company or any of their respective
        assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days (or in any event later than five (5) days prior to the date of any proposed sale thereunder) or any action shall be legally taken by a judgment
        creditor to levy upon properties of any Company to enforce any such judgment; or

     

    (i)          Dissolution. Any order, judgment or decree shall be entered against any Loan Party that is a Material Entity decreeing the dissolution or split up of such Loan Party and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or

     

    (j)          Employee Benefit Plans. There shall occur one or more ERISA Events which individually or in the aggregate results in, or could reasonably be expected to result in, liability
        of Holdings, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates in an amount that could reasonably be expected to have a Material Adverse Effect; or

     

    (k)          Change in Control. A Change in Control shall occur; or

     

    (l)          Guarantees, Security Documents and other Loan Documents. At any time after the execution and delivery thereof, (i) the Guaranty for any reason, other than the satisfaction in
        full of all Obligations and the termination of the Commitments, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations
        thereunder; (ii) this Agreement or any Security Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations and the
        termination of the Commitments in accordance with the terms hereof) or shall be declared null and void, in each case for any reason other than the failure of the Collateral Agent or any Secured Party to take any action within its control; (iii)
        subject to the Agreed Security Principles, the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral with an
        aggregate Fair Market Value in excess of $10,000,000 (as to Revolving Loan Priority Collateral) or in excess of $50,000,000 (as to any other Collateral) purported to be covered by the Security Documents with the priority required by the relevant
        Security Document; (iv) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document
        to which it is a party or shall contest the validity or perfection of any Lien in any Collateral purported to be covered by the Security Documents; or (v) any subordination provision in respect of any Material Indebtedness (including the Term Loan
        Agreement) shall for any reason not be (or asserted by any Loan Party in writing not to be) a legal, valid and binding obligation of any Loan Party that is a party thereto other than as expressly permitted hereunder or thereunder; or

     

    
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    (m)          Defaults in Other Agreements. Any (i) failure of any Loan Party of any of their respective Subsidiaries to pay when due any principal of or interest on (or, in respect of any
        Indebtedness set forth in clause (k) of the definition of “Indebtedness,” any other amount of), including any payment in settlement, payable in respect of one or more
        items of Indebtedness (other than Indebtedness referred to in Section 8.01(a)) any Material Indebtedness, in each case beyond the grace period, if any, provided therefor,
        or (ii) any other event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders of any Material
        Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity provided that with respect to this clause (ii), such default has not been waived by the holders of such
        Indebtedness.

     

    THEN (1) upon the occurrence of any Event of Default described in Section 8.01(f)
        or 8.01(g), automatically, and (2) upon the occurrence and during the continuance of any other Event of Default, at the request of the Required Lenders or at the
        Administrative Agent’s discretion, upon notice to Holdings by the Administrative Agent (A) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of
        which are hereby expressly waived by each Loan Party: (I) the unpaid principal amount of and accrued interest and premium on the Loans and (II) the Reimbursement Obligations and all other Obligations; (B) the Administrative Agent may cause the
        Collateral Agent to enforce any and all Liens and security interests created pursuant to Security Documents; and (C) the Commitments shall be terminated forthwith.

     

    Section 8.02          Application of Proceeds. Subject to the terms of the Intercreditor Agreement (so long as any Term Loans are
        outstanding), the terms of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured
        Indebtedness is outstanding), all proceeds received by the Collateral Agent in the event that an Event of Default shall have occurred and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 8.01 and in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Collateral
        Agent of its remedies shall be applied, in full or in part, together with any other sums then held by the Collateral Agent pursuant to this Agreement, promptly by the Collateral Agent against the Obligations in the following order of priority:

     

    (a)          First, to the payment of all reasonable costs and expenses, fees, commissions and taxes of such sale, collection or other realization including
        compensation to the Collateral Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Collateral Agent in connection therewith and all amounts for which the Collateral Agent is entitled to
        indemnification pursuant to the provisions of any Loan Document (in its capacity as the Collateral Agent and not as a Lender), together with interest on each such amount at the Default Rate from and after the date such amount is due, owing or
        unpaid until paid in full;

     

    (b)          Second, to the payment of all other reasonable costs and expenses of such sale, collection or other realization including compensation to the other Secured
        Parties and their agents and counsel and all costs, liabilities and advances made or incurred by the other Secured Parties in connection therewith, together with interest on each such amount at the Default Rate from and after the date such amount
        is due, owing or unpaid until paid in full;

     

    (c)          Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to the indefeasible payment in full in cash, pro rata, of interest and
        other amounts constituting Obligations (other than principal, Reimbursement Obligations and obligations to cash collateralize Letters of Credit) including Overadvances and any fees, premiums and scheduled periodic payments due under Swap Agreements
        or Treasury Services Agreements constituting Secured Obligations and any interest accrued thereon, in each case equally and ratably in accordance with the respective amounts thereof then due and owing;

     

    
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    (d)          Fourth, to the indefeasible payment in full in cash, pro rata,
        of principal amount of the Obligations and any premium thereon (including Reimbursement Obligations and obligations to cash collateralize Letters of Credit) and any breakage, termination or other payments under Swap Agreements and Treasury Services
        Agreements constituting Secured Obligations and any interest accrued thereon; and

     

    (e)          Fifth, the balance, if any, to the Person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns) or as a court of
        competent jurisdiction may direct.

     

    In the event that any such proceeds are insufficient to pay in full the items described in clauses (a) through (e) of this Section 8.02, the Loan
        Parties shall remain liable, jointly and severally, for any deficiency.

     

    Section 8.03          Clean-Up.  Solely in respect of the Cristal Acquisition, and notwithstanding any provision of this Agreement
        or Loan Document, for the Clean-up Period any breach of a representation or warranty under Article III, a breach of affirmative or negative covenant under Article V or Article VI respectively or any Event of Default under Article VIII, in each case, directly arising out of and relating to such Cristal Acquisition, will be deemed not to be a breach of representation or warranty, a
        breach of covenant, Default or an Event of Default if:

     

    (a)          it would have been (if it were not
        for this provision) a breach of representation or warranty, a breach of a covenant, a Default or an Event of Default only by reason of circumstances or matters relating exclusively to Cristal or its subsidiaries (or any obligation for Holdings or
        any Restricted Subsidiary to procure or ensure in relation to Cristal or its subsidiaries);

     

    (b)          it is capable of remedy and
        reasonable steps are being taken to remedy it;

     

    (c)          the circumstances giving rise to
        it were unknown to Holdings and its Subsidiaries prior  to the signing date of the Cristal Acquisition and have not been procured by or approved by Holdings or any of its Subsidiaries; and

     

    (d)          a Material Adverse Effect could
        not reasonably be expected to occur as a result thereof.

     

    If the relevant circumstances are continuing on or after the date falling 120 days after the date of consummation of the Cristal Acquisition (the period
        commencing on the date of the consummation of the Cristal Acquisition and ending on the 120th day thereafter, the “Clean-up Period”), there shall be a breach
        of representation or warranty, breach of covenant, Event of Default or Specified Event of Default, as the case may be, notwithstanding the above (and without prejudice to the rights and remedies of the Secured Parties).

     

    ARTICLE IX

        

        THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

     

    Section 9.01          Appointment and Authority.

     

    
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    (a)          Each of the Lenders
        and the Issuing Bank hereby irrevocably appoints Wells Fargo Bank, National Association, to act on its behalf as the Administrative Agent and the Collateral Agent hereunder and under the other Loan Documents (including, as the case may be, as
        direct representative (direkter Stellvertreter) in connection with the Swiss law governed Security Documents) and authorizes such Agents to take such actions
        on its behalf and to exercise such powers as are delegated to such Agents by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the
        Administrative Agent, the Collateral Agent, the Lenders and the Issuing Bank, and neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.

     

    (b)          Each Lender
        authorizes and directs the Agents to enter into this Agreement, the Intercreditor Agreement and the other Loan Documents. In addition, each Lender authorizes and directs the Administrative Agent to enter into the Bahamas Receivables Purchase
        Agreement (or acknowledge and agree thereto), to the extent it deems appropriate. Each Lender agrees that any action taken by Agents, Required Lenders or Supermajority Lenders in accordance with the terms of this Agreement or the other Loan
        Documents and the exercise by Agents, Required Lenders or Supermajority Lenders of their respective powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the
        Lenders.

     

    Section 9.02          Rights as a Lender. Each Person serving as an Agent hereunder shall have the same rights and powers in its
        capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person serving
        as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
        Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders.

     

    Section 9.03          Exculpatory Provisions.

     

    (a)          No Agent shall have
        any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, no Agent:

     

    (i)          shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

     

    (ii)          shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the
          other Loan Documents that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that such Agent shall not be required to take any action
          that, in its judgment or the judgment of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Requirements of Law; and

     

    (iii)          shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information
          relating to the Borrowers or any of their respective Affiliates that is communicated to or obtained by the Person serving as such Agent or any of its Affiliates in any capacity.

     

    
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    (b)          No Agent shall be
        liable for any action taken or not taken by it (x) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary,
        under the circumstances as provided in Section 10.02) or (y) in the absence of its own gross negligence or willful misconduct as determined by a final and nonappealable
        decision of a court of competent jurisdiction. No Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Agent by a Borrower, a Lender or the Issuing Bank.

     

    (c)          No Agent shall be
        responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
        delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
        validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this
        Agreement with reference to the Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Requirements of Law. Instead, such term
        is used merely as a matter of market custom and is intended to create or reflect only an administrative relationship between independent contracting parties.

     

    (d)          Each party to this
        Agreement acknowledges and agrees that the Administrative Agent may use an outside service provider for the tracking of all UCC financing statements required to be filed pursuant to the Loan Documents and notification to the Administrative Agent,
        of, among other things, the upcoming lapse or expiration thereof, and that any such service provider will be deemed to be acting at the request and on behalf of the Borrowers and the other Loan Parties. No Agent shall be liable for any action taken
        or not taken by any such service provider.

