Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
 EVRAZ INC. NA CANADA 

AND EACH OF THE GUARANTORS PARTY HERETO 

7.50% SENIOR SECURED NOTES DUE 2019 
  

 
 INDENTURE 

Dated as of November 7, 2014 
  

 
 The Bank of New
York Mellon 
 as Trustee and U.S. collateral agent 

and 
 BNY Trust Company of Canada

 as Canada collateral agent 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE 1

DEFINITIONS AND INCORPORATION
 BY
REFERENCE
	   
   

  

			
	 Section 1.01
	 	 Definitions
	  	 	1	  
	 Section 1.02
	 	 Other Definitions
	  	 	38	  
	 Section 1.03
	 	 Rules of Construction
	  	 	39	  
	
	 ARTICLE 2

THE NOTES
	   

  

			
	 Section 2.01
	 	 Form and Dating
	  	 	40	  
	 Section 2.02
	 	 Execution and Authentication
	  	 	40	  
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	41	  
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	41	  
	 Section 2.05
	 	 Holder Lists
	  	 	41	  
	 Section 2.06
	 	 Transfer and Exchange
	  	 	42	  
	 Section 2.07
	 	 General Provisions Relating to Global Notes
	  	 	51	  
	 Section 2.08
	 	 Replacement Notes
	  	 	52	  
	 Section 2.09
	 	 Outstanding Notes
	  	 	52	  
	 Section 2.10
	 	 Treasury Notes
	  	 	52	  
	 Section 2.11
	 	 Temporary Notes
	  	 	52	  
	 Section 2.12
	 	 Cancellation
	  	 	53	  
	 Section 2.13
	 	 Defaulted Interest
	  	 	53	  
	 Section 2.14
	 	 Interest Payments
	  	 	53	  
	
	 ARTICLE 3

REDEMPTION AND PREPAYMENT
	   

  

			
	 Section 3.01
	 	 Notices to Trustee
	  	 	54	  
	 Section 3.02
	 	 Selection of Notes to Be Redeemed
	  	 	54	  
	 Section 3.03
	 	 Notice of Redemption
	  	 	55	  
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	56	  
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	56	  
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	56	  
	 Section 3.07
	 	 Optional Redemption
	  	 	56	  
	 Section 3.08
	 	 Mandatory Redemption
	  	 	57	  
	 Section 3.09
	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	57	  
	 Section 3.10
	 	 Additional Amounts
	  	 	59	  
	 Section 3.11
	 	 Redemption for Taxation Reasons
	  	 	62	  
	
	 ARTICLE 4

COVENANTS
	   

  

			
	 Section 4.01
	 	 Payment of Notes
	  	 	63	  
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	63	  
	 Section 4.03
	 	 Reports
	  	 	63	  

							
	 Section 4.04
	 	 Compliance Certificate
	  	 	65	  
	 Section 4.05
	 	 Taxes
	  	 	65	  
	 Section 4.06
	 	 Stay, Extension and Usury Laws
	  	 	65	  
	 Section 4.07
	 	 Restricted Payments
	  	 	66	  
	 Section 4.08
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	70	  
	 Section 4.09
	 	 Incurrence of Debt and Issuance of Preferred Stock
	  	 	73	  
	 Section 4.10
	 	 Asset Sales
	  	 	76	  
	 Section 4.11
	 	 Transactions with Affiliates
	  	 	79	  
	 Section 4.12
	 	 Liens
	  	 	81	  
	 Section 4.13
	 	 Business Activities
	  	 	81	  
	 Section 4.14
	 	 Corporate Existence
	  	 	81	  
	 Section 4.15
	 	 Offer to Repurchase Upon Change of Control
	  	 	82	  
	 Section 4.16
	 	 Additional Note Guarantees
	  	 	83	  
	 Section 4.17
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	83	  
	 Section 4.18
	 	 Designation of Controlled Foreign Entities
	  	 	84	  
	 Section 4.19
	 	 Repurchase of Notes Upon Certain Permitted Payments
	  	 	84	  
	 Section 4.20
	 	 Suspension of Certain Covenants
	  	 	85	  
	
	 ARTICLE 5

SUCCESSORS
	   

  

			
	 Section 5.01
	 	 Merger, Amalgamation, Consolidation or Sale of Assets
	  	 	86	  
	 Section 5.02
	 	 Successor Corporation Substituted
	  	 	88	  
	
	 ARTICLE 6

DEFAULTS AND REMEDIES
	   

  

			
	 Section 6.01
	 	 Events of Default
	  	 	88	  
	 Section 6.02
	 	 Acceleration
	  	 	90	  
	 Section 6.03
	 	 Other Remedies
	  	 	91	  
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	91	  
	 Section 6.05
	 	 Control by Majority
	  	 	92	  
	 Section 6.06
	 	 Limitation on Suits
	  	 	92	  
	 Section 6.07
	 	 Rights of Holders of Notes to Receive Payment
	  	 	92	  
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	92	  
	 Section 6.09
	 	 Trustee May File Proofs of Claim
	  	 	93	  
	 Section 6.10
	 	 Priorities
	  	 	93	  
	 Section 6.11
	 	 Undertaking for Costs
	  	 	93	  
	
	 ARTICLE 7

TRUSTEE
	   

  

			
	 Section 7.01
	 	 Duties of Trustee
	  	 	94	  
	 Section 7.02
	 	 Rights of Trustee
	  	 	95	  
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	96	  
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	96	  
	 Section 7.05
	 	 Notice of Defaults
	  	 	96	  
	 Section 7.06
	 	 Compensation and Indemnity
	  	 	96	  
	 Section 7.07
	 	 Replacement of Trustee
	  	 	97	  
	 Section 7.08
	 	 Successor Trustee by Merger, etc.
	  	 	98	  
	 Section 7.09
	 	 Eligibility; Disqualification
	  	 	98	  

  
 ii 

							
	 ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	   

  

			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	98	  
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	98	  
	 Section 8.03
	 	 Covenant Defeasance
	  	 	99	  
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	99	  
	 Section 8.05
	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	101	  
	 Section 8.06
	 	 Repayment to Issuer
	  	 	101	  
	 Section 8.07
	 	 Reinstatement
	  	 	101	  
	
	 ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER
	   

  

			
	 Section 9.01
	 	 Without Consent of Holders of Notes
	  	 	102	  
	 Section 9.02
	 	 With Consent of Holders of Notes
	  	 	103	  
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	 	104	  
	 Section 9.04
	 	 Revocation and Effect of Consents
	  	 	104	  
	 Section 9.05
	 	 Notation on or Exchange of Notes
	  	 	105	  
	 Section 9.06
	 	 Trustee to Sign Amendments, etc.
	  	 	105	  
	
	 ARTICLE 10

COLLATERAL AND SECURITY
	   

  

			
	 Section 10.01
	 	 Security Interest
	  	 	105	  
	 Section 10.02
	 	 Equal and Ratable Sharing of Collateral by Holders of Parity Lien Debt
	  	 	106	  
	 Section 10.03
	 	 Relative Rights
	  	 	106	  
	 Section 10.04
	 	 Further Assurances
	  	 	107	  
	 Section 10.05
	 	 Insurance
	  	 	107	  
	 Section 10.06
	 	 Release of Liens in Respect of Notes
	  	 	107	  
	 Section 10.07
	 	 Authorization of Actions to Be Taken by the Trustee Under the Security Documents
	  	 	108	  
	 Section 10.08
	 	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	 	108	  
	 Section 10.09
	 	 Termination of Security Interest
	  	 	108	  
	 Section 10.10
	 	 Real Property
	  	 	109	  
	 Section 10.11
	 	 Deposit Account
	  	 	110	  
	 Section 10.12
	 	 Intercompany Notes
	  	 	110	  
	 Section 10.13
	 	 Delivery of Share Certificates
	  	 	110	  
	 Section 10.14
	 	 Trustee’s Duties with Respect to Collateral; Rights of Collateral Agent
	  	 	110	  
	
	 ARTICLE 11

NOTE GUARANTEES
	   

  

			
	 Section 11.01
	 	 Guarantee
	  	 	111	  
	 Section 11.02
	 	 Limitation on Guarantor Liability
	  	 	112	  
	 Section 11.03
	 	 Execution and Delivery of Note Guarantee
	  	 	113	  
	 Section 11.04
	 	 Releases
	  	 	113	  
	 Section 11.05
	 	 Joint and Several Liability
	  	 	114	  
	 Section 11.06
	 	 Surety
	  	 	114	  

  
 iii 

							
	 ARTICLE 12

SATISFACTION AND DISCHARGE
	   

  

			
	 Section 12.01
	 	 Satisfaction and Discharge
	  	 	114	  
	 Section 12.02
	 	 Application of Trust Money
	  	 	115	  
	
	 ARTICLE 13

MISCELLANEOUS
	   

  

			
	 Section 13.01
	 	 Notices
	  	 	116	  
	 Section 13.02
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	117	  
	 Section 13.03
	 	 Statements Required in Certificate or Opinion
	  	 	117	  
	 Section 13.04
	 	 Rules by Trustee and Agents
	  	 	118	  
	 Section 13.05
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	118	  
	 Section 13.06
	 	 Governing Law; Waiver of Trial by Jury
	  	 	118	  
	 Section 13.07
	 	 Judgment Currency
	  	 	118	  
	 Section 13.08
	 	 Consent to Jurisdiction and Service of Process
	  	 	118	  
	 Section 13.09
	 	 No Adverse Interpretation of Other Agreements
	  	 	119	  
	 Section 13.10
	 	 Successors
	  	 	119	  
	 Section 13.11
	 	 Severability
	  	 	119	  
	 Section 13.12
	 	 Counterpart Originals
	  	 	119	  
	 Section 13.13
	 	 Table of Contents, Headings, etc.
	  	 	119	  

 EXHIBITS 
  

			
	Exhibit A	 	FORM OF PARITY LIEN INTERCREDITOR AGREEMENT
	Exhibit B	 	FORM OF NOTE
	Exhibit C	 	FORM OF CERTIFICATE OF TRANSFER
	Exhibit D	 	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit E	 	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit F	 	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 SCHEDULES 
  

			
	Schedule A	 	INITIAL MORTGAGED PROPERTY

  
 iv 

 INDENTURE dated as of November 7, 2014 among Evraz Inc. NA Canada, a corporation amalgamated
under the Canada Business Corporations Act (the “Issuer”), Evraz North America Limited, a limited company organized under the laws of England and Wales (the “Parent”), the other Guarantors (as defined below), The
Bank of New York Mellon, as trustee (including its successors, in such capacity, the “Trustee”) and co-collateral agent (including its successors, in such capacity, the “U.S. collateral agent”) and BNY Trust Company
of Canada as co-collateral agent (including its successors, in such capacity, the “Canada collateral agent” and, together with the U.S. collateral agent, the “Collateral Agent”). 

The Issuer, the Guarantors, the Trustee and the collateral agent agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders (as defined below) of the 7.50% Senior Secured Notes due 2019 (the “Notes”). 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit B hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A. 
 “ABL Collateral Agent” means (1) the collateral agent under the Initial ABL Credit Facility (in
such capacity, the “Initial ABL Collateral Agent”) and/or (2) any agent or trustee under any other Additional ABL Credit Facility, in each case, together with any successor thereto and “ABL Collateral Agents” shall
mean, collectively, each ABL Collateral Agent.  
 “ABL Collateral Documents” means the “Collateral
Documents” (as defined in the Initial ABL Credit Facility) and any other agreement, document or instrument pursuant to which a Lien is granted securing any ABL Debt Obligations or under which rights or remedies with respect to such Liens are
governed (other than the Intercreditor Agreement). 
 “ABL Credit Facility” means: (1) that certain
credit agreement, dated as of December 23, 2011, among the Parent, the Issuer, Evraz Inc. NA, Canadian National Steel Corporation, EVRAZ Claymont Steel, Inc., Colorado and Wyoming Railway Company, CF&I Steel, L.P., Camrose Pipe Corporation,
OSM Distribution, Inc., Oregon Steel Mills Processing, Inc. and New CF&I, Inc. all as borrowers, General Electric Capital Corporation, as Agent for the Lenders, Bank of America, N.A., as Co-Collateral Agent, the other financial institutions
party thereto and the other persons designated as Credit Parties (as defined therein) (as further amended, restated, adjusted, waived, renewed, modified, supplemented or refinanced from time to time in accordance with the terms of the Intercreditor
Agreement, the “Initial ABL Credit Facility”), and any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as further amended, restated, adjusted, waived,
renewed, modified, supplemented or refinanced from time to time in accordance with the terms of the Intercreditor Agreement (collectively, the “Initial ABL Credit Facility Documents”) and (2) any Additional ABL Credit
Facility. 

  
 1 

 “ABL Debt” means 

(1) Debt and other “Obligations” (as defined in the Initial ABL Credit Facility) outstanding under the Initial ABL
Credit Facility on the date of this Indenture or Incurred from time to time after the date of this Indenture under the Initial ABL Credit Facility; and 

(2) additional Debt (including letters of credit and reimbursement obligations with respect thereto) of the Issuer or any
Guarantor under any Additional ABL Credit Facility that is secured by Liens on ABL Priority Collateral; provided, in the case of any additional Debt referred to in this clause (2), that: 

(a) on or before the date on which such additional Debt is Incurred by the Issuer or such Guarantor, as applicable, such
additional Debt is designated by the Issuer, in an Officer’s Certificate delivered in accordance with the terms of the Intercreditor Agreement to the Trustee, as “ABL Debt” for purposes of this Indenture and the Intercreditor
Agreement; provided, that such Debt may not be designated as both ABL Debt and Parity Lien Debt; 
 (b) the collateral
agent or other representative with respect to such Debt, has duly executed and delivered the Intercreditor Agreement (or a joinder to the Intercreditor Agreement); and 

(c) all requirements set forth in the Intercreditor Agreement as to the confirmation, grant or perfection of the ABL Collateral
Agent’s Lien to secure such additional Debt or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively established if the Issuer delivers to
the Applicable Parity Lien Representative and the Applicable ABL Collateral Agent an Officer’s Certificate stating that such requirements and other provisions have been satisfied and that such additional Debt is “ABL Debt”); 

provided that if the aggregate principal amount of the Debt (excluding any Banking Product Obligations and any Hedging Obligations)
outstanding under (1) and (2) exceeds the Intercreditor ABL Lien Cap, only that portion of the principal amount of the Debt up to the Intercreditor ABL Lien Cap shall constitute ABL Debt under the Intercreditor Agreement and only interest
and reimbursement obligations in respect of the principal amount of ABL Debt so included shall constitute ABL Debt; provided, however, that notwithstanding the foregoing, if at the time of Incurrence such Debt constituted ABL Debt, any
subsequent reduction in the Intercreditor ABL Lien Cap shall not cause such outstanding Debt to cease to be deemed ABL Debt for purposes of the Intercreditor Agreement. For the avoidance of doubt, any Debt not constituting ABL Debt, and any interest
or reimbursement obligation in respect thereof, shall not constitute ABL Debt Obligations; provided, further, no additional Debt under clause (2) above shall constitute “ABL Debt” under the Intercreditor Agreement unless
it is permitted to be Incurred by the Issuer and/or the applicable Guarantor under the Secured Documents then in effect (including, as applicable, the Initial ABL Credit Facility Documents). 

“ABL Debt Obligations” means ABL Debt Incurred and all other Obligations (excluding any Obligations that would
constitute ABL Debt) in respect thereof, together, to the extent not already included, with (1) Banking Product Obligations of the Issuer or any Guarantor that are secured, or intended to be secured, by the ABL Loan Documents if the provider of
such Banking Product Obligations is a lender under the ABL Credit Facility or an Affiliate of a lender under the ABL Credit Facility, in each case, at the time such obligation is Incurred, or has agreed to be bound by the terms of the
Intercreditor 

  
 2 

 
Agreement or such provider’s interest in the ABL Priority Collateral is subject to the terms of the Intercreditor Agreement; and (2) Hedging Obligations that are secured, or
intended to be secured, under the ABL Loan Documents if the provider of such Hedging Obligations is a lender under the ABL Credit Facility or an Affiliate of a lender under the ABL Credit Facility, in each case, at the time such obligation is
Incurred, or has agreed to be bound by the terms of the Intercreditor Agreement or such provider’s interest in the ABL Priority Collateral is subject to the terms of the Intercreditor Agreement. Notwithstanding the foregoing, if the aggregate
principal amount of Debt for borrowed money constituting principal outstanding under the ABL Loan Documents is in excess of the Intercreditor ABL Lien Cap at the time such Debt is Incurred, then only that portion of such Debt equal to the
Intercreditor ABL Lien Cap at the time such Debt is Incurred shall be included in ABL Debt Obligations and interest and reimbursement obligations with respect to such Debt shall only constitute ABL Debt Obligations to the extent related to Debt
included in the ABL Debt Obligations; provided, however, that notwithstanding the foregoing, if at the time of Incurrence such Debt constituted ABL Debt, any subsequent reduction in the Intercreditor ABL Lien Cap shall not cause such
outstanding Debt to cease to be deemed ABL Debt or ABL Debt Obligations for purposes of the Intercreditor Agreement. “ABL Debt Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an
Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant ABL Loan Document whether or not the claim for such interest is allowed as a claim in
such Insolvency or Liquidation Proceeding.  
 “ABL Lien” means a Lien granted under or pursuant to an ABL
Collateral Document, at any time, upon any property of the Issuer or any Guarantor or any other Person to secure ABL Debt Obligations.  

“ABL Loan Documents” means the ABL Credit Facility, the ABL Collateral Documents and the other Loan Documents (as
defined in the ABL Credit Facility) and each of the other agreements, documents and instruments providing for or evidencing any other ABL Debt Obligation, and any other document or instrument executed or delivered at any time in connection with any
ABL Debt Obligations, including any intercreditor or joinder agreement among holders of ABL Debt Obligations, to the extent such are effective at the relevant time, as each may be amended, supplemented, refunded, deferred, restructured, replaced,
increased or refinanced from time to time in whole or in part (whether with the Initial ABL Collateral Agent and lenders under the Initial ABL Credit Facility or other agents and lenders or otherwise), in each case in accordance with the provisions
of the Intercreditor Agreement.  
 “ABL Priority Collateral” means with respect to the Issuer, the
Guarantors and any other obligor of any ABL Debt Obligations, all (a) accounts, (b) inventory, (c) chattel paper, documents, general intangibles, instruments, or investment property, in each case evidencing or substituted for, any
account, any inventory or any other ABL Priority Collateral, (d) all deposit accounts into which any proceeds of any account, any inventory or any other ABL Priority Collateral are deposited, (e) all money, cash or Cash Equivalents
constituting proceeds of, evidencing or substituted for, any account, any inventory or any other ABL Priority Collateral, (f) all supporting obligations (including letter of credit rights that constitute supporting obligations) relating to, and
any security pledged for, any accounts, any inventory or any other ABL Priority Collateral, (g) the commercial tort claims arising from, evidencing or substituted for any account, any inventory or any other ABL Priority Collateral, (h) all
payment intangibles and instruments relating to intercompany indebtedness owing to the Issuer, any Guarantor or any other Credit Party (as defined in the agreement governing the Initial ABL Credit Facility) (including all Parent Subordinated
Indebtedness (as defined in the agreement governing the Initial ABL Credit Facility), (i) all books and records pertaining to any account, any inventory or any other ABL Priority Collateral and (j) to the extent not otherwise included, all
proceeds, insurance claims and other rights to payment related to any account, any inventory or any other ABL Priority Collateral not otherwise included in the foregoing and products of the foregoing and all accessions to, substitutions and
replacements for, and rents and profits of the foregoing, but, in the case of each of the foregoing clauses (a)-(j), other than any Excluded Property. For clarity, accounts, chattel paper, instruments and payment intangibles evidencing or comprising
identifiable proceeds of Notes Priority Collateral shall be Notes Priority Collateral. 

  
 3 

 “ABL Security Agreement” means the Guaranty and Security Agreement
described in clause (i) of the definition of Guaranty and Security Agreement in the Initial ABL Credit Facility, as further amended, restated, adjusted, waived, renewed, modified, restated or supplemented from time to time in accordance with
the terms of the Intercreditor Agreement.  
 “Acquired Debt” means Debt of a Person existing at the time the
Person merges with or into or becomes a Restricted Subsidiary and not Incurred in connection with, or in contemplation of, the Person merging with or into or becoming a Restricted Subsidiary. 

“Additional ABL Credit Facility” means one or more debt facilities, credit agreements, note purchase agreements,
commercial paper facilities, indentures or other agreements for which the requirements of the Intercreditor Agreement have been satisfied and which is so designated as ABL Debt, in each case with banks, lenders, purchasers, investors or trustees,
agents or other representatives of any of the foregoing providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables or interests in such receivables to such lenders or other persons or to
special purpose entities formed to borrow from such lenders or other persons against such receivables or sell such receivables or interests in such receivables), letters of credit, notes or other borrowings or extensions of credit, in each case, as
amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Document, including any replacement, refunding
or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender,
group of lenders, or otherwise, provided that in the case of any replacement or refinancing, the provisions of the Intercreditor Agreement are complied with and provided further that neither the Parity Lien Documents nor any
refinancing thereof shall constitute an Additional ABL Credit Facility at any time.  
 “Additional Notes”
means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes.  

“Additional Parity Lien Debt Facility” means one or more debt facilities, credit agreements, note purchase agreements,
commercial paper facilities, indentures or other agreements for which the requirements of the Intercreditor Agreement have been satisfied and which is so designated as Parity Lien Debt, in each case with banks, lenders, purchasers, investors or
trustees, agents or other representatives of any of the foregoing providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables or interests in such receivables to such lenders or other persons or
to special purpose entities formed to borrow from such lenders or other persons against such receivables or sell such receivables or interests in such receivables), letters of credit, notes or other borrowings or extensions of credit, in each case,
as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Document, including any replacement,
refunding or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent,
lender, group of lenders, or otherwise; provided that in the case of any replacement or refinancing, the provisions of the Intercreditor Agreement are complied with and provided further that neither the ABL Credit Facility nor any
refinancing thereof shall constitute an Additional Parity Lien Debt Facility. 

  
 4 

 “Affiliate” means, with respect to any Person, any other Person directly
or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”) with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise. 
 “Agent” means any Registrar, co-registrar, Paying Agent or
additional paying agent. 
 “Applicable Parity Lien Representative” means (i) prior to the payment in full of
all outstanding Obligations under the Notes, the Trustee and (ii) thereafter, the Parity Lien Representative party to the Intercreditor Agreement that represents the largest principal amount of Parity Lien Obligations.  

“Applicable Premium” means, with respect to any Note on any redemption date, the greater of (1) 1.0% of the
principal amount of such Note; and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such Note on May 15, 2017 (as stated in the table included in Section 3.07(b)
hereof), plus (ii) all required interest payments due on such Note through May 15, 2017 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over (b) the principal amount of such Note. 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means any sale, lease, transfer or other disposition of any assets by the Parent or any Restricted
Subsidiary outside the ordinary course of business, including by means of a merger, consolidation or similar transaction and including any sale or issuance of the Equity Interests of any Restricted Subsidiary (each of the above referred to as a
“disposition”), provided that the following are not included in the definition of “Asset Sale”: 

(1) a disposition to the Parent or a Restricted Subsidiary, including the sale or issuance by the Parent or any Restricted
Subsidiary of any Equity Interests of any Restricted Subsidiary to the Parent or any Restricted Subsidiary; 
 (2) the
disposition by the Parent or any Restricted Subsidiary of (i) cash and cash management investments (including Cash Equivalents), (ii) inventory and other assets acquired and held for resale, (iii) damaged, worn out, obsolete or
surplus assets or assets no longer used or useful in a Permitted Business, or (iv) rights granted to others pursuant to leases or licenses; 

(3) the sale or discount of inventory, accounts receivable or notes receivable or the conversion of accounts receivable to
notes receivable; 
 (4) a transaction covered by Section 5.01 hereof; 

(5) a Restricted Payment permitted under Section 4.07 hereof, a Permitted Investment or a Permitted Payment (other than a
Permitted Payment set forth in clause (iv) in the definition thereof); 
 (6) dispositions of accounts receivable and
related assets to a Securitization Subsidiary in connection with a Permitted Receivables Financing; 

  
 5 

 (7) a Sale and Leaseback Transaction; 

(8) the granting of any Permitted Lien; 

(9) the lease, assignment, sub-lease, license or sub-lease of any real or personal property that does not materially interfere
with the business of the Parent and its Restricted Subsidiaries, taken as a whole; 
 (10) the issuance of Disqualified Stock
of the Parent or any Restricted or of any class or series of Preferred Stock of any Restricted Subsidiary pursuant to Section 4.09 hereof; 

(11) the surrender or waiver of contract rights in connection with a settlement of claims by the Parent or any Restricted
Subsidiary; 
 (12) the transfer of assets by the Parent or any Restricted Subsidiary upon the foreclosure of a Lien not
otherwise constituting a Default or upon any condemnation, expropriation or similar action; 
 (13) the unwinding of any
Hedging Agreement; 
 (14) the issuance of director’s qualifying shares and shares issued to foreign nationals as
required by applicable law; 
 (15) the licensing or sub-licensing of intellectual property or other general intangibles that
does not materially interfere with the business of the Parent and its Restricted Subsidiaries, taken as a whole; 
 (16) any
disposition in a transaction or series of related transactions of assets with a fair market value of less than $10.0 million; 

(17) the issuance, sale or other disposition of Equity Interests in (i) any joint venture or (ii) any Subsidiary, in
each case all of which joint venture’s or Subsidiary’s assets are assets that, if disposed of in a single transaction or series of related transactions pursuant to one or more asset transfers, would not constitute an Asset Sale pursuant to
this definition; 
 (18) transfers, conveyances or other dispositions of any assets resulting from any condemnation or
eminent domain or that are subject to casualty proceedings; 
 (19) the cancellation of intercompany Debt with the Parent or
any of its Restricted Subsidiaries permitted under this Indenture; 
 (20) any exchange of assets for assets related to a
Permitted Business with a fair market value that is comparable or higher, as determined in good faith by the Board of Directors or senior management of the Parent; and 

(21) at any time prior to a Permitted Payments Fall-Away Event, any disposition by the Parent or a Restricted Subsidiary that
is a Material Subsidiary to any member of the EVRAZ Group; provided that either (i) the Parent or such Restricted Subsidiary that is a Material Subsidiary complies with each of the requirements of Section 4.10 hereof as if such
disposition were an “Asset Sale” or (ii) not later than 10 days following the consummation of such disposition, the Issuer shall make an Offer to Purchase (pursuant to procedures that are

  
 6 

 
substantially the same as those set forth under Section 4.15 hereof) all outstanding Notes at a purchase price equal to the redemption price of such Note at such time if the Issuer elected
to optionally redeem the Notes at such time as set forth under Section 3.07(b) or (c) (as applicable). 

“Attributable Debt” means, in respect of a Sale and Leaseback Transaction the present value, discounted at the
interest rate implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for rental payments during the remaining term of the lease in the Sale and Leaseback Transaction. 

“Average Life” means, with respect to any Debt, the quotient obtained by dividing (i) the sum of the products of
(x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y) the amount of such principal payment by (ii) the sum of all such principal payments. 

“Banking Product Obligations” means, with respect to the Issuer or any Guarantor, any obligations of the Issuer or
such Guarantor owed to any Person in respect of treasury management services (including, without limitation, services in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated
clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depositary, information reporting, lock-box and stop payment services), commercial credit card and merchant card services, stored value card
services, other cash management services, or lock-box leases and other banking products or services related to any of the foregoing.  

“Bankruptcy Law” means Title 11, U.S. Code, the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the restructuring provisions of Canadian corporate statutes, each as now and hereafter in effect, any successors to such statutes or any similar federal,
provincial or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the
meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms “Beneficially Owns,” “Beneficially Owned” and “Beneficial Ownership” have a corresponding meaning. 

“Board of Directors” means the board of directors of the Parent or any duly authorized committee thereof. 

“Borrowing Base” means, as of any date, the sum of (1) 70.0% of the book value of the inventory of the Issuer and
the Guarantors as of the end of the most recent fiscal quarter preceding such date for which financial statements are available, and (2) 85.0% of the book value of the accounts receivable of the Issuer and the Guarantors as of the end of the
most recent fiscal quarter preceding such date for which financial statements are available, in each case calculated on a combined basis in accordance with GAAP (calculated on a pro forma basis to give effect to any Investment, acquisition,
disposition, mergers, consolidations and dispositions, in each case with such pro forma adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio) and excluding any such
receivables that are the subject of a Permitted Receivables Financing. 
 “Business Day” means any day other than a
Legal Holiday. 
 “Canada Collateral Agent” means BNY Trust Company of Canada until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

  
 7 

 “Canadian Government Obligations” means obligations issued or directly
and fully guaranteed or issued by Canada or by any agent instrumentality thereof, provided that the full faith and credit of Canada is pledged in support thereof. 

“Capital Lease” means, with respect to any Person, any lease of any property which, in conformity with GAAP, is
required to be capitalized on the balance sheet of such Person; provided that in no event shall an operating lease be considered a Capital Lease solely by virtue of a change in GAAP after the Issue Date. 

“Capital Stock” means, with respect to any Person, any and all shares of stock of a corporation, partnership interests
or other equivalent interests (however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such Person, but
not including Debt that is convertible into equity. 
 “Cash Equivalents” means 

(1) United States dollars, Canadian dollars, or money in other currencies received in the ordinary course of business, 

(2) U.S. Government Obligations or Canadian Government Obligations or certificates representing an ownership interest in U.S.
Government Obligations or Canadian Government Obligations, as applicable, with maturities not exceeding one year from the date of acquisition, 

(3) (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less from the date
of acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of the
United States or Canada or any state or province thereof having capital, surplus and undivided profits in excess of $500.0 million (or the equivalent thereof in Canadian dollars) whose short-term debt is rated “A-2” or higher by S&P or
“P-2” or higher by Moody’s, 
 (4) repurchase obligations with a term of not more than seven days for
underlying securities of the type described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

(5) commercial paper rated at least P-1 by Moody’s or A-1 by S&P and maturing within one year after the date of
acquisition, 
 (6) Debt issued by Persons (other than an Affiliate of the Parent) with a rating of “A” or higher
from S&P or “A-2” or higher from Moody’s, in each case with maturities not exceeding one year from the date of acquisition; 

(7) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state,
province, commonwealth or territory of the United States or Canada, by an political subdivision or taxing authority of any such state, province, commonwealth, province or territory or by any foreign government, the securities of which state,
commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A-2 by S&P or P-2 by Moody’s; and 

(8) money market funds at least 95% of the assets of which consist of Investments of the type described in clauses
(1) through (7) above. 

  
 8 

 “CFC” means a controlled foreign corporation as defined under Section 957
of the Code. 
 “Change of Control” means: 

(1) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Exchange Act), other than Permitted Holders, is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Parent or the Issuer, unless the Permitted Holders (without giving effect
to ownership through a group attributable to persons other than Permitted Holders) are the Beneficial Owners of more than 50% of the total voting power of the Voting Stock of each of the Parent and the Issuer; 

(2) the merger or consolidation of the Parent or the Issuer with or into another Person or the merger of another Person with or
into the Parent or the Issuer, or the sale of all or substantially all the assets of the Parent or the Issuer to another Person, (in each case, unless such other Person is a Permitted Holder) unless the ultimate holders of a majority of the
aggregate voting power of the Voting Stock of the Parent or the Issuer, immediately prior to such transaction, beneficially own securities of the surviving or transferee Person that represent, immediately after such transaction, at least a majority
of the aggregate voting power of the Voting Stock of the surviving Person; or 
 (3) the adoption of a plan relating to the
liquidation or dissolution of the Parent or the Issuer, except in connection with a sale, conveyance, transfer or other disposition of all or substantially all of such Person’s assets or an acquisition of Capital Stock of such Person that would
not otherwise constitute a Change of Control. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of
Control if (a) the Parent becomes a direct or indirect Subsidiary of a holding company, (b) such holding company beneficially owns, directly or indirectly, 100% of the Capital Stock of the Parent and (c) upon completion of such
transaction, the ultimate Beneficial Ownership of the Parent has not been modified by such transaction. 
 “Clearstream”
means Clearstream Banking, S.A. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all the assets and properties subject to the Liens created by the security documents. 

“Consolidated Net Income” means, for any period, the aggregate net income (or loss) of the Parent and its Restricted
Subsidiaries for such period determined on a combined basis in conformity with GAAP, provided that the following (without duplication) will be excluded in computing Consolidated Net Income: 

(1) the net income (but not loss) of any Person that is not a Restricted Subsidiary, except to the extent of the dividends or
other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Parent or any of the Restricted Subsidiaries (subject to clause (3) below) by such Person during such period; 

  
 9 

 (2) any net income (or loss) of any Person acquired in a pooling of interests
transaction for any period prior to the date of such acquisition; 
 (3) solely for the purpose of determining the amount
available for Restricted Payments under Section 4.07(a)(3) hereof, the net income (but not loss) of any Restricted Subsidiary (other than a Guarantor) to the extent that the declaration or payment of dividends or similar distributions by such
Restricted Subsidiary of such net income would not have been permitted for the relevant period by charter or by any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary,
unless such restriction with respect to the payment of dividends or similar distributions has been legally waived, provided that the Consolidated Net Income of such Person will be increased by the amount of dividends or other distributions or
other payments actually paid in cash (or to the extent converted into cash) to such Person or a Restricted Subsidiary thereof in respect of such period, to the extent not otherwise included therein; 

(4) any net gains or losses attributable to business dispositions or sales of assets or the extinguishment of Debt; 

(5) any net extraordinary gains or losses, expenses or charges; 

(6) non-cash restructuring charges; 

(7) unrealized gains or losses relating to Hedging Agreements and mark-to-market of Debt denominated in foreign currencies;

 (8) any amortization of intangible assets and any asset impairment charges (other than inventory write-downs) and any
non-cash compensation charges; 
 (9) any non-cash expense realized or resulting from stock option plans, employee benefit
plans or post-employment benefit plans, grants and sales of stock, stock appreciation or similar rights, stock options or other rights of such Person or any of its Restricted Subsidiaries; 

(10) non-cash charges for deferred Tax asset valuation allowances; 

(11) any non-cash interest expense or interest that was capitalized, in each case, in respect of Subordinated Shareholder
Funding; and 
 (12) the cumulative effect of a change in accounting principles; 

provided further that any payments made during such period pursuant to clause (b)(14) under Section 4.07 hereof shall be included in computing
Consolidated Net Income (to the extent not otherwise included).  
 “Consolidated Senior Secured Leverage
Ratio” means, with respect to any specified Person for any period, the ratio of (i) (x) the aggregate principal amount of Parity Lien Debt and ABL Debt of such Person as of the Consolidated Senior Secured Leverage Ratio Calculation
Date plus (y) the remaining available capacity under clause (3)(b) of the definition of “Permitted Debt” as of such date, to (ii) the EBITDA of such Person for the period of four consecutive fiscal quarters for which
internal financial statements are available immediately preceding the date of the event for which the calculation of the Consolidated Senior Secured Leverage Ratio is made (for purposes of this definition, the “Consolidated Senior Secured
Leverage Ratio Reference Period”). In the event that the specified Person or any of its  

  
 10 

 
Restricted Subsidiaries Incurs, assumes, Guarantees, repays, repurchase, redeems, defeases or otherwise discharges any Debt for borrowed money that is secured by a Lien, in each case,
subsequent to the commencement of the Consolidated Senior Secured Leverage Ratio Reference Period and on or prior to the date of the event for which the calculation of the Consolidated Senior Secured Leverage Ratio is made (for purposes of this
definition, the “Consolidated Senior Secured Leverage Ratio Calculation Date”), then the Consolidated Senior Secured Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, assumption, Guarantee, repayment,
repurchase, redemption, defeasance or other discharge of such secured Debt, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the Consolidated Senior Secured Leverage Ratio Reference Period. In addition, the
Consolidated Senior Secured Leverage Ratio shall be determined with such pro forma adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Consolidated Tangible Assets” means at any time the combined total assets of the Parent and its Restricted
Subsidiaries set forth on the Parent’s most recent consolidated balance sheet delivered pursuant to Section 4.03 hereof, excluding goodwill and other intangible assets, calculated on a consolidated basis in accordance with GAAP;
provided that Consolidated Tangible Assets shall be calculated after giving pro forma effect to any Investments, acquisitions or dispositions occurring subsequent to the date of such balance sheet, as well as any such transaction giving rise
to the need to calculate Consolidated Tangible Assets.  
 “continuing” means, with respect to any Default or
Event of Default, that such Default or Event of Default has not been cured or waived.  
 “Control Agreement”
means a deposit account, securities account or commodities account control agreement providing the Trustee “control” of such deposit account, securities account or commodities account within the meaning of Articles 8 and 9 of the UCC.

 “Controlled Foreign Guarantor” means any Guarantor that (i) is a CFC or (ii) owns no material
assets other than direct or indirect equity interests (including, for this purpose, any debt or other instrument treated as equity for U.S. federal income Tax purposes) in one or more CFCs. 

“Corporate Trust Office of the Trustee” means the address of the Trustee specified in Section 13.01 hereof or
such other address as to which the Trustee may give notice to the Issuer. 
 “Credit Facilities” means one or
more debt facilities (including, without limitation, the ABL Credit Facility), credit agreements, commercial paper facilities, note purchase agreements, indentures, or other agreements, in each case with banks, lenders, purchasers, investors,
trustees, agents or other representatives of any of the foregoing, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables or interests in receivables to such lenders or other Persons or to
special purpose entities formed to borrow from such lenders or other Persons against such receivables or sell such receivables or interests in receivables), letters of credit, notes or other borrowings or other extensions of credit, including any
notes, mortgages, deeds to secure debt, deeds of trust, debentures, Guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case, as amended, restated, modified, renewed, refunded, restated,
restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any replacement, refunding or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or alters
the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender, group of lenders, or otherwise.  

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

  
 11 

 “Debt” means, with respect to any Person, without duplication, 

(1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments,
excluding obligations in respect of trade letters of credit or bankers’ acceptances issued in respect of trade payables to the extent not drawn upon or presented, or, if drawn upon or presented, the resulting obligation of the Person is paid
within 10 business days; 
 (4) all obligations of such Person to pay the deferred and unpaid purchase price of property or
services which are recorded as liabilities under GAAP, excluding trade payables and other accrued liabilities arising in the ordinary course of business; 

(5) all obligations of such Person as lessee under Capital Leases; 

(6) all obligations of such Person or any Securitization Subsidiary of such Person in connection with a Permitted Receivables
Financing; 
 (7) Attributable Debt; 

(8) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed; 

(9) all Debt of other Persons secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such
Person; and 
 (10) net obligations of such Person under Hedging Agreements, 

if and to the extent that any of the foregoing (other than letters of credit, obligations in connection with a Permitted Receivables Financing and Debt
under Hedging Agreements) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Debt of any direct or indirect parent of the Parent appearing upon the
balance sheet of the Parent solely by reason of push-down accounting under GAAP shall be excluded; and provided, further, that notwithstanding the foregoing, Debt shall not be deemed to include contingent obligations Incurred in the
ordinary course of business and not in respect of borrowed money. 
 The amount of Debt of any Person will be deemed to be: 

(A) with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation; 
 (B) with respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation,
contingent or otherwise, of such Person, the lesser of (x) the fair market value of such asset on the date the Lien attached and (y) the amount of such Debt; 

(C) with respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized
portion of the original issue discount of such Debt; 

  
 12 

 (D) with respect to any Hedging Agreement, the net amount payable if such Hedging
Agreement terminated at that time due to default by such Person; 
 (E) with respect to any obligations in connection with a
Permitted Receivables Financing, the Receivables Financing Amount; and 
 (F) otherwise, the outstanding principal amount
thereof, 
 (it being understood that no amounts will be deemed to be outstanding under any undrawn letters of credit or revolving credit facility
until drawn), provided, that a change in GAAP that results in an obligation of the Parent or any of its Restricted Subsidiaries that exists at the time of such change, and is not theretofore classified as Debt, becoming Debt shall not be
deemed to be Debt for purposes of this Indenture. 
 For the avoidance of doubt, the term “Debt” shall not include:
(i) non-interest bearing installment obligations, contingent obligations Incurred in the ordinary course of business and accrued liabilities Incurred in the ordinary course of business that are not more than 90 days past due; (ii) any
Subordinated Shareholder Funding, (iii) any prepayments or deposits received from customers or obligations in respect of funds held on behalf of customers (including, without limitation, in relation to periodic purchase volume or sales
incentive rebates), in each case, in the ordinary course of business; (iv) any obligations under any license, permit or approval or guarantees thereof Incurred prior to the Issue Date in the ordinary course of business; and (v) in
connection with the purchase by the Parent or any Restricted Subsidiary of any business, any post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such
payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and
determined, the amount is paid in a timely manner. 
 “Default” means any event that is, or after notice or passage of time
or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit B hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the
Global Note” attached thereto. 
 “Deposit Account” each deposit, securities, commodity or similar
account maintained by the Issuer or any Guarantor as of or after the Issue Date into which the proceeds of Collateral are or may be deposited (other than (i) any payroll account so long as such payroll account is a zero balance account,
(ii) withholding tax accounts, (iii) fiduciary accounts, (iv) disbursement accounts and (v) deposit accounts with an amount on deposit of (x) less than $1,000,000 at any time with respect to any particular deposit account
and (y) less than $2,500,000 at any time in the aggregate for all such deposit accounts). 

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

“Designated Non-cash Consideration” means the fair market value of non-cash consideration received by the Parent or a
Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of
the Parent, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 

  
 13 

 “Designated Preferred Stock” means Preferred Stock of the Parent (other than
Disqualified Stock) that is issued for cash (other than to the Parent or any of its Subsidiaries) and is so designated as Designated Preferred Stock pursuant to an Officer’s Certificate on the issuance date thereof. 

“Disqualified Equity Interests” means that portion of any Equity Interests that by their terms or upon the happening
of any event are 
 (1) required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity
of the Notes for consideration other than Qualified Equity Interests, or 
 (2) convertible at the option of the holder into
Disqualified Equity Interests or exchangeable for Debt; 
 provided that Equity Interests will not constitute Disqualified Equity Interests solely
because of provisions giving holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those provisions 

(A) are no more favorable to the holders in any material respect than those contained in Sections 4.10 and 4.15 hereof, and

 (B) specifically state that repurchase or redemption pursuant thereto will not be required prior to the Issuer’s
repurchase of the Notes as required by this Indenture. 
 “Disqualified Stock” means Capital Stock constituting
Disqualified Equity Interests. 
 “EBITDA” means, for any period, the sum of 

(1) Consolidated Net Income, plus 

(2) Fixed Charges, to the extent deducted in calculating Consolidated Net Income, plus 

(3) to the extent deducted in calculating Consolidated Net Income and as determined on a combined basis for the Parent and its
Restricted Subsidiaries in conformity with GAAP: 
 (A) income Taxes, other than income Taxes or income Tax adjustments
(whether positive or negative) attributable to business dispositions or extraordinary gains or losses; 
 (B) depreciation,
amortization, impairment and all other non-cash items reducing Consolidated Net Income (not including non-cash charges in a period which reflect cash expenses paid or to be paid in another period), less all non-cash items increasing Consolidated Net
Income; 
 (C) any foreign currency translation gains or losses (including gains or losses related to currency remeasurements
of Debt) of such Person and its Restricted Subsidiaries for such period, to the extent that such gains or losses were taken into account in computing Consolidated Net Income; 

  
 14 

 (D) any non-cash after-Tax loss from disposed or discontinued operations, to the
extent such losses were deducted in computing Consolidated Net Income; 
 (E) the amount of net cost savings and operating
efficiencies projected by such Person in good faith to be realized as a result of specified actions taken or expected to be taken prior to or during such period (calculated on a pro forma basis as though such cost savings, operational improvements
and synergies had been realized on the first day of such period) and which are expected to be realized within 12 months of the date thereof, net of the amount of actual benefits realized during such period from such actions; provided that
(x) such cost savings and operating efficiencies are reasonably identifiable and factually supportable and (y) the aggregate amount of cost savings added pursuant to this clause (E) shall not exceed the greater of (i) $10.0
million and (ii) 5% of the EBITDA of such Person for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of determination (calculated on a pro forma basis as
though such cost savings had been realized on the first day of such period), for any four consecutive quarter period (which adjustments may be incremental to pro forma adjustments made pursuant to the second paragraph of the definition of
“Fixed Charge Coverage Ratio”); 
 (F) to the extent actually reimbursed (and to the extent such reimbursement
proceeds are not included in computing such Consolidated Net Income), expenses Incurred to the extent covered by indemnification provisions in any agreement in connection with an acquisition; 

(G) all non-recurring or unusual losses (and less all non-recurring or unusual gains), including, without limitation, any
(i) severance, relocation or other restructuring expenses, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to new product
lines, plant shutdown costs, curtailments or modifications to pension and post-retirement employee benefits plans, excess pension charges, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs,
signing, retention or completion bonuses and (ii) any fees, expenses or charges related to any Equity Offering, Permitted Investment, acquisition, disposition, Permitted Receivables Financing, recapitalization or issuance, repayment,
Incurrence, refinancing, amendment or modification of Debt permitted to be Incurred by this Indenture (in each case, whether or not successful), which shall include for purposes of this clause (G), any of the Transactions; and 

(H) all other non-cash items (excluding the recognition of deferred revenue or any items which represent the reversal of any
accrual of, or cash reserve for, anticipated cash charges in any prior period and any items for which cash was received in a prior period), 

provided that, with respect to any Restricted Subsidiary, such items will be added (or subtracted, if applicable) only to the extent
and in the same proportion that the relevant Restricted Subsidiary’s net income was included in calculating Consolidated Net Income. 

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase,
Capital Stock, but excluding Debt convertible into equity.  

  
 15 

 “Equity Offering” means a primary public offering or private placement,
after the Issue Date, of Qualified Equity Interests of the Parent (or any direct or indirect parent of Parent, the proceeds of which are contributed to Parent or any Restricted Subsidiary as common equity) other than an issuance registered on Form
F-4 or S-8 or any successor thereto or any issuance pursuant to employee benefit plans or otherwise in compensation to Officers, directors or employees; provided, however, that any such issuance or contribution will not constitute an
“Equity Offering” to the extent the proceeds of such issuance or contribution are used to repurchase, redeem or otherwise acquire for value the Existing Minority Interest.  

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

“EVRAZ Group” means EVRAZ plc and its subsidiaries (excluding the Parent and its Subsidiaries). 

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

“Excluded Contributions” means the cash or Cash Equivalents or other assets (valued at their fair market value as
determined in good faith by the Board of Directors or senior management of the Parent) received by the Parent after the Issue Date from:  

(1) contributions to its common equity; and 

(2) the sale (other than to a Subsidiary of the Parent or to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of the Parent or any Subsidiary of the Parent, to the extent such sale to such equity, stock option or other plan is financed by loans from or guaranteed by, the Parent or any Restricted Subsidiary)
of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent, in each case designated as Excluded Contributions pursuant to an Officer’s Certificate of the Parent delivered to the Trustee and the cash proceeds
of which are excluded from the calculation set forth under clause (3) of Section 4.07(a) hereof. 
 “Excluded
Property” (a) with respect to the ABL Priority Collateral comprises the property and assets set forth in clause (i) of the definition of “Excluded Collateral” in the ABL Security Agreement as in effect on the date of the
Intercreditor Agreement, and (b) with respect to the Notes Priority Collateral comprises the following property and assets, none of which will be included in the Collateral:  

(1) any property to the extent that a grant of a security interest in such property is prohibited by any law, treaty, rule or
regulation or determination of an arbitrator or a court of a governmental authority or agency, requires a consent not obtained of any governmental authority or agency pursuant to such law, treaty, rule or regulation or determination of an arbitrator
or a court of a governmental authority or agency, or is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, the terms of any contract, license, lease, mortgage, deed to
secure debt, deed of trust, security agreement or other agreement, instrument or other document evidencing or, giving rise to such property or, in the case of any “investment property” as such term is defined in Section 9-102(a)(49)
of the New York UCC or PPSA, including promissory notes and capital stock, any applicable shareholder or similar agreement, except to the extent that such law, treaty, rule or regulation or determination of an arbitrator or a court of a governmental
authority or agency or such terms in such contract, license, lease, mortgage, deed to secure debt, deed of trust, security agreement or other agreement, instrument or other document of shareholder or similar agreement providing for such prohibition,
breach, default or termination or requiring such consent are ineffective to prevent the grant of a security interest under applicable law; 

  
 16 

 (2) any “intent-to-use” application for registration of a mark filed
pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of
the Lanham Act with respect thereto, solely to the extent, if any, that and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such
intent-to-use application under applicable federal law; 
 (3) any equipment or other asset owned by the Issuer or any
Guarantor that is subject to a purchase money lien or a Capital Lease, in each case, as permitted under this Indenture, if the contract or other agreement pursuant to which the Lien is granted (or the documentation providing for such Capital Lease)
prohibits or requires the consent of any Person other than the Parent or any Restricted Subsidiary as a condition to the creation of any other security interest in such equipment or asset and, in each case, the prohibition or requirement is
permitted under this Indenture; 
 (4) motor vehicles the perfection of a security interest in which is excluded from the UCC
in the relevant jurisdiction; 
 (5) any property acquired after the date hereof, and any property of any Person acquired
after the date hereof, that on the date of acquisition are subject to Liens not created in connection with (or in anticipation of) the acquisition of such property or Person so long as the documents governing such Liens do not permit any other Liens
on such property; 
 (6) any pledge by a Guarantor that is a United States Person within the meaning of Section 957(c)
of the Code in excess of 65% of the issued and outstanding Capital Stock entitled to vote (within the meaning of Treasury Regulation section 1.956-2(c)(2)) of any direct or indirect Subsidiary of the Parent that (a) is a CFC or (b) owns no
material assets other than direct or indirect equity interests (including, for this purpose, any debt or other instrument treated as equity for U.S. federal income Tax purposes) in one or more CFCs (including any Subsidiary that becomes a Person
described in clauses (a) or (b) above at any time after all or any portion of its Capital Stock is pledged pursuant to the Parity Lien Documents); and 

(7) (a) any interest in real property for which the Issuer and the Guarantors are not required under this Indenture to grant a
mortgage to secure the Notes as of the date of this Indenture, (b) any fee owned real property acquired after the date of this Indenture with a fair market value of less than $3.0 million, (c) any leased real property (other than ground
leases) and (d) any ground-leased real property acquired after the date of this Indenture with a fair market value less than $3.0 million. 

“Existing Shareholder Loans” means, collectively (i) Loan Contract No. KGOK-EICA-02, dated December 27,
2012, between the Issuer and JSC EVRAZ Kachkanarsky Ore Mining and Processing Plant and (ii) Loan Contract No. KGOK-EICA-03, dated October 13, 2014, between EVRAZ Inc. NA Canada and JSC EVRAZ Kachkanarsky Ore Mining and Processing Plant,
in each case, as such loans may be amended or assigned from time to time. 
 “Existing Minority Interest”
means the Issuer’s common shares owned by Evraz Group S.A. as of the date of this Indenture, or any Equity Interest issued in respect thereof or in exchange therefor, until such time as such common shares or other Equity Interest is repurchased
or otherwise acquired for value by the Parent. 

  
 17 

 “fair market value” means the value that would be paid by a willing buyer
to an unaffiliated willing seller, determined in good faith by the Board of Directors (unless otherwise provided in this Indenture). 

“Fixed Charge Coverage Ratio” means, on any date (the “transaction date”), the ratio of 

(x) the aggregate amount of EBITDA of the Parent and its Restricted Subsidiaries on a combined basis for the four fiscal quarters immediately
prior to the transaction date for which internal financial statements are available (the “reference period”) to 
 (y) the
aggregate Fixed Charges of the Issuer and their Restricted Subsidiaries on a combined basis during such reference period. 
 In making the
foregoing calculation, 
 (1) pro forma effect will be given to any Debt, Disqualified Stock or Preferred Stock Incurred
during or after the reference period to the extent the Debt is outstanding or is to be Incurred on the transaction date as if the Debt, Disqualified Stock or Preferred Stock had been Incurred on the first day of the reference period; 

(2) pro forma calculations of interest on Debt bearing a floating interest rate will be made as if the rate in effect on the
transaction date (taking into account any Hedging Agreement applicable to the Debt if the Hedging Agreement has a remaining term of at least 12 months) had been the applicable rate for the entire reference period; 

(3) Fixed Charges related to any Debt, Disqualified Stock or Preferred Stock no longer outstanding or to be repaid or redeemed
on the transaction date, except for Interest Expense accrued during the reference period under a revolving credit facility to the extent of the average daily balance under such facility during the reference period (or under any successor revolving
credit facility) in effect on the transaction date, will be excluded; 
 (4) pro forma effect will be given to 

(A) the creation, designation or redesignation of Restricted and Unrestricted Subsidiaries, 

(B) the acquisition or disposition of companies, divisions or lines of businesses by the Parent or any Restricted Subsidiary,
including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Restricted Subsidiary after the beginning of the reference period, and 

(C) the discontinuation of any discontinued operations but, in the case of Fixed Charges, only to the extent that the
obligations giving rise to the Fixed Charges will not be obligations of the Parent or any Restricted Subsidiary following the transaction date, 

  
 18 

 in each case that have occurred since the beginning of the reference period as if such events had occurred, and,
in the case of any disposition, the proceeds thereof applied, on the first day of the reference period. To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma
calculation will be based upon the most recent four full fiscal quarters for which the relevant financial information is available. 
 For
purposes of this definition, whenever pro forma effect is to be given to any transaction or event (a “pro forma event”), the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Parent.
Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Parent, to reflect (1) operating expense reductions and other operating improvements or synergies that have resulted or are
reasonably expected to result from the applicable pro forma event within 12 months of the date on which the pro forma calculation is being made, and (2) all adjustments of the nature used in connection with the calculation of “Adjusted
EBITDA” as set forth in “Summary Combined Financial Information and Other Data” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to the applicable reference period. 

“Fixed Charges” means, for any period, the sum of 

(1) Interest Expense for such period; and 

(2) cash and non-cash dividends paid, declared, accrued or accumulated on any Disqualified Stock or Preferred Stock of the
Parent or a Restricted Subsidiary, except for dividends payable in the Parent’s Capital Stock (other than Disqualified Stock) or paid to the Parent or to a Restricted Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time.
At any time after the Issue Date, the Parent may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this
Indenture); provided, that any calculation or determination in this Indenture that require the application of GAAP for periods that include fiscal quarters ended prior to the Parent’s election to apply IFRS shall remain as previously
calculated or determined in accordance with GAAP; provided, further, that the Parent may only make such election if it also elects to provide any subsequent financial reports required to be made by the Parent, pursuant to the covenants
set forth under Section 4.03, in accordance with IFRS. The Parent shall give notice of any such election made in accordance with this definition to the Trustee and the Holders. 

“Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on
all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of
the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit B hereto and that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. 

“Governmental Authority” means any nation, sovereign or government, any state, province, territory or other political
subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or pertaining to government, including a central bank or stock exchange. 

  
 19 

 “Guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Debt or other obligation of any other Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business) and, without limiting the generality of the foregoing, any
obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other
manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor” means (i) the Parent and each Restricted Subsidiary that provides a Guarantee under the Initial ABL
Credit Facility (other than the Issuer) and (ii) each Restricted Subsidiary that executes a supplemental indenture providing for the guaranty of the payment of the Notes, or any successor obligor under its Note Guarantee pursuant to
Section 5.01 hereof, in each case unless and until such Guarantor is released from its Note Guarantee pursuant to this Indenture. 

“Hedging Agreement” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement
designed to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates or (iii) any commodity
or raw material futures contract or any other agreement designed to protect against fluctuations in commodity or raw material or other input prices, including, in each case, any ancillary or related agreement providing for the Guarantee of or Lien
to secure obligations in respect thereof. 
 “Hedging Obligations” means, with respect to any Person, the
obligations of such Person under any Hedging Agreement. 
 “Holder” means a Person in whose name a Note is registered. 

“IAI Global Note” means a Global Note substantially in the form of Exhibit B hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. 
 “IFRS” means the international accounting standards promulgated by the International Accounting
Standards Board and its predecessors, as adopted by the European Union, as in effect from time to time.  

“Immaterial Subsidiary” means any Restricted Subsidiary, the total assets of which do not exceed $5.0 million;
provided that such Subsidiary does not Guarantee any other Debt of the Issuer or any Guarantor.  

“Incur” means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or Guarantee such Debt or
Capital Stock. If any Person becomes a Restricted Subsidiary on any date after the date of this Indenture (including by redesignation of an Unrestricted Subsidiary or failure of an Unrestricted Subsidiary to meet the qualifications necessary to
remain an Unrestricted Subsidiary), the Debt and Capital Stock of such Person outstanding on such date will be deemed to have been Incurred by such Person on such date for purposes of “Limitation on Debt and Disqualified or Preferred
Stock”, but will not be considered the sale or issuance of Equity Interests for purposes of “Limitation on Asset Sales.” 

  
 20 

 
The accretion of original issue discount or accretion or payment of interest or dividends in kind (or deferral of interest as permitted by the terms of the applicable Debt instrument) and the
obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption or mailing of a mandatory Offer to Purchase such Debt will not be considered an Incurrence of Debt. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $350.0 million aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Insolvency or Liquidation Proceeding” means: 

(1) any voluntary or involuntary case commenced by or against the Issuer or any Guarantor under Bankruptcy Law, any other
proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Issuer or any Guarantor, any receivership or assignment for the benefit of creditors relating to the Issuer or any Guarantor or any
similar case or proceeding relative to the Issuer or any Guarantor or its creditors, as such, in each case whether or not voluntary; 

(2) any liquidation, foreclosure, power of sale, dissolution, marshalling of assets or liabilities or other winding up of or
relating to the Issuer or any Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency, unless otherwise permitted by the Secured Documents; 

(3) any proceeding seeking the appointment of a trustee, receiver, liquidator, custodian or other insolvency official with
respect to the Issuer or any Guarantor or any of their assets; 
 (4) any other proceeding of any type or nature in which
substantially all claims of creditors of the Issuer or any Guarantor are determined and any payment or distribution is or may be made on account of such claims; or 

(5) any analogous procedure or step in any jurisdiction. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Intercreditor ABL Lien
Cap” means, as of any date of determination, the greatest of (1) $635.0 million, (2) $25.0 million plus the amount of the ABL Permitted Commitments and (3) $25.0 million plus the amount of the Borrowing Base of all of the
Borrowers (as defined in the Initial ABL Credit Facility).  
 “Intercreditor Agreement” means the
Intercreditor Agreement dated as of the Issue Date, among the Parity Lien Representative, the Trustee, the U.S. collateral agent, the Canada collateral agent, the Issuer, General Electric Capital Corporation as initial ABL collateral agent and the
other grantors referred to therein, as the same may be amended, supplemented or otherwise modified from time to time. 

“Interest Expense” means, for any period, the combined interest expense of the Parent and its Restricted Subsidiaries, plus,
to the extent not included in such combined interest expense, and to the 

  
 21 

 
extent incurred, accrued or payable by the Parent or any Restricted Subsidiary, without duplication, (i) interest expense attributable to Sale and Leaseback Transactions,
(ii) amortization of debt discount and debt issuance costs, but excluding amortization of deferred financing charges incurred in respect of the Notes and the Initial ABL Credit Facility on or prior to the Issue Date, (iii) capitalized
interest (excluding non-cash interest in respect of any Subordinated Shareholder Funding), (iv) non-cash interest expense, (v) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’
acceptance financing, (vi) net costs associated with Hedging Agreements (including the amortization of fees), (vii) any of the above expenses with respect to Debt of another Person guaranteed by the Parent or any of the Restricted
Subsidiaries and (viii) any premiums, fees, discounts, expenses and losses on the sale of accounts receivable (and any amortization thereof) payable by the Parent or any Restricted Subsidiary in connection with a Permitted Receivables
Financing, as determined on a consolidated basis and in accordance with GAAP. 
 “Investment” means 

(1) any direct or indirect advance, loan or other extension of credit to another Person, 

(2) any capital contribution to another Person, by means of any transfer of cash or other property or in any other form, 

(3) any purchase or acquisition of Equity Interests, bonds, Notes or other Debt, or other instruments or securities issued by
another Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services, or 

(4) any Guarantee of any obligation of another Person. 

If the Parent or any Restricted Subsidiary (x) sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary so that, after giving effect to that sale or disposition, such Person is no longer a Subsidiary of the Parent, or (y) designates any Restricted Subsidiary as an Unrestricted Subsidiary in accordance with the provisions of this
Indenture, all remaining Investments of the Parent and its Restricted Subsidiaries in such Person shall be deemed to have been made at such time. 

“Investment Grade” means BBB- or higher by S&P and Baa3 or higher by Moody’s, or the equivalent of such
ratings by another Rating Agency (in each case, without regard to outlook). 
 “Issue Date” means the date on which
the Notes are originally issued under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on
which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

“Lien” means, with respect to any asset, any mortgage, hypothecation, deed of trust, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including (1) any conditional sale or other title retention agreement, or (2) any lease in the nature
thereof. 

  
 22 

 “Lien Sharing and Priority Confirmation” means: 

(1) as to any Series of Parity Lien Debt, the written agreement of the Parity Lien Representative of such Series of Parity Lien
Debt and holders of such Series of Parity Lien Debt or as set forth in the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, for the benefit of all holders of Parity Lien Debt, all holders of ABL Debt, the ABL
Collateral Agents and each then present or future Parity Lien Representative: 
 (A) that all Parity Lien Obligations will be
and are secured equally and ratably by all Parity Liens at any time granted by the Issuer or any Guarantor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon property otherwise constituting Collateral, and
that all such Parity Liens will be enforceable by the applicable Parity Lien Representative for the benefit of all holders of Parity Lien Obligations equally and ratably; 

(B) that the holders of Obligations in respect of such Series of Parity Lien Debt are bound by the provisions of the Parity
Lien Intercreditor Agreement, including the provisions relating to the ranking of Parity Liens and the order of application of proceeds from enforcement of Parity Liens; 

(C) consenting to the terms of the Parity Lien Intercreditor Agreement and the Trustee’s performance of, and directing the
Trustee to perform, its obligations under the Intercreditor Agreement; and 
 (2) as to any Series of ABL Debt, the written
agreement of the collateral agent or other representative with respect to such Series of ABL Debt, the holders of such Series of ABL Debt or as set forth in the credit agreement, indenture or other agreement governing such Series of ABL Debt, for
the benefit of all holders of Parity Lien Debt, all holders of ABL Debt, the ABL Collateral Agents and each then present or future Parity Lien Representative, that the holders of Obligations in respect of such Series of ABL Debt are bound by the
provisions of the Intercreditor Agreement. 
 “Material Subsidiary” means at any relevant time a direct or indirect
Subsidiary of Evraz Group S.A.: (a) whose total consolidated assets represent not less than 10% of the total consolidated assets of Evraz Group S.A., or whose gross consolidated revenues represent not less than 10% of the gross consolidated
revenues of Evraz Group S.A. (determined by reference to the most recent publicly available annual or interim financial statements of Evraz Group S.A., prepared in accordance with IFRS and the latest financial statements of the Subsidiary); or
(b) to which is transferred all or substantially all the assets and undertakings of a Subsidiary which immediately prior to such transfer is a Material Subsidiary.  

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

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
(including (i) payments in respect of deferred payment obligations to the extent corresponding to, principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other consideration received when
converted to cash), net of 
 (1) brokerage commissions and other fees and expenses related to such Asset Sale,
including fees and expenses of counsel, accountants and investment bankers; 
 (2) provisions for Taxes paid or payable as a
result of such Asset Sale; 

  
 23 

 (3) payments required to be made to holders of minority interests in Restricted
Subsidiaries as a result of such Asset Sale or to repay Debt outstanding at the time of such Asset Sale that is secured by a Lien on the property or assets sold; and 

(4) appropriate amounts to be provided as a reserve against liabilities associated with such Asset Sale, including pension and
other post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the
reserved amount to be deemed a receipt of cash. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Documents” means this Indenture, the Notes and the security documents related to the Notes, each as amended or
supplemented in accordance with the terms thereof. 
 “Note Guarantee” means the Guarantee of the Notes by a
Guarantor pursuant to this Indenture, which Guarantee will be joint and several with the Guarantee-related Obligations of each other Guarantor (with the exception of any Controlled Foreign Guarantor, whose Guarantee shall be joint and several only
as to Obligations that are not U.S. Person Guarantee Obligations).  
 “Notes” has the meaning assigned to it
in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes. 
 “Notes Priority Collateral” means all assets of the Issuer and the
Guarantors other than (a) the Excluded Property and (b) the ABL Priority Collateral. 
 “Notes Priority
Collateral Proceeds Account” means any deposit account or securities account established by the Issuer or any Guarantor in accordance with the requirements of Section 4.10(a)(3) and which does not contain proceeds of Loans (as defined
in the ABL Credit Facility) or ABL Priority Collateral and which has been identified to the ABL Collateral Agents as such on or before the time that proceeds from any sale of Notes Priority Collateral shall be deposited.  

“Obligations” means, with respect to any Debt or documentation in respect thereof, all obligations (whether in
existence on the Issue Date or arising afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to
purchase, or otherwise), premium, interest, penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt or documentation in respect thereof, including all interest accrued or accruing after the
commencement of any bankruptcy, insolvency or reorganization or similar case or proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the
claim for such interest is allowed as a claim in such case or proceeding. 
 “Officer” means, with respect to
any Person, the Chairman of the board of directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of
such Person.  
 “Officer’s Certificate” means a certificate signed on behalf of the Issuer or the
Parent, as applicable, by one Officer of the Issuer or the Parent, as applicable, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer or the Parent, as
applicable, that meets the requirements of Section 13.03 hereof. 

  
 24 

 “Opinion of Counsel” means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section 13.03 hereof. The counsel may be an employee of or counsel to the Parent, any Subsidiary of the Parent or the Trustee. 

“Owned Production Sites” means the production sites located in Pueblo, Colorado, Regina, Saskatchewan, Calgary,
Alberta, Camrose, Alberta, Red Deer, Alberta and Portland, Oregon owned by the Issuer. 
 “Parity Lien” means
a Lien granted under or pursuant to a Parity Lien Document, at any time, upon any property of the Issuer or any Guarantor to secure Parity Lien Obligations. 

“Parity Lien Cap” means, as of any date of determination, the sum of (1) the aggregate principal amount of the
Notes (excluding any Additional Notes) plus (2) the amount of Additional Notes or other Parity Lien Debt Incurred pursuant to clause 3(b) of the definition of “Permitted Debt” plus (3) the amount of Parity Lien Debt that may be
Incurred by the Issuer or any of the Guarantors such that, after giving pro forma effect to such Incurrence and the application of net proceeds therefrom, the Consolidated Senior Secured Leverage Ratio would not exceed 2.00 to 1.00 plus
(4) $25.0 million.  
 “Parity Lien Claimholders” means, at any relevant time, the holders of Parity
Lien Obligations at that time, including the Holders of the Notes, the holders of other Parity Lien Debt, the Trustee (which term, as used in this definition, and for the avoidance of doubt, includes the U.S. collateral agent and the Canadian
collateral agent) and any other Parity Lien Representative, under the Parity Lien Documents.  
 “Parity Lien Debt”
means: 
 (1) the Notes initially issued by the Issuer under this Indenture together with the related Note Guarantees
thereof; 
 (2) any Additional Notes (including Note Guarantees) under this Indenture if the issuance thereof is permitted by
each Secured Document; 
 (3) additional notes issued under any indenture or other Debt (including letters of credit and
reimbursement obligations with respect thereto) of the Issuer under any Additional Parity Lien Debt Facility that was permitted to be Incurred and so secured under each Secured Document, and Guarantees thereof; provided, in the case of any
additional notes, Guarantees or other Debt referred to in this clause (3), that: 
 (a) on or before the date on which
such Additional Notes are issued or Debt is Incurred by the Issuer or Guarantees Incurred by such Guarantor or the Issuer, such additional notes, Guarantees or other Debt, as applicable, is designated by the Parent or the Issuer, in an
Officer’s Certificate delivered to the Trustee, as “Parity Lien Debt” for the purposes of this Indenture; provided that no Debt may be designated as both ABL Debt and Parity Lien Debt; 

(b) such additional notes, Guarantees or other Debt is governed by an indenture or a credit agreement, as applicable, or other
agreement that meets the requirements described in Section 10.02 hereof (unless the Notes have been discharged); and 

  
 25 

 (c) all requirements set forth in the Intercreditor Agreement as to the
confirmation, grant or perfection of the Parity Lien Representative’s Lien to secure such additional notes, Guarantees or other Debt or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other
provisions of this clause (c) will be conclusively established if the Issuer or the Parent delivers to the Trustee an additional secured debt designation stating that such requirements and other provisions have been satisfied and that such
Notes, Guarantees or other Debt is “Parity Lien Debt”); and 
 (4) Hedging Obligations of the Issuer or any
Guarantor Incurred in accordance with the terms of this Indenture; provided that: 
 (a) on or before or within thirty
(30) days after the date on which such Hedging Obligations are Incurred by the Issuer or such Guarantor (or on or within thirty (30) days after the date of this Indenture for Hedging Obligations in existence on the date of this Indenture),
such Hedging Obligations are designated by the Issuer or the Parent in an Officer’s Certificate delivered to the Trustee, as “Parity Lien Debt” for the purposes of this Indenture; 

(b) the counterparty in respect of such Hedging Obligations, in its capacity as a holder or beneficiary of such Parity Lien,
executes and delivers a joinder to the Intercreditor Agreement in accordance with the terms thereof or otherwise becomes subject to the terms of the Intercreditor Agreement; and 

(c) all other requirements set forth in the Intercreditor Agreement have been complied with (and the satisfaction of such
requirements will be conclusively established if the Issuer or the Parent delivers to the Trustee an additional secured debt designation stating that such requirements and other provisions have been satisfied and that such Hedging Obligations are
“Parity Lien Debt”). 
 provided that if the aggregate principal amount of the Debt outstanding under clauses (1), (2),
(3) and (4) above exceeds the Parity Lien Cap, only that portion of the principal amount of the Debt up to the Parity Lien Cap shall constitute Parity Lien Debt under the Intercreditor Agreement and only interest and reimbursement
obligations in respect of the principal amount of Parity Lien Debt so included shall constitute Parity Lien Debt; provided, however, that notwithstanding the foregoing, if at the time of Incurrence such Debt constitutes Parity Lien
Debt, any subsequent reduction in the Parity Lien Cap shall not cause such outstanding Debt to cease to be deemed Parity Lien Debt for purposes of the Intercreditor Agreement. For the avoidance of doubt, any Debt not constituting Parity Lien Debt,
and any interest or reimbursement obligation in respect thereof, shall not constitute Parity Lien Obligations; provided, further, no additional Debt under clauses (2), (3) and (4) above shall constitute “Parity Lien
Debt” hereunder unless it is permitted to be Incurred by the Issuer and/or the applicable Guarantor under the Secured Documents then in effect (including, as applicable, this Indenture). 

“Parity Lien Documents” means the Note Documents and any additional indenture, credit facility or other agreement
pursuant to which any Parity Lien Debt is Incurred and the security documents related thereto (other than any security documents that do not secure Parity Lien Obligations), as each may be amended, supplemented or otherwise modified in accordance
with the terms of the Intercreditor Agreement.  

  
 26 

 “Parity Lien Intercreditor Agreement” means an Intercreditor Agreement,
substantially in the form of Exhibit A of this Indenture, that will govern the rights as among the Parity Lien Representatives in the Collateral. 

“Parity Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof. Notwithstanding the
foregoing, if the aggregate principal amount of Debt for borrowed money constituting principal outstanding under the Parity Lien Documents is in excess of the Parity Lien Cap at the time such Debt is Incurred, then only that portion of such Debt
equal to the Parity Lien Cap at the time such Debt is Incurred shall be included in Parity Lien Obligations and interest and reimbursement obligations with respect to such Debt shall only constitute Parity Lien Obligations to the extent related to
Debt included in the Parity Lien Obligations. “Parity Lien Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an
Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Parity Lien Document whether or not the claim for such interest is allowed in such Insolvency or Liquidation Proceeding. 

“Parity Lien Representative” means (1) the Trustee, in the case of the Notes, or (2) in the case of any
other Series of Parity Lien Debt, the trustee, agent or representative of the holders of such Series of Parity Lien Debt who is appointed as a representative of such Series of Parity Lien Debt (for purposes related to the administration of the
security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, in each case, together with any successor thereto and “Parity Lien Representatives” shall mean, collectively,
each Parity Lien Representative. In the event that there is more than one Parity Lien Representative, such Parity Lien Representatives shall enter into a Parity Lien Intercreditor Agreement. 

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

“Permitted Business” means any of the businesses in which the Parent and its Restricted Subsidiaries are engaged on
the Issue Date, and any business reasonably related, incidental, complementary or ancillary thereto or a reasonable extension thereof.  

“Permitted Holders” means any or all of the following: 

(1) Evraz plc; 

(2) (A) Lanebrook Limited, (B) any direct or indirect Beneficial Owner of the Capital Stock of Lanebrook Limited as of the
Issue Date; (C) the legal representatives of any of the foregoing and (D) the trustees of bona fide trusts of which the foregoing are the only beneficiaries; 

(3) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in
which) are at least majority owned by Persons specified in clauses (1) or (2) above. 
 “Permitted
Investments” means: 
 (1) any Investment in the Parent or in a Restricted Subsidiary; 

(2) any Investment in cash or Cash Equivalents; 

  
 27 

 (3) any Investment by the Parent or any Subsidiary of the Parent in a Person, if
as a result of such Investment, 
 (A) such Person becomes a Restricted Subsidiary of the Parent, or 

(B) such Person is merged or consolidated with or into, or transfers or conveys substantially all its assets to, or is
liquidated into, the Parent or a Restricted Subsidiary; 
 (4) Investments received as non-cash consideration in an Asset
Sale made pursuant to and in compliance with Section 4.10 hereof; 
 (5) Hedging Agreements otherwise permitted under
this Indenture; 
 (6) (A) receivables owing to the Parent or any Restricted Subsidiary if created or acquired in the
ordinary course of business, (B) Cash Equivalents, (C) endorsements for collection or deposit in the ordinary course of business, and (D) securities, instruments or other obligations received in compromise or settlement of Debts
created in the ordinary course of business, or by reason of a composition or readjustment of Debts or reorganization of another Person, or in satisfaction of claims or judgments; 

(7) Investments in Unrestricted Subsidiaries and joint ventures in an aggregate amount, taken together with all other
Investments made in reliance on this clause, not to exceed the greater of (A) $100.0 million and (B) 4.0% of Consolidated Tangible Assets (net of, with respect to the Investment in any particular Person, the cash return thereon received
after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income), not to exceed the amount of Investments in such Person made after the Issue
Date in reliance on this clause); 
 (8) payroll, travel and other loans or advances to, or Guarantees issued to support the
obligations of, officers and employees (including officers and employees of the EVRAZ Group), in each case in the ordinary course of business, not in excess of $5.0 million outstanding at any time; and 

(9) extensions of credit to (and Guarantees to the benefit of) customers and suppliers in the ordinary course of business
including, advances to customers and suppliers that are recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Parent and its Restricted Subsidiaries in the ordinary course of business; 

(10) Investments in a Securitization Subsidiary that are necessary or desirable in the good faith judgment of the Board of
Directors or senior management of the Parent to effect any Permitted Receivables Financing; 
 (11) in addition to
Investments listed above, Investments in Persons engaged in a Permitted Business in an aggregate amount, taken together with all other Investments made in reliance on this clause, not to exceed the greater of (A) $100.0 million and
(B) 4.0% of Consolidated Tangible Assets (net of, with respect to the Investment in any particular Person made pursuant to this clause, the cash return thereon received after the Issue Date as a result of any sale for cash, repayment,
redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income) not to exceed the amount of such Investments in such Person made after the Issue Date in reliance on this clause); 

  
 28 

 (12) any Investment in any Person other than a Restricted Subsidiary existing on
the Issue Date and any amendment, modification, restatement, supplement, extension, renewal, refunding, replacement or refinancing, in whole or in part thereof; provided that such amendment, modification, restatement, supplement, extension,
renewal, refunding, replacement or refinancing does not increase the aggregate principal amount thereof (except to the extent otherwise permitted under another clause of this definition of “Permitted Investments” or under Section 4.07
hereof); 
 (13) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or
purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business; 

(14) Investments deemed to have been made as a result of the acquisition of a Person that at the time of such acquisition held
instruments constituting Investments that were not acquired in contemplation of the acquisition of such Person; 
 (15)
Investments in prepaid expenses and lease, utility and workers’ compensation performance and other similar deposits; 

(16) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (17) Guarantees of Debt otherwise permitted by this Indenture; and 

(18) Investments not otherwise permitted in an aggregate principal amount at any time outstanding not to exceed the greater of
(A) $100.0 million and (B) 4.0% of Consolidated Tangible Assets, 
 provided that if an Investment is made pursuant to clauses (7),
(11) or (18) above in a Person that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section 4.17 hereof, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) of this definition and not the clause pursuant to which such Investment was initially made.  

“Permitted Liens” means 

(1) Liens (other than Liens securing the ABL Credit Facility and the Notes) existing on the Issue Date; 

(2) Liens securing the Notes (other than any Additional Notes) or any Note Guarantees; 

(3) (a) ABL Liens securing ABL Debt Obligations under or with respect to ABL Debt Incurred pursuant to clause (1) of the
definition of Permitted Debt and (b) Liens securing Debt Incurred by a Restricted Subsidiary (other than the Issuer) that is not a Guarantor pursuant to clause (1) of the definition of Permitted Debt; 

(4) pledges or deposits under worker’s compensation laws, unemployment insurance laws or similar legislation, or deposits
in connection with bids, tenders, contracts or leases, or to secure public or statutory obligations, surety bonds, customs duties, trade contracts, performance and return of money bonds and the like, or for the payment of rent, in each case Incurred
in the ordinary course of business and not securing Debt; 

  
 29 

 (5) Liens imposed by law, such as carriers’, vendors’,
warehousemen’s, landlord’s, repairmen’s and mechanics’ liens, in each case for sums not yet past due or being contested in good faith and by appropriate proceedings; 

(6) Liens in respect of Taxes, fees and other governmental assessments and charges which are not yet due or which are being
contested in good faith and by appropriate proceedings; 
 (7) Liens securing reimbursement obligations with respect to
letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof; 

(8) minor survey exceptions, minor encumbrances, minor defects or irregularities in title, easements or reservations of, or
rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property, not interfering in any material respect with the conduct
of the business of the Parent and its Restricted Subsidiaries; 
 (9) (A) licenses or leases or sublicenses or subleases as
licensor, lessor or sublessor of any of its property, including intellectual property, in the ordinary course of business and (B) with respect to any leasehold interest where the Parent or any Restricted Subsidiary is a lessee, tenant,
subtenant or other occupant, obligations, Liens and other encumbrances Incurred, created, assumed or permitted to exist and arising by, through or under a landlord or sublandlord of such leased real property encumbering such landlord’s or
sublandlord’s interest in such leased real property; 
 (10) customary Liens in favor of trustees (including the Trustee
for the Notes) and escrow agents, and netting and setoff rights, banker’s liens and the like in favor of financial institutions and counterparties to financial obligations and instruments; 

(11) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the
disposition of such assets; 
 (12) options, put and call arrangements, rights of first refusal and similar rights relating
to Investments in joint ventures, partnerships and the like; 
 (13) judgment or judicial attachment liens, and Liens
securing appeal bonds or letters of credit issued in support of or in lieu of appeal bonds, so long as no Event of Default then exists as a result thereof; 

(14) Liens Incurred in the ordinary course of business not securing Debt and not in the aggregate materially detracting from
the value of the properties or their use in the operation of the business of the Parent and its Restricted Subsidiaries; 

(15) Liens (including the interest of a lessor under a Capital Lease) on property that secures Debt Incurred for the purpose of
financing all or any part of the purchase price or cost of construction or improvement of such property and which attach within 365 days after the date of such purchase or the completion of construction or improvement; 

(16) Liens on property of a Person at the time such Person becomes a Restricted Subsidiary of the Parent, provided such
Liens were not created in contemplation thereof and do not extend to any other property of the Parent or any Restricted Subsidiary; 

  
 30 

 (17) Liens on property at the time the Parent or any of the Restricted
Subsidiaries acquires such property, including any acquisition by means of a merger or consolidation with or into the Parent or a Restricted Subsidiary of such Person, provided such Liens were not created in contemplation thereof and do not
extend to any other property of the Parent or any Restricted Subsidiary; 
 (18) Liens securing Debt or other obligations of
the Parent or a Restricted Subsidiary to the Parent or a Guarantor (provided that any such Lien of a Guarantor shall be junior to the Liens securing the Notes); 

(19) Liens securing Hedging Agreements permitted to be Incurred under this Indenture; 

(20) Liens on accounts receivable and related assets and proceeds thereof arising in connection with a Permitted Receivables
Financing; 
 (21) any pledge of the Capital Stock of an Unrestricted Subsidiary to secure Debt of such Unrestricted
Subsidiary; 
 (22) Liens Incurred or assumed in connection with the issuance of revenue bonds the interest on which is
Tax-exempt under the Code; 
 (23) extensions, renewals or replacements of any Liens referred to in clauses (1), (2), (15),
(16) or (17) above in connection with the refinancing of the obligations secured thereby, provided that (x) such Lien does not extend to any other property, (y) except as contemplated by the definition of “Permitted
Refinancing Debt”, the amount secured by such Lien is not increased and (z) the priority of the Lien Incurred pursuant to this clause (23) is of the same priority (or of lower priority) than the Lien being extended, renewed or
replaced; 
 (24) Liens upon specific items of inventory or other goods and proceeds of any Person securing such
Person’s Obligations in respect of banker’s acceptances, issues or credit for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(25) Liens to secure Project Financing Debt (including Guarantees thereof) in an amount not to exceed $50.0 million;
provided that such Liens extend only to the Permitted Project Assets financed with Project Financing Debt (and subsequent improvements thereon, intangible assets related thereto and proceeds thereof); 

(26) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by the Parent or any Restricted Subsidiary in the ordinary course of business; 
 (27) Liens made to secure obligations
(other than Debt) arising from statutory, regulatory, contractual, or warranty requirements of the Parent or any Restricted Subsidiary in the ordinary course of business, including rights of offset and set-off; 

(28) financing statements with respect to a lessor’s rights in and to personal property leased to the Parent or a
Restricted Subsidiary in the ordinary course of such Person’s business other than through a Capital Lease or a Sale and Leaseback Transaction; 

  
 31 

 (29) local, county, state and federal laws, ordinances or governmental
regulations now or hereafter in effect relating to the real property owned or leased by the Parent or a Restricted Subsidiary; 

(30) Liens of a collection bank arising under, or described by, Section 4-210 of the UCC, or with respect to collecting
banks located in the State of New York, under 4-208 of the UCC; 
 (31) the filing of UCC or PPSA financing statements (or
the equivalent in other jurisdictions) solely as a precautionary measure in connection with operating leases (other than Sale and Leaseback Transactions) or consignment of goods; 

(32) Liens granted in the ordinary course of business to secure liability to insurance carriers and/or the financing of
insurance premiums; 
 (33) Liens Incurred during any Suspension Period on any asset of the Parent or any Restricted
Subsidiary other than property, plant and equipment or Equity Interests or Debt obligations of any Restricted Subsidiary; 

(34) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customer duties in
the ordinary course of business; 
 (35) Liens on Capital Stock or assets of a joint venture securing a Guarantee of Debt of
such joint venture described under clause (16) of the definition of Permitted Debt; 
 (36) Parity Liens securing
(a) Parity Lien Debt; provided that after giving effect to the Incurrence of such Parity Lien Debt (including the Incurrence of Parity Liens to secure Debt that was previously Incurred but not secured by Parity Liens), the Consolidated
Senior Secured Leverage Ratio does not exceed 2.00 to 1.00 and (y) Debt Incurred pursuant to clause (3)(b) of the definition of “Permitted Debt” and (b) any Parity Lien Debt Obligations (other than Parity Lien Debt) relating
to Parity Lien Debt secured by a Lien Incurred pursuant to clause (36)(a); and 
 (37) other Liens securing obligations in an
aggregate amount not exceeding $25.0 million; 
 provided, however, that any Liens on Notes Priority Collateral or ABL Priority Collateral pursuant
to clauses (10), (11), (12), (18), (19), (36) and (37) above shall not be senior in priority to the Liens securing the Notes, other than (i) in respect of clauses (10), (19) and (37) above, Liens on cash and Cash
Equivalents, and (ii) in respect of clause (37) above, ABL Liens securing ABL Debt Obligations under or with respect to ABL Debt permitted to be Incurred under this Indenture; and provided, further, that notwithstanding
anything to the contrary herein, involuntary Liens arising by operation of law may be senior to the Liens securing the Notes; and provided, further that no reference herein to Liens permitted hereunder (including Permitted Liens),
including any statement or provision as to the acceptability of Liens (including Permitted Liens), shall in any way constitute or be construed as to provide for an implied subordination of any rights of the Trustee or Holders in favor of such Lien.
 