     

    Section 9.04          Reliance by Agent. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
        upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
        sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
        determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that
        such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of such Letter of
        Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall be entitled to rely upon the advice of any such counsel, accountants or experts and shall not be liable for any action taken or
        not taken by it in accordance with such advice.

     

    Section 9.05          Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers
        hereunder or under any other Loan Document by or through, or delegate any and all such rights and powers to, any one or more sub-agents appointed by such Agent, including a sub-agent which is a non-U.S. affiliate of such Agent. Each Agent and any
        such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article

            IX shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as
        well as activities as Agent.

     

    
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    Section 9.06          Resignation of Agent.

     

    (a)          Each Agent may at any
        time give written notice of its resignation to the Lenders, the Issuing Bank and the Borrowers at least thirty (30) days prior to the proposed resignation effective date. Upon receipt of any such notice of resignation, the Required Lenders shall
        have the right to appoint a successor (subject to the Administrative Borrower’s consent (such consent not to be unreasonably withheld or delayed)), which shall be a bank with an office in the United States, or an Affiliate of any such bank with an
        office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its resignation, then the retiring
        Agent may on behalf of the Lenders and the Issuing Bank, appoint a successor Agent meeting the qualifications set forth above; provided that if the Agent
        shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its
        duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents, the retiring
        Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through an Agent shall
        instead be made by or to each Lender and the Issuing Bank directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this clause (a).
        Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be
        discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this clause (a)).
        The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Agent’s resignation hereunder and under the other Loan
        Documents, the provisions of this Article IX and Section 10.03 shall continue in effect for
        the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.

     

    (b)          Any resignation by
        Wells Fargo Bank, National Association as Administrative Agent pursuant to Section 9.06(a) shall, unless Wells Fargo Bank, National Association gives notice to the
        Administrative Borrower otherwise, also constitute its resignation as Issuing Bank, Swingline Lender, and such resignation as Issuing Bank and Swingline Lender shall become effective simultaneously with the discharge of the Administrative Agent
        from its duties and obligations as set forth in the immediately preceding clause (a) (except as to already outstanding Letters of Credit and LC Obligations and Swingline
        Loans, as to which the Issuing Bank and the Swingline Lender shall continue in such capacities until the LC Exposure relating thereto shall be reduced to zero and such Swingline Loans shall have been repaid, as applicable, or until the successor
        Administrative Agent shall succeed to the roles of Issuing Bank and Swingline Lender in accordance with the next sentence and perform the actions required by the next sentence). Upon the acceptance of a successor’s appointment as Administrative
        Agent hereunder, unless Wells Fargo Bank, National Association and such successor gives notice to Administrative Borrower otherwise, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
        retiring Issuing Bank and Swingline Lender and (ii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to
        the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit. At the time any such resignation of the Issuing Bank shall become effective, the Borrowers shall pay all unpaid
        fees accrued for the account of the retiring Issuing Bank pursuant to Section 2.05(c).

     

    
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    Section 9.07          Non-Reliance on Agent and Other Lenders. Each Lender and the Issuing Bank acknowledges that it has,
        independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender further represents
        and warrants that it has had the opportunity to review the Confidential Information Memorandum (if any) and each other document made available to it on the Platform in connection with this Agreement and has acknowledged and accepted the terms and
        conditions applicable to the recipients thereof. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from
        time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Notwithstanding
        anything herein to the contrary, each Lender also acknowledges that the Lien and security interest granted to the Collateral Agent (and/or the Australian Security Trustee, as applicable) pursuant to the Security Documents and the exercise of any
        right or remedy by the Collateral Agent (and/or the Australian Security Trustee, as applicable) thereunder are subject to the provisions of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted
        Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding). So long as
        any Term Loans are outstanding or obligations under any Permitted Securitization or any Permitted Secured Indebtedness are outstanding, in the event of any conflict between the terms of the Intercreditor Agreement and the Security Documents, the
        terms of the Intercreditor Agreement shall govern and control.

     

    Section 9.08          Withholding Tax. To the extent required by any applicable Requirements of Law, the Administrative Agent may
        withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. Without limiting the provisions of Section 2.15(a) or (c), each
        Lender and the Issuing Bank shall, and does hereby, indemnify the Administrative Agent, and shall make payable in respect thereof within thirty (30) days after demand therefor, against any and all Taxes and any and all related losses, claims,
        liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a
        result of the failure of the Administrative Agent to properly withhold tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not property executed,
        or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective). A certificate as to the amount of such payment or liability delivered to
        any Lender or the Issuing Bank by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
        Lender or Issuing Bank under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 9.08. The agreements
        in this Section 9.08 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender,
        the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

     

    Section 9.09          No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Co-Syndication Agents,
        Documentation Agent, Bookmanagers or Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative
        Agent, the Collateral Agent, a Lender or the Issuing Bank hereunder.

     

    
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    Section 9.10          Enforcement. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
        authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be
        instituted and maintained exclusively by, the Administrative Agent (or the Collateral Agent with the consent of the Administrative Agent), or as the Required Lenders may require or otherwise direct, for the benefit of all the Lenders and the
        Issuing Bank; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights
        and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Collateral Agent, the Issuing Bank or the Swingline Lender from exercising the rights and remedies that
        inure to its benefit (solely in its capacity as the Collateral Agent, Issuing Bank or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with, and subject
        to, the terms of this Agreement, or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any bankruptcy or insolvency law. The Collateral
        Agent may, and hereby does, appoint the Administrative Agent as its agent for the purpose of enforcing rights and remedies hereunder and under the other Loan Documents as set forth above.

     

    Section 9.11          Lien Releases. The Secured Parties authorize the Collateral Agent to release any Lien with respect to any
        Collateral (a)(i) upon any sale or other transfer as part of or in connection with an Asset Sale by any Loan Party (other than to Holdings, the Borrower or any other Loan Party) of any Collateral in a transaction permitted under this Agreement, or
        (ii) if any property granted to or held by the Administrative Agent or Collateral Agent under any Loan Documents does not constitute Collateral, the security interests in such Collateral created by the Security Documents shall be automatically
        released; (b) that does not constitute a material part of the Collateral; or (c) subject to Section 10.02(b), with the consent of the Required Lenders. The
        Secured Parties authorize Agent to subordinate its Liens to any Lien securing purchase money obligations permitted hereunder or other Lien entitled to priority hereunder.

     

    Section 9.12          Australian Security Trustee.

     

    (a)          Each of the Secured
        Parties hereby irrevocably appoints the Australian Security Trustee as its security trustee, and authorizes the Australian Security Trustee to take such actions on its behalf, including execution of the other Loan Documents, as applicable, and to
        exercise such powers as are delegated to the Australian Security Trustee by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. All of the Secured Parties (other than the Administrative Agent
        and the Collateral Agent to the extent provided herein) agree and acknowledge that they will take no action in respect of the Australian Security Agreements (including communicating with the Borrowers) except through the Australian Security
        Trustee. The express powers granted to the Australian Security Trustee are in addition to any other power or rights it has under any other law. In relation to anything the Australian Security Trustee does or omits to do, a Borrower need not enquire
        (i) whether the Australian Security Trustee needed to consult with or has consulted with the Lenders, (ii) whether any Lender has instructed the Australian Security Trustee, or (iii) about the terms of any instructions. As between the Australian
        Security Trustee and any Borrower, all action the Australian Security Trustee as security trustee for the Lenders is taken to be authorized unless such Borrower has actual notice to the contrary.

     

    
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    (b)          The Australian
        Security Trustee shall promptly forward to a party the original or a copy of any document which is delivered to the Australian Security Trustee for that party by any other party. If the Australian Security Trustee receives notice from a party
        referring to this Agreement, describing a Default or an Event of Default and stating that the circumstance described is a Default or an Event of Default, it shall promptly notify the Administrative Agent. If the Australian Security Trustee is aware
        of the non-payment of any principal, interest, commitment fee or other fee payable to any other Secured Party under this Agreement, it shall promptly notify such other Secured Party. The Australian Security Trustee’s duties under the Loan Documents
        are solely mechanical and administrative in nature. The Australian Security Trustee has no other duties except as expressly provided in the Loan Documents.

     

    (c)          The Australian
        Security Trustee may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Loan Party.

     

    (d)          The Australian
        Security Trustee may assume (unless it has received actual notice to the contrary in its capacity as security trustee for the Secured Parties) that any right, power, authority or discretion vested in any party or the Required Lenders has not been
        exercised.

     

    (e)          Notwithstanding any
        other provision of any Loan Document to the contrary, (i) the Australian Security Trustee is not obliged to do or to omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a
        fiduciary duty or duty of confidentiality, (ii) the Australian Security Trustee need not act (whether or not on instruction from one or more Lenders) for so long as it is unable to act due to any cause beyond its control (including war, riot,
        natural disaster, labor dispute or law taking effect after the date of this Agreement). The Australian Security Trustee agrees to notify each Lender, each other Agent and the Australian Borrower promptly after it determines that it is unable to act
        pursuant to clause (ii) of this Section 9.11(e). The Australian Security Trustee will have
        no responsibility for any liability or loss arising from, or any costs incurred in connection with, the Australian Security Trustee not acting for so long as it is unable to act pursuant to clause (ii) of this Section 9.11(e)).

     

    (f)          Unless a contrary
        indication appears in any Loan Document, the Australian Security Trustee shall: (i) exercise any right, power, authority or discretion vested in it as Australian Security Trustee in accordance with any instructions given to it by the Administrative
        Agent (or, if so instructed by the Administrative Agent, refrain from acting or exercising any right, power, authority or discretion vested in it as Australian Security Trustee); and (ii) not be liable for any act (or omission) if it acts (or
        refrains from taking any action) in accordance with such an instruction of the Secured Parties. Unless a contrary indication appears in a Loan Document, any instructions given to the Australian Security Trustee by the Administrative Agent will be
        binding on all the Secured Parties. The Australian Security Trustee may refrain from acting in accordance with the instructions of the Administrative Agent (or, if appropriate, the Secured Parties) until it has received such security as it may
        require for any cost, loss or liability (together with any associated indirect Tax) which it may incur in complying with the instructions. The Australian Security Trustee is not authorized to act on behalf of a Secured Party (without first
        obtaining that Secured Party’s consent) in any legal or arbitration proceedings relating to any Loan Document.

     

    (g)          Without limiting the
        rest of this clause (g), the Australian Security Trustee will not be liable for any action taken by it, or for omitting to take action under or in connection with any
        Loan Document, unless directly caused by its gross negligence or willful misconduct. No party (other than the Australian Security Trustee) may take any proceedings against any officer, employee or agent of the Australian Security Trustee in respect
        of any claim it might have against the Australian Security Trustee or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Loan Document and any officer, employee or agent of the Australian Security
        Trustee may rely on this Article IX. The Australian Security Trustee will not be liable for any delay (or any related consequences) in crediting an account with an amount
        required under the Loan Documents to be paid by the Australian Security Trustee if the Australian Security Trustee has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any
        recognized clearing or settlement system used by the Australian Security Trustee for that purpose.

     

    
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    (h)          Each Lender shall (in
        proportion to its share of the aggregate Revolving Commitments at any time or, if the aggregate Revolving Commitments at such time are zero, to its share of the aggregate Revolving Commitments immediately prior to their reduction to zero) indemnify
        the Australian Security Trustee, within three (3) Business Days of demand, against any cost, loss or liability incurred by the Australian Security Trustee (otherwise than by reason of the Australian Security Trustee’s fraud, negligence or willful
        misconduct) in acting as Australian Security Trustee under the Loan Documents (unless the Australian Security Trustee has been reimbursed by a Borrower pursuant to a Loan Document).

     

    (i)          The Australian
        Security Trustee may treat the Administrative Agent as the agent entitled to payments under this Agreement and acting through its facility office unless it has received not less than five (5) Business Days prior notice from the Administrative Agent
        to the contrary in accordance with the terms of this Agreement.

     

    (j)          Any amount payable to
        the Australian Security Trustee under the Loan Documents shall include the cost of utilizing the Australian Security Trustee’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the
        Australian Security Trustee may notify to the Borrowers and the Secured Parties, and is in addition to any fee paid or payable to the Australian Security Trustee under any Loan Document.

     

    (k)          If any party owes an
        amount to the Australian Security Trustee under any Loan Document, the Australian Security Trustee may, after giving notice to such party, deduct an amount not exceeding that amount from any payments to such party which the Australian Security
        Trustee would otherwise be obliged to make under such Loan Document and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Loan Document, such party shall be regarded as having received any amount so
        deducted.

     

    Section 9.13          Collateral Agent Acting as Security Trustee.

     

    (a)          Appointment. The Secured Parties appoint the Collateral Agent to act as security trustee (the “Security Trustee”) under the UK Security Agreements for the purposes of holding (A) any Lien created by any UK Security Agreement; and (B) the covenants and undertakings of the relevant UK Security Agreements.

     

    (b)          Delegation. The Security Trustee may delegate to any Person on such terms (which may include the power to sub-delegate) and subject to such conditions as it thinks fit, all or
        any of the rights, powers, authorities and discretions vested in it by any of the Loan Documents.

     

    (c)          Separate Security Trustees. The Security Trustee may (whether for the purpose of complying with any law or regulation of any overseas jurisdiction, or for any other reason)
        appoint any Person to act jointly with the Security Trustee either as a separate trustee or as a co-trustee (each an “Appointee”) on such terms and subject to
        such conditions as the Security Trustee thinks fit and with such of the rights, powers, authorities and discretions vested in the Security Trustee by any Loan Document as may be conferred by the instrument of appointment of the Appointee. The
        Security Trustee may pay reasonable remuneration to any Appointee, together with any costs and expenses (including legal fees) reasonably incurred by the Appointee in connection with its appointment. All such remuneration, costs and expenses shall
        be treated, for the purposes of this Agreement, as paid or incurred by the Security Trustee.

     

    
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    (d)          The UK Security Agreements. Each Secured Party confirms its approval of the relevant UK Security Agreements and of any Lien intended to be created under it, and authorizes and
        instructs the Security Trustee to execute and deliver the relevant UK Security Agreements. The Security Trustee may accept without enquiry the title (if any) which any Person may have to any assets over which Lien is intended to be created by the
        relevant UK Security Agreements, and shall not be liable to any other party for any defect in or failure of any such title. The Security Trustee shall not be (i) liable or responsible to any Secured Party for any failure to perfect, protect,
        register, make any filing or give notice in respect of the Lien intended to be created by the relevant UK Security Agreements, unless that failure arises directly from its own gross negligence or wilful misconduct; (ii) obliged to insure any assets
        over which Lien is intended to be created by the relevant UK Security Agreements, to require any other person to maintain any such insurance, or to make any enquiry or conduct any investigation into the legality, validity, effectiveness, adequacy
        or enforceability of any insurance existing over any such asset; or (iii) obliged to hold in its own possession the relevant UK Security Agreements, title deed or other document relating to any assets over which Lien is intended to be created by
        the relevant UK Security Agreements.

     

    (e)          Security Trustee as Proprietor. Each Secured Party confirms that it does not wish to be registered as a joint proprietor of any mortgage or charge created pursuant to the
        relevant UK Security Agreements and accordingly (i) authorizes the Security Trustee to hold such mortgages and charges in its sole name as trustee for the Secured Parties; and (ii) requests the Land Registry (or other relevant registry) to register
        the Security Trustee as a sole proprietor (or heritable creditor, as the case may be) of any such mortgage or charge.

     

    (f)          Investments. Except to the extent that a UK Security Agreement otherwise requires, any moneys received by the Security Trustee under or pursuant to a UK Security Agreement may
        be (a) invested in any investments which it may select and which are authorized by applicable law; or (b) placed on deposit at any bank or institution (including itself) on such terms as it may think fit, in each case in the name or under the
        control of the Security Trustee, and those moneys, together with any accrued income (net of any applicable Tax) shall be held by the Security Trustee to the order of the Administrative Agent, and shall be payable to the Administrative Agent on
        demand.

     

    (g)          Secured Parties’ Indemnity to the Security Trustee. Each Secured Party shall indemnify the Security Trustee, its delegates and sub-delegates and Appointees (for purposes of
        this Section 9.13, each an “Indemnified Party”), within three (3) Business Days
        of demand, against any cost, loss or liability incurred by the Security Trustee or the relevant Indemnified Party (otherwise than by reason of the gross negligence or wilful misconduct of the Security Trustee or that Indemnified Party) in acting as
        Security Trustee or its delegate, sub-delegate or Appointee under the relevant UK Security Agreements (except to the extent that the Security Trustee, or the relevant Indemnified Party has been reimbursed by any Loan Party pursuant to the relevant
        UK Security Agreements).

     

    (h)          Conduct of Business by the Security Trustee. No provision of this Agreement will (i) interfere with the right of the Security Trustee to arrange its affairs (tax or otherwise)
        in whatever manner it thinks fit; (ii) oblige the Security Trustee to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or (iii) oblige the Security Trustee to disclose any
        information relating to its affairs (tax or otherwise) or any computations in respect of tax.

     

    (i)          Liability of Security Trustee.

     

    
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    (i)          The Security Trustee shall not nor shall any of its officers, employees or agents from time to time be responsible for: (A) the adequacy, accuracy and/or completeness of any
          information (whether oral or written) supplied by any Loan Party or any other person given in or in connection with the relevant UK Security Agreements; or (B) the legality, validity, effectiveness, adequacy or enforceability of the relevant UK
          Security Agreements or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with the relevant UK Security Agreements.

     

    (ii)          Without limiting subclause (i) above, the Security Trustee shall not be liable for any action taken by it or not taken by it under or in connection with the relevant UK Security Agreements, unless directly caused by its gross negligence or
          wilful misconduct.

     

    (iii)          No party (other than the Security Trustee) may take any proceedings against any officer, employee or agent of the Security Trustee in respect of any claim it might have
          against the Security Trustee or in respect of any act or omission of any kind by that officer, employee or agent in relation to the relevant UK Security Agreements and any officer, employee or agent of the Security Trustee may rely on this Section 9.13 and the provisions of the Contracts (Rights of Third Parties) Act
          1999.

     

    (iv)          The Security Trustee shall not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Loan Documents to be paid by
          the Security Trustee, if the Security Trustee has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Security Trustee for
          that purpose.

     

    (v)          Without affecting the responsibility of the Loan Parties for information supplied by them or on their behalf in connection with any Loan Document, each Secured Party
          confirms to the Security Trustee that it has been, and shall continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with the relevant UK Security Agreements
          including but not limited to: (i) the financial condition, status and nature of the Loan Parties; (ii) the legality, validity, effectiveness, adequacy or enforceability of the relevant UK Security Agreements and any other agreement, arrangement
          or document entered into, made or executed in anticipation of, under or in connection with the relevant UK Security Agreements; (iii) whether such Secured Party has recourse, and the nature and extent of that recourse, against any party or any of
          its respective assets under or in connection with any Loan Document, the transactions contemplated by the UK Security Agreements or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
          connection with the relevant UK Security Agreements; and (iv) the adequacy, accuracy and/or completeness of any information provided by any person under or in connection with the relevant UK Security Agreements, the transactions contemplated by
          the relevant UK Security Agreements or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the relevant UK Security Agreements.

     

    (j)          UK Security Agreements. The Security Trustee shall accept without investigation, requisition or objection, such title as any person may have to the assets which are subject to
        the relevant UK Security Agreements and shall not (i) be bound or concerned to examine or enquire into the title of any person; (ii) be liable for any defect or failure in the title of any person, whether that defect or failure was known to the
        Security Trustee or might have been discovered upon examination or enquiry and whether capable of remedy or not; or (iii) be liable for any failure on its part to give notice of the relevant UK Security Agreements to any third party or otherwise
        perfect or register the Liens created by the relevant UK Security Agreements (unless such failure arises directly from the Security Trustee’s gross negligence or willful misconduct). The Security Trustee shall hold the relevant UK Security
        Agreements and all proceeds of enforcement of them on trust for the Secured Parties on the terms and conditions of this Agreement. The relevant UK Security Agreements shall rank as continuing Lien for the discharge of the liabilities secured by it.