 “Permitted Payments” means (i) dividends and distributions by the Parent or any of its Subsidiaries which
is a Material Subsidiary on any class of its Equity Interests (to a Person other than the Parent or its Subsidiaries) or any purchase, redemption or other acquisition or retirement for value of such Equity Interests (from a Person other than the
Parent or its Subsidiaries); provided that a portion of such class of Equity Interests is held by any member of the EVRAZ Group, (ii) loans or advances made by the 

  
 32 

 
Parent or any of its Subsidiaries which is a Material Subsidiary to any member of EVRAZ Group, (iii) any payment in respect of, or purchase, redemption or other acquisition or retirement for
value of Subordinated Debt owed to any member of the EVRAZ Group except for a payment of principal or interest at Stated Maturity, or (iv) dispositions of assets to any member of the EVRAZ Group other than (a) a disposition that
constitutes an Asset Sale made in compliance with Section 4.10 hereof or (b) a disposition that constitutes a sale of all or substantially all the assets of the Parent made in compliance with Section 5.01 hereof, without reliance on
the proviso at the end thereof. Notwithstanding any of the foregoing, upon a Permitted Payments Fall-Away Event and at all times thereafter, no such dividend, distribution, loan, advance or disposition described in the foregoing clauses (i)-(iv),
and no other transaction of any kind whatsoever, will constitute a Permitted Payment. 
 “Permitted Payments Fall-Away
Event” means the occurrence of any event as a result of which all outstanding 8.25% Guaranteed Notes due 2015 of Evraz Group S.A. have been repaid, repurchased, redeemed, defeased, discharged or are otherwise no longer outstanding or have
been amended so as to no longer restrict the creation of contractual limitations on the making of Permitted Payments. 

“Permitted Project Assets” means any property, plant or equipment used in the business of the Parent or any of the
Restricted Subsidiaries securing any Project Financing Debt and related intangible assets, and the proceeds thereof. 

“Permitted Receivables Financing” means any factoring, securitization, receivables financing facility or arrangement
pursuant to which a Securitization Subsidiary purchases or otherwise acquires accounts receivable of the Parent or any Restricted Subsidiaries and enters into a third party financing thereof on terms that the Board of Directors has concluded are
customary and market terms fair to the Parent and its Restricted Subsidiaries. 
 “Person” means an
individual, a corporation, a partnership, a limited liability company, an unlimited liability company, an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof.  

“PPSA” means the Personal Property Security Act (Ontario) as in effect from time to time; provided, that if the
attachment, perfection or priority of any security interests in any Collateral are governed by the personal property security laws of any jurisdiction in Canada other than Ontario, “PPSA” shall mean those personal property laws in such
other jurisdiction in Canada for the purpose of the provisions hereof relating to such attachment, perfection or priority and for the definitions related to such provisions.  

“Preferred Stock” means, with respect to any Person, any and all Capital Stock which is preferred as to the payment of
dividends or distributions, upon liquidation or otherwise, over another class of Capital Stock of such Person. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Project
Financing Debt” means any Debt otherwise permitted by this Indenture to be Incurred for the purpose of financing all or any part of the purchase price, construction, installation or improvement of Permitted Project Assets used in a
Permitted Business, in an aggregate principal amount at any one time outstanding not to exceed $50.0 million; provided that any Liens to secure such Debt will extend only to the assets originally acquired or constructed pursuant to any
Project Financing Debt (and subsequent improvements thereon, intangible assets related thereto and proceeds thereof). 

  
 33 

 “QIB” means a “qualified institutional buyer” as defined in
Rule 144A. 
 “Qualified Equity Interests” means all Equity Interests of a Person other than Disqualified
Equity Interests.  
 “Rating Agencies” means S&P and Moody’s; provided, that if either
S&P or Moody’s (or both) shall cease issuing a rating on the Notes for reasons outside the control of the Issuer, the Issuer may select a nationally recognized statistical rating agency to substitute for S&P or Moody’s (or
both). 
 “Receivables Financing Amount” means the aggregate amount of all loans and advances to, receivables
due from, capital contributions to or Guarantees of the obligations of, a Securitization Subsidiary or other special purpose bankruptcy remote entity in connection with a Permitted Receivables Financing. 

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

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit B hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S.  
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject, and who in each case, shall have direct responsibility for the administration
of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement
Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Subsidiary” means any Subsidiary of Parent (including the Issuer), other than an Unrestricted Subsidiary.
 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors.

 “Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters
into a lease of property previously transferred by such Person to the lessor. 
 “Sale of a Guarantor” means
(1) any Asset Sale to the extent involving a sale, lease, conveyance or other disposition of a majority of the Capital Stock of a Guarantor or (2) the issuance of Equity Interests by a Guarantor, other than (a) an issuance of Equity
Interests by a Guarantor to the Issuer or another Guarantor and (b) an issuance of directors’ qualifying shares. For purposes of this definition, all references to “Guarantor” shall not include the Parent. 

  
 34 

 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended or the similar securities legislation and regulations of
any Canadian province, if applicable. 
 “Secured Documents” means the Parity Lien Documents and the ABL Loan
Documents. 
 “security documents” means the Intercreditor Agreement, the Parity Lien Intercreditor
Agreement, each Lien Sharing and Priority Confirmation, and all security agreements, pledge agreements, mortgages, deeds to secure debt, deeds of trust, collateral assignments, collateral agency agreements, debentures, control agreements or other
grants or transfers for security executed and delivered by the Issuer or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Trustee or a collateral agent, in each case, as amended, modified, renewed, restated or
replaced, in whole or in part, from time to time, in accordance with its terms and the provisions of Article 9 hereof. 

“Series of ABL Debt” means, severally, the ABL Credit Facility and any Additional ABL Credit Facility and other Debt,
Banking Product Obligations or Hedging Obligations that constitutes ABL Debt Obligations. All ABL Debt Obligations secured under the same Secured Documents shall constitute a single Series of ABL Debt. 

“Series of Parity Lien Debt” means, severally, the Notes and any Additional Notes, any Credit Facility (other than the
ABL Credit Facility) or other Debt or Hedging Obligations that constitutes Parity Lien Debt. All Parity Lien Obligations secured under the same Secured Document shall constitute a single Series of Parity Lien Debt. 

“Securitization Subsidiary” means a Subsidiary of the Parent 

(1) that is designated a “Securitization Subsidiary” by the Board of Directors, 

(2) that does not engage in, and whose charter prohibits it from engaging in, any activities other than Permitted Receivables
Financings and any activity necessary, incidental or related thereto, 
 (3) no portion of the Debt or any other obligation,
contingent or otherwise, of which 
 (A) is guaranteed by the Parent or any Restricted Subsidiary, 

(B) is recourse to or obligates the Parent or any Restricted Subsidiary in any way, or 

(C) subjects any property or asset of the Parent or any Restricted Subsidiary, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, 
 (4) with respect to which neither the Parent nor any Restricted Subsidiary of the
Parent has any obligation to maintain or preserve its financial condition or cause it to achieve certain levels of operating results other than pursuant to customary representations, warranties, covenants and indemnities entered into in connection
with a Permitted Receivables Financing. 

  
 35 

 “Significant Restricted Subsidiary” means any Restricted Subsidiary that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02(w)(1) or (2) of Regulation S-X promulgated under the Securities Act. 

“Stated Maturity” means (i) with respect to any Debt, the date specified as the fixed date on which the final
installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth
in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment. 

“Subordinated Debt” means any Debt of the Issuer or any Guarantor which is subordinated in right of payment to the
Notes or the Note Guarantee, as applicable, pursuant to a written agreement to that effect. For all purposes under this Indenture, Debt will be deemed to be “subordinated in right of payment” and “Subordinated Debt” if the
lenders thereunder agree not to take enforcement action with respect to any such Debt except in certain insolvency or bankruptcy situations, and agree to turn over proceeds received from the borrower in such events (to relevant creditors, including
the Holders), until the Notes (or the Guaranty thereof, as applicable) have been paid in full. 
 “Subordinated
Shareholder Funding” means, collectively, any funds provided to the Parent by (or any other debt obligations of the Parent for borrowed money owed to) any holding company of the Parent, any Affiliate of such holding company, any Permitted
Holder or any other holder of Capital Stock of any such holding company or any Affiliate thereof, in exchange for or pursuant to any security, instrument or agreement other than Capital Stock, together with any such security, instrument or agreement
and any other security or instrument other than Capital Stock issued in payment of any obligation under any Subordinated Shareholder Funding; provided that such Subordinated Shareholder Funding: 

(1) does not (including upon the happening of any event) mature or require any amortization or other payment of principal prior
to the first anniversary of the maturity of the Notes and any other Debt of the Parent and its Restricted Subsidiaries (other than through conversion or exchange of any such security or instrument for Capital Stock (other than Disqualified Stock) or
for any other security or instrument meeting the requirements of the definition); 
 (2) does not (including upon the
happening of any event) require the payment of cash interest prior to the first anniversary of the maturity of the Notes; 

(3) does not (including upon the happening of any event) provide for the acceleration of its maturity or confer on its
shareholders any right (including upon the happening of any event) to declare a default or event of default or take any enforcement action, in each case, prior to the first anniversary of the maturity of the Notes; 

(4) is not secured by a Lien on any assets of the Parent or any Subsidiary of the Parent and is not guaranteed by any
Subsidiary of the Parent; 
 (5) is subordinated in right of payment to the prior payment in full of the Notes and all other
liabilities of the Parent and its Restricted Subsidiaries (including trade liabilities) pursuant to a subordination or Intercreditor Agreement; 

  
 36 

 (6) does not (including upon the happening of any event) restrict the payment of
amounts due in respect of the Notes or compliance by the Issuer and the Guarantors with their respective obligations under the Notes, the Note Guarantees and this Indenture; 

(7) does not (including upon the happening of an event) constitute Voting Stock of the Parent; 

(8) is not (including upon the happening of any event) mandatorily convertible or exchangeable, or convertible or exchangeable
at the option of the holder thereof; in whole or in part, prior to the date on which the Notes mature, other than into or for Capital Stock (other than Disqualified Stock) of the Parent; 

(9) does not include any covenants (other than informational covenants where failure to comply has no consequences); 

(10) is not transferable other than to any holding company of the Parent, any Affiliate of such holding company, any Permitted
Holder or any other holder of Capital Stock of any such holding company or any Affiliate thereof; and 
 (11) cannot be
amended in a manner that affects any of the requirements of the foregoing clauses (1)-(10) in any material respect without the consent of the senior creditors of the Issuer and the Guarantors. 

“Subsidiary” means with respect to any Person, any corporation, association or other business entity of which more
than 50% of the outstanding Voting Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the only general partners of which are, such Person and one or more Subsidiaries of
such Person (or a combination thereof). Unless otherwise specified or the context otherwise requires, “Subsidiary” means a Subsidiary of the Parent. If a Person’s Voting Stock is owned by the Issuer or one or more Subsidiaries of the
Issuer, such that it would be a Subsidiary of the Issuer if the Issuer was viewed as a single entity, it shall be treated as a Subsidiary of the Issuer for purposes of this Indenture. 

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

“Taxes” means all present and future taxes, levies, imposts, deductions, charges, duties and withholdings and any
charges of a similar nature (including interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority. 

“Transactions” means the issuance of the Notes on the Issue Date, the use of the proceeds therefrom as described in
the Offering Memorandum and other transactions in connection therewith or incidental thereto, including, without limitation, the repayment, amendment, modification and/or alteration of the Existing Shareholder Loans on or prior to the Issue Date as
described in the Offering Memorandum. 
 “Treasury Rate” means , as of any redemption date of the Notes, the yield
to maturity as of the earlier of (a) such redemption date or (b) the date on which the Notes are defeased or satisfied and discharged, of the most recently issued United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such earlier date (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from the redemption date to May 15, 2017; provided, however, that if the period from the redemption 

  
 37 

 
date to May 15, 2017, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. Any such
Treasury Rate shall be obtained by the Issuer. 
 “Trustee” means The Bank of New York Mellon until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“U.S. Collateral Agent” means The Bank of New York Mellon until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “U.S. Government
Obligations” means obligations issued or directly and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is
pledged in support thereof. 
 “U.S. Person Guarantee Obligation” means any Guarantee given by any direct or
indirect Subsidiary of the Parent that is a United States Person within the meaning of Section 957(c) of the Code. 

“UCC” means the Uniform Commercial Code.  

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private
Placement Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to
bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means (1) any Securitization Subsidiary
or (2) any Subsidiary of the Parent or the Issuer that at the time of determination has previously been designated, and continues to be, an Unrestricted Subsidiary in accordance with Section 4.17 hereof. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to
vote for the election of directors, managers or other voting members of the governing body of such Person.  
 “Wholly
Owned” means, with respect to any Restricted Subsidiary, a Restricted Subsidiary all of the outstanding Capital Stock of which (other than any director’s qualifying shares) is owned by the Parent or the Issuer and one or more Wholly
Owned Restricted Subsidiaries (or a combination thereof). 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined

in

Section

		
	“Additional Amounts”	  	3.10
	“Asset Sale Offer”	  	3.09
	“Authentication Order”	  	2.02
	“Canada collateral agent”	  	Preamble
	“Change of Control Purchase Price”	  	4.15

  
 38 

			
	 Term
	  	 Defined

in

Section

		
	“Change in Tax Law”	  	3.13
	“Collateral Agent”	  	Preamble
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“expiration date”	  	4.15
	“Issuer”	  	Preamble
	“Legal Defeasance”	  	8.02
	“Offer Amount”	  	3.09
	“Offering Memorandum”	  	4.03
	“Offer Period”	  	3.09
	“Offer to Purchase”	  	4.15
	“Parent”	  	Preamble
	“Paying Agent”	  	2.03
	“Payor”	  	3.10
	“Permitted Debt”	  	4.09
	“Permitted Refinancing Debt”	  	4.09
	“Purchase Date”	  	3.09
	“Registrar”	  	2.03
	“Related Party Transaction”	  	4.11
	“Relevant Taxing Jurisdiction”	  	3.10
	“Restricted Payments”	  	4.07
	“Reversion Date”	  	4.20
	“Second Change of Control Payment Date”	  	4.15
	“Subject Lien”	  	4.12
	“Successor Company”	  	5.01
	“Suspended Covenants”	  	4.20
	“Suspension Period”	  	4.20
	“Tax Act”	  	3.10
	“Tax Redemption Date”	  	3.11
	“U.S. collateral agent”	  	Preamble

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

(4) “including” is not limiting; 

(5) words in the singular include the plural, and in the plural include the singular; 

  
 39 

 (6) “will” shall be interpreted to express a command; 

(7) provisions apply to successive events and transactions; and 

(8) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of
Exhibit B hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this
Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes
issued in global form will be substantially in the form of Exhibit B hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will
be substantially in the form of Exhibit B hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of an authorized signatory of the Trustee. The signature will
be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of
the Issuer signed by an Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes up to the aggregate principal amount stated in such

  
 40 

 
Authentication Order for such Additional Notes issued hereunder. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized
for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.08 hereof. 
 The Trustee may
appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 
 Section 2.03 Registrar
and Paying Agent. 
 The Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuer may appoint
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or
Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the
Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Issuer
initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
 Section 2.04
Paying Agent to Hold Money in Trust. 
 The Issuer will require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on, the Notes, and will notify the Trustee of any default by the
Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) will have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for
the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

  
 41 

 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the
Depositary; 
 (2) the Issuer in its sole discretion and subject to the procedures of the Depositary determines that the
Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 

(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 

Upon the occurrence of either of the preceding events in (1) or (2) above or at the request of the Depositary in the case of an
event referred to in (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.08 or 2.11 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or
(c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

  
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 (2) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in
the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit C hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

  
 43 

 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(a) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (4), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this subparagraph
(4) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this subparagraph (4). 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; 

  
 44 

 (E) if such beneficial interest is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit C hereto, including
the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such
beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if the Registrar receives the following: 
 (A) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person

  
 45 

 
who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal
amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are
so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit C hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
the Issuer or any of its Subsidiaries, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(c) thereof, 

  
 46 

 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the
aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all
other cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if the registrar receives the following: 
 (A) if the Holder of such Definitive
Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or
(3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
 47 

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit C
hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(d) thereof; or 

(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to
the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof. 

  
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 (f) Legends. The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTE EVIDENCED HEREBY WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF EVRAZ INC. NA CANADA THAT (A) SUCH NOTE MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (1) IN THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (3) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE (AND BASED UPON AN OPINION OF COUNSEL IF EVRAZ INC. NA CANADA SO
REQUESTS), (4) TO EVRAZ INC. NA CANADA OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND
(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3),
(d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF EVRAZ INC. NA CANADA. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY 

  
 49 

 
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer Tax or similar governmental charge payable in connection therewith (other than any such transfer Taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 
 (3) The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(5) Neither the Registrar nor the Issuer will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

  
 50 

 (B) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of
or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment
for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
(subject to the record date provisions of the Notes) interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof. 
 (8) All certifications, certificates and any Opinion of Counsel required to be submitted to the Registrar pursuant
to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (9) The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Participants or Beneficial Owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.07 General Provisions Relating to Global Notes. 

Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. The Trustee shall have no
responsibility or obligation to any beneficial owner of a Global Note, any Participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Participant thereof, with respect to
any ownership interest in Global Notes or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or purchase) or the payment of any amount,
under or with respect to such Global Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Global Notes shall be given or made only to or upon the order of the registered Holders (which
shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may
rely conclusively and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants and any beneficial owners. 

  
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 Section 2.08 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer
may charge for its expenses in replacing a Note. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
 Every replacement Note is an
additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.09 Outstanding Notes. 
 The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.09 as not outstanding. Except as set forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuer, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

Section 2.10 Treasury Notes. 
 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Parent or any Subsidiary of the Parent, will be considered as though not outstanding, except that for
the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

Section 2.11 Temporary Notes. 
 Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but
may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for
temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

  
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 Section 2.12 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes
(subject to the record retention requirements of the Exchange Act) in accordance with its customary procedures. Certification of the disposition of all canceled Notes will be delivered to the Issuer. The Issuer may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.13 Defaulted Interest. 

If the Issuer defaults in a payment of interest on the Notes, to the extent permitted by any applicable laws, it will pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof.
The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date;
provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the
Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.14 Interest Payments. 

Anything herein to the contrary notwithstanding, the obligations of the Issuer hereunder shall be subject to the limitation that payments of
interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Holders would be contrary to the provisions of any law
applicable to such Holder limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Holder, and in such event the Issuer shall pay such Holder interest at the highest rate permitted by applicable law
(“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Issuer shall continue to pay interest hereunder at the Maximum Lawful
Rate until such time as the total interest received by the Holder, is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the
date hereof as otherwise provided in this Indenture. If any provision of this Indenture or of any of the other Note Documents would obligate the Issuer or any Guarantor to make any payment of interest or other amount payable to any Holder in an
amount or calculated at a rate which would be prohibited by law or would result in a receipt by such Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)) then,
notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by such
Holder of “interest” at a “criminal rate,” such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Holder under this subsection
2.14 thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). Any amount or rate
of interest referred to in this subsection 2.14 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Notes

  
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remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they
relate to a specific period of time, be pro-rated over that period of time. 
 For purposes of disclosure pursuant to the Interest
Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided for in this Indenture and the other Note Documents (and stated herein or therein, as applicable, to be computed on the basis of a 360 or 365 day
year or any other period of time less than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or 365 or such other period of time, as the case may
be. 
 ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, at least 30 days (or such shorter period as shall be satisfactory to the Trustee) but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price, or if not then ascertainable, the manner of calculation thereof. 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption by such method as the Trustee in its
sole discretion deems fair and appropriate (or, in the case of Notes issued in global form pursuant to Article 2 hereof, DTC shall select the beneficial interests in the Notes for redemption in accordance with its standard procedures therefor). 

In the event of partial redemption, the particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 30
nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 
 The
Trustee will promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be. Notes and portions of Notes selected for redemption will be in
amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder shall be redeemed. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

  
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 Section 3.03 Notice of Redemption. 

Notices of redemption shall be delivered electronically or mailed by first-class mail, postage prepaid, at least 30 days but (except as set
forth below) not more than 60 days before the redemption date to each Holder at such Holder’s registered address or otherwise in accordance with the procedures of DTC, except that redemption notices may be delivered more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof, or if such redemption is subject to conditions, as described below. 

The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price , or if not then ascertainable, the manner of calculation thereof; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

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

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (8) that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes; and 
 (9) any conditions precedent to which the
redemption or notice is subject. 
 At the Issuer’s request, the Trustee will give the notice of redemption in the Issuer’s name
and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days (or such shorter period as shall be satisfactory to the Trustee) prior to the redemption date, an Officer’s Certificate requesting that
the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Notice
of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the 

  
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Issuer’s obligations with respect to such redemption may be performed by another Person (it being understood that any such provision for payment by another Person will not relieve the Issuer
and the Guarantors from their obligations with respect to such redemption). 
 The Issuer and its Affiliates may acquire the Notes by means
other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise. 
 Section 3.04 Effect of Notice of
Redemption. 
 Once notice of redemption is delivered or mailed in accordance with Section 3.03 hereof, Notes called for redemption
become irrevocably due and payable on the redemption date at the redemption price, subject to the fourth paragraph of Section 3.03. 

Section 3.05 Deposit of Redemption or Purchase Price. 

One Business Day prior to the redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient
to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall
be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuer to
comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the
rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an Authentication Order, the Trustee
will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) Except as set forth in clauses (b), (c) and (d) below, and as set forth under Section 3.11 hereof, the Notes are not
redeemable at the option of the Issuer. 
 (b) At any time and from time to time on or after May 15, 2017, the Issuer may redeem the
Notes, in whole or in part, at a redemption price equal to the applicable percentage of principal amount set forth below plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of Holders of record on
the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date). 
  

					
	 Year
	  	Percentage	 
	 May 15, 2017 (to November 14, 2017)
	  	 	103.750	% 
	 November 15, 2017 (to November 14, 2018)
	  	 	101.875	% 
	 November 15, 2018 and thereafter
	  	 	100.000	% 

  
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 (c) At any time and from time to time prior to May 15, 2017, the Issuer may redeem some or
all of the Notes at a price of 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of Holders of record on the
relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date). Promptly after the Issuer’s calculation of the redemption price for any redemption pursuant to this clause (c), the Issuer
shall give the Trustee notice of such redemption price and the Trustee shall not be responsible for such calculation. 
 (d) At any time and
from time to time prior to May 15, 2017, the Issuer may redeem Notes with an amount equal to the net cash proceeds received by the Parent from any Equity Offering (or contributed to the Parent from any Equity Offering) at a redemption price
equal to 107.50% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of Holders of record on the relevant record date to receive interest due on an interest payment date
occurring on or prior to the redemption date), in an aggregate principal amount for all such redemptions not to exceed 35% of the original aggregate principal amount of the Notes, including any Additional Notes, provided that 

(1) in each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and 

(2) not less than 65% of the original aggregate principal amount of the Notes, including any Additional Notes, remain
outstanding immediately thereafter. 
 (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. 
 Section 3.08 Mandatory Redemption. 

The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Issuer is required to commence an offer to all Holders to purchase Notes (an
“Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders
and all holders of other Debt that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The Asset Sale Offer
will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than
three Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Debt (on
a pro rata basis based on the principal amount of Notes and such other pari passu Debt surrendered, if applicable) with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased; provided, that the
unpurchased portion of a Note must be in a minimum principal 

  
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amount of $2,000 or, if less than the Offer Amount has been tendered, all Notes and other Debt tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the
same manner as interest payments are made. 
 If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes
pursuant to the Asset Sale Offer. 
 Upon the commencement of an Asset Sale Offer, the Issuer will send, by first class mail, a notice to
the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the
Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and
Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the purchase
price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to accrue interest; 

(4) that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $1,000, provided that the unpurchased portion of a Note must be in a minimum principal amount of $2,000; 

(6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer the Note by book-entry transfer, to the Issuer, a Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the
notice at least three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their election if the
Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note
the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8) that, if the aggregate principal amount of Notes and other pari passu Debt surrendered by holders thereof exceeds
the Offer Amount, the Issuer will select the Notes and other pari passu Debt to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Debt surrendered (with such adjustments as may be
deemed appropriate by the Issuer so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased); and 

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

  
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 On or before the Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a
pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered
to the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.09. The Issuer, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder
and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note, and the Trustee, upon written request from the Issuer, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of the Asset
Sale Offer on the Purchase Date. 
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.10 Additional Amounts. 

All payments made by the Issuer, a Successor Company or any Guarantor (a “Payor”) on the Notes or any Note Guarantee will be
made free and clear of and without withholding or deduction for, or on account of, any Taxes unless the withholding or deduction of such Taxes is then required by law. 

If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of: 

(1) any jurisdiction in which the Payor is incorporated or organized, engaged in business for Tax purposes, resident for Tax
purposes, or any political subdivision or Governmental Authority thereof or therein having the power to Tax; or 
 (2) any
jurisdiction from or through which payment on any such Note or Note Guarantee is made by the Issuer, any Successor Company, Guarantor or their agents, or any political subdivision or Governmental Authority thereof or therein having the power to Tax
(any jurisdiction described in the foregoing clauses (1) and (2), a “Relevant Taxing Jurisdiction”), 
 will at
any time be required from any payments made with respect to any Note or Note Guarantee, including payments of principal, redemption price, premium, if any, or interest, the Payor will pay (together with such payments) such additional amounts (the
“Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by the Holders or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or
withholding from such Additional Amounts), will not be less than the amounts that would have been received in respect of such payments on any such Note or Note Guarantee in the absence of such withholding or deduction; provided,
however, that no such Additional Amounts will be payable for or on account of:  
 (1) any Taxes to the extent
such Taxes would not have been so imposed but for the existence of any present or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over the relevant Holder,
if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or corporation) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a
permanent establishment in, or being 

  
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physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of such Note or Note Guarantee, the
enforcement of rights under such Note or Note Guarantee or the receipt of any payment in respect thereof; 
 (2) any Taxes to
the extent such Taxes are imposed or withheld by reason of the failure by the Holder or the Beneficial Owner of the Note, after reasonable notice, to comply with a written request of the Payor addressed to the Holder to provide certification,
information, documents or other evidence concerning the nationality, residence, entitlement to treaty benefits, or identity of such Holder or Beneficial Owner, or to make any declaration or similar claim or satisfy any other similar certification,
documentation, identification, information, or other reporting requirement (in each case, to the extent such Holder or Beneficial Owner is legally eligible to do so), which is required by a statute, treaty, regulation or administrative practice of
the Relevant Taxing Jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

(3) any Taxes that are payable otherwise than by deduction or withholding from a payment of the principal, premium, if any, or
interest, if any, on the Notes (other than Taxes payable pursuant to Regulation 803 under the Income Tax Act (Canada) (the “Tax Act”)), or any similar or successor provision); 

(4) any estate, inheritance, gift, sales, transfer, property or a similar Tax or assessment; 

(5) any Taxes imposed on a payment because of the Holder or Beneficial Owner not dealing at arm’s length, within the
meaning of the Tax Act with the Payor (except where such non-arm’s length relationship arises solely from the acquisition, ownership, or holding of such Note or Note Guarantee, the enforcement of rights under such Note or Note Guarantee or the
receipt of payment in respect thereof); 
 (6) any Taxes imposed on a payment because of the Holder or Beneficial Owner being
at any time a “specified shareholder” of the Issuer, within the meaning of subsection 18(5) of the Tax Act or because of such Holder or Beneficial Owner at any time not dealing at arm’s length with such a “specified
shareholder”; 
 (7) any Taxes that are required to be deducted or withheld on a payment to an individual and that are
required to be made pursuant to the European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 or any law implementing or complying with, or introduced in order
to conform to such directive; 
 (8) any Taxes imposed in connection with a Note presented for payment (where presentation is
required for payment) by or on behalf of a Holder or Beneficial Owner who would have been able to avoid such Tax by presenting the relevant Note to, or otherwise accepting payment from, another reasonably available paying agent; 

(9) any Taxes imposed under sections 1471-1474 of the Code, any current or future regulations thereunder or interpretations
thereof, any agreements entered into pursuant to section 1471(b) of the Code, any intergovernmental agreement entered into (or treated as being in effect) in connection with the implementation of such sections of the Code, and any fiscal or
regulatory legislation, rules, or official practices adopted pursuant to such intergovernmental agreement; or 
 (10) any
combination of the above. 

  
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 Such Additional Amounts will also not be payable (x) if the payment could have been made
without such deduction or withholding if the beneficiary of the payment had presented the Note for payment (where presentation is required for payment) within 30 days after the relevant payment was first made available for payment to the Holder or
(y) where, had the Beneficial Owner of the Note been the Holder, such Beneficial Owner would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (10) inclusive above. 

The Payor will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant
Taxing Jurisdiction in accordance with applicable law. In the event that a Payor makes any required withholding or deduction for which a Holder is not eligible to receive Additional Amounts, the Payor shall provide to the Trustee evidence of payment
of any Taxes so deducted or withheld in a form reasonably satisfactory to the Trustee. 
 The Issuer will indemnify and hold harmless the
Holders and Beneficial Owners of the Notes for the amount of any Taxes under Regulation 803 of the Tax Act, or any similar or successor provisions, (other than Taxes described in clauses (1) through (10), above, or Taxes arising by reason of a
transfer of the Note to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of the Tax Act) levied or imposed on and paid by such a Holder or Beneficial Owner as a result of payments made under or
with respect to the Notes or any Notes Guarantee. 
 If any Payor will be obligated to pay Additional Amounts under or with respect to any
payment made on any Note or Note Guarantee, at least 30 days prior to the date of such payment, the Payor will deliver to the Trustee an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount so payable
and such other information necessary to enable the paying agent to pay Additional Amounts to Holders on the relevant payment date (unless such obligation to pay Additional Amounts arises less than 45 days prior to the relevant payment date, in which
case the Payor may deliver such Officer’s Certificate as promptly as practicable after the date that is 30 days prior to the payment date). 

Wherever in this Indenture or the Notes there are mentioned, in any context: 

(1) the payment of principal, 

(2) purchase prices in connection with a purchase of Notes, 

(3) interest, or 

(4) any other amount payable on or with respect to any of the Notes, 

such reference shall be deemed to include payment of Additional Amounts as described under this heading to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof. 
 The Payor will pay any present or future stamp, court or documentary Taxes, or
any other excise, property or similar Taxes, charges or levies that arise in any Relevant Taxing Jurisdiction from the execution, delivery, registration or in any jurisdiction from the enforcement (after the occurrence of an Event of Default) of any
Notes, this Indenture governing the Notes or any other document or instrument in relation thereto (other than a transfer or exchange of the Notes other than an initial resale of the Notes), and the Payor agrees to indemnify the Holders for any such
Taxes paid by such Holders. The foregoing obligations of this paragraph will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to the Issuer is organized or
any political subdivision or taxing authority or agency thereof or therein. 

  
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 Section 3.11 Redemption for Taxation Reasons. 

The Issuer or any Successor Company, as defined below, may redeem the Notes in whole, but not in part, at any time upon giving not less than 30
nor more than 60 days’ notice to the Holders (which notice will be irrevocable) at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed for redemption (a
“Tax Redemption Date”) (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date) and all Additional Amounts, if any, then
due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if any, if the Issuer, any Successor Company or any Guarantor, as applicable, determine in good faith that, as a result of: 

(a) any change in, or amendment to, the law (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction (as
defined below) affecting taxation publicly announced after the date hereof; or 
 (b) any change in, or amendment to, an official
written position regarding the application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) of a Relevant Taxing Jurisdiction that occurs after the
date hereof (each of the foregoing in clauses (a) and (b), a “Change in Tax Law”),  
 the Issuer, any
Successor Company or any Guarantor, as applicable, is, or on the next interest payment date in respect of the Notes would be, required to pay any Additional Amounts, and such obligation cannot be avoided by taking reasonable measures available to
the Issuer, such Successor Company or such Guarantor. In the case of redemption as a result of a Change in Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at the date of the Offering Memorandum, such Change in Tax Law must become
effective on or after the date of the Offering Memorandum. In the case of redemption as a result of a Change in Tax Law in a jurisdiction that becomes a Relevant Taxing Jurisdiction after the date of the Offering Memorandum, such Change in Tax Law
must become effective on or after the date the jurisdiction becomes a Relevant Taxing Jurisdiction, unless the Change in Tax Law would have applied to the predecessor of the Successor Company. Notice of redemption for taxation reasons will be mailed
in accordance with the procedures described under Section 3.03 hereof. 
 Notwithstanding the foregoing, no such notice of redemption
will be given (a) earlier than 90 days prior to the earliest date on which the Payor, as defined below, would be obliged to make such payment of Additional Amounts and (b) unless at the time such notice is given, such obligation to pay
such Additional Amounts remains in effect. 
 Prior to the mailing of any notice of redemption of the Notes pursuant to the foregoing, the
Issuer, any Successor Company, or any Guarantor, as applicable, will deliver to the Trustee (a) an Officer’s Certificate stating that it is entitled to effect such redemption and setting forth a statement of facts showing that the
conditions precedent to its right so to redeem have been satisfied and that it would not be able to avoid the obligation to pay Additional Amounts by taking reasonable measures available to it and (b) an opinion of an independent tax counsel of
recognized standing to the effect that the Issuer, Successor Company or Guarantor has or have been or will become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee will accept such Officer’s Certificate and
opinion as sufficient evidence of the satisfaction of the conditions precedent described above. 

  
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 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Issuer will pay or cause to be paid the principal of, premium on, if any, and interest, if any, on, the Notes on the dates
and in the manner provided in the Notes; provided, that notwithstanding the foregoing, all such payments shall be deposited with the Trustee or with the Paying Agent at least one Business Day prior to the due date thereof. Principal, premium,
if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available
funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due. 
 Section 4.02 Maintenance of Office
or Agency. 
 The Issuer will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Issuer may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 

Section 4.03 Reports. 
 (a) So long
as any Notes are outstanding and whether or not the Parent is then subject to Section 13(a) or 15(d) of the Exchange Act, the Parent will furnish to the Trustee: 

(1) within 60 days after the end of each of the first three fiscal quarters in each fiscal year, (a) unaudited financial
statements (including a balance sheet and statement of income and cash flows) for and as of the end of such fiscal quarter and year to date period (with comparable financial statements for the corresponding fiscal quarter and year to date period of
the immediately preceding fiscal year), (b) a “Management’s Discussion and Analysis of Results of Operations” and (c) a presentation of Adjusted EBITDA for such fiscal quarter and year to date period substantially consistent
with the presentation in the offering memorandum dated October 31, 2014 with respect to the Initial Notes (the “Offering Memorandum”) (including a reconciliation to net income (loss)); 

(2) within 120 days after the end of each fiscal year, an annual report that includes (a) all information that would be
required to be filed with the SEC on Form 20-F (or any successor form), to the extent consistent with the type and scope of the information presented in the Offering Memorandum, and (b) a presentation of Adjusted EBITDA for such fiscal year
substantially consistent with the presentation in the Offering Memorandum (including a reconciliation to net income (loss)); and 

  
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 (3) at or prior to such times as would be required to be filed or furnished to
the SEC as a “foreign private issuer” subject to Section 13(a) or 15(d) of the Exchange Act, all such other reports and information that the Parent would have been required to file or furnish pursuant thereto. 

In addition, for so long as any Notes remain outstanding, the Parent will furnish to the Holders and prospective investors identified by a Holder, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (b) Notwithstanding the
foregoing, solely to the extent otherwise required: (a) no certifications, reports or attestations concerning the financial statements, disclosure controls and procedures or internal controls that would otherwise be required pursuant to the
Sarbanes-Oxley Act of 2002, as amended, and SEC rules and regulations implementing that act, will be required; (b) no financial schedules specified in SEC Regulation S-X will be required; (c) the Parent may limit the information disclosed
in such reports in respect of Item 402 of Regulation S-K to the information identified in Item 402 that is included in the Offering Memorandum (which disclosure regarding such types of information shall be presented in a manner consistent
in all material respects with the disclosure so contained in the Offering Memorandum); (d) compliance with the requirements of Item 10(e) of SEC Regulation S-K will not be required (but a reconciliation pursuant to Regulation G will be
provided); (e) information specified in Rules 3-09, 3-10 and 3-16 of SEC Regulation S-X with respect to Subsidiaries and Affiliates will not be required; and (f) no exhibits pursuant to Item 601 of SEC Regulation S-K will be required.

 (c) The Parent will be deemed to have furnished such information referred to in subsection (a) above to the Trustee and the
Holders if the Parent has filed or furnished such information in reports filed with the SEC and such reports are publicly available on the SEC’s website; provided, however, that the Trustee shall have no obligation whatsoever to
determine whether or not such information, documents or reports have been so filed or furnished. Delivery of such reports, information and documents to the Trustee pursuant to this Section 4.03 is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Parent’s or the Issuer’s compliance with any of its covenants
under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 
 (d) So long as
any Notes are outstanding, commencing January 1, 2015, the Parent or the Issuer will also: (1) not later than 10 Business Days after furnishing to the Trustee the information required by clause (1) and (2) of the first paragraph
of this Section 4.03, hold a publicly accessible conference call to discuss such information for the relevant fiscal period (including a question and answer portion of the call); and (2) issue a press release to an internationally
recognized wire service no fewer than three Business Days prior to the date of the conference call required by the foregoing clause (1) of this paragraph (d), announcing the time and date of such conference call and either including all
information necessary to access the call or directing Holders, prospective investors, broker dealers and securities analysts to contact the appropriate person at the Issuer to obtain such information. 

(e) At any time that any of the Parent’s Unrestricted Subsidiaries would be a Significant Restricted Subsidiary if not designated as an
Unrestricted Subsidiary, then the quarterly and annual financial information required by paragraph (a) above will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto or in the
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of the Parent and its Restricted Subsidiaries separate from the financial condition and

  
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results of operations of the Unrestricted Subsidiaries of the Parent; provided that the Parent will not be required to provide such separate information to the extent such Unrestricted
Subsidiaries are the subject of a confidential filing of a registration statement with the SEC. 
 (f) Notwithstanding anything herein to
the contrary, the Parent will not be deemed to have failed to comply with any of its agreements in subsection (a) above for purposes of clause (4) under Section 6.01 hereof until 60 days after the date any report hereunder is required
to be filed with the SEC (or otherwise made available to Holders or the Trustee) pursuant to this Section 4.03. 
 (g) Notwithstanding
anything to the contrary contained herein, any financial statements of the Parent required to be included herein may be the financial statements of any direct or indirect parent of the Parent; provided that the same is accompanied by
information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Parent and its Subsidiaries, on the one hand, and the information relating
to the Issuer, the Guarantors and the other Subsidiaries of the Parent on a stand-alone basis, on the other hand. 
 Section 4.04 Compliance
Certificate. 
 (a) The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s
Certificate stating that a review of the activities of the Parent and the Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Parent and the
Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture and the security documents, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
the Parent and the Restricted Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and the security documents and are not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture or the security documents (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Parent and the
Restricted Subsidiaries are taking or propose to take with respect thereto). 
 (b) So long as any of the Notes are outstanding, the Issuer
and the Parent will deliver to the Trustee, within 30 days of any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer and the Parent are
taking or propose to take with respect thereto, but only to the extent such Default or Event of Default has not been cured by the end of such 30 day period. 

Section 4.05 Taxes. 
 The Parent will
pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment
is not adverse in any material respect to the Holders. 
 Section 4.06 Stay, Extension and Usury Laws. 

The Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each
of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, 

  
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and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law has been enacted. 
 Section 4.07 Restricted Payments. 

(a) The Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly (the payments and other actions described in
the following clauses being collectively “Restricted Payments”): 
 (i) declare or pay any dividend or make any distribution
on its Equity Interests (other than (a) dividends or distributions paid in the Parent’s Qualified Equity Interests, and (b) Permitted Payments) held by Persons other than the Parent or any of the Restricted Subsidiaries; 

(ii) purchase, redeem or otherwise acquire or retire for value (a) any Equity Interests of the Parent or any direct or indirect parent of
the Parent held by Persons other than the Parent or any of the Restricted Subsidiaries or (b) the Existing Minority Interest, unless in each case such purchase, redemption or other acquisition or retirement for value constitutes a Permitted
Payment; 
 (iii) repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any payment on or with respect to, any
Subordinated Debt, except (a) a payment of interest or principal, in each case at the Stated Maturity thereof, or in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement, (b) Debt permitted under Section 4.09(b)(2) hereof or (c) a Permitted Payment; or 

(iv) make any Investment other than (a) a Permitted Investment or (b) a Permitted Payment; 

unless, at the time of and after giving effect to such Restricted Payment: 

(1) no Default has occurred and is continuing, 

(2) the Parent could Incur at least $1.00 of Debt under Section 4.09(a) hereof, and 

(3) the aggregate amount expended for all Restricted Payments and Permitted Payments made on or after the Issue Date would not,
subject to Section 4.09(c) hereof, exceed the sum of (without duplication): 
 (A) 50% of the aggregate amount of the
Consolidated Net Income (or, if the Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning on October 1, 2014 and ending on the last
day of the Parent’s most recently completed fiscal quarter for which internal financial statements are available, plus 

(B) subject to paragraph (c), 100% of the aggregate net cash proceeds and the fair market value of assets other than cash
(including Debt of the Parent or a Restricted Subsidiary contributed to the Parent in exchange for Qualified Equity Interests), received by the Parent (other than from a Subsidiary of the Parent) after the Issue Date 

  
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 (i) from the issuance and sale of its Qualified Equity Interests (other than
Designated Preferred Stock and Excluded Contributions), including by way of issuance of its Disqualified Equity Interests or Debt to the extent since converted into Qualified Equity Interests of the Parent, or 

(ii) as a contribution to its common equity (other than Excluded Contributions and Subordinated Shareholder Funding), plus

 (C) an amount equal to the sum, for all Unrestricted Subsidiaries, of the following: 

(i) the cash return, after the Issue Date, on Investments in an Unrestricted Subsidiary made after the Issue Date pursuant to
this paragraph (a) as a result of any sale for cash, repayment, redemption, liquidating distribution, dividend or other cash realization (to the extent not included in Consolidated Net Income), plus 

(ii) the portion (proportionate to the Parent’s equity interest in such Subsidiary) of the fair market value of the
assets less liabilities of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary, 
 not
to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments made after the Issue Date by the Parent and its Restricted Subsidiaries in such Unrestricted Subsidiary pursuant to this paragraph (a) (whether or not subsequently
reclassified as made pursuant to another provision of this Section 4.07 or as a Permitted Investment), plus 
 (iii)
the cash return, after the Issue Date, on any other Investment made after the Issue Date pursuant to this paragraph (a), as a result of any sale for cash, repayment, redemption, liquidating distribution, dividend or other cash realization (to the
extent not included in Consolidated Net Income), not to exceed the amount of such Investment so made. 
 The amount expended in any
Restricted Payment, if other than in cash, will be deemed to be the fair market value of the relevant non-cash assets, as determined in good faith by the Board of Directors, whose determination will be conclusive and evidenced by a board resolution.

 (b) The provisions of Section 4.07(a) hereof will not prohibit: 

(1) the payment of any dividend within 60 days after the date of declaration thereof if, at the date of declaration, such
payment could be made in compliance with Section 4.07(a) hereof; 
 (2) dividends or distributions by a Restricted
Subsidiary (other than dividends or distributions by the Issuer to holders of the Existing Minority Interest) payable, on a pro rata basis or on a basis more favorable to the Parent or the Restricted Subsidiary that is the parent of the relevant
Restricted Subsidiary, to all holders of any class of Capital Stock of such Restricted Subsidiary a majority of which is held, directly or indirectly through Restricted Subsidiaries, by the Parent; 

  
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 (3) the repayment, redemption, repurchase, defeasance, discharge or other
acquisition or retirement for value of Subordinated Debt (including the Existing Shareholder Loans) with the proceeds of, or in exchange for, Permitted Refinancing Debt; 

(4) dividends or distributions on, or the purchase, redemption or other acquisition or retirement for value of, Equity
Interests of the Parent or any direct or indirect parent in exchange for, or out of the proceeds of a substantially concurrent offering of, Qualified Equity Interests of the Parent or of a contribution to the common equity of the Parent (other than
from a Subsidiary of the Parent and other than Excluded Contributions); 
 (5) the repayment, redemption, repurchase,
defeasance, discharge or other acquisition or retirement of Subordinated Debt in exchange for, or out of the proceeds of, a substantially concurrent offering of, Qualified Equity Interests of the Parent or of a contribution to the common equity of
the Parent (other than from a Subsidiary of the Parent and other than Excluded Contributions), including through an equitization of Debt; 

(6) any Investment made in exchange for, or out of the net cash proceeds of, a substantially concurrent offering of Qualified
Equity Interests of the Parent or of a contribution to the common equity of the Parent (other than from a Subsidiary of the Parent and other than Excluded Contributions); 

(7) amounts paid for (a) the purchase, redemption or other acquisition or retirement for value of Equity Interests of the
Parent held by officers, directors or employees or former officers, directors or employees (or their estates or beneficiaries under their estates) of the Parent or any of its Restricted Subsidiaries pursuant to any agreement under which such Equity
Interests were issued and (b) the reimbursement to any direct or indirect parent of the Parent equal to the value of Equity Interests of such direct or indirect parent granted to Officers, directors or employees or former Officers, directors or
employees of the Parent or its Restricted Subsidiaries pursuant to any benefit plan or similar agreement in existence prior to the Issue Date; provided that the aggregate cash consideration paid therefor in any twelve-month period after the
Issue Date does not exceed an aggregate amount pursuant to the foregoing clauses (a) and (b) of $5.0 million (with unused amounts in any calendar year being permitted to be carried over for the next succeeding calendar year up to an
aggregate amount of $10.0 million within any twelve-month period); provided further, that the aggregate amount in any twelve-month period shall be increased by the cash proceeds of key man life insurance policies received by the Parent or its
Restricted Subsidiaries after the Issue Date; 
 (8) (a) the repurchase of any Subordinated Debt at a purchase price not
greater than (x) 101% of the principal amount thereof (plus accrued and unpaid interest to the date of repurchase) in the event of a Change of Control pursuant to a provision no more favorable to the holders thereof than Section 4.15
hereof or (y) 100% of the principal amount thereof (plus accrued and unpaid interest to the date of repurchase) in the event of an Asset Sale pursuant to a provision no more favorable to the holders thereof than Section 4.10 hereof;
provided that, in each case, prior to the repurchase the Issuer has made an Offer to Purchase, as defined below, and repurchased all Notes issued under this Indenture that were validly tendered for payment in connection with the Offer to
Purchase and (b) the repayment or repurchase of up to $150.0 million in aggregate principal amount of the Existing Shareholder Loans with the net proceeds from any Debt incurred pursuant to clause (3)(b) of the definition of Permitted
Debt; 

  
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 (9) the purchase, repurchase, redemption or other acquisition or retirement for
value of Equity Interests deemed to occur upon the exercise of stock options, warrants or other convertible securities if such Equity Interests represent a portion of the exercise price thereof, and any purchase, repurchase, redemption or other
acquisition or retirement for value of Equity Interests made in lieu of withholding Taxes in connection with any exercise or exchange of stock options, warrants or other convertible securities; 

(10) the repurchase of Equity Interests upon vesting of restricted stock, restricted stock units, performance shares units or
similar equity incentives to satisfy Tax withholding or similar Tax obligations with respect thereto; 
 (11) payments of
cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or similar securities or upon the conversion or exchange of Capital Stock of the Parent or Debt of the Parent or a Restricted Subsidiary that is convertible
or exchangeable into Capital Stock of the Parent; 
 (12) payment of dividends to the holders of any class or series of
(a) Disqualified Stock of the Parent or any of its Restricted Subsidiaries or Preferred Stock of a Restricted Subsidiary, in each case issued in accordance with Section 4.09, to the extent such dividends are included in the definition of
“Fixed Charges” and (b) Designated Preferred Stock; 
 (13) distributions or payments made directly or by
means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Permitted Receivables Financing; 

(14) payments (x) to any direct or indirect parent of the Parent of amounts necessary to pay Taxes imposed directly on
such parent to the extent such income Taxes are attributable to the income of the Parent and its Subsidiaries by virtue of such parent being the common parent of a consolidated, combined or other Tax group of which the Parent and/or its Subsidiaries
are members, in an amount not to exceed the amount of Taxes the Parent and its Restricted Subsidiaries would pay on a standalone combined basis, and (y) to any direct or indirect parent of the Parent of amounts sufficient to fund such direct or
indirect parent’s administrative and operating expenses for management or advisory services or shared overhead expenses, including legal, accounting or Tax payments; provided that the aggregate amount paid pursuant to this clause
(y) in any twelve-month period after the Issue Date does not exceed $5.0 million; 
 (15) following the first public
offering of the Parent’s ordinary shares, the payment of dividends on the Parent’s ordinary shares in an amount up to 6.0% per calendar year of the net proceeds received by the Parent from such public offering and any subsequent
public offering (other than public offerings with respect to the Parent’s ordinary shares registered on Form F-4 or Form S-8); 

(16) the purchase, redemption or other acquisition or retirement for value of all or any portion of the Existing Minority
Interest from the net cash proceeds from a substantially concurrent issuance of the Parent’s Qualified Equity Interests; 

(17) Restricted Payments made in connection with the consummation of the Transactions as described under the heading “Use
of Proceeds” in the Offering Memorandum (including the repayment or refinancing of the Existing Shareholder Loans with the net cash proceeds of the Notes (excluding any Additional Notes)); 

  
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 (18) Restricted Payments made with Excluded Contributions; and 

(19) Restricted Payments (a) made after the Issue Date that do not constitute an Investment and (b) at any time
outstanding that constitute an Investment, in an aggregate amount pursuant to this clause (19) not to exceed the greater of (i) $50.0 million and (ii) 2.5% of Consolidated Total Assets as of the date of the applicable Restricted
Payment (and without giving effect to subsequent changes in value). 
 (c) Proceeds of the issuance of Qualified Equity Interests will be
included under clause (3) of Section 4.07(a) only to the extent they are not applied as described in clause (4), (5) or (6) of Section 4.07(b). Restricted Payments permitted pursuant to clauses (2) through (14),
(18) and (19) of Section 4.07(b) will not be included in making the calculations under clause (3) of Section 4.07(a). 

For purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or a portion thereof)
meets the criteria of clauses (1) through (19) of Section 4.07(b) above or is entitled to be made pursuant to Section 4.07(a) or as a Permitted Investment, the Issuer will be able to classify or later reclassify (based on
circumstances existing on the date of such reclassification) such Restricted Payment (or a portion thereof) between such clauses (1) through (19) of Section 4.07(b) and Section 4.07(a) or as a Permitted Investment in any manner
that otherwise complies with this Section 4.07. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 (a) Except as provided in Section 4.08(b), the Parent will not, and will not permit any Restricted Subsidiary to, create or otherwise
cause to become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to 

(1) pay dividends or make any other distributions on any Equity Interests of the Restricted Subsidiary owned by the Parent or
any other Restricted Subsidiary, 
 (2) pay any Debt or other obligation owed to the Parent or any other Restricted
Subsidiary, 
 (3) make loans or advances to the Parent or any other Restricted Subsidiary, or 

(4) transfer any of its property or assets to the Parent or any other Restricted Subsidiary. 

(b) The provisions of Section 4.08(a) do not apply to any encumbrances, restrictions or conditions: 

(1) existing on the Issue Date under or by reason of the Initial ABL Credit Facility, this Indenture, the Notes, the Note
Guarantees, the security documents or any other agreements in effect on the Issue Date; 
 (2) existing under or by reason of
applicable law, rule, regulation, order, approval, license, permit or similar restriction; 

  
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 (3) existing 

(A) with respect to any Person, or to the property or assets of any Person, at the time the Person is acquired by the Parent or
any Restricted Subsidiary, or 
 (B) with respect to any Unrestricted Subsidiary, or to the property or assets of such
Unrestricted Subsidiary, at the time it is designated or is deemed to become a Restricted Subsidiary, 
 which encumbrances or restrictions
(i) are not applicable to any other Person or the property or assets of any other Person and (ii) were not put in place in anticipation of such event and any extensions, renewals, replacements or refinancings of any of the foregoing,
provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material respect to the Holders than the encumbrances or restrictions being extended,
renewed, replaced or refinanced as determined by the Board of Directors or senior management of the Parent; 
 (4) of the
type described in clause (a)(4) of this Section 4.08 (i) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease or license, (ii) that exist by virtue of any Lien
on, or agreement to transfer, option or similar right with respect to any property or assets of, the Parent or any Restricted Subsidiary, or (iii) not relating to any Debt, and that do not, individually or in the aggregate, detract from the
value of property or assets of the Parent or any Restricted Subsidiary thereof in any manner material to the Parent or any Restricted Subsidiary thereof as determined by the Board of Directors or senior management of the Parent; 

(5) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or
disposition of all or substantially all of the Capital Stock of, or property and assets of, the Restricted Subsidiary that is permitted by Section 4.10; 

(6) that are customary restrictions with respect to a Securitization Subsidiary, pursuant to the terms of a Permitted
Receivables Financing; 
 (7) that are customary provisions in joint venture agreements and other similar agreements or
arrangements relating to such joint venture; 
 (8) on cash or other deposits or net worth imposed by customers; 

(9) existing under or by reason of (a) purchase money obligations for property acquired and (b) Capital Leases
permitted under this Indenture, in each case, that impose restrictions of the nature discussed in clause (a)(4) of this Section 4.08 on the property so acquired; 

(10) existing under or by reason of customary provisions in Hedging Agreements; 

(11) existing under or by reason of customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar
agreements, including with respect to intellectual property and other agreements; 
 (12) contained in any trading, netting,
operating, construction, service, supply, purchase, sale or other agreement to which the Parent or any of its Restricted Subsidiaries is a party; provided, that such agreement prohibits the encumbrance of solely the property or assets of

  
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the Parent or such Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property
of the Parent or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary; 
 (13) existing
under or by reason of customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary; 

(14) existing under or by reason of customary provisions restricting assignment of any agreement; 

(15) arising in connection with cash or other deposits permitted under Section 4.12 hereof created in connection with any
Permitted Receivables Financing that in the good faith determination of the Board of Directors or senior management of the Parent are necessary or advisable to effect such Permitted Receivables Financing; 

(16) existing under, by reason of or with respect to any Credit Facility permitted under this Indenture; provided that
the applicable encumbrances and restrictions contained in the agreement or agreements governing the Credit Facility (i) are not materially more restrictive, taken as a whole, than those that would customarily be contained in a type of Credit
Facility similar to the ABL Credit Facility, as in effect on the date of this Indenture, as determined in good faith by the Board of Directors or senior management of the Parent, (ii) are not materially more restrictive, taken as a whole, than
those contained in this Indenture or (iii) would be permitted pursuant to Section 4.08(b)(18) with respect to Debt under such Credit Facility; 

(17) existing under or by reason of Liens permitted to be Incurred under the provisions of the covenant described above under
Section 4.12 hereof that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (18) existing
under, by reason of or with respect to, Debt or Preferred Stock of a Restricted Subsidiary not prohibited to be Incurred under this Indenture; provided that such encumbrances or restrictions will not materially affect the Issuer’s or any
Guarantor’s ability to make principal and interest payments on the Notes, as determined in good faith by the Board of Directors or senior management of the Parent; and 

(19) imposed by any extensions, renewals, replacements, amendments or refinancings of the contracts, instruments or obligations
referred to above in clauses (1) through (18) of this Section 4.08(b); provided that such extensions, renewals, replacements, amendments or refinancings are not materially more restrictive, with respect to encumbrances or
restrictions set forth in clause (a) above, taken as a whole, than such encumbrances and restrictions prior to such amendment or refinancing (as determined by the Board of Directors or senior management of the Parent in good faith). 

For purposes of determining compliance with this Section 4.08, (1) the priority of any Preferred Stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to
the Parent or a Restricted Subsidiary to other Debt Incurred by the Parent or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

  
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 Section 4.09 Incurrence of Debt and Issuance of Preferred Stock. 

(a) The Parent 

(1) will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt; and 

(2) will not, and will not permit any of its Restricted Subsidiaries to, Incur any Disqualified Stock, and will not permit the
Issuer or any of its other Restricted Subsidiaries that is not a Guarantor to Incur any Preferred Stock (other than Disqualified Stock or Preferred Stock of Restricted Subsidiaries held by the Parent or a Restricted Subsidiary, so long as it is so
held); 
 provided that the Parent or any Restricted Subsidiary may Incur Debt or Disqualified Stock and any Restricted Subsidiary may
issue Preferred Stock if, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, the Fixed Charge Coverage Ratio is not less than 2.00 to 1.00; provided that the maximum
principal amount (or, in the case of Preferred Stock, liquidation preference or face amount) of Debt, Preferred Stock or Disqualified Stock outstanding at any time that may be Incurred pursuant to this paragraph by Restricted Subsidiaries that are
not Guarantors (other than the Issuer) shall not exceed $25.0 million. 
 (b) Notwithstanding the foregoing, the Parent and, to the extent
provided below, any Restricted Subsidiary may Incur the following (“Permitted Debt”): 
 (1) Debt of the
Parent or any of its Restricted Subsidiaries pursuant to Credit Facilities (including the Initial ABL Credit Facility) (a) in an aggregate principal amount, as of the date of any Incurrence pursuant to this clause (1), not to exceed the greater
of (i) $610.0 million, less the Receivables Financing Amount, and (ii) the Borrowing Base or (b) Incurred to redeem, repurchase, refinance or refund, including by way of defeasance or satisfaction and discharge, any Debt Incurred and
outstanding pursuant to this clause (1); provided that any Debt Incurred and outstanding pursuant to the foregoing sub-clause (b) shall be deemed to have been Incurred under sub-clause (a) for purposes of determining the amount
outstanding under such sub-clause; provided, further that the maximum principal amount of Debt outstanding at any time that may be Incurred pursuant to this clause (1) by Restricted Subsidiaries (other than the Issuer) that are
not Guarantors shall not exceed $50.0 million; 
 (2) Debt of the Parent or any Restricted Subsidiary owed to the Parent or
any Restricted Subsidiary so long as such Debt continues to be owed to the Parent or a Restricted Subsidiary and which, if the obligor is the Issuer or a Guarantor and the Debt is owed to a Restricted Subsidiary that is not a Guarantor or the
Issuer, is subordinated in right of payment to the Notes or Notes Guaranty, as the case may be; 
 (3) (a) Debt of the Issuer
pursuant to the Notes (excluding any Additional Notes) and Debt of any Guarantor pursuant to a Note Guarantee of the Notes (including any Additional Notes) and (b) Additional Notes, other Parity Lien Debt or unsecured Debt, in an aggregate
principal amount not to exceed $150.0 million, the net proceeds of which are used to repay or repurchase up to $150.0 million in aggregate principal amount of the Existing Shareholder Loans; 

  
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 (4) Debt (“Permitted Refinancing Debt”) constituting an
extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance or satisfaction and discharge (all of
the above, for purposes of this clause, “refinance”) then outstanding Debt in an amount not to exceed the principal amount of the Debt so refinanced, plus premiums, fees and expenses; provided that 

(A) if the Debt to be refinanced is Subordinated Debt, the new Debt, by its terms or by the terms of any agreement or
instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Debt to be refinanced is subordinated in right of payment to the Notes; provided that any Guarantee
of such new Debt by the Parent or any Restricted Subsidiary is expressly made subordinate in right of payment to the Notes and the Note Guarantees at least to the extent that the Debt to be refinanced is subordinated in right of payment to the
notes; 
 (B) the new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to be refinanced, and the
Average Life of the new Debt is at least equal to the remaining Average Life of the Debt to be refinanced; 
 (C) in no event
may Debt of the Issuer or any Guarantor be refinanced pursuant to this clause by means of any Debt of any Restricted Subsidiary of the Parent that is not the Issuer or a Guarantor (except to the extent such non-Guarantor Restricted Subsidiary was a
guarantor of such Debt being refinanced); and 
 (D) Debt Incurred pursuant to clauses (1), (2), (5), (6) and
(9) through (17) of this Section 4.09(b) may not be refinanced pursuant to this clause (4); 
 (5) Debt in
respect of (A) Hedging Agreements of the Parent or any Restricted Subsidiary entered into for the purpose of limiting risks associated with the business of the Parent and its Restricted Subsidiaries and not for speculation and (B) Banking
Product Obligations; 
 (6) Debt of the Parent or any Restricted Subsidiary with respect to letters of credit, bankers’
acceptances and similar instruments and agreements issued in the ordinary course of business and not otherwise supporting Debt, including obligations in respect of performance, bid, surety or appeal bonds, regulatory authorizations and licenses,
completion guarantees or indemnification, adjustment of purchase price or similar obligations (including letters of credit with respect to the foregoing) Incurred in connection with the acquisition or disposition of any business or assets; 

(7) (A) Debt or Disqualified Stock of the Issuer or any Guarantor Incurred in connection with or to finance an acquisition of a
Permitted Business or assets used or useful in a Permitted Business, including Acquired Debt, and (B) Acquired Debt Incurred by the Parent or any Restricted Subsidiary; provided that in the case of each of clauses (A) and (B), after
giving effect to the Incurrence thereof, (i) the Parent could Incur at least $1.00 of Debt under Section 4.09(a), or (ii) after giving effect to the Incurrence thereof, the Fixed Charge Coverage Ratio of the Parent would not be less
than immediately prior to such Incurrence; 
 (8) Debt of the Parent or any Restricted Subsidiary outstanding on the Issue
Date; 
 (9) Debt, Disqualified Stock or Preferred Stock of the Parent or any Restricted Subsidiary, which may include
Capital Leases, Attributable Debt, mortgage financings or purchase money obligations, Incurred on or after the Issue Date no later than 180 days after the date of purchase or completion of construction or improvement of property for the purpose of
financing all or any part of the purchase price or cost of construction or improvement (including fees and expenses), provided that the principal amount of any Debt, Disqualified Stock or Preferred Stock outstanding as of the date of any
Incurrence pursuant to this clause may not exceed the greater of (i) $75.0 million and (ii) 3.5% of Consolidated Tangible Assets; 

  
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 (10) (a) Debt of the Issuer or any Guarantor consisting of Guarantees of Debt of
the Issuer or any Guarantor Incurred under any other clause of this Section 4.09 (provided, that if the Debt being guaranteed is subordinated in right of payment to or pari passu with the Notes, then the Guarantee must be
subordinated in right of payment or pari passu, as applicable, to the same extent as the Debt being guaranteed) and (b) Debt of any Restricted Subsidiary that is not a Guarantor consisting of Guarantees of Debt of any other
Restricted Subsidiary that is not a Guarantor Incurred under any other clause of Section 4.09; 
 (11) Debt under any
Permitted Receivables Financing Incurred on or after the Issue Date not otherwise permitted under this Section 4.09; 

(12) Debt (not for borrowed money) in respect of workers’ compensation claims or claims arising under similar legislation,
or pursuant to health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other Debt not for borrowed money with respect to reimbursement type obligations regarding workers’ compensation
claims; 
 (13) Debt arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds, overdrafts or cash pooling arrangements in the ordinary course of business; provided, however, that any such Debt that arises is extinguished within six business days of Incurrence; 

(14) Debt representing deferred compensation to employees of the Parent and its Restricted Subsidiaries; 

(15) Debt consisting of the financing of insurance premiums or take-or-pay obligations contained in supply agreements, in each
case, in the ordinary course of business; 
 (16) Guarantees by the Parent or any Restricted Subsidiary of Debt Incurred by
joint ventures, which may not exceed the greater of (a) $25.0 million and (b) 1.25% of Consolidated Tangible Assets in the aggregate as of the date of any Incurrence pursuant to this clause (16); and 

(17) Debt of the Parent or any Restricted Subsidiary Incurred on or after the Issue Date not otherwise permitted in an
aggregate principal amount outstanding as of the date of any Incurrence pursuant to this clause (17) not to exceed the greater of (a) $75.0 million and (b) 3.5% of Consolidated Tangible Assets. 

(c) Notwithstanding any other provision of this Section 4.09, for purposes of determining compliance with this Section 4.09,
increases in Debt solely due to fluctuations in the exchange rates of currencies will not be deemed to exceed the maximum amount that the Parent or a Restricted Subsidiary may Incur under this Section 4.09. For purposes of determining
compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Debt was Incurred; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if
calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed
the principal amount 

  
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of such Debt being refinanced. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on
the currency exchange rate applicable to the currencies in which such respective Debt is denominated that is in effect on the date of such refinancing. 

(d) In the event that an item of Debt (or any portion thereof) meets the criteria of more than one of the types of Debt described in clauses
(1) – (17) of Section 4.09(b) or described in Section 4.09(a), the Parent, in its sole discretion, will be permitted to classify items of Debt (or any portion thereof) as Incurred pursuant to one or more of clauses
(1) – (17) of Section 4.09(b) or Section 4.09(a), and will only be required to include the amount and type of such Debt in one of such clauses and the Parent will be entitled to divide and classify an item of Debt in more
than one of the types of Debt described in clauses (1) – (17) of Section 4.09(b) or described in Section 4.09(a), and may change the classification of an item of Debt (or any portion thereof) to any other type of Debt
described in clauses (1) – (17) of Section 4.09(b) or described in Section 4.09(a) at any time; provided that Debt under the Initial ABL Credit Facility outstanding on the Issue Date shall be deemed at all times to be
Incurred under clause (1) of the definition of Permitted Debt. 
 Neither the Issuer nor any Guarantor may Incur any Debt that is
subordinated in right of payment to other Debt of the Parent, the Issuer or such Guarantor unless such Debt is also subordinated in right of payment to the Notes or the relevant Note Guarantee on substantially identical terms. This does not apply to
distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt. 

Section 4.10 Asset Sales. 
 (a) The
Parent will not, and will not permit any Restricted Subsidiary to, make any Asset Sale unless the following conditions are met: 

(1) the Asset Sale is for fair market value, as determined in good faith by the Board of Directors or senior management of the
Parent; 
 (2) at least 75% of the consideration consists of cash or Cash Equivalents or assets described in clauses
(4) or (5) of Section 4.10(b) or clauses (1) or (2) of Section 4.10(c) (or any combination of the foregoing), with each of the following considered to be cash for purposes of this clause (2) and for no other
purpose: 
 (A) the assumption or discharge by the purchaser of any liabilities shown on the most recent available balance
sheet of the Parent or Restricted Subsidiary (other than Subordinated Debt), 
 (B) instruments or securities received from
the purchaser that are promptly, but in any event within 180 days of the closing, converted by the Parent or Restricted Subsidiary to cash, to the extent of the cash actually so received, and 

(C) any Designated Non-cash Consideration received by the Parent or such Restricted Subsidiary in such Asset Sale 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 to exceed the greater of (A) $25.0 million and (B) 2.0% of
Consolidated Tangible Assets at the time of receipt of such Designated Non-cash Consideration (and without giving effect to subsequent changes in value); and 

(3) in the case of an Asset Sale that constitutes a sale of Notes Priority Collateral, the Issuer or the Guarantor, as the case
may be, deposits the Net Cash Proceeds therefrom immediately upon receipt thereof as Notes Priority Collateral in the Notes Priority Collateral Proceeds Account; provided that no Net Cash Proceeds from any such Asset Sale shall be required to
be deposited in the Notes Priority Collateral Proceeds Account until the aggregate Net Cash Proceeds from all such Asset Sales that have not been so deposited or applied in accordance with this Section 4.10 as provided below exceeds $10.0
million. 

  
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 (b) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale other than
(1) a sale of Notes Priority Collateral or (2) a Sale of a Guarantor, the Parent or any of its Restricted Subsidiaries may apply an amount equal to such Net Cash Proceeds at its option and to the extent it so elects: 

(1) to repay, repurchase or redeem (i) ABL Debt Obligations or (ii) except with respect to Net Cash Proceeds of an
Asset Sale of ABL Priority Collateral, other Parity Lien Obligations (including Parity Lien Obligations under the Notes) or; 

(2) to repay Debt and other obligations of a Restricted Subsidiary that is not a Guarantor (other than the Issuer), other than
Debt owed to the Parent or its Restricted Subsidiaries; or 
 (3) with respect to Net Cash Proceeds of an Asset Sale of ABL
Priority Collateral, to repay any Parity Lien Debt of the Issuer or any Guarantor; provided that the Parent shall equally and ratably redeem or repurchase the Notes as described under Section 3.03 hereof, through open market purchases
(to the extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to apply a pro rata portion of such Net Cash
Proceeds to purchase the Notes at 100% (or more, at the Issuer’s option) of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, to the date of repurchase (which offer shall satisfy in full the requirement to
redeem or repurchase the Notes on a pro rata basis pursuant to this clause, whether or not any Notes are tendered in such offer); 

(4) to acquire (i) any assets used or useful in a Permitted Business or (ii) all or substantially all of the assets
of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Parent; 

(5) to make an Investment in replacement assets or make a capital expenditure; or 

(6) any combination of the foregoing; 

provided that the Parent and its Restricted Subsidiaries will be deemed to have complied with the provision described in clauses (4) and
(5) of this Section 4.10(b) if, and to the extent that, within 365 days after the Asset Sale that generated the Net Cash Proceeds, the Parent or a Restricted Subsidiary has entered into (and not abandoned or rejected) a binding agreement
to acquire the assets or Capital Stock of a Permitted Business, purchase replacement assets or make a capital expenditure in compliance with the provision described in clauses (4) and (5) of this Section 4.10(b), and that acquisition,
purchase or capital expenditure is thereafter completed within 180 days after the end of such 365-day period. Pending the final application of any such Net Cash Proceeds, Parent and its Restricted Subsidiaries may temporarily reduce revolving credit
borrowings or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture.  

  
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 (c) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale that
constitutes (1) a sale of Notes Priority Collateral or (2) a Sale of a Guarantor, the Parent (or one or more Restricted Subsidiaries of the Parent, as the case may be) may apply an amount equal to such Net Cash Proceeds: 

(1) to make an Investment in other assets or property that would constitute Notes Priority Collateral; 

(2) to make an Investment in Capital Stock of another Permitted Business if, after giving effect to such Investment, the
Permitted Business becomes a Guarantor or is merged into or consolidated with the Issuer or any Guarantor; 
 (3) to make a
capital expenditure with respect to assets that constitute Notes Priority Collateral; 
 (4) to repay Debt secured by a
Permitted Lien on any Notes Priority Collateral that was sold in such Asset Sale, if such Permitted Lien ranks prior to the Liens securing the Notes; 

(5) to repay, repurchase or redeem Parity Lien Obligations (including Parity Lien Obligations under the Notes);
provided that the Parent shall equally and ratably redeem or repurchase the Notes as described under the Section 3.03 hereof through open market purchases (to the extent such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to apply a pro rata portion of such Net Cash Proceeds to purchase the Notes at 100% (or more, at the Issuer’s option) of
the principal amount thereof, plus the amount of accrued but unpaid interest, if any, to the date of repurchase (which offer shall satisfy in full the requirement to redeem or repurchase the Notes on a pro rata basis pursuant to this clause, whether
or not any Notes are tendered in such offer); or 
 (6) any combination of the foregoing; 

provided that the Parent and its Restricted Subsidiaries will be deemed to have complied with the provisions described in clauses (1), (2) and
(3) of this Section 4.10(c) if, and to the extent that, within 365 days after the Asset Sale that generated the Net Cash Proceeds, the Parent or a Restricted Subsidiary has entered into (and not abandoned or rejected) a binding agreement
to make an Investment in assets or property that would constitute Notes Priority Collateral or make an Investment in Capital Stock of another Permitted Business or to make a capital expenditure with respect to assets that constitute Notes Priority
Collateral in compliance with the provisions described in clauses (1), (2) and (3) of this Section 4.10(c), and that purchase or capital expenditure is thereafter completed within 180 days after the end of such 365-day period. 

 (d) The Net Cash Proceeds of an Asset Sale not applied pursuant to Sections 4.10(b) and (c) above, within the time period
provided therein will constitute “Excess Proceeds.” Excess Proceeds of less than $25.0 million will be carried forward and accumulated. When accumulated Excess Proceeds equals or exceeds such amount, the Parent must, within 30 days,
make an Offer to Purchase Notes having a principal amount equal to 
 (1) accumulated Excess Proceeds, multiplied by 

(2) a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes (including any
Additional Notes) and (y) the denominator of which is equal to the 

  
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outstanding principal amount of the Notes (including any Additional Notes) and all other Parity Lien Debt similarly required to be repaid, redeemed or tendered for in connection with the Asset
Sale, rounded down to the nearest $1,000. The purchase price for the Notes will be 100% of the principal amount plus accrued interest to the date of purchase. If the Offer to Purchase is for less than all of the outstanding Notes and Notes in an
aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Issuer will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments
so that only Notes in multiples of $1,000 principal amount will be purchased; provided, that the unpurchased portion of a Note must be in a minimum principal amount of $2,000. Upon completion of the Offer to Purchase, Excess Proceeds will be
reset at zero, and any Excess Proceeds remaining after consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by this Indenture. 

Section 4.11 Transactions with Affiliates. 

(a) The Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend any transaction
or arrangement including the purchase, sale, lease or exchange of property or assets, or the rendering of any service with any Affiliate of the Parent or any Restricted Subsidiary (a “Related Party Transaction”), except (i) for
any Related Party Transaction or series of Related Party Transactions with an aggregate value less than or equal to $5.0 million or (ii) upon terms no less favorable to the Parent or the Restricted Subsidiary than could be obtained in a
comparable arm’s-length transaction with a Person that is not an Affiliate of the Parent. 
 (b) Any Related Party Transaction or
series of Related Party Transactions with an aggregate value in excess of $15.0 million must first be approved by a majority of the Board of Directors, including a majority of the directors having no personal stake in such transaction (if any),
pursuant to a board resolution. Prior to entering into any Related Party Transaction or series of Related Party Transactions with an aggregate value in excess of $40.0 million, the Parent must in addition obtain a favorable written opinion from a
nationally recognized investment, accounting or appraisal banking firm as to the fairness of the financial terms of the transaction to the Parent and its Restricted Subsidiaries taken as a whole from a financial point of view; provided that
no such opinion will be required at any time that the Parent’s equity securities are publicly traded on the New York Stock Exchange or the Nasdaq Stock Market or any successor thereto. 

(c) The foregoing paragraphs do not apply to 

(A) any transaction among the Parent and any of the Restricted Subsidiaries or among Restricted Subsidiaries; 

(B) the payment of reasonable and customary fees, compensation (including bonuses) and benefits (including, without limitation,
retirement, health, stock option, severance and other benefit plans), customary insurance and indemnities to directors, Officers, managers, employees or consultants of the Parent and the payment of reasonable and customary directors’ fees and
expenses and reimbursement of out-of-pocket expenses accrued in connection with attending board meetings; 
 (C) any
Restricted Payments permitted under Section 4.07 hereof, any Permitted Investments or any Permitted Payments; 
 (D)
transactions entered into as part of a Permitted Receivables Financing; 

  
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 (E) transactions pursuant to any contract, agreement or arrangement in effect on
the date of this Indenture, as amended, modified or replaced from time to time so long as the amended, modified or new agreements or arrangements, taken as a whole, are no less favorable in any material respect in the good faith judgment of the
Board of Directors or senior management of the Parent than those in effect on the date of this Indenture; 
 (F) the issuance
of Capital Stock (other than Disqualified Stock) of the Parent and the granting and performance of registration rights; 

(G) employment agreements, employee benefit and incentive compensation plans and arrangements and the payment of reasonable and
customary fees and compensation to, and indemnities and reimbursements and employment and severance arrangements provided on behalf of or for the benefit of, current or former employees, directors, Officers, managers or consultants of the Parent or
any of its Restricted Subsidiaries; 
 (H) transactions with customers, clients, suppliers, or purchasers or sellers of goods
and services (including any member of the EVRAZ Group) not otherwise prohibited by this Indenture that are fair to the Parent and its Restricted Subsidiaries or are on terms, taken as a whole, at least as favorable as might reasonably have been
obtained at such time from an unaffiliated party as determined by the Board of Directors or senior management of the Parent; 

(I) transactions with (i) Unrestricted Subsidiaries or (ii) joint ventures in which the Parent or a Subsidiary of the
Parent holds or acquires an ownership interest (whether by way of Capital Stock or otherwise), in each case so long as the terms of any such transactions are, taken as a whole, at least as favorable as might reasonably have been obtained at such
time from an unaffiliated party as determined by senior management of the Parent; 
 (J) advances to employees in the
ordinary course of business or approved by the Board of Directors, but in any event not to exceed $5.0 million in the aggregate outstanding at any time; 

(K) transactions between the Parent or any of the Restricted Subsidiaries and any Person that is an Affiliate solely as a
result of the ownership by the Parent or any of the Restricted Subsidiaries of Capital Stock of such Person; 
 (L)
transactions with Persons solely in their capacity as holders of Debt of the Parent or any of its Restricted Subsidiaries where such Persons are treated no more favorably than holders of Debt of the Parent or such Restricted Subsidiaries generally;

 (M) customary agreements and other arrangements among the Parent or any of the Restricted Subsidiaries and any Affiliate
thereof in connection with an initial public offering of the common stock of the Parent; 
 (N) transactions in which the
Parent or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an accounting, appraisal or investment banking firm of national standing stating that the transaction is fair to the Parent or the relevant Restricted
Subsidiary from a financial point of view or stating that the terms of 

  
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such transaction are not materially less favorable to the Parent or the relevant Restricted Subsidiary than those that could be obtained in a comparable transaction with an unrelated Person; 

(O) the Incurrence of Subordinated Shareholder Funding; 

(P) the consummation of the Transactions; and 

(Q) the purchase of all or a portion of the Existing Minority Interest or the repayment or refinancing (including any amendment
relating thereto) of the Existing Shareholder Loans with the net cash proceeds from the offering of the Notes (other than any Additional Notes) or any Equity Offering. 

Section 4.12 Liens. 
 The Parent will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or assume any Lien (other than Permitted Liens) (each, a “Subject Lien”) that secures Obligations under any Debt on any asset or property
of the Parent or any Restricted Subsidiary, except for: 
 (a) in the case of Subject Liens on any Collateral, any Subject Lien, if such
Subject Lien expressly has junior lien priority on the Collateral relative to the Notes and the Note Guarantees; or 
 (b) in the case of
Subject Liens on any other asset or property, any Subject Lien, if the Notes and the Note Guarantees are secured equally and ratably with (or are secured on a senior basis to, in the case such Subject Lien secures any Subordinated Debt) the
Obligations secured by such Subject Lien. 
 Any Lien created for the benefit of the Holders pursuant to clause (b) of the preceding
paragraph may provide by its terms that such Lien shall be automatically and unconditionally released and discharged, without any action on behalf of the Holders, upon the release and discharge of the Subject Lien that gave rise to the obligation to
so secure the Notes and the Note Guarantees (which release and discharge in the case of any sale of any such asset or property shall not affect any Lien that the Trustee or the Holders may otherwise have on the proceeds from such sale). 

Section 4.13 Business Activities. 

The Parent will not, and neither will permit any of the Restricted Subsidiaries, to engage in any business other than a Permitted Business,
except to an extent that so doing would not be material to the Parent and its Restricted Subsidiaries, taken as a whole, as determined by the Board of Directors or senior management of the Parent. 

Section 4.14 Corporate Existence. 

Subject to Article 5 hereof, the Parent shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Parent or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Parent and its Subsidiaries; provided, however,
that the Parent shall not be required to preserve any such right, 

  
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license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries (other than the Issuer), if the Board of Directors of shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Parent and its Subsidiaries, taken as a whole. 
 Section 4.15 Offer to
Repurchase Upon Change of Control. 
 (a) Upon a Change of Control, the Issuer will make an offer, not later than 30 days following such
Change of Control, to purchase all outstanding Notes at a purchase price equal to the 101% of the principal amount of any Notes plus accrued interest, if any, to but excluding the date of purchase (the “Change of Control Purchase
Price”). Any such offer to purchase the Notes in accordance with this Section 4.15, and any offer to purchase the Notes pursuant to Sections 4.10 or 4.19, is referred to in this Indenture as an “Offer to Purchase”.
Such Offer to Purchase will be made by written offer made within 30 days following the Change of Control, specifying (i) the principal amount of Notes subject to the offer, (ii) the purchase price, (iii) an expiration date (the
“expiration date”), which will be not less than 30 days nor more than 60 days after the date of the offer, and (iv) a settlement date for purchase, which will be not more than five Business Days after the expiration date. Such
Offer to Purchase will contain instructions and materials necessary to enable Holders to tender Notes pursuant to the Offer to Purchase. 

(b) A Holder may tender all or any portion of its Notes pursuant to an Offer to Purchase. Holders are entitled to withdraw all or any portion
of the Notes tendered up to the close of business on the expiration date. On the settlement date for purchase the purchase price will become due and payable on each Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes
purchased will cease to accrue on and after the purchase date. 
 (c) Notwithstanding anything to the contrary in this Section 4.15,
the Issuer will not be required to make an Offer to Purchase upon a Change of Control if (1) a third party (including the Parent or any other Affiliate of the Issuer) makes the Offer to Purchase in the manner, at the times and otherwise in
compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Issuer and purchases all Notes properly tendered and not withdrawn under the Offer to Purchase, or (2) an irrevocable notice of
redemption has been given pursuant to this Indenture for all outstanding Notes as described under Section 3.03 hereof, unless and until there is a default in payment of the applicable redemption price. 

(d) Notwithstanding anything to the contrary contained herein, an Offer to Purchase may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement (which may be subject to conditions) is in place for the Change of Control at the time of making of the Offer to Purchase. 

(e) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in an
Offer to Purchase with respect to a Change of Control and the Issuer, or any third party making such Offer to Purchase in lieu of the Issuer as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the
Issuer or such third party will have the right, upon not less than 30 days nor more than 60 days’ prior notice (provided that such notice is given not more than 30 days following such purchase pursuant to the Offer to Purchase described
above), to redeem all Notes that remain outstanding following such purchase on the redemption date specified in such notice (the “Second Change of Control Payment Date”) at a price in cash equal to the Change of Control Purchase
Price plus accrued interest, if any, to, but excluding, the Second Change of Control Payment Date. 

  
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 (f) The provisions under this Section 4.15 relating to the Issuer’s obligation to make
an offer to repurchase the Notes as a result of a Change of Control (including required notice periods) may be waived or amended as described in Article 9 hereof. 

(g) The Issuer will comply, to the extent applicable, with Rule 14e-1 under the Exchange Act and all other applicable laws in making any Offer
to Purchase, and the above procedures will be deemed modified as necessary to permit such compliance. To the extent that the provisions of any securities laws or regulations conflict with the Offer to Purchase provisions contained in this Indenture,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Offer to Purchase provisions contained in this Indenture by virtue thereof. 

Section 4.16 Additional Note Guarantees. 

If after the date of this Indenture the Parent or any of the Restricted Subsidiaries acquires or creates a Restricted Subsidiary (other than an
Immaterial Subsidiary or a Securitization Subsidiary), or any Immaterial Subsidiary or a Securitization Subsidiary ceases to fit within the definition thereof, or if any Unrestricted Subsidiary is designated as a Restricted Subsidiary (and such
re-designated Restricted Subsidiary is not an Immaterial Subsidiary or a Securitization Subsidiary), and such newly acquired, created or re-designated Restricted Subsidiary becomes a guarantor or obligor of any other Debt of the Issuer or any
Guarantor, then such Restricted Subsidiary will within 60 days of the date such Debt is Incurred (i) execute and deliver a supplemental indenture to this Indenture providing for a Note Guarantee by such Restricted Subsidiary and (ii) grant
to the applicable Collateral Agent a security interest in its applicable properties and assets by executing and delivering the documents required therefor under the security documents. Notwithstanding anything to the contrary, no Controlled Foreign
Guarantor shall directly or indirectly guarantee a U.S. Person Guarantee Obligation. The form of such supplemental indenture is attached as Exhibit F hereto. 

Section 4.17 Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors may designate any Subsidiary of the Parent, including a newly acquired or created Subsidiary, to be an Unrestricted
Subsidiary if the designation would not cause a Default; provided that the Issuer and Evraz Inc. NA may not be designated as an Unrestricted Subsidiary. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate
fair market value of all outstanding Investments owned by the Parent and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce
the amount available for Restricted Payments under Section 4.07 hereof or under one or more clauses of the definition of “Permitted Investments,” as determined by the Parent. 

Any designation of a Subsidiary as an Unrestricted Subsidiary will be evidenced to the Trustee by promptly filing with the Trustee a certified
copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at any
time, any Unrestricted Subsidiary would fail to meet the requirements in the definition of “Unrestricted Subsidiary,” it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture (and the Trustee shall be
promptly provided with written notice of such cessation) and any Debt of such Subsidiary will be deemed to be Incurred by a Restricted Subsidiary of the Parent as of such date and, if such Debt is not permitted to be Incurred as of such date under
Section 4.09 hereof, the Parent will be in default of such covenant. 
 The Board of Directors may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Parent; provided that such designation will be deemed to be an Incurrence of Debt by a Restricted Subsidiary of the Parent of any outstanding Debt of such Unrestricted Subsidiary,
and such 

  
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designation will only be permitted if (1) such Debt is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the
applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. 
 Any
designation of a Subsidiary as a Restricted Subsidiary will be evidenced to the Trustee by promptly filing with the Trustee a certified copy of a resolution of the Board of Directors giving effect to the designation and an Officer’s Certificate
certifying that the designation complied with the foregoing provisions. 
 Section 4.18 Designation of Controlled Foreign Entities. 

The Board of Directors may, in its reasonable discretion, acting in good faith, determine that any Subsidiary of the Parent, including an
existing Guarantor or a newly acquired or created Subsidiary, is a Controlled Foreign Guarantor or is to be treated as an entity described in clause (6) of the definition of “Excluded Property” herein, in each case subject to all of
the limitations applicable to such entities and Controlled Foreign Guarantors pursuant to this Indenture. Any such determination will be evidenced to the Trustee by promptly filing with the Trustee a certified copy of a resolution of the Board of
Directors giving effect to such determination and an Officer’s Certificate certifying that such determination is in accordance with the definition of a “Controlled Foreign Guarantor” or clause (6) of the definition of
“Excluded Property”, as applicable. For the avoidance of doubt, any CFC, including Canadian National Steel Corporation, in existence as of the Issue Date is hereby determined to be a Controlled Foreign Guarantor and described in clause
(6) of the definition of “Excluded Property” herein. 
 Section 4.19 Repurchase of Notes Upon Certain Permitted Payments. 

(a) If the Parent or any Restricted Subsidiary makes a Permitted Payment and such payment would be permitted pursuant to Section 4.07
hereof, even if it were not a Permitted Payment, either as a Restricted Payment made pursuant to Section 4.07(a)(3) (which, for the avoidance of doubt, requires satisfaction of Sections 4.07(a)(1) and 4.07(a)(2)), any provision of
Section 4.07(b), or as a Permitted Investment, such payment shall be deemed to be a Restricted Payment or Permitted Investment made pursuant to the applicable provision (unless the Parent elects otherwise), in which case such payment shall be
deemed made thereunder for all purposes (and shall, as relevant, reduce the amount otherwise available for Restricted Payments or Permitted Investments under the applicable clause) and shall not be deemed a Permitted Payment. 

(b) At the time the Parent or any Restricted Subsidiary makes a Permitted Payment (other than a payment deemed to be a Restricted Payment made
pursuant to Section 4.07(a)(3) or any provision of Section 4.07(b) or a Permitted Investment as described in clause (a) of this Section 4.19) the Parent shall, on the date when such Permitted Payment is made, deliver an
Officer’s Certificate to the Trustee certifying that the making of such Permitted Payment complies with all applicable laws (including applicable laws prohibiting dividends being paid except out of a company’s surplus or current profits or
by a company that is or would become insolvent as a result thereof). 
 (c) In addition, if the Parent or any Restricted Subsidiary makes a
Permitted Payment (other than a payment deemed to be a Restricted Payment or a Permitted Investment pursuant to clause (a) of this Section 4.19) the Issuer will, not later than 10 days following the consummation of such Permitted Payment,
make an Offer to Purchase all outstanding Notes at a purchase price equal to the redemption price of such Note at such time if the Issuer elected to optionally redeem the Notes at such time as set forth under Section 3.07(b) and (c) (as
applicable). Such Offer to Purchase will be consummated pursuant to procedures that will be substantially the same as those set forth under Section 4.15. 

(d) Notwithstanding the foregoing, the provisions of this Section 4.19 will be of no further force or effect upon the occurrence of a
Permitted Payments Fall-Away Event. 

  
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 Section 4.20 Suspension of Certain Covenants. 

If at any time after the Issue Date (i) the Notes are rated Investment Grade by each of S&P and Moody’s (or, if either (or both)
of S&P and Moody’s have been substituted in accordance with the definition of “Rating Agencies,” by each of the then applicable Rating Agencies) and (ii) no Default has occurred and is continuing under this Indenture, the
Parent and its Restricted Subsidiaries will not be subject to the covenants in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.16, 4.19 and 5.01(a)(C) hereof (collectively, the “Suspended Covenants”). 

Additionally, at such time as the above referenced covenants are suspended (a “Suspension Period”), the Parent will no
longer be permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary unless the Parent would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any
period and such designation shall be deemed to have created a Restricted Payment, as set forth under Section 4.07 hereof, following the Reversion Date (as defined below).  

In the event that the Parent and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a
result of the foregoing, and on any subsequent date (the “Reversion Date”) the condition set forth in clause (i) of the first paragraph of this Section 4.20 is no longer satisfied, then the Parent and its Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants. Notwithstanding that the Suspended Covenants may be reinstated, no Default, Event of Default or breach of any kind shall be deemed to exist or have occurred under this
Indenture, the Notes or the Note Guarantees with respect to the foregoing Suspended Covenants based on, and neither the Parent nor any of its Restricted Subsidiaries shall bear any liability for, any actions taken or events occurring during the
period the foregoing covenants were suspended, or any actions taken at any time pursuant to any contractual obligation arising prior to the date the Suspended Covenants were reinstated, regardless of whether such actions or events would have been
permitted if the applicable Suspended Covenants remained in effect during such period.  
 On each Reversion Date, all Debt Incurred
during the Suspension Period prior to such Reversion Date will be deemed to be Debt Incurred pursuant to Section 4.09(b)(8) and all Disqualified Stock or Preferred Stock issued during the Suspension Period will be treated as having been issued
under Section 4.09(a). For purposes of calculating the amount available to be made as Restricted Payments under Section 4.07(a)(3), calculations under Section 4.07 shall be made as though Section 4.07 had been in effect during
the entire period of time after the Issue Date (including the Suspension Period). Restricted Payments and Permitted Payments made during the Suspension Period not otherwise permitted under Section 4.07(b) will reduce the amount available to be
made as Restricted Payments under Section 4.07(a)(3). For purposes of Section 4.10, on the Reversion Date, the amount of Excess Proceeds not applied in accordance with Section 4.10 will be deemed to be reset to zero. 

The Issuer shall give the Trustee prompt notice of the commencement of a Suspension Period and of the occurrence of a Reversion Date. 

  
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 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Merger,
Amalgamation, Consolidation or Sale of Assets. 
 (a) Neither the Parent nor the Issuer will 

(1) consolidate with, amalgamate with or merge with or into any Person, or 

(2) sell, convey, transfer, or otherwise dispose of all or substantially all of its assets on a consolidated basis as an
entirety or substantially an entirety, in one transaction or a series of related transactions, to any Person, or 
 (3)
permit any Person to merge with or into the Parent or the Issuer, as applicable, 
 in each case, unless 

(A) (i) either (x) the Parent or the Issuer, as applicable, is the continuing Person or (y) the resulting, surviving
or transferee Person (a “Successor Company”) is an entity organized and validly existing under (A) in the case of the Parent, the laws of England and Wales, any member state of the European Union, any province of Canada, or the
United States or any state thereof or the District of Columbia, and (B) in the case of the Issuer, any province of Canada, or the United States or any state thereof or the District of Columbia, and (ii) the Successor Company expressly
assumes by supplemental indenture in form reasonably satisfactory to the Trustee all of the obligations of the Parent or the Issuer, as applicable, under this Indenture and the Notes; 

(B) immediately after giving effect to the transaction, no Default has occurred and is continuing; 

(C) immediately after giving effect to the transaction on a pro forma basis, (a) the Parent (or, solely in the case of a
transaction described in clause (a) above involving Parent, the resulting surviving or transferee Person) could Incur at least $1.00 of Debt under Section 4.09(a) hereof or (b) the Fixed Charge Coverage Ratio of the Parent (or, solely
in the case of a transaction described in clause (a) above involving Parent, the resulting surviving or transferee Person) would not be less than immediately prior to such Incurrence; and 

(D) the Parent delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the
consolidation, merger or transfer and the supplemental indenture (if any) comply with this Indenture; 
 provided that clauses
(B) and (C) above do not apply (i) to the consolidation or merger or sale of all or substantially all the assets of the Parent or the Issuer, as applicable, with or into or to each other, (ii) to the consolidation or merger or
sale of all or substantially all the assets of the Parent or the Issuer, as applicable, with or into or to a Wholly Owned Restricted Subsidiary of the Parent, or the consolidation or merger or sale of all or substantially all the assets of a Wholly
Owned Restricted Subsidiary with or into the Parent or the Issuer, as applicable, or (iii) if, in the good faith determination of the Board of Directors whose determination is evidenced by a board resolution, the sole purpose of the transaction
is to change the jurisdiction of incorporation or organization of the Parent or the Issuer to the United States, any member state of the European Union or any jurisdiction thereof or Canada or any jurisdiction thereof; provided further, that
prior to a Permitted Payments Fall-Away Event, clauses (A)(i), (B) and (C) above do not apply to a sale of all or substantially all the assets of Parent or the Issuer to any member of the EVRAZ Group. In the case of any such sale prior to
a Permitted Payments Fall-Away 

  
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Event that does not comply with each of clauses (A)(i), (B) and (C) above, not later than 10 days following the consummation of such sale, the Issuer shall make an Offer to Purchase all
outstanding Notes at a purchase price equal to the redemption price of such Note at such time if the Issuer elected to optionally redeem the Notes at such time as set forth under Section 3.07(b) or (c) (as applicable). Such Offer to
Purchase will be consummated pursuant to procedures that will be substantially the same as those set forth under Section 4.15. 
 (b)
Neither the Parent nor the Issuer shall lease all or substantially all of the assets of the Parent or the Issuer, whether in one transaction or a series of transactions, to one or more other Persons. 

(c) Upon consummation of any transaction effected in accordance with these provisions, if the Parent or the Issuer, as applicable, is not the
continuing Person, the resulting, surviving or transferee Person will succeed to, and be substituted for, and may exercise every right and power of, the Parent or the Issuer, as applicable, under this Indenture and the Notes with the same effect as
if such successor Person had been named as the Parent or the Issuer, as applicable, in this Indenture. Upon such substitution, except in the case of a sale, conveyance, transfer or disposition of less than all the assets of the Parent or the Issuer,
as applicable, on a combined basis, the Parent or the Issuer as applicable, will be released from its obligations under this Indenture and the Notes and the Note Guarantees. 

(d) No Guarantor (other than, to the extent not otherwise prohibited by this Indenture, the Parent) may 

(1) consolidate with or merge with or into any Person, or 

(2) sell, convey, transfer or dispose of, all or substantially all its assets as an entirety or substantially as an entirety,
in one transaction or a series of related transactions, to any Person, or 
 (3) permit any Person to merge with or into the
Guarantor, 
 in each case, unless 

(A) the other Person is the Parent or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with
the transaction; or 
 (B) (1) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or
transferee Person expressly assumes by supplemental indenture in form satisfactory to the Trustee all of the obligations of the Guarantor under its Note Guarantee; and (2) immediately after giving effect to the transaction, no Default has
occurred and is continuing; or 
 (C) the transaction constitutes a sale or other disposition (including by way of
consolidation or merger) of the Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (in each case other than to the Parent or a Restricted Subsidiary) otherwise permitted by this Indenture, 

and, in each case, the Parent delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the
consolidation, merger or transfer and the supplemental indenture (if any) comply with this Indenture. 

  
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 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation, amalgamation or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially all
of the properties or assets of the Parent or the Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Parent or
the Issuer, as applicable, is merged or amalgamated or to which such sale, assignment, transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale,
assignment, transfer, conveyance or other disposition, the provisions of this Indenture referring to the “Parent” or the “Issuer,” as applicable, shall refer instead to the successor Person and not to the Parent or the Issuer, as
applicable), and may exercise every right and power of the Parent and the Issuer, as applicable, under this Indenture with the same effect as if such successor Person had been named as the Parent or the Issuer, as applicable, herein; provided,
however, that the predecessor Parent or Issuer, as applicable, shall not be relieved from the obligation to pay the principal of, premium on, if any, and interest, if any, on, the Notes except in the case of a sale of all of the Parent’s or
the Issuer’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 In case
of any such consolidation, merger, sale, conveyance, transfer or assignment and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the
same effect as if it had been named herein as a Guarantor. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding
Section 5.01(d)(3)(B) and (C) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale, assignment,
transfer, or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

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

(1) The Issuer defaults in the payment of principal of any Note when the same becomes due and payable at maturity, upon
acceleration or redemption, or otherwise (other than pursuant to an Offer to Purchase); 
 (2) the Issuer defaults in the
payment of interest on any Note when the same becomes due and payable, and the default continues for a period of 30 days; 

(3) the Issuer fails to make an Offer to Purchase and thereafter accept and pay for Notes tendered when and as required
pursuant to Sections 4.10, 4.15 and 4.19 hereof, or the Parent, the Issuer or any Guarantor fails to comply with Section 5.01 hereof; 

(4) the Parent or any of its Restricted Subsidiaries defaults in the performance of or breaches any other covenant or agreement
of the Parent or the Issuer, as applicable, in this Indenture or under the Notes and the default or breach continues for a period of 60 consecutive days after written notice to the Parent by the Trustee or to the Parent and the Trustee by the
Holders of 25% or more in aggregate principal amount of the Notes then outstanding; 

  
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 (5) there occurs with respect to any Debt of the Parent or any of the Restricted
Subsidiaries having an outstanding principal amount of $30.0 million or more in the aggregate for all such Debt of all such Persons (i) an event of default that results in such Debt being due and payable prior to its Stated Maturity or
(ii) failure to make a principal payment when due upon the Stated Maturity thereof and such defaulted payment is not made, waived or extended within the applicable grace period; 

(6) one or more final judgments or orders for the payment of money are rendered against the Parent or any of the Restricted
Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged
against all such Persons to exceed $30.0 million (in excess of amounts which are covered by insurance policies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 

(7) any Note Guarantee of a Guarantor that is a Significant Restricted Subsidiary (or the Note Guarantees of any Guarantors
that together would constitute a Significant Restricted Subsidiary) ceases to be in full force and effect, other than in accordance the terms of this Indenture, or any Guarantor that is a Significant Restricted Subsidiary (or any Guarantors that
together would constitute a Significant Restricted Subsidiary) denies or disaffirms its obligations under its Note Guarantee; or 

(8) any of the following occurs: 

(A) any security document with respect to Collateral having, individually or in the aggregate, a fair market value in excess of
$15.0 million, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect in any material respect, other than in accordance with the terms of the relevant security documents; 

(B) except as permitted by this Indenture, any Parity Lien for the benefit of Holders purported to be granted under any
security document for the benefit of Holders on Collateral, individually or in the aggregate, having a fair market value in excess of $15.0 million ceases to be an enforceable and perfected Parity Lien in any material respect, subject only to
Permitted Liens that rank prior to the Parity Liens in accordance with this Indenture, and such condition continues for 60 days after written notice by the Trustee to the Parent of failure to comply with such requirement; provided that it
will not be an Event of Default under this clause (8)(B) if such condition results from the action or inaction of the Trustee; or 

(C) the Issuer or any Guarantor, or any Person acting on behalf of any of them, denies or disaffirms, in writing, any
obligation of the Issuer or such Guarantor set forth in or arising under any security document relating to Collateral having, individually or in the aggregate, a fair market value in excess of $15.0 million; 

  
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 (9) the Parent or any of its Significant Restricted Subsidiaries pursuant to or
within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a custodian of it or for all or substantially all of its property or to the appointment of
receiver, interim receiver, receiver and manager, liquidator, trustee in bankruptcy or similar Person (a “Receiver”) over any of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

(E) generally is not paying its debts as they become due or admits in writing its inability to pay its debts as they become
due; or 
 (10) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law (including the filing of
any notice of intention in respect thereof) that: 
 (A) is for relief against the Parent or any of its Significant
Restricted Subsidiaries in an involuntary case; 
 (B) appoints a custodian of the Parent or any of its Significant
Restricted Subsidiaries or for all or substantially all of the property of the Parent or any of its Restricted Subsidiaries or appoints a Receiver over any of its property; 

(C) orders the liquidation of the Parent or any of its Significant Restricted Subsidiaries; 

(D) is in respect of the bankruptcy, liquidation, winding-up, dissolution or suspension of general operations of the Parent or
any of its Significant Restricted Subsidiaries; 
 (E) is in respect of composition, rescheduling, reorganization,
arrangement or readjustment of, or other relief from, or stay of proceedings to enforce, some or all of the debts or obligations of the Parent or any of its Significant Restricted Subsidiaries; or 

(F) is in respect of the possession, foreclosure, seizure or retention, sale or other disposition of, or other proceedings to
enforce security over, all or any material part of the assets of the Parent or any of its Significant Restricted Subsidiaries; 
 and the
order or decree remains unstayed and in effect for 60 consecutive days. 
 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (9) or (10) of Section 6.01 hereof, with respect to the Parent or any of
its Restricted Subsidiaries, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes, by written notice to the Parent (and to the Trustee if the written notice is given by Holders) may declare all the Notes to be due and payable immediately. 

  
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 Upon any such declaration, the Notes shall become due and payable immediately. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Parent and the Trustee may, on
behalf of all of the Holders of all the Notes, waive all past Defaults and rescind and annul an acceleration and its consequences hereunder, if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal of, premium on, if any, or interest, if any, on the Notes that has become due solely because of the declaration of acceleration) have been cured or waived. 

In the event of any declaration of acceleration of the Notes because an Event of Default specified in Section 6.01(5) hereof has occurred
and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or other default triggering such Event of Default shall be remedied or cured, or waived by the holders of the Debt within 30 days
after the declaration of acceleration with respect thereto and if (i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of
Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

Section 6.03 Other Remedies. 
 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any, or interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest, if any, on, the Notes
(including in connection with an Offer to Purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any 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 thereon. 
 To the extent a Default or Event of Default occurs for a
failure to report or deliver a required certificate in connection with another default (the “Initial Default”), then at the time such Initial Default is cured, such Default or Event of Default occurring for a failure to report or
deliver a required certificate in connection with the Initial Default will also be cured without any further action. Any Default or Event of Default for the failure to comply with the time periods prescribed under Section 4.03 hereof, or
otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture, shall be deemed to be cured upon the delivery of any such report required by such covenant or notice or certificate, as applicable, despite such
delivery falling outside of the prescribed period specified herein. 

  
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 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in
personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction. 

Section 6.06 Limitation on Suits. 

No Holder may institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a
Receiver or trustee, or for any other remedy under this Indenture or the Notes, unless: 
 (1) such Holder has previously
given the Trustee written notice of a continuing Event of Default; 
 (2) Holders of at least 25% in aggregate principal
amount of the then outstanding Notes make a written request to the Trustee to institute proceedings in respect of the Event of Default in its own name as Trustee under this Indenture; 

(3) Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against any costs, liabilities or
expenses to be Incurred in compliance with such request; 
 (4) the Trustee, for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceedings; and 
 (5) during such 60-day period, Holders of
a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with such written request. 

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

Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of or interest on its Note,
premium on, if any, or interest, if any, on the Note, on or after the respective due dates expressed or provided for in the Note (including in connection with an Offer to Purchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the
institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 

Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium on, if any, and interest, if any, remaining unpaid on 

  
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the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of
Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10
Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.06 hereof, including payment of all compensation,
expenses and liabilities Incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to
Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and
interest, if any, respectively; and 
 Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party 

  
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litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal
amount of the then outstanding Notes. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will 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. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinion of Counsel furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the Officer’s Certificates
and Opinion of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or
risk its own funds or Incur any financial liability or the Note Documents. The Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holder, unless such Holder has offered to the
Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest
on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may
consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence
of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture or the Note Documents. 
 (e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Note Documents at
the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be Incurred by it in compliance with such
request or direction. 
 (g) The Trustee shall not be deemed to have notice of any Default hereunder or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, including in its capacity as U.S. Collateral Agent , and each agent, custodian and other
Person employed to act hereunder, including the Canada Collateral Agent. 
 (i) In no event shall the Trustee be responsible or liable for
special, punitive, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action. 
 (j) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded. 
 (k) In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder or under the Note Documents arising out of or caused by, 

  
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directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 7.03 Individual Rights of
Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest under the TIA it must eliminate such conflict within 90 days, apply to the SEC
for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. The Trustee is also subject to Section 7.09 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Note Documents or the
Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders a notice of the
Default or Event of Default within 90 days after it occurs or within 30 days after it is known to the Trustee, unless the Default has been cured; provided that, except in the case of a Default or Event of Default in payment of principal of,
premium on, if any, or interest, if any, on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders. 

Section 7.06 Compensation and Indemnity. 

(a) The Issuer will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and for its services
hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred
or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Issuer and the Guarantors will, jointly and severally, indemnify the Trustee against any and all losses, liabilities or expenses
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture and the Note Documents, including the costs and expenses of enforcing this Indenture and the Note Documents against the Issuer
and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its
powers or duties hereunder or thereunder, except to the extent any such loss, liability or expense 

  
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may be attributable to its negligence or bad faith. The Trustee will notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will
not relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the
reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Issuer and the Guarantors under this Section 7.06 will survive the satisfaction and discharge of this
Indenture and the resignation or removal of the Trustee. 
 (d) To secure the Issuer’s and the Guarantors’ payment obligations in
this Section 7.06, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or interest, if any, on, particular Notes. Such
Lien will survive the satisfaction and discharge of this Indenture. 
 (e) Without prejudice to any other rights available to the Trustee
under applicable law, when the Trustee Incurs expenses or renders services after an Event of Default specified in clause (9) or (10) of Section 6.01 hereof occurs, the expenses and the compensation for the services (including the fees
and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 Section 7.07 Replacement
of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The
Issuer may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.09 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
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 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. 

(g) The provisions of Sections 7.07 and 7.08 shall apply to the U.S. Collateral Agent and the Canada Collateral Agent mutatis mutandis
provided that references to Section 7.09 in Section 7.07 shall be deemed inapplicable to the Canada Collateral Agent. 
 Section 7.08
Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09
Eligibility; Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal or state authorities and that has a combined
capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may at any time, at the option of the Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Debt represented by the
outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and
(2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and 

  
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the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise
terminated or discharged hereunder: 
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the
principal of, premium on, if any, or interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

(2) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’
obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.04, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13,
4.15, 4.16, 4,17, 4.18 and 4.19 hereof and clause (c) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes and Note Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through (8) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars that
is sufficient, U.S. Government Obligations, the scheduled payment of principal of and interest on which are sufficient (or a combination thereof that is sufficient) in the opinion of a nationally recognized investment bank, appraisal firm, or firm
of independent public accountants, to pay the principal of, premium, if any, on and interest, if any, 

  
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on the outstanding Notes to the stated date for payment thereof or to the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such
stated date for payment or to a particular redemption date; provided that if a redemption requires the payment of the Applicable Premium, (1) the amount of cash in U.S. dollars or U.S. Government Obligations or a combination thereof that
the Issuer must irrevocably deposit or cause to be deposited shall be determined using an assumed Applicable Premium calculated as of the date of such deposit, and (2) the Issuer must irrevocably deposit or cause to be deposited additional
money in trust on the applicable redemption date as necessary to pay the Applicable Premium as determined on such date); 

(2) in the case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee (i) an Opinion of
Counsel confirming that: 
 (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a
ruling; or 
 (B) since the date of this Indenture, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm that, the Beneficial Owners of the outstanding
Notes will not recognize income, gain or loss for U.S. Federal income Tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income Tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; and (ii) an Opinion of Counsel confirming that the Beneficial Owners of the outstanding Notes will not recognize income, gain or loss for Canadian Federal income Tax purposes as a result of
such Legal Defeasance and will be subject to Canadian Federal Tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee Opinions of Counsel
confirming that the Beneficial Owners of the outstanding Notes will not recognize income, gain or loss for U.S. Federal and Canadian Federal income Tax purposes as a result of such Covenant Defeasance and will be subject to U.S. Federal and Canadian
Federal income Tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and is continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Debt), and the granting of Liens to secure such borrowings); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the
Guarantors is bound; 
 (6) the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was
not made by the Issuer with the intent of preferring the Holders over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others; and 

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

  
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 Section 8.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money
need not be segregated from other funds except to the extent required by law. 
 The Issuer will pay and indemnify the Trustee against any
Tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such Tax, fee or
other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the
contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium on,
if any, or interest, if any, on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest, if any, has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be
discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in The New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantors’ obligations under this Indenture
and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in

  
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accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium on, if any, or interest, if any, on,
any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 hereof, without notice to or the consent of any Holder, the Issuer and the Trustee may amend or supplement
this Indenture, the Notes, the Note Guarantees or the security documents: 
 (1) to cure any ambiguity, defect or
inconsistency in this Indenture or the Notes; 
 (2) to comply with Section 5.01 hereof; 

(3) to evidence and provide for the acceptance of an appointment by a successor trustee; 

(4) to provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code); 
 (5) to provide for
any Guarantee of the Notes, to provide additional security for the Notes or to confirm and evidence, the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by
this Indenture; 
 (6) to add additional Collateral, provide additional rights to any Holder or make any change that does not
materially and adversely affect the rights of any Holder as determined by the Board of Directors or senior management of the Parent; 

(7) to provide for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders of the Notes and Note
Guarantees by a successor to the Issuer or such Guarantor pursuant to Article 5 or Article 11 hereof; 
 (8) to comply with
requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (9) to conform
the text of this Indenture, the Notes, the Note Guarantees or the security documents to any provision of the “Description of Notes” section of the Issuer’s Offering Memorandum to the extent that such provision in that
“Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Note Guarantees or the security documents, which intent may be evidenced by an Officer’s Certificate to that effect; 

(10) to release Collateral in accordance with the terms of this Indenture and the security documents; or 

(11) to provide for or confirm the issuance of Additional Notes in accordance with the terms set forth in this Indenture as of
the date hereof. 

  
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 Upon the request of the Issuer accompanied by a resolution of the Board of Directors authorizing
the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02, 9.06 and 13.02 hereof, the Trustee will join with the Issuer in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes.

 Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 3.09, 4.10, 4.15 and 4.19 hereof) and the Notes and the security documents with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest, if any, on, the Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance by the Issuer or the Parent with any provision of this Indenture or the Notes or the security documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes
(including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.09 hereof shall
determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Issuer
accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid,
and upon receipt by the Trustee of the documents described in Sections 7.02, 9.06 and 13.02 hereof, the Trustee will join with the Issuer in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. 

It is not necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or
waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding
voting as a single class may waive compliance in a particular instance by the Issuer with any provision of this Indenture, the Notes or the security documents. However, without the consent of each Holder affected, an amendment, supplement or waiver
under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the
principal amount of or change the Stated Maturity of any installment of principal of any Note; 

  
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 (2) reduce the rate of or change the Stated Maturity of any interest payment on
any Note; 
 (3) reduce the amount payable upon the redemption of any Note or change the time of any mandatory redemption or,
in respect of an optional redemption, the times at which any Note may be redeemed or, once notice of redemption has been given, the time at which the Notes must thereupon be redeemed, or to institute suit for the enforcement of any such payment,

 (4) after the time an Offer to Purchase is required to have been made, reduce the purchase amount or purchase price, or
extend the latest expiration date or purchase date thereunder, 
 (5) make any Note payable in money other than that stated
in the Note; 
 (6) impair the right of any Holder to receive any principal or premium payment or interest payment on such
Holder’s Notes, on or after the redemption date or Stated Maturity thereof, or to institute suit for the enforcement of any such payment, 

(7) make any change in the percentage of the principal amount of the Notes required for amendments or waivers, 

(8) modify or change any provision of this Indenture affecting the ranking of the Notes or any Note Guarantee in a manner
adverse to the Holders or 
 (9) make any change in any Note Guarantee that would adversely affect the Holders in any
material respect. 
 In addition, any amendment to, or waiver of, the provisions of this Indenture or any security document that has the
effect of releasing all or substantially all of the Collateral from the Liens securing the Notes will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding (including, without limitation,
Additional Notes, if any). 
 Section 9.03 Compliance with Trust Indenture Act. 

If this Indenture is qualified under the TIA, every amendment or supplement to this Indenture or the Notes will be set forth in an amended or
supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 

  
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 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee
will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 13.02 hereof, an Officer’s Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10 

COLLATERAL AND SECURITY 
 Section 10.01
Security Interest. 
 The obligations of the Issuer with respect to the Notes, the obligations of the Guarantors under the Note
Guarantees, any other future Parity Lien Obligations and the performance of all other obligations of the Issuer and the Guarantors under the Note Documents, according to the terms hereunder or thereunder, are secured as provided in the security
documents. 
 Each Holder, by its acceptance of the Notes, consents and agrees to the terms of the security documents (including,
without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and directs the Collateral Agent and the Trustee
to enter into the applicable security documents and to perform their obligations and exercise their rights thereunder in accordance therewith. The Trustee is hereby authorized and directed to enter into the Letter Agreement (the “Letter
Agreement”), dated as of the Issue Date, among the Issuer, the Trustee and JSC EVRAZ Kachkanarsky Ore Mining and Processing Plant, relating to the Existing Shareholder Loans, the terms of which Letter Agreement the Holders consent and agree
to by their acceptance of the Notes, and the Trustee may, provided that an Event of Default has occurred and is continuing, in its sole discretion and without the consent of the Holders, take all actions it deems necessary or appropriate in order to
enforce any of the terms of the Letter Agreement.  
 The Issuer will take, and will cause the Guarantors and the Issuer’s
Subsidiaries to take any and all actions reasonably required to cause the security documents to create and maintain, as security for the Parity Lien Obligations, a valid and enforceable perfected Lien in and on all the Collateral, in favor of the
Collateral Agent for the benefit of itself, the Trustee, the Holders and the holders of other Parity Lien Obligations, to the extent required by, and with the Lien priority required under, the Secured Documents. The Issuer and the Guarantors will
comply with the covenants contained in the security documents. 

  
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 Notwithstanding anything herein or in the security documents to the contrary, (i) a
Controlled Foreign Guarantor may pledge its assets to secure only its own Note Guarantee, and (ii) no Guarantor that is a United States Person within the meaning of Section 957(c) of the Code shall pledge in excess of 65% of the issued and
outstanding Capital Stock entitled to vote (within the meaning of Treasury Regulation section 1.956-2(c)(2)) of any entity described in clause (6) of the definition of Excluded Property herein. 

Section 10.02 Equal and Ratable Sharing of Collateral by Holders of Parity Lien Debt. 

Notwithstanding (1) anything to the contrary contained in the security documents; (2) the time of Incurrence of any Series of Parity
Lien Debt; (3) the order or method of attachment or perfection of any Lien securing any Series of Parity Lien Debt; (4) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any
Liens securing any Series of Parity Lien Debt; (5) the time of taking possession or control over any Collateral securing any Series of Parity Lien Debt; (6) that any Parity Lien may not have been perfected or may be or have become
subordinated, by equitable subordination or otherwise, to any other Lien; or (7) the rules for determining priority under any law governing relative priorities of Liens, all Parity Liens granted at any time by the Issuer or any Guarantor will
secure, equally and ratably, all present and future Parity Lien Obligations of the Issuer or such Guarantor, as the case may be. 
 The
provisions in this Section 10.02 are intended for the benefit of, and will be enforceable by, each present and future Parity Lien Claimholder, each present and future Parity Lien Representative and the Trustee, each as a holder of Parity Liens.
The Parity Lien Representative of each future Series of Parity Lien Debt will be required to deliver a Lien Sharing and Priority Confirmation to the Trustee at the time of Incurrence of such Series of Parity Lien Debt. 

Section 10.03 Relative Rights. 

Nothing in this Indenture or the other Note Documents shall: 

(1) impair, as between the Issuer and the Holders, the obligation of the Issuer to pay principal, interest, premium, if any, on
the Notes in accordance with their terms or any other obligation of the Issuer or any Guarantor under the Note Documents; 

(2) affect the relative rights of Holders as against any other creditors of the Issuer or any Guarantor (other than as
expressly specified in the Intercreditor Agreement); 
 (3) restrict the right of any Holder to sue for payments that are
then due and owing (but not the right to enforce any judgment in respect thereof against any Collateral to the extent specifically prohibited by the provisions of the Intercreditor Agreement; 

(4) restrict or prevent any Holder or holder of other Parity Lien Obligations, the Trustee or any other person from exercising
any of its rights or remedies upon a Default or Event of Default not specifically restricted or prohibited by the provisions of the Intercreditor Agreement; or 

(5) restrict or prevent any Holder or holder of other Parity Lien Obligations, the Trustee or any other person from taking any
lawful action in an Insolvency or Liquidation Proceeding not specifically restricted or prohibited by the provisions of the Intercreditor Agreement. 

  
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 Section 10.04 Further Assurances. 

The Issuer and each of the Guarantors will do or cause to be done all acts and things that may be reasonably required, or that the Trustee from
time to time may reasonably request, to assure and confirm that the Trustee (which, for the purposes of this Section 10.04, includes the Collateral Agent) holds, for the benefit of the Holders of Obligations under the Note Documents, duly
created and enforceable and perfected Liens upon the Collateral (including any property or assets that are acquired or otherwise become Collateral after the Notes are issued), in each case, as and to the extent contemplated by, and with the Lien
priority required under, the Note Documents. 
 Section 10.05 Insurance. 

The Issuer and the Guarantors shall: 

(1) keep their properties insured and maintain such general liability, automobile liability, workers’
compensation/employers’ liability, property casualty insurance and any excess umbrella coverage related to any of the foregoing as is customary for companies in the same or similar businesses operating in the same or similar locations; 

(2) maintain such other insurance as may be required by law; and 

(3) maintain such other insurance as may be required by the Note Documents. 

Upon the request of the Trustee, the Issuer and the Guarantors will furnish to the Trustee full information as to their property and liability
insurance carriers. The Issuer and the Guarantors shall (x) provide the Trustee with notice of cancellation or modification with respect to their respective property and casualty policies before the effective date of such cancellation or
modification and (y) name the Trustee as a co-loss payee on property and casualty policies and as an additional insured as their respective interests may appear on the liability policies listed in clause (1) of this Section 10.05.
Neither the Trustee nor the Collateral Agent shall have any responsibility for adjusting any insurance claims or approving any condemnation awards. 

Section 10.06 Release of Liens in Respect of Notes. 

The Collateral Agent’s Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other Obligations
under this Indenture, and the right of the Holders of the Notes and such Obligations to the benefits and proceeds of the Trustee’s Liens on the Collateral will terminate and be discharged with respect to the Collateral: 

(1) in part, upon a sale of Collateral in accordance with this Indenture (without regard to the provisions of Section 4.10
governing the application of the proceeds of a sale of Collateral); 
 (2) in whole, upon satisfaction and discharge of this
Indenture as described under Section 12.01 hereof; 
 (3) in whole, upon a legal defeasance or covenant defeasance of
the Notes as described under Article 8 hereof; 

  
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 (4) in whole, upon payment in full and discharge of all Notes outstanding under
this Indenture and all Obligations that are outstanding, due and payable under this Indenture at the time the Notes are paid in full and discharged; 

(5) in whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with the provisions
described in Section 9.02 hereof; or 
 (6) if and to the extent required by the provisions of the security documents.

 For the avoidance of doubt, the Issuer and the Guarantors will not be required to comply with all or any portion of Section 314(d)
of the TIA. 
 Section 10.07 Authorization of Actions to Be Taken by the Trustee Under the Security Documents. 

Subject to the provisions of Section 7.01 and 7.02 hereof, the Trustee may, in its sole discretion and without the consent of the Holders,
direct, on behalf of the Holders, the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 

(1) enforce any of the terms of the security documents; and 

(2) collect and receive any and all amounts payable in respect of the Obligations of the Issuer and the Guarantors hereunder.

 The Trustee (which, for the purposes of this Section 10.07, includes the Collateral Agent) will have power to institute and maintain
such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the security documents or this Indenture, and such suits and proceedings as the Trustee may deem
expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of
the Trustee). 
 Section 10.08 Authorization of Receipt of Funds by the Trustee Under the Security Documents. 

The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the security documents, and to make further
distributions of such funds to the Holders according to the provisions of this Indenture. 
 Section 10.09 Termination of Security Interest.

 Upon the full and final payment and performance of all Obligations of the Issuer and the Guarantors under this Indenture and the Notes or
upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, the Trustee will, at the request of the Issuer, deliver a certificate to the Collateral Agent stating that such
Obligations have been paid in full, and instruct the Collateral Agent to release the Liens pursuant to this Indenture and the security documents. 

  
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 Section 10.10 Real Property. 

(a) The Issuer and the Guarantors shall use commercially reasonable efforts to deliver to the Collateral Agent (or the Canada Collateral Agent
in the case of Canadian properties) within 90 days following the Issue Date, with respect to each real property asset owned by the Issuer or any Guarantor listed on Schedule A attached hereto (the “Initial Mortgaged Property”), the
following: 
 (1) fully executed and notarized mortgages, deeds of trust or debentures encumbering the fee interest of the
Issuer or any Guarantor in each such Initial Mortgaged Property, together with such UCC-1 financing statements or other fixture filings as shall be appropriate with respect to such Initial Mortgaged Property; 

(2) evidence that counterparts of the mortgages, deeds of trust or debentures, as applicable, and such other documents
referenced in clause (1) of this Section 10.10(a)) for each Initial Mortgaged Property have been filed or recorded (or have been delivered to the title insurance company and are in form suitable for filing or recording) in all filing or
recording offices that are reasonably necessary or desirable in order to create a valid and subsisting first priority Lien on the property described therein in favor of the Collateral Agent (or the Canada Collateral Agent in the case of the Canadian
properties); 
 (3) a fully paid and effective pro forma title insurance policy, along with appropriate title affidavits,
surveys, zoning reports, flood determinations, evidence of flood insurance, in each case if required, and any other customary documents, certificates or deliverables required by a title company for each Initial Mortgaged Property, which, upon the
recording of the mortgages, deeds of trust or debentures, as applicable, will insure the mortgages, deeds of trust or debentures, as applicable, to be valid and subsisting Liens on the Initial Mortgaged Property described therein, free and clear of
all material Liens, except Permitted Liens; 
 (4) a written opinion from local counsel in each jurisdiction in which the
Initial Mortgaged Property is located with respect to the creation, enforceability and perfection of Liens created by the applicable mortgage, deed of trust or debenture and any related fixture filings, in customary form and substance and subject to
customary assumptions, limitations and qualifications; and 
 (5) prior to accepting any mortgage, deed of trust or debenture
pursuant to this Section 10.10, the Issuer shall deliver to the Collateral Agent, the Canada Collateral Agent and the Trustee an Officer’s Certificate to the effect that all conditions precedent provided for in this Indenture to the
delivery of such mortgage, deed of trust or debenture, as applicable, have been complied with. 
 (b) To the extent any security interest in
the Initial Mortgaged Property securing the Notes is not created or perfected, or such items listed in Section 10.10(a) have not been provided, on or prior to the Issue Date, the Issuer and the Guarantors will continue to use commercially
reasonable efforts to take such actions (subject to Section 10.10(c) unless the Parent or the Issuer determine that any further efforts to take any such action after 90 days following the Issue Date would be commercially futile, as evidenced by
an Officer’s Certificate to that effect delivered to the Trustee). 
 (c) For the avoidance of doubt, it will not be a Default or Event
of Default if any security interest in the Initial Mortgaged Property securing the Notes is not created or perfected, or such items listed in Section 10.10(a) have not been provided, if the Issuer and the Guarantors are unable to do so using
commercially reasonable efforts, except that it will be a Default if the Issuer or the Guarantors have not provided mortgages, deeds of trust or debentures, as applicable, to secure the Notes, and related title insurance, flood certificates,
evidence of flood insurance, and surveys, in each case if required, with respect to the Owned Production Sites within 120 days following the Issue Date. 

  
 109 

 Section 10.11 Deposit Account 

(a) The Issuer and the Guarantors shall use commercially reasonable efforts to deliver to the Trustee within 90 days of the date of this
Indenture, with respect to each Deposit Account, fully executed Control Agreements. 
 (b) To the extent any Control Agreement is not
executed and delivered to the Trustee, on or prior to the Issue Date, the Issuer and the Guarantors will continue to use commercially reasonable efforts to execute and deliver to the Trustee such Control Agreements (unless the Parent or the Issuer
determine that any further efforts to take any such action after 90 days following the Issue Date would be commercially futile, as evidenced by an Officer’s Certificate to that effect delivered to the Trustee); provided, however, if such
Control Agreements have not been fully executed pursuant to this clause (b), then upon the payment and discharge of the ABL Debt Obligations the Issuer and the Guarantors will use commercially reasonable efforts to take such actions within 90 days
of such payment and discharge (unless the Parent or the Issuer determine that any further efforts to take any such action after 90 days following such payment and discharge would be commercially futile, as evidenced by an Officer’s Certificate
to that effect delivered to the Trustee). 
 (c) For the avoidance of doubt, it will not be a Default or Event of Default if any Control
Agreement is not executed and delivered to the Trustee if the Issuer and the Guarantors are unable to do so using commercially reasonable efforts. 

Section 10.12 Intercompany Notes 
 On
or before the date which is forty-five (45) days following the date hereof (or such later date to which the ABL Collateral Agent may agree in its discretion), Parent, Issuer and Guarantors shall have delivered, or caused to be delivered, to the
ABL Collateral Agent originals of all notes and other instruments evidencing the Parent Subordinated Indebtedness (as such term is defined in the ABL Credit Facility) owing to Parent and all intercompany notes by and among any of Parent, the Issuer
or any Guarantor (or any combination thereof), and within ten (10) days following the payment and discharge of the ABL Debt Obligations, Parent, Issuer and Guarantors shall deliver such notes and other instruments to the Trustee. 

Section 10.13 Delivery of Share Certificates 

To the extent share certificates representing 100% of the issued and outstanding shares of stock of Viscaria 2 Limited are not delivered to the
Trustee on or prior to the Issue Date, the Issuer and the Guarantors will use commercially reasonable efforts to deliver such certificates to the Trustee (unless the Parent or the Issuer determine that any further efforts to take any such action
after 90 days following the Issue Date would be commercially futile, as evidenced by an Officers’ Certificate to that effect delivered to the Trustee). For the avoidance of doubt, it will not be a Default or Event of Default if such share
certificates have not been delivered to the Trustee, if the Issuer and the Guarantors are unable to do so using commercially reasonable efforts. 

Section 10.14 Trustee’s Duties with Respect to Collateral; Rights of Collateral Agent 

(a) Beyond the exercise of reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession or
control or in the possession or control of any agent or bailee 

  
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or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have
exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in
the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee in good faith. 

(b) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence,
bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuer to the Collateral, for insuring the
Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee shall have no duty to ascertain or inquire as to the performance or observance of any of the
terms of this Indenture or the security documents by the Issuer, the Guarantors or the Collateral Agent. 
 (c) The rights and protections
afforded to the Trustee under this Section 10.11 shall be equally applicable to the Collateral Agent. Notwithstanding anything herein to the contrary, the Collateral Agent shall not be required to take any action or exercise any discretion
under the security documents or with respect to the Collateral unless directed to do so pursuant to Section 6.05 hereof (subject to Sections 7.01(c)(3) and 7.02(f) hereof), it being understood that the duties and obligations of the Collateral
Agent under the security documents shall be wholly ministerial. 
 (d) If in order to perfect the security interest of the Trustee or the
Collateral Agent in a deposit account or a securities account the Trustee or the Collateral Agent is required to enter into a Control Agreement, the Trustee and the Collateral Agent shall not be required to enter into any such agreement that
requires the Trustee or the Collateral Agent to indemnify any Person from its own personal assets. 
 ARTICLE 11 

NOTE GUARANTEES 
 Section 11.01
Guarantee. 
 (a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally (with the exception of any
Controlled Foreign Guarantor, whose Obligations shall be joint and several only as to Obligations that are not U.S. Person Guarantee Obligations), unconditionally guarantees, on a senior basis, to each Holder of a Note authenticated and delivered by
the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: 

(1) the principal of, premium, if any, on, and interest, if any, on the Notes will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, on and interest on, the Notes, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise. 

  
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 Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated (with the exception of any Controlled Foreign Guarantors, who will be jointly and severally obligated only as to Obligations that are not U.S. Person Guarantee Obligations) to
pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors
hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with
respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands
whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and
effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the
purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee. Notwithstanding the
foregoing, the Guarantors will not have the right to seek contribution from any Controlled Foreign Guarantor with respect to any U.S. Person Guarantee Obligation. 

(e) Notwithstanding anything herein to the contrary, no Controlled Foreign Guarantor shall directly or indirectly guarantee a U.S. Person
Guarantee Obligation. 
 Section 11.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving

  
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effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance. 
 Section 11.03 Execution and Delivery of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that this Indenture or, if applicable, a
Supplemental Indenture in the form of Exhibit F, shall be executed on behalf of such Guarantors by an Officer of such Guarantor. 
 Each
Guarantor hereby agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. 

If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Notes, the Note
Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, will
constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 Section 11.04 Releases. 

Each Note Guarantee of a Guarantor (other than the Note Guarantee of the Parent) will be automatically and unconditionally released and
discharged upon the Issuer or the Parent delivering to the Trustee an Officer’s Certificate of the Issuer or the Parent and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such
transaction or release and discharge have been complied with and upon: 
 (a) any sale, exchange, disposition or transfer (by merger,
amalgamation, consolidation, dividend, distribution or otherwise) of (a) the Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary or (b) all or substantially all the assets of such
Guarantor, in each case if such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of this Indenture; 

(b) the release or discharge of such other Debt or Guarantee that resulted in the creation of such Guarantee, except a discharge or release by
or as a result of payment under such Guarantee (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision, and that if any such Guarantee is so reinstated, such Guarantee
shall also be reinstated to the extent that such Guarantor would then be required to provide a Guarantee pursuant to Section 4.16 hereof); 

(c) the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable
provisions of the indenture; 
 (d) such Guarantor becoming an Immaterial Subsidiary; 

(e) upon the merger or consolidation of such Guarantor with and into the Parent, the Issuer or another Guarantor or upon the liquidation of
such Guarantor following the transfer of all of its assets to the Parent, the Issuer or another Guarantor; or 
 (f) the exercise by the
Issuer of its legal defeasance option or covenant defeasance option under Article 8 hereof, or the discharge of the Issuer’s obligations under Article 12 hereof. 

  
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 The Note Guarantee of the Parent will be automatically and unconditionally released and
discharged upon: 
 (a) (1) the merger or consolidation of Parent with and into the Issuer or another Guarantor or upon the liquidation of
Parent following the transfer of all of its assets to the Issuer or another Guarantor, in each case in compliance with the applicable provisions of this Indenture; or (2) the exercise by the Issuer of its legal defeasance option or covenant
defease option under Article 8 hereof, or the discharge of the Issuer’s obligations under Article 12 hereof; and 
 (b) the Issuer or
the Parent delivering to the Trustee an Officer’s Certificate of the Issuer or the Parent and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction or release and discharge
have been complied with. 
 Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 11.04
will remain liable for the full amount of principal of, premium on, if any, and interest, if any, on, the Notes and for the other obligations of any Guarantor (with the exception of any Controlled Foreign Guarantor, who will be jointly and severally
obligated only as to Obligations that are not U.S. Person Guarantee Obligations) under this Indenture as provided in this Article 11. 
 Section 11.05
Joint and Several Liability 
 Notwithstanding any other provision contained herein or in the Notes, if a “secured
creditor” (as that term is defined under the Bankruptcy and Insolvency Act (Canada)) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint or joint and several basis, then the
Guarantor’s Obligations (and the Guarantee of each other Guarantor), to the extent such Obligations are secured, shall be several obligations and not joint or joint and several obligations. 

Section 11.06 Surety 

Notwithstanding anything contained in this Article 11, or any Note Document, the Obligations of any Guarantor that is incorporated or organized
under the federal laws of Canada or any province or territory thereof, shall be that of surety and not as primary obligor. 
 ARTICLE 12 

SATISFACTION AND DISCHARGE 
 Section 12.01
Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to surviving rights
of registration or transfer or exchange of the Notes, as expressly provided for herein) as to all outstanding Notes and the Note Guarantees when: 

(1) either: 

(a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or

  
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 (b) all of such Notes (i) have become due and payable, (ii) will
become due and payable at their Stated Maturity within one year or (iii) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee or its designee funds in an amount sufficient to pay and discharge the entire Debt under
the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit (if the Notes are due and payable) or to the Stated Maturity or redemption date, as the case may
be, together with (in the case of (b)(ii) and (iii)) irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof on and prior to Stated Maturity or redemption, as the case may be; provided
that if a redemption requires the payment of the Applicable Premium, (1) the amount of cash in U.S. dollars or U.S. Government Obligations or a combination thereof that the Issuer must irrevocably deposit or cause to be deposited shall be
determined using an assumed Applicable Premium calculated as of the date of such deposit, and (2) the Issuer must irrevocably deposit or cause to be deposited additional money in trust on the applicable redemption date as necessary to pay the
Applicable Premium as determined on such date); 
 (2) the Issuer and/or the Guarantors have paid all other sums payable
under this Indenture; and 
 (3) the Parent or the Issuer has delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 12.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Issuer has made any payment of principal of, premium on, if any, or interest, if any, on, any Notes
because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

  
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 ARTICLE 13 

MISCELLANEOUS 
 Section 13.01 Notices.

 Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person
or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer and/or any Guarantor: 

Evraz Inc. NA 
 c/o Corporation
Services Company 
 2711 Certerville Rd Suite 400 

Wilmington, DE 19808 
 Facsimile
No.: (312)-533-3611 
 With a copy to: 

Evraz Inc. NA 
 200 East Randolph
Dr, Suite 7800 
 Chicago IL, 60601 

Attention: General Counsel 
 If to
the Trustee: 
 The Bank of New York Mellon 

101 Barclay Street 
 New York, NY
10286 
 Facsimile No.: (212) 815-5366 

Attention: Corporate Trust Administration 

The Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar; provided, that any notice given to the Depositary as the Holder of a Global
Note shall be given in accordance with its standard procedures therefor. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

  
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 If a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to Holders, it will mail a copy
to the Trustee and each Agent at the same time. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method)
and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume
all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by
third parties. The Collateral Agent shall be entitled to the benefits and protections of this paragraph. 
 Section 13.02 Certificate and Opinion as
to Conditions Precedent. 
 Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the
Issuer shall furnish to the Trustee: 
 (1) an Officer’s Certificate in form and substance reasonably satisfactory to
the Trustee (which must include the statements set forth in Section 13.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have
been satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 13.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided that the Issuer shall not be required to deliver this
Opinion of Counsel in connection with the initial issuance of Notes under this Indenture. 
 Section 13.03 Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must
include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

  
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 Section 13.04 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 13.05 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, Officer, employee, incorporator, member or stockholder of Parent, the Issuer or any other Subsidiary of the Parent, as such, will
have any liability for any obligations of the Issuer or any Guarantor under the Notes, any Note Guarantee or this Indenture for any claim based on, in respect of, or by reason of, such obligations. Each Holder by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

Section 13.06 Governing Law; Waiver of Trial by Jury. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE, THE COLLATERAL AGENT AND THE HOLDERS OF THE NOTES
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTION CONTEMPLATED
HEREBY. 
 Section 13.07 Judgment Currency. 

The U.S. dollar is the sole currency of account and payment for all sums payable by the Issuer under or in connection with the Notes, including
damages. Any amount received or recovered in a currency other than the U.S. dollar, whether as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Issuer or otherwise by any
Holder or by the Trustee, in respect of any sum expressed to be due to it from the Issuer will only constitute a discharge to the Issuer to the extent of the U.S. dollar amount, which the recipient is able to purchase with the amount so received or
recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). 

If that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the recipient or the Trustee under any Note, the Issuer
will, as a separate and independent obligation, indemnify them against any loss sustained by such recipient or the Trustee as a result. In any event, the Issuer will indemnify the recipient or the Trustee against the cost of making any such
purchase. 
 Section 13.08 Consent to Jurisdiction and Service of Process. 

In relation to any legal action or proceedings arising out of or in connection with this Indenture and the Notes, the Issuer and any Guarantor
formed in a jurisdiction other than the United States irrevocably submits to the jurisdiction of the federal and state courts in the Borough of Manhattan in the City of New York, County and State of New York, United States. 

  
 118 

 The Issuer and any Guarantor formed in a jurisdiction other than the United States, irrevocably
appoints Evraz Inc. NA, a Delaware Corporation, as its agent for service of process in any suit, action or proceeding with respect to this Indenture, the Notes or such Note Guarantee brought in any Federal or state court located in New York City and
that each of the parties submits to the jurisdiction thereof. 
 Section 13.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Parent or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.10 Successors. 

All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.04 hereof. 

Section 13.11 Severability. 
 In case
any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 13.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. 
 Section 13.13 Table of Contents, Headings, etc. 

The Table of Contents and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 119 

 SIGNATURES 

Dated as of November 7, 2014 
  

					
	EVRAZ INC. NA CANADA
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	EVRAZ INC. NA
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	EVRAZ NORTH AMERICA LIMITED
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	Director
	
	EVRAZ TRADE NA, LLC
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	Manager
	
	CAMROSE PIPE CORPORATION
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO

 
					
	EVRAZ CLAYMONT STEEL, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	EAST METALS SERVICES, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	NEW CF&I, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	 CF&I STEEL L.P.
 Ny New CF&I
Inc., its General Partner

		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	COLORADO AND WYOMING RAILWAY COMPANY
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	OSM DISTRIBUTION, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO

 
					
	OREGON STEEL MILLS PROCESSING, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	EVRAZ MATERIALS RECYCLING, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	 GENERAL SCRAP PARTNERSHIP
 By Evraz
Inc. NA Canada, its General Partner

		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	CANADIAN NATIONAL STEEL CORPORATION
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	GENLANDCO INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP, CFO
	
	NEW GENSUBCO INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	CFO & Treasurer

 
					
	KAR-BASHER OF ALBERTA LTD.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	Secretary & Treasurer
	
	SAMETCO AUTO INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	Treasurer
	
	GENERAL SCRAP, INC.
		
	By:	 	 /s/ Glenda Minor

		 	Name:	 	Glenda Minor
		 	Title:	 	SVP & CFO
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Stacy Poindexter

		 	Name:	 	Stacy Poindexter
		 	Title:	 	Vice President
	
	BNY TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Ismail Bawa

		 	Name:	 	Ismail Bawa
		 	Title:	 	Authorized Signatory

 EXHIBIT A 

Form of Parity Lien Intercreditor Agreement 

  
 A-1 

 EXHIBIT A 

FORM OF 
 PARITY LIEN
INTERCREDITOR AGREEMENT 
 dated as of 

[            ], 20[    ] 

among 
 [THE BANK OF NEW YORK
MELLON], 
 as Initial Parity Lien Representative 

[THE BANK OF NEW YORK MELLON], 
 as
Notes U.S. Collateral Agent, 
 [BNY TRUST COMPANY OF CANADA], 

as Notes Canadian Collateral Agent, 

[                       
                 ], 
 as the Initial Other
Representative, 

[                       
                 ], 
 as the Initial Other Collateral
Agent, 
 and 
 each additional
Representative and Collateral Agent from time to time party hereto 
 and acknowledged and agreed to by 

EVRAZ INC. NA CANADA, 
 as the
Company and the other Grantors referred to herein 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	2	  
			
	 SECTION 1.1
	 	 Certain Defined Terms
	  	 	2	  
	 SECTION 1.2
	 	 Rules of Interpretation
	  	 	12	  
		
	 ARTICLE II. PRIORITIES AND AGREEMENTS WITH RESPECT TO SHARED COLLATERAL
	  	 	13	  
			
	 SECTION 2.1
	 	 Priority of Claims
	  	 	13	  
	 SECTION 2.2
	 	 Actions with Respect to Shared Collateral; Prohibition on Contesting Liens
	  	 	14	  
	 SECTION 2.3
	 	 No Interference; Payment Over; Exculpatory Provisions
	  	 	15	  
	 SECTION 2.4
	 	 Automatic Release of Liens
	  	 	17	  
	 SECTION 2.5
	 	 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings
	  	 	17	  
	 SECTION 2.6
	 	 Reinstatement
	  	 	18	  
	 SECTION 2.7
	 	 Insurance and Condemnation Awards
	  	 	19	  
	 SECTION 2.8
	 	 Refinancings
	  	 	19	  
	 SECTION 2.9
	 	 Gratuitous Bailee/Agent for Perfection
	  	 	19	  
	 SECTION 2.10
	 	 Amendments to Parity Lien Collateral Documents
	  	 	20	  
	 SECTION 2.11
	 	 Similar Liens and Agreements
	  	 	20	  
		
	 ARTICLE III. EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS
	  	 	21	  
		
	 ARTICLE IV. THE APPLICABLE COLLATERAL AGENT AND THE APPLICABLE REPRESENTATIVE
	  	 	22	  
			
	 SECTION 4.1
	 	 Authority
	  	 	22	  
	 SECTION 4.2
	 	 Power-of-Attorney
	  	 	23	  
		
	 ARTICLE V. MISCELLANEOUS
	  	 	23	  
			
	 SECTION 5.1
	 	 Integration/Conflicts
	  	 	23	  
	 SECTION 5.2
	 	 Effectiveness; Continuing Nature of this Agreement; Severability
	  	 	23	  
	 SECTION 5.3
	 	 Amendments; Waivers
	  	 	24	  
	 SECTION 5.4
	 	 Information Concerning Financial Condition of the Grantors and their Subsidiaries
	  	 	24	  
	 SECTION 5.5
	 	 Submission to Jurisdiction; Certain Waivers
	  	 	25	  
	 SECTION 5.6
	 	 WAIVER OF JURY TRIAL
	  	 	26	  
	 SECTION 5.7
	 	 Notices
	  	 	26	  
	 SECTION 5.8
	 	 Further Assurances
	  	 	27	  
	 SECTION 5.9
	 	 Agency Capacities
	  	 	27	  
	 SECTION 5.10
	 	 GOVERNING LAW
	  	 	27	  

  
 i 

							
	 SECTION 5.11
	 	 Binding on Successors and Assigns
	  	 	27	  
	 SECTION 5.12
	 	 Section Headings
	  	 	28	  
	 SECTION 5.13
	 	 Counterparts
	  	 	28	  
	 SECTION 5.14
	 	 Other Parity Lien Obligations
	  	 	28	  
	 SECTION 5.15
	 	 Authorization
	  	 	30	  
	 SECTION 5.16
	 	 No Third Party Beneficiaries/ Provisions Solely to Define Relative Rights
	  	 	30	  
	 SECTION 5.17
	 	 No Indirect Actions
	  	 	30	  
	 SECTION 5.18
	 	 Additional Grantors
	  	 	30	  
	 SECTION 5.19
	 	 Rights and Immunities of Initial Parity Lien Representative and Initial Parity Lien Collateral Agent
	  	 	31	  

 EXHIBITS 
  

					
	Exhibit A	 	-	  	Form of Joinder Agreement (Additional Parity Lien Debt / Replacement Indenture)
	Exhibit B	 	-	  	Form of Additional Parity Lien Debt / Replacement Indenture Designation
	Exhibit C	 	-	  	Form of Joinder Agreement (Additional Grantors)

  
 ii 

 This PARITY LIEN INTERCREDITOR AGREEMENT (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of [            ],
20[    ], among [THE BANK OF NEW YORK MELLON], as trustee for the Initial Parity Lien Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Initial Parity Lien
Representative”), [THE BANK OF NEW YORK MELLON] as co-collateral agent for the Initial Parity Lien Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Notes U.S. Collateral
Agent”), [BNY TRUST COMPANY OF CANADA] as co-collateral agent for the Initial Parity Lien Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Notes Canadian Collateral
Agent”), [                    ], as Representative for the Initial Other Parity Lien Claimholders (in such capacity and together with
its successors from time to time in such capacity, the “Initial Other Representative”), [                    ], as collateral
agent for the Initial Other Parity Lien Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Initial Other Collateral Agent”), and each additional Representative and
Collateral Agent from time to time party hereto for the Other Parity Lien Claimholders of the Series with respect to which it is acting in such capacity, and acknowledged and agreed to by Evraz Inc. NA Canada (the “Company”)
and the other Grantors. Capitalized terms used in this Agreement have the meanings assigned to them in Article 1 below. 

Reference is made to the Indenture, dated as of October [    ], 2014 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Initial Parity Lien Agreement”), among the Company, Evraz North America Limited (“Holdings”), each Subsidiary of Holdings party
thereto from time to time, the Initial Parity Lien Representative, the Initial Parity Lien Collateral Agent and the other parties named therein. 

Pursuant to [Section     ] of the Initial Parity Lien Agreement, Holdings and certain Subsidiaries of Holdings have agreed
to guaranty their respective Guarantee Obligations; 
 The Initial Parity Lien Agreement Obligations of the Company and the
other Grantors are secured, subject to the terms of the ABL Intercreditor Agreement and the terms of the Initial Parity Lien Agreement Collateral Documents, by Liens on the Collateral of the Company, Holdings and the other Subsidiaries of Holdings
providing a guaranty (such current and future Subsidiaries of the Holdings providing a guaranty thereof, the “Guarantor Subsidiaries”), respectively, pursuant to the terms of the Initial Parity Lien Agreement Collateral
Documents; 
 The Initial Parity Lien Agreement Documents provide, among other things, that the parties thereto and each
Initial Other Parity Lien Claimholder shall set forth in this Agreement their respective rights and remedies with respect to the Collateral; and 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, each of the Initial Parity Lien Representative (for itself and on behalf of each other Initial Parity Lien Agreement Claimholder), the Initial Parity Lien Collateral Agent (for itself and on
behalf of each other Initial Parity Lien Agreement Claimholder), the Initial Other Representative (for itself and on behalf of each other Initial Other Parity Lien 

  
 1 

 
Claimholder), the Initial Other Collateral Agent (for itself and on behalf of each other Initial Other Parity Lien Claimholder) and each Additional Parity Lien Representative and Additional
Parity Lien Collateral Agent (in each case, for itself and on behalf of the Additional Parity Lien Claimholders of the applicable Series), intending to be legally bound, hereby agrees as follows: 

ARTICLE I. 
 DEFINITIONS 

SECTION 1.1 Certain Defined Terms. 

Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Initial Parity Lien Agreement (whether or not
then in effect), and the following terms which are defined in the UCC are used herein as so defined (and if defined in more than one article of the UCC shall have the meaning specified in Article 9 thereof): Certificated Security, Commodity Account,
Commodity Contract, Deposit Account, Electronic Chattel Paper, Promissory Note, Instrument, Letter of Credit Right, Securities Entitlement, Securities Account and Tangible Chattel Paper. As used in this Agreement, the following terms have the
meanings specified below: 
 “ABL Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of
October [    ], 2014, among the Company, Holdings, the other Grantors party thereto, the Initial Parity Lien Representative and General Electric Capital Corporation, in its capacity as agent for the lenders party to the Initial
ABL Credit Facility (as defined therein). 
 “Additional Parity Lien Claimholders” has the meaning set
forth in Section 5.14. 
 “Additional Parity Lien Collateral Agent” means with respect
to each Series of Other Parity Lien Obligations and each Replacement Indenture, in each case, that becomes subject to the terms of this Agreement after the date hereof, the Person serving as collateral agent (or the equivalent) for such Series of
Other Parity Lien Obligations or Replacement Indenture and named as such in the applicable Joinder Agreement delivered pursuant to Section 5.14 hereof, together with its successors from time to time in such capacity. If an Additional Parity
Lien Collateral Agent is the Collateral Agent under a Replacement Indenture, it shall also be a Replacement Collateral Agent and the Indenture Collateral Agent, otherwise it shall be an Other Parity Lien Collateral Agent. 

“Additional Parity Lien Debt” has the meaning set forth in Section 5.14. 

“Additional Parity Lien Representative” means with respect to each Series of Other Parity Lien
Obligations and each Replacement Indenture, in each case, that becomes subject to the terms of this Agreement after the date hereof, the Person serving as administrative agent, trustee or in a similar capacity for such Series of Other Parity Lien
Obligations or Replacement Indenture and named as such in the applicable Joinder Agreement delivered pursuant to Section 5.14 hereof, together with its successors from time to time in such capacity. If an Additional Parity Lien Representative
is the Representative under a Replacement Indenture, it shall also be a Replacement Representative and the Indenture Representative, otherwise it shall be an Other Parity Lien Representative. 

  
 2 

 “Agreement” has the meaning set forth in the introductory
paragraph hereto. 
 “Applicable Collateral Agent” means (i) until the Discharge of
Indenture, the Indenture Collateral Agent and (ii) thereafter, the Collateral Agent for the Series of Parity Lien Obligations represented by the Major Non-Controlling Representative. 

“Applicable Representative” means (i) until the Discharge of Indenture, the Indenture
Representative and (ii) thereafter, the Major Non-Controlling Representative.  
 “Bankruptcy
Case” has the meaning set forth in Section 2.5(b). 
 “Bankruptcy Code”
means Title 11 of the United States Code, as amended. 
 “Bankruptcy Law” means the
Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors. 

“Business Day” means a day other than a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to close. 

“Collateral” means all assets and properties subject to, or purported to be subject to, Liens created
pursuant to any Parity Lien Collateral Document to secure one or more Series of Parity Lien Obligations and shall include any property or assets subject to replacement Liens or adequate protection Liens in favor of any Parity Lien Claimholder.

 “Collateral Agent” means (i) in the case of any Indenture Obligations, the Indenture
Collateral Agent (which in the case of the Initial Parity Lien Agreement Obligations shall be the Initial Parity Lien Collateral Agent and in the case of any Replacement Indenture shall be the Replacement Collateral Agent) and (ii) in the case
of the Other Parity Lien Obligations, the Other Parity Lien Collateral Agent (which in the case of the Initial Other Parity Lien Obligations shall be the Initial Other Collateral Agent and in the case of any other Series of Other Parity Lien
Obligations shall be the Additional Collateral Agent for such Series). 

“Company” has the meaning set forth in the introductory paragraph to this
Agreement. 
 “Control Collateral” means any Shared Collateral in the
“control” (within the meaning of Section 9-104, 9-105, 9-106, 9-107 or 8-106 of the Uniform Commercial Code of any applicable jurisdiction) of any Collateral Agent (or its agents or bailees), to the extent that control thereof
perfects a Lien thereon under the Uniform Commercial Code of any applicable jurisdiction. Control Collateral includes any Deposit Accounts, Securities Accounts, Securities Entitlements, Commodity Accounts, Commodity Contracts, Letter of Credit
Rights or Electronic Chattel Paper over which any Collateral Agent has “control” under the applicable Uniform Commercial Code. 

“Controlling Claimholders” means the Series of Parity Lien Claimholders whose Collateral Agent is the
Applicable Collateral Agent. 
 “Declined Liens” has the meaning set forth in Section
2.11. 

  
 3 

 “Default” means a “Default” (or similarly defined
term) as defined in any Parity Lien Document. 
 “Designation” means a designation of Additional
Parity Lien Debt and, if applicable, the designation of a Replacement Indenture, in each case, in substantially the form of Exhibit B attached hereto. 

“DIP Financing” has the meaning set forth in Section 2.5(b). 

“DIP Financing Liens” has the meaning set forth in Section 2.5(b). 

“DIP Lenders” has the meaning set forth in Section 2.5(b). 

“Discharge” means, with respect to any Series of Parity Lien Obligations, that such Series of Parity
Lien Obligations is no longer secured by, and no longer required to be secured by, any Shared Collateral. The term “Discharged” shall have a corresponding meaning. 

“Discharge of Indenture” means, except to the extent otherwise provided in Section 2.6, the
Discharge of the Indenture Obligations; provided that the Discharge of Indenture shall be deemed not to have occurred if a Replacement Indenture is entered into until, subject to Section 2.6, the Replacement Indenture Obligations
shall have been Discharged. 
 “Event of Default” means an “Event of Default”
(or similarly defined term) as defined in any Parity Lien Document. 
 “Grantors” means
Holdings, the Company and each Subsidiary of Holdings which has granted a security interest pursuant to any Parity Lien Collateral Document to secure any Series of Parity Lien Obligations. 

“Indebtedness” means indebtedness in respect of borrowed money. 

“Indenture” means (i) the Initial Parity Lien Agreement and (ii) each Replacement Indenture.

 “Indenture Claimholders” means (i) the Initial Parity Lien Claimholders and (ii) the
Replacement Indenture Claimholders. 
 “Indenture Collateral Agent” means (i) the Initial Parity
Lien Collateral Agent and (ii) the Replacement Collateral Agent under any Replacement Indenture. 
 “Indenture
Collateral Documents” means (i) the Initial Parity Lien Agreement Collateral Documents and (ii) the Replacement Indenture Collateral Documents. 

“Indenture Documents” means (i) the Initial Parity Lien Agreement Documents and (ii) the Replacement
Indenture Documents. 
 “Indenture Obligations” means (i) the Initial Parity Lien Agreement
Obligations and (ii) the Replacement Indenture Obligations. 

  
 4 

 “Indenture Representative” means (i) the Initial Parity Lien
Representative and (ii) the Replacement Representative under any Replacement Indenture. 

“Initial Other Collateral Agent” has the meaning set forth in the introductory paragraph to this
Agreement. 
 “Initial Other Collateral Documents” means the [Security][Collateral]
Documents (as defined in the Initial Other Parity Lien Agreement) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Initial Other Parity Lien Obligations, to perfect such Lien or under
which rights and remedies with respect to such Lien is governed (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Initial Other Parity Lien Agreement” means [describe the credit agreement, indenture or other document
pursuant to which the Initial Other Parity Lien Obligations are incurred]. 
 “Initial Other Parity
Lien Claimholders” means the holders of any Initial Other Parity Lien Obligations, the Initial Other Representative and the Initial Other Collateral Agent. 

“Initial Other Parity Lien Documents” means the Initial Other Parity Lien Agreement, each Initial Other
Collateral Document and each of the other agreements, documents and instruments providing for or evidencing any other Initial Other Parity Lien Obligations, as each may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time. 
 “Initial Other Parity Lien Obligations” means the Other Parity
Lien Obligations pursuant to the Initial Other Parity Lien Documents. 
 “Initial Other
Representative” has the meaning set forth in the introductory paragraph to this Agreement. 
 “Initial
Parity Lien Agreement” has the meaning set forth in the second paragraph of this Agreement. 

[“Initial Parity Lien Agreement Cash Management Agreements” means the [Cash Management Agreements] as defined in the
Initial Parity Lien Agreement.] 
 “Initial Parity Lien Agreement Collateral Documents” means the
[Security][Collateral] Documents (as defined in the Initial Parity Lien Agreement) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Initial Parity Lien Agreement Obligations, to perfect
such Lien or under which rights and remedies with respect to such Lien is governed (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Initial Parity Lien Agreement Documents” means the Initial Parity Lien Agreement, each Initial Parity Lien Agreement
Collateral Document and the other [Loan Documents] (as defined in the Initial Parity Lien Agreement), and each of the other agreements, 

  
 5 

 
documents and instruments providing for or evidencing any other Initial Parity Lien Agreement Obligation, as each may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time. 
 [“Initial Parity Lien Agreement Hedge Agreement” means interest rate swap, cap or
collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other hedging agreements, but excluding long term agreements for the purchase of goods and services entered into in the
ordinary course of business, entered into with a Hedge Bank (as defined in the Initial Parity Lien Agreement) in order to satisfy the requirements of the Initial Parity Lien Agreement or otherwise as permitted under the Initial Parity Lien Agreement
Documents and secured under the Initial Parity Lien Agreement Collateral Documents.] 
 “Initial Parity Lien
Agreement Obligations” means: 
 (a) any principal, interest, penalties, fees, expenses, guarantee obligations,
indemnifications, reimbursements, damages and other liabilities (including all interest, fees and expenses accruing after the commencement of any Insolvency or Liquidation Proceeding, even if such interest, fees and expenses are not enforceable,
allowable or allowed as a claim in such proceeding) under the Initial Parity Lien Agreement Documents; and 
 (b) to the extent any payment
with respect to any Initial Parity Lien Agreement Obligation (whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect,
set aside or required to be paid to a debtor in possession, any Other Parity Lien Claimholder, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the
rights and obligations of the Initial Parity Lien Claimholders and the Other Parity Lien Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other charges
(including Post-Petition Interest) to be paid pursuant to the Initial Parity Lien Agreement Documents are disallowed by order of any court, including by order of a court of competent jurisdiction presiding over an Insolvency or Liquidation
Proceeding, such interest, fees, expenses and charges (including Post-Petition Interest) shall, as between the Initial Parity Lien Claimholders and the Other Parity Lien Claimholders, be deemed to continue to accrue and be added to the amount to be
calculated as the “Initial Parity Lien Agreement Obligations”. 
 “Initial Parity Lien
Claimholders” means the holders of any Initial Parity Lien Agreement Obligations, including the “[Secured Parties]” as defined in the Initial Parity Lien Agreement or in the Initial Parity Lien Agreement Collateral Documents
and the Initial Parity Lien Representative and Initial Parity Lien Collateral Agent. 
 “Initial
Parity Lien Collateral Agent” means, in respect of real property Collateral located in Canada, the Notes Canadian Collateral Agent, and in all other respects the Notes U.S. Collateral Agent. 

  
 6 

 “Initial Parity Lien Representative” has the meaning set
forth in the introductory paragraph to this Agreement. 
 “Insolvency or Liquidation
Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect
to any Grantor; 
 (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 

(c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or 
 (d) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of any
Grantor. 
 “Joinder Agreement” means a document in the form of Exhibit A to this Agreement required to be
delivered by a Representative to each Collateral Agent and each other Representative pursuant to Section 5.14 of this Agreement in order to create an additional Series of Other Parity Lien Obligations or a Refinancing of any Series of
Parity Lien Obligations (including the Indenture) and bind Parity Lien Claimholders hereunder. 

“Lien” means any lien (including judgment liens and liens arising by operation of law), mortgage,
pledge, assignment, security interest, charge 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 in the nature thereof) or other preferential
arrangement having the practical effect of any of the foregoing, including any right of set-off or recoupment. 

“Major Non-Controlling Representative” means the Representative of the Series of Other Parity Lien
Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Other Parity Lien Obligations. For purposes of this definition, “principal amount” shall be deemed to include the face amount of any
outstanding letter of credit issued under the particular Series. 
 “Non-Controlling
Claimholders” means the Parity Lien Claimholders which are not Controlling Claimholders. 

“Non-Controlling Representative” means, at any time, each Representative that is not the Applicable
Representative at such time. 
 “Non-Controlling Representative Enforcement Date” means, with respect
to any Non-Controlling Representative, the date which is 180 days (throughout which 180 day period such Non-Controlling Representative was the Major Non-Controlling Representative) after the occurrence of both (i) an Event of Default (under and
as defined in the Parity Lien Documents under which such Non-Controlling Representative is the Representative) and (ii) each Collateral Agent’s and each other Representative’s receipt of written notice from such Non-Controlling

  
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Representative certifying that (x) such Non-Controlling Representative is the Major Non-Controlling Representative and that an Event of Default (under and as defined in the Parity Lien
Documents under which such Non-Controlling Representative is the Representative) has occurred and is continuing and (y) the Parity Lien Obligations of the Series with respect to which such Non-Controlling Representative is the Representative
are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Other Parity Lien Document; provided that the Non-Controlling Representative Enforcement Date
shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the Applicable Collateral Agent acting on the instructions of the Applicable Representative has commenced and is diligently pursuing any enforcement
action with respect to Shared Collateral or (2) at any time the Grantor that has granted a security interest in Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

“Other Parity Lien Agreement” means any indenture, notes, credit agreement, note purchase agreement, commercial paper
facility, debt facility or other agreement, document (including any document governing reimbursement obligations in respect of letters of credit issued pursuant to any Other Parity Lien Agreement) or instrument, including the Initial Other Parity
Lien Agreement, pursuant to which any Grantor has or will incur Other Parity Lien Obligations; provided that, in each case, the Indebtedness thereunder (other than the Initial Other Parity Lien Obligations) has been designated as Other Parity
Lien Obligations pursuant to and in accordance with Section 5.14. For avoidance of doubt, neither the Initial Parity Lien Agreement nor any Replacement Indenture shall constitute an Other Parity Lien Agreement. 