     

    
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    (k)          Disposals. The Security Trustee is authorized by each of the Secured Parties to execute on behalf of itself and each such Secured Party without the need for any further
        referral to or authority from such Secured Party, any release of the Liens created by the relevant UK Security Agreements over that asset and, if such asset comprises all of the shares in any Loan Party, the Security Trustee is further authorized,
        without the need for any further referral to or authority from such Secured Party, to execute a release of any Liens granted by such Loan Party over its assets pursuant to any of the UK Security Agreements; provided that in each such case the proceeds are applied in the manner provided for in this Agreement as if they were realizations pursuant to the relevant UK Security Agreements. Each
        Secured Party undertakes to execute such releases and other documents as may be necessary to give effect to the releases specified in this clause (k).

     

    (l)          Appointment and Retirement of Security Trustee. The Security Trustee (i) subject to the appointment of a successor (in consultation with the Administrative Borrower) may, and
        must if the Administrative Agent requires, retire at any time from its position as Collateral Agent under the Loan Documents without assigning any reason, and (ii) must give notice of its intention to retire by giving to the other Secured Parties
        and the Administrative Borrower not less than thirty (30) days’ nor more than sixty (60) days’ notice.

     

    (m)          Appointment of Successor. The Administrative Agent may, with the approval of the Administrative Borrower (such approval not to be unreasonably withheld) other than during the
        continuation of an Event of Default, appoint a successor to the Security Trustee, during the period of notice in Section 12.2.13. If no successor is appointed by the Administrative Agent, the Security Trustee may appoint (after consultation with
        the Administrative Agent and the Administrative Borrower) its successor. The Secured Parties shall promptly enter into any agreements that the successor may reasonably require to effect its appointment.

     

    (n)          Discharge of Security Trustee. From the date that the appointment of the successor is effected under clause
            (m) above, the retiring Security Trustee must be discharged from any further obligations under the Loan Documents as Security Trustee, and the successor to the Security Trustee and each of the other Secured Parties have the same
        rights and obligations between themselves as they would have had if the successor had been a party to those Loan Documents.

     

    ARTICLE X

        

        MISCELLANEOUS

     

    Section 10.01          Notices.

     

    (a)          Generally Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
        sent by telecopier as follows:

     

    
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    (i)          if to any Loan Party, to the Borrowers at:

     

     

    One Stamford Plaza

        263 Tresser Boulevard, Suite 1100

        Stamford, CT 06901

        Telecopier No.: (203) 705-3703

        Email: Richard.mugliaJeffrey.Neuman@tronox.com

     

    With a copy to (which shall not constitute notice):

     

    Willkie Farr & Gallagher LLP

        787 Seventh Avenue

        New York, NY 10019-6099

        Attention: Leonard Klingbaum

        Telecopier No.: (212) 728-9290

        Email: lklingbaum@willkie.com

    

    

    (ii)          if to the Administrative Agent, the Swingline Lender, the Collateral Agent or Issuing Bank, to it at:

     

     

    Well Fargo Bank, National Association

        100 Park Avenue, 14th Floor

        New York, New York 10017

        Attention: Loan Portfolio Manager

        Telecopier No.: 212-656-4589

        Email: toma.martin@wellsfargo.com

     

    With a copy to (which shall not constitute notice):

     

    Riemer & Braunstein LLP

        Times Square Tower, Suite 2506

        New York, NY 10036

        Attention: Lon M. Singer

        Telecopier No.: 212-789-3110

        Email: lsinger@riemerlaw.com

    

    

    (iii)          if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire.

     

    Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices
        sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).
        Notices delivered through electronic communications to the extent provided in clause (b) below, shall be effective as provided in said clause (b). Any party hereto may change its address or telecopier number for notices and other communications hereunder by written notice to the Administrative Borrower, the Agents, the Issuing Bank
        and the Swingline Lender.

     

    
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    (b)          Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may (subject to the provisions of this Section 10.01) be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the
        Collateral Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it (including pursuant to the provisions of this Section 10.01); provided that approval of such procedures may be limited to
        particular notices or communications.

     

    Each Loan Party hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is
        obligated to furnish to the Administrative Agent or the Lenders pursuant to this Agreement and any other Loan Document, including all notices, requests, financial statements, financial and other reports, certificates and other information materials
        (the “Communications”), by transmitting them in an electronic medium in a format reasonably acceptable to the Administrative Agent at toma.martinPeter.G.Schuebler@wellsfargo.com or at such other e-mail address(es) provided to the Borrowers from time to time or in such other form as the Administrative Agent shall
        require. In addition, each Loan Party agrees to continue to provide the Communications to the Administrative Agent in the manner specified in this Agreement or any other Loan Document or in such other form as the Administrative Agent shall
        require.  Nothing in this Section 10.01 shall prejudice the right of the Agents, the Issuing Bank, any Lender or any Loan Party to give any notice or other communication
        pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document or as any such Agent or the Issuing Bank, as the case may be, shall require.

     

    Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
        received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of
        business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the
        foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

     

    To the extent consented to by the Administrative Agent in writing from time to time, the Administrative Agent agrees that receipt of the
        Communications (other than any such Communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii)
        relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent
        to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder) by the Administrative Agent at its e-mail address(es) set forth above shall constitute effective delivery of the Communications to the
        Administrative Agent for purposes of the Loan Documents.

     

    (c)          Platform. Each Loan Party further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on SyndTrak or a substantially
        similar secure electronic transmission system (the “Platform”). The Platform is provided “as is” and “as available.” The Agents do not warrant the accuracy or
        completeness of the Communications, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty
        of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent in connection with the Communications or the Platform. In no event shall any Agent or
        any of its Related Parties have any liability to the Loan Parties, any Lender or any other Person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or
        otherwise) arising out of any Loan Party’s or such Agent’s transmission of communications through the Internet, except to the extent the liability of such Person is found in a final non-appealable judgment by a court of competent jurisdiction to
        have resulted from such Person’s gross negligence or willful misconduct.

     

    
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    (d)          Public/Private. Each Loan Party hereby authorizes the Administrative Agent to distribute (i) to Private Siders all Communications, including any Communication that the
        Borrowers identify in writing is to be distributed to Private Siders only (“Private Side Communications”), and (ii) to Public Siders all Communications other
        than any Private Side Communication. Each Borrower represents and warrants that no Communication (other than Private Side Communications) contains any MNPI. Each Borrower agrees to designate as Private Side Communications only those Communications
        or portions thereof that it reasonably believes in good faith constitute MNPI, and agrees to use all commercially reasonable efforts not to designate any Communications provided under Section

            5.01(a), (b), (c) and (d) as Private Side Communications. “Private Siders” shall mean Lenders’ employees and representatives who have declared that they are
        authorized to receive MNPI. “Public Siders” shall mean Lenders’ employees and representatives who have not declared that they are authorized to receive MNPI;
        it being understood that Public Siders may be engaged in investment and other market-related activities with respect to Borrowers’ or their affiliates’ securities or loans. “MNPI” shall mean material non-public information (within the meaning of United States federal securities laws) with respect to the Borrowers, their affiliates and any of their respective securities.

     

    Each Lender acknowledges that United States federal and state securities laws prohibit any Person from purchasing or selling securities
        on the basis of material, non-public information concerning the issuer of such securities or, subject to certain limited exceptions, from communicating such information to any other Person. Each Lender confirms that it has developed procedures
        designed to ensure compliance with these securities laws.

     

    Each Lender acknowledges that circumstances may arise that require it to refer to Communications that may contain MNPI. Accordingly,
        each Lender agrees that it will use commercially reasonable efforts to designate at least one individual to receive Private Side Communications on its behalf in compliance with its procedures and applicable Requirements of Law and identify such
        designee (including such designee’s contact information) on such Lender’s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent in writing from time to time of such Lender’s designee’s e-mail address to which notice of
        the availability of Private Side Communications may be sent by electronic transmission.

     

    Each Lender that elects not to be given access to Private Side Communications does so voluntarily and, by such election, (i)
        acknowledges and agrees that the Agents and other Lenders may have access to Private Side Communications that such electing Lender does not have and (ii) takes sole responsibility for the consequences of, and waives any and all claims based on or
        arising out of, not having access to Private Side Communications.

     

    Section 10.02          Waivers; Amendment.

     

    
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    (a)          Generally. No failure or delay by any Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a
        waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right
        or power. The rights and remedies of each Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
        of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by this Section 10.02, and
        then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a
        waiver of any Default, regardless of whether any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on the Borrowers in any case shall entitle the Borrowers to any other or
        further notice or demand in similar or other circumstances.