“Other Parity Lien Claimholder” means the holders of any Other Parity Lien Obligations and any
Representative and Collateral Agent with respect thereto and shall include the Initial Other Parity Lien Claimholders. 

“Other Parity Lien Collateral Agents” means each of the Collateral Agents other than the Indenture
Collateral Agent. 
 “Other Parity Lien Collateral Documents” means the Security
Documents or Collateral Documents or similar term (in each case as defined in the applicable Other Parity Lien Agreement) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Other Parity Lien
Obligations, to perfect such Lien or under which rights and remedies with respect to such Lien is governed (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Other Parity Lien Documents” means, with respect to the Initial Other Parity Lien Obligations or any Series of Other
Parity Lien Obligations, the Other Parity Lien Agreements, including the Initial Other Parity Lien Documents and the Other Parity Lien Collateral Documents applicable thereto and each other agreement, document and instrument providing for or
evidencing any other Other Parity Lien Obligation, as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time; provided that, in each case, the Indebtedness thereunder (other than the Initial
Other Parity Lien Obligations) has been designated as Other Parity Lien Obligations pursuant to and in accordance with Section 5.14 hereto. 

  
 8 

 “Other Parity Lien Obligations” means all amounts owing to
any Other Parity Lien Claimholder (including any Initial Other Parity Lien Claimholder) pursuant to the terms of any Other Parity Lien Document (including the Initial Other Parity Lien Documents), including all amounts in respect of any principal,
interest (including any Post-Petition Interest), premium (if any), penalties, fees, expenses (including fees, expenses and disbursements of agents, professional advisors and legal counsel), indemnifications, reimbursements, damages and other
liabilities, and guarantees of the foregoing amounts, in each case whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. Other Parity Lien Obligations shall include any Registered Equivalent Notes and guarantees thereof by
the Grantors issued in exchange therefor. For avoidance of doubt, neither the Initial Parity Lien Agreement Obligations nor any Replacement Indenture Obligations shall constitute Other Parity Lien Obligations. 

“Other Parity Lien Representative” means each of the Representatives other than the Initial Parity Lien
Representative. 
 “Parity Lien Claimholders” means (i) the Indenture Claimholders
and (ii) the Other Parity Lien Claimholders with respect to each Series of Other Parity Lien Obligations. 

“Parity Lien Collateral Documents” means, collectively, (i) the Indenture Collateral Documents and
(ii) the Other Parity Lien Collateral Documents. 
 “Parity Lien Documents” means
(i) the Indenture Documents, (ii) the Initial Other Parity Lien Documents and (iii) each other Other Parity Lien Document. 

“Parity Lien Obligations” means, collectively, (i) the Indenture Obligations and (ii) each
Series of Other Parity Lien Obligations. 
 “Possessory Collateral” means any Shared
Collateral in the possession of any Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction or otherwise. Possessory Collateral includes any
Certificated Securities, Promissory Notes, Instruments, and Tangible Chattel Paper, in each case, delivered to or in the possession of any Collateral Agent under the terms of the Parity Lien Collateral Documents. 

“Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Indenture
Documents or Other Parity Lien Documents, as applicable, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the
Bankruptcy Law or in any such Insolvency or Liquidation Proceeding. 
 “Proceeds” has the meaning set
forth in Section 2.1(a). 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other Indebtedness in exchange or replacement for, such Indebtedness in whole or in part and regardless of whether the principal amount of such
Indebtedness so Refinanced is the same, greater than or less than the principal amount of the Refinanced Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

  
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 “Registered Equivalent Notes” means, with respect to any
notes originally issued in a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees and substantially the same collateral) issued in a dollar-for-dollar exchange
therefor pursuant to an exchange offer registered with the SEC. 
 “Replacement Collateral
Agent” means, in respect of any Replacement Indenture, the collateral agent or person serving in similar capacity under the Replacement Indenture. 

“Replacement Indenture” means any loan agreement, indenture or other agreement that (i) Refinances
the Indenture in accordance with Section 2.8 hereof so long as, after giving effect to such Refinancing, the agreement that was the Indenture immediately prior to such Refinancing is no longer secured, and no longer required to be
secured, by any of the Collateral (other than by cash or cash equivalents deposited in connection with a defeasance or satisfaction and discharge of such Indenture) and (ii) becomes the Indenture hereunder by designation as such pursuant to
Section 5.14. 
 [“Replacement Indenture Cash Management Agreements” means the Cash Management
Agreements or Banking Product Obligations or similar term as defined in the Replacement Indenture.] 
 “Replacement Indenture
Claimholders” means the holders of any Replacement Indenture Obligations, including the “Secured Parties” as defined in the Replacement Indenture or in the Replacement Indenture Collateral Documents and the Replacement
Representative and Replacement Collateral Agent. 
 “Replacement Indenture Collateral Documents” means
the Security Documents or Collateral Documents or similar term (as defined in the Replacement Indenture) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Replacement Indenture Obligations
to perfect such Lien or under which rights and remedies with respect to such Lien is governed (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Replacement Indenture Documents” means the Replacement Indenture, each Replacement Indenture Collateral
Document and the other [Loan Documents] (as defined in the Replacement Indenture), and each of the other agreements, documents and instruments providing for or evidencing any other Replacement Indenture Obligation, as each may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time. 
 [“Replacement
Indenture Hedge Agreement” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other hedging agreements, but excluding long term
agreements for the purchase of goods and services entered into in the ordinary course of business, entered into with a Hedge Bank (as defined in the Replacement Indenture) in order to satisfy the requirements of the Replacement Indenture or
otherwise as permitted under the Replacement Indenture Documents and secured under the Replacement Indenture Collateral Documents.]  

  
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 “Replacement Indenture Obligations” means:

 (a) any principal, interest, penalties, fees, expenses, guarantee obligations, indemnifications, reimbursements, damages and
other liabilities (including all interest, fees and expenses accruing after the commencement of any Insolvency or Liquidation Proceeding, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such
proceeding) under the Replacement Indenture; and 
 (b) to the extent any payment with respect to any Replacement Indenture Obligation
(whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession,
any Other Parity Lien Claimholder, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the Replacement Indenture Claimholders
and the Other Parity Lien Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other charges (including Post-Petition Interest) to be paid pursuant to the
Replacement Indenture Documents are disallowed by order of any court, including by order of a court of competent jurisdiction presiding over an Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including Post-Petition
Interest) shall, as between the Replacement Indenture Claimholders and the Other Parity Lien Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “Replacement Indenture Obligations”. 

“Replacement Representative” means, in respect of any Replacement Indenture, the administrative agent,
trustee or person serving in similar capacity under the Replacement Indenture. 

“Representative” means, at any time, (i) in the case of any Initial Parity Lien Agreement
Obligations or the Initial Parity Lien Claimholders, the Initial Parity Lien Representative, (ii) in the case of any Replacement Indenture Obligations or the Replacement Indenture Claimholders, the Replacement Representative, (iii) in the
case of the Initial Other Parity Lien Obligations or the Initial Other Parity Lien Claimholders, the Initial Other Representative, and (iv) in the case of any other Series of Other Parity Lien Obligations or Other Parity Lien Claimholders of
such Series that becomes subject to this Agreement after the date hereof, the Additional Parity Lien Representative for such Series. 

“Series” means (a) with respect to the Parity Lien Claimholders, each of (i) the Initial
Parity Lien Claimholders (in their capacities as such), (ii) the Initial Other Parity Lien Claimholders (in their capacities as such), (iii) the Replacement Indenture Claimholders (in their capacities as such), and (iv) the Other
Parity Lien Claimholders (in their capacities as such) that become subject to this Agreement after the date hereof that are represented by a common Representative (in its capacity as such for such Other Parity Lien Claimholders) and (b) with
respect to any Parity Lien Obligations, each of (i) the Initial Parity Lien Agreement Obligations, (ii) the Initial Other Parity Lien Obligations, (iii) the Replacement Indenture Obligations and (iv) the Other Parity Lien
Obligations incurred pursuant to any Other Parity Lien Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Representative (in its capacity as such for such Other Parity Lien Obligations). 

  
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 “Shared Collateral” means, at any time, Collateral in which
the holders of two or more Series of Parity Lien Obligations (or their respective Representatives or Collateral Agents on behalf of such holders) hold, or purport to hold, or are required to hold pursuant to the Parity Lien Documents in respect of
such Series, a valid security interest or Lien at such time. If more than two Series of Parity Lien Obligations are outstanding at any time and the holders of less than all Series of Parity Lien Obligations hold, or purport to hold, or are required
to hold pursuant to the Parity Lien Documents in respect of such Series, a valid security interest or Lien in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of Parity Lien Obligations that hold,
or purport to hold, or are required to hold pursuant to the Parity Lien Documents in respect of such Series, a valid security interest or Lien in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not
hold, or purport to hold, or are required to hold pursuant to the Parity Lien Documents in respect of such Series, a valid security interest or Lien in such Collateral at such time. 

“Subsidiary” of a Person means a Person of which more than 50% of the total voting power of shares of stock or other
ownership 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 such Person or one or more of the other Subsidiaries of such Person or a combination thereof. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,
however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a
jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or
remedies. 
 SECTION 1.2 Rules of Interpretation. 

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, (i) 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 amended, restated, amended and restated, supplemented or otherwise modified from time to time and any reference herein to any statute or regulations shall include any
amendment, renewal, extension or replacement thereof, (ii) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns from time to time, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to 

  
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refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles,
Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 and (vi) the term “or” is not exclusive. 

ARTICLE II. 
 PRIORITIES AND
AGREEMENTS WITH RESPECT TO SHARED COLLATERAL 
 SECTION 2.1 Priority of Claims. 

(a) Anything contained herein or in any of the Parity Lien Documents to the contrary notwithstanding, if an Event of Default has occurred and
is continuing, and the Applicable Collateral Agent is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy Case of any Grantor or any Parity Lien
Claimholder receives any payment pursuant to any intercreditor agreement (other than this Agreement) or otherwise with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any Shared Collateral received by
any Parity Lien Claimholder or received by the Applicable Collateral Agent or any Parity Lien Claimholder pursuant to any such intercreditor agreement or otherwise with respect to such Shared Collateral and proceeds of any such distribution
(subject, in the case of any such distribution, to the sentence immediately following clause THIRD below) to which the Parity Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) or otherwise (all proceeds of
any sale, collection or other liquidation of any Collateral comprising Shared Collateral and all proceeds of any such distribution and any proceeds of any insurance covering the Shared Collateral received by the Applicable Collateral Agent and not
returned to any Grantor under any Parity Lien Document being collectively referred to as “Proceeds”), shall be applied by the Applicable Collateral Agent in the following order: 

(i) FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) and each Representative (in
its capacity as such) secured by such Shared Collateral, including all court costs and the reasonable fees and expenses of its agents and legal counsel, and any other reasonable costs or expenses incurred in connection with the exercise of any right
or remedy hereunder or under any other Parity Lien Document and all fees and indemnities owing to such Collateral Agents and Representatives, ratably to each such Collateral Agent and Representative in accordance with the amounts payable to it
pursuant to this clause FIRST; 
 (ii) SECOND, to the extent Proceeds remain after the application pursuant to preceding
clause (i), to each Representative for the payment in full of the other Parity Lien Obligations of each Series secured by such Shared Collateral and, if the amount of such Proceeds are insufficient to pay in full the Parity Lien Obligations
of each Series so secured then such Proceeds shall be allocated among the Representatives of each Series secured by such Shared Collateral pro rata according to the amounts of such Parity Lien Obligations owing to each such respective
Representative and the other Parity Lien Claimholders represented by it for distribution by such Representative in accordance with its respective Parity Lien Documents; and 

(iii) THIRD, any balance of such Proceeds remaining after the application pursuant to preceding clauses (i) and
(ii), to the Grantors, their successors or assigns from time to time, or to whomever may be lawfully entitled to receive the same. 

  
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 If, despite the provisions of this Section 2.1(a), any Parity Lien Claimholder shall
receive any payment or other recovery in excess of its portion of payments on account of the Parity Lien Obligations to which it is then entitled in accordance with this Section 2.1(a), such Parity Lien Claimholder shall hold such
payment or recovery in trust for the benefit of all Parity Lien Claimholders for distribution in accordance with this Section 2.1(a). 

(b) It is acknowledged that the Parity Lien Obligations of any Series may, subject to the limitations set forth in the then-existing Parity
Lien Documents and subject to any limitations set forth in this Agreement, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without
affecting the priorities set forth in Section 2.1(a) or the provisions of this Agreement defining the relative rights of the Parity Lien Claimholders of any Series. 

(c) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of Parity Lien
Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Parity Lien Documents or any defect or deficiencies in, or failure to perfect, the
Liens securing the Parity Lien Obligations of any Series or any other circumstance whatsoever, each Parity Lien Claimholder hereby agrees that the Liens securing each Series of Parity Lien Obligations on any Shared Collateral shall be of equal
priority. 
 SECTION 2.2 Actions with Respect to Shared Collateral; Prohibition on Contesting Liens. 

(a) Notwithstanding Section 2.1, (i) only the Applicable Collateral Agent shall act or refrain from acting with respect to
Shared Collateral (including with respect to any other intercreditor agreement with respect to any Shared Collateral), (ii) the Applicable Collateral Agent shall act only on the instructions of the Applicable Representative and shall not follow
any instructions with respect to such Shared Collateral (including with respect to any other intercreditor agreement with respect to any Shared Collateral) from any Non-Controlling Representative (or any other Parity Lien Claimholder other than the
Applicable Representative) and (iii) no Other Parity Lien Claimholder shall or shall instruct any Collateral Agent to, and any other Collateral Agent that is not the Applicable Collateral Agent shall not, commence any judicial or nonjudicial
foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any
action to enforce its security interest in or realize upon, or take any other action available to it in respect of, Shared Collateral (including with respect to any other intercreditor agreement with respect to Shared Collateral), whether under any
Parity Lien Collateral Document (other than the Parity Lien 

  
 14 

 
Collateral Documents applicable to the Applicable Collateral Agent), applicable law or otherwise, it being agreed that only the Applicable Collateral Agent, acting in accordance with the Parity
Lien Collateral Documents applicable to it, shall be entitled to take any such actions or exercise any remedies with respect to such Shared Collateral at such time. 

(b) Without limiting the provisions of Section 4.2, each Representative and Collateral Agent that is not the Applicable Collateral Agent
hereby appoints the Applicable Collateral Agent as its agent and authorizes the Applicable Collateral Agent to exercise any and all remedies under each Parity Lien Collateral Document with respect to Shared Collateral and to execute releases in
connection therewith. 
 (c) Notwithstanding the equal priority of the Liens securing each Series of Parity Lien Obligations granted on the
Shared Collateral, the Applicable Collateral Agent (acting on the instructions of the Applicable Representative) may deal with the Shared Collateral as if such Applicable Collateral Agent had a senior and exclusive Lien on such Shared Collateral. No
Non-Controlling Representative, Non-Controlling Claimholder or Collateral Agent that is not the Applicable Collateral Agent will contest, protest or object to any foreclosure proceeding or action brought by the Applicable Collateral Agent, the
Applicable Representative or the Controlling Claimholders or any other exercise by the Applicable Collateral Agent, the Applicable Representative or the Controlling Claimholders of any rights and remedies relating to the Shared Collateral. The
foregoing shall not be construed to limit the rights and priorities of any Parity Lien Claimholder, Collateral Agent or Representative with respect to any Collateral not constituting Shared Collateral. 

(d) Each of the Collateral Agents (other than the Indenture Collateral Agent) and the Representatives (other than the Indenture
Representative) agrees that it will not accept any Lien on any Collateral for the benefit of any Series of Other Parity Lien Obligations (other than funds deposited for the satisfaction, discharge or defeasance of any Other Parity Lien Agreement)
other than pursuant to the Parity Lien Collateral Documents, and by executing this Agreement (or a Joinder Agreement), each such Collateral Agent and each such Representative and the Series of Parity Lien Claimholders for which it is acting
hereunder agree to be bound by the provisions of this Agreement and the other Parity Lien Collateral Documents applicable to it. 
 (e) Each
of the Parity Lien Claimholders agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or
enforceability of a Lien held by or on behalf of any of the Parity Lien Claimholders in all or any part of the Collateral or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair
(i) the rights of any Collateral Agent or any Representative to enforce this Agreement or (ii) the rights of any Parity Lien Secured Party to contest or support any other Person in contesting the enforceability of any Lien purporting to
secure obligations not constituting Parity Lien Obligations. 
 SECTION 2.3 No Interference; Payment Over; Exculpatory
Provisions. 
 (a) Each Parity Lien Claimholder agrees that (i) it will not challenge or question or support any other Person in
challenging or questioning in any proceeding the validity 

  
 15 

 
or enforceability of any Parity Lien Obligations of any Series or any Parity Lien Collateral Document or the validity, attachment, perfection or priority of any Lien under any Parity Lien
Collateral Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any
Parity Lien Claimholder from challenging or questioning the validity or enforceability of any Parity Lien Obligations constituting unmatured interest or the validity of any Lien relating thereto pursuant to Section 502(b)(2) of the Bankruptcy
Code, (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of
the Collateral by the Applicable Collateral Agent, (iii) except as provided in Section 2.2, it shall have no right to and shall not otherwise (A) direct the Applicable Collateral Agent or any other Parity Lien Claimholder to
exercise any right, remedy or power with respect to any Shared Collateral (including pursuant to any other intercreditor agreement) or (B) consent to, or object to, the exercise by, or any forbearance from exercising by, the Applicable
Collateral Agent or any other Parity Lien Claimholder represented by it of any right, remedy or power with respect to any Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any
claim against the Applicable Collateral Agent or any other Parity Lien Claimholder represented by it seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Collateral and (v) it will
not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights
of any of the Applicable Collateral Agent or any other Parity Lien Claimholder (i) to enforce this Agreement or (ii) to contest or support any other Person in contesting the enforceability of any Lien purporting to secure obligations not
constituting Parity Lien Obligations. 
 (b) Each Parity Lien Claimholder hereby agrees that if it shall obtain possession of any Shared
Collateral or shall realize any proceeds or payment in respect of any Shared Collateral, pursuant to any Parity Lien Collateral Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation
Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the Parity Lien Obligations, then it shall hold such Shared Collateral, proceeds or payment in
trust for the other Parity Lien Claimholders having a security interest in such Shared Collateral and promptly transfer any such proceeds or payment, as the case may be, to the Applicable Collateral Agent, to be distributed by such Applicable
Collateral Agent in accordance with the provisions of Section 2.1(a) hereof, provided, however, that the foregoing shall not apply to any Shared Collateral purchased by any Parity Lien Claimholder for cash pursuant to any exercise
of remedies permitted hereunder. 
 (c) None of the Applicable Collateral Agent, any Applicable Representative or any other Parity Lien
Claimholder shall be liable for any action taken or omitted to be taken by the Applicable Collateral Agent, such Applicable Representative or any other Parity Lien Claimholder with respect to any Collateral in accordance with the provisions of this
Agreement. 

  
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 SECTION 2.4 Automatic Release of Liens. 

(a) If, at any time any Shared Collateral is transferred to a third party or otherwise disposed of, in each case, in connection with any
enforcement by the Applicable Collateral Agent in accordance with the provisions of this Agreement, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the other Collateral Agents for the
benefit of each Series of Parity Lien Claimholders (or in favor of such other Parity Lien Claimholders if directly secured by such Liens) upon such Shared Collateral will automatically be released and discharged upon final conclusion of such
disposition as and when, but only to the extent, such Liens of the Applicable Collateral Agent on such Shared Collateral are released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied
pursuant to Section 2.1 hereof and prior to such application, each Collateral Agent shall retain a Lien on such Proceeds. If in connection with any such foreclosure or other exercise of remedies by the Applicable Collateral Agent, the
Applicable Collateral Agent or related Applicable Representative of such Series of Parity Lien Obligations releases any guarantor from its obligation under a guarantee of the Series of Parity Lien Obligations for which it serves as agent prior to a
Discharge of such Series of Parity Lien Obligations, such guarantor also shall be released from its guarantee of all other Parity Lien Obligations. 

(b) Without limiting the rights of the Applicable Collateral Agent under Section 4.2, each Collateral Agent and each
Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and other instruments as shall reasonably be requested by the Applicable Collateral Agent to evidence and confirm any release of
Shared Collateral or guarantee provided for in this Section. 
 SECTION 2.5 Certain Agreements with Respect to Bankruptcy or
Insolvency Proceedings. 
 (a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding
under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against any Grantor or any of its subsidiaries. 

(b) If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code and shall, as
debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash
collateral under Section 363 of the Bankruptcy Code, each Parity Lien Claimholder (other than any Controlling Claimholder or any Representative of any Controlling Claimholder) agrees that it will not raise any objection to any such financing or
to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared Collateral, unless a Representative of the Controlling Claimholders shall then oppose or
object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Claimholders, each
Non-Controlling Claimholder will subordinate its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Claimholders (other than any Liens of any Parity Lien Claimholders constituting DIP Financing Liens) are
subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such 

  
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Shared Collateral granted to secure the Parity Lien Obligations of the Controlling Claimholders, each Non-Controlling Claimholder will confirm the priorities with respect to such Shared
Collateral as set forth herein), in each case so long as (A) the Parity Lien Claimholders of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the
commencement of such proceeding, with the same priority vis-à-vis all the other Parity Lien Claimholders (other than any Liens of the Parity Lien Claimholders constituting DIP Financing Liens) as existed prior to the commencement of the
Bankruptcy Case, (B) the Parity Lien Claimholders of each Series are granted Liens on any additional collateral pledged to any Parity Lien Claimholders as adequate protection or otherwise in connection with such DIP Financing or use of cash
collateral, with the same priority vis-à-vis the Parity Lien Claimholders as set forth in this Agreement (other than any Liens of any Parity Lien Claimholders constituting DIP Financing Liens), (C) if any amount of such DIP Financing or
cash collateral is applied to repay any of the Parity Lien Obligations, such amount is applied pursuant to Section 2.1(a) of this Agreement, and (D) if any Parity Lien Claimholders are granted adequate protection with respect to the
Parity Lien Obligations subject hereto, including in the form of periodic payments, in connection with such use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.1(a) of this Agreement;
provided that the Parity Lien Claimholders of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the Parity Lien Claimholders of such Series or its
Representative that shall not constitute Shared Collateral (unless such Collateral fails to constitute Shared Collateral because the Lien in respect thereof constitutes a Declined Lien with respect to such Parity Lien Claimholders or their
Representative or Collateral Agent); provided, further, that the Parity Lien Claimholders receiving adequate protection shall not object to any other Parity Lien Claimholder receiving adequate protection comparable to any adequate
protection granted to such Parity Lien Claimholders in connection with a DIP Financing or use of cash collateral. 
 (c) If any Parity Lien
Claimholder is granted adequate protection (A) in the form of Liens on any additional collateral, then each other Parity Lien Claimholder shall be entitled to seek, and each Parity Lien Claimholder will consent and not object to, adequate
protection in the form of Liens on such additional collateral with the same priority vis-à-vis the Parity Lien Claimholders as set forth in this Agreement, (B) in the form of a superpriority or other administrative claim, then each other
Parity Lien Claimholder shall be entitled to seek, and each Parity Lien Claimholder will consent and not object to, adequate protection in the form of a pari passu superpriority or administrative claim or (C) in the form of periodic or other
cash payments, then the proceeds of such adequate protection must be applied to all Parity Lien Obligations pursuant to Section 2.1. 

SECTION 2.6 Reinstatement. In the event that any of the Parity Lien Obligations shall be paid in full and such payment or any part
thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be
returned or repaid, the terms and conditions of this Agreement shall be fully applicable thereto until all such Parity Lien Obligations shall again have been paid in full in cash. This Section 2.6 shall survive termination of this Agreement.

  
 18 

 SECTION 2.7 Insurance and Condemnation Awards. As among the Parity Lien Claimholders,
the Applicable Collateral Agent (acting at the direction of the Applicable Representative), shall have the right, but not the obligation, to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of
any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral (but only to the extent the Applicable Collateral Agent is granted such rights in the applicable Parity Lien Documents).
To the extent any Collateral Agent or any other Parity Lien Claimholder receives proceeds of such insurance policy and such proceeds are not permitted or required to be returned to any Grantor under the applicable Parity Lien Documents, such
proceeds shall be turned over to the Applicable Collateral Agent for application as provided in Section 2.1 hereof. 
 SECTION 2.8
Refinancings. The Parity Lien Obligations of any Series may, subject to Section 5.14, be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the
Refinancing transaction under any Parity Lien Document) of any Parity Lien Claimholder of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided that the Representative and
Collateral Agent of the holders of any such Indebtedness so Refinanced shall have executed a Joinder Agreement on behalf of the holders of such Indebtedness so Refinanced. If such Indebtedness so Refinanced is intended to constitute a Replacement
Indenture, the Company shall so state in its Designation. 
 SECTION 2.9 Gratuitous Bailee/Agent for Perfection. 

(a) The Applicable Collateral Agent shall be entitled to hold any Possessory Collateral constituting Shared Collateral. 

(b) Notwithstanding the foregoing, each Collateral Agent agrees to hold any Possessory Collateral constituting Shared Collateral and any other
Shared Collateral from time to time in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each other Parity Lien Claimholder (such bailment being intended, among other things,
to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee, solely for the purpose of perfecting the security interest granted in such Shared Collateral, if any, pursuant to the applicable Parity Lien
Collateral Documents, in each case, subject to the terms and conditions of this Section 2.9. Solely with respect to any Deposit Accounts constituting Shared Collateral under the control (within the meaning of Section 9-104 of the
UCC) of any Collateral Agent, each such Collateral Agent agrees to also hold control over such Deposit Accounts as gratuitous agent for each other Parity Lien Claimholder and any assignee solely for the purpose of perfecting the security interest in
such Deposit Accounts, subject to the terms and conditions of this Section 2.9. 
 (c) No Collateral Agent shall have any
obligation whatsoever to any Parity Lien Claimholder to ensure that the Possessory Collateral and Control Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this
Section 2.9. The duties or responsibilities of each Collateral Agent under this Section 2.9 shall be limited solely to holding any Possessory Collateral constituting Shared Collateral or any other Shared Collateral in its
possession or control as gratuitous bailee (and 

  
 19 

 
with respect to Deposit Accounts, as gratuitous agent) in accordance with this Section 2.9 and delivering the Possessory Collateral constituting Shared Collateral as provided in
Section 2.9(e) below. 
 (d) None of the Collateral Agents or any of the Parity Lien Claimholders shall have by reason of the Parity
Lien Documents, this Agreement or any other document a fiduciary relationship in respect of the other Collateral Agents or any other Parity Lien Claimholder, and each Collateral Agent and each Parity Lien Claimholder hereby waives and releases the
other Collateral Agents and Parity Lien Claimholders from all claims and liabilities arising pursuant to any Collateral Agent’s role under this Section 2.9 as gratuitous bailee with respect to the Possessory Collateral constituting
Shared Collateral or any other Shared Collateral in its possession or control (and with respect to the Deposit Accounts, as gratuitous agent). 

(e) At any time the Applicable Collateral Agent is no longer the Applicable Collateral Agent, such outgoing Applicable Collateral Agent shall
deliver the remaining Possessory Collateral constituting Shared Collateral in its possession (if any) together with any necessary endorsements (which endorsement shall be without recourse and without any representation or warranty), first, to
the then Applicable Collateral Agent to the extent Parity Lien Obligations remain outstanding and second, to the applicable Grantor to the extent no Parity Lien Obligations remain outstanding (in each case, so as to allow such Person to
obtain possession or control of such Shared Collateral) or to whomever may be lawfully entitled to receive the same. The outgoing Applicable Collateral Agent further agrees to take all other action reasonably requested by the then Applicable
Collateral Agent at the expense of the Company in connection with the then Applicable Collateral Agent obtaining a first-priority security interest in the Shared Collateral. 
  

	 	SECTION 2.10	Amendments to Parity Lien Collateral Documents. 

 (a) Without the prior written consent
of each other Collateral Agent, each Collateral Agent agrees that no Parity Lien Collateral Document may be amended, restated, amended and restated, supplemented, replaced or Refinanced or otherwise modified from time to time or entered into to the
extent such amendment, supplement, Refinancing or modification, or the terms of any new Parity Lien Collateral Document, would be prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the
terms of this Agreement. 
 (b) In determining whether an amendment to any Parity Lien Collateral Document is permitted by this
Section 2.10, each Collateral Agent may conclusively rely on an officer’s certificate of the Company stating that such amendment is permitted by this Section 2.10. 

 

	 	SECTION 2.11	Similar Liens and Agreements. 

 (a) The parties hereto agree that it is their intention
that the Collateral be identical for all Parity Lien Claimholders, provided, that this provision will not be violated with respect to any particular Series if the Parity Lien Document for such Series prohibits the Collateral Agent for that
Series from accepting a Lien on such asset or property or such 

  
 20 

 
Collateral Agent otherwise expressly declines to accept a Lien on such asset or property (any such prohibited or declined Liens with respect to a particular Series, a “Declined
Lien”). In furtherance of, but subject to, the foregoing, the parties hereto agree, subject to the other provisions of this Agreement: 

(i) upon request by any Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith)
from time to time in order to determine the specific items included in the Shared Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Indenture Documents and the
Other Parity Lien Documents; and 
 (ii) that the documents and agreements creating or evidencing the Liens on Shared
Collateral securing the Indenture Obligations and the Other Parity Lien Obligations shall, subject to the terms and conditions of Section 5.2, be in all material respects the same forms of documents as one another, except that the documents and
agreements creating or evidencing the Liens securing the Other Parity Lien Obligations may contain additional provisions as may be necessary or appropriate to establish the intercreditor arrangements among the various separate classes of creditors
holding Other Parity Lien Obligations and to address any Declined Lien. 
 ARTICLE III. 

EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS 

Whenever any Applicable Collateral Agent or any Applicable Representative shall be required, in connection with the exercise of its rights or
the performance of its obligations hereunder, to determine the existence or amount of any Parity Lien Obligations of any Series, or the Shared Collateral subject to any Lien securing the Parity Lien Obligations of any Series, it may request that
such information be furnished to it in writing by each other Representative or each other Collateral Agent and shall be entitled to make such determination or not make any determination on the basis of the information so furnished; provided,
however, that if a Representative or a Collateral Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting Applicable Collateral Agent or Applicable Representative shall be entitled to make any such
determination or not make any determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Applicable Collateral Agent and each Applicable Representative
may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no
liability to any Grantor, any Parity Lien Claimholder or any other person as a result of such determination. 

  
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 ARTICLE IV. 

THE APPLICABLE COLLATERAL AGENT AND THE APPLICABLE REPRESENTATIVE 

SECTION 4.1 Authority. 

(a) Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other duty on any
Applicable Collateral Agent or any Applicable Representative to any Non-Controlling Claimholder or give any Non-Controlling Claimholder the right to direct any Applicable Collateral Agent or any Applicable Representative, except that each Applicable
Collateral Agent shall be obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.1 hereof. 

(b) In furtherance of the foregoing, each Non-Controlling Claimholder acknowledges and agrees that the Applicable Collateral Agent shall be
entitled, for the benefit of the Parity Lien Claimholders, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the Parity Lien Collateral Documents, as applicable, without regard to any rights to
which the Non-Controlling Claimholders would otherwise be entitled as a result of the Parity Lien Obligations held by such Non-Controlling Claimholders. Without limiting the foregoing, each Non-Controlling Claimholder agrees that none of the
Applicable Collateral Agent, the Applicable Representative or any other Parity Lien Claimholder shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Parity Lien
Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Parity Lien Obligations), in any manner that would maximize the return to the Non-Controlling
Claimholders, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Claimholders from such realization, sale, disposition or
liquidation. Each of the Parity Lien Claimholders waives any claim it may now or hereafter have against any Collateral Agent or Representative of any other Series of Parity Lien Obligations or any other Parity Lien Claimholder of any other Series
arising out of (i) any actions which any such Collateral Agent, Representative or any Parity Lien Claimholder represented by it take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any
Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Parity Lien Obligations
from any account debtor, guarantor or any other party) in accordance with the Parity Lien Collateral Documents or any other agreement related thereto or in connection with the collection of the Parity Lien Obligations or the valuation, use,
protection or release of any security for the Parity Lien Obligations; provided that nothing in this clause (i) shall be construed to prevent or impair the rights of any Collateral Agent or Representative to enforce this Agreement,
(ii) any election by any Applicable Representative or any holders of Parity Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to
Section 2.5, any borrowing, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, by the Company or any of its
Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Applicable Collateral Agent shall not (i) accept any Shared Collateral in full or partial satisfaction of any Parity Lien Obligations pursuant to
Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Representative representing holders of Parity Lien Obligations for whom such Collateral constitutes Shared Collateral or (ii) “credit
bid” for or purchase (other than for cash) Shared Collateral at any public, private or judicial foreclosure upon such Shared Collateral, without the consent of each Representative representing holders of Parity Lien Obligations for whom such
Collateral constitutes Shared Collateral. 

  
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 SECTION 4.2 Power-of-Attorney. 

Each Non-Controlling Representative and Collateral Agent that is not the Applicable Collateral Agent, for itself and on behalf of each other
Parity Lien Claimholder of the Series for whom it is acting, hereby irrevocably appoints the Applicable Collateral Agent and any officer or agent of the Applicable Collateral Agent, which appointment is coupled with an interest with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Non-Controlling Representative, Collateral Agent or Parity Lien Claimholder, to take any and all appropriate action and to
execute any and all documents and instruments which may be necessary to accomplish the purposes of this Agreement, including the exercise of any and all remedies under each Parity Lien Collateral Document with respect to Shared Collateral and the
execution of releases in connection therewith. 
 ARTICLE V. 

MISCELLANEOUS 
 SECTION 5.1
Integration/Conflicts. 
 This Agreement, together with the other Parity Lien Documents and the Parity Lien Collateral Documents,
represents the entire agreement of each of the Grantors and the Parity Lien Claimholders with respect to the subject matter hereof and thereof and supersedes any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof and thereof. There are no promises, undertakings, representations or warranties by any Representative, Collateral Agent or Parity Lien Claimholder relative to the subject matter hereof and thereof not expressly set forth or
referred to herein or therein. In the event of any conflict between the provisions of this Agreement and the provisions of the Parity Lien Documents the provisions of this Agreement shall govern and control. 

SECTION 5.2 Effectiveness; Continuing Nature of this Agreement; Severability. 

This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement and the Parity Lien
Claimholders of any Series may continue, at any time and without notice to any Parity Lien Claimholder of any other Series, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor
constituting Parity Lien Obligations in reliance hereon. Each Representative and each Collateral Agent, on behalf of itself and each other Parity Lien Claimholder represented by it, hereby waives any right it may have under applicable law to revoke
this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition

  
 23 

 
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to
replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions. All references to the Company or any other Grantor
shall include the Company or such Grantor as debtor and debtor in possession and any receiver, trustee or similar person for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall
terminate and be of no further force and effect with respect to any Representative or Collateral Agent and the Parity Lien Claimholders represented by such Representative or Collateral Agent and their Parity Lien Obligations, on the date on which no
Parity Lien Obligations of such Parity Lien Claimholders are any longer secured by, or required to be secured by, any of the Collateral pursuant to the terms of the applicable Parity Lien Documents, subject to the rights of the Parity Lien
Claimholders under Section 2.6; provided, however, that such termination shall not relieve any such party of its obligations incurred hereunder prior to the date of such termination. 

SECTION 5.3 Amendments; Waivers. 

(a) No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless the same shall be in
writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the
obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, the Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of
any provision of this Agreement except to the extent their rights are directly and adversely affected. 
 (b) Notwithstanding the foregoing,
without the consent of any Parity Lien Claimholder, any Representative and Collateral Agent may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.14 of this Agreement and upon such execution and
delivery, such Representative and Collateral Agent and the Other Parity Lien Claimholders and Other Parity Lien Obligations of the Series for which such Representative and Collateral Agent is acting shall be subject to the terms hereof. 

(c) Notwithstanding the foregoing, without the consent of any other Representative or Parity Lien Claimholder, the Applicable Collateral Agent
may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any Other Parity Lien Obligations in compliance with the Indenture and the other Parity Lien Documents. 

 

	 	SECTION 5.4	Information Concerning Financial Condition of the Grantors and their Subsidiaries. 

 The
Representative and Collateral Agent and the other Parity Lien Claimholders of each Series shall each be responsible for keeping themselves informed of (a) the financial condition of the Grantors and their Subsidiaries and all endorsers and/or
guarantors of the Parity Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the 

  
 24 

 
Parity Lien Obligations. The Representative and Collateral Agent and the other Parity Lien Claimholders of each Series shall have no duty to advise the Representative, Collateral Agent or Parity
Lien Claimholders of any other Series of information known to it or them regarding such condition or any such circumstances or otherwise. In the event the Representative or Collateral Agent or any of the other Parity Lien Claimholders, in its or
their sole discretion, undertakes at any time or from time to time to provide any such information to the Representative, Collateral Agent or Parity Lien Claimholders of any other Series, it or they shall be under no obligation: 

(a) to make, and such Representative and Collateral Agent and such other Parity Lien Claimholders shall not make, any express or implied
representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 

(b) to provide any additional information or to provide any such information on any subsequent occasion; 

(c) to undertake any investigation; or 

(d) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential. 
 SECTION 5.5 Submission to Jurisdiction; Certain Waivers. 

Each of the Company, each other Grantor, each Collateral Agent and each Representative, on behalf of itself and each other Parity Lien
Claimholder represented by it, hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement and the Parity Lien Collateral Documents (whether arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive (subject
to Section 5.5(c) below) general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, the courts of the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate
courts from any thereof; 
 (b) agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New
York state court or, to the fullest extent permitted by applicable law, in such federal court; 
 (c) 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 and that nothing in this Agreement or any other Parity Lien Document shall affect any right that
any Collateral Agent, Representative or other Parity Lien Claimholder may otherwise have to bring any action or proceeding relating to this Agreement or any other Parity Lien Document against such Grantor or any of its assets in the courts of any
jurisdiction; 

  
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 (d) waives, to the fullest extent permitted by applicable law, any objection that it may now or
hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Parity Lien Collateral Document in any court referred to in Section 5.5(a) (and irrevocably waives to the fullest extent
permitted by applicable law the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court); 
 (e)
consents to service of process in any such proceeding in any such court by registered or certified mail, return receipt requested, to the applicable party at its address provided in accordance with Section 5.7 (and agrees that nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law); 
 (f) agrees that
service as provided in Section 5.5(e) above is sufficient to confer personal jurisdiction over the applicable party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; and 

(g) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or
consequential damages. 
 SECTION 5.6 WAIVER OF JURY TRIAL. 

EACH PARTY HERETO, THE COMPANY AND EACH OTHER GRANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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 OR ANY OTHER PARITY LIEN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT,
BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH SUCH PARTY HERETO AND THE COMPANY AND EACH OTHER GRANTOR HAVE BEEN INDUCED TO ENTER INTO OR ACKNOWLEDGE THIS AGREEMENT AND
THE OTHER PARITY LIEN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

SECTION 5.7 Notices. 

Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by facsimile or
United States mail or courier 

  
 26 

 
service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three Business Days after
depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto or in the Joinder
Agreement pursuant to which it becomes a party hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

SECTION 5.8 Further Assurances. 

Each Representative and Collateral Agent, on behalf of itself and each other Parity Lien Claimholder represented by it, and the Company and
each other Grantor, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as any Representative and Collateral Agent may reasonably request
to effectuate the terms of and the Lien priorities contemplated by this Agreement. 
 SECTION 5.9 Agency Capacities. 

Except as expressly provided herein, (a) [The Bank of New York Mellon] is acting in the capacity of Initial Parity Lien Representative and
Initial Parity Lien Collateral Agent solely for the Initial Parity Lien Claimholders, (b) the Initial Other Representative and the Initial Other Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively,
solely for the Initial Other Parity Lien Claimholders, (c) each Replacement Representative and Replacement Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively, solely for the Replacement Indenture
Claimholders and (d) each other Representative and each other Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively, solely for the Other Parity Lien Claimholders under the Other Parity Lien Documents
for which it is the named Representative or Collateral Agent, as the case may be, in the applicable Joinder Agreement. 
  

	 	SECTION 5.10	GOVERNING LAW. 

 THIS AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF
OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE
APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

 

	 	SECTION 5.11	Binding on Successors and Assigns. 

 This Agreement shall be binding upon each
Representative and each Collateral Agent, the Parity Lien Claimholders, the Company and the other Grantors, and their respective successors and assigns from time to time. If any of the Representatives and/or Collateral Agents

  
 27 

 
resigns or is replaced pursuant to the applicable Parity Lien Documents its successor shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to all the
obligations of, this Agreement. No provision of this Agreement will inure to the benefit of a trustee, debtor-in-possession, creditor trust or other representative of an estate or creditor of any Grantor, including where any such trustee,
debtor-in-possession, creditor trust or other representative of an estate is the beneficiary of a Lien securing Collateral by virtue of the avoidance of such Lien in an Insolvency or Liquidation Proceeding. 

 

	 	SECTION 5.12	Section Headings. 

 Section headings and the Table of Contents used in this Agreement
are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
  

	 	SECTION 5.13	Counterparts. 

 This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by facsimile or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by facsimile or other electronic transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. 

 

	 	SECTION 5.14	Other Parity Lien Obligations. 

 (a) To the extent, but only to the extent, not
prohibited by the provisions of the Indenture and the other Parity Lien Documents, the Company may incur (i) additional Indebtedness (such Indebtedness, “Additional Parity Lien Debt”), which for the avoidance of doubt
shall include any Indebtedness incurred pursuant to a Refinancing, and Other Parity Lien Obligations or other Replacement Indenture Obligations after the date hereof that is secured on an equal and ratable basis with the Liens (other than any
Declined Liens) securing the then-existing Parity Lien Obligations and (ii) Other Parity Lien Obligations. Any such Additional Parity Lien Debt and Other Parity Lien Obligations or other Replacement Indenture Obligations, as applicable, of a
Series may be secured by a Lien on a ratable basis, in each case under and pursuant to the applicable Parity Lien Collateral Documents of that Series, if, and subject to the condition that, the Additional Parity Lien Collateral Agent and Additional
Parity Lien Representative of any such Additional Parity Lien Debt, acting on behalf of the holders of such Additional Parity Lien Debt and the holders of such Other Parity Lien Obligations or Replacement Indenture Obligations, as applicable, (such
Additional Parity Lien Collateral Agent, Additional Parity Lien Representative and holders in respect of any Additional Parity Lien Debt and the holders Other Parity Lien Obligations or other Replacement Indenture Obligations of such Series being
referred to as “Additional Parity Lien Claimholders”), each becomes a party to this Agreement by satisfying the conditions set forth in Section 5.14(b). 

  
 28 

 (b) In order for an Additional Parity Lien Representative and Additional Parity Lien Collateral
Agent (including, in the case of a Replacement Indenture, the Replacement Representative and the Replacement Collateral Agent in respect thereof) to become a party to this Agreement, 

(i) such Additional Parity Lien Representative and such Additional Parity Lien Collateral Agent shall have executed and
delivered an instrument substantially in the form of Exhibit A (with such changes as may be reasonably approved by each Collateral Agent and such Additional Parity Lien Representative and such Additional Parity Lien Collateral Agent, as the case may
be) pursuant to which either (x) such Additional Parity Lien Representative becomes a Representative hereunder and such Additional Parity Lien Collateral Agent becomes a Collateral Agent hereunder, and such Additional Parity Lien Debt and the
Other Parity Lien Obligations or other Replacement Indenture Obligations of such Series and the Additional Parity Lien Claimholders of such Series become subject hereto and bound hereby; 

(ii) the Company shall have delivered to each Collateral Agent: 

(a) true and complete copies of each of the Other Parity Lien Agreement or Replacement Indenture, as applicable, and the Parity
Lien Collateral Documents for such Series, certified as being true and correct by a Responsible Officer of the Company; 

(b) a Designation substantially in the form of Exhibit B pursuant to which the Company shall (A) identify the Indebtedness
to be designated as Other Parity Lien Obligations or Replacement Indenture Obligations, as applicable, and the initial aggregate principal amount or committed amount thereof, (B) specify the name and address of the Additional Parity Lien
Collateral Agent and Additional Parity Lien Representative, (C) certify that such (x) Additional Parity Lien Debt is permitted by each Parity Lien Document and that the conditions set forth in this Section 5.14 are satisfied with
respect to such Additional Parity Lien Debt and the Other Parity Lien Obligations or Replacement Indenture Obligations, as applicable, of such Series and (D) in the case of a Replacement Indenture, expressly state that such agreement giving
rise to the new Indebtedness satisfies the requirements of a Replacement Indenture and the Company elects to designate such agreement as a Replacement Indenture; and 

(iii) the Other Parity Lien Documents or Replacement Indenture Documents, as applicable, relating to such Additional Parity
Lien Debt shall provide, in a manner reasonably satisfactory to each Collateral Agent, that each Additional Parity Lien Claimholder with respect to such Additional Parity Lien Debt will be subject to and bound by the provisions of this Agreement in
its capacity as a holder of such Additional Parity Lien Debt. 
 (c) Upon the execution and delivery of a Joinder Agreement by an Additional
Parity Lien Representative and an Additional Parity Lien Collateral Agent, in each case, in accordance with this Section 5.14, each other Representative and Collateral Agent shall acknowledge such receipt thereof by countersigning a copy
thereof, subject to the terms of this Section 5.14 and returning the same to such Additional Parity Lien Representative and 

  
 29 

 
Additional Parity Lien Collateral Agent, as applicable; provided that the failure of any Representative or Collateral Agent to so acknowledge or return shall not affect the status of such debt as
Additional Parity Lien Debt if the other requirements of this Section 5.14 are complied with. 
  

	 	SECTION 5.15	Authorization. 

 By its signature, each Person executing this Agreement, on behalf of
such party or Grantor but not in his or her personal capacity as a signatory, represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 

 

	 	SECTION 5.16	No Third Party Beneficiaries/ Provisions Solely to Define Relative Rights. 

 The
provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Parity Lien Claimholders in relation to one another. Except as provided in Section 5.14, none of the Company, any other Grantor or
any other creditor thereof shall have any rights or obligations hereunder and no such Person is an intended beneficiary or third party beneficiary hereof, except, in each case, as expressly provided in this Agreement, and none of the Company or any
other Grantor may rely on the terms hereof (other than Sections 2.4 and 2.8 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Parity Lien
Obligations as and when the same shall become due and payable in accordance with their terms. Without limitation of any other provisions of this Agreement, the Company and each Grantor hereby (a) acknowledges that it has read this Agreement and
consents hereto, (b) agrees that it will not take any action that would be contrary to the express provisions of this Agreement and (c) agrees to abide by the requirements expressly applicable to it under this Agreement. 

 

	 	SECTION 5.17	No Indirect Actions. 

 Unless otherwise expressly stated, if a party may not take an
action under this Agreement, then it may not take that action indirectly, or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for
the party but is intended to have substantially the same effects as the prohibited action. 
  

	 	SECTION 5.18	Additional Grantors. 

 Each Grantor agrees that it shall ensure that each of its
Subsidiaries that is or is to become a party to any Parity Lien Collateral Document shall either execute this Agreement on the date hereof or shall confirm that it is a Grantor hereunder pursuant to a joinder agreement substantially in the form
attached hereto as Exhibit C that is executed and delivered by such Subsidiary prior to or concurrently with its execution and delivery of such Parity Lien Collateral Document. 

  
 30 

	 	SECTION 5.19	Rights and Immunities of Initial Parity Lien Representative and Initial Parity Lien Collateral Agent. 

Each of the Initial Parity Lien Representative and the Initial Parity Lien Collateral Agent (which for this purpose includes both the Notes
U.S. Collateral Agent and the Notes Canadian Collateral Agent) will be entitled to all of the rights, protections, immunities and indemnities available to it as set forth in the Initial Parity Lien Agreement as if specifically set forth herein. In
no event will the Initial Parity Lien Representative or the Initial Parity Lien Collateral Agent (which for this purpose includes both the Notes U.S. Collateral Agent and the Notes Canadian Collateral Agent) be liable for any act or omission on the
part of any Grantor or any other Representative or any Collateral Agent. 
 [Remainder of this page intentionally left blank] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	 [THE BANK OF NEW YORK MELLON],

as Initial Parity Lien Representative

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]
	
	 [THE BANK OF NEW YORK MELLON],

as Notes U.S. Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]
	
	 [BNY TRUST COMPANY OF CANADA],

as Notes Canadian Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]

 
			
	
[                    ],

as Initial Other Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]
	
	
[                    ],

as Initial Other Representative

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]

			
	Acknowledged and Agreed to by:
	
	EVRAZ INC. NA CANADA
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NOTICE ADDRESS]
	
	[OTHER GRANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 

to Parity Lien Intercreditor Agreement 

FORM OF JOINDER AGREEMENT 

JOINDER NO. [        ] dated as of [        ],
20[    ] (the “Joinder Agreement”) to the PARITY LIEN INTERCREDITOR AGREEMENT dated as of [            ],
[        ], (the “Parity Lien Intercreditor Agreement”), among [THE BANK OF NEW YORK MELLON], as Initial Parity Lien Representative, [THE BANK OF NEW YORK MELLON], as Notes U.S.
Collateral Agent, [BNY TRUST COMPANY OF CANADA], as Notes Canadian Collateral Agent, [                    ], as Initial Other Representative, and
[                    ], as Initial Other Collateral Agent, and the additional Representatives and Collateral Agents from time to time a party
thereto, and acknowledged and agreed to by EVRAZ INC. NA CANADA (the “Company”) and the other Grantors signatory thereto. 

A. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Parity Lien
Intercreditor Agreement. 
 B. As a condition to the ability of the Company to incur [Other Parity Lien Obligations][Replacement Indenture
Obligations under the Replacement Indenture] and to secure such [Other Parity Lien Obligations][Replacement Indenture Obligations] with the liens and security interests created by the [Other Parity Lien Collateral Documents][Replacement Indenture
Collateral Documents], the Additional Parity Lien Representative in respect thereof is required to become a Representative and the Additional Parity Lien Collateral Agent in respect thereof is required to become a Collateral Agent and the Parity
Lien Claimholders in respect thereof are required to become subject to and bound by, the Parity Lien Intercreditor Agreement. Section 5.14 of the Parity Lien Intercreditor Agreement provides that such Additional Parity Lien
Representative may become a Representative, such Additional Parity Lien Collateral Agent may become a Collateral Agent and such Additional Parity Lien Claimholders may become subject to and bound by the Parity Lien Intercreditor Agreement, pursuant
to the execution and delivery by the Additional Parity Lien Representative and the Additional Parity Lien Collateral Agent of an instrument in the form of this Joinder Agreement and the satisfaction of the other conditions set forth in
Section 5.14 of the Parity Lien Intercreditor Agreement. The undersigned Additional Parity Lien Representative (the “New Representative”) and Additional Parity Lien Collateral Agent (the “New Collateral
Agent”) are executing this Joinder Agreement in accordance with the requirements of the Parity Lien Intercreditor Agreement. 

Accordingly, the New Representative and the New Collateral Agent agree as follows: 

SECTION 1. In accordance with Section 5.14 of the Parity Lien Intercreditor Agreement, (i) the New Representative and the New
Collateral Agent by their signatures below become a Representative and a Collateral Agent respectively, under, and the related Additional Parity Lien Debt and Additional Parity Lien Claimholders become subject to and bound by, the Parity Lien
Intercreditor Agreement with the same force and effect as if the New Representative and New Collateral Agent had originally been named therein as a Representative or a Collateral 

  
 Exhibit A – Page 1

 
Agent, respectively, and hereby agree to all the terms and provisions of the Parity Lien Intercreditor Agreement applicable to them as Representative, Collateral Agent and Additional Parity Lien
Claimholders, respectively. 
 SECTION 2. Each of the New Representative and New Collateral Agent represent and warrant to each other
Collateral Agent, each other Representative and the other Parity Lien Claimholders, individually, that (i) it has full power and authority to enter into this Joinder Agreement, in its capacity as [agent][trustee], (ii) this Joinder
Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and (iii) the Parity Lien Documents relating to such Additional Parity Lien Debt provide that, upon
the New Representative’s and the New Collateral Agent’s entry into this Joinder Agreement, the Additional Parity Lien Claimholders represented by them will be subject to and bound by the provisions of the Parity Lien Intercreditor
Agreement. 
 SECTION 3. This Joinder Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Joinder Agreement shall become effective when each Collateral Agent and Representative shall have received a counterpart of this Joinder Agreement that bears the signatures of the
New Representative and the New Collateral Agent. Delivery of an executed signature page to this Joinder Agreement by facsimile transmission or other electronic means shall be effective as delivery of a manually signed counterpart of this Joinder
Agreement. 
 SECTION 4. Except as expressly supplemented hereby, the Parity Lien Intercreditor Agreement shall remain in full force and
effect. 
 SECTION 5. THIS JOINDER AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT
(WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT
GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

SECTION 6. Any provision of this Joinder Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the Parity Lien Intercreditor Agreement, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to those of the invalid, illegal or unenforceable provisions. 

  
 Exhibit A – Page 2

 SECTION 7. All communications and notices hereunder shall be in writing and given as provided in
Section 5.7 of the Parity Lien Intercreditor Agreement. All communications and notices hereunder to the New Representative and the New Collateral Agent shall be given to them at their respective addresses set forth below their signatures
hereto. 
 SECTION 8. Sections 5.8 and 5.9 of the Parity Lien Intercreditor Agreement are hereby incorporated herein by
reference. 
 [Remainder of this page intentionally left blank] 

  
 Exhibit A – Page 3

 IN WITNESS WHEREOF, the New Representative and New Collateral Agent have duly executed this
Joinder Agreement to the Parity Lien Intercreditor Agreement as of the day and year first above written. 
  

			
	 [NAME OF NEW REPRESENTATIVE], as

[        ] for the holders of
[                    ],

		
	By:	 	  

		 	Name:
		 	Title:

 
					
		
	Address for notices:	 	
		
	  
	 	
	  
	 	
	attention of:	 	  
	 	

 
					
	Telecopy:	 	  
	 	

 
			
	
	 [NAME OF NEW COLLATERAL AGENT], as

[        ] for the holders of
[                    ],

		
	By:	 	  

		 	Name:
		 	Title:

 
					
		
	Address for notices:	 	
		
	  
	 	
	  
	 	
	attention of:	 	  
	 	

 
					
	Telecopy:	 	  
	 	

  
 Exhibit A – Page 4

 
			
	Receipt acknowledged by:
	 [THE BANK OF NEW YORK MELLON],

as Initial Parity Lien Representative

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [THE BANK OF NEW YORK MELLON],

as Notes U.S. Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [BNY TRUST COMPANY OF CANADA],

as Notes Canadian Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	
[                    ],

as Initial Other Representative

		
	By:	 	  

		 	Name:
		 	Title:
	
	
[                    ],

as Initial Other Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 [OTHERS AS NEEDED] 

  
 Exhibit A – Page 5

 Exhibit B 

to Parity Lien Intercreditor Agreement 

[FORM OF] 
 DEBT
DESIGNATION 
 Reference is made to the Parity Lien Intercreditor Agreement dated as of
            , 20     (as amended, restated, supplemented or otherwise modified from time to time, the “Parity Lien Intercreditor Agreement”)
among [THE BANK OF NEW YORK MELLON], as Initial Parity Lien Representative, [THE BANK OF NEW YORK MELLON], as Notes U.S. Collateral Agent, [BNY TRUST COMPANY OF CANADA], as Notes Canadian Collateral Agent,
[                    ], as Initial Other Representative, and
[                    ], as Initial Other Collateral Agent, and the additional Representatives and Collateral Agents from time to time a party
thereto, and acknowledged and agreed to by EVRAZ INC. NA CANADA (the “Company”) and the other Grantors signatory thereto. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the
Parity Lien Intercreditor Agreement. This Debt Designation is being executed and delivered in order to designate [additional Indebtedness and other related Parity Lien Obligations][Indenture Obligations] entitled to the benefit and subject to the
terms of the Parity Lien Intercreditor Agreement. 
 The undersigned, the duly appointed [specify title] of the [Company] hereby
certifies on behalf of the [Company] that: 
 (a) [insert name of the Company or other Grantor] intends to incur Indebtedness in the
initial aggregate [principal/committed amount] of [                    ] pursuant to the following agreement: [describe [credit agreement,
indenture, other agreement giving rise to Additional Parity Lien Debt][Replacement Indenture (“New Agreement”)]] which will be [Other Parity Lien Obligations][Replacement Indenture Obligations]; 

(b) (i) the name and address of the [Additional Parity Lien Representative for the Additional Parity Lien Debt and the related Other Parity
Lien Obligations][Replacement Representative for the Replacement Indenture] is: 
  

					
	  
	 	
		
	  
	 	
			
	Telephone:	 	  
	 	

					
			
	Fax:	 	  
	 	

  
 Exhibit B – Page 1

 (ii) the name and address of the Additional Parity Lien Collateral Agent for the Additional
Parity Lien Debt and the Other Parity Lien Obligations or Replacement Indenture Obligations, as applicable, is: 
  

					
	  
	 	
		
	  
	 	
			
	Telephone:	 	  
	 	

					
			
	Fax:	 	  
	 	

 [and] 

(a) such Additional Parity Lien Debt and the Other Parity Lien Obligations or Replacement Indenture Obligations of such Series is permitted by
each Parity Lien Document and the conditions set forth in Section 5.14 of the Parity Lien Intercreditor Agreement are satisfied with respect to such [Additional Parity Lien Debt and the Other Parity Lien Obligations or Replacement
Indenture Obligations, [insert for Replacement Indentures only: ; and 
 (b) the New Agreement satisfies the
requirements of a Replacement Indenture and is hereby designated as a Replacement Indenture]. 

  
 Exhibit B – Page 2

 IN WITNESS WHEREOF, the Company has caused this Debt Designation to be duly executed by the
undersigned officer as of             , 20    . 
  

			
	[COMPANY]
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit B – Page 3

 Exhibit C 

to Parity Lien Intercreditor Agreement 

FORM OF GRANTOR JOINDER AGREEMENT 

GRANTOR JOINDER AGREEMENT NO. [    ] “this “Grantor Joinder Agreement”) dated as of
[        ], 20[    ] to the PARITY LIEN INTERCREDITOR AGREEMENT dated as of [        ], 20[    ] (the “Parity Lien
Intercreditor Agreement”), among [THE BANK OF NEW YORK MELLON], as Initial Parity Lien Representative, [THE BANK OF NEW YORK MELLON], as Notes U.S. Collateral Agent, [BNY TRUST COMPANY OF CANADA], as Notes Canadian Collateral Agent, and the
additional Representatives and Collateral Agents from time to time a party thereto, and acknowledged and agreed to by EVRAZ INC. NA CANADA (the “Company”) and certain subsidiaries of the Company (each a “Grantor”).

 Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Parity Lien
Intercreditor Agreement. 
 The undersigned,
[                    ], a [                    ],
(the “New Grantor”) wishes to acknowledge and agree to the Parity Lien Intercreditor Agreement and become a party thereto to the limited extent contemplated by Section 5.16 thereof and to acquire and undertake the rights
and obligations of a Grantor thereunder. 
 Accordingly, the New Grantor agrees as follows for the benefit of the Representatives, the
Collateral Agents and the Parity Lien Claimholders: 
 Section 1. Accession to the Parity Lien Intercreditor Agreement. The New
Grantor (a) acknowledges and agrees to, and becomes a party to the Parity Lien Intercreditor Agreement as a Grantor to the limited extent contemplated by Section 5.16 thereof, (b) agrees to all the terms and provisions of the
Parity Lien Intercreditor Agreement and (c) shall have all the rights and obligations of a Grantor under the Parity Lien Intercreditor Agreement. This Grantor Joinder Agreement supplements the Parity Lien Intercreditor Agreement and is being
executed and delivered by the New Grantor pursuant to Section 5.18 of the Parity Lien Intercreditor Agreement. 
 Section 2.
Representations, Warranties and Acknowledgement of the New Grantor. The New Grantor represents and warrants to each Representative, each Collateral Agent and to the Parity Lien Claimholders that (a) it has full power and authority to
enter into this Grantor Joinder Agreement, in its capacity as Grantor and (b) this Grantor Joinder Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it
in accordance with the terms of this Grantor Joinder Agreement. 
 Section 3. Counterparts. This Grantor Joinder 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. Delivery of an executed counterpart of a
signature page of this Grantor Joinder Agreement or any document or instrument delivered in connection herewith by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Grantor Joinder Agreement
or such other document or instrument, as applicable. 

  
 Exhibit C – Page 1

 Section 4. Section Headings. Section heading used in this Grantor Joinder Agreement
are for convenience of reference only and are not to affect the construction hereof or to be taken in consideration in the interpretation hereof. 

Section 5. Benefit of Agreement. The agreements set forth herein or undertaken pursuant hereto are for the benefit of, and may be
enforced by, any party to the Parity Lien Intercreditor Agreement subject to any limitations set forth in the Parity Lien Intercreditor Agreement with respect to the Grantors. 

Section 6. Governing Law. THIS GRANTOR JOINDER AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF
A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

Section 7. Severability. In case any one or more of the provisions contained in this Grantor Joinder Agreement should be held
invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability
of the remaining provisions contained herein and in the Parity Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 8. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 5.7 of the
Parity Lien Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it at the address set forth under its signature hereto, which information supplements Section 5.7 of the Parity Lien
Intercreditor Agreement. 

  
 Exhibit C – Page 2

 IN WITNESS WHEREOF, the New Grantor has duly executed this Grantor Joinder Agreement to the Parity Lien
Intercreditor Agreement as of the day and year first above written. 
  

							
	[	 	  
	 	]

 
							
			
	By	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 
					
			
	Address:	 	  
	 	
		 	  
	 	
		 	  
	 	

  
 Exhibit C – Page 3

 EXHIBIT B 

[Face of Note] 
  

					
		 		 	CUSIP/CINS            
			
		 	7.50% Senior Secured Note due 2019	 	
			
	No.    	 		 	$            

 EVRAZ Inc. NA Canada 

promises to pay to              or registered assigns, 

the principal sum of          DOLLARS [Insert in Global Notes – or such other principal sum as shall be set forth
in the Schedule of Exchanges of Interests in the Global Note attached hereto] on November 15, 2019. 
 Interest Payment Dates: May 15 and
November 15 
 Record Dates: May 1 and November 1 
  

									
	Dated:	 	  
	 		 		 	
				
		 		 		 	EVRAZ INC. NA CANADA
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	THE BANK OF NEW YORK MELLON,
as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 B-1 

 [Back of Note] 

 
 7.50% Senior Secured Note due 2019

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Evraz Inc. NA Canada, a corporation amalgamated under the Canada Business
Corporations Act (the “Company”), promises to pay or cause to be paid interest on the principal amount of this Note at 7.50% per annum from November 7, 2014 until maturity. The Company will pay interest semi-annually in
arrears on May 15 and November 15 of each year (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has
been paid or duly provided for, from the date of issuance; provided that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be May 15, 2015. 
 Interest will
be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 (2) METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders at the close of business on the May 1 or November 1
(whether or not a Business Day) next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or agency of the Paying Agent within the City and State of New York, or, at the option of the Company, payment of interest, if any,
may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of, premium on, if any, and
interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent at least fifteen (15) days prior to the applicable payment date. Such payment will
be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) PAYING AGENT AND REGISTRAR. Initially,
The Bank of New York Mellon, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes. The Company or any of its Subsidiaries may
act as Paying Agent or Registrar. 
 (4) INDENTURE AND SECURITY
DOCUMENTS. The Company issued the Notes under an Indenture dated as of November 7, 2014 (the “Indenture”) among the Company, the Guarantors, the Trustee and the Collateral Agent. The terms of
the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

  
 B-2 

 (5) OPTIONAL REDEMPTION. 

(a) Except as set forth in clauses (b), (c) and (d) below, and as set forth under Section 3.11 of the Indenture,
the Notes are not redeemable at the option of the Company. 
 (b) At any time and from time to time on or after May 15,
2017, the Company may redeem the Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of
Holders of record on the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date). 
  

					
	 Year
	  	Percentage	 
	 May 15, 2017 (to November 14, 2017)
	  	 	103.750	% 
	 November 15, 2017 (to November 14, 2018)
	  	 	101.875	% 
	 November 15, 2018 and thereafter
	  	 	100.000	% 

 (c) At any time and from time to time prior to May 15, 2017, the Company may redeem some
or all of the Notes at a price of 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the rights of Holders of record on the
relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date). 

(d) At any time and from time to time prior to May 15, 2017, the Company may redeem Notes with an amount equal to the net
cash proceeds received by the Parent from any Equity Offering (or contributed to the Parent from any Equity Offering) at a redemption price equal to 107.50% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the
redemption date (subject to the rights of Holders of record on the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date), in an aggregate principal amount for all such redemptions not
to exceed 35% of the original aggregate principal amount of the Notes, including any Additional Notes, provided that 
  

	 	(a)	in each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and 

  

	 	(b)	not less than 65% of the original aggregate principal amount of the Notes, including any Additional Notes, remain outstanding immediately thereafter. 

(6) MANDATORY REDEMPTION. The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 (7) REPURCHASE AT
THE OPTION OF HOLDER. 
 (a) Upon the
occurrence of a Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of
that 

  
 B-3 

 
Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the
date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control Payment”). Not later than 30 days following any Change of Control,
the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b) If the Parent or a Restricted Subsidiary of the Parent consummates any Asset Sales, within thirty days of each date on
which the aggregate amount of Excess Proceeds equals or exceeds $25.0 million, the Parent will make an Offer to Purchase to all Holders. The Offer to Purchase will be in a principal amount equal to (1) the accumulated Excess proceeds,
multiplied by (2) a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes (including any additional Notes) and (y) the denominator of which is equal to the outstanding principal amount of the
Notes (including Additional Notes) and all other Parity Lien Debt similarly required to be repaid, redeemed or tendered for in connection with the Asset Sale, rounded down to the nearest $1,000. The purchase price for the Notes will be 100% of the
principal amount plus accrued interest to the date of purchase. If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the
Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate
principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased; provided, that the unpurchased portion of a Note must be in a minimum principal
amount of $2,000. Upon completion of each Offer to Purchase, the amount of Excess Proceeds will be reset at zero. Holders that are the subject of an Offer to Purchase will receive an Offer to Purchase from the Company prior to any related purchase
date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

(8) NOTICE OF REDEMPTION. Subject to the provisions of
Section 3.09 of the Indenture, notices of redemption shall be delivered by the Company electronically or mailed by first class-mail, postage prepaid, at least 30 days but (except as set forth below) not more than 60 days before the redemption
date, to each Holder at such Holder’s registered address or otherwise in accordance with the procedures of the DTC, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 12 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except
that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. 

Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion
thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. In addition, if such
redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 

  
 B-4 

 (9) DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any Taxes and fees required by law or permitted by the
Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder of a Note
may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. 
 (11)
AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Notes and the security documents may be amended or supplemented in accordance with the terms of the Indenture.

 (12) DEFAULTS AND REMEDIES. Events of Default include:
(i) default by the Company in the payment of principal of any Note when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to an Offer to Purchase); (ii) the Company defaults in
the payment of interest on any Note when the same becomes due and payable, and the default continues for a period of 30 days; (iii) the Company fails to make an Offer to Purchase and thereafter accept and pay for Notes tendered when and as
required pursuant to Sections 4.10, 4.15 and 4.19 of the Indenture, or the Parent, the Company or any Guarantor fails to comply with Section 5.01 thereof; (iv) the Parent or any of its Restricted Subsidiaries defaults in the performance of
or breaches any other covenant or agreement of the Parent or the Company, as applicable, in this Indenture or under the Notes and the default or breach continues for a period of 60 consecutive days after written notice to the Parent by the Trustee
or to the Parent and the Trustee by the Holders of 25% or more in aggregate principal amount of the Notes then outstanding; (v) there occurs with respect to any Debt of the Parent or any of the Restricted Subsidiaries having an outstanding
principal amount of $30.0 million or more in the aggregate for all such Debt of all such Persons (a) an event of default that results in such Debt being due and payable prior to its Stated Maturity or (b) failure to make a principal
payment when due upon the Stated Maturity thereof and such defaulted payment is not made, waived or extended within the applicable grace period; (vi) one or more final judgments or orders for the payment of money are rendered against the Parent
or any of the Restricted Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and
not paid or discharged against all such Persons to exceed $30.0 million (in excess of amounts which are covered by insurance policies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; (vii) any
Note Guarantee of a Guarantor that is a Significant Restricted Subsidiary (or the Note Guarantees of any Guarantors that together would constitute a Significant Restricted Subsidiary) ceases to be in full force and effect, other than in accordance
the terms of this Indenture, or any Guarantor that is a Significant Restricted Subsidiary (or any Guarantors that together would constitute a Significant Restricted Subsidiary) denies or disaffirms its obligations under its Note Guarantee;
(viii) any of the following occurs: (A) any security document with respect to Collateral having, individually or in the aggregate, a 

  
 B-5 

 
fair market value in excess of $15.0 million, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect in any material respect,
other than in accordance with the terms of the relevant security documents, (B) except as permitted by the Indenture, any Parity Lien for the benefit of Holders purported to be granted under any security document for the benefit of Holders on
Collateral, individually or in the aggregate, having a fair market value in excess of $15.0 million ceases to be an enforceable and perfected Parity Lien in any material respect, subject only to Permitted Liens that rank prior to the Parity Liens in
accordance with the Indenture, and such condition continues for 60 days after written notice by the Trustee to the Parent of failure to comply with such requirement; provided that it will not be an Event of Default under this clause (viii)(B)
if such condition results from the action or inaction of the Trustee, or the Company or any Guarantor, or any Person acting on behalf of any of them, denies or disaffirms, in writing, any obligation of the Company or such Guarantor set forth in or
arising under any security document relating to Collateral having, individually or in the aggregate, a fair market value in excess of $15.0 million; (ix) the Parent or any of its Restricted Subsidiaries pursuant to or within the meaning of
Bankruptcy Law: (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a custodian of it or for all or substantially all of its property,
(D) makes a general assignment for the benefit of its creditors, or (E) generally is not paying its debts as they become due; or (x) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(A) is for relief against the Parent or any of its Restricted Subsidiaries in an involuntary case, (B) appoints a custodian of the Parent or any of its Restricted Subsidiaries or for all or substantially all of the property of the Parent
or any of its Restricted Subsidiaries, or (C) orders the liquidation of the Parent or any of its Restricted Subsidiaries, and, in each case under this clause (x), the order or decree remains unstayed and in effect for 60 consecutive days. In
the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 

(13) TRUSTEE DEALINGS WITH COMPANY. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

(14) NO RECOURSE AGAINST OTHERS. No director,
Officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees, the security documents or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The
waiver may not be effective to waive liabilities under the federal securities laws. 
 (15)
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

(16) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 B-6 

 (17) CUSIP NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS
NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Evraz Inc. NA 
 c/o Corporation Services Company 

2711 Certerville Rd Suite 400 
 Wilmington, DE 19808 

  
 B-7 

 Assignment Form 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	  	  

	to transfer this Note on the books of the Company. The agent may substitute another to act for him.

  

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Your Signature:	 	  

		 		 		 	       (Sign exactly as your name appears on the face of this Note)

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 B-8 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, 4.15 or 4.19 of the Indenture, check the
appropriate box below: 
  

					
	 ̈ Section 4.10	  	 ̈ Section 4.15	  	 ̈ Section 4.19

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10,
Section 4.15 or Section 4.19 of the Indenture, state the amount you elect to have purchased: 

$         

($2,000 or an integral multiple of $1,000 in excess thereof, provided that the unpurchased portion of this Note must be in a principal amount of
$2,000 or an integral multiple of $1,000 in excess thereof.) 

 

			
	Date:	 	  

		
		 	
		 	
		
		 	

 

			
		 	
		
	Your Signature:	 	  

	      (Sign exactly as your name appears on the face of this Note)

			
		
	Tax Identification No.:	 	  

 
 

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 B-9 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of
this Global Note	  	Amount of
increase in
Principal Amount
of
this Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of
authorized Officer
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 B-10 

 EXHIBIT C 

FORM OF CERTIFICATE OF TRANSFER 

[Company address block] 

[Registrar address block] 
  

	 	Re:	[    ]% Senior Secured Notes due 2019 

 Reference is hereby made to
the Indenture, dated as of November 7, 2014 (the “Indenture”), among Evraz Inc. NA Canada, as issuer (the “Company”), the Guarantors party thereto, The Bank of New York Mellon, as trustee and co-collateral
agent, and BNY Trust Company of Canada, as co-collateral agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $        in such Note[s] or interests (the
“Transfer”), to                     (the “Transferee”), as further specified in Annex A hereto. In connection with
the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global
Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly,
the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one
or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements
of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2.  ̈ Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

  
 C-1 

 3.  ̈ Check and
complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in
compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
 (a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
 or 

(c)  ̈ such Transfer is being effected pursuant to an effective registration statement under
the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 

(d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to
an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit E to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an
Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the
Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4.  ̈ Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

(a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

  
 C-2 

 (b)  ̈ Check if Transfer is Pursuant to
Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and
in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Dated:	 	  
	  	

  
 C-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	 	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 

 

									
	(a)	  		  		  	 ̈ a beneficial interest in the:

  

							
	(i)	 		 	 ̈	  	144A Global Note (CUSIP                     ), or
				
	(ii)	 		 	 ̈	  	Regulation S Global Note (CUSIP                     ), or
				
	(iii)	 		 	 ̈	  	IAI Global Note (CUSIP                     ); or
			
	(b)	 	 ̈	 	a Restricted Definitive Note.

  

	 	2.	After the Transfer the Transferee will hold: 

							
	
	 [CHECK ONE]
  

	(a)	 	 ̈	 	a beneficial interest in the:
				
	(i)	 		 	 ̈	  	144A Global Note (CUSIP                     ), or
				
	(ii)	 		 	 ̈	  	Regulation S Global Note (CUSIP                     ), or
				
	(iii)	 		 	 ̈	  	IAI Global Note (CUSIP                     ); or
				
	(iv)	 		 	 ̈	  	Unrestricted Global Note (CUSIP                     ); or
			
	(b)	 	 ̈	 	a Restricted Definitive Note; or
			
	(c)	 	 ̈	 	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture

  
 C-4 

 EXHIBIT D 

FORM OF CERTIFICATE OF EXCHANGE 

[Company address block] 

[Registrar address block] 
  

	 	Re:	[    ]% Senior Secured Notes due 2019 

 (CUSIP
[        ]) 
 Reference is hereby made to the Indenture, dated as of November 7, 2014 (the
“Indenture”), among Evraz Inc. NA Canada, as issuer (the “Company”), the Guarantors party thereto, The Bank of New York Mellon, as trustee and co-collateral agent, and BNY Trust Company of Canada, as co-collateral
agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of
Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 
 (c)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 D-1 

 (d)  ̈ Check if Exchange is from
Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in
a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 D-2 

 EXHIBIT E 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

[Company address block] 

[Registrar address block] 
  

	 	Re:	[fill in full title of securities] 

 Reference is hereby made to the Indenture,
dated as of November, 7 2014 (the “Indenture”), among Evraz Inc. NA Canada, as issuer (the “Company”), the Guarantors party thereto, The Bank of New York Mellon, as trustee and co-collateral agent, and BNY Trust
Company of Canada, as co-collateral agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $         aggregate principal amount of: 

(a)  ̈ a beneficial interest in a Global Note, or 

(b)  ̈ a Definitive Note, 

we confirm that: 
 1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited
investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect
of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser
that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest
therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We
further understand that the Notes purchased by us will bear a legend to the foregoing effect. 

  
 E-1 

 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for
which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  

	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 E-2 

 EXHIBIT F 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , among                     
(the “Guaranteeing Subsidiary”), a subsidiary of Evraz North America Limited (or its permitted successor), a limited company organized under the laws of England and Wales (the “Parent”), Evraz Inc. NA Canada, a
corporation amalgamated under the Canada Business Corporations Act (the “Issuer”), and The Bank of New York Mellon, as trustee (in such capacity, the “Trustee”) and co-collateral agent under the Indenture referred
to below, and BNY Trust Company of Canada, as co-collateral agent (together with The Bank of New York Mellon, the “Collateral Agent”) under the Indenture referred to below. 

W I T N E S S E T H 
 WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 7, 2014 providing for the issuance of [    ]% Senior Secured Notes due 2019 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall
execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth
herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee and the
Collateral Agent are authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Trustee and the Collateral Agent mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as
follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof. 

4. NO RECOURSE AGAINST OTHERS. No director, Officer, employee, incorporator or
stockholder of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Indenture, the Note Guarantees, the security documents or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive
liabilities under the federal securities laws. 
 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 F-1 

 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 7. EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer. 