     

    (b)          Required Consents. Subject to the terms of the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms of any Permitted Securitization Intercreditor
        Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is outstanding) and to Section 10.02(c), and (d), neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be
        waived, amended, supplemented or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Administrative Agent or, in the case of any other Loan Document, pursuant to an
        agreement or agreements in writing entered into by the Administrative Agent, the Collateral Agent (in the case of any Security Document) and the Loan Party or Loan Parties that are party thereto, in each case with the written consent of the
        Required Lenders; provided that no such agreement, waiver, supplement or modification shall be effective if the effect thereof would:

     

    (i)          increase the Commitment of any Lender without the written consent of such Lender (it being understood that no amendment, modification, termination, waiver or consent with
          respect to any condition precedent, mandatory prepayment, covenant or Default shall constitute an increase in the Commitment of any Lender);

     

    (ii)          reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than interest pursuant to Section 2.06(c)), or reduce any Fees payable hereunder, or change the form or currency of payment of any
          Obligation, without the written consent of each Lender directly affected thereby (it being understood that any amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in the rate of interest for
          purposes of this clause (ii) and it being further understood that,
          for the avoidance of doubt, only the consent of the Required Lenders shall be required to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest or any other payment due hereunder or under any other
          Loan Document at the Default Rate);

     

    (iii)          (A) change the scheduled final maturity of any Loan, (B) postpone the date for payment of any Reimbursement Obligation or any interest or fees payable hereunder, (C) reduce
          the amount of, waive or excuse any such payment (other than waiver of any increase in the interest rate pursuant to Section 2.06(c)), or (D) postpone the scheduled date of expiration of any Commitment or any Letter of Credit beyond the Revolving Maturity Date, in any case, without the written consent of
          each Lender directly affected thereby;

     

    
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    (iv)          increase the maximum duration of Interest Periods hereunder, without the written consent of each Lender directly affected thereby;

     

    (v)          permit the assignment or delegation by the Borrowers of any of their respective rights or obligations under any Loan Document, without the written consent of each Lender;

     

    (vi)          except pursuant to the Intercreditor Agreement, release Holdings or all or substantially all of the Subsidiary Guarantors from their Guarantee (except as expressly provided
          in Article VII), or limit their liability in respect of such
          Guarantee, without the written consent of each Lender;

     

    (vii)          except pursuant to the Intercreditor Agreement, release all or a substantial portion of the Collateral from the Liens of the Security Documents or alter the relative
          priorities of the Secured Obligations entitled to the Liens of the Security Documents, in each case without the written consent of each Lender (it being understood that additional Classes of Loans or increases in the Loans pursuant to Section 2.20 or consented to by the Required Lenders may be equally and ratably
          secured by the Collateral with the then existing Secured Obligations under the Security Documents);

     

    (viii)          change Section 2.14(b), (c) or (d) in a manner that would alter the pro rata sharing of payments or setoffs required thereby or any other provision in a manner
          that would alter the pro rata allocation among the
          Lenders of Loan disbursements, including the requirements of Sections 2.02(a), 2.17(d) and 2.18(d), without the written consent of each Lender directly affected thereby;

     

    (ix)          change any provision of this Section 10.02(b) or Section 10.02(c) or (d), without the written consent of each Lender
          directly affected thereby (except for additional restrictions on amendments or waivers for the benefit of Lenders of additional Classes of Loans or increases in the Loans pursuant to Section 2.20 or consented to by the Required Lenders);

     

    (x)          change the percentage set forth in the definition of “Required Lenders,” “Supermajority Lenders” or any other provision of any Loan Document (including this Section 10.02) specifying the number or percentage of Lenders (or Lenders of any
          Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be), other than to increase such
          percentage or number or to give any additional Lender or group of Lenders such right to waive, amend or modify or make any such determination or grant any such consent;

     

    (xi)          subordinate the Obligations to any other obligation, without the written consent of each Lender;

     

    (xii)          change or waive any provision of Article X as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the written consent of such Agent;

     

    
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    (xiii)          change or waive any obligation of the Lenders relating to the issuance of or purchase of participations in Letters of Credit, without the written consent of the
          Administrative Agent and the Issuing Bank;

     

    (xiv)          change or waive any provision hereof relating to Swingline Loans (including the definition of “Swingline Commitment”), without the written consent of the Swingline Lender;

     

    (xv)          expressly change or waive any condition precedent in Section 4.02 to any Revolving Borrowing without the written consent of the Required Lenders;

     

    (xvi)          change or waive any provision of the definition of “Aggregate Borrowing Base”, “Australian Borrowing Base”, “Borrowing Base”, “Dutch Borrowing Base” or “U.S. Borrowing Base”
          or any of the exclusionary criteria for Australian Eligible Accounts, Dutch Eligible Accounts, U.S. Eligible Accounts, Australian Eligible Inventory, Dutch Eligible Inventory and U.S. Eligible Inventory set forth in Section 2.21 if the effect of such change or waiver would be to make more credit
          available, without the written consent of the Supermajority Lenders;

     

    (xvii)          increase the applicable advance rates set forth in the definitions of “Australian Borrowing Base,” “Dutch Borrowing Base” or “U.S. Borrowing Base” without the written
          consent of each Lender; or

     

    (xviii)          change any provision of Section 8.02 or the proviso in the definition of “Secured Obligations”, without the written consent of the Supermajority Lenders;

     

    provided, further, that any waiver, amendment or modification of
        the Intercreditor Agreement (or any Permitted Securitization Intercreditor Agreement or any Permitted Secured Indebtedness Intercreditor Agreement) (and any related definitions) may be effected by an agreement or agreements in writing entered into
        among the Collateral Agent, the Administrative Agent and the Term Loan Agent (or any Permitted Securitization Agent or Senior Representative, as applicable)
        (with the consent of the Required Lenders but without the consent of any Loan Party, so long as such amendment, waiver or modification does not impose any additional duties or obligations on the Loan Parties or alter or impair any right of any Loan
        Party under the Loan Documents). Neither Holdings nor any of its Subsidiaries or Affiliates will, directly or indirectly, pay or cause to be paid any consideration, to or for the benefit of any Lender for or as an inducement to any consent, waiver
        or amendment of any of the terms or provisions of this Agreement or any other Loan Document unless such consideration is offered to be paid to all Lenders and is paid to all Lenders that consent, waive or agree to amend in the time frame set forth
        in the documents relating to such consent, waiver or agreement.

     

    Notwithstanding anything to the contrary herein:

     

    (I)          no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except to the extent the consent of such Lender would be required under clause (i), (ii) or (iii) in the proviso to the first
        sentence of this Section 10.02(b); and

     

    (II)          any Loan Document may be waived, amended, supplemented or modified pursuant to an agreement or agreements in writing entered into by the Borrowers and the Administrative Agent (without the consent of any Lender) solely to
        cure a defect or error, or to grant a new Lien for the benefit of the Secured Parties or extend an existing Lien over additional property.

     

    
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    (c)          Collateral. Without the consent of any other Person, the applicable Loan Party or Parties and the Administrative Agent and/or the Collateral Agent may (in its or their
        respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or
        enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the
        Secured Parties, in any property or so that the security interests therein comply with applicable Requirements of Law.

     

    (d)          Dissenting Lenders. If, in connection with any proposed change, waiver, discharge or termination of the provisions of this Agreement as contemplated by Section 10.02(b), the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then the
        Borrowers shall have the right to replace all, but not less than all, of such non-consenting Lender or Lenders (so long as all non-consenting Lenders are so replaced) with one or more persons pursuant to Section 2.16(b) so long as at the time of such replacement each such new Lender consents to the proposed change, waiver, discharge or termination. Each Lender agrees that, if the Borrowers elect to replace such
        Lender in accordance with this Section 10.02(d), it shall promptly execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and
        purchase and shall deliver to the Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that the failure of any such non-consenting Lender to execute an Assignment and Assumption shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the
        Register.

     

    (e)          Increased Commitments. Notwithstanding the foregoing, the Administrative Agent and the Borrowers (without the consent of any Lenders) may amend this Agreement and the Loan
        Documents if necessary or advisable to effectuate any increase in Commitments contemplated by Section 2.20 without limiting the rights of the Lenders to decline to
        provide any increased or new Commitment under Section 2.20.

     

    (f)          Schedules. Notwithstanding anything in this Section 10.02 to the contrary, (i) Holdings may
        supplement each of Schedule 3.25 (without the consent of any Lender or Agent) as set forth in clause
            (y) of the third sentence from the end of Section 5.10(b) and (ii) Holdings may update Schedule

            1.01(e) from time to time and such schedule shall be, on the Business Day that is five (5) Business Days after the date such updated schedule is distributed to the Lenders, deemed effective without the consent of any Loan Party, any
        Agent or any Lender (subject to the limitations set forth in the definition of “Direct Competitor”).

     

    (g)          Notwithstanding the
        foregoing, the Agent and the Loan Parties (without the consent of any Lenders) may amend this Agreement and the Loan Documents as necessary to add a Subsidiary of Holdings, organized under the laws of the UK, as an Additional Co-Borrower to this
        Agreement on the terms, and subject to the satisfaction of the conditions set forth on Exhibit T.

     

    Section 10.03          Expenses; Indemnity; Damage Waiver.

     

    
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    (a)          Costs and Expenses. The Borrowers shall pay, without duplication, (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral
        Agent and their respective Affiliates (including the reasonable and documented fees, charges and disbursements of one (1) counsel in each relevant jurisdiction for the Administrative Agent and the Collateral Agent (which for the avoidance of doubt,
        shall also include the reasonable and documented charges of Norton Rose Fulbright LLP in the United Kingdom, the Netherlands and Australia)) in connection with the syndication of the credit facilities provided for herein (including the obtaining
        and maintaining of CUSIP numbers for the Loans), the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendment, amendment and restatement, modification or waiver of the
        provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including in connection with post-closing searches to confirm that security filings and recordations have been properly made and
        including any reasonable and documented costs and expenses of the service provider referred to in Section 9.03, (ii) all reasonable and documented out-of-pocket expenses
        incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent,
        any Lender or the Issuing Bank (including the reasonable fees, charges and disbursements of one (1) counsel in each relevant jurisdiction for the Administrative Agent and the Collateral Agent and the other Secured Parties (and, solely in the case
        of an actual or perceived conflict of interest, where each party affected by such conflict notifies the Borrower of the existence of such conflict and thereafter retains its own counsel, of one (1) firm of counsel for such affected party in each
        relevant jurisdiction)), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.03, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
        Letters of Credit and (iv) all documentary and similar taxes and charges in respect of the Loan Documents.

     

    (b)          Indemnification by the Borrowers. The Borrowers shall, jointly and severally, indemnify the Administrative Agent (and any sub-agent thereof), the Collateral Agent (and any
        sub-agent thereof) each Lender and the Issuing Bank, and each Related Party of any of the foregoing persons (each such Person being called an “Indemnitee”)
        against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against
        any Indemnitee by any party hereto or any third party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any amendment, amendment and restatement, modification or
        waiver of the provisions hereof or thereof, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
        contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
        connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release or threatened Release of Hazardous Materials on, at, under or from any property owned, leased or operated
        by any Company at any time, or any Environmental Claim related in any way to any Company, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
        other theory, whether brought by a third party or by any Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided
        that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have
        resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by any Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under
        any other Loan Document, if such Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) result from any dispute solely among Indemnitees other
        than claims against an Indemnitee in its capacity as Arranger or Agent hereunder or fulfilling its role as the Administrative Agent, the Collateral Agent or an Arranger, as the case may be, and other than claims arising out of any act or omission
        on the part of the Borrowers, any Loan Party or their respective Affiliates.

     

    
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    (c)          Reimbursement by Lenders. To the extent that any Borrower for any reason fails to indefeasibly pay any amount required under clauses (a) or (b) of this Section 10.03 to be paid by it to
        the Administrative Agent (or any sub-agent thereof), the Collateral Agent, the Issuing Bank, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
        the Collateral Agent (or any sub-agent thereof), the Issuing Bank, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (such indemnity shall be
        effective whether or not the related losses, claims, damages, liabilities and related expenses are incurred or asserted by any party hereto or any third party); provided
        that (i) the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the Collateral Agent (or any sub-agent
        thereof), the Swingline Lender or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the Collateral Agent (or any sub-agent thereof), the
        Swingline Lender or Issuing Bank in connection with such capacity and (ii) such indemnity for the Swingline Lender or the Issuing Bank shall not include losses incurred by the Swingline Lender or the Issuing Bank due to one or more Lenders
        defaulting in their obligations to purchase participations of Swingline Exposure under Section 2.17(d) or LC Exposure under Section 2.18(d) or to make Revolving Loans under Section 2.18(e) (it being understood that this proviso shall not affect the Swingline
        Lender’s or the Issuing Bank’s rights against any Defaulting Lender). The obligations of the Lenders under this clause (c) are subject to the provisions of Section 2.14. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposure and unused Commitments at the time.

     

    (d)          Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Requirements of Law, no Loan Party shall assert, and each Loan Party hereby waives, any
        claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
        Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information
        transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

     

    (e)          Payments. All amounts due under this Section 10.03 shall be payable not later than thirty (30)
        days after written demand therefor.

     

    Section 10.04          Successors and Assigns.

     

    (a)          Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
        assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Swingline
        Lender and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section

            10.04(b), (ii) by way of participation in accordance with the provisions of Section 10.04(d) or (iii) by way of pledge or assignment of a security interest
        subject to the restrictions of Section 10.04(f) (and any other attempted assignment or transfer by any Borrower or any Lender shall be null and void). Nothing in this
        Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.04(d) and, to the extent expressly contemplated hereby, the other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

     

    
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    (b)          Assignments by
        Lenders.

     

    (i)          Subject to the conditions set forth in clause (b)(ii) below, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its
          Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

     

    (A)          the Administrative Borrower; provided that no consent of the Administrative Borrower shall be required for an assignment to a Lender, an
        Affiliate of a Lender, an Approved Fund or, if a Specified Event of Default has occurred and is continuing or prior to the completion of the primary syndication of the Commitments and Loans (as determined by the Arrangers), any other assignee; provided, further that the Administrative Borrower shall be deemed to
        have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;

     

    (B)          the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of any Revolving
        Commitment to an assignee that is a Lender with a Revolving Commitment immediately prior to giving effect to such assignment, an Affiliate of a Lender or an Approved Fund; and

     

    (C)          the Issuing Bank and the Swingline Lender.

     

    (ii)          Assignments shall be subject to the following additional conditions:

     

    (A)          except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved
        Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the
        assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as
        of the Trade Date) shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Default has occurred and is continuing, the Administrative Borrower otherwise consent (each such consent not to be unreasonably withheld
        or delayed);

     

    
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    (B)          each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches on a non-pro rata basis; and

     

    (C)          the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Lender,
        shall deliver to the Administrative Agent an Administrative Questionnaire.

     

    Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section

            10.04(c), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
        Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
        (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.15
        and 10.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
        obligations under this Agreement that does not comply with this clause(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
        such rights and obligations in accordance with Section 10.04(d).

     

    If an assignment or transfer does not include an amount outstanding from each Borrower which is a Dutch Loan Party of at least € 100,000 (or its equivalent
        in other currencies) (or such other amount as may be required from time to time under the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht),

        the assignee or transferee, as the case may be, shall confirm in the relevant Assignment and Assumption to each such Borrower that it is a professional market party (professionele

          marktpartij) within the meaning of such Act.

     

    (c)          Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain a copy of each Assignment and Assumption delivered to it and a
        register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
        “Register”). The entries in the Register shall be conclusive, absent manifest error and the Borrowers, the Administrative Agent, the Issuing Bank and the
        Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
        Administrative Borrower, the Issuing Bank, the Collateral Agent, the Swingline Lender and any Lender (with respect to its own interest only), at any reasonable time and from time to time upon reasonable prior notice. A Loan may be assigned or sold
        in whole or in part only by registration of such assignment or sale on the Register. Notwithstanding anything to the contrary contained in this Agreement, the Loans and Obligations are registered obligations and the right, title and interest of the
        Lenders in and to such Obligations shall be transferable only in accordance with the terms hereof. This Section 10.04(c) shall be construed so that the Loans and
        Obligations are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

     

    
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    (d)          Participations. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters
        the name and address of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
        participation for all purposes of this Agreement notwithstanding any notice to the contrary. Any participation of such Loan may be effected only by the registration of such participation on the Participant Register. Any Lender may at any time,
        without the consent of, or notice to, any Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender sell participations to any Person (other than a natural Person, any Borrower or any of their respective Affiliates or
        Subsidiaries or any Direct Competitor) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
        all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
        (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the Lenders and Issuing Bank shall continue to deal solely and directly with
        such Lender in connection with such Lender’s rights and obligations under this Agreement.

     

    Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
        right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement
        or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clause (i), (ii) or (iii) of the first proviso to Section 10.02(b) that affects such Participant. Subject to Section 10.03(e), each Borrower agrees that each Participant shall be entitled to the
        benefits of Sections 2.12, 2.13 and 2.15 (subject to satisfying the requirements of those Sections as if it were a Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.03(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
        as though it were a Lender; provided such Participant agrees to be subject to Section 2.14
        as though it were a Lender.

     

    The Participant Register shall be available for inspection by the Administrative Borrower from time to time upon reasonable prior
        notice; provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of
        any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith,
        determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

     

    (e)          Limitations on Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections

            2.12, 2.13, 2.15 and 2.24 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Administrative
        Borrower’s prior written consent (not to be unreasonably withheld or delayed).

     

    (f)          Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender,
        including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
        any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a fund that invests in bank loans, such Lender may, without the consent of the Borrowers or the
        Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement, including the Loans and Notes or any other instrument evidencing its rights as a Lender under this Agreement, to any holder of, trustee for,
        or any other representative of holders of, obligations owed or securities issued, by such fund, as security for such obligations or securities.

     

    
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    (g)          Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include
        electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be,
        to the extent and as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based
        on the Uniform Electronic Transactions Act.

     

    Section 10.05          Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in
        the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the
        execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Agents, the Issuing Bank or
        any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any
        Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.14, 2.15,
        2.24 and Article X (other than Section 10.12) shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the payment of the
        Reimbursement Obligations, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

     

    Section 10.06          Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different
        parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and the Fee Letter constitute the entire
        contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
        that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be
        effective as delivery of a manually executed counterpart of this Agreement.

     

    Section 10.07          Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
        shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
        provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     

    Section 10.08          Right of Setoff. Subject to the Intercreditor Agreement (so long as any Term Loans are outstanding), the terms
        of any Permitted Securitization Intercreditor Agreement (so long as any Permitted Securitization is outstanding) or the terms of any Permitted Secured Indebtedness Intercreditor Agreement (so long as any Permitted Secured Indebtedness is
        outstanding), if an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable
        Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the
        Issuing Bank or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan Party against any and all of the obligations of the Borrowers or such Loan Party now or hereafter existing under this Agreement or any other
        Loan Document to such Lender or the Issuing Bank, irrespective of whether or not such Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan
        Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the Issuing Bank and
        their respective Affiliates under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender, the
        Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Administrative Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

     

    
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    Section 10.09          Governing Law; Jurisdiction; Consent to Service of Process.

     

    (a)          Governing Law. Save as provided in Section 10.22(f), this Agreement and the transactions
        contemplated hereby, and all disputes between the parties under or relating to this Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the
        laws (including statutes of limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction.

     

    (b)          Submission to Jurisdiction. Each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of
        the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or
        for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to
        the fullest extent permitted by applicable Requirements of Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
        on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding
        relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

     

    (c)          Venue. Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Requirements of Law, any objection which it may now or
        hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section
            10.09(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Requirements of Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
        court.

     

    (d)          Service of Process. Each party hereto irrevocably consents to service of process in any action or proceeding arising out of or relating to any Loan Document, in the manner
        provided for notices (other than telecopier) in Section 10.01. Nothing in this Agreement or any other Loan Document will affect the right of any party hereto to serve
        process in any other manner permitted by applicable Requirements of Law.

     

    
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    Section 10.10          Waiver of Jury Trial. Each Loan Party hereby waives, to the fullest extent permitted by applicable
        Requirements of Law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement, any other Loan Document or the transactions contemplated hereby (whether based on contract,
        tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the
        foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 10.10.

     

    Section 10.11          Headings.

     

    Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
        and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

     

    Section 10.12          Treatment of Certain Information; Confidentiality.

     

    Each of the Administrative Agent, the Lenders and the Issuing Bank agrees to maintain the confidentiality of the Information (as defined
        below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the persons to whom such
        disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority or regulatory authority (including any
        self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with
        the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement with the
        Loan Parties containing provisions substantially the same as those of this Section 10.12, to (i) any assignee of or Participant in, or any prospective assignee of or
        Participant in, any of its rights or obligations under this Agreement, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and their respective obligations or (iii) any
        rating agency for the purpose of obtaining a credit rating applicable to any Lender, (g) with the consent of the Borrowers or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.12 or (y) becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source
        other than the Borrowers. For purposes of this Section 10.12, “Information” means
        all information received from the Loan Parties or any of their respective Subsidiaries or Affiliates relating to the Loan Parties or any of their respective Subsidiaries or any of their respective businesses, other than any such information that is
        available to the Administrative Agent, any Lender or the Issuing Bank on a nonconfidential basis prior to disclosure by the Loan Parties or any of their respective Subsidiaries or Affiliates. Any Person required to maintain the confidentiality of
        Information as provided in this Section 10.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
        maintain the confidentiality of such Information as such Person would accord to its own confidential information.  In addition, the Administrative Agent, the Lenders and the Issuing Bank may disclose the existence of this Agreement and information
        about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Administrative Agent, the Lenders and the Issuing Bank, in each case only to the extent required for the administration
        and management of this Agreement, the other Loan Documents, the Commitments, and the extensions of credit hereunder.