  
 F-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                    , 
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[ISSUER]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 [TRUSTEE],
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory
	
	 [COLLATERAL AGENT],

as Collateral Agent

		
	By:	 	  

		 	Authorized Signatory

  
 F-3 

 SCHEDULE A 

INITIAL MORTGAGED PROPERTY 
 [To
Come] 

  
 A-1EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

CREDIT AGREEMENT 
 Dated
as of December 23, 2011 
 by and among 

EVRAZ INC. NA, 
 EVRAZ
INC. NA CANADA, 
 CANADIAN NATIONAL STEEL CORPORATION, 

EVRAZ CLAYMONT STEEL, INC., 

COLORADO AND WYOMING RAILWAY COMPANY, 

CF&I STEEL, L.P., 

CAMROSE PIPE CORPORATION, 

OSM DISTRIBUTION, INC., 

OREGON STEEL MILLS PROCESSING, INC. 

and 
 NEW CF&I, INC.,

 as the Borrowers, 

THE OTHER PERSONS PARTY HERETO THAT ARE 

DESIGNATED AS CREDIT PARTIES, 

GENERAL ELECTRIC CAPITAL CORPORATION, 

for itself, as a Lender, the Swingline Lender and as Agent for all Lenders, 

BANK OF AMERICA, N.A., 

as Co-Collateral Agent and Syndication Agent, 

UBS SECURITIES LLC, 
 as
Documentation Agent, 
 and 

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO, 

as Lenders 

**************************************** 

GE CAPITAL MARKETS, INC., GE CAPITAL MARKETS CANADA LTD., 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

and UBS SECURITIES LLC, 

as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. THE CREDITS
	  	 	2	  
			
	 1.1
	  	Amounts and Terms of Commitments.	  	 	2	  
	 1.2
	  	Notes.	  	 	11	  
	 1.3
	  	Interest.	  	 	11	  
	 1.4
	  	Loan Accounts.	  	 	13	  
	 1.5
	  	Procedure for Revolving Credit Borrowing.	  	 	14	  
	 1.6
	  	Conversion and Continuation Elections.	  	 	15	  
	 1.7
	  	Voluntary Reductions in Revolving Loan Commitments.	  	 	16	  
	 1.8
	  	Mandatory Prepayments of Loans and Commitment Reductions.	  	 	17	  
	 1.9
	  	Fees.	  	 	18	  
	 1.10
	  	Payments by the Credit Parties	  	 	19	  
	 1.11
	  	Payments by the Lenders to Agent; Settlement.	  	 	21	  
	 1.12
	  	Borrower Representative	  	 	25	  
	 1.13
	  	Eligible Accounts	  	 	26	  
	 1.14
	  	Eligible Inventory	  	 	29	  
	 1.15
	  	Incremental Increase	  	 	30	  
	 1.16
	  	Currency Matters	  	 	32	  
		
	 ARTICLE II. CONDITIONS PRECEDENT
	  	 	32	  
			
	 2.1
	  	Conditions of Initial Loans	  	 	32	  
	 2.2
	  	Conditions to All Borrowings	  	 	33	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	34	  
			
	 3.1
	  	Corporate Existence and Power	  	 	34	  
	 3.2
	  	Corporate Authorization; No Contravention	  	 	35	  
	 3.3
	  	Governmental Authorization	  	 	35	  
	 3.4
	  	Binding Effect	  	 	35	  
	 3.5
	  	Litigation	  	 	36	  
	 3.6
	  	No Default	  	 	36	  
	 3.7
	  	ERISA Compliance; Pension Compliance	  	 	36	  
	 3.8
	  	Use of Proceeds; Margin Regulations	  	 	37	  
	 3.9
	  	Ownership of Property; Liens	  	 	37	  
	 3.10
	  	Taxes	  	 	37	  
	 3.11
	  	Financial Condition.	  	 	38	  
	 3.12
	  	Environmental Matters	  	 	39	  
	 3.13
	  	Regulated Entities	  	 	39	  
	 3.14
	  	Solvency	  	 	39	  
	 3.15
	  	Labor Relations	  	 	39	  
	 3.16
	  	Intellectual Property	  	 	40	  
	 3.17
	  	Brokers’ Fees; Transaction Fees	  	 	40	  
	 3.18
	  	Insurance	  	 	40	  
	 3.19
	  	Ventures, Subsidiaries and Affiliates; Outstanding Stock	  	 	40	  
	 3.20
	  	Jurisdiction of Organization; Chief Executive Office	  	 	41	  

  
 i 

							
	 	  	 	  	Page	 
	 3.21
	  	Locations of Inventory and Books and Records	  	 	41	  
	 3.22
	  	Deposit Accounts and Other Accounts	  	 	41	  
	 3.23
	  	Government Contracts	  	 	41	  
	 3.24
	  	Customer and Trade Relations	  	 	41	  
	 3.25
	  	Bonding; Licenses	  	 	41	  
	 3.26
	  	[Intentionally Reserved.]	  	 	41	  
	 3.27
	  	[Intentionally Reserved.]	  	 	41	  
	 3.28
	  	[Intentionally Reserved.]	  	 	42	  
	 3.29
	  	Full Disclosure	  	 	42	  
	 3.30
	  	Foreign Assets Control Regulations and Anti-Money Laundering	  	 	42	  
	 3.31
	  	Patriot Act	  	 	42	  
	 3.32
	  	Parent Subordinated Indebtedness	  	 	43	  
		
	 ARTICLE IV. AFFIRMATIVE COVENANTS
	  	 	43	  
			
	 4.1
	  	Financial Statements	  	 	43	  
	 4.2
	  	Appraisals; Certificates; Other Information	  	 	44	  
	 4.3
	  	Notices	  	 	47	  
	 4.4
	  	Preservation of Corporate Existence, Etc	  	 	49	  
	 4.5
	  	Maintenance of Property	  	 	50	  
	 4.6
	  	Insurance.	  	 	50	  
	 4.7
	  	Payment of Obligations	  	 	51	  
	 4.8
	  	Compliance with Laws	  	 	52	  
	 4.9
	  	Inspection of Property and Books and Records	  	 	52	  
	 4.10
	  	Use of Proceeds	  	 	52	  
	 4.11
	  	Cash Management Systems	  	 	52	  
	 4.12
	  	Landlord Agreements	  	 	53	  
	 4.13
	  	Further Assurances.	  	 	54	  
	 4.14
	  	Environmental Matters	  	 	55	  
	 4.15
	  	Canadian Pension Plans and Benefit Plans.	  	 	55	  
		
	 ARTICLE V. NEGATIVE COVENANTS
	  	 	56	  
			
	 5.1
	  	Limitation on Liens	  	 	56	  
	 5.2
	  	Disposition of Assets	  	 	59	  
	 5.3
	  	Consolidations and Mergers	  	 	60	  
	 5.4
	  	Acquisitions; Loans and Investments	  	 	60	  
	 5.5
	  	Limitation on Indebtedness	  	 	61	  
	 5.6
	  	Employee Loans and Transactions with Affiliates	  	 	63	  
	 5.7
	  	Management Fees, Etc	  	 	63	  
	 5.8
	  	Margin Stock; Use of Proceeds	  	 	63	  
	 5.9
	  	Contingent Obligations	  	 	64	  
	 5.10
	  	Compliance with ERISA/Canadian Pensions.	  	 	64	  
	 5.11
	  	Restricted Payments	  	 	64	  
	 5.12
	  	Change in Business	  	 	65	  
	 5.13
	  	Change in Organization Documents	  	 	65	  
	 5.14
	  	Changes in Accounting, Name or Jurisdiction of Organization	  	 	65	  
	 5.15
	  	Amendments to Subordinated Indebtedness	  	 	65	  
	 5.16
	  	No Negative Pledges.	  	 	65	  

  
 ii 

							
	 	  	 	  	Page	 
	 5.17
	  	OFAC; Patriot Act	  	 	67	  
	 5.18
	  	Sale-Leasebacks	  	 	67	  
	 5.19
	  	[Intentionally Reserved.]	  	 	67	  
	 5.20
	  	Prepayments of Other Indebtedness	  	 	67	  
		
	 ARTICLE VI. [Intentionally Reserved.]
	  	 	67	  
		
	 ARTICLE VII. EVENTS OF DEFAULT
	  	 	68	  
			
	 7.1
	  	Events of Default	  	 	68	  
	 7.2
	  	Remedies	  	 	70	  
	 7.3
	  	Rights Not Exclusive	  	 	70	  
	 7.4
	  	Cash Collateral for Letters of Credit	  	 	71	  
		
	 ARTICLE VIII. THE AGENT
	  	 	71	  
			
	 8.1
	  	Appointment and Duties.	  	 	71	  
	 8.2
	  	Binding Effect	  	 	72	  
	 8.3
	  	Use of Discretion.	  	 	73	  
	 8.4
	  	Delegation of Rights and Duties	  	 	73	  
	 8.5
	  	Reliance and Liability.	  	 	73	  
	 8.6
	  	Agent Individually	  	 	75	  
	 8.7
	  	Lender Credit Decision.	  	 	76	  
	 8.8
	  	Expenses; Indemnities; Withholding.	  	 	76	  
	 8.9
	  	Resignation of Agent or L/C Issuer.	  	 	77	  
	 8.10
	  	Release of Collateral or Credit Parties	  	 	78	  
	 8.11
	  	Additional Secured Parties	  	 	79	  
	 8.12
	  	Documentation Agent and Syndication Agent	  	 	79	  
	 8.13
	  	Co-Collateral Agent.	  	 	79	  
	 8.14
	  	Post-Closing Letter	  	 	81	  
		
	 ARTICLE IX. MISCELLANEOUS
	  	 	81	  
			
	 9.1
	  	Amendments and Waivers.	  	 	81	  
	 9.2
	  	Notices.	  	 	83	  
	 9.3
	  	Electronic Transmissions.	  	 	84	  
	 9.4
	  	No Waiver; Cumulative Remedies	  	 	85	  
	 9.5
	  	Costs and Expenses	  	 	85	  
	 9.6
	  	Indemnity.	  	 	86	  
	 9.7
	  	Marshaling; Payments Set Aside	  	 	87	  
	 9.8
	  	Successors and Assigns	  	 	87	  
	 9.9
	  	Assignments and Participations; Binding Effect.	  	 	87	  
	 9.10
	  	Non-Public Information; Confidentiality.	  	 	90	  
	 9.11
	  	Set-off; Sharing of Payments.	  	 	92	  
	 9.12
	  	Counterparts; Facsimile Signature	  	 	93	  
	 9.13
	  	Severability	  	 	93	  
	 9.14
	  	Captions	  	 	93	  
	 9.15
	  	Independence of Provisions	  	 	93	  
	 9.16
	  	Interpretation	  	 	93	  
	 9.17
	  	No Third Parties Benefited	  	 	94	  

  
 iii 

							
	 	  	 	  	Page	 
	 9.18
	  	Governing Law and Jurisdiction.	  	 	94	  
	 9.19
	  	Waiver of Jury Trial	  	 	95	  
	 9.20
	  	Entire Agreement; Release; Survival.	  	 	95	  
	 9.21
	  	Patriot Act	  	 	96	  
	 9.22
	  	Replacement of Lender	  	 	96	  
	 9.23
	  	Joint and Several	  	 	96	  
	 9.24
	  	Creditor-Debtor Relationship	  	 	97	  
	 9.25
	  	Actions in Concert	  	 	97	  
		
	 ARTICLE X. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	97	  
			
	 10.1
	  	Taxes.	  	 	97	  
	 10.2
	  	Illegality	  	 	100	  
	 10.3
	  	Increased Costs and Reduction of Return.	  	 	101	  
	 10.4
	  	Funding Losses	  	 	102	  
	 10.5
	  	Inability to Determine Rates	  	 	103	  
	 10.6
	  	Reserves on LIBOR Rate Loans	  	 	104	  
	 10.7
	  	Certificates of Lenders	  	 	104	  
		
	 ARTICLE XI. DEFINITIONS
	  	 	104	  
			
	 11.1
	  	Defined Terms	  	 	104	  
	 11.2
	  	Other Interpretive Provisions.	  	 	139	  
	 11.3
	  	Accounting Terms and Principles	  	 	140	  
	 11.4
	  	Payments	  	 	140	  
	 11.5
	  	Judgment Currency	  	 	140	  
	 11.6
	  	Language	  	 	141	  
	 11.7
	  	Permitted Liens	  	 	141	  
	 11.8
	  	Security Principles	  	 	141	  

  
 iv 

 SCHEDULES 
  

			
	Schedule 1.1(b)	  	Revolving Loan Commitments
	Schedule 1.1(c)(viii)	  	Existing Letters of Credit
	Schedule 3.5	  	Litigation
	Schedule 3.7	  	ERISA and Pension Compliance
	Schedule 3.8	  	Closing Date Sources and Uses; Funds Flow Memorandum
	Schedule 3.9	  	Ownership of Property; Liens
	Schedule 3.10	  	Taxes
	Schedule 3.11(a)	  	Historical Financial Statements
	Schedule 3.11(e)	  	Projections
	Schedule 3.12	  	Environmental
	Schedule 3.15	  	Labor Relations
	Schedule 3.16	  	Intellectual Property
	Schedule 3.18	  	Insurance
	Schedule 3.19	  	Ventures, Subsidiaries and Affiliates; Outstanding Stock
	Schedule 3.20	  	Jurisdiction of Organization; Chief Executive Office
	Schedule 3.21	  	Locations of Inventory and Books and Records
	Schedule 3.22	  	Deposit Accounts and Other Accounts
	Schedule 3.23	  	Government Contracts
	Schedule 3.25	  	Bonding; Licenses
	Schedule 4.11	  	Cash Management Systems
	Schedule 5.1	  	Liens
	Schedule 5.4	  	Investments
	Schedule 5.5	  	Indebtedness
	Schedule 5.6	  	Transactions with Affiliates
	Schedule 5.9	  	Contingent Obligations
	Schedule 5.20	  	Specific Capital Lease Indebtedness
	Schedule 11.1	  	Prior Indebtedness
	
	EXHIBITS
		
	Exhibit 1.1(c)	  	Form of L/C Request
	Exhibit 1.1(d)	  	Form of Swingline Request
	Exhibit 1.6	  	Form of Notice of Conversion/Continuation
	Exhibit 2.1	  	Closing Checklist
	Exhibit 4.2(b)	  	Form of Compliance Certificate
	Exhibit 11.1(a)	  	Form of Assignment
	Exhibit 11.1(b)	  	Form of Notice of Borrowing
	Exhibit 11.1(c)	  	Form of Revolving Note
	Exhibit 11.1(d)	  	Form of Swingline Note
	Exhibit 11.1(e)	  	Form of U.S. Intercompany Loan Agreement

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (including all exhibits and schedules hereto, as the same may be amended, modified and/or restated from time to time,
this “Agreement”) is entered into as of December 23, 2011, by and among Evraz Inc. NA, a Delaware corporation (“EINA”), Evraz Claymont Steel, Inc., a Delaware corporation (“Claymont”), Colorado
and Wyoming Railway Company, a Delaware corporation (“C&W”), CF&I Steel, L.P., a Delaware limited partnership (“CF&I”), Camrose Pipe Corporation, a Delaware corporation (“Camrose Pipe”),
OSM Distribution, Inc., a Delaware corporation (“OSM Distribution”), Oregon Steel Mills Processing, Inc., a Delaware corporation (“OSM Processing”), New CF&I, Inc., a Delaware corporation (“New
CF&I”) (EINA, Claymont, C&W, CF&I, Camrose Pipe, OSM Distribution, OSM Processing and New CF&I, together with such other Wholly-Owned Subsidiaries of EINA as Agent and the Required Lenders may approve as additional borrowers
from time to time in accordance with the terms hereof (which, for the avoidance of doubt, shall not include any Camrose Borrowers or their Subsidiaries or any Foreign Corporation), are sometimes referred to herein collectively as the “EINA
Borrowers” and individually as an “EINA Borrower”), Evraz Inc. NA Canada, a Canada corporation (“EICA”) (EICA and such other Wholly-Owned Subsidiaries of EICA as Agent and the Required Lenders may approve
as additional borrowers from time to time in accordance with the terms hereof, are sometimes referred to herein collectively as the “EICA Borrowers” and individually as an “EICA Borrower”), Canadian National Steel
Corporation, a Canada corporation (“Camrose”) (Camrose and such other Wholly-Owned Subsidiaries of Camrose as the Agent and the Required Lenders may approve as additional borrowers from time to time in accordance with the terms
hereof, are sometimes referred to herein collectively as the “Camrose Borrowers” and individually as a “Camrose Borrower”; the EINA Borrowers, the EICA Borrowers, the Camrose Borrowers and any Additional Borrowers
are sometimes referred to herein collectively as the “Borrowers” and individually as a “Borrower”; and each of (i) the EINA Borrowers, (ii) the EICA Borrowers and (iii) the Camrose Borrowers are
further sometimes each referred to herein as a “Borrower Group”), EINA, as Borrower Representative, the other Persons party hereto that are designated as a Credit Party, General Electric Capital Corporation, a Delaware corporation
(in its individual capacity, “GE Capital”), as Agent for the several financial institutions from time to time party to this Agreement (collectively, the “Lenders” and individually each a “Lender”)
and for itself as a Lender and the Swingline Lender, Bank of America, N.A., as Co-Collateral Agent and such Lenders. 

W I T N E S S E T H : 

WHEREAS, the Borrowers have requested, and the Lenders have agreed to make available to the Borrowers, a revolving credit facility (including
a letter of credit subfacility) upon and subject to the terms and conditions set forth in this Agreement to (a) refinance Prior Indebtedness, (b) provide for working capital, capital expenditures and other general corporate purposes
(including, without limitation, Parent Investments) of the Borrowers and (c) fund certain fees and expenses associated with the funding of the Loans; 

 WHEREAS, the Borrowers desire to secure all of their Obligations under the Loan Documents by
granting to Agent, for the benefit of the Secured Parties, a Lien upon certain of their Property; 
 WHEREAS, subject to the terms hereof
(including, for the avoidance of doubt, Section 11.8), (a) each EINA Borrower and each Subsidiary of the EINA Borrowers which is not a Borrower (other than (i) the Excluded Subsidiaries, (ii) the Camrose Borrowers or their
Subsidiaries or (iii) any Foreign Corporation) is willing to guarantee all of the Obligations of only the EINA Borrowers and the Camrose Borrowers and to grant to Agent, for the benefit of the Secured Parties, a Lien upon certain of its
Property to secure such guarantee, (b) each EICA Borrower and each Subsidiary of the EICA Borrowers which is not a Borrower (other than the Excluded Subsidiaries) is willing to guarantee all of the Obligations of only the EICA Borrowers and to
grant to Agent, for the benefit of the Secured Parties, a Lien upon certain of its Property to secure such guarantee and (c) each Camrose Borrower and each Subsidiary of the Camrose Borrowers which is not a Borrower (other than the Excluded
Subsidiaries) is willing to guarantee all of the Obligations of only the Camrose Borrowers and to grant to Agent, for the benefit of the Secured Parties, a Lien upon certain of its Property to secure such guarantee; 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows:

 ARTICLE I. 
 THE
CREDITS 
 1.1 Amounts and Terms of Commitments. 

(a) [Intentionally Reserved.] 

(b) The Revolving Credit. 

(i) Subject to the terms and conditions of this Agreement, including subsection 1.1(b)(v) below, and in reliance upon the
representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans in Dollars or Canadian Dollars to the Borrowers (each such Loan, a “Revolving Loan”) from
time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule
1.1(b) under the heading “Revolving Loan Commitments” (such amount, as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Revolving Loan
Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, (A) the aggregate principal amount of all outstanding Revolving Loans to any Borrower Group shall not exceed that Borrower
Group’s Maximum Revolving Loan Balance or, in the case of the Camrose Borrowers, if less, the Camrose Sublimit and (B) the aggregate principal amount of all outstanding Revolving Loans, Swing Loans and Letter of Credit Obligations to all
Borrowers shall not exceed the Aggregate Revolving Loan Commitment then in effect. Subject to the other terms and conditions hereof, amounts borrowed under this subsection 1.1(b) may be repaid and reborrowed from time to time. 

  
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 The “Maximum Revolving Loan Balance” for each Borrower Group from time to time
will be the least of: 
 (x) (i) the Borrowing Base (as calculated pursuant to the applicable Borrowing Base Certificate) in effect from
time to time with respect to such Borrower Group less (ii) the sum of (A) the aggregate amount of outstanding Letter of Credit Obligations of such Borrower Group, plus (B) the aggregate principal amount of outstanding
Swing Loans of such Borrower Group, plus (C) in the case of the EINA Borrowers and the EICA Borrowers, the Availability Block with respect to such Borrower Group; provided, however, that at no time shall the aggregate
amount under this clause (C) exceed ten percent (10%) of the Aggregate Revolving Loan Commitment then in effect; 
 (y) (i) the
Aggregate Revolving Loan Commitment then in effect, less (ii) the sum of (A) all Reserves imposed by Agent or Co-Collateral Agent, as the case may be, in its respective Permitted Discretion with respect to all of the Borrower
Groups, plus (B) the aggregate principal amount of outstanding Revolving Loans of the other Borrower Groups, plus (C) the aggregate amount of outstanding Letter of Credit Obligations of the other Borrower Groups, plus
(D) the aggregate principal amount of outstanding Swing Loans of the other Borrower Groups, plus (E) the Availability Block with respect to both the EINA Borrowers and the EICA Borrowers; provided, however, that at no
time shall the aggregate amount under this clause (E) exceed ten percent (10%) of the Aggregate Revolving Loan Commitment then in effect; or 

(z) (i) the Borrower Group Commitment Cap of such Borrower Group then in effect less (ii) the sum of (A) the aggregate
amount of outstanding Letter of Credit Obligations of such Borrower Group, plus (B) the aggregate principal amount of outstanding Swing Loans of such Borrower Group. 

Notwithstanding the above and subject to subsection 1.1(b)(v) below, at no time shall the sum of (i) the Equivalent Amount in Dollars of the
aggregate principal amount of outstanding Revolving Loans of the Camrose Borrowers, plus (ii) the Equivalent Amount in Dollars of the aggregate amount of outstanding Letter of Credit Obligations of the Camrose Borrowers, plus
(iii) the Equivalent Amount in Dollars of the aggregate principal amount of outstanding Swing Loans of the Camrose Borrowers exceed $75,000,000 in the aggregate (as the same may be adjusted (up or down) from time to time in the reasonable
discretion of Agent, the “Camrose Sublimit”). 
 (ii) If at any time the then outstanding principal balance of Revolving
Loans of any Borrower Group exceeds that Borrower Group’s Maximum Revolving Loan Balance or, in the case of the Camrose Borrowers, if less, the Camrose Sublimit, then that Borrower Group shall immediately prepay its outstanding Revolving Loans
and then cash collateralize its outstanding Letters of Credit in an amount sufficient to eliminate such excess in accordance herewith and in a manner satisfactory to the L/C Issuers. 

(iii) The aggregate principal amount of the Loans advanced to, and Letter of Credit Obligations incurred by, each Borrower Group hereunder
(such portion of the Loans and Letter of Credit Obligations of each Borrower Group (as compared to the Loans and Letter of Credit Obligations outstanding hereunder with respect to all of the Borrowers in the

  
 3 

 
aggregate) referred to herein as that Borrower Group’s “Ratable Share”) shall be the primary obligation of that Borrower Group (but shall also be guaranteed and
cross-guaranteed, as the case may be, to the extent set forth in the Guaranty and Security Agreement and the Guarantee Agreement). 
 (iv)
If the Borrower Representative requests that Revolving Lenders make or permit to remain outstanding Revolving Loans to any Borrower Group in excess of that Borrower Group’s Borrowing Base (any such excess Revolving Loan is herein referred to as
an “Overadvance”), Agent may, in its sole discretion, elect to make or permit to remain outstanding such Overadvance; provided, however, that Agent may not cause Revolving Lenders to make, or permit to remain
outstanding, (A) aggregate Revolving Loans (including those of all of the Borrowers) in excess of the Aggregate Revolving Loan Commitment less the sum of outstanding Swing Loans (including those of all of the Borrowers) plus the
aggregate amount of Letter of Credit Obligations (including those of all of the Borrowers) or (B) an Overadvance with respect to any Borrower Group in an aggregate amount in excess of 10% of the Aggregate Revolving Loan Commitment. If an
Overadvance is made, or permitted to remain outstanding, pursuant to the preceding sentence, then all Revolving Lenders shall be bound to make, or permit to remain outstanding, such Overadvance based upon their Commitment Percentage of the Aggregate
Revolving Loan Commitment in accordance with the terms of this Agreement, regardless of whether the conditions to lending set forth in Section 2.2 have been met. Furthermore, Required Revolving Lenders may prospectively revoke
Agent’s ability to make or permit Overadvances by written notice to Agent. All Overadvances shall constitute Base Rate Loans or Canadian Index Rate Loans, as applicable, and shall bear interest at the Base Rate or the Canadian Index Rate, as
applicable, plus the Applicable Margin for Revolving Loans plus two percent (2.0%) per annum. 
 (v) Base Rate Loans and
LIBOR Rate Loans shall be made available in Dollars only and Canadian Index Rate Loans and BA Rate Loans shall be made available in Canadian Dollars only. Loans to, and Letters of Credit Issued for the benefit of, the EINA Borrowers shall be made in
Dollars only. Loans to, and Letters of Credit Issued for the benefit of, the EICA Borrowers and the Camrose Borrowers may be made, at the option of Borrower Representative, in Dollars or Canadian Dollars; provided, that the amount of all
Loans and Letters of Credit Obligations outstanding with respect to the EICA Borrowers and/or the Camrose Borrowers in Dollars shall not exceed an amount in the aggregate at any time of $75,000,000. 

(vi) Each Lender may at any time or from time to time designate, by written notice to Agent and Borrower Representative to the extent not
already reflected on the signature pages hereto, one or more Lending Offices (which, for this purpose, may include Affiliates reasonably acceptable to Agent in its Permitted Discretion or branches of the respective Lender) for the various Loans made
and Letters of Credit participated in by such Lender, including such designation of a separate Lending Office, branch or Affiliate to act as such with respect to Loans denominated in Canadian Dollars or Dollars, as the case may be. Each Lending
Office, branch and/or Affiliate of any Lender designated as provided above shall, for all purposes of this Agreement, be treated in the same manner as the respective Lender (and shall be entitled to all indemnities and similar provisions in respect
of its acting as such as provided herein). 

  
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 (c) Letters of Credit. 

(i) Conditions. On the terms and subject to the conditions contained herein, each L/C Issuer shall Issue, at the request of the
Borrower Representative, in accordance with such L/C Issuer’s usual and customary business practices, and for the account of any Borrower in a particular Borrower Group, Letters of Credit (denominated in Dollars or Canadian Dollars in
accordance with subsection 1.1(b)(v) above) from time to time on any Business Day during the period from the Closing Date through the earlier of (x) the Revolving Termination Date and (y) seven (7) days prior to the date
specified in clause (a) of the definition of Revolving Termination Date; provided, however, that no L/C Issuer shall Issue any Letter of Credit upon the occurrence of any of the following or, if after giving effect to such
Issuance: 
 (A) (i) the aggregate outstanding principal amount of all Revolving Loans of such Borrower Group would exceed
that Borrower Group’s Maximum Revolving Loan Balance or, in the case of the Camrose Borrowers, if less, the Camrose Sublimit or (ii) the Letter of Credit Obligations for all Letters of Credit of all of the Borrowers would exceed
$120,000,000 (the “L/C Sublimit”); 
 (B) the expiration date of such Letter of Credit (i) is not a
Business Day, (ii) is more than one year after the date of Issuance thereof or (iii) is later than seven (7) days prior to the date specified in clause (a) of the definition of Revolving Termination Date; provided,
however, that any Letter of Credit with a term not exceeding one year may provide for its renewal for additional periods not exceeding one year as long as (x) the applicable Borrower and such L/C Issuer have the option to prevent such
renewal before the expiration of such term or any such period and (y) neither such L/C Issuer nor such Borrower shall permit such renewal to extend such expiration date beyond the date set forth in clause (iii) above; 

(C) (i) any fee due in connection with, and on or prior to, such Issuance has not been paid, (ii) such Letter of Credit is
requested to be Issued in a form that is not acceptable to such L/C Issuer or (iii) such L/C Issuer shall not have received, each in form and substance reasonably acceptable to it and duly executed by the applicable Borrower or the Borrower
Representative on behalf of the applicable Borrower, the documents that such L/C Issuer generally uses in the Ordinary Course of Business for the Issuance of letters of credit of the type of such Letter of Credit (collectively, the “L/C
Reimbursement Agreement”); 
 (D) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Requirement of Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; or 

  
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 (E) the issuance of such Letter of Credit would violate one or more internal
compliance policies of the L/C Issuer. 
 Furthermore, GE Capital as an L/C Issuer may elect only to issue Letters of Credit in its own name and may only
issue Letters of Credit to the extent permitted by Requirements of Law, and such Letters of Credit may not be accepted by certain beneficiaries such as insurance companies. For each Issuance, the applicable L/C Issuer may, but shall not be required
to, determine whether the conditions precedent set forth in Section 2.2 have been satisfied or waived in connection with the Issuance of any Letter of Credit; provided, however, that no Letter of Credit shall be Issued
during the period starting on the first Business Day after the receipt by such L/C Issuer of notice from Agent or the Required Revolving Lenders that any condition precedent contained in Section 2.2 is not satisfied and ending on the
date all such conditions are satisfied or duly waived. Notwithstanding anything else to the contrary herein, if any Lender is a Non-Funding Lender or an Impacted Lender, no L/C Issuer shall be obligated to Issue any Letter of Credit unless
(w) the Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 9.9 or 9.22, (x) the Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been cash collateralized,
(y) the Revolving Loan Commitments of the other Lenders have been increased by an amount sufficient to satisfy Agent that all future Letter of Credit Obligations will be covered by all Revolving Lenders that are not Non-Funding Lenders or
Impacted Lenders or (z) the Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other Revolving Lenders in a manner consistent with subsection 1.11(e)(ii). 

(ii) Notice of Issuance. The Borrower Representative shall give the relevant L/C Issuer and Agent a notice of any requested Issuance
of any Letter of Credit, which shall be effective only if received by such L/C Issuer and Agent not later than 2:00 p.m. (New York time) on the third Business Day prior to the date of such requested Issuance. Such notice shall be made in a writing
or Electronic Transmission substantially in the form of Exhibit 1.1(c) duly completed or in a writing in any other form acceptable to such L/C Issuer (an “L/C Request”). 

(iii) Reporting Obligations of L/C Issuers. Each L/C Issuer agrees to provide Agent, in form and substance satisfactory to Agent, each
of the following on the following dates: (A) (i) on or prior to any Issuance of any Letter of Credit by such L/C Issuer, (ii) immediately after any drawing under any such Letter of Credit or (iii) immediately after any payment
(or failure to pay when due) by the Borrowers of the relevant Borrower Group of any related L/C Reimbursement Obligation, notice thereof, which shall contain a detailed description of such Issuance, drawing or payment, and Agent shall provide copies
of such notices to each Revolving Lender reasonably promptly after receipt thereof; (B) upon the request of Agent (or any Revolving Lender through Agent), copies of any Letter of Credit Issued by such L/C Issuer and any related L/C
Reimbursement Agreement and such other documents and information as may reasonably be requested by Agent; and (C) on the first Business Day of each calendar week, a schedule of the Letters of Credit Issued by such L/C Issuer, in form and
substance reasonably satisfactory to Agent, setting forth the Letter of Credit Obligations for such Letters of Credit outstanding on the last Business Day of the previous calendar week. 

  
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 (iv) Acquisition of Participations. Upon any Issuance of a Letter of Credit in accordance
with the terms of this Agreement resulting in any increase in the Letter of Credit Obligations, each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in such Letter of Credit
and the related Letter of Credit Obligations in an amount equal to its Commitment Percentage of such Letter of Credit Obligations. 
 (v)
Reimbursement Obligations of the Borrowers. Each Borrower Group agrees to pay to the L/C Issuer of any Letter of Credit each L/C Reimbursement Obligation owing with respect to each such Letter of Credit Issued with respect to such Borrower
Group no later than the first Business Day after the Borrowers of such Borrower Group or the Borrower Representative receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that such L/C Reimbursement
Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (A) below. In the event that any L/C Issuer incurs any L/C Reimbursement Obligation which is not repaid by
the Borrowers of the relevant Borrower Group as provided in this clause (v) (or any such payment by such Borrowers is rescinded or set aside for any reason), such L/C Issuer shall promptly notify Agent of such failure (and, upon receipt
of such notice, Agent shall notify each Revolving Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall thereafter be payable on demand by the applicable Borrowers with interest thereon computed as set
forth below. Interest on each L/C Reimbursement Obligation shall be computed (A) from the date on which such L/C Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans
that are (I) Base Rate Loans for Dollar-denominated Letters of Credit and (II) Canadian Index Rate Loans for Canadian Dollar-denominated Letters of Credit and (B) thereafter until payment in full, at the interest rate applicable during
such period to past due Revolving Loans that are Base Rate Loans or Canadian Index Rate Loans, as the case may be. 
 (vi) Reimbursement
Obligations of the Revolving Credit Lenders. 
 (A) Upon receipt of the notice described in clause (v) above from Agent,
each Revolving Lender shall pay to Agent for the account of such L/C Issuer its Commitment Percentage of such Letter of Credit Obligations (as such amount may be increased pursuant to subsection 1.11(e)(ii)). 

(B) By making any payments described in clause (A) above (other than during the continuation of an automatic acceleration under
Section 7.2 resulting from an Event of Default under subsection 7.1(f) or 7.1(g)), such Lender shall be deemed to have made a Revolving Loan to the Borrowers of the relevant Borrower Group, which, upon receipt thereof
by Agent for the benefit of such L/C Issuer, such Borrowers shall be deemed to have used in whole to repay such L/C Reimbursement Obligation. Any such payment that is not deemed a Revolving Loan shall be deemed a funding by such Lender of its
participation in the applicable Letter of Credit and the Letter of Credit Obligation in respect of the related L/C Reimbursement Obligations. Such participation shall not otherwise be required to be funded. Following receipt

  
 7 

 
by any L/C Issuer of any payment from any Lender pursuant to this clause (vi) with respect to any portion of any L/C Reimbursement Obligation, such L/C Issuer shall promptly pay to
Agent, for the benefit of such Lender, all amounts received by such L/C Issuer (or to the extent such amounts shall have been received by Agent for the benefit of such L/C Issuer, Agent shall promptly pay to such Lender all amounts received by Agent
for the benefit of such L/C Issuer) with respect to such portion. 
 (vii) Obligations Absolute. The obligations of the Borrowers
and the Revolving Lenders pursuant to clauses (iv), (v) and (vi) above shall be absolute, unconditional and irrevocable and performed strictly in accordance with the terms of this Agreement irrespective of
(A) (i) the invalidity or unenforceability of any term or provision in any Letter of Credit, any document transferring or purporting to transfer a Letter of Credit, any Loan Document (including the sufficiency of any such instrument), or
any modification to any provision of any of the foregoing, (ii) any document presented under a Letter of Credit being forged, fraudulent, invalid, insufficient or inaccurate in any respect or failing to comply with the terms of such Letter of
Credit or (iii) any loss or delay, including in the transmission of any document, (B) the existence of any setoff, claim, abatement, recoupment, defense or other right that any Person (including any Credit Party) may have against the
beneficiary of any Letter of Credit or any other Person, whether in connection with any Loan Document or any other Contractual Obligation or transaction, or the existence of any other withholding, abatement or reduction, (C) in the case of the
obligations of any Revolving Lender, (i) the failure of any condition precedent set forth in Section 2.2 to be satisfied (each of which conditions precedent the Revolving Lenders hereby irrevocably waive) or (ii) any adverse
change in the condition (financial or otherwise) of any Credit Party and (D) any other act or omission to act or delay of any kind of Agent, any Lender or any other Person or any other event or circumstance whatsoever, whether or not similar to
any of the foregoing, that might, but for the provisions of this clause (vii), constitute a legal or equitable discharge of any obligation of the Borrowers or any Revolving Lender hereunder. No provision hereof shall be deemed to waive
or limit the Borrowers’ right to seek repayment of any payment of any L/C Reimbursement Obligations from the L/C Issuer under the terms of the applicable L/C Reimbursement Agreement or applicable law. Nothing herein shall excuse any L/C Issuer
from liability to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such L/C Issuer under the terms of the applicable L/C Reimbursement Agreement as determined by a court of competent jurisdiction in
a final non-appealable judgment or order. 
 (viii) Existing Letters of Credit. On the Closing Date, (A) each Existing Letter
of Credit, to the extent outstanding, shall automatically and without further action by any party be deemed converted into a Letter of Credit Issued pursuant to this Agreement for the account of the Borrower (and its Borrower Group) as set forth on
Schedule 1.1(c)(viii) and subject to the provisions hereof, and, for this purpose, other than as expressly set forth below, fees in respect thereof pursuant to subsection 1.9(c) shall be payable as if such Existing Letters of Credit
had been Issued on the Closing Date, (B) the Lenders set forth on Schedule 1.1(c)(viii), or their respective designated Affiliates who are L/C Issuers, or, in the case of GE Capital, such financial institutions designated by GE Capital
as the L/C Issuer with respect to one or more applicable Existing Letters of Credit, with respect to each such Existing Letter of Credit, shall be deemed to be the L/C Issuer with respect to such Existing Letters of Credit as rolled over under the
preceding subclause (A), (C) such Letters of Credit shall each be included in the calculation 

  
 8 

 
of the applicable Borrower Group’s Letter of Credit Obligations and (D) all liabilities of the applicable Credit Parties with respect to such Existing Letters of Credit shall constitute
Obligations hereunder. No Existing Letter of Credit converted in accordance with this clause (viii) shall be amended, extended or renewed except in accordance with the terms hereof. Notwithstanding anything contained herein to the
contrary, the Borrowers of the relevant Borrower Group shall not be required to pay any additional issuance fees with respect to the Issuance of such Existing Letter of Credit solely as a result of such letter of credit being converted to a Letter
of Credit hereunder; it being understood that the other fees set forth in subsection 1.9(c) shall otherwise apply to such Existing Letters of Credit. 

(d) Swing Loans. 
 (i)
Availability. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, the Swingline Lender may, in its sole discretion and subject to the
limitations in subsection 1.1(b)(v), make Loans in Dollars or Canadian Dollars (each, a “Swing Loan”) available to the Borrowers under the Revolving Loan Commitments from time to time on any Business Day during the period
from the Closing Date through the Final Availability Date in an aggregate principal amount at any time outstanding not to exceed its Swingline Commitment; provided, however, that the Swingline Lender may not make any Swing Loan to any
Borrower Group (x) to the extent that after giving effect to such Swing Loan, the aggregate principal amount of all Revolving Loans and Swing Loans of, and Letter of Credit Obligations incurred by, such Borrower Group would exceed that Borrower
Group’s Maximum Revolving Loan Balance or, in the case of the Camrose Borrowers, if less, the Camrose Sublimit; and (y) during the period commencing on the first Business Day after it receives notice from Agent or the Required Revolving
Lenders that one or more of the conditions precedent contained in Section 2.2 are not satisfied and ending when such conditions are satisfied or duly waived. In connection with the making of any Swing Loan, the Swingline Lender may, but
shall not be required to, determine whether the conditions precedent set forth in Section 2.2 have been satisfied or waived. Each Swing Loan shall be a Base Rate Loan or a Canadian Index Rate Loan, as applicable, and must be repaid as
provided herein, but in any event must be repaid in full on the Revolving Termination Date. Within the limits set forth in the first sentence of this clause (i), amounts of Swing Loans repaid may be reborrowed under this
clause (i). 
 (ii) Borrowing Procedures. In order to request a Swing Loan, the Borrower Representative shall give to
Agent a notice to be received not later than 2:00 p.m. (New York time) on the day of the proposed Borrowing, which shall be made in a writing or in an Electronic Transmission substantially in the form of Exhibit 1.1(d) or in a writing in any
other form acceptable to Agent duly completed (a “Swingline Request”) and shall specify the Borrower Group for which the Swing Loan is requested. In addition, if any Notice of Borrowing of Revolving Loans requests a Borrowing of
Base Rate Loans or Canadian Index Rate Loans, as applicable, the Swingline Lender may, notwithstanding anything else to the contrary herein, make a Swing Loan to the Borrowers of a Borrower Group in an aggregate amount not to exceed such proposed
Borrowing, and the aggregate amount of the corresponding proposed Borrowing shall be reduced accordingly by the principal amount of such Swing Loan. Agent shall promptly notify the Swingline Lender of the details of the requested Swing Loan. Upon
receipt of such notice and subject to the terms of this Agreement, the Swingline Lender may make a Swing Loan 

  
 9 

 
available to the Borrowers of a Borrower Group by making the proceeds thereof available to Agent and, in turn, Agent shall make such proceeds available to such Borrowers on the date set forth in
the relevant Swingline Request or Notice of Borrowing. 
 (iii) Refinancing Swing Loans. If no Revolving Lender is a Non-Funding
Lender, the Swingline Lender may at any time (and shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account
of the Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans. If any Revolving Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans
shall be reallocated to and assumed by the other Revolving Lenders pro rata in accordance with their Commitment Percentages of the Revolving Loans (calculated as if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each
other Revolving Lender’s Commitment Percentage had been increased proportionately). If any Revolving Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Lender that is not a Non-Funding Lender will be
obligated to pay to Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided, that no Revolving Lender shall be required to fund any amount which would result in
the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to exceed its Revolving Loan Commitment. Each
Revolving Lender shall pay the amount owing by it to Agent for the account of the Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in
Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of an automatic acceleration under Section 7.2 resulting from an Event of Default under
subsection 7.1(f) or 7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrowers of the relevant Borrower Group, which, upon receipt of such payment by the Swingline Lender from Agent, such Borrowers
shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of an automatic acceleration under Section 7.2 resulting from an Event of Default under
subsection 7.1(f) or 7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment
Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be
otherwise required to be funded. Upon receipt by the Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swingline Lender shall promptly pay over to
such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swingline Lender
with respect to such portion. 
 (iv) Obligation to Fund Absolute. Each Revolving Lender’s obligations pursuant to
clause (iii) above shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any
setoff, claim, abatement, 

  
 10 

 
recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Swingline Lender, Agent, any other Lender or L/C Issuer or any other Person,
(B) the failure of any condition precedent set forth in Section 2.2 to be satisfied or the failure of the Borrower Representative to deliver a Notice of Borrowing (each of which requirements the Revolving Lenders hereby irrevocably
waive) and (C) any adverse change in the condition (financial or otherwise) of any Credit Party. 
 1.2 Notes. 

(a) [Intentionally Reserved.] 

(b) The Revolving Loans made by each Revolving Lender shall be evidenced by this Agreement and, subject to subsection 1.4(d), if
requested by such Lender, a Revolving Note payable to such Lender in an amount equal to such Lender’s Revolving Loan Commitment. Subject to the security principles described in Section 11.8, each Revolving Note shall represent the
obligation of each Borrower Group to pay its Ratable Share of the applicable Lender’s Revolving Loan Commitment, together with interest thereon as prescribed in Section 1.3. 

(c) Swing Loans made by the Swingline Lender shall be evidenced by this Agreement and, subject to subsection 1.4(d), if requested by
such Lender, a Swingline Note in an amount equal to the Swingline Commitment. 
 (d) Each Borrower Group shall be primarily liable for the
Loans advanced to, and Letter of Credit Obligations incurred by, it. 
 1.3 Interest. 

(a) Subject to subsections 1.3(c) and 1.3(d), each Loan shall bear interest on the outstanding principal amount thereof from the
date when made at a rate per annum equal to (i) with respect to Loans made in Dollars, LIBOR or the Base Rate, as the case may be, as selected by the Borrower Representative under subsection 1.5(a) or Section 1.6, as
applicable, and (ii) with respect to Loans made in Canadian Dollars, the BA Rate or the Canadian Index Rate, as the case may be, as selected by the Borrower Representative under subsection 1.5(a) or Section 1.6, as
applicable, plus, in each case, the Applicable Margin; provided, Swing Loans may not be LIBOR Rate Loans or BA Rate Loans. Commencing on July 1, 2012, and continuing thereafter, the Applicable Margin for Loans shall be
subject to adjustment as set forth in the definition of Applicable Margin. Agent will with reasonable promptness (and in any event within ten (10) Business Days) notify the Borrower Representative and the Lenders of the effective date and the
amount of each such change; provided, that any failure to do so shall not relieve the Borrowers of any liability hereunder or provide the basis for any claim against Agent. Each determination of an interest rate by Agent shall be conclusive
and binding on each Borrower and the Lenders in the absence of manifest error. All computations of fees and interest payable under this Agreement shall be made on the basis of (i) in the case of Dollar-denominated fees and interest, a 360-day
year and actual days elapsed and (ii) in the case of Canadian Dollar-denominated fees and interest, a 365-day year and actual days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from
the first day thereof to the last day thereof. 

  
 11 

 (b) Interest on each Loan shall be paid in arrears on each Interest Payment Date. Interest shall
also be paid on the date of any payment or prepayment of Loans in full. 
 (c) At the election of Agent or the Required Lenders while any
Event of Default exists (or automatically in the event of an automatic acceleration under Section 7.2 resulting from an Event of Default under subsection 7.1(f) or 7.1(g)), the Borrowers shall pay interest (after as well as
before entry of judgment thereon to the extent permitted by law) on the Loans under the Loan Documents from and after the date of the occurrence of such Event of Default until the date such Event of Default no longer exists (as reasonably determined
by Agent), at a rate per annum which is determined by adding two percent (2.0%) per annum to the Applicable Margin then in effect for such Loans (plus LIBOR, the Base Rate, the BA Rate or the Canadian Index Rate, as the case may be). All
such interest shall be payable on demand of Agent or the Required Lenders. 
 (d) Anything herein to the contrary notwithstanding, the
obligations of the EINA Borrowers hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or
receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such
event the EINA Borrowers shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder
is less than the Maximum Lawful Rate, the EINA Borrowers shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would
have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. If any provision of this Agreement or of any of the other
Loan Documents would obligate any EICA Borrower or Camrose Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by such
Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to
the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by such Lender of “interest” at a “criminal rate,” such adjustment to be effected, to the extent
necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under this subsection 1.3(d) and (2) thereafter, by reducing any fees, commissions, premiums and other amounts
required to be paid to such Lender which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). Any amount or rate of interest referred to in this subsection 1.3(d) shall be determined in
accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Loan remains outstanding on the assumption that any charges, fees or expenses that fall within the
meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the Closing Date to the Revolving
Termination Date and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Agent shall be conclusive for the purposes of such determination. 

  
 12 

 (e) For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of
interest or fees to which the rates of interest or fees provided for in this Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be computed on the basis of a 360 or 365 day year or any other period of time less
than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or 365 or such other period of time, as the case may be. 

1.4 Loan Accounts. 
 (a)
Agent, on behalf of the Lenders, shall record on its books and records the amount of each Loan made, the Borrower Group primarily liable therefor, the interest rate applicable thereto, all payments of principal and interest thereon and the principal
balance thereof from time to time outstanding. Agent shall deliver to the Borrower Representative on a monthly basis a loan statement setting forth such record for the immediately preceding calendar month. Such record shall, absent manifest error,
be conclusive evidence of the amount of the Loans made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so, or any failure to deliver such loan statement shall not, however, limit
or otherwise affect the obligation of the Borrowers hereunder (and under any Note) to pay any amount owing with respect to the Loans or provide the basis for any claim against Agent. 

(b) Agent, acting as a non-fiduciary agent of the Borrowers solely for tax purposes and solely with respect to the actions described in this
subsection 1.4(b), shall establish and maintain at its address referred to in Section 9.2 (or at such other address as Agent may notify the Borrower Representative) (A) a record of ownership (the “Register”)
in which Agent agrees to register by book entry the interests (including any rights to receive payment hereunder) of Agent, each Lender and each L/C Issuer in the Revolving Loans, Swing Loans, L/C Reimbursement Obligations and Letter of Credit
Obligations, each of their obligations under this Agreement to participate in each Loan, Letter of Credit, Letter of Credit Obligations and L/C Reimbursement Obligations, and any assignment of any such interest, obligation or right and
(B) accounts in the Register in accordance with its usual practice in which it shall record (1) the names and addresses of the Lenders and the L/C Issuers (and each change thereto pursuant to Sections 9.9 and 9.22),
(2) the Commitments of each Lender, (3) the amount and currency of each Loan and each funding of any participation described in clause (A) above, the Borrower Group incurring each such Loan (or liable with respect to such
participation) and for LIBOR Rate Loans and BA Rate Loans, the Interest Period applicable thereto, (4) the amount of any principal or interest due and payable or paid, (5) the amount and currency of the L/C Reimbursement Obligations due
and payable or paid in respect of Letters of Credit and (6) any other payment received by Agent from a Borrower and its application to the Obligations. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Loans (including any Notes evidencing such Loans and, in the
case of Revolving Loans, the corresponding obligations to participate in Letter of Credit Obligations and Swing Loans) and the L/C Reimbursement Obligations are registered obligations, the right, title and interest of the Lenders and the L/C Issuers
and their assignees in and to such Loans or L/C Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such transfer in the 

  
 13 

 
Register and no assignment thereof shall be effective until recorded therein. This Section 1.4 and Section 9.9 shall be construed so that such Loans and L/C Reimbursement
Obligations are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. 

(d) The Credit Parties, Agent, the Lenders and the L/C Issuers shall treat each Person whose name is recorded in the Register as a Lender or
L/C Issuer, as applicable, for all purposes of this Agreement. Information contained in the Register with respect to any Lender or any L/C Issuer shall be available for access by the Borrowers, the Borrower Representative, Agent, such Lender or such
L/C Issuer during normal business hours and from time to time upon at least one Business Day’s prior notice. No Lender or L/C Issuer shall, in such capacity, have access to or be otherwise permitted to review any information in the
Register other than information with respect to such Lender or L/C Issuer unless otherwise agreed by Agent. 
 1.5 Procedure for
Revolving Credit Borrowing. 
 (a) Each Borrowing of a Revolving Loan shall be made upon the Borrower Representative’s irrevocable
(subject to Section 10.5) written notice delivered to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by Agent, unless Agent otherwise
consents, prior to (x) 9:00 a.m. (New York time), with respect to same day Canadian Index Rate Loans under clause (i) below or (y) 2:00 p.m. (New York time), with respect to all other Loans, (i) on the date of the
requested Borrowing of each Base Rate Loan or Canadian Index Rate Loan, as the case may be, equal to or less than $20,000,000 or CDN$20,000,000, as applicable, (ii) on the date which is one (1) Business Day prior to the requested Borrowing
date of each Base Rate Loan or Canadian Index Rate Loan, as the case may be, in excess of $20,000,000 or CDN$20,000,000, as applicable, but equal to or less than $50,000,000 or CDN$50,000,000, as applicable, (iii) on the date which is two
(2) Business Days prior to the requested Borrowing date of each Base Rate Loan or Canadian Index Rate Loan, as the case may be, in excess of $50,000,000 or CDN$50,000,000, as applicable, and (iv) on the day which is three (3) Business
Days prior to the requested Borrowing date in the case of each LIBOR Rate Loan or BA Rate Loan. Such Notice of Borrowing shall specify: 

(i) the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000 or CDN$100,000, as applicable); 

(ii) the requested Borrowing date, which shall be a Business Day; 

(iii) the currency of the Borrowing and whether the Borrowing is to be comprised of LIBOR Rate Loans, Base Rate Loans, BA Rate Loans or
Canadian Index Rate Loans; 
 (iv) if the Borrowing is to be LIBOR Rate Loans or BA Rate Loans the Interest Period applicable to such
Loans; and 
 (v) the Borrower and Borrower Group for which Borrower Representative is requesting the Loans. 

  
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 For purposes of clarity and subject to the Dollar and Canadian Dollar limitations set forth above, the Borrower
Representative may request Borrowings denominated in Dollars and Borrowings denominated in Canadian Dollars on the same Business Day. 
 (b)
Upon receipt of a Notice of Borrowing, Agent will promptly notify each Revolving Lender of such Notice of Borrowing and of the amount of such Lender’s Commitment Percentage of the Borrowing. 

(c) Unless Agent is otherwise directed in writing by the Borrower Representative, the proceeds of each requested Borrowing after the Closing
Date will be made available to the applicable Borrowers by Agent by wire transfer of such amount to the applicable Borrowers pursuant to the wire transfer instructions specified on the signature page hereto. 

1.6 Conversion and Continuation Elections. 

(a) Subject to subsection 1.1(b)(v), the Borrowers shall have the option to (i) request that any Revolving Loan in Dollars be made
as a LIBOR Rate Loan or a Base Rate Loan, (ii) convert at any time all or any part of outstanding Loans in Dollars (other than Swing Loans in Dollars) from Base Rate Loans to LIBOR Rate Loans, (iii) convert any LIBOR Rate Loan to a Base
Rate Loan, subject to Section 10.4 if such conversion is made prior to the expiration of the Interest Period applicable thereto or (iv) continue all or any portion of any Loan in Dollars as a LIBOR Rate Loan upon the expiration of
the applicable Interest Period. Any Loan or group of Loans in Dollars having the same proposed Interest Period to be made or continued as, or converted into, a LIBOR Rate Loan must be in a minimum amount of $5,000,000. In addition, subject to
subsection 1.1(b)(v), the EICA Borrowers and the Camrose Borrowers shall have the option to (i) request that a Loan in Canadian Dollars be made as a BA Rate Loan or a Canadian Index Rate Loan, (ii) convert at any time all or any
part of outstanding Loans in Canadian Dollars (other than Swing Loans in Canadian Dollars) from Canadian Index Rate Loans to BA Rate Loans, (iii) convert any BA Rate Loan to a Canadian Index Rate Loan, subject to Section 10.4 if
such conversion is made prior to the expiration of the Interest Period applicable thereto or (iv) continue all or any portion of any Loan in Canadian Dollars as a BA Rate Loan upon the expiration of the applicable Interest Period. Any Loan or
group of Loans in Canadian Dollars having the same proposed Interest Period to be made or continued as, or converted into, a BA Rate Loan must be in a minimum amount of CDN$5,000,000. Any such election must be made by Borrower Representative for the
applicable Borrower Group by 2:00 p.m. (New York time) on the third Business Day prior to (1) the date of any proposed Revolving Loan which is to bear interest at LIBOR or BA Rate, (2) the end of each Interest Period with respect to any
LIBOR Rate Loans or BA Rate Loans to be continued as such or (3) the date on which the Borrowers wish to convert any Base Rate Loan or Canadian Index Rate Loan to a LIBOR Rate Loan or BA Rate Loan, as applicable, for an Interest Period
designated by the Borrower Representative in such election. If no election is received with respect to a LIBOR Rate Loan or BA Rate Loan by 2:00 p.m. (New York time) on the third Business Day prior to the end of the Interest Period with respect
thereto, that LIBOR Rate Loan or BA Rate Loan, as the case may be, shall be converted to a Base Rate Loan or Canadian Index Rate Loan, as applicable, at the end of its Interest Period. The Borrower Representative must make such election by notice to
Agent in writing, including by Electronic Transmission. In the case of any conversion or continuation, such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) substantially in the

  
 15 

 
form of Exhibit 1.6 or in a writing in any other form acceptable to Agent. No Loan shall be made, converted into or continued as a LIBOR Rate Loan or a BA Rate Loan, if the conditions to
Loans and Letters of Credit in Section 2.2 are not met at the time of such proposed conversion or continuation and Agent or Required Lenders have determined not to make or continue any Loan as a LIBOR Rate Loan or a BA Rate Loan as a
result thereof. 
 (b) Upon receipt of a Notice of Conversion/Continuation, Agent will promptly notify each Lender thereof. In addition,
Agent will, with reasonable promptness (but in any event within two (2) Business Days), notify the Borrower Representative and the Lenders of each determination of LIBOR or the BA Rate, as applicable; provided, that any failure to do so
shall not relieve any Borrower of any liability hereunder or provide the basis for any claim against Agent. All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans held by each
Lender with respect to which the notice was given. 
 (c) Notwithstanding any other provision contained in this Agreement, after giving
effect to any Borrowing, or to any continuation or conversion of any Loans, there shall not be more than twelve (12) different Interest Periods in effect. 

1.7 Voluntary Reductions in Revolving Loan Commitments. 

(a) The Borrowers may, at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to Agent) prior
written notice by the Borrower Representative to Agent, permanently reduce (but not terminate) the Aggregate Revolving Loan Commitment; provided, that (A) such reductions shall be in an amount greater than or equal to $1,000,000 and
(B) the Aggregate Revolving Loan Commitment shall not be reduced to an amount less than the sum of the aggregate outstanding principal balance of Revolving Loans of all of the Borrowers, plus Swing Loans of all of the Borrowers,
plus Letter of Credit Obligations outstanding with respect to all of the Borrowers. In addition, the Borrowers may at any time on at least five (5) Business Days prior written notice by the Borrower Representative to Agent terminate the
Aggregate Revolving Loan Commitment; provided, that upon such termination, all Obligations of all of the Borrowers (other than outstanding Letters of Credit that are fully cash collateralized in accordance with the terms hereof and other than
any Obligations in respect of Letters of Credit, Secured Rate Contracts, Secured Bank Products and/or Secured Commodities Hedging Contracts that, in accordance with their terms or as a result of alternative arrangements made by the relevant
Borrowers and the counterparties thereof, will in connection with such termination no longer be secured under the Collateral Documents) shall be immediately due and payable in full and all Letter of Credit Obligations of all of the Borrowers shall
be cash collateralized or otherwise satisfied in accordance herewith; provided, further, a notice of termination of the Aggregate Revolving Loan Commitment delivered by the Borrower Representative may state that such notice is
conditioned upon the effectiveness of other credit facilities, in which case, such notice may be (subject to payment of any amount pursuant to Section 10.4) revoked by the Borrower Representative (by notice to Agent on or prior to the
specified effective date) if such condition is not satisfied. Optional reductions or terminations of the Aggregate Revolving Loan Commitment shall be without penalty or premium except as provided in Section 10.4. All reductions of the
Aggregate Revolving Loan Commitment shall be allocated pro rata among all Revolving Lenders. A permanent reduction of the Aggregate Revolving Loan Commitment shall require a corresponding pro rata reduction in the L/C Sublimit. 

  
 16 

 (b) Other than as expressly set forth above, the notice of any reduction or termination shall not
thereafter be revocable by the Borrowers or Borrower Representative and Agent will promptly notify each Lender thereof and of such Lender’s Commitment Percentage of such reduction or termination. The reduction or termination specified in such
notice shall occur on the date specified therein. Together with each reduction or termination under this Section 1.7, the Borrowers shall pay any amounts required pursuant to Section 10.4. 

1.8 Mandatory Prepayments of Loans and Commitment Reductions. 

(a) [Intentionally Reserved.] 

(b) Revolving Loan. Subject to the security principles described in Section 11.8, each Borrower Group shall repay to the
Lenders in full on the date specified in clause (a) of the definition of “Revolving Termination Date” its Ratable Share of the aggregate principal amount of the Revolving Loans and Swing Loans, and all amounts due with
respect to its Letter of Credit Obligations (other than outstanding Letters of Credit that are fully cash collateralized in accordance with the terms hereof), in each case, outstanding on the Revolving Termination Date. 

(c) Asset Dispositions. If a Credit Party or any Subsidiaries of a Credit Party shall at any time or from time to time: 

(i) make a Disposition of Collateral; or 

(ii) suffer an Event of Loss with respect to Collateral; 

and the aggregate amount of the Net Proceeds received by the Credit Parties and such Subsidiaries in connection with such Disposition or Event of Loss and all
other Dispositions and Events of Loss occurring during the Fiscal Year exceeds $4,000,000, then (A) the Borrower Representative shall promptly notify Agent of such Disposition or Event of Loss (including the amount of the Net Proceeds received
by a Credit Party and/or such Subsidiaries in respect thereof) and (B) within three (3) Business Days of receipt by a Credit Party and/or such Subsidiaries of the Net Proceeds of such Disposition or Event of Loss, such Credit Party or
Subsidiaries shall deliver, or cause to be delivered, such excess Net Proceeds to Agent for distribution to the Lenders as a prepayment of the Loans, which prepayment shall be applied in accordance with subsection 1.8(g). 

(d) Issuance of Securities. Immediately upon the receipt by any Credit Party or any Subsidiaries of any Credit Party of the Net
Issuance Proceeds of the issuance of Stock or Stock Equivalents (including any capital contribution) or debt securities (other than Net Issuance Proceeds from the issuance of (i) debt securities in respect of Indebtedness permitted hereunder
including, for greater certainty, Permitted Unsecured Debt and (ii) Excluded Equity Issuances), such Credit Party or Subsidiaries shall deliver, or cause to be delivered, to Agent an amount equal to fifty percent (50%) of such Net Issuance
Proceeds, for application to the Loans in accordance with subsection 1.8(g). For purposes of clarity and without limiting the foregoing, 

  
 17 

 
Parent Subordinated Indebtedness may be converted into equity without any prepayment being required under this clause (d). 

(e) [Intentionally Reserved.] 

(f) [Intentionally Reserved.] 

(g) Application of Prepayments. Subject to subsection 1.10(c) and Section 11.8, any prepayments of the Loans
pursuant to Section 1.7 and any prepayments pursuant to subsection 1.8(c) or 1.8(d) shall be applied first to prepay outstanding Swing Loans and second to prepay outstanding Revolving Loans without a permanent
reduction of the Aggregate Revolving Loan Commitment; provided, that Net Proceeds and/or Net Issuance Proceeds, as the case may be, attributable to a particular Borrower Group and its Subsidiaries shall be applied, first, to the Loans
advanced to that Borrower Group (regardless of currency) until those Loans have been paid in full and then pro rata to the Loans advanced to the other Borrowers to the extent such Borrower Group is liable therefor in accordance with the terms hereof
and the other Loan Documents, in each case, in the order specified above. To the extent permitted by the foregoing sentence, amounts prepaid shall be applied first to any Base Rate Loans or Canadian Index Rate Loans, as applicable, then outstanding
and then to outstanding LIBOR Rate Loans or BA Rate Loans, as applicable, with the shortest Interest Periods remaining. Together with each prepayment under this Section 1.8, the Borrowers shall pay any amounts required pursuant to
Section 10.4. 
 (h) No Implied Consent. Provisions contained in this Section 1.8 for the application of
proceeds of certain transactions shall not be deemed to constitute consent of the Lenders to transactions that are not otherwise permitted by the terms hereof or the other Loan Documents. 

1.9 Fees. 
 (a)
Fees. The Borrowers shall pay to Agent, for Agent’s own account, fees in the amounts and at the times set forth in that certain letter agreement among EINA, EICA, Agent, GECM and GECMCA dated November 14, 2011 (as amended from time
to time, the “Fee Letter”). All fees due and payable under the Fee Letter shall be allocated (in terms of which Borrower Group is primarily liable therefor) 54% to the EINA Borrowers, 42% to the EICA Borrowers and 4% to the Camrose
Borrowers. 
 (b) Unused Commitment Fee. The Borrowers shall pay to Agent a fee (the “Unused Commitment Fee”) for
the account of each Revolving Lender in an amount equal to: 
 (i) the average daily balances of the Revolving Loan Commitment of such
Revolving Lender during the preceding calendar month, less 
 (ii) the sum of (x) the average daily balance of all Revolving
Loans held by such Revolving Lender, plus (y) the average daily amount of Letter of Credit Obligations held by such Revolving Lender, plus (z) in the case of the Swingline Lender, the average daily balance of all outstanding
Swing Loans held by such Swingline Lender, in each case, during the preceding calendar month; provided, in no event shall the amount computed pursuant to clauses (i) and (ii) be less than zero, 

  
 18 

 (iii) multiplied by the Applicable Unused Fee Margin per annum. 

Such fee shall be payable monthly in arrears on February 1, 2012 and the first day of each calendar month thereafter. The Unused Commitment Fee provided
in this subsection 1.9(b) shall accrue at all times from and after mutual execution and delivery of this Agreement. Following receipt of the Unused Commitment Fee, Agent shall pay to each Revolving Lender (other than the Swingline Lender with
respect to any Swing Loans) from, and to the extent of, the Unused Commitment Fee and interest received by it on the Swing Loans, an amount equal to its pro rata share calculated as if the average daily balance of Swing Loans for the preceding
calendar month had been zero. No Unused Commitment Fee shall accrue with respect to any Revolving Loan Commitments of a Non-Funding Lender during the period such Lender is a Non-Funding Lender. The Unused Commitment Fee shall be allocable among the
Borrower Groups (in terms of which Borrower Group is primarily liable therefor) by Agent in its Permitted Discretion based on each Borrower Group’s Revolver Utilization during any period as compared to the Revolver Utilization of all of the
Borrower Groups for the same period. 
 (c) Letter of Credit Fee. Each Borrower Group agrees to pay to Agent for the ratable benefit
of the Revolving Lenders, as compensation to such Lenders for Letter of Credit Obligations incurred hereunder by such Borrower Group, (i) all costs and expenses incurred by Agent or any Lender on account of such Letter of Credit Obligations and
(ii) for each calendar month during which any such Letter of Credit Obligation shall remain outstanding, a fee (the “Letter of Credit Fee”) payable in Dollars in respect of Dollar-denominated Letters of Credit and Canadian
Dollars in respect of Canadian Dollar-denominated Letters of Credit in an amount equal to the product of the average daily undrawn face amount of all such Letters of Credit issued, guaranteed or supported by risk participation agreements
multiplied by a per annum rate equal to the Applicable Margin with respect to Revolving Loans which are LIBOR Rate Loans or BA Rate Loans; provided, however, at Agent’s or Required Revolving Lenders’ option, while an
Event of Default exists (or automatically in the event of an automatic acceleration under Section 7.2 resulting from an Event of Default under subsection 7.1(f) or 7.1(g)), such Letter of Credit Fee shall be increased by
two percent (2.00%) per annum. Such Letter of Credit Fee shall be paid to Agent for the benefit of the Revolving Lenders in arrears, on the first day of each calendar month (beginning February 1, 2012) and on the date on which all such
Letter of Credit Obligations have been discharged. In addition, the applicable Borrowers shall pay to any L/C Issuer, on demand, its customary fees at then prevailing rates, charges and expenses of such L/C Issuer in respect of the issuance,
negotiation, acceptance, amendment, transfer and payment of such Letter of Credit or otherwise payable pursuant to the application and related documentation under which such Letter of Credit is issued. 

1.10 Payments by the Credit Parties. Subject to the security principles described in Section 11.8, 

(a) All payments (including prepayments) to be made by each Credit Party on account of principal, interest, fees and other amounts required
hereunder shall be made without set-off, recoupment, counterclaim or deduction of any kind, shall, except as otherwise expressly 

  
 19 

 
provided herein, be made to Agent (for the ratable account of the Persons entitled thereto) at the address for payment specified in the signature page hereof in relation to Agent (or such other
address as Agent may from time to time specify in accordance with Section 9.2), including payments utilizing the ACH system, and shall be made in Dollars or Canadian Dollars, as applicable, and by wire transfer or ACH transfer in
immediately available funds (which shall be the exclusive means of payment hereunder), no later than 2:00 p.m. (New York time) on the date due. Any payment which is received by Agent later than 2:00 p.m. (New York time) may in Agent’s
discretion be deemed to have been received on the immediately succeeding Business Day and any applicable interest or fee shall continue to accrue. Each Borrower and each other Credit Party hereby irrevocably waives the right to direct the
application during the continuance of an Event of Default of any and all payments in respect of any Obligation and any proceeds of Collateral. Each Borrower Group hereby authorizes Agent and each Lender to make a Revolving Loan (which shall be a
Base Rate Loan or Canadian Index Rate Loan and which may be a Swing Loan) to pay (i) interest, principal (including Swing Loans), L/C Reimbursement Obligations, agent fees, Unused Commitment Fees and Letter of Credit Fees owing by such Borrower
Group, in each instance, on the date due or (ii) after five (5) days’ prior notice to the Borrower Representative, other fees, costs or expenses payable by such Borrower Group or any of its Subsidiaries hereunder or under the other
Loan Documents. 
 (b) Subject to the provisions set forth in the definition of “Interest Period” herein, if any payment
hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may
be. 
 (c) During the continuance of an Event of Default, Agent may, and shall upon the direction of Required Lenders, apply any and all
payments received by Agent in respect of any Obligation in accordance with clauses first through seventh below. Notwithstanding any provision herein to the contrary, all amounts collected or received by Agent after any or all of the
Obligations have been accelerated (so long as such acceleration has not been rescinded), including proceeds of Collateral, shall be applied as follows: 

first, to payment of costs and expenses, including Attorney Costs, of Agent payable or reimbursable by the Credit
Parties under the Loan Documents; 
 second, to payment of Attorney Costs of Lenders payable or reimbursable by the
Borrowers under this Agreement; 
 third, to payment of all accrued unpaid interest on the Obligations and fees owed
to Agent, Lenders and L/C Issuers; 
 fourth, to payment of principal of the Obligations (including, without
limitation, L/C Reimbursement Obligations then due and payable and cash collateralization of unmatured L/C Reimbursement Obligations to the extent not then due and payable, but excluding any Obligations under any Secured Rate Contract, any Secured
Bank Products and any Secured Commodities Hedging Contracts); 

  
 20 

 fifth, to payment of any Obligations under any Secured Rate Contract, any
Secured Bank Products and any Secured Commodities Hedging Contracts; 
 sixth, to payment of any other amounts owing
constituting Obligations; and 
 seventh, any remainder shall be for the account of and paid to whoever may be
lawfully entitled thereto. 
 In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided
until exhausted prior to the application to the next succeeding category and (ii) each of the Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to
clauses third, fourth, fifth and sixth above. 
 Notwithstanding the foregoing provisions of subsection
1.10(c), payments from each Borrower Group and proceeds of its Collateral shall be applied to pay that Borrower Group’s Obligations in the order set forth above; in the case of items first and second, to the extent of its
Ratable Share of such Obligations; in the case of item third, to the extent of interest and fees on the Loans and Letters of Credit advanced to, or for the account of, that Borrower Group or guaranteed by such Borrower Group; in the case of
item fourth, to the principal and cash collateralization of Loans advanced to such Borrower Group and Letters of Credit for its account or guaranteed by such Borrower Group; in the case of item fifth, on a pro rata basis to the
Obligations under that Borrower Group’s Secured Rate Contracts, Secured Bank Products and Secured Commodities Hedging Contracts or guaranteed by such Borrower Group; in the case of item sixth, to any such Obligations attributable to such
Borrower Group; and thereafter, to the extent such Borrower Group is otherwise liable for the Obligations of the other Borrower Groups and/or Credit Parties hereunder, to the Obligations of such other Borrower Groups and/or Credit Parties in the
same order of priority. 
 1.11 Payments by the Lenders to Agent; Settlement. 

(a) Unless Agent, as well as General Electric Capital Corporation, Attn: Loan Servicing Group, 500 West Monroe, 13th Floor, Chicago, Illinois 60661, Facsimile No.: 312-441-7652 (as such information may be updated from time to time with a notice sent to Lenders in accordance with Section 9.2), each
shall have actually received notice from a Lender prior to the time of any Borrowing that such Lender will not make available to Agent such Lender’s portion of such Borrowing, in which case Agent may not disburse such Lender’s portion
of such Borrowing to the applicable Borrowers, Agent may, on behalf of the other Lenders, disburse funds to the applicable Borrowers for Loans requested. Each Lender shall reimburse Agent on demand for all funds disbursed on its behalf by Agent, or
if Agent so requests, each Lender will remit to Agent its Commitment Percentage of any Loan before Agent disburses the same to the applicable Borrowers. If Agent elects to require that each Lender make funds available to Agent prior to disbursement
by Agent to the applicable Borrowers, Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of the Loan requested by the Borrower Representative no later than the Business Day prior to the
scheduled Borrowing date applicable thereto, and each such Lender shall pay Agent such Lender’s Commitment Percentage of such requested Loan, in same day funds, by wire transfer to Agent’s account, as set forth on Agent’s signature
page hereto, no later than 1:00 p.m. (New York time) on such 

  
 21 

 
scheduled Borrowing date. Nothing in this subsection 1.11(a) or elsewhere in this Agreement or the other Loan Documents, including the remaining provisions of Section 1.11,
shall be deemed to require Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Agent, any Lender or the Borrowers may have against any
Lender as a result of any default by such Lender hereunder. 
 (b) At least once each calendar week or more frequently at Agent’s
election (each, a “Settlement Date”), Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of principal, interest and Fees paid for the benefit of Lenders with respect to each
applicable Loan. Provided that each Lender has funded all payments required to be made by it and funded all purchases of participations required to be funded by it under this Agreement and the other Loan Documents as of such Settlement Date, Agent
shall pay to each Lender such Lender’s Commitment Percentage (as increased in accordance with the reallocation and assumption required by subsection 1.11(e)(ii) until such time as such Lenders have received payment in full of the
Aggregate Excess Funding Amount) of principal, interest and fees paid by the Borrowers since the previous Settlement Date for the benefit of such Lender on the Loans held by it. Such payments shall be made by wire transfer to such Lender not later
than 2:00 p.m. (New York time) on the next Business Day following each Settlement Date. Subject to the security principles described in Section 11.8, Agent shall be entitled to set off the funding shortfall against any Non-Funding
Lender’s Commitment Percentage of all payments received from the Borrowers, after making payment in full of the Aggregate Excess Funding Amount to the funding Lenders thereof, and hold, in a non-interest bearing account, all remaining portions
of any payments received by Agent for the benefit of any Non-Funding Lender pursuant to this Agreement as cash collateral for any unfunded reimbursement obligations of such Non-Funding Lender until the Obligations are paid in full in cash, all
Letter of Credit Obligations have been discharged or cash collateralized and all Commitments have been terminated, and upon such unfunded obligations owing by a Non-Funding Lender becoming due and payable, Agent shall be authorized to use such cash
collateral to make such payment on behalf of such Non-Funding Lender. Any amounts owing by a Non-Funding Lender to Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to Revolving Loans that are
Base Rate Loans or Canadian Index Rate Loans, as applicable. 
 (c) Availability of Lender’s Commitment Percentage. Unless
Agent, as well as General Electric Capital Corporation, Attn: Loan Servicing Group, 500 West Monroe, 13th Floor, Chicago, Illinois 60661, Facsimile No.: 312-441-7652 (as such information may be
updated from time to time with a notice sent to Lenders in accordance with Section 9.2), each shall have actually received notice from a Lender prior to the time of any Borrowing that such Lender will not make available to Agent
such Lender’s portion of such Borrowing, in which case Agent may not assume that such Lender will make its Commitment Percentage of Revolving Loans available to Agent, Agent may assume that each other Revolving Lender will make its Commitment
Percentage of each Revolving Loan available to Agent on each Borrowing date. If such Commitment Percentage is not, in fact, paid to Agent by such Revolving Lender when due, Agent will be entitled to recover such amount on demand from such Revolving
Lender without setoff, counterclaim or deduction of any kind. If any Revolving Lender fails to pay the amount of its Commitment Percentage forthwith upon Agent’s demand, Agent shall promptly notify the

  
 22 

 
Borrower Representative and the applicable Borrowers shall immediately repay such amount to Agent. Nothing in this subsection 1.11(c) or elsewhere in this Agreement or the other Loan
Documents shall be deemed to require Agent to advance funds on behalf of any Revolving Lender or to relieve any Revolving Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that any Borrower may have against
any Revolving Lender as a result of any default by such Revolving Lender hereunder. Without limiting the provisions of subsection 1.11(b), to the extent that Agent advances funds to any Borrower on behalf of any Revolving Lender and is not
reimbursed therefor on the same Business Day as such advance is made, Agent shall be entitled to retain for its account all interest accrued on such advance from the date such advance was made until reimbursed by the applicable Revolving Lender.

 (d) Return of Payments. 

(i) If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received
by Agent from any Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind. 

(ii) If Agent determines at any time that any amount received by Agent under this Agreement or any other Loan Document must be returned to
any Credit Party or paid to any other Person pursuant to any Insolvency Law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be required to distribute any portion thereof to
any Lender. In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to any Borrower or such other Person,
without setoff, counterclaim or deduction of any kind, and Agent will be entitled to set-off against future distributions to such Lender any such amounts (with interest) that are not repaid on demand. 

(e) Non-Funding Lenders; Procedures. Subject to the security principles described in Section 11.8: 

(i) Responsibility. The failure of any Non-Funding Lender to make any Revolving Loan, to incur any Letter of Credit Obligation, to make
any payment required to be made by it under any Loan Document or to fund any purchase of any participation to be made or funded by it (including, without limitation, with respect to any Swing Loan) on the date specified therefor shall not relieve
any other Lender (each such other Revolving Lender, an “Other Lender”) of its obligations to make such Loan, fund the purchase of any such participation or make any other such required payment on such date, and neither Agent nor,
other than as expressly set forth herein, any Other Lender shall be responsible for the failure of any Non-Funding Lender to make a Loan, fund the purchase of a participation or make any other required payment under any Loan Document. 

(ii) Reallocation. If any Revolving Lender is a Non-Funding Lender, all or a portion of such Non-Funding Lender’s Letter of
Credit Obligations (unless such Lender is the L/C Issuer that Issued such Letter of Credit) and reimbursement obligations with respect to 

  
 23 

 
Swing Loans shall, at Agent’s election at any time or upon any L/C Issuer’s or Swingline Lender’s, as applicable, written request delivered to Agent (whether before or after the
occurrence of any Default or Event of Default), be reallocated to and assumed by the Revolving Lenders that are not Non-Funding Lenders or Impacted Lenders pro rata in accordance with their Commitment Percentages of the Aggregate Revolving Loan
Commitment (calculated as if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Revolving Lender’s Commitment Percentage had been increased proportionately); provided, that no Revolving Lender shall be
reallocated any such amounts or be required to fund any amounts that would cause the sum of its outstanding Revolving Loans to all of the Borrowers, outstanding Letter of Credit Obligations with respect to all of the Borrowers, amounts of its
participations in Swing Loans to all of the Borrowers and its pro rata share of unparticipated amounts in Swing Loans to all of the Borrowers to exceed its Revolving Loan Commitment. 

(iii) Voting Rights. Notwithstanding anything set forth herein to the contrary, including Section 9.1, a Non-Funding
Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” or a “Revolving Lender” (or be, or have its Loans and Commitments, included in the determination of
“Required Lenders”, “Required Revolving Lenders”, “Supermajority Lenders” or “Lenders directly affected” pursuant to Section 9.1) for any voting or consent rights under or with respect to any Loan
Document; provided, that (A) the Commitment of a Non-Funding Lender may not be increased, (B) the principal of a Non-Funding Lender’s Loans may not be reduced or forgiven and (C) the interest rate applicable to Obligations
owing to a Non-Funding Lender may not be reduced in such a manner that by its terms affects such Non-Funding Lender more adversely than other Lenders, in each case without the consent of such Non-Funding Lender. Moreover, for the purposes of
determining Required Lenders, Required Revolving Lenders and Supermajority Lenders, the Loans, Letter of Credit Obligations and Commitments held by Non-Funding Lenders shall be excluded from the total Loans, Letter of Credit Obligations and
Commitments outstanding. 
 (iv) Borrower Payments to a Non-Funding Lender. Agent shall be authorized to use all payments received
by Agent for the benefit of any Non-Funding Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the appropriate Secured Parties. Following such payment in full of the Aggregate Excess Funding Amount, Agent shall
be entitled to hold such funds as cash collateral in a non-interest bearing account up to an amount equal to such Non-Funding Lender’s unfunded Revolving Loan Commitment and to use such amount to pay such Non-Funding Lender’s funding
obligations hereunder until the Obligations are paid in full in cash, all Letter of Credit Obligations have been discharged or cash collateralized and all Commitments have been terminated. Upon any such unfunded obligations owing by a Non-Funding
Lender becoming due and payable, Agent shall be authorized to use such cash collateral to make such payment on behalf of such Non-Funding Lender. With respect to such Non-Funding Lender’s failure to fund Revolving Loans or purchase
participations in Letters of Credit, Letter of Credit Obligations or Swing Loans, any amounts applied by Agent to satisfy such funding shortfalls shall be deemed to constitute a Revolving Loan or amount of the participation required to be funded
and, if necessary to effectuate the foregoing, the other Revolving Lenders shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased, Revolving Loans, Letters of Credit or Swing Loan participation interests from the
other Revolving Lenders until such time as the 

  
 24 

 
aggregate amount of the Revolving Loans and participations in Letters of Credit, Letter of Credit Obligations and Swing Loans are held by the Revolving Lenders in accordance with their Commitment
Percentages of the Aggregate Revolving Loan Commitment. Any amounts owing by a Non-Funding Lender to Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to Revolving Loans that are Base Rate
Loans or Canadian Index Rate Loans, as applicable. For purposes of clarity, the Borrowers shall not be liable for any interest accrued pursuant to the preceding sentence. In the event that Agent is holding cash collateral of a Non-Funding Lender
that cures pursuant to clause (v) below or ceases to be a Non-Funding Lender pursuant to the definition of Non-Funding Lender, Agent shall return the unused portion of such cash collateral to such Lender. The “Aggregate Excess
Funding Amount” of a Non-Funding Lender shall be the aggregate amount of (A) all unpaid obligations owing by such Lender to Agent, L/C Issuers, Swingline Lender and other Lenders under the Loan Documents, including such Lender’s
pro rata share of all Revolving Loans to all of the Borrowers, Letter of Credit Obligations of all of the Borrowers and Swing Loans of all of the Borrowers, plus, without duplication, (B) all amounts of such Non-Funding Lender’s
Letter of Credit Obligations with respect to all of the Borrowers and reimbursement obligations with respect to Swing Loans of all of the Borrowers reallocated to other Lenders pursuant to subsection 1.11(e)(ii). 

(v) Cure. A Lender may cure its status as a Non-Funding Lender under clause (a) of the definition of Non-Funding Lender if
such Lender (A) fully pays to Agent, on behalf of the applicable Secured Parties, the Aggregate Excess Funding Amount, plus all interest due thereon and (B) timely funds the next Revolving Loan required to be funded by such Lender
or makes the next reimbursement required to be made by such Lender. Any such cure shall not relieve any Lender from liability for breaching its contractual obligations hereunder. 

(vi) Fees. A Lender that is a Non-Funding Lender pursuant to clause (a) of the definition of Non-Funding Lender shall not
earn and shall not be entitled to receive, and the Borrowers shall not be required to pay, such Lender’s portion of the Unused Commitment Fee during the time such Lender is a Non-Funding Lender pursuant to clause (a) of the
definition thereof. In the event that any reallocation of Letter of Credit Obligations occurs pursuant to subsection 1.11(e)(ii), during the period of time that such reallocation remains in effect, the Letter of Credit Fee payable with
respect to such reallocated portion shall be distributed by Agent to (A) all Revolving Lenders based on their pro rata share of such reallocation or (B) to the L/C Issuer for any remaining portion not reallocated to any other Revolving
Lenders. 
 (f) Procedures. Agent is hereby authorized by each Credit Party and each other Secured Party to establish procedures (and
to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto. Without limiting the generality of the foregoing, Agent is hereby authorized to establish procedures to make
available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. 

1.12 Borrower Representative. Each Credit Party hereby designates and appoints EINA as its representative and agent on its behalf (the
“Borrower Representative”) for the purposes of issuing Notices of Borrowings, Notices of Conversion/Continuation, L/C Requests 

  
 25 

 
and Swingline Requests, delivering certificates including Compliance Certificates and Borrowing Base Certificates giving instructions with respect to the disbursement of the proceeds of the
Loans, selecting interest rate options, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any Credit
Party under the Loan Documents. Borrower Representative hereby accepts such appointment. Agent and each Lender may regard any notice or other communication pursuant to any Loan Document from the Borrower Representative as a notice or communication
from all Credit Parties. Each warranty, covenant, agreement and undertaking made on behalf of a Credit Party by Borrower Representative shall be deemed for all purposes to have been made by such Credit Party and shall be binding upon and enforceable
against such Credit Party to the same extent as if the same had been made directly by such Credit Party. 
 1.13 Eligible Accounts.
All of the Accounts owned by each Borrower Group and properly reflected as “Eligible Accounts” in the most recent applicable Borrowing Base Certificate delivered by Borrower Representative to Agent shall be “Eligible
Accounts” for purposes of this Agreement, except (x) any Account to which any of the exclusionary criteria set forth below applies and (y) any Accounts of the Camrose Borrowers prior to the completion of a field examination and
related Inventory appraisal, in each case, to the reasonable satisfaction of Agent, including the establishment of Reserves with respect thereto, as required in Agent’s or Co-Collateral Agent’s respective Permitted Discretion. Each of
Agent and Co-Collateral Agent shall have the right to establish, modify or eliminate Reserves against Eligible Accounts from time to time in its respective Permitted Discretion. In addition, each of Agent and Co-Collateral Agent reserves the right,
at any time and from time to time after the Closing Date, to adjust any of the applicable criteria, to establish new criteria and to adjust advance rates with respect to Eligible Accounts, in its respective Permitted Discretion, subject to the
approval of Supermajority Lenders in the case of adjustments, new criteria or changes in advance rates which have the effect of making more credit available. Eligible Accounts shall not include the following Accounts of a Borrower: 

(a) Past Due Accounts. Accounts that are not paid within the earlier of sixty (60) days following its due date or one hundred
twenty (120) days following its original invoice date; 
 (b) Cross Aged Accounts. Accounts that are the obligations of an
Account Debtor if fifty percent (50%) or more of the Dollar or Canadian Dollar amount, as applicable, of all Accounts owing by that Account Debtor are ineligible under the other criteria set forth in subsections 1.13(a) and (f).

 (c) Foreign Accounts. Accounts that are the obligations of an Account Debtor located in a country other than the United States or
Canada unless payment thereof is assured by a letter of credit assigned and delivered to Agent, reasonably satisfactory to Agent as to form, amount and issuer; 

(d) Government Accounts. Accounts that are the obligation of an Account Debtor that is the United States government or the Canadian
government (her Majesty the Queen in Right of Canada) or a political subdivision thereof, or any state, province, territory, county or 

  
 26 

 
municipality or department, agency or instrumentality thereof where applicable Requirements of Law impose any requirement (including any requirement of notice, acceptance or acknowledgement
by such Person) to constitute a valid assignment as against such Person, unless Agent, in its sole discretion, has agreed to the contrary in writing, or the applicable Borrower has complied with respect to such obligation with the Federal Assignment
of Claims Act of 1940, as amended, in the case of a U.S. federal Governmental Authority, the Financial Administration Act (Canada) in the case of a Canadian federal Governmental Authority, or any applicable state, provincial, territorial,
county or municipal law restricting the assignment thereof with respect to such obligation; 
 (e) Contra Accounts. Accounts
to the extent a Credit Party or any Subsidiary thereof is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party or any Subsidiary thereof but only to the extent of the potential offset; 

(f) Chargebacks/Partial Payments/Disputed. Any Account if any defense, counterclaim, setoff or dispute is asserted as to such Account,
but only to the extent of such defense, counterclaim, setoff or dispute; 
 (g) Inter-Company/Affiliate Accounts. Accounts that arise
from a sale to any Affiliate of any Credit Party; 
 (h) Concentration Risk. Accounts to the extent that such Account, together with
all other Accounts owing by such Account Debtor and its Affiliates as of any date of determination exceed fifteen percent (15%) of all Eligible Accounts of the applicable Borrower Group; provided, that with respect to one Account Debtor
at any one time that is an energy tubular customer of any Borrower, only Accounts which, together with all other Accounts owing by such Account Debtor and its Affiliates to Borrowers in the applicable Borrower Group as of any date of determination
exceed (i) in the case such Borrower is an EINA Borrower, twenty-five percent (25%) of all Eligible Accounts of the EINA Borrowers or (ii) in the case such Borrower is an EICA Borrower or a Camrose Borrower, thirty percent
(30%) of all Eligible Accounts of the EICA Borrowers or the Camrose Borrowers, as the case may be, will not qualify as “Eligible” under this clause (h) (and only to the extent of such excess); 

(i) Credit Risk. Accounts that are otherwise determined to be unacceptable by Agent in its Permitted Discretion, upon the delivery of
prior or contemporaneous notice (oral or written; provided, Agent agrees to use its best efforts to provide such notice in writing (but failure to provide such notice in writing shall not effect the validity of any oral notice hereunder)) of
such determination to the Borrower Representative; 
 (j) Pre-Billing. Accounts with respect to which an invoice, reasonably
acceptable to Agent in form and substance, has not been sent to the applicable Account Debtor; 
 (k) Defaulted Accounts; Bankruptcy.
Accounts where: 
 (i) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of
creditors or fails to pay its debts generally as they come due; or 

  
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 (ii) a petition is filed by or against any Account Debtor obligated upon such Account under any
bankruptcy law or any other federal, state, provincial, territorial or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors; 

(l) Employee Accounts. Accounts that arise from a sale to any director, officer, other employee, or to any entity that has any common
officer or director with any Credit Party; 
 (m) Progress Billing. Accounts (i) as to which a Borrower is not able to bring
suit or otherwise enforce its remedies against the Account Debtor through judicial process or (ii) if the Account 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 a Borrower’s completion of further performance under such contract or is subject to the equitable lien of a surety bond issuer; 

(n) Bill and Hold. Accounts that arise with respect to goods that are delivered on a bill-and-hold basis; 

(o) C.O.D. Accounts that arise with respect to goods that are delivered on a cash-on-delivery basis; 

(p) Credit Limit. Accounts to the extent such Account exceeds any credit limit established by Agent, in its Permitted Discretion,
following prior notice of such limit by Agent to the Borrower Representative; 
 (q) Non-Acceptable Alternative Currency. Accounts
that are payable in any currency other than (i) United States Dollars or (ii) Canadian Dollars; provided, Accounts eligible under this clause (ii) with respect to the EINA Borrowers shall at no time exceed twenty-five
percent (25.0%) of all Eligible Accounts of the EINA Borrowers; 
 (r) Other Liens Against Receivables. Accounts that
(i) are not owned by a Borrower or (ii) are subject to any right, claim, Lien or other interest of any other Person, other than Liens in favor of Agent, securing the Obligations; 

(s) Conditional Sale. Accounts that arise with respect to goods that are placed on consignment, guaranteed sale or other terms by
reason of which the payment by the Account Debtor is conditional; 
 (t) Judgments, Notes or Chattel Paper. Accounts that are
evidenced by a judgment, Instrument or Chattel Paper; 
 (u) Not Bona Fide. Accounts that are not true and correct statements of bona
fide indebtedness incurred in the amount of such Account for merchandise sold to or services rendered and accepted by the applicable Account Debtor; 

  
 28 

 (v) Ordinary Course; Sales of Equipment or Bulk Sales. Accounts that do not arise from the
sale of goods or the performance of services by a Borrower in the Ordinary Course of Business, including, without limitation, sales of Equipment and bulk sales; or 

(w) Not Perfected. Accounts as to which Agent’s Lien thereon, on behalf of itself and the other Secured Parties, is not a first
priority perfected Lien. 
 1.14 Eligible Inventory. All of the Inventory owned by each Borrower Group and properly reflected as
“Eligible Inventory” in the most recent applicable Borrowing Base Certificate delivered by Borrower Representative to Agent shall be “Eligible Inventory” for purposes of this Agreement, except (x) any Inventory
to which any of the exclusionary criteria set forth below or in the component definitions herein applies and (y) any Inventory of the Camrose Borrowers prior to the completion of a field examination and an Inventory appraisal with respect
thereto, in each case, to the reasonable satisfaction of Agent, including the establishment of Reserves required in Agent’s or Co-Collateral Agent’s respective Permitted Discretion. Each of Agent and Co-Collateral Agent shall have the
right to establish, modify, or eliminate Reserves against Eligible Inventory from time to time in its respective Permitted Discretion. In addition, each of Agent and Co-Collateral Agent reserves the right, at any time and from time to time after the
Closing Date, to adjust any of the applicable criteria, to establish new criteria and to adjust advance rates with respect to Eligible Inventory in its respective Permitted Discretion, subject to the approval of Supermajority Lenders in the case of
adjustments, new criteria or changes in advance rates which have the effect of making more credit available. Eligible Inventory shall not include the following Inventory of a Borrower: 

(a) Damaged/Unsaleable. Inventory that is damaged, unsaleable or otherwise unfit for sale and that is outside the range of tolerances
that are customarily accepted by customers of such Borrower or has been specifically rejected by any customer; 
 (b) Locations <
$100,000. Inventory that is located at any site if the aggregate book value of Inventory at any such location is less than $100,000; 

(c) Consignment. Inventory that is placed on consignment; 

(d) Off-Site. Inventory that (i) is not located on premises owned, leased or rented by a Borrower and set forth in Schedule
3.21, (ii) is stored at a leased location (including those listed on Schedule 3.21), unless (x) a reasonably satisfactory Collateral Access Agreement has been delivered to Agent or (y) Reserves reasonably satisfactory to
Agent and Co-Collateral Agent have been established with respect thereto, (iii) is stored with a processor, other bailee or warehouseman unless (x) a reasonably satisfactory, acknowledged Collateral Access Agreement has been received by
Agent with respect thereto and (y) Reserves reasonably satisfactory to Agent and Co-Collateral Agent have been established with respect thereto or (iv) is located at an owned location subject to a mortgage in favor of a lender other than
Agent, unless a reasonably satisfactory mortgagee waiver has been delivered to Agent; 
 (e) In-Transit. Inventory that is in
transit, except for Inventory in transit between domestic locations of the Borrowers as to which Agent’s Liens have been perfected at origin and destination; 

  
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 (f) Customized. Inventory subject to any licensing, trademark, trade name or copyright
agreements with any third parties which would require any consent of any third party for the sale or disposition of that Inventory if such consent has not been obtained or the payment of any monies to any third party upon such sale or other
disposition (to the extent of such monies); 
 (g) Packing/Shipping Materials. Inventory that consists of packing or shipping
materials, or manufacturing stores or supplies; 
 (h) Tooling. Inventory that consists of tooling, rolls or replacement parts; 

(i) Display. Inventory that consists of display items; 

(j) Returns. Inventory that consists of goods which have been returned by the buyer; 

(k) Hazardous Materials. Inventory that consists of Hazardous Materials or goods that can be transported or sold only with licenses
that are not readily available; 
 (l) Not Owned/Other Liens. Inventory that is not owned by a Borrower or is subject to Liens other
than Permitted Liens described in subsections 5.1(b), (c), (d) and (f) or rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of a surety that has
issued a bond to assure a Borrower’s performance with respect to that Inventory); 
 (m) Unperfected. Inventory that is not
subject to a first priority Lien in favor of Agent on behalf of itself and the Secured Parties, except for Liens described in subsections 5.1(c) and (d) (in each case, subject to Reserves); 

(n) Negotiable Bill of Sale. Inventory that is covered by a negotiable document of title, unless such document has been delivered to
Agent with all necessary endorsements, free and clear of all Liens except Liens in favor of Agent, on behalf of itself and the Secured Parties; 

(o) Not Ordinary Course. Inventory (other than raw materials) that is not of a type held for sale in the Ordinary Course of Business of
a Borrower; or 
 (p) Intercompany Mark-up. In the case of Inventory purchased from a Credit Party, that portion of the book value of
such Inventory equal to the value of the profit margin charged by such Credit Party. 
 1.15 Incremental Increase. The Borrower
Representative may, with the written consent of Agent (such consent not to be unreasonably withheld or delayed), elect to request an increase in the Aggregate Revolving Loan Commitment (each, an “Incremental Increase”) by an
aggregate amount during the term hereof not in excess of $215,000,000. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower Representative proposes that such Incremental Increase shall be
effective, which shall be a date not less than ten (10) Business Days after the date on which such request is delivered to Agent. Upon receipt of 

  
 30 

 
such request, solely to the extent Agent consents thereto, Agent (or its Affiliates) shall use their commercially reasonable efforts to arrange a group of lenders to provide such Incremental
Increase, which group may consist of existing Lenders or any other Persons reasonably acceptable to each of Agent and the Borrower Representative to the extent any existing Lender chooses not to participate in such Incremental Increase and
participating Lenders elect not to increase their respective pro rata shares as set forth below, if applicable. Any Lender may elect or decline, in its sole discretion, to provide any portion of an Incremental Increase pro rata in accordance with
its Commitment Percentage; provided, that any declining Lender will be provided the first opportunity to participate in such Incremental Increase to the extent of its pro rata share at any time and each time the economic terms associated
therewith (including terms relating to interest rates, closing fees and similar issues) are changed. In the event that any Lender declines to participate in such Incremental Increase in the full amount of its pro rata share, the other Lenders that
have agreed to participate in such Incremental Increase shall have the option to increase their participation (ratably as to the participating Lenders) in the remaining amount of such Incremental Increase. Each such Incremental Increase shall become
effective, as of such Increased Amount Date; provided, that (i) the terms and provisions of this Agreement and the other Loan Documents applicable to each Incremental Increase shall (when effective) be identical to the Revolving Loans
set forth herein other than economic terms as set forth in this Section 1.15, (ii) each Incremental Increase shall be in a minimum amount of $50,000,000, (iii) no Default or Event of Default shall exist on such Increased Amount
Date before or after giving effect to such Incremental Increase; (iv) all availability thresholds contained herein (including, without limitation, the Availability Block and Trigger Event) shall be correspondingly increased to account for such
Incremental Increase; (v) such Incremental Increase shall be effected pursuant to one or more amendments, amendments and restatements or similar agreements executed and delivered by the Credit Parties, Agent, the Lenders who have agreed to
provide such Incremental Increase and any new Lender who is to provide a portion of the Incremental Increase (the joinder of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 9.9); and
(vi) the Borrower Representative shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Agent in connection with any such transaction. If the interest rate (including interest rate margins and
floors) hereunder (after giving effect to such Incremental Increase) on any such Incremental Increase is greater than the corresponding interest rate (including interest margins and floors) then applicable to the Loans (the “Yield
Differential”), then the corresponding terms in effect for all Loans hereunder shall automatically be increased by the Yield Differential, effective as of the Increased Amount Date. Notwithstanding anything to the contrary contained in this
Agreement, the amendments described in clauses (iv) and (v) above shall not require Required Lender consent (or other Lender consent hereunder), as long as such amendments are consistent with this Section 1.15.

 Upon each Incremental Increase pursuant to this Section 1.15, (x) each Lender immediately prior to such increase will
automatically and without further act be deemed to have assigned to each Lender providing a portion of the Incremental Increase (each, an “Incremental Increase Lender”) in respect of such increase, and each such Incremental Increase
Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit and Swing Loans such that, after giving effect to each such deemed assignment and
assumption of participations, the percentage of the aggregate outstanding (i) participations hereunder in the Letters of Credit and (ii) participations 

  
 31 

 
hereunder in Swing Loans held by each Lender (including each such Incremental Increase Lender) will equal the percentage of the Aggregate Revolving Loan Commitment of all Lenders represented by
such Lender’s Revolving Loan Commitment and (y) if, on such Increased Amount Date, there are any Revolving Loans outstanding, additional Revolving Loans shall be made hereunder (reflecting such increase in Revolving Loan Commitments) and
the proceeds thereof shall be used by Agent to prepay a portion of the outstanding Revolving Loans upon the effectiveness of such Incremental Increase such that, after giving effect to such prepayments, the percentage of the aggregate outstanding
Revolving Loans held by each Lender (including each such Incremental Increase Lender) will equal the percentage of the Aggregate Revolving Loan Commitment of all Lenders represented by such Lender’s individual Revolving Loan Commitment. Each
such prepayment shall be applied to outstanding Loans or groups of Loans bearing interest at different rates in such order of priority as may be specified by the Borrower Representative, and shall be accompanied by accrued interest on the Revolving
Loans being prepaid and any costs incurred by any Lender in accordance with Section 10.4. Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this
Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 
 1.16 Currency Matters.
Principal, interest, reimbursement obligations, fees, and all other amounts payable under this Agreement and the other Loan Documents to the Secured Parties shall be payable in the currency in which such Obligations are denominated. Unless stated
otherwise, all calculations, comparisons, measurements or determinations under this Agreement shall be made in Dollars. For the purpose of such calculations, comparisons, measurements or determinations, amounts denominated in other currencies
(including, but not limited to, Canadian Dollars) shall be converted in the Equivalent Amount of Dollars on the date of calculation, comparison, measurement or determination. In particular, without limitation, for purposes of valuations or
computations with respect to (i) the calculations under Article I including any calculation of (x) a Maximum Revolving Loan Balance, (y) Availability and/or (z) an Overadvance and all components thereof and
(ii) whether any Commitments or other Dollar thresholds are exceeded under any applicable provision of this Agreement, unless expressly provided otherwise, where a reference is made to a dollar amount, the amount is to be considered as the
amount in Dollars and, therefore, each other currency shall be converted into the Equivalent Amount thereof in Dollars. If Agent receives proceeds of Collateral or cash under a Control Agreement after a Trigger Event with respect to any Borrower
Group in a currency other than that in which the Obligations are denominated, it may convert such amounts to the Equivalent Amount of the Obligations for application thereto in accordance with the terms of this Agreement. 

ARTICLE II. 
 CONDITIONS
PRECEDENT 
 2.1 Conditions of Initial Loans. The obligation of each Lender to make its initial Loans and of each L/C Issuer to
Issue, or cause to be Issued, the initial Letters of Credit hereunder is subject to satisfaction of the following conditions in a manner satisfactory to Agent: 

(a) Loan Documents. Agent shall have received on or before the Closing Date all of the agreements, documents, instruments and other
items set forth on the closing checklist attached hereto as Exhibit 2.1, each in form and substance reasonably satisfactory to Agent; 

  
 32 

 (b) Availability. After giving effect to the funding of the initial Loans and issuance of
the initial Letters of Credit, Availability of all of the Borrowers (on a pro forma basis, with trade payables being paid currently, expenses and liabilities being paid in the Ordinary Course of Business and without acceleration of sales and without
deterioration of working capital) shall be not less than $100,000,000; 
 (c) Liens. Receipt by Agent of UCC, PPSA and other Lien
searches considered reasonably necessary by Agent, and other evidence as reasonably requested by Agent, that no Liens exist on or with respect to the Property of the Credit Parties, other than Permitted Liens and Liens being released on the Closing
Date under clause (g) hereof; 
 (d) Intercompany Debt. Agent shall have received on or before the Closing Date copies of
all agreements evidencing the Parent Subordinated Indebtedness (including, but not limited to, the Intercompany Loan Agreements and the Parent Subordinated Indebtedness Side Letters); 

(e) Approvals. Agent shall have received (i) satisfactory evidence that the Credit Parties have obtained all required consents and
approvals of all Persons including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Loan Documents or (ii) an officer’s certificate in form and substance reasonably
satisfactory to Agent affirming that no such consents or approvals are required; and 
 (f) Payment of Fees. The Borrowers shall have
paid the fees required to be paid on the Closing Date in the respective amounts specified in Section 1.9 (including the fees specified in the Fee Letter), and shall have reimbursed Agent for all reasonable and documented fees, costs and
expenses of closing presented as of the Closing Date. 
 (g) Repayment of Prior Indebtedness; Satisfaction/Continuation of Outstanding
L/Cs. (i) Agent shall have received a fully executed pay-off letter reasonably satisfactory to Agent confirming that all obligations owing by any Credit Party to Prior Lenders will be repaid in full from the proceeds of the initial Loans
and all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of Prior Lenders shall be terminated by Prior Lenders immediately upon such payment; and (ii) any letters of credit issued or guaranteed by Prior
Lenders not constituting Existing Letters of Credit hereunder shall have been cash collateralized, supported or continued by a Letter of Credit Issued pursuant hereto, as mutually agreed upon by Agent, the Borrowers and Prior Lenders. 

2.2 Conditions to All Borrowings. Except as otherwise expressly provided herein, no Lender or L/C Issuer shall be obligated to fund any
Loan or incur any Letter of Credit Obligation, if, as of the date thereof (including the Closing Date): 
 (a) any representation or warranty
by any Credit Party contained herein or in any other Loan Document is untrue or incorrect in any material respect as of such date (unless such representation or warranty is qualified as to materiality, in which case, such representation or warranty
is untrue and incorrect as of such date), except to the extent that such representation 

  
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or warranty expressly relates to an earlier date (in which event such representations and warranties were untrue or incorrect in any material respect as of such earlier date (unless such
representations or warranties were qualified as to materiality, in which case, such representations or warranties were untrue and incorrect as of such earlier date)), and Agent or Required Revolving Lenders have determined not to make such Loan or
incur such Letter of Credit Obligation as a result of the fact that such warranty or representation is untrue or incorrect in any material respect (unless such representation or warranty is qualified as to materiality, in which case, such
representation or warranty is untrue and incorrect); 
 (b) any Default or Event of Default has occurred and is continuing or would result
after giving effect to any Loan (or the incurrence of any Letter of Credit Obligation), and Agent or Required Revolving Lenders shall have determined not to make any Loan or incur any Letter of Credit Obligation as a result of that Default or Event
of Default; or 
 (c) after giving effect to any Loan (or the incurrence of any Letter of Credit Obligations) to a Borrower Group, the
aggregate outstanding amount of the Revolving Loans, Swing Loans and Letter of Credit Obligations of such Borrower Group would exceed that Borrower Group’s Maximum Revolving Loan Balance or, in the case of the Camrose Borrowers, if less, the
Camrose Sublimit (except as provided in subsection 1.1(b)). 
 The request by the Borrower Representative and acceptance by the Borrowers of the
proceeds of any Loan or the incurrence of any Letter of Credit Obligations shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by the Borrowers that the conditions in this Section 2.2 have been
satisfied and (ii) a reaffirmation by each Credit Party of the granting and continuance of Agent’s Liens, on behalf of itself and the Secured Parties, pursuant to the Collateral Documents. 

ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

The Credit Parties, jointly and severally (subject to Section 9.23), represent and warrant to Agent and each Lender that the
following are true and correct: 
 3.1 Corporate Existence and Power. Each Credit Party and each of their respective Subsidiaries:

 (a) is a corporation, limited liability company, partnership or limited partnership, as applicable, duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable; 
 (b) has the power and
authority and all governmental licenses, authorizations, Permits, consents and approvals to own its assets, carry on its business and execute, deliver, and perform its obligations under, the Loan Documents to which it is a party; 

(c) is duly qualified as a foreign corporation, limited liability company, partnership or limited partnership, as applicable, and licensed and
in good standing, under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification or license; and 

  
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 (d) is in compliance with all Requirements of Law; 

except, in each case referred to in clause (c) or clause (d), to the extent that the failure to do so would not reasonably be expected
to have, either individually or in the aggregate, a Material Adverse Effect. 
 3.2 Corporate Authorization; No Contravention. The
execution, delivery and performance by each of the Credit Parties of this Agreement, and by each Credit Party and each of their respective Subsidiaries of any other Loan Document to which such Person is party, have been duly authorized by all
necessary constitutional or organizational action, and do not and will not: 
 (a) contravene the terms of any of that Person’s
Organization Documents; 
 (b) conflict with or result in any breach or contravention of, or result in the creation of any Lien (other than
Liens created under the Loan Documents or Permitted Liens) under, any document evidencing any material Contractual Obligation to which such Person is a party or any order, injunction, writ or decree of any Governmental Authority to which such Person
or its Property is subject; or 
 (c) violate any Requirement of Law; 

except, in each case referred to in clause (b) or clause (c), to the extent that such conflict, breach, contravention, creation or
violation would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 3.3
Governmental Authorization. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or
performance by, or enforcement against, any Credit Party or any Subsidiary of any Credit Party of this Agreement or any other Loan Document except (a) for recordings and filings in connection with the Liens granted to Agent under the Collateral
Documents and (b) those obtained or made on or prior to the Closing Date. 
 3.4 Binding Effect. This Agreement and each other
Loan Document to which any Credit Party or any Subsidiary of any Credit Party is a party constitute the legal, valid and binding obligations of each such Person which is a party thereto, enforceable against such Person in accordance with their
respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 

  
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 3.5 Litigation. Except as specifically disclosed in Schedule 3.5, there are no
actions, suits, proceedings, claims or disputes pending, or to the best knowledge of each Credit Party, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party, any Subsidiary of
any Credit Party or any of their respective Properties which: 
 (a) purport to affect or pertain to this Agreement or any other Loan
Document, or any of the transactions contemplated hereby or thereby; or 
 (b) as to which there is a reasonable possibility of an adverse
determination and that if adversely determined, would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin
or restrain the execution, delivery or performance of this Agreement or any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. Except as specifically disclosed in
Schedule 3.5, as of the Closing Date, no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge, any review or investigation by any Governmental Authority (excluding the IRS,
CRA and other taxing authorities) concerning the violation or possible violation of any Requirement of Law. 
 3.6 No Default. No
Credit Party and no Subsidiary of any Credit Party is in default under or with respect to any Contractual Obligation in any respect which, individually or together with all such defaults, would reasonably be expected to have a Material Adverse
Effect. 
 3.7 ERISA Compliance; Pension Compliance. Schedule 3.7 sets forth, as of the Closing Date, a true and correct list
of, and that separately identifies: 
 (a) (i) all Title IV Plans, (ii) all Multiemployer Plans and (iii) all material Benefit
Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law has received a favorable determination letter from the IRS or an
application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of the Credit Parties, nothing has occurred which would prevent, or cause the loss of, such qualification. Except for those that would
not reasonably be expected to result in Liabilities in excess of $2,500,000 in the aggregate, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no existing or
pending (or to the knowledge of any Credit Party, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Credit
Party incurs or otherwise has or could have an obligation or any Liability and (z) no ERISA Event is reasonably expected to occur. On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent
or otherwise) remain outstanding; and 
 (b) all Canadian Benefit Plans and Canadian Pension Plans currently maintained or contributed to by
Credit Parties and specifies which are defined benefit Canadian Pension Plans. The Canadian Pension Plans are duly registered under the Income Tax Act (Canada) and all other applicable laws which require registration. The Credit Parties have
complied with and performed all of their obligations in all material respects under and in respect of the Canadian Pension Plans and Canadian Benefit Plans under the terms thereof, any funding agreements and all applicable laws (including any
fiduciary, funding, investment and administration obligations). All employer and employee payments, contributions or premiums to 

  
 36 

 
be remitted, paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan have been paid in a timely fashion in accordance with the terms thereof, any funding agreement and all
applicable laws. There have been no improper withdrawals or applications of the assets of the Canadian Pension Plans or the Canadian Benefit Plans. Except as set forth on Schedule 3.7, there are no outstanding disputes concerning the assets
of the Canadian Pension Plans or the Canadian Benefit Plans. Except as set forth on Schedule 3.7, each of the Canadian Pension Plans is fully funded on a solvency or wind-up basis (using actuarial methods and assumptions which are consistent
with the valuations last filed with the applicable Governmental Authorities and which are consistent with generally accepted actuarial principles). No defined benefit Canadian Pension Plans provided by any EICA Borrower or any of their respective
Subsidiaries in the five (5) years prior to the Closing Date have been terminated either in whole or in part. No Borrower in the EICA Borrower Group (nor any Subsidiary thereof) has sought solvency funding relief under the Pension Benefits Act
(Saskatchewan). 
 3.8 Use of Proceeds; Margin Regulations. No Credit Party and no Subsidiary of any Credit Party is engaged
principally, or as one of its important activities, in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. Schedule 3.8 contains a description of the Credit
Parties’ sources and uses of funds on the Closing Date, including Loans and Letters of Credit made or issued on the Closing Date and a funds flow memorandum detailing how funds from each source are to be transferred to particular uses. 

3.9 Ownership of Property; Liens. As of the Closing Date, the Real Estate listed in Schedule 3.9 constitutes all of the Real
Estate of each Credit Party and each of their respective Subsidiaries. Each of the Credit Parties and each of their respective Subsidiaries has good title to, or valid leasehold interests in, all Real Estate, and good and valid title to all owned
personal property and valid leasehold interests in all leased personal property, in each instance, necessary or material in the ordinary conduct of their respective businesses. As of the Closing Date, none of the Real Estate of any Credit Party or
any Subsidiary of any Credit Party is subject to any Liens other than Permitted Liens. As of the Closing Date, all permits required to have been issued or appropriate to enable the Real Estate to be lawfully occupied and used for all of the purposes
for which it is currently occupied and used have been lawfully issued and are in full force and effect, except to the extent that the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect. 
 3.10 Taxes. All material federal, state, provincial, territorial, local and foreign income and franchise and other
material tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliate have been filed with the appropriate Governmental Authorities, all such Tax Returns are true and correct in all
material respects, and all material taxes, assessments and other governmental charges and impositions reflected therein or otherwise due and payable have been paid prior to the date on which any Liability may be added thereto for non-payment thereof
except for those contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance with GAAP. As of the Closing Date, and except as set
forth on Schedule 3.10, no material Tax Return is under audit or examination by any Governmental Authority, and no notice of any audit or examination or any assertion of any material claim for Taxes has been given or made by any Governmental
Authority. Proper and 

  
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accurate amounts in all material respects have been withheld by each Tax Affiliate from their respective employees for all periods in full and complete compliance with the tax, social security,
unemployment, Canadian Pension Plan and employment-related withholding provisions of applicable Requirements of Law and such withholdings have been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in a
“listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b) or is a member of an affiliated, combined or unitary group other than the group of which a Tax Affiliate is the common parent. 

3.11 Financial Condition. 

(a) Each of (i) the combined and combining balance sheets of (x) the EINA Borrowers and their Subsidiaries and (y) the EICA
Borrowers and their Subsidiaries, in each case, dated December 31, 2009 and December 31, 2010 and the related combined and combining statements of income or operations, shareholders’ equity and cash flows for the Fiscal Years ended on
those dates and (ii) the unaudited interim combined and combining balance sheets of (x) the EINA Borrowers and their Subsidiaries and (y) the EICA Borrowers and their Subsidiaries, in each case, dated October 31, 2011 and the
related unaudited combined and combining statements of income and cash flows for the ten (10) fiscal months then ended, in each case, (A) with comparisons to results of the comparable period in the prior year, and (B) as attached
hereto as Schedule 3.11(a): 
 (x) were prepared in accordance with GAAP consistently applied throughout the
respective periods covered thereby, except as otherwise expressly noted therein, subject to, in the case of unaudited financial statements, normal year-end adjustments and the lack of footnote disclosures; and 

(y) present fairly in all material respects the combined financial condition of the EINA Borrowers, the EICA Borrowers and each
of their respective Subsidiaries as of the dates thereof and results of operations for the periods covered thereby. 
 (b) [Intentionally
Reserved.] 
 (c) Since December 31, 2010, there has been no Material Adverse Effect. 

(d) The Credit Parties and their Subsidiaries have no Indebtedness other than Indebtedness permitted pursuant to Section 5.5 and
have no Contingent Obligations other than Contingent Obligations permitted pursuant to Section 5.9. 
 (e) All financial
performance projections delivered to Agent, including the financial performance projections delivered on the Closing Date and attached hereto as Schedule 3.11(e), represent the Borrowers’ good faith estimate of future financial
performance and are based on assumptions believed by the Borrowers to be fair and reasonable in light of current market conditions, it being acknowledged and agreed by Agent and Lenders that projections as to future events are not to be viewed as
facts and that the actual results during the period or periods covered by such projections may differ from the projected results. 

  
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 3.12 Environmental Matters. Except as set forth in Schedule 3.12, and except
where any failures to comply would not reasonably be expected to result in any Material Adverse Effect, (a) the operations of each Credit Party and each Subsidiary of each Credit Party are and have been in compliance with all applicable
Environmental Laws, including obtaining, maintaining and complying with all Permits required by any applicable Environmental Law, (b) no Credit Party and no Subsidiary of any Credit Party is party to, and no Credit Party and no Subsidiary of
any Credit Party and no Real Estate currently (or to the knowledge of any Credit Party previously) owned, leased, subleased, operated or otherwise occupied by or for any such Person is subject to or the subject of, any Contractual Obligation or any
pending (or, to the knowledge of any Credit Party, threatened) order, action, investigation, suit, proceeding, audit, claim, demand, dispute or notice of violation or of potential liability or similar notice relating in any manner to any
Environmental Laws, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities has attached to any property of any Credit Party or any Subsidiary of any Credit Party and, to the knowledge of any
Credit Party, no facts, circumstances or conditions exist that would reasonably be expected to result in any such Lien attaching to any such property, (d) no Credit Party and no Subsidiary of any Credit Party has caused or suffered to occur an
unpermitted Release of Hazardous Materials at, to or from any Real Estate, except for such Release that would not reasonably be expected to result in Liabilities to any Credit Party or any Subsidiary of any Credit Party under any applicable
Environmental Laws, (e) all Real Estate currently (or to the knowledge of any Credit Party previously) owned, leased, subleased, operated or otherwise occupied by or for any such Credit Party and each Subsidiary of each Credit Party is free of
contamination by any Hazardous Materials except for such contamination that would not reasonably be expected to result in any Liabilities to any Credit Party or any Subsidiary of any Credit Party under any applicable Environmental Laws and
(f) no Credit Party and no Subsidiary of any Credit Party has received any information request or notice of potential responsibility under the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.
§§ 9601 et seq.) or similar Environmental Laws. 
 3.13 Regulated Entities. No Credit Party or any Subsidiary of
any Credit Party, (a) is or is required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended or (b) subject to regulation under the Federal Power Act, the Interstate
Commerce Act, any state public utilities code, or any other Federal or state statute, rule or regulation limiting its ability to incur Indebtedness, pledge its assets or perform its Obligations under the Loan Documents. 

3.14 Solvency. Both before and after giving effect to (a) the Loans made and Letters of Credit Issued on or prior to the date this
representation and warranty is made or remade, (b) the disbursement of the proceeds of such Loans by the Borrowers and (c) the payment and accrual of all transaction costs in connection with the foregoing, (i) both (A) EINA and
its Subsidiaries and (B) EICA and its Subsidiaries, in each case, taken as a whole, are Solvent and (ii) each Borrower, individually, is Solvent. 

3.15 Labor Relations. There are no strikes, work stoppages, slowdowns or lockouts existing, pending (or, to the knowledge of any Credit
Party, threatened) against any Credit Party or any Subsidiary of any Credit Party, except for those that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth in Schedule 3.15, as of the
Closing Date, (a) there is no collective bargaining or similar agreement with any union, 

  
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labor organization, works council or similar representative covering any employee of any Credit Party or any Subsidiary of any Credit Party, (b) no petition for certification or election of
any such representative is existing or pending with respect to any employee of any Credit Party or any Subsidiary of any Credit Party and (c) no such representative has sought certification or recognition with respect to any employee of any
Credit Party or any Subsidiary of any Credit Party. 
 3.16 Intellectual Property. Schedule 3.16 sets forth a true and
complete list, as of the Closing Date, of the following Intellectual Property each Credit Party owns, licenses or otherwise has the right to use: (i) material Intellectual Property that is registered or subject to applications for registration,
(ii) Internet Domain Names and (iii) material Intellectual Property and material Software, separately identifying that owned and licensed to such Credit Party and including for each of the foregoing items (1) the owner, (2) the
title, (3) the jurisdiction in which such item has been registered or otherwise arises or in which an application for registration has been filed, (4) as applicable, the registration or application number and registration or application
date and (5) any IP Licenses or other rights (including franchises) granted by such Credit Party with respect thereto, in each case, which is necessary to conduct its business as currently conducted. Each Credit Party and each Subsidiary of
each Credit Party owns, or is licensed to use, all Intellectual Property necessary to conduct its business as currently conducted except for such Intellectual Property the failure of which to own or license would not reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect. To the knowledge of each Credit Party, (a) the conduct and operations of the businesses of each Credit Party and each Subsidiary of each Credit Party does not infringe,
misappropriate, dilute, violate or otherwise impair any Intellectual Property owned by any other Person and (b) no other Person has contested any right, title or interest of any Credit Party or any Subsidiary of any Credit Party in, or relating
to, any Intellectual Property, other than, in each case, as cannot reasonably be expected to affect the Loan Documents and the transactions contemplated therein and would not, in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 3.17 Brokers’ Fees; Transaction Fees. Except for fees payable to Agent and Lenders, none of the Credit Parties or any
of their respective Subsidiaries has any obligation to any Person in respect of any finder’s, broker’s or investment banker’s fee in connection with the transactions contemplated hereby. 

3.18 Insurance. Schedule 3.18 lists all material insurance policies of any nature maintained, as of the Closing Date, for
current occurrences by each Credit Party, including issuers, coverages and deductibles. Each of the Credit Parties and each of their respective Subsidiaries and their respective Properties are insured with financially sound and reputable insurance
companies which are not Affiliates of the Credit Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar Properties in localities where such
Person operates. 
 3.19 Ventures, Subsidiaries and Affiliates; Outstanding Stock. Except as set forth in Schedule 3.19, as of
the Closing Date, no Credit Party and no Subsidiary of any Credit Party has any Subsidiaries or is engaged in any joint venture or partnership with any other Person. All issued and outstanding Stock and Stock Equivalents of each of the Credit
Parties and each of their respective Subsidiaries are duly authorized and validly issued, fully paid, non-assessable, 

  
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and free and clear of all Liens, except for Permitted Liens. All such securities were issued in compliance with all applicable laws concerning the issuance of securities. As of the Closing Date,
all of the issued and outstanding Stock of each Credit Party and each Subsidiary of each Credit Party is owned by each of the Persons and in the amounts set forth in Schedule 3.19. Except as set forth in Schedule 3.19, as of the
Closing Date, there are no pre-emptive or other outstanding rights to purchase, options, warrants or similar rights or agreements pursuant to which any Credit Party may be required to issue, sell, repurchase or redeem any of its Stock or Stock
Equivalents or any Stock or Stock Equivalents of its Subsidiaries. Set forth in Schedule 3.19 is a true and complete organizational chart of the EINA Borrowers, the EICA Borrowers and each of their respective Subsidiaries as of the Closing
Date. 
 3.20 Jurisdiction of Organization; Chief Executive Office. Schedule 3.20 lists each Credit Party’s jurisdiction
of organization, legal name and organizational identification number, if any, and the location of such Credit Party’s chief executive office or sole place of business, in each case as of the date hereof, and such Schedule 3.20 also lists
all jurisdictions of organization and legal names of such Credit Party for the five years preceding the Closing Date. 
 3.21 Locations
of Inventory and Books and Records. Each Credit Party’s Inventory (other than Inventory in transit) and books and records concerning the Collateral are kept at the locations listed in Schedule 3.21 as such Schedule 3.21 is
updated from time to time in accordance with subsection 4.2(q). 
 3.22 Deposit Accounts and Other Accounts. Schedule
3.22 lists all banks and other financial institutions at which any Credit Party maintains deposit, collection or other accounts as of the Closing Date, and such Schedule 3.22 correctly identifies the name and address of each depository,
the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 
 3.23
Government Contracts. Except as set forth in Schedule 3.23, as of the Closing Date, no Credit Party is a party to any contract or agreement with any Governmental Authority and no Credit Party’s Accounts are subject to the Federal
Assignment of Claims Act (31 U.S.C. Section 3727), the Financial Administration Act (Canada) or any similar state, provincial, territorial or local law. 

3.24 Customer and Trade Relations. As of the Closing Date, there exists no actual or, to the knowledge of any Credit Party, threatened
termination or cancellation of, or any material adverse modification or change in (a) the business relationship of any Credit Party with any customer or group of customers whose purchases during the preceding 12 calendar months caused them to
be ranked among the ten largest customers of such Credit Party or (b) the business relationship of any Credit Party with any supplier essential to its operations. 

3.25 Bonding; Licenses. Except as set forth in Schedule 3.25, as of the Closing Date, no Credit Party is a party to or bound by
any surety bond agreement, indemnification agreement therefor or bonding requirement with respect to products or services sold by it. 

3.26 [Intentionally Reserved.] 

3.27 [Intentionally Reserved.] 

  
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 3.28 [Intentionally Reserved.] 

3.29 Full Disclosure. None of the statements contained in each exhibit, report, statement or certificate furnished by or on behalf of
any Credit Party or any of their Subsidiaries in connection with the Loan Documents (including the offering and disclosure materials, if any, delivered by or on behalf of any Credit Party to Agent or the Lenders prior to the Closing Date), contains
any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading in any material respect as of
the time when made or delivered. 
 3.30 Foreign Assets Control Regulations and Anti-Money Laundering. Each Credit Party and each
Subsidiary of each Credit Party is and will remain in compliance in all material respects with all applicable U.S. and Canadian economic sanctions laws, Executive Orders and implementing regulations as promulgated by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Criminal Code (Canada), and all applicable anti-money laundering and counter-terrorism
financing provisions of the Bank Secrecy Act and all regulations issued pursuant to any of the foregoing. No Credit Party and no Subsidiary or Affiliate of a Credit Party (i) is a Person designated by the U.S. government on the list of the
Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person designated by the Canadian government on any list set
out in the United Nations Al-Qaida and Taliban Regulations, the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism or the Criminal Code (collectively, the “Terrorist Lists”) with which a Canadian
Person cannot deal or otherwise engage in business transactions, (iii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person or Canadian Person cannot deal or otherwise engage 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, a Terrorist List or a foreign government that is the target of U.S. or Canadian economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under U.S. law or
Canadian law. 
 3.31 Patriot Act. The Credit Parties, each of their Subsidiaries and each of their Affiliates are in compliance with
(a) the Trading with the Enemy Act, 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 Patriot Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and (c) other federal, provincial, territorial or state laws relating to “know your customer” and anti-money
laundering rules and regulations. No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government 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. 

  
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 3.32 Parent Subordinated Indebtedness. The Parent Subordinated Indebtedness is and shall
remain unsecured with a final maturity date at least six (6) months after the Revolving Termination Date. In addition, the Parent Subordinated Indebtedness Side Letters each are and shall remain in full force and effect, and are the legal,
valid and binding obligations of EINA and EICA and to their knowledge, of the other parties thereto. All Indebtedness of the Credit Parties, or any of them, to Parent and its Subsidiaries (other than to other Credit Parties and their respective
Subsidiaries (other than Camrose)) shall be Parent Subordinated Indebtedness and shall be subject, in each applicable case, to a Parent Subordinated Indebtedness Side Letter. For the avoidance of doubt, Parent Subordinated Indebtedness initially
owing to Parent or any Subsidiary of Parent (other than to other Credit Parties or their respective Subsidiaries (other than Camrose)) may be freely transferred by way of assignment, capital contribution or otherwise to Parent or any Subsidiary of
Parent (other than to other Credit Parties or their respective Subsidiaries (other than Camrose)), as long such Parent Subordinated Indebtedness remains subject to a Parent Subordinated Indebtedness Side Letter and otherwise satisfies the terms
hereof. 
 ARTICLE IV. 

AFFIRMATIVE COVENANTS 

Each Credit Party covenants and agrees that, so long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation (other
than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted and other than Obligations not arising under this Agreement or the other Loan Documents that are no longer secured under the Collateral
Documents) shall remain unpaid or unsatisfied: 
 4.1 Financial Statements. Each Credit Party shall maintain, and shall cause each of
its Subsidiaries to maintain, a system of accounting established and administered in accordance with sound business practices to permit the preparation of financial statements in conformity with GAAP (provided that monthly financial
statements shall not be required to have footnote disclosures and are subject to normal year-end adjustments). The Borrower Representative shall deliver to Agent (for further distribution to each Lender) by Electronic Transmission and in detail
reasonably satisfactory to Agent: 
 (a) as soon as available, but not later than ninety (90) days after the end of each Fiscal Year,
beginning with the first Fiscal Year ending after the Closing Date, a copy of the audited combined and unaudited combining balance sheets of (i) the EINA Borrowers and their Subsidiaries and (ii) the EICA Borrowers and their Subsidiaries
(including upon request, in each case, the unaudited consolidating balance sheets of the EINA Borrowers and their Subsidiaries and the EICA Borrowers and their Subsidiaries) as at the end of such year and the related audited combined and unaudited
combining statements of income or operations, audited combined statements of shareholders’ equity and audited combined and unaudited combining statements of cash flows (including upon request, in each case, the unaudited consolidating
statements of income or operations, unaudited consolidating statements shareholders’ equity and unaudited consolidated statements of cash flows of (x) the EINA Borrowers and their Subsidiaries and (y) the EICA Borrowers and their
Subsidiaries) for such Fiscal Year and, in each case, accompanied by the report of any “Big Four” or other nationally-recognized independent public accounting firm reasonably acceptable to Agent which report shall contain an

  
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opinion, stating that such combined financial statements present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years and shall not include any explanatory paragraph expressing substantial doubt as to going concern status; and 

(b) as soon as available, but not later than thirty (30) days after the end of each fiscal month of each year, a copy of the unaudited
combined and combining balance sheets of (i) the EINA Borrowers and their Subsidiaries and (ii) the EICA Borrowers and their Subsidiaries (including upon request, in each case, the unaudited consolidating balance sheets of (x) the
EINA Borrowers and their Subsidiaries and (y) the EICA Borrowers and their Subsidiaries), and the related combined and combining statements of income and combined statements of cash flows (including upon request, in each case, the unaudited
consolidating statements of income and unaudited consolidated statements of cash flows of (1) the EINA Borrowers and their Subsidiaries and (2) the EICA Borrowers and their Subsidiaries) as of the end of such fiscal month and for the
portion of the Fiscal Year then ended, all certified on behalf of (A) the EINA Borrowers and their Subsidiaries and (B) the EICA Borrowers and their Subsidiaries by an appropriate Responsible Officer of the Borrower Representative as
fairly presenting, in all material respects, in accordance with GAAP, the financial position and the results of operations of (I) the EINA Borrowers and their Subsidiaries and (II) the EICA Borrowers and their Subsidiaries, subject to normal
year-end adjustments and absence of footnote disclosures. 
 4.2 Appraisals; Certificates; Other Information. The Borrower
Representative shall furnish to Agent (for further distribution to each Lender) by Electronic Transmission: 
 (a) together with each
delivery of financial statements pursuant to subsections 4.1(a) and 4.1(b), a report setting forth in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures
from the most recent projections for the current Fiscal Year delivered pursuant to subsection 4.2(k); provided, that the Borrower Representative shall also provide a discussion of the reasons for any significant variations, together
with delivery of financial statements for the periods ended each March 31, June 30, September 30 and December 31 during the term hereof; 

(b) concurrently with the delivery of the financial statements referred to in subsections 4.1(a) and 4.1(b) (for the periods
ending each March 31, June 30, September 30 and December 31 only) above, a fully and properly completed Compliance Certificate in the form of Exhibit 4.2(b), certified on behalf of the Credit Parties by a
Responsible Officer of the Borrower Representative; 
 (c) promptly after the same are filed, copies of all financial statements and
regular, periodic or special reports which any Credit Party may make to, or file with, the Securities and Exchange Commission or any successor or similar Governmental Authority; 

(d) (i) as long as a Trigger Event has not occurred with respect to any Borrower Group (unless a corresponding Trigger Reset Event has
occurred with respect to any applicable Trigger Event), as soon as available and in any event within twenty (20) days after the end of each calendar month (or the next succeeding Business Day if such twentieth day is not a

  
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Business Day) and (ii) at the request of Agent or Co-Collateral Agent to any Borrower Group at any time following the occurrence of a Trigger Event with respect to such Borrower Group until
a Trigger Reset Event has occurred with respect thereto, five (5) Business Days after the end of each calendar week, and at such other times as Agent may reasonably require, a Borrowing Base Certificate with respect to each Borrower Group,
certified on behalf of each Borrower Group by a Responsible Officer of the Borrower Representative, setting forth the Borrowing Base of each Borrower Group as at the end of the most-recently ended fiscal month, fiscal week or such other date as
applicable; 
 (e) concurrently with the delivery of the Borrowing Base Certificate of each Borrower Group, or more frequently as requested
by Agent from a Borrower Group following the occurrence of a Trigger Event with respect to such Borrower Group until a Trigger Reset Event has occurred with respect thereto, a summary of Inventory of each Borrower Group by location and type with a
supporting perpetual Inventory report, in a form substantially consistent with that which was prepared prior to the Closing Date in connection with the initial field audit and as may be revised from time to time by Agent in its Permitted Discretion
as a result of subsequent field audits; 
 (f) concurrently with the delivery of the Borrowing Base Certificates, or more frequently as
requested by Agent from a Borrower Group following the occurrence of a Trigger Event with respect to such Borrower Group until a Trigger Reset Event has occurred with respect thereto, a monthly trial balance showing Accounts outstanding of each
Borrower Group aged in a form substantially consistent with that which was prepared prior to the Closing Date in connection with the initial field audit and as may be revised from time to time by Agent in its Permitted Discretion as a result of
subsequent field audits; 
 (g) concurrently with the delivery of the Borrowing Base Certificate of the applicable Borrower Group, an aging
of accounts payable of the EINA Borrowers, the EICA Borrowers and their respective Subsidiaries in a form substantially consistent with that which was prepared prior to the Closing Date in connection with the initial field audit and as may be
revised from time to time by Agent in its Permitted Discretion as a result of subsequent field audits; 
 (h) with respect to any Eligible
In-Transit Inventory, (i) an identification of the Eligible In-Transit Inventory by vessel, including: (A) description, (B) quantity, and (C) book value valued at the lower of average cost or market value on a first-in, first out
basis, (ii) a summary of scheduled dates of loading and unloading of any such vessels and (iii) independent confirmation of the quantity and quality of such Inventory at the time it is placed on any vessel; 

(i) to Agent, at the time of delivery of each of the monthly financial statements delivered pursuant to subsection 4.1(b) (for the
periods ending each March 31, June 30, September 30 and December 31 only), or more frequently as reasonably requested by Agent: 

(i) a reconciliation of the most recent Borrowing Base, general ledger and month-end accounts receivable aging reports of each Borrower Group
to such Borrower Group’s monthly financial statements delivered pursuant to subsection 4.1(b), in a form substantially consistent with that which was prepared prior to the Closing Date in connection with the initial field audit and as
may be revised from time to time by Agent in its Permitted Discretion as a result of subsequent field audits; and 

  
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 (ii) a reconciliation of the perpetual inventory of each Borrower Group by location to such
Borrower Group’s most recent Borrowing Base Certificate, general ledger and monthly financial statements delivered pursuant to subsection 4.1(b), in a form substantially consistent with that which was prepared prior to the Closing Date
in connection with the initial field audit and as may be revised from time to time by Agent in its Permitted Discretion as a result of subsequent field audits; 

(j) at the time of delivery of each of the annual financial statements delivered pursuant to subsection 4.1(a), a listing of government
contracts of each Borrower subject to the Federal Assignment of Claims Act of 1940, Financial Administration Act (Canada) or any similar state, provincial, territorial or municipal law; 

(k) as soon as available and in any event no later than the last day of each Fiscal Year of the Borrowers, projections of the Credit
Parties’ (and their Subsidiaries’) combined and combining financial performance of (i) the EINA Borrowers and their Subsidiaries and (ii) the EICA Borrowers and their Subsidiaries and the Borrowing Base of each Borrower Group for
the forthcoming Fiscal Year, on a month by month basis; 
 (l) promptly upon receipt thereof, copies of any reports submitted by the
certified public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or internal control systems of any Credit Party made by such accountants, including any “management
letters” submitted by such accountants to management of any Credit Party in connection with their services; 
 (m) upon Agent’s or
Co-Collateral Agent’s request from time to time, the Credit Parties shall permit and enable Agent to obtain appraisals in form and substance and from appraisers reasonably satisfactory to Agent stating the then Net Orderly Liquidation Value, or
such other value as determined by Agent, of all or any portion of the Inventory of any Borrower Group; provided, that notwithstanding any provision herein to the contrary, such appraisals shall only be performed up to two (2) times in
any calendar year, (i) unless a Trigger Event shall have occurred with respect to any Borrower Group (unless a corresponding Trigger Reset Event has occurred with respect thereto), in which case, such appraisals shall be performed up to three
(3) times each calendar year with respect to such Borrower Group or (ii) at any time an Event of Default has occurred and is continuing, in which case, such appraisals shall be performed as frequently as Agent or Co-Collateral Agent, as
the case may be, determines; 
 (n) promptly upon their becoming available, copies of any financial statements and reports concerning any
Credit Party sent or made available generally by the Credit Parties to the holders of any Permitted Unsecured Debt; 
 (o) within five
(5) Business Days of the completion of an issuance or extension of Permitted Unsecured Debt, a copy of the final offering memorandum or the final credit agreement relating to such issuance or extension; 

  
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 (p) promptly, such additional business, financial, corporate affairs, perfection certificates and
other information as Agent may from time to time reasonably request; and 
 (q) concurrently with the delivery of the financial statements
referred to in subsections 4.1(a) and 4.1(b) (for the periods ending each March 31, June 30, September 30 and December 31 only), (i) an update of, or supplement to, Schedule 3.21, to the extent
any information has changed or requires updating since the previous Fiscal Quarter, and (ii) an update of all Parent Investments made by any Credit Party during the previous Fiscal Quarter. 

4.3 Notices. The Borrowers shall notify promptly Agent of each of the following (and in any event within the time periods set forth
below): 
 (a) within three (3) Business Days after a Responsible Officer becomes aware thereof, the occurrence or existence of any
Default or Event of Default; 
 (b) within three (3) Business Days after a Responsible Officer becomes aware thereof, any breach or non-performance of, or any default under, any Contractual Obligation of any Credit Party or any Subsidiary of any Credit Party, or any violation of, or non-compliance with, any Requirement of Law, which would
reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect, including a description of such breach, non-performance, default, violation or non-compliance and the steps, if any, such Person has taken, is
taking or proposes to take in respect thereof; 
 (c) within three (3) Business Days after a Responsible Officer becomes aware thereof,
any dispute, litigation, investigation, proceeding or suspension which may exist at any time between any Credit Party or any Subsidiary of any Credit Party and any Governmental Authority which would reasonably be expected to result, either
individually or in the aggregate, in a Material Adverse Effect; 
 (d) within three (3) Business Days after a Responsible Officer
becomes aware thereof, the commencement of any litigation or proceeding affecting any Credit Party or any Subsidiary of any Credit Party (i) which, if adversely determined, would reasonably be expected to have a Material Adverse Effect or
(ii) in which the relief sought is an injunction or other stay of the performance of this Agreement or any other Loan Document; 
 (e)
within ten (10) Business Days after a Responsible Officer becomes aware thereof, (i) the receipt by any Credit Party of any notice of violation of or potential liability or similar notice under Environmental Law, (ii)(A) unpermitted
Releases, (B) the existence of any condition that could reasonably be expected to result in violations of or Liabilities under, any Environmental Law or (C) the commencement of, or any material change to, any action, investigation, suit,
proceeding, audit, claim, demand, or dispute alleging a violation of or Liability under any Environmental Law which in the case of clauses (i) or (ii) would reasonably be expected to result in a Material Adverse Effect,
(iii) the receipt by any Credit Party of notification that any property of any Credit Party is subject to any Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities and (iv) any proposed
acquisition or lease of Real Estate, if such acquisition or lease would reasonably be expected to have a Material Adverse Effect; 

  
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 (f) (i) within ten (10) Business Days after a Responsible Officer becomes aware thereof,
(A) on or prior to any filing by any ERISA Affiliate of any notice of any reportable event under Section 4043 of ERISA, or intent to terminate any Title IV Plan, a copy of such notice, (B) promptly, and in any event within ten
(10) Business Days, after any officer of any ERISA Affiliate knows that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice describing such
waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto and (C) promptly, and in any event within ten (10) Business
Days after any officer of any ERISA Affiliate knows that an ERISA Event will or has occurred, a notice describing such ERISA Event, and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notices
received from or filed with the PBGC, IRS, Multiemployer Plan or other Benefit Plan pertaining thereto and (ii) on or prior to any filing by a Credit Party of any notice to terminate or partially terminate any Canadian Pension Plan, a copy of
such notice and promptly, and in any event within 10 days, after any officer of such Credit Party knows or has reason to know that a request for a funding waiver or solvency or other funding relief under any Canadian Pension Plan has been filed, a
notice (which may be made by telephone if promptly confirmed in writing), describing such waiver or relief request and any action that such Credit Party proposes to take with respect thereto, together with a copy of any notice filed with any
Governmental Authority pertaining thereto; 
 (g) within three (3) Business Days after a Responsible Officer becomes aware thereof, any
Material Adverse Effect subsequent to the date of the most recent audited financial statements delivered to Agent and Lenders pursuant to this Agreement; 

(h) within ten (10) Business Days after a Responsible Officer becomes aware thereof, any material change in accounting policies or
financial reporting practices by any Credit Party or any Subsidiary of any Credit Party; 
 (i) within ten (10) Business Days after a
Responsible Officer becomes aware thereof, any labor controversy resulting in or threatening to result in any strike, work stoppage, boycott, shutdown or other labor disruption against or involving any Credit Party or any Subsidiary of any Credit
Party if the same would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (j) within
ten (10) Business Days after a Responsible Officer becomes aware thereof, the creation, establishment or acquisition by any Credit Party of any Subsidiary or, within five (5) Business Days after the date thereof, the issuance by any Credit
Party of any Stock or Stock Equivalent that would trigger a mandatory prepayment obligation pursuant to subsection 1.8(d); 
 (k)
within ten (10) Business Days after a Responsible Officer becomes aware thereof, (i) the creation, or filing with the IRS, CRA or any other Governmental Authority, of any Contractual Obligation or other document extending, or having the
effect of extending, the period for assessment or collection of any income or franchise or other material taxes with respect to any Tax Affiliate and (ii) the creation of any Contractual Obligation of any Tax Affiliate, or the receipt of any
request directed to any Tax Affiliate, to make any material 

  
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adjustment under Section 481(a) of the Code or any comparable provision under the ITA, by reason of a change in accounting method or otherwise, that would increase or accelerate any payment
of taxes; 
 (l) contemporaneously with the consummation of any disposition of any material assets permitted by subsection 5.2(g)(iv)
to Parent or its Subsidiaries, the purchaser thereof, the purchase price therefor, the purchase date and a reasonably detailed description of the assets sold in such disposition; and 

(m) with respect to any vessel on which Eligible In-Transit Inventory is loaded, within three (3) Business Days after a Responsible
Officer becomes aware thereof, (i) any material casualty or incident affecting the seaworthiness or schedule of such vessel, (ii) any declaration of a general average event, or (iii) any event of maritime arrest, maritime attachment,
detention, capture or seizure. 
 Each notice pursuant to this Section 4.3 shall be in electronic form accompanied by a statement by a
Responsible Officer of the Borrower Representative, on behalf of the Borrowers, setting forth details of the occurrence referred to therein, and, if applicable, stating what action the Borrowers or other Person proposes to take with respect thereto
and at what time. Each notice under subsection 4.3(a) shall describe with particularity any and all clauses or provisions of this Agreement or other Loan Document that have been breached or violated. 

Each of Agent and Co-Collateral Agent agrees to use its respective commercially reasonable efforts (x) to advise the Borrower Representative (which may
or may not occur in writing) with respect to adjustments to, or additions of, Reserves and (y) to the extent available, to furnish reasonable documentation with respect thereto; provided, that any failure of Agent or Co-Collateral Agent
to so advise the Borrower Representative with respect to any such adjustment and/or addition (or to so furnish reasonable documentation) shall in no way impair Agent’s or Co-Collateral Agent’s respective rights, as the case may be, to
impose and adjust Reserves in accordance with the terms hereof. 
 4.4 Preservation of Corporate Existence, Etc. Each Credit Party
shall, and shall cause each of its Subsidiaries to: 
 (a) preserve and maintain in full force and effect its organizational existence and
good standing under the laws of its jurisdiction of incorporation, organization or formation, as applicable, except, with respect to EINA’s and/or EICA’s Subsidiaries, as would not reasonably be expected to have, either individually or in
the aggregate, a Material Adverse Effect or in connection with transactions permitted by Section 5.3; 
 (b) preserve and
maintain in full force and effect all rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business except (i) in connection with transactions permitted by Section 5.3,
(ii) sales of assets permitted by Section 5.2 or (iii) as would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 

(c) except as otherwise permitted under subsections 4.4(a) or 4.4(b), use its commercially reasonable efforts, in the Ordinary
Course of Business, to preserve its business 

  
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organization and preserve the goodwill and business of the customers, suppliers and others having material business relations with it, except where the failure to do so would not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (d) preserve or renew all of its registered
trademarks, trade names and service marks, the non-preservation of which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

(e) conduct its business and affairs without infringement of or interference with any Intellectual Property of any other Person in any
material respect and shall comply in all material respects with the terms of its IP Licenses, except where the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

4.5 Maintenance of Property. Each Credit Party shall maintain, and shall cause each of its Subsidiaries to maintain, and preserve all
its Property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted and shall make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so would not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 4.6 Insurance. 

(a) Each Credit Party shall, and shall cause each of its Subsidiaries to, (i) at its option, self-insure with respect to employee health
and welfare insurance, and otherwise maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of
life, fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, business interruption and employee health and welfare insurance) with, if applicable,
financially sound and reputable insurance companies or associations (in each case that are not Affiliates of the Borrowers), in any case, of a nature and providing such coverage as is sufficient and as is customarily carried by businesses of the
size and character of the business of the Credit Parties and (ii) cause all such insurance relating to Collateral of any Credit Party to name Agent as additional insured or loss payee, as appropriate. All policies of insurance on Collateral of
the Credit Parties will contain an endorsement, in form and substance reasonably acceptable to Agent, showing loss payable to Agent (Form CP 1218 or equivalent, or the equivalent form in Canada) and extra expense and business interruption
endorsements. Such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least 30 days’ prior written notice before any such policy or policies of insurance shall be altered
or canceled and that no act or default of the Credit Parties or any other Person shall affect the right of Agent to recover under such policy or policies of insurance in case of loss or damage. Each Credit Party shall direct all present and future
insurers under its “All Risk” policies of property insurance to pay all proceeds payable thereunder related to Collateral directly to Agent. If any insurance proceeds related to Collateral are paid by check, cheque, draft or other
instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. Notwithstanding the

  
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requirement in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area or (y) Real Estate located in a
Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program. 
 (b) Unless the Credit Parties
provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at the Credit Parties’ expense to protect Agent’s and Lenders’ interests in the Credit Parties’ and their
Subsidiaries’ Collateral. This insurance may, but need not, protect the Credit Parties’ and their Subsidiaries’ interests. The coverage that Agent purchases may not pay any claim that any Credit Party or any Subsidiary of any Credit
Party makes or any claim that is made against such Credit Party or any Subsidiary in connection with said Property. The Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that there has been
obtained insurance as required by this Agreement. If Agent purchases insurance, the Credit Parties will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of
insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance shall be added to the Obligations. The costs of the insurance may be more than the cost of insurance the Borrowers may be able to
obtain on their own. 
 (c) The Credit Parties appoint Agent as their attorney-in-fact to settle or adjust all property damage claims in
respect of Collateral under its casualty insurance policies; provided, that such power of attorney shall only be exercised so long as an Event of Default has occurred and is continuing or if the casualty claim exceeds (i) $5,000,000
individually or in the aggregate with respect to the EINA Borrowers and/or the Camrose Borrowers or (ii) $5,000,000 individually or in the aggregate with respect to the EICA Borrowers. Agent shall have no duty to exercise such power of
attorney, but may do so at its discretion. 
 4.7 Payment of Obligations. Such Credit Party shall, and shall cause each of its
Subsidiaries to, pay, discharge and perform as the same shall become due and payable or required to be performed, all their respective obligations and liabilities, to the extent material, including: 

(a) all tax liabilities, assessments and governmental charges or levies upon it or its Property, unless (i) the same are being contested
in good faith by appropriate proceedings diligently prosecuted which stay the filing or enforcement of any Lien and for which adequate reserves in accordance with GAAP are being maintained by such Person; or (ii) the aggregate Liabilities
secured by such Lien do not exceed (x) $5,000,000 with respect to the EINA Borrowers and/or the Camrose Borrowers or (y) $5,000,000 with respect to the EICA Borrowers. 

(b) all lawful claims which, if unpaid, would by law become a Lien upon its Property unless the same are being contested in good faith by
appropriate proceedings diligently prosecuted which stay the imposition or enforcement of any Lien and for which adequate reserves in accordance with GAAP are being maintained by such Person; 

(c) [Intentionally Reserved.]; 

  
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 (d) the performance of all obligations under any Contractual Obligation to which such Credit
Party or any of its Subsidiaries is bound, or to which it or any of its Property is subject, except where the failure to perform would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

(e) payments to the extent necessary to avoid the imposition of a Lien with respect to, or the involuntary termination of, any underfunded
Benefit Plan. 
 4.8 Compliance with Laws. Each Credit Party shall, and shall cause each of its Subsidiaries to, comply with all
Requirements of Law of any Governmental Authority having jurisdiction over it or its business, except where the failure to comply would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

4.9 Inspection of Property and Books and Records. Each Credit Party shall maintain and shall cause each of its Subsidiaries to maintain
proper books of record and account, in which full, true and correct entries in conformity in all material respects with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of such
Person other than minor errors or omissions that do not adversely impact such records and accounts. Each Credit Party shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, during normal
business hours and upon reasonable advance notice (unless an Event of Default shall have occurred and be continuing, in which event no notice shall be required and Agent shall have access at any and all times during the continuance thereof):
(a) provide access to such property to Agent and any of its Related Persons, as frequently as Agent or Co-Collateral Agent determines to be appropriate; and (b) permit Agent and any of its Related Persons to conduct field examinations,
audit, inspect and make extracts and copies (or take originals if reasonably necessary) from all of such Credit Party’s books and records, and evaluate and make physical verifications of the Inventory and other Collateral in any manner and
through any medium that Agent considers advisable, in each instance, at the Credit Parties’ expense; provided, that notwithstanding any provision herein to the contrary, such field examinations with respect to each Borrower Group shall
only be performed up to two (2) times in any calendar year, (i) unless a Trigger Event shall have occurred with respect to any Borrower Group (unless a corresponding Trigger Reset Event has occurred with respect thereto), in which case,
such field examinations shall be performed up to three (3) times each calendar year with respect to such Borrower Group or (ii) at any time an Event of Default has occurred and is continuing, in which case, such field examinations shall be
performed as frequently as Agent or Co-Collateral Agent, as the case may be, determines. Any Lender may accompany Agent or its Related Persons in connection with any inspection at such Lender’s expense. 

4.10 Use of Proceeds. The Borrowers shall use the proceeds of the Loans solely as follows: (a) to pay costs, expenses and Prior
Indebtedness required to be paid pursuant to Section 2.1 and (b) for working capital, capital expenditures and other general corporate purposes not in contravention of any Requirement of Law and not in violation of this Agreement.

 4.11 Cash Management Systems. Each Credit Party shall enter into, and cause each depository, securities intermediary or
commodities intermediary to enter into, Control Agreements providing for “springing” dominion with respect to each of the accounts listed on 

  
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Schedule 4.11 and each other deposit, securities, commodity or similar account maintained by such Person as of or after the Closing Date into which the proceeds of Collateral are or may be
deposited (other than (i) any payroll account so long as such payroll account is a zero balance account, (ii) withholding tax accounts, (iii) fiduciary accounts, (iv) disbursement accounts and (v) deposit accounts with an
amount on deposit of (x) less than $1,000,000 at any time with respect to any particular deposit account and (y) less than $2,500,000 at any time in the aggregate for all such deposit accounts of either of the EINA Borrowers and their
respective Subsidiaries or the EICA Borrowers and their respective Subsidiaries, as the case may be). With respect to accounts subject to “springing” Control Agreements, unless and until an Event of Default has occurred and is continuing
or a Trigger Event has occurred with respect to any Borrower Group (unless a corresponding Trigger Reset Event has occurred with respect thereto), Agent shall not deliver to the relevant depository, securities intermediary or commodities
intermediary a notice or other instruction which provides for exclusive control over any applicable account by Agent. At any time following a Trigger Event with respect to any Borrower Group (unless a corresponding Trigger Reset Event has occurred
with respect thereto), such Borrower Group shall not maintain cash on deposit in disbursement accounts in excess of outstanding checks and wire transfers payable from such accounts and amounts necessary to meet minimum balance requirements. In
addition, (i) following the occurrence and during the continuance of an Event of Default at Agent’s request, Credit Parties will enter into Control Agreements providing for “springing” cash dominion over their respective
disbursement accounts and (ii) at any time following a Trigger Event (unless a corresponding Trigger Reset Event has occurred with respect thereto), the Credit Parties shall not maintain cash on deposit in any disbursement account in excess of
outstanding checks and wire transfers payable from such disbursement account and amounts necessary to meet minimum balance requirements. A “disbursement account” under this Section 4.11 refers to an account of a Credit Party
from which payments are made and which is a zero balance account and shall also include, for purposes of clarity, account no. xxxxxxxxx (or any successor account thereto) with Bank of America, N.A., as long as, unless Agent otherwise consents, such
account has no more than $2,000,000 on deposit therein as of the close of business on any Business Day. For purposes of clarification, any Credit Party may close any account or open new accounts at any time, as long as (i) the Borrower
Representative provides prior written notice of its intention to close any account to Agent, (ii) concurrently with, or within five (5) Business Days after the opening of an account, the applicable Credit Party satisfies the other
provisions of this Section 4.11 with respect thereto and (iii) there shall at all times be at least one account for each Borrower Group subject to a Control Agreement. 

4.12 Landlord Agreements. Each Credit Party (i) shall obtain a Collateral Access Agreement from the lessor of each leased property
and processor or other bailee in possession of any Collateral, in any case where the applicable landlord, processor or other bailee, as the case may be, is an Affiliate of EINA or EICA with respect to each such location where any Collateral is
stored or located, which agreement shall be reasonably satisfactory in form and substance to Agent and (ii) shall use commercially reasonable efforts to obtain a Collateral Access Agreement or mortgagee waivers, as applicable, from the lessor
of each leased property, processor or other bailee in possession of any Collateral or mortgagee of any owned property, in any other case with respect to each such location where any Collateral is stored or located, which agreement shall be
reasonably satisfactory in form and substance to Agent; provided, that, such Collateral Access Agreement or mortgagee waiver shall not be required for any location that is used only 

  
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for the storage and handling of scrap steel (unless such scrap steel constitutes Eligible Inventory) or for any leased office space that contains only books and records that may also be accessed
from another location that is owned by a Credit Party or is subject to a Collateral Access Agreement. Notwithstanding the foregoing, the Credit Parties shall not be required with respect to clause (ii) above to obtain agreements or
waivers, as the case may be, with respect to locations of Collateral with a value which does not exceed (i) $2,000,000 in the aggregate for all such locations of the EINA Borrowers and their Subsidiaries (other than the Camrose Borrowers and
their Subsidiaries), (ii) $2,000,000 in the aggregate for all such locations of the EICA Borrowers and their Subsidiaries or (iii) $1,000,000 in the aggregate for all such locations of the Camrose Borrowers and their Subsidiaries. 

4.13 Further Assurances. 

(a) Each Credit Party shall ensure that all written information, exhibits and reports furnished to Agent or the Lenders do not and will not
contain any untrue statement of a material fact and do not and will not omit to state any material fact or any fact necessary to make the statements contained therein not misleading in any material respect in light of the circumstances in which made
as of the date of such statements or the date so furnished, as the case may be, and will promptly disclose to Agent and the Lenders and correct any material defect or error that may be discovered therein or in any Loan Document or in the execution,
acknowledgement or recordation thereof. 
 (b) Promptly upon request by Agent, the Credit Parties shall (and, subject to the limitations
hereinafter set forth, shall cause each of their Subsidiaries (other than any Excluded Subsidiary) to) take such additional actions and execute such documents as Agent may reasonably require from time to time in order (i) to carry out more
effectively the purposes of this Agreement or any other Loan Document, (ii) to subject to the Liens created by any of the Collateral Documents any of the Properties, rights or interests covered by any of the Collateral Documents (including with
respect to any Person added as a Borrower hereunder, including any Additional Borrower), (iii) to perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and the Liens intended to be created thereby
(including with respect to any Person added as a Borrower hereunder, including any Additional Borrower) and (iv) to better assure, convey, grant, assign, transfer, preserve, protect and confirm to the Secured Parties the rights granted or now
or hereafter intended to be granted to the Secured Parties under any Loan Document (including with respect to any Person added as a Borrower hereunder, including any Additional Borrower). Without limiting the generality of the foregoing and except
for the Excluded Subsidiaries and as otherwise approved in writing by Required Lenders, (x) the EINA Borrowers shall cause each of their Subsidiaries (other than the Excluded Subsidiaries, the Camrose Borrowers or their Subsidiaries or any
Foreign Corporation) to guaranty the Obligations of the EINA Borrowers and their Subsidiaries and the Camrose Borrowers and their Subsidiaries, (y) the EICA Borrowers shall cause each of their Subsidiaries to guaranty the Obligations of the
EICA Borrowers and their Subsidiaries and (z) the Camrose Borrowers shall cause each of their Subsidiaries to guaranty the Obligations of the Camrose Borrowers and their Subsidiaries, and each of the foregoing Credit Parties shall cause each
such Subsidiary to grant to Agent, for the benefit of the Secured Parties, a Lien in, subject to the limitations hereinafter set forth, that portion of such Subsidiary’s Property which is consistent with the then existing Collateral Documents
to secure such guaranty. 

  
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 4.14 Environmental Matters. Without limiting the generality of the foregoing, each Credit
Party shall, and shall cause each of its Subsidiaries to, comply with, and maintain its Real Estate, whether owned, leased, subleased or otherwise operated or occupied, in compliance with, all applicable Environmental Laws (including by implementing
any Remedial Action necessary to achieve such compliance or that is required by orders and directives of any Governmental Authority, except where the failure to comply would not reasonably be expected to, individually or in the aggregate, result in
a Material Adverse Effect; provided, that no Credit Party or any Subsidiary shall be required hereunder to undertake a Remedial Action or compliance activity to the extent that its obligations to do so are being contested in good faith and by
proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP or other applicable accounting standards. Without limiting the foregoing, if Agent has a reasonable basis to believe that an
Event of Default relating to violations of Environmental Laws has occurred and is continuing, then each Credit Party shall, promptly upon receipt of request from Agent, cause the performance of, and allow Agent and its Related Persons access to such
Real Estate for the purpose of conducting, such environmental audits and assessments, including where appropriate subsurface sampling of soil and groundwater, and cause the preparation of such reports, in each case as Agent may from time to time
reasonably request regarding the matters that are the subject of the applicable Event of Default. Such audits, assessments and reports, to the extent not conducted by Agent or any of its Related Persons, shall be conducted and prepared by reputable
environmental consulting firms reasonably acceptable to Agent and shall be in form and substance reasonably acceptable to Agent. 
 4.15
Canadian Pension Plans and Benefit Plans. 
 (a) For each existing, or hereafter adopted, Canadian Pension Plan and Canadian Benefit
Plan, the Credit Parties shall, and shall cause each of their Subsidiaries to, in a timely fashion comply with and perform in all material respects all of its obligations under and in respect of such Canadian Pension Plan or Canadian Benefit Plan,
including under any funding agreements and all applicable laws (including any fiduciary, funding, investment and administration obligations). 

(b) All employer or employee payments, contributions or premiums required to be remitted, paid to or in respect of each Canadian Pension Plan
or Canadian Benefit Plan shall be paid or remitted by the Credit Parties or their Subsidiaries in a timely fashion in accordance with the terms thereof, any funding agreements and all applicable laws. 

(c) Credit Parties shall deliver to Agent (i) copies of each report or valuation with respect to each Canadian Pension Plan as filed with
any applicable Governmental Authority; (ii) upon request by Agent from time to time, but not more frequently than annually unless an Event of Default has occurred and is continuing (in which case, no such limit shall apply), in each case, in
Agent’s Permitted Discretion, either (A) a new actuarial valuation with respect to the defined benefit Canadian Pension Plans identified by the Agent or (B) an informal or other actuarial estimate or update of the solvency wind
up deficit in respect of the defined benefit Canadian Pension Plan identified by Agent which would not be required to be filed with a Governmental Authority; (iii) if requested by Agent, copies of each annual and other return with respect to
each Canadian Pension Plan as filed with any applicable Governmental 

  
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Authority; (iv) promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that a Credit Party may receive from any applicable Governmental Authority with
respect to any Canadian Pension Plan; and (v) notification within thirty (30) days of any increases having a cost to a Credit Party in excess of $1,000,000 per annum in the aggregate, in the benefits of any existing Canadian Pension Plan
or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which a Credit Party was not previously contributing. 

ARTICLE V. 
 NEGATIVE
COVENANTS 
 Each Credit Party covenants and agrees that, so long as any Lender shall have any Commitment hereunder, or any Loan or
other Obligation (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted and other than Obligations not arising under this Agreement or the other Loan Documents that are no longer secured under
the Collateral Documents) shall remain unpaid or unsatisfied: 
 5.1 Limitation on Liens. No Credit Party shall, and no Credit Party
shall suffer or permit any of its Subsidiaries to, directly or indirectly, make, create, incur, assume or suffer to exist any Lien upon or with respect to any part of its Property, whether now owned or hereafter acquired, other than the following
(“Permitted Liens”): 
 (a) any Lien existing on the Property of a Credit Party or a Subsidiary of a Credit Party on the
Closing Date and set forth in Schedule 5.1, including replacement Liens on the Property currently subject to such Liens; provided, that any such replacement Lien does not secure an aggregate principal amount of Indebtedness, if any,
greater than that secured on the Closing Date plus undrawn commitments thereunder in effect on the Closing Date, accrued and unpaid interest thereon and fees and premiums payable in connection with a Permitted Refinancing of the Indebtedness
secured by such Lien; 
 (b) any Lien created under any Loan Document; 

(c) Liens for taxes, fees, assessments or other governmental charges (i) which are not past due or remain payable without penalty or
(ii) the non-payment of which is permitted by Section 4.7; 
 (d) carriers’,
construction, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens arising in the Ordinary Course of Business which are not past due or remain payable without penalty or which are being
contested in good faith and by appropriate proceedings diligently prosecuted, which proceedings have the effect of preventing the forfeiture or sale of the Property subject thereto and for which adequate reserves in accordance with GAAP are being
maintained; 
 (e) Liens (other than any Lien imposed by ERISA or applicable Canadian pensions and benefits legislation) consisting of
pledges or deposits required in the Ordinary Course of Business in connection with workers’ compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory obligations,

  
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surety, stay, customs and appeals bonds, bids, leases, governmental contract, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for
the payment of borrowed money) or to secure liability to insurance carriers; 
 (f) Liens consisting of judgment or judicial attachment
liens (other than for payment of taxes, assessments or other governmental charges) not resulting in an Event of Default; provided, that the enforcement of such Liens is effectively stayed, is being contested in good faith and by appropriate
proceedings diligently pursued and for which adequate reserves in accordance with GAAP are being maintained; 
 (g) easements, rights-of-way, zoning and other restrictions, minor defects or other irregularities in title, and other similar encumbrances incurred in the Ordinary Course of Business which
do not secure Indebtedness for borrowed money, and which do not in any case materially detract from the value of the Property subject thereto or interfere in any material respect with the ordinary conduct of the businesses of any Credit Party or any
Subsidiary of any Credit Party; 
 (h) Liens on any Property (other than Collateral) acquired or held by any Credit Party or any Subsidiary
of any Credit Party securing Indebtedness incurred or assumed for the purpose of financing (or refinancing) all or any part of the cost of acquiring such Property and permitted under subsection 5.5(d); provided, that (i) any such
Lien attaches to such Property concurrently with or within ninety (90) days after the acquisition thereof, (ii) such Lien attaches solely to the Property so acquired in such transaction and the proceeds thereof and (iii) the principal
amount of the debt secured thereby does not exceed 100% of the cost of such Property; 
 (i) Liens securing Capital Lease Obligations
permitted under subsection 5.5(d); 
 (j) any interest or title of a lessor or sublessor under any lease permitted by this Agreement;

 (k) non-exclusive licenses and sublicenses granted by a Credit Party and leases or subleases (by a Credit Party as lessor or sublessor)
to third parties in the Ordinary Course of Business not interfering with the business of the Credit Parties or any of their Subsidiaries; 

(l) Liens in favor of collecting banks located in the United States arising by operation of law under Section 4-210 of the Uniform
Commercial Code or, with respect to collecting banks located in the State of New York, under 4-208 of the Uniform Commercial Code; 
 (m)
Liens (including the right of set-off) in favor of a bank or other depository institution encumbering deposits and Liens in favor of a securities intermediary encumbering financial assets credited to a securities account; provided, that the
applicable securities intermediary shall have agreed in favor of Agent pursuant to a then effective Control Agreement to subordinate its Lien in favor of the Liens granted to Agent under the Collateral Documents; 

  
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 (n) Liens in favor of customs and revenue authorities arising as a matter of law which secure
payment of customs duties in connection with the importation of goods in the Ordinary Course of Business; 
 (o) Liens on assets acquired in
a Permitted Acquisition or on Property of a Person (in each case, other than Collateral or any Property to become Collateral in connection with any such Permitted Acquisition) existing at the time such Person is acquired or merged with or into or
amalgamated or consolidated with any Credit Party or a Subsidiary of a Credit Party to the extent otherwise permitted hereunder or such Liens are acquired (and not created in anticipation or contemplation thereof); provided, that
(i) such Liens do not extend to Property not subject to such Liens at the time of acquisition (other than improvements thereon and proceeds thereof) and are no more favorable to the lienholders than such existing Lien and (ii) the
aggregate principal amount of Indebtedness secured by such Liens does not exceed $100,000,000 at any time outstanding; 
 (p) the filing of
UCC or PPSA financing statements (or the equivalent in other jurisdictions) solely as a precautionary measure in connection with operating leases or consignment of goods; 

(q) any encumbrance or restriction (including put and call agreements) solely in respect of the Stock of any joint venture that is not a
Credit Party, contained in such joint venture’s Organization Documents or the joint venture agreement or stockholders agreement in respect of such joint venture; 

(r) Liens securing the refinancing of Indebtedness secured by any Lien permitted by clauses (a), (h) or (i) of
this Section 5.1 or this clause (r) without any change in the assets subject to such Lien and to the extent such refinanced Indebtedness is permitted by Section 5.5; 

(s) Liens not otherwise permitted by clauses (a) through (q) of this Section 5.1 to the extent attaching
to Property not constituting Collateral and with an aggregate fair market value not in excess of, and securing liabilities not in excess of (i) $10,000,000 at any time outstanding with respect to the EINA Borrowers and their Subsidiaries (other
than the Camrose Borrowers and their Subsidiaries), (ii) $10,000,000 at any time outstanding with respect to the EICA Borrowers and their Subsidiaries and (iii) $5,000,000 at any time outstanding with respect to the Camrose Borrowers and
their Subsidiaries; and 
 (t) to the extent constituting Liens, rights under purchase and sale agreements with respect to Stock permitted
to be sold in dispositions permitted under Section 5.2. 

  
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 5.2 Disposition of Assets. No Credit Party shall, and no Credit Party shall suffer or
permit any of its Subsidiaries to, directly or indirectly, sell, assign, lease (as lessor), convey, transfer or otherwise dispose of (whether in one or a series of transactions) any Property (including the Stock of any Subsidiary of any Credit
Party, whether in a public or a private offering or otherwise, and accounts and notes receivable, with or without recourse) or enter into any agreement to do any of the foregoing, except: 

(a) dispositions to any Person of Inventory in the Ordinary Course of Business; provided, (i) any such dispositions of Inventory to
Affiliates of a Credit Party (including such dispositions (x) between the EINA Borrowers and the EICA Borrowers and (y) from the EINA Borrowers to the Camrose Borrowers, but excluding other dispositions to Credit Parties) shall also be on
terms (A) consistent with historical practices and (B) no less favorable to the applicable Credit Party than those which could be obtained in a comparable arm’s length transaction and (ii) the net amount due from Affiliates of
(A) the EINA Borrowers and their Subsidiaries in connection with all such dispositions of Inventory to Affiliates of the EINA Borrowers and their Subsidiaries who are not Credit Parties permitted hereunder shall not exceed $50,000,000 in the
aggregate at any one time and (B) the EICA Borrowers and their Subsidiaries in connection with all such dispositions of Inventory to Affiliates of the EICA Borrowers and their Subsidiaries who are not Credit Parties permitted hereunder shall
not exceed $50,000,000 in the aggregate at any one time; 
 (b) dispositions (other than of (i) the Stock of any Subsidiary of any
Credit Party or (ii) any Collateral of any Credit Party) not otherwise permitted hereunder to any Person other than an Affiliate of a Credit Party which are made for fair market value and the mandatory prepayment in the amount of the Net
Proceeds of such disposition is made if and to the extent required by Section 1.8; provided, that (i) at the time of any disposition, no Event of Default shall exist or shall result from such disposition and (ii) the
aggregate fair market value of all assets so sold by the Credit Parties and their Subsidiaries during the term of this Agreement, together, shall not exceed $100,000,000; 

(c) dispositions of cash and Cash Equivalents; 

(d) transactions permitted under Section 5.1(k) and Section 5.3; 

(e) dispositions of used, worn out, obsolete or surplus Property by any Credit Party in the Ordinary Course of Business and the abandonment or
other disposition of Intellectual Property that is, in the reasonable business judgment of the Borrowers, no longer economically practicable to maintain or useful in the conduct of the business of the Credit Parties taken as a whole; 

(f) [Intentionally Reserved.] 