     

    
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    Section 10.13          USA PATRIOT Act Notice and Customer Verification. Each Lender that is subject to the USA PATRIOT Act and the
        Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the “know your customer” regulations and the requirements of the USA PATRIOT Act, they are required to obtain, verify and record
        information that identifies each Loan Party, which information includes the name, address and tax identification number (and other identifying information in the event this information is insufficient to complete verification) that will allow such
        Lender or the Administrative Agent, as applicable, to verify the identity of each Loan Party. This information must be delivered to the Lenders and the Administrative Agent no later than five (5) days prior to the Closing Date and thereafter
        promptly upon request. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders and the Administrative Agent. Each Loan Party must provide all information to the applicable Lender or Agent
        which they reasonably require in order to manage its anti-money laundering, counter-terrorism financing or economic and trade sanctions risk or to comply with any laws or regulations in any country binding on the applicable Lender or agent
        (including, without limitation, the Anti-Terrorism Laws). Each Loan Party agrees that the applicable Lender or Agent may disclose any information concerning the relevant Borrower to:

     

    (a)          any law enforcement,
        regulatory agency or court where required by any such law or regulation in any country binding on any applicable Lender or Agent (including, without limitation, the Anti-Terrorism Laws) where possible, on terms that such information is to be kept
        confidential and Borrowers are, to the extent permitted by Requirements of Law, notified no later than five (5) business days prior to disclosure; and

     

    (b)          any correspondent the
        applicable Lender uses to make the payment for the purpose of compliance with any such law or regulation on (where possible) terms that such information is to be kept confidential.

     

    Each Loan Party and each Subsidiary of a Loan Party (i) undertakes to provide to the Administrative Agent all reasonably available
        information and reasonable assistance that the Administrative Agent may reasonably request to manage the Administrative Agent’s and the Lenders’ actual risks relating to money laundering, terrorism-financing or economic and trade sanctions in order
        to comply with applicable laws or regulations in Australia or any other country; (ii) acknowledges that the Lenders and the Administrative Agent have the right to delay or refuse any request or transaction if the request or transaction is in breach
        of any obligation of, or will cause it to commit an offence under applicable law relating to money laundering, terrorism-financing or economic and trade sanctions, and the Lenders or the Administrative Agent will have no liability to any Loan Party
        and Subsidiary if it does so in compliance with the terms hereof; and (iii) acknowledges that the Lenders and the Administrative Agent may collect information about each Loan Party and each Subsidiary of a Loan Party from time to time (from each
        Loan Party and each Subsidiary or from third parties) for the purposes of satisfying its obligations under applicable law relating to money laundering, terrorism-financing or economic and trade sanctions, and that it may use and disclose any such
        information as required under applicable law or regulation, in each case subject to the confidentiality and, to the extent permitted by Requirements of Law,  five (5) business day notification obligation herein.

     

    Section 10.14          Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
        applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable Requirements of Law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
        received or reserved by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the
        Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 10.14 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,
        together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

     

    
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    Section 10.15          [Intentionally Omitted].

     

    Section 10.16          Obligations Absolute. To the fullest extent permitted by applicable Requirements of Law, all obligations of
        the Loan Parties hereunder shall be absolute and unconditional irrespective of:

     

    (a)          any bankruptcy,
        insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan Party;

     

    (b)          any lack of validity
        or enforceability of any Loan Document or any other agreement or instrument relating thereto against any Loan Party;

     

    (c)          any change in the
        time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;

     

    (d)          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 Obligations;

     

    (e)          any exercise or
        non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document; or

     

    (f)          any other
        circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties.

     

    Section 10.17          Dollar Equivalent Calculations. 

                          

      

    (a)          For purposes of this
        Agreement, the Dollar Equivalent of each Loan that is a Euro Denominated Loan shall be calculated on the date when any such Loan is made and at such other times as designated by the Administrative Agent. Such Dollar Equivalent shall remain in
        effect until the same is recalculated by the Administrative Agent as provided above and notice of such recalculation is received by the Administrative Borrower, it being understood that until such notice of such recalculation is received, the
        Dollar Equivalent shall be that Dollar Equivalent as last reported to the Administrative Borrower by the Administrative Agent. The Administrative Agent shall promptly notify the Administrative Borrower and the Lenders of each such determination of
        the Dollar Equivalent.

     

    (b)          For purposes of this
        Agreement, the Dollar Equivalent of the stated amount of each Letter of Credit that is a Euro Letter of Credit shall be calculated on the date when such Letter of Credit is issued and at such other times as designated by the Issuing Bank in
        consultation with Administrative Agent. Such Dollar Equivalent shall remain in effect until the same is recalculated by the Issuing Bank as provided above and notice of such recalculation is received by the Borrowers, it being understood that until
        such notice of such recalculation is received, the Dollar Equivalent shall be that Dollar Equivalent as last reported to the Administrative Borrower by the Issuing Bank. The Issuing Bank shall promptly notify the Administrative Borrower,
        Administrative Agent and the Lenders of each such determination of the Dollar Equivalent.

     

    
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    Section 10.18          Judgment Currency. 

     

    (a)          The Borrowers’
        obligation hereunder and under the other Loan Documents to make payments in the applicable Approved Currency (pursuant to such obligation, the “Obligation Currency”)

        shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective
        receipt by the Administrative Agent or the respective Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent or such Lender under this Agreement or the other Loan Documents. If, for the purpose of
        obtaining or enforcing judgment against any Borrower in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the Relevant Currency Equivalent, and in the case of other
        currencies, the rate of exchange (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in
        each case, as of the Business Day immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment
          Currency Conversion Date”).

     

    (b)          If there is a change
        in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, the Borrowers, jointly and severally, covenant and agree to pay, or cause to be paid, such additional amounts, if any
        (but in any event not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which
        could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date.

     

    (c)          For purposes of
        determining the Relevant Currency Equivalent or any other rate of exchange for this Section 10.18, such amounts shall include any premium and costs payable in connection
        with the purchase of the Obligation Currency.

     

    Section 10.19          Special Provisions Relating to Currencies Other Than Dollars.

     

    (a)          All funds to be made
        available to Administrative Agent or the Issuing Bank, as applicable, pursuant to this Agreement in euros shall be made available to Administrative Agent or the Issuing Bank, as applicable, in immediately available, freely transferable, cleared
        funds to such account with such bank in such principal financial center in such Participating Member State (or in London) as Administrative Agent or the Issuing Bank, as applicable, shall from time to time nominate for this purpose.

     

    (b)          In relation to the
        payment of any amount denominated in euros neither the Administrative Agent nor the Issuing Bank shall be liable to the Borrowers or any of the Lenders for any delay, or the consequences of any delay, in the crediting to any account of any amount
        required by this Agreement to be paid by the Administrative Agent or the Issuing Bank if such Administrative Agent or Issuing Bank shall have taken all relevant and necessary steps to achieve, on the date required by this Agreement, the payment of
        such amount in immediately available, freely transferable, cleared funds (in euros) to the account with the bank in the principal financial center in the Participating Member State which the Administrative Borrower or, as the case may be, any
        Lender shall have specified for such purpose. In this Section 10.19(b), “all relevant
          steps” means all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as Administrative Agent or Issuing Bank may from time to time determine for the purpose of
        clearing or settling payments of euros. Furthermore, and without limiting the foregoing, neither the Administrative Agent nor the Issuing Bank shall be liable to the Borrowers or any of the Lenders with respect to the foregoing matters in the
        absence of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision or pursuant to a binding arbitration award or as otherwise agreed in writing by the affected parties).

     

    
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    Section 10.20          Australian Code of Banking Practice. Each of the parties hereto agrees that the Australian Code of Banking
        Practice does not apply to this Agreement and the transactions in connection with it.

     

    Section 10.21          Contracting out of PPSA Australia Provisions.

     

    (a)          PPSA Notices. Neither a Secured Party nor any receiver or manager is obliged to give any notice under the PPSA Australia (including notice of a verification statement) unless
        the notice is required by the PPSA Australia and cannot be excluded. The Loan Parties consent to the waiver of the requirement for notice and waive any rights they have to receive a notice under sections 95, 118, 121(4), 125, 130, 132(3)(d),
        132(4), 135 and 157 of the PPSA Australia.

     

    (b)          Contracting Out. To the extent that Chapter 4 of the PPSA Australia would otherwise apply, the parties agree that the following provisions of the PPSA Australia are excluded:
        (a) to the extent permitted by section 115(1) of the PPSA Australia allows them to be excluded: sections 125, 132(3)(d), 132(4), 135, without limiting Section 12.3.1(a), 142 and 143 of the PPSA Australia; and (b) to the extent permitted by section
        115(7) of the PPSA Australia allows them to be excluded: sections 129(2) and (3), 132, 133(1)(b) (as it relates to a Lien of a Secured Party), 134(2), 135, 136(3)(4) and (5). The Loan Parties consent to the waiver of the requirement for notice
        under any other provision of the PPSA Australia that a Secured Party may notify to a Loan Party after the date of this document and waives any rights it has to receive that notice.

     

    Section 10.22          Parallel Debt.

     

    (a)           For purposes of this
        Section 10.22, (i) “Corresponding Debt” means all Obligations which any Loan Party
        owes to any Secured Party and (ii) “Parallel Debt” means any amount which a Loan Party owes to the Collateral Agent under this Section 10.22.

     

    (b)          Each Loan Party
        irrevocably and unconditionally undertakes to pay to the Collateral Agent amounts equal to, and in the currency or currencies of, its Corresponding Debt.

     

    (c)          The Parallel Debt of
        each Loan Party (i) shall become due and payable at the same time as its Corresponding Debt and (ii) is independent and separate from, and without prejudice to, its Corresponding Debt.

     

    (d)          For purposes of this
        Section 10.22, the Collateral Agent: (i) is the independent and separate creditor of each Parallel Debt, (ii) acts in its own name and not as agent, representative or
        trustee of the Secured Parties and its claims in respect of each Parallel Debt shall not be held in trust and (iii) shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without
        limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).

     

    
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    (e)          The Parallel Debt of
        a Loan Party shall be (i) decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged, and (ii) increased to the extent to that its Corresponding Debt has increased, and the Corresponding Debt of
        a Loan Party shall be (i) decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged, and (ii) increased to the extent that its Parallel Debt has increased, in each case provided that the Parallel
        Debt of a Loan Party shall never exceed its Corresponding Debt.

     

    (f)          This Section 10.22 applies for the purpose of determining the secured obligations under the Security Documents and is, without prejudice to Section 10.09, governed by Dutch law.

     

    Section 10.23          Intercompany Indebtedness. On behalf of itself and each of its Subsidiaries, each Loan Party hereby agrees for
        the benefit of the Secured Parties that:

     

    (a)          any intercompany
        indebtedness among Holdings and its Subsidiaries (or among such Subsidiaries) shall be subordinate and junior in right of payment, to the extent and in the manner set forth in this Section

            10.23, to the Obligations, including, without limitation, where applicable, under any such intercompany borrower’s Guaranty (if any) of the Obligations hereunder;

     

    (b)          in the event of any
        insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other similar proceedings in connection therewith, relative to any intercompany borrower or to its creditors, as such, or to its property, and in the event
        of any proceedings for voluntary liquidation, dissolution or other winding up of such intercompany borrower, whether or not involving insolvency or bankruptcy, then (i) the holders of the Obligations shall be paid in full in cash in respect of all
        amounts constituting Obligations before any intercompany lender is entitled to receive (whether directly or indirectly), or make any demands for, any payment on account of any intercompany indebtedness (excluding demands by the Collateral Agent
        exercising its rights under any collateral assignment of the rights of such intercompany lenders) and (ii) until the holders of the Obligations are paid in full in cash in respect of all amounts constituting Obligations, any payment or distribution
        to which such intercompany lender would otherwise be entitled under any intercompany indebtedness shall be made to the Administrative Agent;

     

    (c)          if any Event of
        Default occurs and is continuing, and an intercompany borrower has received written notice from the Administrative Agent, then, except as required by any Requirement of Law, no payment or distribution of any kind or character shall be made by any
        intercompany borrower that is a Loan Party in respect of any intercompany indebtedness to any Person that is not a Loan Party or that is not the Administrative Agent;

     

    (d)          if any payment or
        distribution of any character, whether in cash, securities or other property, in respect of intercompany indebtedness shall (despite these subordination provisions) be received by any intercompany lender in violation of clause (b) or (c) above before all Obligations shall have been paid in full in cash, such payment or distribution
        shall be held in trust for the benefit of, and shall be paid over or delivered to, the Administrative Agent in a manner to be determined by the Administrative Agent; and

     

    (e)          to the fullest extent
        permitted by law, the Administrative Agent and the Collateral Agent shall not be prejudiced in their right to enforce the subordination in this Section 10.23 by any act
        or failure to act on the part of any intercompany borrower, any intercompany lender, the Administrative Agent, the Collateral Agent or by any act or failure to act on the part of any of the foregoing or any representative, trustee or agent thereof.
        Each Loan Party, on behalf of itself and its Subsidiaries, agrees that the subordination of intercompany indebtedness contemplated by this Section 10.23 is for the
        benefit of the Secured Parties and the Administrative Agent or the Collateral Agent may enforce the subordination provisions herein.

     

    
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    Section 10.24          Certain Undertakings with Respect to Securitization Subsidiaries. Each of the Lenders and the Agents agrees
        that, prior to the date that is one year and one day after the payment in full of all the obligations of the Securitization Subsidiary in connection with and under a Permitted Securitization, (a) the Secured Parties shall not be entitled, whether
        before or after the occurrence of any Event of Default, to (i) institute against, or join any other Person in instituting against, any Securitization Subsidiary any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under
        the laws of the United States or any State thereof; (ii) transfer and register the Equity Interests of any Securitization Subsidiary or any other instrument evidencing any Seller’s Retained Interest in the name of a Secured Party or any designee or
        nominee thereof; (iii) foreclose such security interest regardless of the bankruptcy or insolvency of any Borrower or any of its Subsidiaries: (iv) exercise any voting rights granted or appurtenant to such capital stock of any Securitization
        Subsidiary or any other instrument evidencing any Seller’s Retained Interest; or (v) enforce any right that the holder of any such Equity Interest of any Securitization Subsidiary or any other instrument evidencing any Seller’s Retained Interest
        might otherwise have to liquidate, consolidate, combine, collapse or disregard the entity status of such Securitization Subsidiary; and (b) the Secured Parties hereby waive and release any right to require (i) that any Securitization Subsidiary be
        in any manner merged, combined, collapsed or consolidated with or into Borrower or any of its Subsidiaries, including by way of substantive consolidation in a bankruptcy case; or (ii) that the status of any Securitization Subsidiary as a separate
        entity be in any respect disregarded. Each of the Lenders, the Agents and the Arrangers agrees and acknowledges that the agent acting on behalf of the holders of securitization indebtedness of the Securitization Subsidiary is an express third party
        beneficiary with respect to this Section 10.24 and such agent shall have the right to enforce compliance by the Secured Parties, the Lenders, the Agents, and
        the Arrangers with this Section 10.24.

     

    Section 10.25          Designation of Guarantors. Notwithstanding anything to the contrary contained herein, the Administrative
        Borrower may, so long as a Cash Dominion Period does not exist, at any time and from time to time redesignate any Borrower hereunder as a Guarantor (any such redesignated entity, a “Redesignated Guarantor”) upon delivery of a certificate of a Responsible Officer of the Administrative Borrower to the Administrative Agent (a) attaching an updated Borrowing Base Certificate reflecting the
        removal of any Accounts or Inventory of such Redesignated Guarantor from the Aggregate Borrowing Base; (b) certifying that after giving effect to the updated Borrowing Base Certificate, (i) the sum of the total Revolving Exposures does not exceed
        the lesser of (A) the total Revolving Commitments and (B) the Aggregate Borrowing Base then in effect; (ii) a Cash Dominion Period will not commence as a result of such redesignation; and (iii) immediately prior to such redesignation, the Borrower
        to be redesignated does not own any bank account, deposit account, security account or other investment account subject to, or required to be subject to, a Control Agreement.

     

    Section 10.26          No Fiduciary Relationship. Each of Holdings and the Borrowers, on behalf of themselves and their Subsidiaries,
        agree that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, Holdings, the Borrowers, the other Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent,
        the Collateral Agent, the Lenders, the other Secured Parties and their respective Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the
        Administrative Agent, the Collateral Agent, the Lenders, the other Secured Parties or their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications, and hereby waives any
        claim of any breach of any such fiduciary duty.  Further, each Loan Party also hereby acknowledges that (i) none of the Administrative Agent, any Lender or the Issuing Bank has advised, nor is it advising such Loan Party as to any legal,
        accounting, regulatory or tax matters, and that each Loan Party is consulting its own advisors concerning such matters to the extent it deems appropriate and (ii) each of the Administrative Agent, the Lenders, the Issuing Bank and each of their
        respective Affiliates may have economic interests that conflict with one or more Loan Party’s interests.

     

    
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    Section 10.27          Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Solely to the extent any Lender that is
        an EEA Financial Institution is a party to this agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
        liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents
        to, and acknowledges and agrees to be bound by:

     

    (a)          the application of
        any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and

     

    (b)          the effects of any
        Bail-In Action on any such liability, including, if applicable:

     

    (i)          a reduction in full or in part or cancellation of any such liability;

     

    (ii)          a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge
          institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan
          Document; or

     

    (iii)          the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

     

    [Signature Pages Follow]

     

    
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    Annex I 

     

    Applicable Margin

     

    Revolving Loans

     

    	
            Average Daily Borrowing Availability

          	 	Revolving Loans  
	 	 	
            
              

                  Eurodollar

            

          	 	
            
              

                  ABR

            

          
	
            Level I: ≥$220,000,000

          	 	
            1.25%

          	 	
            0.25%

          
	
            Level II: <$220,000,000 but ≥
                $110,000,000

          	 	
            1.50%

          	 	
            0.50%

          
	
            Level III: <$110,000,000

          	 	
            1.75%

          	 	
            0.75%

          

    

    

    Changes in the Applicable Margin will be based on the Average Daily Borrowing Availability for the immediately preceding fiscal quarter
        and shall be calculated on the first day of each fiscal quarter. Each change in the Applicable Margin shall be effective with respect to all Loans and Letters of Credit prospectively on the first day of each fiscal quarter based on the Average Daily Borrowing Availability for the immediately preceding fiscal quarter.

     

    Notwithstanding the foregoing, the Applicable Margin shall be deemed to be in Level II (i) until the end of the first full fiscal
        quarter ending after the Closing Date and (ii) at any time during which the Borrowers have failed to deliver the Borrowing Base Certificate required by Section 5.18(a).

     

    In the event that any financial statement or Compliance Certificate delivered pursuant to Section 5.01 is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected would have led to a higher
        Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrowers shall deliver
        to the Administrative Agent a correct Compliance Certificate for such Applicable Period; (ii) the Applicable Margin shall be determined by reference to the corrected Compliance Certificate (but in no event shall the Lenders owe any amounts to the
        Borrowers); and (iii) the Borrowers shall retroactively be obligated to pay to the Administrative Agent the additional interest owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly
        applied by the Administrative Agent in accordance with the terms hereof; provided that such shortfall shall be due and payable within five Business Days
        after delivery of such corrected Compliance Certificate and no Default or Event of Default shall be deemed to have occurred solely as a result of such non-payment until the expiration of such five Business Day period.

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