(g) dispositions, subject to Section 5.2(a), (i) by Subsidiaries of EINA or EICA that are not Credit Parties to Credit
Parties, so long as the consideration paid by the Credit Parties in each such disposition does not exceed the fair market value for such disposition; (ii) by and among Subsidiaries of EINA or EICA that are not Credit Parties; (iii) by any
Credit Party to any other Credit Party; and (iv) other than dispositions of Collateral (except for Inventory to the extent permitted by Section 5.2(a)), by EINA or EICA or any Parent Material Subsidiary to Parent or any of
Parent’s Subsidiaries; provided, in each case of clauses (i), (ii) and (iii) above, that (A) in the case of any transfer from one Credit Party to another Credit Party, any Lien granted to Agent, for
the benefit of Secured Parties, pursuant to the relevant Collateral Documents in the Property so transferred shall (1) remain in full force and effect and perfected and enforceable (to at least the same extent as in effect immediately prior to
such transfer) or (2) be replaced by Liens granted to Agent, for the benefit of Secured Parties, pursuant to the relevant 

  
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Collateral Documents, which new Liens shall be in full force and effect and perfected and enforceable (to at least the same extent as in effect immediately prior to such transfer) and (B) no
Default or Event of Default is then continuing or would result therefrom; and 
 (h) dispositions of Property (other than Collateral) to the
extent that such Property is exchanged for credit against the purchase price of similar, replacement Property or the proceeds of such dispositions are applied to the purchase price of such replacement Property, each within six (6) months of the
initial disposition. 
 5.3 Consolidations and Mergers. No Credit Party shall, and no Credit Party shall suffer or permit any of its
Subsidiaries to merge, amalgamate, consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person, except (a) upon not less than five (5) Business Days prior written notice to Agent, any Subsidiary of a Credit Party may merge or amalgamate with, or dissolve or liquidate into, a Credit Party or a
Wholly-Owned Subsidiary of a Credit Party which is a Domestic Subsidiary; provided, that (i) such Credit Party or such Wholly-Owned Subsidiary which is a Domestic Subsidiary shall be the continuing or surviving entity and all actions
required to maintain perfected Liens on Collateral in favor of Agent shall have been completed, and (ii) other than transactions pursuant to which one or more of the Camrose Borrowers and their Subsidiaries are acquired by the EICA Borrowers,
no mergers, amalgamation, consolidations or other Acquisitions shall be permitted between or among Borrower Groups; (b) any Foreign Subsidiary may merge with or dissolve or liquidate into another Foreign Subsidiary as long as all actions
required to maintain perfected any Liens on Collateral in favor of Agent shall have been completed; and (c) in connection with any transaction permitted under Sections 5.2 and 5.4. 

5.4 Acquisitions; Loans and Investments. No Credit Party shall and no Credit Party shall suffer or permit any of its Subsidiaries to
(i) purchase or acquire, or make any commitment to purchase or acquire any Stock or Stock Equivalents, or any obligations or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary or
(ii) make or commit to make any Acquisitions, or any other acquisition of all or substantially all of the assets of another Person, or of any business or division of any Person, including without limitation, by way of merger, amalgamation,
consolidation or other combination or (iii) make or purchase, or commit to make or purchase, any advance, loan, extension of credit or capital contribution to or any other investment in, any Person including a Borrower, any Affiliate of a
Borrower or any Subsidiary of a Borrower (the items described in clauses (i), (ii) and (iii) are referred to as “Investments”), except for: 

(a) Investments in cash and Cash Equivalents; 

(b) Investments by any Credit Party in any other Credit Party; provided, that: (i) if any Credit Party executes and delivers to
any other Credit Party a note (collectively, the “Intercompany Notes”) to evidence any such Investment consisting of intercompany Indebtedness, (A) to the extent such Intercompany Indebtedness is owed by a member of one
Borrower Group and/or its Subsidiaries to a member of another Borrower Group and/or its Subsidiaries, that Intercompany Note shall contain reasonably acceptable, as determined in 

  
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Agent’s Permitted Discretion, subordination provisions in favor of Agent and (B) that Intercompany Note shall be pledged and delivered to Agent pursuant to the Guaranty and Security
Agreement or the Security Agreement, as applicable, as additional collateral security for the Obligations as provided therein, subject to the security principles described in Section 11.8; (ii) each Credit Party shall accurately
record all intercompany transactions on its books and records; and (iii) at the time any such intercompany loan or advance is made by any Credit Party to any other Credit Party and after giving effect thereto, each such Credit Party shall be
Solvent; 
 (c) Investments received as the non-cash portion of consideration received in connection with transactions permitted pursuant to
subsection 5.2(b); 
 (d) Investments acquired in connection with the settlement of delinquent Accounts in the Ordinary Course of
Business or in connection with the bankruptcy or reorganization of suppliers or customers, and Investments received in good faith in settlement of disputes or litigation; 

(e) Investments existing on the Closing Date and set forth in Schedule 5.4; 

(f) transactions permitted under Section 5.6; 

(g) Permitted Acquisitions and transactions permitted by Section 5.3; 

(h) Parent Investments; 
 (i)
Investments by any Credit Party in any Subsidiary of a Credit Party that is not a Credit Party; provided, that the aggregate amount of all such Investments shall not exceed an aggregate amount of $50,000,000 during the term of this Agreement;

 (j) Investments consisting of Indebtedness permitted by Section 5.5 or Contingent Obligations permitted by Sections
5.9, 5.11 and 5.18; and 
 (k) other Investments not otherwise permitted hereunder in an aggregate amount not exceeding
$50,000,000 at any one time outstanding. 
 5.5 Limitation on Indebtedness. No Credit Party shall, and no Credit Party shall suffer
or permit any of its Subsidiaries to, create, incur, assume, permit to exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except: 

(a) the Obligations; 
 (b)
Indebtedness consisting of Contingent Obligations permitted pursuant to Section 5.9; 
 (c) Indebtedness existing on the Closing
Date (other than the Parent Subordinated Indebtedness) and set forth in Schedule 5.5 including Permitted Refinancings thereof; 

  
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 (d) Indebtedness not to exceed $250,000,000 in the aggregate at any time outstanding, consisting
of Capital Lease Obligations or secured by Liens permitted by subsections 5.1(h) or (i) and Permitted Refinancings thereof; 

(e) unsecured intercompany Indebtedness permitted pursuant to subsection 5.4(b) or (i); 

(f) Parent Subordinated Indebtedness; 

(g) [Intentionally Reserved.]; 

(h) transactions permitted under Section 5.18; 

(i) Indebtedness in respect of bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers
acceptances issued for the account of any Credit Party or any Subsidiary of a Credit Party, in each case, incurred in the Ordinary Course of Business (including guarantees or obligations of any Credit Party or any Subsidiary of any Credit Party with
respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances), in each case, other than Indebtedness for borrowed money; 

(j) Indebtedness arising from the honoring by a bank or other financial institution of a check, cheque, draft or similar instrument
inadvertently (or as a result of daylight overdrafts) drawn against insufficient funds in the Ordinary Course of Business; provided, that such Indebtedness is extinguished within five (5) Business Days of incurrence; 

(k) (i) Indebtedness of any Person existing at the time such Person is acquired in connection with a Permitted Acquisition or any other
Investment permitted under Section 5.4; provided, that such Indebtedness is not incurred in connection with or in contemplation of such Permitted Acquisition or other Investment and is not secured by any Collateral or the proceeds
thereof, and after giving effect to such Permitted Acquisition or other Investment no Event of Default shall have occurred and be continuing and (ii) Permitted Refinancings of such Indebtedness in an aggregate amount, for all such Indebtedness
permitted under clause (i) not to exceed $100,000,000 at any time outstanding; 
 (l) Indebtedness in respect of treasury,
depositary and cash management services or automated clearinghouse transfer of funds in the Ordinary Course of Business, in each case, arising under the terms of customary agreements with any bank at which the respective Credit Party maintains an
overdraft, pooled account or other similar facility or arrangement; 
 (m) Indebtedness representing deferred compensation to employees of
EINA, EICA and each of their respective Subsidiaries incurred in the Ordinary Course of Business; 
 (n) Indebtedness consisting of the
financing of insurance premiums or take-or-pay obligations contained in supply agreements, in each case, in the Ordinary Course of Business; and 

  
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 (o) any Permitted Unsecured Debt not to exceed an aggregate principal amount of $1,500,000,000 at
any time outstanding.  
 5.6 Employee Loans and Transactions with Affiliates. No Credit Party shall, and no Credit Party
shall suffer or permit any of its Subsidiaries to, enter into any transaction with any Affiliate of a Borrower or of any such Subsidiary, except: 

(a) as expressly permitted by this Agreement (including Parent Investments and transactions permitted under Section 5.7); 

(b) to the extent not otherwise in violation of this Agreement, in the Ordinary Course of Business and pursuant to the reasonable requirements
of the business of such Credit Party or such Subsidiary upon fair and reasonable terms no less favorable to such Credit Party or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of a
Borrower or such Subsidiary; 
 (c) loans or advances to employees of Credit Parties for travel, entertainment and relocation expenses and
other ordinary business purposes in the Ordinary Course of Business not to exceed $10,000,000 in the aggregate outstanding at any time; and 

(d) all such transactions existing as of the Closing Date and described in Schedule 5.6. 

5.7 Management Fees, Etc. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management,
consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party, except: 

(a) payment of reasonable compensation (including bonuses) and provision for other benefits (including retirement, health, stock option and
other benefit plans) and indemnification arrangements to directors, officers and employees by Credit Parties and their Subsidiaries in the Ordinary Course of Business; and 

(b) payment of reasonable and customary directors’ fees and reimbursement of actual out-of-pocket expenses incurred in connection with
attending board of director meetings, in each case, consistent with past practices. 
 5.8 Margin Stock; Use of Proceeds. No Credit
Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, use any portion of the Loan proceeds or Letter of Credit proceeds, for the immediate, incidental or ultimate purpose of buying or carrying Margin Stock or repay or
otherwise refinance Indebtedness of any Credit Party or others incurred to purchase or carry Margin Stock, or otherwise in any manner which is in contravention of any Requirement of Law or in violation of this Agreement. 

  
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 5.9 Contingent Obligations. No Credit Party shall, and no Credit Party shall suffer or
permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Contingent Obligations except in respect of the Obligations and except: 

(a) endorsements for collection or deposit in the Ordinary Course of Business; 

(b) Rate Contracts and Commodities Hedging Contracts entered into in the Ordinary Course of Business for bona fide hedging purposes and not
for speculation; 
 (c) Contingent Obligations of the Credit Parties and their Subsidiaries existing as of the Closing Date and listed in
Schedule 5.9, including extension and renewals thereof which do not increase the amount of such Contingent Obligations or impose materially more restrictive or adverse terms on the Credit Parties or their Subsidiaries as compared to the terms
of the Contingent Obligation being renewed or extended; 
 (d) Contingent Obligations arising with respect to transactions permitted under
Section 5.18; 
 (e) Contingent Obligations arising with respect to customary indemnification obligations in favor of
(i) sellers in connection with Acquisitions permitted hereunder and (ii) purchasers in connection with dispositions permitted under Section 5.2; 

(f) Contingent Obligations arising under Letters of Credit; 

(g) Contingent Obligations arising under guarantees (i) made in the Ordinary Course of Business of obligations of any Credit Party, which
obligations are otherwise permitted hereunder; provided, that if such obligation is subordinated to the Obligations, such guarantee shall be subordinated to the same extent; or (ii) made in respect of Permitted Unsecured Debt; 

(h) Contingent Obligations constituting Parent Investments; and 

(i) other Contingent Obligations not exceeding $50,000,000 in the aggregate at any time outstanding. 

5.10 Compliance with ERISA/Canadian Pensions. 

(a) No ERISA Affiliate shall cause or suffer to exist (a) any event that could result in the imposition of a Lien on any asset of a
Credit Party or a Subsidiary of a Credit Party securing obligations or liabilities in excess of $2,500,000 with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, have a Material
Adverse Effect. No Credit Party shall cause or suffer to exist any event that results in the imposition of a Lien with respect to any Benefit Plan; and 

(b) No Credit Party shall terminate in whole or in part an existing, nor establish a new, defined benefit Canadian Pension Plan or suffer to
exist any event that results in the imposition of a Lien with respect to any Canadian Pension Plan. 
 5.11 Restricted Payments. No
Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, (i) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any Stock or
Stock Equivalent or (ii) purchase, redeem or otherwise acquire for value any Stock or Stock Equivalent now or hereafter outstanding (the items described in clauses (i) and (ii) above are referred to as

  
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“Restricted Payments”); except that (a) any Wholly-Owned Subsidiary of a Credit Party may declare and pay dividends or make other distributions to a Credit Party or any
Wholly-Owned Subsidiary of a Credit Party, (b) any Subsidiary of a Credit Party that is not a Wholly-Owned Subsidiary of such Credit Party may declare and pay dividends or make other distributions to the holders of its Stock or Stock
Equivalents on a pro rata basis and (c) EINA, EICA and any Parent Material Subsidiary may make Parent Investments. 
 5.12 Change in
Business. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, engage in any line of business other than those lines of business carried on by it on the date hereof (or, in the good faith judgment of such Credit
Party, which are reasonably and substantially related thereto). 
 5.13 Change in Organization Documents. Except as expressly
permitted under Section 5.3 or in connection with Parent Investments, no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, amend any of its Organization Documents in any material respect that is adverse to
Agent or Lenders. 
 5.14 Changes in Accounting, Name or Jurisdiction of Organization. No Credit Party shall, and no Credit Party
shall suffer or permit any of its Subsidiaries to, (i) subject to Section 11.3, make any significant change in accounting treatment or reporting practices, except as required by GAAP, (ii) change the Fiscal Year or method for
determining Fiscal Quarters of any Credit Party or of any consolidated or combined Subsidiary of any Credit Party, (iii) change its name as it appears in official filings in its jurisdiction of organization, (iv) change the location of its
chief executive office or (v) change its jurisdiction of organization, in the case of clauses (iii), (iv) and (v), without at least ten (10) days’ prior written notice to Agent and the acknowledgement of
Agent that all actions required by Agent, including those to continue the perfection of its Liens, have been completed. 
 5.15
Amendments to Subordinated Indebtedness. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries directly or indirectly to, change or amend the terms of any Subordinated Indebtedness (other than the Parent Subordinated
Indebtedness), if the effect of such change or amendment is to: (A) increase the interest rate on such Indebtedness by more than 200 basis points per annum; (B) shorten the dates upon which payments of principal or interest are due on such
Indebtedness; (C) add or change in a manner adverse to the Credit Parties any event of default or add or make more restrictive any covenant with respect to such Indebtedness; (D) change in a manner adverse to the Credit Parties the
prepayment provisions of such Indebtedness; (E) change the subordination provisions thereof (or the subordination terms of any guaranty thereof); or (F) change or amend any other term if such change or amendment would materially increase
the obligations of the Credit Parties (other than increasing the principal amount thereof) or confer additional material rights on the holder of such Indebtedness in a manner materially adverse to the Credit Parties, Agent or Lenders. 

5.16 No Negative Pledges. 

(a) No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Credit 

  
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Party or Subsidiary to pay dividends or make any other distribution on any of such Credit Party’s or Subsidiary’s Stock or Stock Equivalents or to pay fees, including management fees,
or make other payments and distributions to a Borrower or any Credit Party, except for such encumbrances or restrictions existing under or by reason of (i) applicable Requirements of Law; (ii) this Agreement and the other Loan Documents;
(iii) (A) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of a Credit Party or Subsidiary and/or (B) customary provisions in the documents, agreements and instruments evidencing
the Permitted Unsecured Debt in line with prevailing market standards for similar Indebtedness issued in US capital or syndicated loan markets, unless otherwise agreed to in writing by Agent in its reasonable discretion; (iv) customary
provisions restricting assignment of any agreement entered into by a Credit Party or Subsidiary; (v) any holder of a Lien permitted by Section 5.1 restricting the transfer of the Property subject thereto; (vi) customary
restrictions and conditions contained in any agreement relating to the sale of Property permitted under Section 5.2 pending the consummation of such sale; (vii) any agreement in effect at the time such Subsidiary of a Credit Party
becomes a Subsidiary of such Credit Party, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary of such Credit Party; (viii) customary provisions in Organization Documents
entered in the Ordinary Course of Business (or in connection with the formation of the applicable Person) that (A) restrict the transfer of the Stock in such Person or (B) in the case of a joint venture that is not a Credit Party or
Subsidiary, provide for other restrictions of the type described above solely with respect to the Stock in, or Property held in, such joint venture, (ix) customary provisions in asset sale and Stock sale agreements and other similar agreements
permitted hereunder that provide for restrictions of the type described above, solely with respect to the Property or Persons subject to such sale agreement, (x) restrictions on cash or other deposits or net worth imposed by suppliers or
landlords under contracts entered in the Ordinary Course of Business; (xi) any instrument governing Indebtedness assumed in connection with any Permitted Acquisition, which encumbrance or restriction is not applicable to any Person, or the
Properties of any Person, other than the Person or the Properties so acquired; or (xii) any encumbrance or restriction imposed by any amendments or refinancings that are otherwise not prohibited by the Loan Documents of the contracts,
instruments or obligations referred to in clauses (vi), (vii) or (x) above; provided, that such amendments or refinancings are not more materially restrictive with respect to such encumbrances or restrictions
than those prior to such amendment or refinancing. 
 (b) No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries
to, directly or indirectly, enter into, assume or become subject to any Contractual Obligation prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of Agent, whether now owned or hereafter acquired, except
the following: (1) in connection with any document or instrument governing Liens permitted pursuant to subsections 5.1(h) and 5.1(i); provided, that any such restriction contained therein relates only to the asset or assets
subject to such Permitted Liens, (2) this Agreement and the other Loan Documents or (3) any prohibition or limitation that (a) exists pursuant to Requirements of Law, (b) consists of customary restrictions and conditions
contained in any agreement relating to the sale of any Property permitted under Section 5.2 pending the consummation of such sale, (c) restricts subletting, leasehold mortgages or assignment of any lease governing a leasehold
interest of a Credit Party or Subsidiary, (d) is permitted under subsection 5.1(q), (e) exists in any agreement or other instrument of a Person acquired in an Investment permitted hereunder in existence at the

  
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time of such Investment (but not created in connection therewith or in contemplation thereof), which prohibition or limitation is not applicable to any Person, or the Properties of any Person,
other than the Person, or the Property of the Person so acquired; provided, that no such Person shall be a Credit Party and no Property of any such Person shall be included in the Borrowing Base of any Borrower Group, to the extent such
prohibition or limitation is applicable to the Liens under the Collateral Documents or requires the grant or creation of a Lien on any Collateral, (f) is contained in any Organization Document of a joint venture which limits the ability of an
owner of an interest in the joint venture from encumbering its Stock therein, (g) is imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of contracts, instruments or obligations referred to in clause
(3)(e); provided, that such amendments and refinancings are not more materially restrictive with respect to such prohibitions and limitations than those prior to such amendment or refinancing or (h) customary provisions in the
documents, agreements and instruments evidencing the Permitted Unsecured Debt in line with prevailing market standards for similar Indebtedness issued in US capital or syndicated loan markets, unless otherwise agreed to in writing by Agent in its
reasonable discretion. 
 5.17 OFAC; Patriot Act. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to,
fail to comply, to the extent applicable, with the laws, regulations and executive orders referred to in Sections 3.30 and 3.31. 

5.18 Sale-Leasebacks. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, engage in a sale leaseback,
synthetic lease or similar transaction involving any of its assets, unless (i) the sale of such Property is permitted by Section 5.2, (ii) any Liens arising in connection with its use of such Property are permitted by
Section 5.1 and (iii) after giving effect to such transaction, the aggregate fair market value of all Properties covered by such transactions entered into by all such Persons would not exceed $100,000,000 at any one time
outstanding. 
 5.19 [Intentionally Reserved.] 

5.20 Prepayments of Other Indebtedness. No Credit Party shall, directly or indirectly, voluntarily purchase, redeem, defease or prepay
any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness prior to its scheduled maturity, other than (a) the Obligations, (b) Indebtedness secured by a Permitted Lien if the asset securing such
Indebtedness has been sold or otherwise disposed of in a transaction permitted hereunder, (c) a Permitted Refinancing of Indebtedness permitted under subsection 5.5(c) or (d), (d) prepayments of other Indebtedness (excluding
Subordinated Indebtedness) so long as the amounts prepaid do not exceed $50,000,000 in the aggregate, (e) prepayment of intercompany Indebtedness to Credit Parties, (f) prepayment of the Indebtedness existing on the Closing Date and listed
on Schedule 5.20 in connection with the exercise by the applicable Credit Parties of the buy-out option with respect thereto and (g) prepayments with respect to Parent Subordinated Indebtedness. 

ARTICLE VI. 

[Intentionally Reserved.] 

  
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 ARTICLE VII. 

EVENTS OF DEFAULT 
 7.1
Events of Default. Any of the following shall constitute an “Event of Default”: 
 (a) Non-Payment. Any Credit
Party fails (i) to pay when and as required to be paid herein, any amount of principal of any Loan, including after maturity of the Loans, or to pay any L/C Reimbursement Obligation, (ii) to pay within three (3) Business Days after
the same shall become due, any interest on any Loan or any fee payable hereunder or pursuant to any other Loan Document or (iii) to pay within ten (10) days after the same shall become due, any other amount payable hereunder or pursuant to
any other Loan Document; 
 (b) Representation or Warranty. (i) Any representation, warranty or certification by or on behalf of
any Credit Party made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by any such Person, or their respective Responsible Officers, furnished at any time under
this Agreement, or in or under any other Loan Document, shall prove to have been incorrect in any material respect (without duplication of other materiality qualifiers contained therein) on or as of the date made or deemed made or (ii) any
information contained in any Borrowing Base Certificate of any Borrower Group is untrue or incorrect in any respect (other than (1) inadvertent, immaterial errors not exceeding $3,000,000 in the aggregate in any Borrower Group’s Borrowing
Base Certificate, (2) errors understating any Borrower Group’s Borrowing Base and (3) errors occurring when Availability of the applicable Borrower Group continues to exceed $45,000,000 after giving effect to the correction of such
errors); 
 (c) Specific Defaults. (i) Any Credit Party fails to perform or observe any term, covenant or agreement contained in
any of subsection 4.3(a), 9.10(d) or 4.6(a) (solely with respect to the first sentence thereof) or Section 4.9 (solely with respect to the inspection provisions thereof following the occurrence and during the
continuance of an Event of Default), 4.10 or 4.11 or Article V or (ii) any Credit Party fails to perform or observe any term, covenant or agreement contained in any of subsection 4.2(a), 4.2(b) or
4.2(d) or Section 4.1, Section 4.6 (other than those provisions the subject of subclause (i) of this clause (c)) or Section 4.9 (other than those provisions the subject of subclause
(i) of this clause (c)), and such default shall continue unremedied for a period of five (5) Business Days; 
 (d)
Other Defaults. Any Credit Party (or any Affiliate of a Credit Party party thereto) fails to perform or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document, and such default shall continue
unremedied for a period of thirty (30) days after the earlier to occur of (i) the date upon which a Responsible Officer of any Credit Party becomes aware of such default and (ii) the date upon which written notice thereof is given to
the Borrower Representative by Agent or Required Lenders; 
 (e) Cross-Default. Any Credit
Party (i) fails to make any payment in respect of any Indebtedness or Contingent Obligation (other than the Obligations, but including Permitted Unsecured Debt) having an aggregate principal amount (including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than $50,000,000, individually or in the aggregate, when due (whether by scheduled maturity, required prepayment, 

  
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acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto on the date of such failure; or
(ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such Indebtedness or Contingent Obligation, if the effect of such failure,
event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such
Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto), or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded;

 (f) Insolvency; Voluntary Proceedings. Any Credit Party: (i) generally fails to pay, or admits in writing its inability to
pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) except as otherwise permitted by Section 5.3, voluntarily ceases to conduct its business in the ordinary
course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; 

(g) Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against any Credit Party, or any
writ, judgment, warrant of attachment, execution or similar process, is issued or levied against any such Person’s Properties (other than Collateral) with a value in excess of $25,000,000 individually or in the aggregate and any such proceeding
or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within sixty (60) days after commencement, filing or levy; (ii) any Credit Party
admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under laws other than the laws of Canada and the United States) is ordered in any Insolvency Proceeding; or
(iii) any Credit Party acquiesces in the appointment of a receiver, interim receiver, receiver and manager, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a
substantial portion of its Property or business; 
 (h) Monetary Judgments. One or more judgments, non-interlocutory orders, decrees
or arbitration awards shall be entered against any one or more of the Credit Parties or any of their respective Subsidiaries involving in the aggregate a liability of $25,000,000 or more (excluding amounts covered by insurance to the extent the
relevant independent third party insurer has not denied coverage therefor or supported by a letter of credit or appeal bond posted in cash), and the same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of thirty
(30) consecutive days after the entry thereof; 
 (i) Non-Monetary Judgments. One or
more non-monetary judgments, orders or decrees shall be rendered against any one or more of the Credit Parties or any of their respective Subsidiaries which has or would reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect, and there shall be any period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 

  
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 (j) Collateral. Any material provision of any Loan Document shall for any reason cease to
be valid and binding on or enforceable against any Credit Party thereto or any Credit Party shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or any Collateral Document shall for any reason (other than
pursuant to the terms thereof) cease to create a valid Lien in the Collateral purported to be covered thereby or such Lien shall for any reason cease to be a perfected and first priority Lien subject only to Permitted Liens; 

(k) Ownership. A Change of Control occurs; or 

(l) Invalidity of Subordination Provisions. The subordination provisions of any agreement or instrument governing any Subordinated
Indebtedness shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations, for any reason shall not have the priority contemplated by this Agreement or such subordination provisions. 

7.2 Remedies. Upon the occurrence and during the continuance of any Event of Default, Agent may, and shall at the request of the
Required Lenders: 
 (a) declare all or any portion of the Commitment of each Lender to make Loans or of the L/C Issuer to issue Letters of
Credit to be suspended or terminated, whereupon such Commitments shall forthwith be suspended or terminated; 
 (b) declare all or any
portion of the unpaid principal amount of all outstanding Loans to all of the Borrowers, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable;
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Credit Party; and/or 

(c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or
applicable law; 
 provided, however, that upon the occurrence of any event specified in subsection 7.1(f) (other than, with respect to
any Credit Party other than EINA or EICA, clause (ii) thereunder and/or clause (iv) thereunder to the extent solely relating to such clause (ii))or 7.1(g) above (in the case of clause (i) of
subsection 7.1(g) upon the expiration of the sixty (60) day period mentioned therein), the obligation of each Lender to make Loans and the obligation of the L/C Issuer to issue Letters of Credit shall automatically terminate and the
unpaid principal amount of all outstanding Loans to all of the Borrowers and all interest and other amounts as aforesaid shall automatically become due and payable without further act of Agent, any Lender or the L/C Issuer. 

7.3 Rights Not Exclusive. The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive
of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising. 

  
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 7.4 Cash Collateral for Letters of Credit. If an Event of Default has occurred and is
continuing, this Agreement (or the Aggregate Revolving Loan Commitment) shall be terminated for any reason or if otherwise required by the terms hereof at a time when Letters of Credit Issued hereunder are outstanding, Agent may, and upon request of
Required Revolving Lenders, shall, demand (which demand shall be deemed to have been delivered automatically upon any acceleration of the Loans and other obligations hereunder pursuant to Section 7.2), and the applicable Borrowers shall
thereupon deliver to Agent, to be held for the benefit of the L/C Issuer, Agent and the Lenders entitled thereto, an amount of cash equal to 105% of the amount of L/C Reimbursement Obligations of the applicable Borrower as additional collateral
security for Obligations. Agent may at any time apply any or all of such cash and cash collateral to the payment of any or all of the Credit Parties’ Obligations, subject to the other limitations contained herein including the security
principles under Section 11.8. The remaining balance of the cash collateral will be returned to the applicable Borrowers when all Letters of Credit of all of the Borrowers have been terminated or discharged, all Commitments have been
terminated and all Obligations (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted and other than Obligations not arising under this Agreement or the other Loan Documents that at such time
are no longer secured under the Collateral Documents) have been paid in full in cash or otherwise satisfied in accordance with the terms hereof. 

ARTICLE VIII. 
 THE AGENT

 8.1 Appointment and Duties. 

(a) Appointment of Agent. Each Lender and each L/C Issuer hereby appoints GE Capital (together with any successor Agent pursuant
to Section 8.9) as Agent hereunder and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such action on its behalf and to exercise all
rights, powers and remedies and perform the duties as are expressly delegated to Agent under such Loan Documents and (iii) exercise such powers as are incidental thereto. For the purposes of holding any security granted by any Borrower or any
other Credit Party pursuant to the laws of the Province of Quebec to secure payment of any debenture issued by any Borrower or any Credit Party, Agent is hereby appointed to act as the person holding the power of attorney (fondé de pouvoir)
pursuant to article 2692 of the Civil Code of Quebec to act on behalf of each of the debentureholders, initially namely General Electric Capital Corporation in its capacity as Agent for the Secured Parties. Each Person who is or becomes a Lender and
each assignee holder of any debenture issued by any Borrower or any Credit Party shall be deemed to ratify the power of attorney (fondé de pouvoir) granted to Agent hereunder by its execution of a Form of Assignment. Agent agrees to act in
such capacity. Each party hereto agrees that, notwithstanding Section 32 of An Act respecting the special powers of legal persons (Quebec), Agent, as fondé de pouvoir, shall also be entitled to act as a debentureholder and to
acquire and/or be the pledgee of any debentures or other titles of indebtedness to be issued under any deed of hypothec executed by or on behalf of any Borrower or any other Credit Party. 

(b) Duties as Collateral and Disbursing Agent. Without limiting the generality of clause (a) above, Agent shall have the
sole and exclusive right and authority (to the exclusion of the Lenders and L/C Issuers), and is hereby authorized, to (i) act as the disbursing 

  
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and collecting agent for the Lenders and the L/C Issuers with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in
subsection 7.1(g) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to Agent, (ii) file and
prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in subsection 7.1(f) or (g) or any other bankruptcy, insolvency or
similar proceeding (but not to vote, consent or otherwise act on behalf of such Person), (iii) act as collateral agent for each Secured Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated
therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents,
(vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable Requirements of Law or otherwise and
(vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that Agent hereby appoints, authorizes and
directs each Lender and L/C Issuer to act as collateral sub-agent for Agent, the Lenders and the L/C Issuers for purposes of the perfection of Liens with respect to any deposit account maintained by a Credit Party with, and cash and Cash Equivalents
held by, such Lender or L/C Issuer, and may further authorize and direct the Lenders and the L/C Issuers to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to
Agent, and each Lender and L/C Issuer hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed. 

(c) Limited Duties. Under the Loan Documents, Agent (i) is acting solely on behalf of the Secured Parties (except to the limited
extent provided in subsection 1.4(b) with respect to the Register), with duties that are entirely administrative in nature, notwithstanding the use of the defined term “Agent”, the terms “agent”, “Agent” and
“collateral agent” and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any
role as agent, fiduciary or trustee of or for any Lender, L/C Issuer or any other Person and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Secured Party, by
accepting the benefits of the Loan Documents, hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above. 

8.2 Binding Effect. Each Secured Party, by accepting the benefits of the Loan Documents, agrees that (i) any action taken by
Agent, the Supermajority Lenders or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the
instructions of Required Lenders or Supermajority Lenders (or, where so required, such greater proportion) and (iii) the exercise by Agent, the Required Lenders or the Supermajority Lenders (or, where so required, such greater proportion) of
the powers set forth herein or therein, together with such other powers as are incidental thereto, shall be authorized and binding upon all of the Secured Parties. 

  
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 8.3 Use of Discretion. 

(a) Agent shall not 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 Agent is required to exercise as directed in writing by the Required Lenders or the Supermajority 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 Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan
Document or applicable Requirement of Law; and 
 (b) Agent shall not, 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 any Credit Party or its Affiliates that is communicated to or obtained by Agent or any of its Affiliates in any capacity. 

(c) 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 Credit 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,
Agent in accordance with the Loan Documents for the benefit of all the Secured Parties; provided, that the foregoing shall not prohibit (i) Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely
in its capacity as Agent) hereunder and under the other Loan Documents, (ii) each of the L/C Issuer and the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swingline
Lender, as the case may be) hereunder and under the other Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 9.11 or (iv) 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 Credit Party under any bankruptcy or other debtor relief law; and provided, further, that if at any time there is no Person acting as Agent hereunder and
under the other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to Agent pursuant to Section 7.2 and (B) in addition to the matters set forth in clauses (ii), (iii) and
(iv) of the preceding proviso and subject to Section 9.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

8.4 Delegation of Rights and Duties. Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers
and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person
(including any Secured Party). Any such Person shall benefit from this Article VIII to the extent provided by Agent. 
 8.5
Reliance and Liability. 
 (a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its
holder until such Note has been assigned in accordance with Section 9.9, (ii) rely on the Register to the extent set forth in Section 1.4, (iii) consult with any of its Related Persons

  
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and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act
upon any document and information (including those transmitted by Electronic Transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate
parties. 
 (b) (x) None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under
or in connection with any Loan Document, and (y) each Secured Party, each Borrower and each other Credit Party hereby waive and shall not assert (and the Borrowers shall cause each other Credit Party to waive and agree not to assert) any right,
claim or cause of action based thereon, except in the case of either clause (x) or (y) of this subsection 8.5(b), as the case may be, to the extent of liabilities resulting primarily from the gross negligence or
willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting (but
subject to) the foregoing, Agent: 
 (i) shall not be responsible or otherwise incur liability for any action or omission taken in reliance
upon the instructions of the Required Lenders or the Supermajority Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of
Agent); 
 (ii) shall not be responsible to any Lender, L/C Issuer or other Person for the due execution, legality, validity,
enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; 

(iii) makes no warranty or representation, and shall not be responsible, to any Lender, L/C Issuer or other Person for any statement,
document, information, representation or warranty made or furnished by or on behalf of any Credit Party or any Related Person of any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or
information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness,
accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and 

(iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether
any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be
deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower Representative, any Lender or L/C Issuer describing such Default or Event of Default clearly labeled “notice of
default” (in which case Agent shall promptly give notice of such receipt to all Lenders); 

  
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 and, for each of the items set forth in clauses (i) through (iv) above, each Lender, L/C
Issuer and each Borrower hereby waives and agrees not to assert (and each Borrower shall cause each other Credit Party to waive and agree not to assert) any right, claim or cause of action it might have against Agent based thereon. 

(c) Each Lender and L/C Issuer (i) acknowledges that it has performed and will continue to perform its own diligence and has made and
will continue to make its own independent investigation of the operations, financial conditions and affairs of the Credit Parties and (ii) agrees that is shall not rely on any audit or other report provided by Agent or its Related Persons (an
“Agent Report”). Each Lender and L/C Issuer further acknowledges that any Agent Report (i) is provided to the Lenders and L/C Issuers solely as a courtesy, without consideration, and based upon the understanding that such
Lender or L/C Issuer will not rely on such Agent Report, (ii) was prepared by Agent or its Related Persons based upon information provided by the Credit Parties solely for Agent’s own internal use and (iii) may not be complete and may
not reflect all information and findings obtained by Agent or its Related Persons regarding the operations and condition of the Credit Parties. Neither Agent nor any of its Related Persons makes any representations or warranties of any kind with
respect to (i) any existing or proposed financing, (ii) the accuracy or completeness of the information contained in any Agent Report or in any related documentation, (iii) the scope or adequacy of Agent’s and its Related
Persons’ due diligence, or the presence or absence of any errors or omissions contained in any Agent Report or in any related documentation and (iv) any work performed by Agent or Agent’s Related Persons in connection with or using
any Agent Report or any related documentation. 
 (d) Neither Agent nor any of its Related Persons shall have any duties or obligations in
connection with or as a result of any Lender or L/C Issuer receiving a copy of any Agent Report. Without limiting the generality of the forgoing, neither Agent nor any of its Related Persons shall have any responsibility for the accuracy or
completeness of any Agent Report, or the appropriateness of any Agent Report for any Lender’s or L/C Issuer’s purposes, and shall have no duty or responsibility to correct or update any Agent Report or disclose to any Lender or L/C Issuer
any other information not embodied in any Agent Report, including any supplemental information obtained after the date of any Agent Report. Each Lender and L/C Issuer releases, and agrees that it will not assert, any claim against Agent or its
Related Persons that in any way relates to any Agent Report or arises out of any Lender or L/C Issuer having access to any Agent Report or any discussion of its contents, and agrees to indemnify and hold harmless Agent and its Related Persons from
all claims, liabilities and expenses relating to a breach by any Lender or L/C Issuer arising out of such Lender’s or L/C Issuer’s access to any Agent Report or any discussion of its contents. 

8.6 Agent Individually. Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock and Stock Equivalents
of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise
becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Revolving Lender”,
“Required Lender”, “Required Revolving Lender”, “Supermajority Lender” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate,
as the case may be, in its individual capacity as Lender, Revolving Lender or as one of the Required Lenders, Required Revolving Lenders or the Supermajority Lenders, respectively. 

  
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 8.7 Lender Credit Decision. 

(a) Each Lender and each L/C Issuer acknowledges that it shall, independently and without reliance upon Agent, any Lender or L/C Issuer or any
of their Related Persons or upon any document (including any offering and disclosure materials in connection with the syndication of the Loans) solely or in part because such document was transmitted by Agent or any of its Related Persons, conduct
its own independent investigation of the financial condition and affairs of each Credit Party and make and continue to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or
with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate. Except for documents expressly required by any Loan Document to be transmitted by Agent to the
Lenders or L/C Issuers, Agent shall not have any duty or responsibility to provide any Lender or L/C Issuer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or
creditworthiness of any Credit Party or any Affiliate of any Credit Party that may come in to the possession of Agent or any of its Related Persons. 

(b) If any Lender or L/C Issuer has elected to abstain from receiving MNPI concerning the Credit Parties or their Affiliates, such Lender or
L/C Issuer acknowledges that, notwithstanding such election, Agent and/or the Credit Parties will, from time to time, make available syndicate-information (which may contain MNPI) as required by the terms of, or in the course of administering the
Loans to the credit contact(s) identified for receipt of such information on the Lender’s administrative questionnaire who are able to receive and use all syndicate-level information (which may contain MNPI) in accordance with such
Lender’s compliance policies and contractual obligations and applicable law, including federal, provincial and state securities laws; provided, that if such contact is not so identified in such questionnaire, the relevant Lender or L/C
Issuer hereby agrees to promptly (and in any event within one (1) Business Day) provide such a contact to Agent and the Credit Parties upon request therefor by Agent or the Credit Parties. Notwithstanding such Lender’s or L/C Issuer’s
election to abstain from receiving MNPI, such Lender or L/C Issuer acknowledges that if such Lender or L/C Issuer chooses to communicate with Agent, it assumes the risk of receiving MNPI concerning the Credit Parties or their Affiliates. 

8.8 Expenses; Indemnities; Withholding. 

(a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon
demand, severally and ratably, for any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any
of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement of, or the taking of any other action (whether through negotiations, through any work-out,
bankruptcy, restructuring or other legal or other proceeding or otherwise (including, without limitation, preparation for and/or response to any subpoena or request for document production related thereto)) of, or legal advice in respect of its
rights or responsibilities under, any Loan Document. 

  
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 (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent
not reimbursed by any Credit Party), severally and ratably, from and against Liabilities (including, to the extent not indemnified pursuant to subsection 8.8(c), taxes, interests and penalties imposed for not properly withholding or
backup withholding on payments made to or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of
any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any of
the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may
be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable judgment or order. 
 (c) To the
extent required by any applicable law, Agent may withhold from any payment to any Lender under a Loan Document an amount equal to any applicable withholding tax. If the IRS, CRA or any other Governmental Authority asserts a claim that Agent did not
properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate certification form was not delivered, was not properly executed, or fails to establish an exemption from, or reduction of, withholding tax with
respect to a particular type of payment, or because such Lender failed to notify Agent or any other Person of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), or
Agent reasonably determines that it was required to withhold taxes from a prior payment but failed to do so, such Lender shall promptly indemnify Agent fully for all amounts paid, directly or indirectly, by such Agent as tax or otherwise, including
penalties and interest, and together with all expenses incurred by Agent, including legal expenses, allocated internal costs and out-of-pocket expenses. Agent may offset against any payment to any Lender under a Loan Document, any applicable
withholding tax that was required to be withheld from any prior payment to such Lender but which was not so withheld, as well as any other amounts for which Agent is entitled to indemnification from such Lender under this
subsection 8.8(c). 
 8.9 Resignation of Agent or L/C Issuer. 

(a) Agent or any L/C Issuer may resign at any time upon 30 days’ written notice by delivering notice of such resignation to the Lenders
and the Borrower Representative, effective on the date set forth in such notice or, if no such date is set forth therein, upon the date which is 30 days after the date of such notice. If Agent delivers any such notice, the Required Lenders shall
have the right to appoint a successor Agent. If, within 30 days after the retiring Agent having given notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent
may, on behalf of the Lenders, appoint a successor Agent from among the Lenders. Each appointment under this clause (a) shall be subject to the prior consent of the Borrower Representative, which may not be unreasonably withheld but
shall not be required during the continuance of an Event of Default. 

  
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 (b) Effective immediately upon the effective date of its resignation, (i) the retiring Agent
and/or retiring L/C Issuer shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment
hereunder, (iii) the retiring Agent and/or retiring L/C Issuer and its respective Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while
such retiring Agent and/or retiring L/C Issuer was, or because such Agent and/or such L/C Issuer had been, validly acting as Agent or a L/C Issuer, as the case may be, under the Loan Documents and (iv) subject to its rights under
Section 8.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as
Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents. 

8.10 Release of Collateral or Credit Parties. Each Lender and L/C Issuer hereby consents to the release and hereby directs Agent to
release (or, in the case of clause (b)(ii) below, release or subordinate) the following: 
 (a) any Credit Party or Subsidiary of
a Credit Party from its guaranty of any Obligation if all of the Stock and Stock Equivalents of such Person owned by any Credit Party are sold or transferred in a transaction permitted under the Loan Documents (including pursuant to a waiver or
consent); and 
 (b) any Lien held by Agent for the benefit of the Secured Parties against (i) any Collateral that is sold,
transferred, conveyed or otherwise disposed of by a Credit Party in a transaction permitted by the Loan Documents (including pursuant to a waiver or consent), (ii) any property subject to a Lien permitted hereunder in reliance upon
subsection 5.1(h) or 5.1(i) and (iii) all of the Collateral and all Credit Parties, upon (A) termination of the Revolving Loan Commitments, (B) payment and satisfaction in full of all Loans, all L/C Reimbursement
Obligations and all other Obligations under the Loan Documents and all Obligations arising under Secured Rate Contracts, Secured Commodities Hedging Contracts and Secured Bank Products that Agent has theretofore been notified in writing by the
holder of such Obligation are then due and payable, (C) deposit of cash collateral with respect to all contingent Obligations (or, as an alternative to cash collateral in the case of any Letter of Credit Obligation, receipt by Agent of a
back-up letter of credit), in amounts and on terms and conditions and with parties reasonably satisfactory to Agent and each Indemnitee that is, or may be, owed such Obligations (excluding contingent Obligations (other than L/C Reimbursement
Obligations) as to which no claim has been asserted and Obligations arising under Secured Rate Contracts, Secured Commodities Hedging Contracts and/or Secured Bank Products that, in accordance with their terms or as a result of alternative
arrangements made by the relevant Borrowers and the counterparties thereof, will in connection with such release no longer be secured under the Collateral Documents) and (D) to the extent requested by Agent, receipt by Agent and the Secured
Parties of liability releases from the Credit Parties each in form and substance acceptable to Agent in its Permitted Discretion. 
 Each Lender and L/C
Issuer hereby directs Agent, and Agent hereby agrees, upon receipt of at least five (5) Business Days’ advance notice from the Borrower Representative, to execute and deliver or file such documents and to perform other actions reasonably
necessary to release the guaranties and Liens when and as directed in this Section 8.10. 

  
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 8.11 Additional Secured Parties. The benefit of the provisions of the Loan Documents
directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender or L/C Issuer party hereto as long as, by accepting such benefits, such Secured Party agrees, as among
Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by Agent, shall confirm such agreement in a writing in form and substance acceptable to Agent) this Article VIII and Sections 9.3, 9.9,
9.10, 9.11, 9.17, 9.24 and 10.1 (and, solely with respect to L/C Issuers, subsection 1.1(c)) and the decisions and actions of Agent and the Required Lenders (or, where expressly required by the terms of this
Agreement, a greater proportion of the Lenders or other parties hereto as required herein (including as applicable, the Supermajority Lenders)) to the same extent a Lender is bound; provided, however, that, notwithstanding the
foregoing, (a) such Secured Party shall be bound by Section 8.8 only to the extent of Liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case
the obligations of such Secured Party thereunder shall not be limited by any concept of pro rata share or similar concept, (b) each of Agent, the Lenders and the L/C Issuers party hereto shall be entitled to act at its sole discretion, without
regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy
thereby, and without any duty or liability to such Secured Party or any such Obligation and (c) except as otherwise set forth herein, such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with
respect to, any action taken or omitted in respect of the Collateral or under any Loan Document. 
 8.12 Documentation Agent and
Syndication Agent. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, no Documentation Agent, Co-Documentation Agent or Syndication Agent shall have any duties or responsibilities,
nor shall any Documentation Agent, Co-Documentation Agent or Syndication Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against any Documentation Agent, Co-Documentation Agent or Syndication Agent. At any time that any Lender serving (or whose Affiliate is serving) as a Documentation Agent, a
Co-Documentation Agent or a Syndication Agent shall have transferred to any other Person (other than any Affiliates) all of its interests in the Loans and the Revolving Loan Commitment, such Lender (or an Affiliate of such Lender acting as a
Documentation Agent, Co-Documentation Agent or Syndication Agent) shall be deemed to have concurrently resigned as such Documentation Agent, Co-Documentation Agent or Syndication Agent. 

8.13 Co-Collateral Agent. 

(a) Except as expressly set forth herein, (i) Co-Collateral Agent shall not have any duties or responsibilities, (ii) Co-Collateral
Agent shall not have or be deemed to have any fiduciary relationship with any Lender and (iii) no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or

  
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otherwise exist against Co-Collateral Agent. At any time that any Lender serving (or whose Affiliate is serving) as Co-Collateral Agent shall have transferred to any other Person (other than any
Affiliates) all of its interests in the Loans and the Revolving Loan Commitment, such Lender (or an Affiliate of such Lender acting as Co-Collateral Agent) shall be deemed to have concurrently resigned as Co-Collateral Agent (and no successor will
be appointed hereunder). In addition, Co-Collateral Agent may at any time in its sole discretion resign from acting in such capacity upon written notice to Agent and the Borrower Representative. In the event that there shall exist no Person acting
in the capacity of Co-Collateral Agent, any references herein to the Co-Collateral Agent shall be deemed to refer to Agent. 
 (b) In the
event that, with respect to any matter herein that requires or permits a decision, exercise of discretion or other determination by Agent and/or Co-Collateral Agent (including matters relating to Reserves and other matters affecting the calculation
of any Borrowing Base, any Availability or any Maximum Revolving Loan Balance), Agent and Co-Collateral Agent do not agree on such determination, the same shall reflect the determination of the Person that asserts the most conservative Credit
Judgment on behalf of the Lenders. For the avoidance of doubt, Agent shall have the sole and exclusive authority to act as collateral agent for the Secured Parties for purposes of perfecting and administering Liens granted by the Credit Parties and
for all other purposes stated herein and in the other Loan Documents (other than the authority specifically granted to the Co-Collateral Agent herein). As used in this subsection 8.13(b), “Credit Judgment” shall mean
Agent’s or Co-Collateral Agent’s, as the case may be, judgment exercised in good faith and in the exercise of reasonable (from the perspective of a secured asset based lender) business judgment, based upon its consideration of any factor
that it believes (a) could adversely affect the quantity, quality, mix or value of Collateral (including any applicable law that may inhibit collection of an Account), the enforceability or priority of Agent’s Liens, or the amount that
Agent, the Co-Collateral Agent and Lenders could receive in liquidation of any Collateral; (b) suggests that any collateral report or financial information delivered by any Credit Party is incomplete, inaccurate or misleading in any material
respect; (c) materially increases the likelihood of any Insolvency Proceeding involving an Credit Party or (d) creates or could reasonably be expected to result in a Default or Event of Default. In exercising such judgment, Agent or
Co-Collateral Agent, as applicable, may consider any factors that could increase the credit risk of lending to Borrowers or the security of the Collateral. 

(c) For purposes of clarity, it will be Agent, at the request of Co-Collateral Agent, as applicable, that will administer the implementation
of Reserves, eligibility criteria and frequency of appraisals and audits, in any case, with Borrower Representative in accordance with the terms hereof. In furtherance of the foregoing, in the event that Co-Collateral Agent desires to implement or
adjust a Reserve, adjust or add any eligibility criteria hereunder or request an appraisal or audit hereunder (each such matter, a “Proposed Action”), in any case, in accordance with the terms hereof, Co-Collateral Agent shall
(i) notify Agent in writing of such Proposed Action and (ii) simultaneously therewith deliver a copy of such notice to the Borrower Representative. Such Proposed Action shall take effect or be undertaken, as the case may be, in accordance
with such notice and the terms hereof, unless within three (3) Business Days of receipt thereof by Agent and Borrower Representative, Agent objects to such notice (whether as a result of a disagreement about Collateral matters or otherwise), on
the fourth (4th) Business Day after such receipt or such earlier date on which Agent notifies Co-Collateral Agent (and simultaneously therewith notifies Borrower Representative) that Agent
agrees with such 

  
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Proposed Action. In the event Agent objects during such three (3) Business Day period, the determination with respect to such Proposed Action shall be made by the Person exercising the more
conservative Credit Judgment, as set forth in clause (b) above, and Agent shall promptly notify the Borrower Representative of the resolution of such objection (and such Proposed Action, to the extent implemented after such resolution,
shall take effect or be undertaken, as the case may be, upon receipt of such notice). 
 8.14 Post-Closing Letter. Each Lender, by
executing this Agreement, hereby authorizes Agent to execute, for itself and the Lenders, that certain post-closing letter, dated the Closing Date, between Agent and Borrower Representative regarding certain matters to be delivered and/or satisfied
after the Closing Date and agrees that none of such matters shall trigger a Default or an Event of Default unless the Credit Parties breach their obligations in such post-closing letter relating thereto. 

ARTICLE IX. 

MISCELLANEOUS 
 9.1
Amendments and Waivers. 
 (a) No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
with respect to any departure by any Credit Party therefrom, shall be effective unless the same shall be in writing and signed by Agent, the Required Lenders (or by Agent with the consent of the Required Lenders), and the Borrowers, and then such
waiver shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all the Lenders directly
affected thereby (or by Agent with the consent of all the Lenders directly affected thereby), in addition to Agent and the Required Lenders (or by Agent with the consent of the Required Lenders) and the Borrowers, do any of the following: 

(i) increase or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to subsection 7.2(a)); 

(ii) postpone or delay any date fixed for, or reduce or waive, any scheduled installment of principal or any payment of interest, fees or
other amounts (other than principal) due to the Lenders (or any of them) or L/C Issuer hereunder or under any other Loan Document (for the avoidance of doubt, mandatory prepayments pursuant to Section 1.8 may be postponed, delayed,
waived or modified with the consent of Required Lenders); 
 (iii) reduce the principal of, or the rate of interest specified herein or the
amount of interest payable in cash specified herein on any Loan, or of any fees or other amounts payable hereunder or under any other Loan Document, including L/C Reimbursement Obligations; 

(iv) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans which shall be required for the
Lenders or any of them to take any action hereunder; 

  
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 (v) amend this Section 9.1 or the definition of Required Lenders, Supermajority
Lenders or any provision providing for consent or other action by all Lenders; 
 (vi) discharge any Credit Party from its respective
payment Obligations under the Loan Documents, or release or subordinate all or substantially all of the Collateral, except as otherwise may be provided in this Agreement or the other Loan Documents; 

(vii) amend subsection 9.11(b) or subsection 1.10(c); or 

(viii) amend or modify the definition of Availability Block in a manner which would increase the availability of credit under the Revolving
Loan. 
 it being agreed that all Lenders shall be deemed to be directly affected by an amendment or waiver of the type described in the preceding
clauses (iv), (v), (vi) and (viii). 
 (b) No amendment, waiver or consent shall, unless in writing
and signed by Agent, the Swingline Lender or the L/C Issuer, as the case may be, in addition to the Required Lenders or all Lenders directly affected thereby, as the case may be (or by Agent with the consent of the Required Lenders or all the
Lenders directly affected thereby, as the case may be), affect the rights or duties of Agent, the Swingline Lender or the L/C Issuer, as applicable, under this Agreement or any other Loan Document. No amendment, modification or waiver of this
Agreement or any Loan Document altering the ratable treatment of Obligations arising under Secured Rate Contracts, Secured Commodities Hedging Contracts or Secured Bank Products or resulting in Obligations owing to any Secured Swap Provider or other
applicable counterparty becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof), in each case in a manner adverse to any Secured Swap Provider or other applicable counterparty, shall be effective without the
written consent of such Secured Swap Provider, applicable counterparty or, in the case of a Secured Rate Contract, Secured Commodities Hedging Contract and/or Secured Bank Product provided or arranged by GE Capital or an Affiliate of GE Capital, GE
Capital. 
 (c) No amendment or waiver shall, unless signed by Agent and Required Revolving Lenders (or by Agent with the consent of
Required Revolving Lenders) in addition to the Required Lenders (or by Agent with the consent of the Required Lenders): (i) amend or waive compliance with the conditions precedent to the obligations of Lenders to make any Revolving Loan (or of
L/C Issuer to issue any Letter of Credit) in Section 2.2 (except as set forth in subsection 1.1(c)(vii)); (ii) amend or waive non-compliance with any provision of subsection 1.1(b)(iv); (iii) waive any Default or
Event of Default for the purpose of satisfying the conditions precedent to the obligations of Lenders to make any Revolving Loan (or of any L/C Issuer to issue any Letter of Credit) in Section 2.2; (iv) amend or waive this
subsection 9.1(c) or the definitions of the terms used in this subsection 9.1(c) insofar as the definitions affect the substance of this subsection 9.1(c); or (v) change the definition of the term Required Revolving Lenders
or the percentage of Lenders which shall be required for Revolving Lenders to take any action hereunder. 
 (d) Notwithstanding anything to
the contrary contained in this Section 9.1, (x) the Borrowers may amend Schedules 3.19 and 3.21 upon notice to Agent, (x) Agent may amend 

  
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Schedule 1.1(b) to reflect Sales entered into pursuant to Section 9.9, (y) Agent and the Borrowers may amend or modify this Agreement and any other Loan Document to
(1) cure any ambiguity, omission, defect or inconsistency therein or (2) grant a new Lien for the benefit of the Secured Parties, extend an existing Lien over additional property for the benefit of the Secured Parties or join additional
Persons as Credit Parties; provided, that no Accounts or Inventory of such Person shall be included as Eligible Accounts, Eligible Inventory or Eligible In-Transit Inventory until a field examination and an Inventory appraisal with respect
thereto has been completed to the reasonable satisfaction of Agent, including the establishment of Reserves required in Agent’s or Co-Collateral Agent’s respective Permitted Discretion and (z) in connection with any Incremental
Increase, this Agreement and the other Loan Documents may be amended and/or amended and restated as set forth in Section 1.15. 

(e) No amendment or waiver, unless signed by Agent and Supermajority Lenders (or by Agent with the consent of Supermajority Lenders) shall:
(i) amend or modify the definitions of Eligible Accounts, Eligible Inventory, Eligible In-Transit Inventory or Borrowing Base, including any increase in the percentage advance rates in the definition of Borrowing Base, in a manner which would
increase the availability of credit under the Revolving Loan, (ii) amend or modify the definition of Maximum Revolving Loan Balance in a manner which would increase the availability of credit under the Revolving Loan or (iii) change the
definition of the term Supermajority Lenders or the percentage of Lenders which shall be required for Revolving Lenders to take action under this clause (e). 

9.2 Notices. 
 (a)
Addresses. All notices and other communications required or expressly authorized to be made by this Agreement shall be given in writing, unless otherwise expressly specified herein, and (i) addressed to the address set forth on the
applicable signature page hereto, (ii) posted to Intralinks® (to the extent such system is available and set up by or at the direction of Agent prior to posting) in an appropriate
location by uploading such notice, demand, request, direction or other communication to www.intralinks.com, faxing it to 866-545-6600 with an appropriate bar-code fax coversheet or using such other means of posting to Intralinks® as may be available and reasonably acceptable to Agent prior to such posting, (iii) posted to any other E-System approved by or set up by or at the
direction of Agent or (iv) addressed to such other address as shall be notified in writing (A) in the case of the Borrowers, Agent and the Swingline Lender, to the other parties hereto and (B) in the case of all other parties, to the
Borrower Representative and Agent. 
 (b) Effectiveness. (i) All communications described in clause (a) above and
all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight
courier service, one (1) Business Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail, (iv) if delivered by facsimile (other than to post to an E-System pursuant to clause (a)(ii) or (a)(iii) above), upon sender’s receipt of confirmation of proper transmission and (v) if delivered by posting to any
E-System, on the later of the Business Day of such posting and the Business Day access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System; provided, however, that no communications to 

  
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Agent pursuant to Article I shall be effective until received by Agent. Transmissions made by electronic mail or E-Fax to Agent shall be effective
only (x) for notices where such transmission is specifically authorized by this Agreement, (y) if such transmission is delivered in compliance with procedures of Agent applicable at the time and previously communicated to Borrower
Representative and (z) if receipt of such transmission is acknowledged by Agent. 
 (ii) The posting, completion and/or submission by
any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement
required by the Loan Documents to be provided, given or made by a Credit Party in connection with any such communication is true and correct in all material respects except as expressly noted in such communication or
E-System. 
 (c) Each Lender shall notify Agent in writing of any changes in the address to which
notices to such Lender should be directed, of addresses of its Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably request. 

9.3 Electronic Transmissions. 

(a) Authorization. Subject to the provisions of subsection 9.2(a), each of Agent, Lenders, each Credit Party and each of their
Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Each Credit Party
and each Secured Party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it
assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions. 
 (b) Signatures. Subject to the
provisions of subsection 9.2(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each
E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a
“writing”, in each case including pursuant to any Loan Document, any applicable provision of any UCC, PPSA, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global, National Commerce Act and the Electronic
Commerce Act (Ontario) and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and
shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which Agent, each Secured Party and each Credit Party may rely and assume the authenticity thereof,
(iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and
(iv) each party hereto or beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting
under the provisions of any applicable Requirement of Law requiring certain documents to be in writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any
posting to any E-System or E-Signature has been altered after transmission. 

  
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 (c) Separate Agreements. All uses of an E-System
shall be governed by and subject to, in addition to Section 9.2 and this Section 9.3, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such
terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related Contractual Obligations executed by Agent and Credit Parties in connection with the use of such
E-System. 
 (d) LIMITATION OF LIABILITY. ALL
E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR
COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS MADE BY AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN
CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER
CODE DEFECTS. Each of each Borrower, each other Credit Party executing this Agreement and each Secured Party agrees that Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required in connection
with any Electronic Transmission or otherwise required for any E-System. 
 9.4 No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No course of dealing between any Credit Party, any Affiliate of any Credit Party, Agent or any
Lender shall be effective to amend, modify or discharge any provision of this Agreement or any of the other Loan Documents. 
 9.5 Costs
and Expenses. Any action taken by any Credit Party under or with respect to any Loan Document, even if required under any Loan Document or at the request of Agent or Required Lenders, shall be at the expense of such Credit Party, and neither
Agent nor any other Secured Party shall be required under any Loan Document to reimburse any Credit Party or any Subsidiary of any Credit Party therefor except as expressly provided therein. In addition, the Borrowers agree to pay or reimburse upon
demand (a) Agent for all reasonable and documented out-of-pocket costs and expenses incurred by it or any of its Related Persons in connection with the investigation, development, preparation, negotiation, syndication, execution, interpretation
or administration of, any modification of any term of or termination of, any Loan Document, any commitment or proposal letter therefor, any other document prepared in connection therewith or the consummation and administration of any transaction
contemplated therein, in each case including Attorney Costs of Agent, the cost of environmental audits, Collateral audits and appraisals, background checks and similar expenses, (b) Agent for all reasonable and documented costs and expenses
incurred by it or any of its Related Persons in connection with 

  
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field examinations undertaken in accordance with the terms hereof (which shall be reimbursed, in addition to the reasonable and documented out-of-pocket costs and expenses of such examiners, at
the per diem rate per individual charged by Agent for its examiners), (c) each of Agent, its Related Persons, and L/C Issuer for all costs and expenses incurred in connection with (i) any refinancing or restructuring of the credit
arrangements provided hereunder in the nature of a “work-out”, (ii) the enforcement or preservation of any right or remedy under any Loan Document, any Obligation, with respect to the Collateral or any other related right or remedy or
(iii) the commencement, defense, conduct of, intervention in, or the taking of any other action (including, without limitation, preparation for and/or response to any subpoena or request for document production relating thereto) with respect
to, any proceeding (including any bankruptcy or insolvency proceeding) related to any Credit Party, Loan Document or Obligation (or the response to and preparation for any subpoena or request for document production relating thereto), including
Attorney Costs and (d) fees and disbursements of Attorney Costs of one law firm on behalf of all Lenders (other than Agent) incurred in connection with any of the matters referred to in clause (c) above. 

9.6 Indemnity. 
 (a)
Subject to the security principles described in Section 11.8, each Credit Party agrees to indemnify, hold harmless and defend Agent, each Lender, each L/C Issuer and each of their respective Related Persons (each such Person being an
“Indemnitee” (which term shall exclude, for purposes of clarity, a Lender or an Affiliate thereof solely in their role as a Secured Swap Provider, a provider of Secured Bank Products or counterparty to a Secured Commodities Hedging
Contract)) from and against all Liabilities (including brokerage commissions, fees and other compensation, but without duplication of those matters described by Article X and excluding, for the avoidance of doubt, any taxes referred to in
subsection 10.1(a)(i), (ii) or (iii)) that may be imposed on, incurred by or asserted against any such Indemnitee in any matter relating to or arising out of, in connection with or as a result of (i) any Loan Document,
any Obligation hereunder or under the other Loan Documents (or the repayment thereof), any Letter of Credit, the use or intended use of the proceeds of any Loan or the use of any Letter of Credit or any securities filing of, or with respect to, any
Credit Party, (ii) any commitment letter, proposal letter or term sheet with any Person or any Contractual Obligation, arrangement or understanding with any broker, finder or consultant, in each case entered into by or on behalf of any Credit
Party or any Affiliate of any of them in connection with any of the foregoing and any Contractual Obligation entered into in connection with any E-Systems or other Electronic Transmissions, (iii) any
actual or prospective investigation, litigation or other proceeding relating to any of the foregoing, whether or not brought by any such Indemnitee or any of its Related Persons, any holders of securities or creditors (and including attorneys’
fees in any case), whether or not any such Indemnitee, Related Person, holder or creditor is a party thereto, and whether or not based on any securities or commercial law or regulation or any other Requirement of Law or theory thereof, including
common law, equity, contract, tort or otherwise or (iv) any other act, event or transaction related, contemplated in or attendant to any of the foregoing (collectively, the “Indemnified Matters”); provided,
however, that no Credit Party shall have any liability under this Section 9.6 to any Indemnitee with respect to any Indemnified Matter, and no Indemnitee shall have any liability with respect to any Indemnified Matter other than
(to the extent otherwise liable), to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Indemnitee, as 

  
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determined by a court of competent jurisdiction in a final non-appealable judgment or order. Furthermore, each of each Borrower and each other Credit Party executing this Agreement waives and
agrees not to assert against any Indemnitee, and shall cause each other Credit Party to waive and not assert against any Indemnitee, any right of contribution with respect to any Liabilities from the Indemnified Matters that may be imposed on,
incurred by or asserted against any Related Person. 
 (b) Without limiting the foregoing, “Indemnified Matters” includes
all Environmental Liabilities, including those arising from, or otherwise involving, any property of any Credit Party or any Related Person of any Credit Party or any actual, alleged or prospective damage to property or natural resources or harm or
injury alleged to have resulted from any Release of Hazardous Materials on, upon, into or migrating from any Real Estate of any Credit Party or any Related Person of any Credit Party, whether or not, with respect to any such Environmental
Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold mortgage, a mortgagee in possession, the successor-in-interest to any Credit Party or any Related Person of any Credit Party or the owner, lessee or operator of any property of any
Related Person through any foreclosure action, in each case except to the extent such Environmental Liabilities (i) (A) are incurred solely following foreclosure by Agent or following Agent or any Lender having become the
successor-in-interest to any Credit Party or any Related Person of any Credit Party and (B) are attributable solely to acts of such Indemnitee or its Related Persons or (ii) are not in any matter relating to or arising out of, in
connection with or as a result of any Loan Document, any Obligation (or the repayment thereof), any Letter of Credit, the use or intended use of the proceeds of any Loan or the use of any Letter of Credit or any securities filing of, or with respect
to, any Credit Party. 
 9.7 Marshaling; Payments Set Aside. No Secured Party shall be under any obligation to marshal any property
in favor of any Credit Party or any other Person or against or in payment of any Obligation. To the extent that any Secured Party receives a payment from a Borrower, from any other Credit Party, from the proceeds of the Collateral, from the exercise
of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other
party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred.

 9.8 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; provided, that any assignment by any Lender shall be subject to the provisions of Section 9.9; provided, further, that no Borrower or other Credit Party may assign or
transfer any of its rights or obligations under this Agreement without the prior written consent of Agent and each Lender. 
 9.9
Assignments and Participations; Binding Effect. 
 (a) Binding Effect. This Agreement shall become effective when it shall
have been executed by the Borrowers, the other Credit Parties signatory hereto and Agent and when Agent shall have been notified by each Lender and the initial L/C Issuer that such Lender or L/C Issuer has executed it. Thereafter, it shall be
binding upon and inure to the benefit of, but only to 

  
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the benefit of, the Borrowers, the other Credit Parties hereto, Agent, each Lender and each L/C Issuer receiving the benefits of the Loan Documents and, to the extent provided in
Section 8.11, each other Secured Party and, in each case, their respective successors and permitted assigns. Except as expressly provided in any Loan Document (including in Section 8.9), no Borrower, nor any other Credit
Party, nor any L/C Issuer or Agent shall have the right to assign any rights or obligations hereunder or any interest herein. 
 (b)
Right to Assign. Each Lender may sell, transfer, negotiate or assign (a “Sale”) all or a portion of its rights and obligations hereunder (including all or a portion of its Commitments and its rights and obligations with
respect to Loans and Letters of Credit) to (i) any existing Lender, (ii) any Affiliate or Approved Fund of any existing Lender or (iii) any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to
Agent and, with respect to Sales of Revolving Loan Commitments, each L/C Issuer that is a Lender and, as long as no Event of Default is continuing, the Borrower Representative (which acceptances shall be deemed to have been given unless an objection
is delivered to Agent within five (5) Business Days after notice of a proposed sale is delivered to Borrower Representative); provided, however, that (v) such Sales must be ratable among the obligations owing to and owed by
such Lender with respect to the Revolving Loans, (w) for each Loan, the aggregate outstanding principal amount (determined as of the effective date of the applicable Assignment) of the Loans, Commitments and Letter of Credit Obligations subject
to any such Sale shall be in a minimum amount of $5,000,000, unless such Sale is made to an existing Lender or an Affiliate or Approved Fund of any existing Lender, is of the assignor’s (together with its Affiliates and Approved Funds) entire
interest in such facility or is made with the prior consent of the Borrower Representative (to the extent required) and Agent, (x) such Sales shall be effective only upon the acknowledgement in writing of such Sale by Agent, (y) interest
accrued prior to and through the date of any such Sale may not be assigned and (z) such Sales by Non-Funding Lenders shall be subject to Agent’s prior written consent in all instances. Notwithstanding the foregoing, no Sale to a Credit
Party, an Affiliate of a Credit Party, a holder of Subordinated Indebtedness or an Affiliate of such a holder shall be permitted hereunder. 

(c) Procedure. The parties to each Sale made in reliance on clause (b) above (other than those described in
clause (e) or (f) below) shall execute and deliver to Agent an Assignment via an electronic settlement system designated by Agent (or, if previously agreed with Agent, via a manual execution and delivery of the Assignment)
evidencing such Sale, together with any existing Note subject to such Sale (or any affidavit of loss therefor acceptable to Agent), any tax forms required to be delivered pursuant to Section 10.1 and payment of an assignment fee in the
amount of $3,500 to Agent, unless waived or reduced by Agent; provided, that (i) if a Sale by a Lender is made to an Affiliate or an Approved Fund of such assigning Lender, then no assignment fee shall be due in connection with such Sale
and (ii) if a Sale by a Lender is made to an assignee that is not an Affiliate or Approved Fund of such assignor Lender, and concurrently to one or more Affiliates or Approved Funds of such Assignee, then only one assignment fee of $3,500 shall
be due in connection with such Sale (unless waived or reduced by Agent). Upon receipt of all the foregoing, and conditioned upon such receipt and, if such Assignment is made in accordance with clause (iii) of subsection 9.9(b),
upon Agent (and the Borrower, if applicable) consenting to such Assignment, from and after the effective date specified in such Assignment, Agent shall record or cause to be recorded in the Register the information contained in such Assignment. 

  
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 (d) Effectiveness. Subject to the recording of an Assignment by Agent in the Register
pursuant to subsection 1.4(b), (i) the assignee thereunder shall become a party hereto and, to the extent that rights and obligations under the Loan Documents have been assigned to such assignee pursuant to such Assignment, shall have
the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to such assignee through such entry and (iii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been
assigned by it pursuant to such Assignment, relinquish its rights (except for those surviving the termination of the Commitments and the payment in full of the Obligations) and be released from its obligations under the Loan Documents, other than
those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment covering all or the remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall
cease to be a party hereto). 
 (e) Grant of Liens. In addition to the other rights provided in this Section 9.9, each
Lender may grant a Lien in, or otherwise assign as collateral, any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to payments of principal or interest on the Loans), to (A) any federal reserve bank
(pursuant to Regulation A of the Federal Reserve Board), the Bank of Canada or any central bank, without notice to Agent or (B) any holder of, or trustee for the benefit of the holders of, such Lender’s Indebtedness or equity securities,
by notice to Agent; provided, however, that no such Person, holder or trustee, whether because of such grant or assignment or any foreclosure thereon (unless such foreclosure is made through an assignment in accordance with
clause (b) above), shall be entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its obligations hereunder. 

(f) Participant and SPV. In addition to the other rights provided in this Section 9.9, each Lender may, (x) with
notice to Agent, grant to an SPV the option to make all or any part of any Loan that such Lender would otherwise be required to make hereunder (and the exercise of such option by such SPV and the making of Loans pursuant thereto shall satisfy the
obligation of such Lender to make such Loans hereunder) and such SPV may assign to such Lender the right to receive payment with respect to any Obligation and (y) without notice to or consent from Agent or the Borrowers, sell participations to
one or more Persons in or to all or a portion of its rights and obligations under the Loan Documents (including all its rights and obligations with respect to the Revolving Loans and Letters of Credit); provided, however, that, whether
as a result of any term of any Loan Document or of such grant or participation, (i) no such SPV or participant shall have a commitment, or be deemed to have made an offer to commit, to make Loans hereunder, and, except as provided in the
applicable option agreement, none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Credit Parties and the Secured Parties towards such Lender,
under any Loan Document shall remain unchanged and each other party hereto shall continue to deal solely with such Lender, which shall remain the holder of the Obligations in the Register, except that (A) each such participant and SPV shall be
entitled to the benefit of Article X, but, with respect to Section 10.1, only to the extent such participant or SPV delivers the tax forms such Lender is required to collect pursuant to subsection 10.1(f) and only to the
extent of any amount to which such Lender would be entitled in the absence of any such grant or participation and (B) each such SPV may receive other payments that would otherwise be made to such Lender with respect to Loans funded by such SPV
to the extent provided in the 

  
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applicable option agreement and set forth in a notice provided to Agent by such SPV and such Lender; provided, however, that in no case (including pursuant to clause (A)
or (B) above) shall an SPV or participant have the right to enforce any of the terms of any Loan Document and (iii) the consent of such SPV or participant shall not be required (either directly, as a restraint on such Lender’s
ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain from exercising any powers or rights such Lender may have under or in respect of the Loan Documents
(including the right to enforce or direct enforcement of the Obligations), except for those described in clauses (ii) and (iii) of subsection 9.1(a) with respect to amounts, or dates fixed for payment of amounts, to
which such participant or SPV would otherwise be entitled and, in the case of participants, except for those described in clause (vi) of subsection 9.1(a). No party hereto shall institute (and each Borrower shall cause each other
Credit Party not to institute) against any SPV grantee of an option pursuant to this clause (f) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper of such SPV; provided, however, that each Lender having designated an SPV as such agrees to indemnify each Indemnitee against any Liability that may be incurred by, or asserted
against, such Indemnitee as a result of failing to institute such proceeding (including a failure to get reimbursed by such SPV for any such Liability). The agreement in the preceding sentence shall survive the termination of the Commitments and the
payment in full of the Obligations. 
 9.10 Non-Public Information; Confidentiality. 

(a) Non-Public Information. Agent, each Lender and L/C Issuer acknowledges and agrees that it may receive material non-public
information (“MNPI”) hereunder concerning the Credit Parties and their Affiliates and agrees to use such information in compliance with all relevant policies, procedures and applicable Requirements of Laws (including United States
federal and state security laws and regulations, Canadian federal and provincial security laws and regulations and the security laws and regulations of the United Kingdom). 

(b) Confidential Information. Each Lender, L/C Issuer and Agent agrees to use all reasonable efforts to maintain and to cause their
Related Persons to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document (including such information received prior to the Closing Date under the terms of the applicable
commitment letter or in connection with the negotiations of such commitment letter and the Loan Documents), except that such information may be disclosed (i) with the Borrower Representative’s consent, (ii) to Related Persons of such
Lender, L/C Issuer or Agent, as the case may be, or to any Person that any L/C Issuer causes to issue Letters of Credit hereunder, that are advised of the confidential nature of such information and are instructed to keep such information
confidential in accordance with the terms hereof, (iii) to the extent such information at the time of receipt or thereafter becomes (A) publicly available other than as a result of a breach of this Section 9.10 or
(B) available to such Lender, L/C Issuer or Agent or any of their Related Persons, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions, (iv) (A) to the extent
disclosure is required by applicable Requirements of Law or other legal process or requested or demanded by any Governmental Authority or (B) in connection with a pledge made in 

  
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accordance with subsection 9.9(e) and such recipient under this clause (iv)(B) has been advised of the confidential nature of such information and is instructed to keep such
information confidential in accordance with the terms hereof, (v) to the extent necessary or customary for inclusion in league table measurements, (vi) (A) to the National Association of Insurance Commissioners or any similar
organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of general portfolio information that does not identify Credit Parties, (vii) to current or prospective (A) assignees,
(B) SPVs (including the investors or prospective investors therein) or (C) participants, in each case under (A), (B) and (C), as contemplated by Section 9.9, (D) direct or contractual
counterparties to any Secured Rate Contracts, Secured Commodities Hedging Contracts or Secured Bank Products and (E) to their respective Related Persons, in each case to the extent such assignees, investors, participants, counterparties or
Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 9.10, (viii) to any other party hereto and (ix) in connection with the exercise or enforcement of any right or remedy under
any Loan Document, in connection with any litigation or other proceeding relating to any Loan Document to which such Lender, L/C Issuer or Agent or any of their Related Persons is a party or bound, or to the extent necessary to respond to public
statements or disclosures by Credit Parties or their Related Persons referring to a Lender, L/C Issuer or Agent or any of their Related Persons. In the event of any conflict between the terms of this Section 9.10 and those of any other
Contractual Obligation entered into by Agent, any Lender, any L/C Issuer or any of their Related Persons with any Credit Party (whether or not a Loan Document) relating to this Agreement and/or the other Loan Documents (or the transactions evidenced
hereby), the terms of this Section 9.10 shall govern. 
 (c) Tombstones. Each Credit Party consents to the publication by
Agent or any Lender of advertising material relating to the financing transactions contemplated by this Agreement using any Credit Party’s name, product photographs, logo or trademark. Agent or such Lender shall provide a draft of any
advertising material to Borrower Representative for review and comment prior to the publication thereof. 
 (d) Press Release and Related
Matters. No Credit Party shall, and no Credit Party shall permit any of its Affiliates to, issue any press release or other public disclosure (other than any document filed with any Governmental Authority relating to a public offering of
securities of any Credit Party or such Affiliate) using the name, logo or otherwise referring to GE Capital or of any of its Affiliates, the Loan Documents or any transaction contemplated therein to which Agent is party without the prior consent of
GE Capital except to the extent required to do so under applicable Requirements of Law and then to the extent reasonably practicable, only after consulting with GE Capital. 

(e) Distribution of Materials to Lenders and L/C Issuers. The Credit Parties acknowledge and agree that the Loan Documents and all
reports, notices, communications and other information or materials provided or delivered by, or on behalf of, the Credit Parties hereunder (collectively, the “Borrower Materials”) may be disseminated by, or on behalf of, Agent, and
made available, to the Lenders and the L/C Issuers by posting such Borrower Materials on an E-System. The Credit Parties authorize Agent to download copies of their logos from its website and post copies
thereof on such E-System in connection therewith. 

  
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 (f) Material Non-Public Information. The Credit Parties hereby agree that if either they,
any parent company or any Subsidiary of the Credit Parties has publicly traded equity or debt securities in the United States, Canada or the United Kingdom, they shall (and shall cause such parent company or Subsidiary, as the case may be, to)
(i) identify in writing and (ii) to the extent reasonably practicable, clearly and conspicuously mark such Borrower Materials that contain only information that is publicly available or that is not material for purposes of United States
federal and state securities laws, Canadian federal and provincial securities laws or securities laws and regulations of the United Kingdom as “PUBLIC”. The Credit Parties agree that by identifying such Borrower Materials as
“PUBLIC” or publicly filing such Borrower Materials with the U.S. Securities and Exchange Commission, then Agent, the Lenders and the L/C Issuers shall be entitled to treat such Borrower Materials as not containing any MNPI for purposes of
United States federal and state securities laws, Canadian federal and provincial securities laws and securities laws and regulations of the United Kingdom. The Credit Parties further represent, warrant, acknowledge and agree that the following
documents and materials shall be deemed to be PUBLIC for purposes of this subsection 9.10(f), whether or not so marked, and do not contain any MNPI: (A) the Loan Documents, including the schedules and exhibits attached thereto and
(B) administrative materials of a customary nature prepared by the Credit Parties or Agent (including, Notices of Borrowing, Notices of Conversion/Continuation, L/C requests, Swingline requests and any similar requests or notices posted on or
through an E-System). Before distribution by Agent of any Borrower Materials pursuant to subsection 9.10(e), the Credit Parties agree to execute and deliver to Agent, upon request, a letter authorizing
distribution of the evaluation materials to prospective Lenders and their employees willing to receive MNPI, and a separate letter authorizing distribution of evaluation materials that do not contain MNPI and represent that no MNPI is contained
therein. 
 9.11 Set-off; Sharing of Payments. 

(a) Right of Setoff. Subject to the security principles described in Section 11.8, each of Agent, each Lender, each L/C
Issuer and each Affiliate (including each branch office thereof) of any of them is hereby authorized, without notice or demand (each of which is hereby waived by each Credit Party), at any time and from time to time during the continuance of any
Event of Default and to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or
other obligations at any time owing by Agent, such Lender, such L/C Issuer or any of their respective Affiliates to or for the credit or the account of the Borrowers or any other Credit Party against any Obligation of any Credit Party now or
hereafter existing, whether or not any demand was made under any Loan Document with respect to such Obligation and even though such Obligation may be unmatured. No Lender or L/C Issuer shall exercise any such right of setoff without the prior
consent of Agent or Required Lenders. Each of Agent, each Lender and each L/C Issuer agrees promptly (and in any event within two (2) Business Days) to notify the Borrower Representative and Agent after any such setoff and application made by
such Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such setoff and application. The rights under this Section 9.11 are in addition to any other rights and
remedies (including other rights of setoff) that Agent, the Lenders, the L/C Issuer, their Affiliates and the other Secured Parties, may have. 

  
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 (b) Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch
office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as defined under the applicable UCC or
PPSA, as applicable) of Collateral) other than pursuant to Section 9.9 or Article X and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in
accordance with the provisions of the Loan Documents, such Lender, subject to the security principles described in Section 11.8, shall purchase for cash from other Lenders such participations in their Obligations as necessary for such
Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and applied in accordance with this Agreement (or, if such application would then be at the discretion of the Borrowers,
applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or otherwise recovered from such Lender or L/C Issuer in whole or in part, such purchase shall be rescinded and the
purchase price therefor shall be returned to such Lender or L/C Issuer without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the
right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the applicable Credit Party in the amount of such participation. If a Non-Funding Lender or Impacted Lender receives any such payment as
described in the previous sentence, such Lender shall turn over such payments to Agent in an amount that would satisfy the cash collateral requirements set forth in subsection 1.11(b). 

9.12 Counterparts; Facsimile Signature. This Agreement may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to
a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof. 

9.13 Severability. To the fullest extent permitted by law, the illegality or unenforceability of any provision of this Agreement or any
instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder. 

9.14 Captions. The captions and headings of this Agreement are for convenience of reference only and shall not affect the
interpretation of this Agreement. 
 9.15 Independence of Provisions. The parties hereto acknowledge that this Agreement and the
other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each be performed, except as expressly stated to the
contrary in this Agreement. 
 9.16 Interpretation. This Agreement is the result of negotiations among and has been reviewed by
counsel to Credit Parties, Agent, each Lender and other parties hereto, and is the product of all parties hereto. Accordingly, this Agreement and the other Loan Documents shall 

  
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not be construed against the Lenders or Agent merely because of Agent’s or Lenders’ involvement in the preparation of such documents and agreements. Without limiting the generality of
the foregoing, each of the parties hereto has had the advice of counsel with respect to Sections 9.18 and 9.19. 
 9.17 No
Third Parties Benefited. This Agreement is made and entered into for the sole protection and legal benefit of the Borrowers, the Lenders, the L/C Issuers party hereto, Agent and, subject to the provisions of Section 8.11, each other
Secured Party, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan
Documents. Neither Agent nor any Lender shall have any obligation to any Person not a party to this Agreement or the other Loan Documents. 

9.18 Governing Law and Jurisdiction. 

(a) Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this
Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement. 
 (b) Submission to
Jurisdiction. Any legal action or proceeding with respect to any Loan Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the
Southern District of New York and, by execution and delivery of this Agreement, each party hereto executing this Agreement hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid
courts; provided, that nothing in this Agreement shall limit the right of Agent to commence any proceeding in the federal or state courts of any other jurisdiction to the extent Agent determines that such action is necessary or appropriate to
exercise its rights or remedies under the Loan Documents. The parties hereto (and, to the extent set forth in any other Loan Document, each other Credit Party) hereby irrevocably waive any objection, including any objection to the laying of venue or
based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 

(c) Service of Process. Each Credit Party hereby irrevocably waives personal service of any and all legal process, summons, notices and
other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan Document by
any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of the Borrowers specified herein (and shall be effective when such mailing shall be effective,
as provided therein). Each Credit Party 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. 

(d) Non-Exclusive Jurisdiction. Nothing contained in this Section 9.18 shall affect the right of Agent or any Lender to
serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Credit Party in any other jurisdiction. 

  
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 9.19 Waiver of Jury Trial. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT
OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. 
 9.20 Entire Agreement; Release; Survival. 

(a) THE LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS RELATING TO THE
SUBJECT MATTER THEREOF AND ANY PRIOR LETTER OF INTEREST, COMMITMENT LETTER, CONFIDENTIALITY AND SIMILAR AGREEMENTS INVOLVING ANY CREDIT PARTY AND ANY LENDER OR ANY L/C ISSUER OR ANY OF THEIR RESPECTIVE AFFILIATES RELATING TO A FINANCING OF
SUBSTANTIALLY SIMILAR FORM, PURPOSE OR EFFECT OTHER THAN THE FEE LETTER. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND ANY OTHER LOAN DOCUMENT, THE TERMS OF THIS AGREEMENT SHALL GOVERN (UNLESS SUCH TERMS OF SUCH OTHER LOAN
DOCUMENTS ARE NECESSARY TO COMPLY WITH APPLICABLE REQUIREMENTS OF LAW, IN WHICH CASE SUCH TERMS SHALL GOVERN TO THE EXTENT NECESSARY TO COMPLY THEREWITH). 

(b) Execution of this Agreement by the Credit Parties constitutes a full, complete and irrevocable release of any and all claims which each
Credit Party may have at law or in equity in respect of all prior discussions and understandings, oral or written, relating to the subject matter of this Agreement and the other Loan Documents. In no event shall any Indemnitee be liable on any
theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings). Each Credit Party signatory hereto hereby waives, releases and agrees (and shall cause each other
Credit Party to waive, release and agree) not to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

(c) (i) Any indemnification or other protection provided to any Indemnitee pursuant to this Section 9.20, Sections 9.5
(Costs and Expenses) and 9.6 (Indemnity) and Articles VIII (Agent) and X (Taxes, Yield Protection and Illegality) and (ii) the provisions of Section 8.1 of the Guaranty and Security Agreement,
Section 7 of the Guarantee Agreement and Section 5.1(7) of the Security Agreement, in each case, shall (x) survive the termination of the Commitments and the payment in full of all other Obligations and (y) with
respect to clause (i) above, inure to the benefit of any Person that at any time held a right thereunder (as an Indemnitee or otherwise) and, thereafter, its successors and permitted assigns. 

  
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 9.21 Patriot Act. Each Lender that is subject to the Patriot Act hereby notifies the
Credit Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other
information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act. 
 9.22 Replacement of
Lender. Within forty-five (45) days after: (i) receipt by the Borrower Representative of written notice and demand from any Lender that is not Agent or an Affiliate of Agent (an “Affected Lender”) for payment of
additional costs as provided in Sections 10.1, 10.3 and/or 10.6; or (ii) any failure by any Lender (other than Agent) to consent to a requested amendment, waiver or modification to any Loan Document in which Required
Lenders or Required Revolving Lenders have already consented to such amendment, waiver or modification but the consent of each Lender (or each Lender directly affected thereby or Supermajority Lenders, as applicable) is required with respect
thereto, the Borrowers may, at their option, notify Agent and such Affected Lender (or any defaulting or such non-consenting Lender, as the case may be) of the Borrowers’ intention to obtain, at the Borrowers’ expense, a replacement Lender
(“Replacement Lender”) for such Affected Lender (or such defaulting or non-consenting Lender, as the case may be), which Replacement Lender shall be reasonably satisfactory to Agent. In the event the Borrowers obtain a Replacement
Lender within forty-five (45) days following notice of its intention to do so, the Affected Lender (or defaulting or non-consenting Lender, as the case may be) shall sell and assign its Loans and Commitments to such Replacement Lender, for a
purchase price equal to the outstanding Loans, accrued interest, fees and charges (if any) then owing to such Affected Lender hereunder, provided that the Borrowers have reimbursed such Affected Lender for its increased costs for which it is
entitled to reimbursement under this Agreement through the date of such sale and assignment. In the event that a replaced Lender does not execute an Assignment pursuant to Section 9.9 within five (5) Business Days after receipt by
such replaced Lender of notice of replacement pursuant to this Section 9.22 and presentation to such replaced Lender of an Assignment evidencing an assignment pursuant to this Section 9.22, the Borrowers shall be entitled
(but not obligated) to execute such an Assignment on behalf of such replaced Lender, and any such Assignment so executed by the Borrowers, the Replacement Lender and Agent, shall be effective for purposes of this Section 9.22 and
Section 9.9. Notwithstanding the foregoing, with respect to a Lender that is a Non-Funding Lender or an Impacted Lender, the Borrowers or Agent may obtain a Replacement Lender and execute an Assignment on behalf of such Non-Funding
Lender or an Impacted Lender at any time and without prior notice to such Non-Funding Lender or an Impacted Lender and cause its Loans and Commitments to be sold and assigned at par. Upon any such assignment and payment and compliance with the other
provisions of Section 9.9, such replaced Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such replaced Lender to indemnification hereunder shall survive. 

9.23 Joint and Several. The obligations of the EINA Borrowers hereunder and under the other Loan Documents are joint and several as
among the EINA Borrowers. The obligations of the EICA Borrowers hereunder and under the other Loan Documents are joint and several as among the EICA Borrowers. The obligations of the Camrose Borrowers hereunder and under the other Loan Documents are
joint and several as among the Camrose Borrowers. 

  
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 9.24 Creditor-Debtor Relationship. The relationship between Agent, each Lender and the L/C
Issuer, on the one hand, and the Credit Parties, on the other hand, is solely that of creditor and debtor. No Secured Party has any fiduciary relationship or duty to any Credit Party arising out of or in connection with, and there is no agency,
tenancy or joint venture relationship between the Secured Parties and the Credit Parties by virtue of, any Loan Document or any transaction contemplated therein. 

9.25 Actions in Concert. Notwithstanding anything contained herein to the contrary, each Lender hereby agrees with each other Lender
that no Lender shall take any action to protect or enforce its rights against any Credit Party arising out of this Agreement or any other Loan Document (including exercising any rights of setoff) without first obtaining the prior written consent of
Agent or Required Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the other Loan Documents shall be taken in concert and at the direction or with the consent of Agent or Required
Lenders. 
 ARTICLE X. 

TAXES, YIELD PROTECTION AND ILLEGALITY 

10.1 Taxes. 
 (a) Except
as otherwise provided in this Section 10.1 or as required by law, each payment by any Credit Party under any Loan Document shall be made free and clear of all present or future taxes, levies, imposts, deductions, charges or withholdings
imposed by any Governmental Authority and all liabilities with respect thereto (and without deduction for any of them) (collectively, but excluding the taxes set forth in clauses (i), (ii) and (iii) below, the
“Taxes”) including taxes, levies, imposts, deductions, charges or withholdings imposed by any Governmental Authority and all liabilities with respect thereto, (i) measured by overall net income (however denominated, including
branch profits taxes) and franchise taxes imposed in lieu of net income taxes, in each case imposed on any Secured Party by the jurisdiction (or any political subdivision thereof) in which such Secured Party is organized, resident for tax purposes
(other than by reason of entering into any Loan Document), maintains its principal office or applicable Lending Office, or otherwise is subject to net income taxes because it does or carries on business in such jurisdictions (other than by reason of
entering into any Loan Document), (ii) that are directly attributable to the failure (other than as a result of a change in any Requirement of Law) by Agent or any Lender to deliver the documentation required to be delivered pursuant to
clause (f) below or (iii) that are any United States federal withholding taxes imposed as a result of (x) failure by any Lender, its legal or beneficial owners, the beneficial owners of a payment under the Loan Documents (or
any financial institution or intermediary through which a payment under the Loan Documents is made or which otherwise holds Notes issued under the Loan Documents) to comply with FATCA in such a way that ensures that no such withholding is imposed
thereunder or (y) an election pursuant to Section 1471(b)(3)(C)(i) of the Code. 
 (b) If any Taxes shall be required by law to be
deducted from or in respect of any amount payable under any Loan Document to any Secured Party (i) such amount shall be increased as necessary to ensure that, after all required deductions for Taxes are made (including deductions applicable to
any increases to any amount under this Section 10.1), such Secured Party receives the amount it would have received had no such deductions been made, (ii) the 

  
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relevant Credit Party shall make such deductions, (iii) the relevant Credit Party shall timely pay or remit the full amount deducted to the relevant taxing authority or other authority in
accordance with applicable Requirements of Law and (iv) within 30 days after such payment is made, the relevant Credit Party shall deliver to Agent an original or certified copy of a receipt evidencing such payment or remittance or other
evidence of payment or remittance reasonably satisfactory to Agent; provided, however, that no such increase shall be made with respect to, and no Credit Party shall be required to indemnify any Secured Party pursuant to
clause (d) below for, (x) withholding taxes to the extent that the obligation to withhold amounts existed on the date that such Person became a “Secured Party” under this Agreement in the capacity under which such Person
makes a claim under this clause (b), designates a new Lending Office or experiences a change in circumstances (other than a change in a Requirement of Law), except in each case to the extent such Person is a direct or indirect assignee
(other than pursuant to Section 9.22) of any other Secured Party that was entitled, at the time the assignment to such Person became effective, or such Secured Party was entitled at the time of designation of a new Lending Office or
change in circumstances, to receive additional amounts under this clause (b) or (y) any United States backup withholding tax. 

(c) In addition, the Borrowers agree to pay, and authorize Agent to pay in their name, any stamp, documentary, excise or property tax, charges
or similar levies (excluding taxes described in subsections 10.1(a)(i) and (ii)) imposed by any applicable Requirement of Law or Governmental Authority and all Liabilities with respect thereto (including by reason of any delay in
payment thereof), in each case arising from the execution, delivery or registration of, or otherwise with respect to, any Loan Document or any transaction contemplated therein (collectively, “Other Taxes”). The Swingline Lender may,
without any need for notice, demand or consent from the Borrowers or the Borrower Representative, by making funds available to Agent in the amount equal to any such payment, make a Swing Loan to a Borrower in such amount, the proceeds of which shall
be used by Agent in whole to make such payment. Within 30 days after the date of any payment of Other Taxes by any Credit Party, the Borrowers shall furnish to Agent, at its address referred to in Section 9.2, the original or a certified
copy of a receipt evidencing payment thereof or other evidence of payment reasonably satisfactory to Agent. 
 (d) The Borrowers shall
reimburse and indemnify, within 30 days after receipt of demand therefor (with copy to Agent), each Secured Party for all Taxes and Other Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this
Section 10.1) paid by such Secured Party and any Liabilities arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. A certificate of the Secured Party (or of Agent on
behalf of such Secured Party) claiming any compensation under this clause (d), setting forth the amounts to be paid thereunder and delivered to the Borrower Representative with copy to Agent, shall be conclusive, binding and final for
all purposes, absent manifest error. In determining such amount, Agent and such Secured Party may use any reasonable averaging and attribution methods. If any Secured Party becomes aware that it has received or been granted a refund of Taxes or
Other Taxes payable by such Secured Party in respect of the amounts so reimbursed or indemnified by the Borrowers, such Secured Party shall, to the extent it can do so without prejudice to the retention of the amount of such refund, pay to the
Borrowers as soon as practicable after the Secured Party became aware that it effectively obtained the benefit of such refund an amount which it reasonably determines to be 

  
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equal to such refund less any amount required by law to be deducted therefrom and less any fees and expenses incurred by such Secured Party in connection therewith. Nothing in this
Section 10.1 shall be construed as requiring any Secured Party to (x) conduct its business or to arrange or alter in any respect its tax or financial affairs so that it is entitled to receive such refund other than in performing any
ministerial acts necessary to be entitled to receive such refund or (y) disclose any tax return or any other information that it deems confidential. 

(e) Any Lender claiming any additional amounts payable pursuant to this Section 10.1 shall use its commercially reasonable efforts
(consistent with its internal policies and Requirements of Law) to change the jurisdiction of its Lending Office if such a change would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole
determination of such Lender, be otherwise disadvantageous to such Lender. 
 (f) (i) Each Non-U.S. Lender Party that, at any of the
following times, is entitled to an exemption from United States withholding tax or is subject to such withholding tax at a reduced rate under an applicable tax treaty, shall (w) on or prior to the date such Non-U.S. Lender Party becomes a
“Non-U.S. Lender Party” hereunder, (x) on or prior to the date on which any such form or certification expires or becomes obsolete, (y) after the occurrence of any event requiring a change in the most recent form or certification
previously delivered by it pursuant to this clause (i) and (z) from time to time if requested by the Borrower Representative or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and the Borrower
Representative (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of each of the following, as applicable: (A) Forms W-8ECI (claiming exemption from U.S.
withholding tax because the income is effectively connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a reduction of, U.S. withholding tax under an income tax treaty) and/or W-8IMY (together with appropriate forms, certifications and supporting statements) or any successor forms, (B) in the case of a Non-U.S. Lender Party claiming exemption under Sections 871(h) or 881(c) of the
Code, Form W-8BEN (claiming exemption from U.S. withholding tax under the portfolio interest exemption) or any successor form and a certificate in form and substance acceptable to Agent that such Non-U.S.
Lender Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code or (3) a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C) any other applicable document prescribed by the IRS certifying as to the entitlement of such Non-U.S. Lender Party to such exemption from
United States withholding tax or reduced rate with respect to all payments to be made to such Non-U.S. Lender Party under the Loan Documents, including any certification, documentation, or information concerning United States ownership of such
Non-U.S. Lender Party (if entering into or complying with such requirement or agreement is required by statute or regulation of the United States as a precondition to relief or exemption from such withholding tax) or compliance with any reporting
requirement concerning United States ownership of such Non-U.S. Lender Party for which the Borrowers have made a timely request. Unless the Borrower Representative and Agent have received forms or other documents satisfactory to them indicating that
payments under any Loan Document to or for a Non-U.S. Lender Party are not subject to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, the Credit Parties and Agent shall withhold amounts
required to be withheld by applicable Requirements of Law from such payments at the applicable statutory rate. 

  
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 (ii) Each U.S. Lender Party shall (A) on or prior to the date such U.S. Lender Party
becomes a “U.S. Lender Party” hereunder, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent form or
certification previously delivered by it pursuant to this clause (f) and (D) from time to time if requested by the Borrower Representative or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and
the Borrower Representative (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of Form W-9 (certifying that such U.S. Lender Party is entitled to an exemption from U.S. backup withholding tax) or any
successor form. 
 (iii) Any Lender that is entitled to an exemption from or reduction of withholding tax described in subsection
10.1(a)(i) or (ii) under the law of the jurisdiction in which the applicable Credit Party is located, or any treaty to which such jurisdiction is a party, with respect to payments to such Lender shall deliver to the Credit Party
(with a copy to Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without a deduction or withholding on account of Tax
or with a deduction or withholding on account of Tax at a reduced rate. The provision of a Canadian Withholding Tax Exemption Certificate shall not relieve a Credit Party of its obligation to pay additional amounts under Section 10.1(b)
hereof. 
 (iv) Each Lender having sold a participation in any of its Obligations or identified an SPV as such to Agent shall collect from
such participant or SPV the documents described in this clause (f) and provide them to Agent. 
 (v) If a payment made to any
recipient under any Loan Document would be subject to United States federal withholding tax under FATCA if such recipient 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 recipient shall deliver, or caused to be delivered, to Agent and Borrower Representative, at the time or times prescribed by law, any documentation under any Requirement of Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code if an applicable election was made) or reasonably requested by Agent or Borrower Representative sufficient for Agent or the Borrowers to comply with their obligations under FATCA and to determine that such
Non U.S. Lender has complied with such applicable reporting requirements. Each recipient agrees that if any form or certification previously delivered under this clause expires or becomes obsolete or inaccurate in any respect, it shall update, or
cause to be updated to the extent required by law, such form or certification or promptly notify Agent and Borrower Representative in writing of its legal inability to do so. 

10.2 Illegality. If after the date hereof any Lender shall determine that the introduction of any Requirement of Law, or any change in
any Requirement of Law or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make LIBOR Rate Loans
or BA Rate Loans, then, on notice thereof by such Lender to the Borrowers through 

  
 100 

 
Agent, the obligation of that Lender to make LIBOR Rate Loans or BA Rate Loans, as applicable, shall be suspended until such Lender shall have notified Agent and the Borrower Representative that
the circumstances giving rise to such determination no longer exists. 
 (a) Subject to clause (c) below, if any Lender shall
determine that it is unlawful to maintain any LIBOR Rate Loan or BA Rate Loan, as the case may be, the applicable Borrowers shall prepay in full all LIBOR Rate Loans or BA Rate Loans, as applicable, of such Lender then outstanding, together with
interest accrued thereon, either on the last day of the Interest Period thereof if such Lender may lawfully continue to maintain such LIBOR Rate Loans or BA Rate Loans, as applicable, to such day, or immediately, if such Lender may not lawfully
continue to maintain such LIBOR Rate Loans or BA Rate Loans, as applicable, together with any amounts required to be paid in connection therewith pursuant to Section 10.4. 

(b) If the obligation of any Lender to make or maintain LIBOR Rate Loans or BA Rate Loans has been terminated, the Borrower Representative may
elect, by giving notice to such Lender through Agent that all Loans which would otherwise be made by any such Lender as (i) LIBOR Rate Loans shall be instead Base Rate Loans if such Lender is not able to make or maintain LIBOR Rate Loans and
(ii) BA Rate Loans shall instead be Canadian Index Rate Loans if such Lender is not able to make or maintain BA Rate Loans. 
 (c)
Before giving any notice to Agent pursuant to this Section 10.2, the affected Lender shall designate a different Lending Office with respect to its LIBOR Rate Loans or BA Rate Loans, as applicable, if such designation will avoid the need
for giving such notice or making such demand and will not, in the judgment of the Lender, be illegal or otherwise disadvantageous to the Lender. 

10.3 Increased Costs and Reduction of Return. 

(a) If any Lender or L/C Issuer shall determine that, due to either (i) the introduction of, or any change in, or in the interpretation
of, any law or regulation or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in the case of either clause (i) or
(ii) subsequent to the date hereof, there shall be any increase in the cost to such Lender or L/C Issuer of agreeing to make or making, funding or maintaining any LIBOR Rate Loans or BA Rate Loans or of issuing or maintaining any Letter
of Credit, then the Borrowers shall be liable for, and shall from time to time, within thirty (30) days of demand therefor by such Lender or L/C Issuer (with a copy of such demand to Agent), pay to Agent for the account of such Lender or L/C
Issuer, additional amounts as are sufficient to compensate such Lender or L/C Issuer for such increased costs; provided, that the Borrowers shall not be required to compensate any Lender or L/C Issuer pursuant to this subsection
10.3(a) for (i) any increased costs resulting from taxes to the extent covered by Section 10.1 (and, for the avoidance of doubt, any taxes referred to in subsection 10.1(a)(i), (ii) or (iii)), which
shall govern with respect to such costs, and (ii) any increased costs incurred more than 180 days prior to the date that such Lender or L/C Issuer notifies the Borrower Representative, in writing of the increased costs and of such Lender’s
or L/C Issuer’s intention to claim compensation thereof; provided, further, that if the circumstance giving rise to such increased costs is retroactive, then the 180-day period referred to above shall be extended to include the
period of retroactive effect thereof. 

  
 101 

 (b) If any Lender or L/C Issuer shall have determined that: 

(i) the introduction of any Capital Adequacy Regulation; 

(ii) any change in any Capital Adequacy Regulation; 

(iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental
Authority charged with the interpretation or administration thereof; or 
 (iv) any change in the interpretation or administration of any
Capital Adequacy Regulation by such Lender or L/C Issuer (or its Lending Office) or any entity controlling the Lender or L/C Issuer; 
 affects the amount
of capital required or expected to be maintained by such Lender or L/C Issuer or any entity controlling such Lender or L/C Issuer and (taking into consideration such Lender’s or such entities’ policies with respect to capital adequacy and
such Lender’s or L/C Issuer’s desired return on capital) determines that the amount of such capital is increased as a consequence of its Commitment(s), loans, credits or obligations under this Agreement, then, within thirty (30) days
of demand of such Lender or L/C Issuer (with a copy to Agent), the Borrowers shall pay to such Lender or L/C Issuer, from time to time as specified by such Lender or L/C Issuer, additional amounts sufficient to compensate such Lender or L/C Issuer
(or the entity controlling the Lender or L/C Issuer) for such increase; provided, that the Borrowers shall not be required to compensate any Lender or L/C Issuer pursuant to this subsection 10.3(b) for any amounts incurred more than
180 days prior to the date that such Lender or L/C Issuer notifies the Borrower Representative, in writing of the amounts and of such Lender’s or L/C Issuer’s intention to claim compensation thereof; provided, further, that
if the event giving rise to such increase is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(c) Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith, as well as all requests, rules, guidelines and 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 a Requirement of Law under subsection (a) above and/or a change in a Capital
Adequacy Regulation under subsection (b) above, as applicable, regardless of the date enacted, adopted or issued. 
 10.4 Funding
Losses. The Borrowers agree to reimburse each Lender and to hold each applicable Lender harmless from any loss or expense which such applicable Lender may sustain or incur as a consequence of: 

(a) the failure of the Borrowers to make any payment or mandatory prepayment of principal of any LIBOR Rate Loan or BA Rate Loans (including
payments made after any acceleration thereof); 

  
 102 

 (b) the failure of the Borrowers to borrow, continue or convert a Loan after the Borrower
Representative has given (or is deemed to have given) a Notice of Borrowing or a Notice of Conversion/Continuation; 
 (c) the failure of
the Borrowers to make any prepayment after the Borrowers have given a notice in accordance with Section 1.7; 
 (d) the
prepayment (including pursuant to Section 1.8) of a LIBOR Rate Loan or BA Rate Loan on a day which is not the last day of the Interest Period with respect thereto; or 

(e) the conversion pursuant to Section 1.6 of any LIBOR Rate Loan to a Base Rate Loan or a BA Rate Loan to a Canadian Index Rate
Loan, in either case, on a day that is not the last day of the applicable Interest Period; 
 including any such loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain its LIBOR Rate Loans or BA Rate Loans, as applicable, hereunder or from fees payable to terminate the deposits from which such funds were obtained; provided, that, with respect
to the expenses described in clauses (d) and (e) above, such Lender shall have notified Agent of any such expense within two (2) Business Days of the date on which such expense was incurred. Solely for purposes of
calculating amounts payable by the Borrowers to the Lenders under this Section 10.4 and under subsection 10.3(a), (i) each LIBOR Rate Loan made by a Lender (and each related reserve, special deposit or similar requirement)
shall be conclusively deemed to have been funded at the LIBOR used in determining the interest rate for such LIBOR Rate Loan by a matching deposit or other borrowing in the interbank Eurodollar market for a comparable amount and for a comparable
period, whether or not such LIBOR Rate Loan is in fact so funded and (ii) each BA Rate Loan made by a Lender (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the BA Rate used
in determining the interest rate for such BA Rate Loan by a matching deposit or other borrowing for a comparable amount and for a comparable period, whether or not such BA Rate Loan is in fact so funded. 

10.5 Inability to Determine Rates. If Agent shall have determined in good faith that for any reason adequate and reasonable means do
not exist for ascertaining LIBOR or the BA Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan or BA Rate Loan, as applicable, or that LIBOR or the BA Rate applicable pursuant to subsection 1.3(a) for any
requested Interest Period with respect to a proposed LIBOR Rate Loan or BA Rate Loan, as applicable, does not adequately and fairly reflect the cost to the Lenders of funding or maintaining such Loan, Agent will forthwith give notice of such
determination to the Borrower Representative and each Lender. Thereafter, the obligation of the Lenders to make or maintain LIBOR Rate Loans or BA Rate Loan, as applicable, hereunder shall be suspended until Agent revokes such notice in writing.
Upon receipt of such notice, the Borrower Representative may revoke any Notice of Borrowing or Notice of Conversion/Continuation then submitted by it. If the Borrower Representative does not revoke such notice, the Lenders shall make, convert or
continue the Loans, as proposed by the Borrower Representative, in the amount specified in the applicable notice submitted by the Borrower Representative, but such Loans shall be made, converted or continued as Base Rate Loans or Canadian Index Rate
Loans, as applicable. 

  
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 10.6 Reserves on LIBOR Rate Loans. The Borrowers shall pay to each Lender, as long as such
Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional costs on the unpaid principal amount of each LIBOR Rate Loan equal to actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be
conclusive absent manifest error), payable on each date on which interest is payable on such Loan; provided, the Borrower Representative shall have received at least fifteen (15) days’ prior written notice (with a copy to Agent) of
such additional interest from the Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days following receipt of such notice. 

10.7 Certificates of Lenders. Any Lender claiming reimbursement or compensation pursuant to this Article X shall deliver to the
Borrower Representative (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on the Borrowers in the absence of manifest error. Any
amounts payable as indicated in such certificate shall be payable within 30 days after the receipt of such certificate. 
 ARTICLE XI.

 DEFINITIONS 
 11.1
Defined Terms. The following terms are defined in the Sections or subsections referenced opposite such terms: 
  

			
	 “Affected Lender”
	  	9.22
	 “Agent Report”
	  	8.5(c)
	 “Aggregate Excess Funding Amount”
	  	1.11(e)(iv)
	 “Agreement”
	  	Preamble
	 “Borrower” and “Borrowers”
	  	Preamble
	 “Borrower Group”
	  	Preamble
	 “Borrower Materials”
	  	9.10(e)
	 “Borrower Representative”
	  	1.12
	 “C&W”
	  	Preamble
	 “CF&I”
	  	Preamble
	 “Camrose”
	  	Preamble
	 “Camrose Borrower”
	  	Preamble
	 “Camrose Pipe”
	  	Preamble
	 “Camrose Sublimit”
	  	1.1(b)(i)
	 “Claymont”
	  	Preamble
	 “EICA”
	  	Preamble
	 “EICA Borrower”
	  	Preamble
	 “EINA”
	  	Preamble
	 “EINA Borrower”
	  	Preamble
	 “Eligible Accounts”
	  	1.13
	 “Eligible Inventory”
	  	1.14
	 “Eurocurrency liabilities”
	  	10.6

  
 104 

			
	 “Event of Default”
	  	7.1
	 “Fee Letter”
	  	1.9(a)
	 “GE Capital”
	  	Preamble
	 “Increased Amount Date”
	  	1.15
	 “Incremental Increase”
	  	1.15
	 “Incremental Increase Lender”
	  	1.15
	 “Indemnified Matters”
	  	9.6(a)
	 “Indemnitees”
	  	9.6(a)
	 “Intercompany Notes”
	  	5.4(b)
	 “Investments”
	  	5.4
	 “L/C Reimbursement Agreement”
	  	1.1(c)(i)
	 “L/C Reimbursement Date”
	  	1.1(c)(v)
	 “L/C Request”
	  	1.1(c)(ii)
	 “L/C Sublimit”
	  	1.1(c)(i)
	 “Lender”
	  	Preamble
	 “Letter of Credit Fee”
	  	1.9(c)
	 “Maximum Lawful Rate”
	  	1.3(d)
	 “Maximum Revolving Loan Balance”
	  	1.1(b)(i)
	 “MNPI”
	  	9.10(a)
	 “New CF&I”
	  	Preamble
	 “Notice of Conversion/Continuation”
	  	1.6(a)
	 “OFAC”
	  	3.30
	 “OSM Distribution”
	  	Preamble
	 “OSM Processing”
	  	Preamble
	 “Other Lender”
	  	1.11(e)(i)
	 “Other Taxes”
	  	10.1(c)
	 “Overadvance”
	  	1.1(b)(iv)
	 “Permitted Liens”
	  	5.1
	 “Proposed Action”
	  	8.13(c)
	 “Ratable Share”
	  	1.1(b)
	 “Register”
	  	1.4(b)
	 “Replacement Lender”
	  	9.22
	 “Restricted Payments”
	  	5.11
	 “Revolving Loan Commitment”
	  	1.1(b)(i)
	 “Revolving Loan”
	  	1.1(b)(i)
	 “Sale”
	  	9.9(b)
	 “SDN List”
	  	3.30
	 “Settlement Date”
	  	1.11(b)
	 “Swingline Request”
	  	1.1(d)(ii)
	 “Swing Loan”
	  	1.1(d)(i)
	 “Tax Returns”
	  	3.10
	 “Taxes”
	  	10.1(a)
	 “Terrorist Lists”
	  	3.30
	 “Unused Commitment Fee”
	  	1.9(b)
	 “Yield Differential”
	  	1.15

  
 105 

 In addition to the terms defined elsewhere in this Agreement, the following terms have the
following meanings: 
 “Account” means, as at any date of determination, all “accounts” (as such term is defined
in the UCC or PPSA, as applicable) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect of Inventory purchased by and shipped to such customer and/or the rendition of
services by a Credit Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or offsets owed to such customer. 

“Account Debtor” means the customer of a Credit Party who is obligated on or under an Account. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of fifty percent (50%) of the Stock and Stock Equivalents of any
Person or otherwise causing any Person to become a Subsidiary of a Borrower or other Credit Party or (c) a merger or consolidation or any other combination with another Person. 

“Additional Borrower” means a direct or indirect Wholly-Owned Subsidiary of Parent designated in writing to Agent;
provided, that: 
 (a) Agent and Required Lenders shall have approved such proposed Additional Borrower as a “Borrower” in
writing; 
 (b) the other Borrowers and the proposed Additional Borrower have complied with subsection 4.13(b) with respect to the
proposed Additional Borrower and otherwise delivered all other customary joinder documentation (including, but not limited to, amendments to any applicable Loan Documents), opinions, officer’s certificates, third party documents and evidence of
perfection of all Liens as may be reasonably required by Agent and substantially in the same form and substance as those delivered by the other Borrowers to Agent hereunder on the Closing Date; 

(c) Agent shall have completed, with results reasonably satisfactory to Agent, customary due diligence on the proposed Additional Borrower and
its Subsidiaries, including without limitation, collateral appraisals, audits and other customary financial and legal due diligence; and 

(d) the proposed Additional Borrower shall be incorporated under the laws of the United States or any state thereof or Canada or a province or
territory thereof. 
 “Affiliate” means, as to any Person, any other Person which, directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management and
policies of the other Person, whether through the ownership of voting securities, by contract or otherwise. Without limitation, any director, executive officer or beneficial owner of ten percent (10%) or more of the Stock

  
 106 

 
(either directly or through ownership of Stock Equivalents) of a Person shall for the purposes of this Agreement, be deemed to be an Affiliate of the other Person. Notwithstanding the foregoing,
neither Agent nor any Lender shall be deemed an “Affiliate” of any Credit Party or of any Subsidiary of any Credit Party solely by reason of the provisions of the Loan Documents. 

“Agent” means GE Capital in its capacity as administrative agent for the Lenders hereunder, and any successor administrative
agent. 
 “Aggregate Revolving Loan Commitment” means the combined Revolving Loan Commitments of the Lenders, which shall
initially be in the amount of $610,000,000, as such amount may be reduced or increased from time to time pursuant to this Agreement. 

“Applicable Margin” means: 

(a) commencing on the Closing Date, with respect to Revolving Loans and Swing Loans: (x) if a Base Rate Loan or a Canadian Index Rate
Loan, three quarters of one percent (0.75%) per annum and (y) if a LIBOR Rate Loan or a BA Rate Loan, one and three quarters percent (1.75%) per annum; and 

(b) beginning on July 1, 2012, the Applicable Margin shall equal the applicable LIBOR margin, Base Rate margin, BA Rate margin or
Canadian Index Rate margin in effect from time to time determined as set forth below based upon the applicable Availability then in effect pursuant to the appropriate column under the table below: 

 

									
	 Revolving Loans and Swing Loans
	 
	 Availability
	  	LIBOR Margin/BA
Rate Margin	 	 	Base Rate
Margin/Canadian Index
Rate Margin	 
	 Greater than $433,000,000
	  	 	1.50	% 	 	 	0.50	% 
	 Greater than $216,000,000, but less than or equal to $433,000,000
	  	 	1.75	% 	 	 	0.75	% 
	 Less than or equal to $216,000,000
	  	 	2.00	% 	 	 	1.00	% 

 The Applicable Margin shall be adjusted from time to time as of the first Business Day of each Fiscal Quarter based on the
average Availability of all of the Borrowers with respect to the immediately preceding Fiscal Quarter. If an Event of Default is continuing at the time that a reduction in Applicable Margins is to be implemented, that reduction will be deferred
until the first Business Day of the first month commencing after the cure or waiver thereof. 

  
 107 

 “Applicable Unused Fee Margin” means: 

(a) commencing on the Closing Date, one-half of one percent (0.50%); and 

(b) beginning on April 1, 2012, the Applicable Unused Fee Margin in effect from time to time determined as set forth below based on the
applicable Revolver Utilization then in effect pursuant to the table below: 
  

					
	 Revolver Utilization
	  	Applicable Unused Fee Margin	 
	 Less than 50%
	  	 	0.50	% 
	 Greater than or equal to 50%
	  	 	0.375	% 

 Commencing April 1, 2012, the Applicable Unused Fee Margin shall be adjusted quarterly as of the first Business Day of
each Fiscal Quarter based on the Revolver Utilization of all of the Borrower Groups with respect to the average daily Loan balances and Letter of Credit Obligations of the immediately preceding Fiscal Quarter. If an Event of Default is continuing at
the time that a reduction in the Applicable Unused Fee Margin is to be implemented, that reduction will be deferred until the first Business Day of the first month commencing after the cure or waiver thereof. 

“Approved Fund” means, with respect to any Lender, any Person (other than a natural Person) that (a) (i) 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 Business or (ii) temporarily warehouses loans for any Lender or any Person described in
clause (i) above and (b) is advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that
administers or manages such Lender. 
 “Assignment” means an assignment agreement entered into by a Lender, as assignor,
and any Person, as assignee, pursuant to the terms and provisions of Section 9.9 (with the consent of any party whose consent is required by Section 9.9), accepted by Agent, in substantially in the form of Exhibit
11.1(a) or any other form approved by Agent. 
 “Attorney Costs” means and includes all reasonable and documented fees
and disbursements of any law firm or other external counsel. 
 “Availability” means, as of any date of determination: 

(a) for any Borrower Group, the amount by which (i) the Maximum Revolving Loan Balance of such Borrower Group (taking in account, with
respect to the Camrose Borrowers, the Camrose Sublimit then in effect) at such time exceeds (ii) the principal amount of all Revolving Loans outstanding to such Borrower Group at such time; and 

(b) for all Borrowers, collectively, the lesser of: 

(i) (A) the sum of (I) the aggregate Borrowing Base of the EINA Borrowers at such time, plus (II) the aggregate Borrowing
Base of the EICA Borrowers at such time, plus (III) the 

  
 108 

 
aggregate Borrowing Base of the Camrose Borrowers at such time less (B) the sum of (I) all Reserves then imposed by Agent or Co-Collateral Agent, as the case may be, in its
respective Permitted Discretion with respect to all Borrower Groups, plus (II) the aggregate principal amount of outstanding Loans of all of the Borrowers at such time, plus (III) the aggregate amount of outstanding Letter of Credit
Obligations of all of the Borrowers at such time, plus (IV) the Availability Block with respect to both of the EINA Borrowers and the EICA Borrowers at such time; provided, however, that at no time shall the aggregate amount
under this clause (IV) exceed ten (10%) of the Aggregate Revolving Loan Commitment then in effect; or 
 (ii) (A) the
Aggregate Revolving Loan Commitment then in effect less (B) the sum of (I) all Reserves then imposed by Agent or Co-Collateral Agent, as the case may be, in its respective Permitted Discretion with respect to all Borrower Groups,
plus (II) the aggregate principal amount of outstanding Loans of all of the Borrowers at such time, plus (III) the aggregate amount of outstanding Letter of Credit Obligations of all of the Borrowers at such time plus (IV) ten
(10%) of the Aggregate Revolving Loan Commitment then in effect. 
 “Availability Block” means, as of any date of
determination, (a) with respect to the EINA Borrowers, the greater of (i) $25,000,000 or (ii) ten percent (10%) of the sum of (x) the aggregate Borrowing Base of the EINA Borrowers plus (y) the aggregate
Borrowing Base of the Camrose Borrowers and (b) with respect to the EICA Borrowers, the greater of (i) $25,000,000 or (ii) ten percent (10%) of the aggregate Borrowing Base of the EICA Borrowers. 

“BA Rate” means, in respect of any Interest Period applicable to a BA Rate Loan, the rate per annum determined by Agent by
reference to the average rate quoted on the Reuters Monitor Screen Page CDOR (displaying Canadian interbank bid rates for Canadian Dollars bankers’ acceptances), or such other Page as may replace such Page on such Screen on the purpose of
displaying Canadian interbank bid rates for bankers’ acceptances, applicable to bankers’ acceptances for the applicable Interest Period term comparable as of 10:00 a.m. (Toronto time) on the first Business Day of such Interest Period. If
for any reason the Reuters Monitor Screen rates are unavailable, the BA Rate shall mean the rate of interest determined by Agent that is equal to the arithmetic mean (rounded upwards to the nearest basis point) of the rates quoted by The Bank of
Nova Scotia, Royal Bank of Canada and Canadian Imperial Bank of Commerce in respect of Canadian Dollar bankers’ acceptances with a term comparable to such Interest Period. No adjustment shall be made to account for the difference between the
number of days in a year on which the rates referred to in this definition are based and the number of days in a year on the basis of which interest is calculated in this Agreement. 

“BA Rate Loan” means a Loan denominated in Canadian Dollars which bears interest at a rate based on the BA Rate. 

“Bank Products” means, collectively, any of the following products or services extended to any Credit Party: cash management
services, including automatic clearinghouse, controlled disbursement, depository, electronic fund transfer, credit card services, e-payables, merchant card services, information reporting, lockbox, overdraft, stop payment and/or wire transfer
services. 

  
 109 

 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C.
§ 101, et seq.). 
 “Base Rate” means, for any day, a rate per annum equal to the highest of (a) the
rate last quoted by The Wall Street Journal (or, if not published by the Wall Street Journal on such day, another national publication selected by Agent) as the U.S. “Prime Rate”, (b) the sum of the Federal Funds Rate
plus 0.5% per annum and (c) the sum of (x) one-month LIBOR calculated for each such day based on an Interest Period of one month determined two (2) Business Days prior to such day, plus (y) the excess of the
Applicable Margin for LIBOR Rate Loans over the Applicable Margin for Base Rate Loans, in each case, as of such day. Any change in the Base Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the
Federal Funds Rate or LIBOR for an Interest Period of one month. 
 “Base Rate Loan” means a Loan in Dollars that bears
interest based on the Base Rate. 
 “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA
(whether governed by the laws of the United States or otherwise) to which any Credit Party incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Borrower Group Commitment Cap” means: 

(a) with respect to the EINA Borrowers, on the Closing Date and until adjusted as set forth below, $330,000,000; 

(b) with respect to the EICA Borrowers, on the Closing Date and until adjusted as set forth below, $255,000,000; and 

(c) with respect to the Camrose Borrowers, on the Closing Date and until adjusted as set forth below, $25,000,000. 

Each Borrower Group Commitment Cap may be adjusted by the Borrower Representative from time to time as of the first (1st) Business Day of any month, as long as (i) the Borrower Representative provides Agent at least five (5) Business Days prior written notice of any such adjustment and (ii) after
giving effect to any such adjustment (A) the sum of the Borrower Group Commitment Caps of all Borrower Groups shall equal the Aggregate Revolving Loan Commitment then in effect and (B) the Borrower Group Commitment Cap of each Borrower
Group must at all times exceed the sum of the principal amount of all Loans and Letter of Credit Obligation outstanding to such Borrower Group at such time. 

“Borrowing” means a borrowing hereunder consisting of Loans made to or for the benefit of the Borrowers on the same day by
the Lenders pursuant to Article I. 
 “Borrowing Base” means, with respect to any Borrower Group, as of any date of
determination by Agent, from time to time, an amount equal to the sum at such time of: 
 (a) 85% of the book value of Eligible Accounts of
the Borrowers in such Borrower Group at such time; 

  
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 (b) in the case of each Borrower Group (i) the lesser of (A) 75% of the book value of
Eligible Inventory of the Borrowers in such Borrower Group at such time valued at the lower of average cost or market on a first-in, first-out basis or (B) 85% of the book value of Eligible Inventory of the Borrowers in such Borrower Group at
such time valued at the lower of average cost or market on a first-in, first-out basis multiplied by the NOLV Factor plus, in the case of the EINA Borrowers only, (ii) the lesser of (A) 75% of the book value of
Eligible In-Transit Inventory of the EINA Borrowers valued at the lower of average cost or market on a first-in, first-out basis or (B) 85% of the book value of Eligible In-Transit Inventory of the EINA Borrowers multiplied by the
NOLV Factor; provided, however, that with regard to the amounts included in the Borrowing Base of any applicable Borrower Group under this clause (b) (x) at no time shall the amount exceed 65% of the aggregate
Borrowing Base of such Borrower Group at such time and (y) at no time shall the amount included in the Borrowing Base of the EINA Borrowers with respect to Eligible In-Transit Inventory exceed $55,000,000; 

in each case, less Reserves established by Agent or Co-Collateral Agent, as the case may be, with respect to such Borrower Group at such time in its
respective Permitted Discretion. 
 “Borrowing Base Certificate” means a certificate of the Borrower Representative, on
behalf of the applicable Borrower Group, in a form reasonably satisfactory to Agent, duly completed as of each date required pursuant to subsection 4.2(d). 

“Business Day” means any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to
close in New York, New York or Toronto, Canada and, if the applicable Business Day relates to any LIBOR Rate Loan, a day on which dealings are carried on in the London interbank market. 

“Canadian Benefit Plans” means any plan, fund, program or policy, whether oral or written, formal or informal, funded or
unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Credit Party has any liability with
respect to any employee or former employee, in each case as the same may be governed by or subject to the laws of Canada but excluding any Canadian Pension Plans. 

“Canadian Dollars” and “CDN$” each mean lawful money of Canada. 

“Canadian Index Rate” means, for any day, a rate per annum equal to the highest of (a) the most recent annual rate of
interest quoted from time to time in the “Report on Business” section of The Globe and Mail as being “Canadian prime”, “chartered bank prime rate” or words of similar description or, if such rate is no longer
quoted therein, any similar rate quoted therein (as determined by Agent), and (b) the BA Rate in respect of an Interest Period of thirty (30) days plus 1.00% per annum. Any change in any interest rate provided for in this
Agreement based upon the Canadian Index Rate shall take effect at the time of such change in the Canadian Index Rate. No adjustments shall be made to account for the difference between the number of days in a year on which the rates referred to in
this definition are based and the number of days in a year on the basis of which interest is calculated in this Agreement. 

  
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 “Canadian Index Rate Loan” means a Loan denominated in Canadian Dollars that
bears interest based on the Canadian Index Rate. 
 “Canadian Pension Plans” means each pension plan required to be
registered under Canadian federal or provincial law that is maintained or contributed to by a Credit Party for its employees or former employees, in each case as the same may be governed by or subject to the laws of Canada but excluding the Canada
Pension Plan and the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec. 
 “Capital Adequacy
Regulation” means any guideline, request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any Lender
or of any corporation controlling a Lender. 
 “Capital Expenditures” means, for any Person for any period, the aggregate
of all expenditures by such Person and its Subsidiaries during such period for the acquisition, leasing, construction, replacement, repair, substitution or improvement of fixed or capital assets or additions to equipment, in each case required to be
capitalized under GAAP. 
 “Capital Lease” means any leasing or similar arrangement which, in accordance with GAAP, is
classified as a capital lease. 
 “Capital Lease Obligations” means all monetary obligations of any Credit Party or any
Subsidiary of any Credit Party under any Capital Leases. 
 “Cash Equivalents” means (a) any readily-marketable
securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States or Canadian federal government or (ii) issued by any agency of the United States or Canadian federal government the obligations of
which are fully backed by the full faith and credit of the United States or Canadian federal government, (b) any readily-marketable direct obligations issued by any other agency of the United States or Canadian federal government, any state,
province or territory thereof or any political subdivision of any such state, province or territory or any public instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1” from
Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and issued by any Person organized under the laws of any state of the United States or under the laws of Canada or a province of
Canada, (d) any Canadian Dollar or US Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is
(A) organized under the laws of the United States, any state thereof or the District of Columbia or the laws of Canada, (B) in the case of US commercial banks, “adequately capitalized” (as defined in the regulations of its
primary federal banking regulators) and (C) has Tier 1 capital (as defined in U.S. and Canadian banking regulations) in excess of $250,000,000 and (e) shares of any United States or Canadian money market fund that (i) has
substantially all of its assets invested continuously in the types of investments referred to in clauses (a), (b), (c) or (d) above with maturities as set forth in the proviso below or otherwise is an AAA-rated
fund, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s the highest rating obtainable for money market funds in the United States or Canada; provided, however, that the
maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days. 

  
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 “Change of Control” means any event or series of events as a result of which:

 (a) Parent at any time ceases to beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of 100% of the Stock of
EINA, EICA or any of its other Subsidiaries to which, at such time, Parent Subordinated Indebtedness is owed; 
 (b) EINA, EICA or Camrose
at any time ceases to be the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of that percentage of the Stock of each other Borrower beneficially owned by EINA, EICA or Camrose on the Closing Date (or EINA or EICA
otherwise ceases to have control (as defined in the second sentence of the defined term “Affiliate”) over any other EINA Borrower, Camrose Borrower or EICA Borrower, as applicable, for any other reason whatsoever), other than as
permitted by Section 5.3; or 
 (c) any Person or two or more Persons acting in concert (other than the Permitted Evraz Holder)
shall have acquired beneficial ownership of Stock of Parent entitled to vote for members of the Board of Directors of Parent on a fully-diluted basis (and taking into account all such securities that such Person or Persons have the right to acquire
pursuant to any option right) representing more than 50% of the combined voting power of such securities. 
 For purposes of this definition, a Person shall
not be deemed to have beneficial ownership of Stock subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement. 

“Closing Date” means December 23, 2011. 

“Co-Collateral Agent” means Bank of America, N.A., in its capacity as co-collateral agent hereunder. 

“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

“Collateral” means all Property and interests in Property and proceeds thereof now owned or hereafter acquired by any Credit
Party who has granted a Lien to Agent, in or upon which a Lien is granted or purported to be granted or now or hereafter exists in favor of any Lender or Agent for the benefit of Agent, Lenders and other Secured Parties, whether under this Agreement
or under any other documents executed by any such Persons and delivered to Agent in connection with this Agreement or the other Loan Documents. 

“Collateral Access Agreement” means a landlord waiver, bailee letter or acknowledgement agreement of any lessor,
warehouseman, processor, consignee, freight forwarder, charter party or other Person in possession of, having a Lien upon or having rights or interests in the Collateral, in each case, in form and substance reasonably satisfactory to Agent. 

“Collateral Documents” means, collectively, the Guaranty and Security Agreement, the Guarantee Agreement, the Security
Agreement, each Control Agreement, each Collateral Access 

  
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Agreement and all other security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guarantees and other similar agreements, and all amendments,
restatements, modifications or supplements thereof or thereto, by or between any one or more of any Credit Party, and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or
Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter filed in accordance with the UCC, PPSA or comparable law) against any such Person as debtor in favor
of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended, restated and/or modified from time to time. 

“Commitment” means, for each Lender, its Revolving Loan Commitment. 

“Commitment Percentage” means, as to any Lender as of any date of determination, the percentage equivalent of such
Lender’s Revolving Loan Commitment, divided by the Aggregate Revolving Loan Commitment then in effect (or, in the event the Commitments are terminated at such time, the Loans then outstanding to such Lender divided
by the aggregate Loans then outstanding to all Lenders). 
 “Commodities Hedging Contracts” means all hedging
contracts of the Borrowers under commodity options, commodities futures contracts or similar agreements related to metals and fuels. 

“Compliance Certificate” means a certificate delivered pursuant to subsection 4.2(b) in a form substantially identical
to the form in Exhibit 4.2(b). 
 “Contingent Obligation” means, as to any Person, any direct or indirect liability,
contingent or otherwise, of that Person: (a) with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to
provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against
loss with respect thereto; (b) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c) under any Rate Contracts or Commodities Hedging
Contracts; (d) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (e) for the obligations of another Person through any agreement to purchase, repurchase or
otherwise acquire such obligation or any Property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of
another Person. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed or supported. 

“Contractual Obligations” means, as to any Person, any provision of any security issued by such Person or of any agreement,
undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its Property is bound. 

  
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 “Control Agreement” means a tri-party deposit account, securities account or
commodities account control agreement by and among the applicable Credit Party, Agent and the depository, securities intermediary or commodities intermediary, and each in form and substance reasonably satisfactory to Agent and in any event providing
to Agent “control” of such deposit account, securities or commodities account within the meaning of Articles 8 and 9 of the UCC or the applicable provisions of the PPSA and applicable Canadian securities transfer
legislation. 
 “Conversion Date” means any date on which the Borrowers convert a Base Rate Loan to a LIBOR Rate Loan, a
LIBOR Rate Loan to a Base Rate Loan, a Canadian Index Rate Loan to a BA Rate Loan or a BA Rate Loan to a Canadian Index Rate Loan. 

“Copyrights” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law
in or relating to copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith. 

“CRA” Canada Revenue Agency and any successor thereto. 

“Credit Parties” means each Borrower and each other Person (i) which executes a guaranty of the Obligations and
(ii) which grants a Lien on that portion of its assets as is consistent with the Collateral Documents to secure payment of the Obligations. 

“Default” means any event or circumstance which, with the giving of notice, the lapse of time, or both, would (if not cured
or otherwise remedied during such time) constitute an Event of Default. 
 “Designs” means all of the following now owned
or hereafter acquired by any Credit Party: (a) all industrial designs and intangibles of like nature (whether registered or unregistered), now owned or existing or hereafter adopted or acquired, all registrations and recordings thereof, and all
applications in connection therewith, including all registrations, recordings and applications in the Canadian Industrial Design Office or in any similar office or agency in any other country or any political subdivision thereof and (b) all
reissues, extensions or renewals thereof. 
 “Disposition” means (a) the sale, lease (as lessor), conveyance or other
disposition of Property, other than sales or other dispositions expressly permitted under subsections 5.2(a), 5.2(c), 5.2(d), 5.2(e), 5.2(g) and 5.2(h) and (b) the sale or transfer by a Borrower or any
Subsidiary of a Borrower of any Stock or Stock Equivalent issued by any such Subsidiary of a Borrower and held by such transferor Person. 

“Dollars”, “dollars” and “$” each mean lawful money of the United States of America. 

“Domestic Subsidiary” means any Subsidiary of a Credit Party other than a Foreign Subsidiary or a Foreign Corporation. 

“EBITDA” means, with respect to any Person for any period, as determined in accordance with GAAP (a) the net income of
such Person and its Subsidiaries for such period, plus (b) the sum of, in each case to the extent included in the calculation of such net income but 

  
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without duplication, (i) any provision for United States or Canadian federal income taxes or other taxes measured by net income, (ii) interest expense, amortization of debt discount and
commissions and other fees and charges associated with Indebtedness (except amortization and expenses related to the consummation of the initial Loans and Issuance of Letters of Credit on the Closing Date and the payment of all fees, costs and
expenses associated with the foregoing), (iii) any loss from extraordinary items, (iv) any depreciation, depletion and amortization expense, (v) any aggregate net loss on the Disposition of Property (other than Accounts and Inventory)
outside the Ordinary Course of Business and (vi) any other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure, charge or loss relating to write-offs, write-downs or reserves with respect to Accounts and
Inventory), including the amount of any compensation deduction as the result of any grant of Stock or Stock Equivalents to employees, officers, directors or consultants, minus (c) the sum of, in each case to the extent included in the
calculation of such net income and without duplication, (i) any credit for United States or Canadian federal income taxes or other taxes measured by net income, (ii) any interest income, (iii) any gain from extraordinary items and any
other non-recurring gain, (iv) any aggregate net gain from the Disposition of Property (other than Accounts and Inventory) outside of the Ordinary Course of Business by such Person or its Subsidiaries, (v) any other non-cash gain,
including any reversal of a charge referred to in clause (b)(vi) above by reason of a decrease in the value of any Stock or Stock Equivalent and (vi) any other cash payment in respect of expenditures, charges and losses that have been
added to EBITDA of such Person or its Subsidiaries pursuant to clause (b)(vi) above in any prior period. 
 “Electronic
Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to
or from an E-System or other equivalent service acceptable to Agent acting reasonably. 

“Eligible In-Transit Inventory” means Inventory owned by the EINA Borrowers that otherwise satisfies the criteria for
Eligible Inventory set forth herein (other than to the extent such Inventory is or may become, subject to satisfaction of the other conditions set forth in this definition, subject to a Permitted Lien arising under subsection 5.1(n)) but is
located outside of the United States or Canada (and in international waters) and which is in transit to either the premises of a freight forwarder in the United States or the premises of an EINA Borrower in the United States which is either owned
and controlled by such EINA Borrower or leased by such EINA Borrower (but only if Agent has received a Collateral Access Agreement duly authorized, executed and delivered by such freight forwarder or the lessor of such leased premises, as the case
may be); provided: 
 (a) such Inventory has been purchased by an EINA Borrower pursuant to an English language purchase and sale
contract reasonably satisfactory to Agent (including, without limitation, containing “FOB port of loading” or “C&F port of discharge” terms, representations and warranties, indemnities, governing law and arbitration
provisions reasonably satisfactory to Agent), and which contracts may not be amended in any material respect without the prior written consent of Agent, with respect to which Agent has a valid perfected, first priority Lien upon such Inventory and
all documents of title with respect thereto; 

  
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 (b) such Inventory is the subject of a negotiable bill of lading (i) in which Agent is named
as the consignee (either directly or by means of endorsements), (ii) that was issued by the carrier respecting such Inventory that is subject to such bill of lading and (iii) that all such bills of lading are in the possession of Agent or
the freight forwarder (or, in the case of Inventory purchased with and subject to a Letter of Credit Issued hereunder, in the possession of the L/C Issuer) handling the importing, shipping and delivery of such Inventory, in all cases, acting on
Agent’s behalf subject to a Collateral Access Agreement duly authorized, executed and delivered by such freight forwarder; 
 (c) such
EINA Borrower has title to such Inventory and Agent shall have received such evidence thereof as it may from time to time require; 
 (d)
Agent shall have received a Collateral Access Agreement, duly authorized, executed and delivered by the freight forwarder located in the United States 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, reasonably satisfactory to Agent in its
Permitted Discretion, and Agent shall have received a copy of the policy and 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 Agent;

 (f) Agent shall have received (i) a certificate duly executed and delivered by Borrower Representative certifying to Agent that such
Inventory meets all of conditions for “Eligible In-Transit Inventory” hereunder and that the shipment as evidenced by the documents conforms to the related order documents, (ii) copies of the bill of lading, purchase contract,
invoice, packing slip, certificate of origin and manifest with respect thereto, (iii) accurate and complete information as to customs, tariffs and other charges that will be charged or levied against such Inventory upon entry into the United
States; 
 (g) such Inventory shall not have been in transit for more than thirty-five (35) days; and 

(h) such Inventory shall not be subject to a third party agreement (such as a charter party) unless such agreement is in form and substance
satisfactory to Agent. 
 “Environmental Laws” means all present and future Requirements of Law and Permits imposing
liability or standards of conduct for or relating to the regulation and protection of human health, safety, the workplace, the environment and natural resources, and including public notification requirements and environmental transfer of ownership,
notification or approval statutes. 
 “Environmental Liabilities” means all Liabilities (including costs of Remedial
Actions, natural resource damages and costs and expenses of investigation and feasibility studies, including the cost of environmental consultants and the cost of attorney’s fees) that may be imposed on, incurred by or asserted against any
Credit Party or any Subsidiary of any Credit Party as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal

  
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or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental, health or safety condition or with any Release and resulting from the
ownership, lease, sublease or other operation or occupation of property by any Credit Party or any Subsidiary of any Credit Party, whether on, prior or after the date hereof. 

“Equipment” means all “equipment,” as such term is defined in the UCC or PPSA, as applicable, now owned or
hereafter acquired by any Credit Party, wherever located. 
 “Equivalent Amount” means, on any date of determination, with
respect to obligations or valuations denominated in one currency (the “first currency”), the amount of another currency (the “second currency”) which would result from Agent converting the first currency into the second currency
at approximately 12:00 noon (New York time) on such day in accordance with Agent’s customary practice for commercial loans being administered by it. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. 
 “ERISA Affiliate” means, collectively, any Credit Party and any Person under common control or
treated as a single employer with, any Credit Party, within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” means any of the following: (a) a reportable event described in Section 4043 of ERISA, unless the
30-day notice requirement has been duly waived under the applicable regulations; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as
defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or
termination (or treatment of a plan amendment as termination) under Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of
ERISA; (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the failure to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition of a
lien under Section 412 or 430(k) of the Code or Section 303 or 4068 of ERISA on any property (or rights to property, whether real or personal) of any ERISA Affiliate; (i) the failure of a Benefit Plan or any trust thereunder intended
to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law to qualify thereunder, other than a failure that is timely and properly corrected under the Internal Revenue Service Employee Plans Compliance
Resolution System, Revenue Procedure 2008-50; (j) a Title IV plan is in “at risk” status within the meaning of Code Section 430(i); (k) a Multiemployer Plan is in “endangered status” or “critical status”
within the meaning of Section 432(b) of the Code; and (l) any other event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Title IV Plan or Multiemployer Plan or for the imposition of any material liability upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent. 

“Event of Loss” means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such
Property; (b) any pending or threatened institution of any 

  
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proceedings for the condemnation or seizure of such Property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power
of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property. 

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

“Excluded Equity Issuance” means Net Issuance Proceeds resulting from the issuance of (a) Stock or Stock Equivalents by
EINA or EICA to management or employees of a Credit Party under any employee stock option or stock purchase plan or other employee benefits plan in existence from time to time, (b) Stock or Stock Equivalents by a Subsidiary of EINA or EICA to
EINA or EICA or another Subsidiary of EINA or EICA who is a Credit Party hereunder constituting an Investment permitted hereunder, (c) Stock or Stock Equivalents by EINA or EICA to Parent or any of its Subsidiaries (other than EINA, EICA or
their respective Subsidiaries) and (d) Stock or Stock Equivalents by a Foreign Subsidiary of its Stock or Stock Equivalents to qualify directors where required pursuant to a Requirement of Law or to satisfy other requirements of applicable law,
in each instance, with respect to the ownership of Stock of Foreign Subsidiaries. 
 “Excluded Subsidiaries” means
(i) Union Ditch & Water Co., Fremont County Irrigating Ditch Co. and Oregon Feralloy Partners and (ii) any Subsidiary that Agent and Borrower Representative shall hereafter agree shall not be required to guarantee any Obligation.

 “Existing Letters of Credit” means those letters of credit existing on the Closing Date and listed on Schedule
1.1(c)(viii) hereto. 
 “E-Fax” means any system used to receive or transmit faxes electronically. 

“E-Signature” means the process of attaching to or logically associating with an
Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such
Electronic Transmission. 
 “E-System” means any electronic system approved by
Agent, including Intralinks® and ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned,
operated or hosted by Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system. 

“FATCA” means sections 1471, 1472, 1473 and 1474 of the Code, the United States Treasury Regulations promulgated thereunder
and published guidance with respect thereto. 
 “Federal Flood Insurance” means Federally backed Flood Insurance available
under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on such day, as published by the Federal 

  
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Reserve Bank of New York on the Business Day next succeeding such day; provided, that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such
day shall be the average rate quoted to Agent on such day on such transactions as determined by Agent in a commercially reasonable manner. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its
principal functions. 
 “FEMA” means the Federal Emergency Management Agency, a component of the U.S. Department of
Homeland Security that administers the National Flood Insurance Program. 
 “Final Availability Date” means the earlier of
the Revolving Termination Date and one (1) Business Day prior to the date specified in clause (a) of the definition of Revolving Termination Date. 

“Fiscal Quarter” means any of the quarterly accounting periods of the Credit Parties, ending on March 31, June 30, September
30 and December 31 of each year. 
 “Fiscal Year” means any of the annual accounting periods of the Credit Parties ending
on December 31 of each year. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the
ratio of (a) EBITDA of such Person and its Subsidiaries for such period minus Capital Expenditures of such Person and its Subsidiaries for such period minus the total liability for United States and/or Canadian, as applicable,
federal income taxes and other taxes measured by net income actually paid or payable by such Person and its Subsidiaries in respect of such period to (b) the Fixed Charges of such Person and its Subsidiaries for such period. 

“Fixed Charges” means, with respect to any Person for any period, the sum of (a) the interest expense of such Person and
its Subsidiaries for such period, (b) the principal amount of Indebtedness of such Person and its Subsidiaries having a scheduled due date during such period and (c) all cash dividends payable by such Person and its Subsidiaries on Stock
in respect of such period to Persons other than such Person and its Subsidiaries. 
 “Flood Insurance” means, for
any Real Estate located in a Special Flood Hazard Area, Federal Flood Insurance or private insurance that meets the requirements set forth by FEMA in its Mandatory Purchase of Flood Insurance Guidelines.  

“Foreign Corporation” means (i) a “controlled foreign corporation” under section 957 of the Code with respect
to which an EINA Borrower is a “U.S. Shareholder” (as defined in section 951 of the Code) and (ii) any direct or indirect Subsidiary of an EINA Borrower if such Subsidiary is a Person that is treated for U.S. federal income tax
purposes as an entity disregarded as separate from its owner and substantially all of the assets of such Subsidiary consist of any entity or entities described in clause (i) above. 

“Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such Person that is organized outside of the United
States or Canada. 

  
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 “GAAP” means generally accepted accounting principles in the United States set
forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the accounting profession), or, at the election of the Borrower Representative effective as of the end of a Fiscal Quarter and notified to Agent, IFRS; provided, the Borrower
Representative may only make one such election during the term of this Agreement, in each case, which are applicable to the circumstances as of the date of determination, subject to Section 11.3 hereof. 

“GECM” means GE Capital Markets, Inc. 

“GECMCA” means GE Capital Markets (Canada) Ltd. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing. 
 “Guarantee Agreement” means, individually and
collectively, as applicable, (a) that certain Guarantee Agreement, dated as of even date herewith, in form and substance reasonably acceptable to Agent and the Borrowers, made by the EICA Borrowers and each of their respective Subsidiaries
(other than any Excluded Subsidiary) in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated and/or modified from time to time and (b) that certain Guarantee Agreement, dated as of even date herewith, in
form and substance reasonably acceptable to Agent and the Borrowers, made by the Camrose Borrowers and each of their respective Subsidiaries (other than any Excluded Subsidiary) in favor of Agent, for the benefit of the Secured Parties, as the same
may be amended, restated and/or modified from time to time. 
 “Guaranty and Security Agreement” means that certain
Guaranty and Security Agreement, dated as of even date herewith, in form and substance reasonably acceptable to Agent and the Borrowers, made by the EINA Borrowers and each of their respective Subsidiaries (except the Camrose Borrowers and their
Subsidiaries, the Excluded Subsidiaries and any Foreign Corporation) in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated and/or modified from time to time. 

“Hazardous Materials” means any substance, material or waste that is regulated or otherwise gives rise to liability under any
Environmental Law, including but not limited to any “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6901 et seq. (1976)) or other Environmental Laws, any “Hazardous
Substance” as defined under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) (42 U.S.C. § 9601 et seq. (1980)) or other Environmental Laws, any contaminant, pollutant, petroleum or any
fraction thereof, asbestos, asbestos containing material, polychlorinated biphenyls, mold, and radioactive substances or any other substance that is toxic, ignitable, reactive, corrosive, caustic, or dangerous. 

  
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 “IFRS” means international accounting standards within the meaning of the IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Impacted Lender” means any Lender
that fails to provide Agent, within two (2) Business Days following Agent’s written request, satisfactory assurance that such Lender will not become a Non-Funding Lender. 

“Indebtedness” of any Person means, without duplication: (a) all indebtedness for borrowed money of such Person;
(b) all obligations issued, undertaken or assumed by such Person as the deferred purchase price of Property or services (other than trade payables entered into in the Ordinary Course of Business); (c) the face amount of all letters of
credit issued for the account of such Person and without duplication, all drafts drawn thereunder and all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments issued by such Person;
(d) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of Property, assets or businesses; (e) all indebtedness of such
Person created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to Property acquired by the Person (even though the rights and remedies of the seller or bank under such
agreement in the event of default are limited to repossession or sale of such Property); (f) all Capital Lease Obligations of such Person; (g) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar
off balance sheet financing product of such Person; (h) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent
of a direct or indirect parent entity thereof) prior to the date that is 91 days after the final scheduled installment payment date for the Loans, valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation
preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; (i) all indebtedness referred to in clauses (a) through (h) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including Accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of
such indebtedness; and (j) all Contingent Obligations of such Person described in clause (a) of the definition thereof in respect of indebtedness or obligations of others of the kinds referred to in clauses (a) through
(i) above. 
 “Insolvency Laws” shall mean any of the Bankruptcy and Insolvency Act (Canada), the
Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), and the Bankruptcy Code, each as now and hereafter in effect, any successors to such statutes and any other similar United States federal, Canadian
federal, state, provincial, territorial or foreign law. 
 “Insolvency Proceeding” means (a) any case, action or
proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors,
composition, marshaling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in clauses (a) and (b) above, undertaken
under any Insolvency Laws. 

  
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 “Intellectual Property” means all rights, title and interests in or relating to
intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Trademarks, Designs, Internet Domain Names, Trade Secrets and IP Licenses. 

“Intercompany Loan Agreements” means, collectively, (i) the $320,000,000 Amended and Restated Loan Agreement A amended
and restated as of the Closing Date, between Mastercroft Finance Ltd. (“Mastercroft”) and EINA (“Loan Agreement A”) with a maturity date of August 14, 2017; (ii) the $295,000,000 Amended and Restated Loan
Agreement B amended and restated as of the Closing Date, between Mastercroft and EINA (“Loan Agreement B”) with a maturity date of August 14, 2018; (iii) the $360,000,000 Amended and Restated Loan Agreement C amended and
restated as of the Closing Date, between Mastercroft and EINA (“Loan Agreement C”) with a maturity date of August 14, 2019; (iv) the $370,000,000 Amended and Restated Loan Agreement D amended and restated as of the Closing
Date, between Mastercroft and EINA (“Loan Agreement D”) with a maturity date of August 14, 2020; (v) the $260,530,000 Amended and Restated Loan Agreement E amended and restated as of the Closing Date, between Evraz Group
S.A. and EINA (“Loan Agreement E”, and together with Loan Agreement A, Loan Agreement B, Loan Agreement C and Loan Agreement D, the “Mastercroft Loan Agreements”) with a maturity date of August 14, 2017;
(vi) the CDN$270,183,219 Second Amended and Restated Promissory Note dated as of the Closing Date between Evraz Group S.A. and EICA (“CDN Loan Agreement A”), (vii) the $699,999,965 Amended and Restated Loan Agreement dated
as of the Closing Date between Evraz Group S.A. and EICA (“CDN Loan Agreement B”); (viii) CDN$60,000,000 Promissory Note dated as of July 25, 2011 between Camrose and EICA (“CDN Loan Agreement C”),
(ix) the Parent Subordinated Indebtedness Side Letters and (x) all notes, security agreements, guaranty agreements and other certificates, writings, documents, agreements and instruments executed in connection with or pursuant to any of
the foregoing. 
 “Interest Payment Date” means (a) with respect to any LIBOR Rate Loan or BA Rate Loan, (x) the
last day of each Interest Period applicable to such Loan and (y) at the end of the first three (3) months in the case of a six (6) month Interest Period and (b) with respect to Base Rate Loans and Canadian Index Rate Loans
(including Swing Loans) the first Business Day of each month. For purposes of clarity, with respect to any Base Rate Loans and/or Canadian Index Rate Loans made on the Closing Date, the first “Interest Payment Date” with respect
thereto shall be February 1, 2012. 
 “Interest Period” means, with respect to any LIBOR Rate Loan or BA Rate Loan,
the period commencing on the Business Day such Loan is disbursed or continued or on the Conversion Date on which a Base Rate Loan or Canadian Index Rate Loan, as the case may be, is converted to a LIBOR Rate Loan or BA Rate Loan, as applicable, and
ending on the date one, two, three or six months thereafter, as selected by the Borrower Representative in its Notice of Borrowing or Notice of Conversion/Continuation; provided, that: 

(a) if any Interest Period pertaining to a LIBOR Rate Loan or BA Rate Loan would otherwise end on a day which is not a Business Day, that
Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding
Business Day; 

  
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 (b) any Interest Period pertaining to a LIBOR Rate Loan or BA Rate Loan 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) shall end on the last Business Day of the calendar month at the end of such Interest Period;
and 
 (c) no Interest Period for any Revolving Loan shall extend beyond the Revolving Termination Date. 

“Internet Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising under any
Requirement of Law in or relating to internet domain names. 
 “Inventory” means all of the “inventory” (as such
term is defined in the UCC or PPSA, as applicable) of the Credit Parties, including, but not limited to, all merchandise, scrap, raw materials, parts, supplies,
work-in-process and finished goods intended for sale, together with all the containers, packing, packaging, shipping and similar materials related thereto, and including
such inventory as is temporarily out of a Credit Party’s custody or possession, including inventory on the premises of others and items in transit. 

“IP Ancillary Rights” means, with respect to any other Intellectual Property, as applicable, all foreign counterparts to, and
all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income, royalties, proceeds and Liabilities at any time due or payable or asserted under or
with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other
impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right. 
 “IP License” means all
Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting any right, title and interest in or relating to any Intellectual Property. 

“IRS” means the Internal Revenue Service of the United States and any successor thereto. 

“Issue” means, with respect to any Letter of Credit, to issue, extend the expiration date of, renew (including by failure to
object to any automatic renewal on the last day such objection is permitted), increase the face amount of, or reduce or eliminate any scheduled decrease in the face amount of, such Letter of Credit, or to cause any Person to do any of the foregoing.
The terms “Issued” and “Issuance” have correlative meanings. 
 “ITA” means the Income
Tax Act (Canada). 
 “L/C Issuer” means (a) any Lender or an Affiliate thereof or a bank or other legally
authorized Person, in each case, reasonably acceptable to Agent, in such Person’s capacity as an issuer of Letters of Credit hereunder and (b) any of Bank of America, N.A., UBS AG, Stamford Branch or any respective Affiliate thereof. 

  
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 “L/C Reimbursement Obligation” means, for any Letter of Credit, the obligation
of the Borrowers to the L/C Issuer thereof, as and when matured, to pay all amounts drawn under such Letter of Credit. 
 “Lending
Office” means, with respect to any Lender, the office or offices of such Lender specified as its “Lending Office” beneath its name on the applicable signature page hereto, or such other office or offices of such Lender as it may
from time to time notify the Borrower Representative and Agent. 
 “Letter of Credit” means a documentary or a standby
letter of credit issued for the account of a Borrower by an L/C Issuer, for which Agent and Lenders have incurred Letter of Credit Obligations. 

“Letter of Credit Obligations” means all outstanding obligations incurred by Agent and Lenders at the request of the Borrower
Representative, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by L/C Issuers or the purchase of a participation as set forth in subsection 1.1(c) with respect to any
Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent and Lenders thereupon or pursuant thereto. 

“Leverage Ratio” means, with respect to any Person as of any date, the ratio of (a) all Indebtedness of such Person and
its Subsidiaries outstanding as of such date to (b) EBITDA of such Person and its Subsidiaries for the applicable period. 

“Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines,
penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and
other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. 

“LIBOR” means, for each Interest Period, the offered rate per annum for deposits of Dollars for such Interest Period that
appears on Reuters Screen LIBOR 01 Page as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period. If no such offered rate exists, such rate will be the rate of interest per annum, as
determined by Agent, at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period by major financial institutions reasonably
satisfactory to Agent in the London interbank market for such Interest Period for the applicable principal amount on such date of determination. 

“LIBOR Rate Loan” means a Loan in Dollars that bears interest based on LIBOR. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge or deposit arrangement, encumbrance, lien
(statutory or otherwise) or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including those created by, arising under or evidenced by any conditional sale or other title retention
agreement, the interest of a lessor under a Capital Lease, any financing lease having substantially the same economic effect as any of the foregoing, or the filing of any financing statement naming the

  
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owner of the asset to which such lien relates as debtor, under the UCC, PPSA or any comparable law) and any contingent or other agreement to provide any of the foregoing, but not including the
interest of a lessor under a lease which is not a Capital Lease. 
 “Loan” means an extension of credit by a Lender to the
Borrowers pursuant to Article I, and, subject to the terms hereof, may be a Base Rate Loan, LIBOR Rate Loan, Canadian Index Rate Loan or BA Rate Loan. 

“Loan Documents” means this Agreement, the Notes, the Fee Letter, the Collateral Documents, the Master Agreement for Standby
Letters of Credit, the Master Agreement for Documentary Letters of Credit and all documents delivered to Agent and/or any Lender in connection with any of the foregoing (including, without limitation, the Parent Subordinated Indebtedness Side
Letters). For the avoidance of doubt, Secured Rate Contracts, Secured Commodities Hedging Contracts and the agreements evidencing Secured Bank Products are not “Loan Documents”. 

“Margin Stock” means “margin stock” as such term is defined in Regulation U of the Federal Reserve Board. 

“Master Agreement for Standby Letters of Credit” means the Master Agreement for Standby Letters of Credit dated as of the
Closing Date among the Borrowers, as Applicants, and GE Capital. 
 “Master Agreement for Documentary Letters of Credit”
means the Master Agreement for Documentary Letters of Credit dated as of the Closing Date among the Borrowers, as Applicants, and GE Capital. 

“Material Adverse Effect” means: (a) with respect to the EINA Borrowers and their Subsidiaries (i) a material
adverse change in, or a material adverse effect upon, the operations, business, Properties or financial condition of the EINA Borrowers and respective Subsidiaries taken as a whole; (ii) a material impairment of the ability of any EINA Borrower
or any of its respective Subsidiaries to perform in any material respect its obligations under any Loan Document; or (iii) a material adverse effect upon (x) the legality, validity, binding effect or enforceability of any Loan Document
with respect to any EINA Borrower or any of its respective Subsidiaries or (y) the perfection or priority of any Lien granted to the Lenders or to Agent for the benefit of the Secured Parties under any of the Collateral Documents by the EINA
Borrowers or any of their Subsidiaries and (b) with respect to the EICA Borrowers and their Subsidiaries (i) a material adverse change in, or a material adverse effect upon, the operations, business, Properties or financial condition of
the EICA Borrowers and their Subsidiaries taken as a whole; (ii) a material impairment of the ability of any EICA Borrower or any of its respective Subsidiaries to perform in any material respect its obligations under any Loan Document; or
(iii) a material adverse effect upon (x) the legality, validity, binding effect or enforceability of any Loan Document with respect to any EICA Borrower or any of its respective Subsidiaries or (y) the perfection or priority of any
Lien granted to the Lenders or to Agent for the benefit of the Secured Parties under any of the Collateral Documents by the EICA Borrowers or any of their Subsidiaries. 

  
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 “Multiemployer Plan” means any multiemployer plan, as defined in
Section 3(37) or 4001(a)(3) of ERISA, as to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“National Flood Insurance Program” means the program created by the U.S. Congress pursuant to the National Flood Insurance
Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in
participating communities and provides protection to property owners through a Federal insurance program. 
 “Net Issuance
Proceeds” means, in respect of any issuance of debt or equity, cash proceeds (including cash proceeds as and when received in respect of non-cash proceeds received or receivable in connection with such issuance), net of underwriting
discounts and reasonable out-of-pocket costs and expenses paid or incurred in connection therewith in favor of any Person not an Affiliate of a Borrower. 

“Net Orderly Liquidation Value” means the cash proceeds of Inventory which could be obtained in an orderly liquidation (net
of all liquidation expenses, costs of sale, operating expenses and retrieval and related costs), as determined pursuant to the most recent third-party appraisal of such Inventory delivered to Agent and Co-Collateral Agent by an appraiser reasonably
acceptable to Agent. 
 “Net Proceeds” means proceeds in cash, checks or other cash equivalent financial instruments
(including Cash Equivalents) as and when received by the Person making a Disposition and insurance proceeds received on account of an Event of Loss, net of: (a) in the event of a Disposition (i) the direct costs (including any tax payable
in connection with the transfer of the proceeds of the Disposition from the Person making the Disposition to the relevant Credit Party) relating to such Disposition excluding amounts payable to a Borrower or any Affiliate of a Borrower,
(ii) sale, use or other transaction taxes paid or payable as a result thereof and (iii) amounts required to be applied to repay principal, interest and prepayment premiums and penalties on Indebtedness secured by a Lien on the asset which
is the subject of such Disposition and (b) in the event of an Event of Loss, (i) all money actually applied or to be applied to replace, repair or reconstruct the damaged Property or Property affected by the condemnation or taking,
(ii) all of the costs and expenses reasonably incurred in connection with the collection of such proceeds, award or other payments (including any tax payable in connection with the transfer of such payments from the Person making the collection
to the relevant Credit Party) and (iii) any amounts retained by or paid to parties having superior rights to such proceeds, awards or other payments. 

“NOLV Factor” means, as of the date of the appraisal of Inventory most recently received by Agent, the quotient of the Net
Orderly Liquidation Value of Inventory divided by the value of Inventory per the perpetual report, expressed as a percentage. The NOLV Factor will be increased or reduced promptly upon receipt by Agent of each updated appraisal. 

“Non-Funding Lender” means (a) any Lender that has failed to fund any payments required to be made by it under the Loan
Documents within two (2) Business Days after any 

  
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such payment is due (excluding expense and similar reimbursements that are subject to good faith disputes), (b) any Lender that has given written notice (and Agent has not received a
revocation in writing), to a Borrower, Agent, any Lender, or the L/C Issuer or has otherwise publicly announced (and Agent has not received notice of a public retraction) that such Lender believes it will fail to fund payments or purchases of
participations required to be funded by it under the Loan Documents or one or more other syndicated credit facilities, (c) any Lender that has failed to fund, and not cured, loans, participations, advances, or reimbursement obligations under
one or more other syndicated credit facilities, unless subject to a good faith dispute or (d) any Person that directly or indirectly controls a Lender has (i) become subject to a voluntary or involuntary case under any Insolvency Law or
any similar bankruptcy laws, (ii) a custodian, conservator, receiver or similar official appointed for it or any substantial part of such Person’s assets, or (iii) made a general assignment for the benefit of creditors, been
liquidated, or otherwise been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt, and for this clause (d), Agent has determined that such Lender
is reasonably likely to fail to fund any payments required to be made by it under the Loan Documents or otherwise become a Non-Funding Lender. 

“Non-U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that
is not a United States person as defined in Section 7701(a)(30) of the Code. 
 “Note” means any Revolving Note or
Swingline Note and “Notes” means all such Notes. 
 “Notice of Borrowing” means a notice given by the
Borrower Representative to Agent pursuant to Section 1.5, in substantially the form of Exhibit 11.1(b) hereto. 

“Obligations” means all Loans, and other Indebtedness, advances, debts, liabilities, obligations, covenants and duties owing
by any Credit Party to any Lender, Agent, any L/C Issuer, any Secured Swap Provider or any other Person required to be indemnified, counterparty to a Secured Commodities Hedging Contract or providing Secured Bank Products, that arises under any Loan
Document, any Secured Rate Contract, any Secured Commodities Hedging Contract or any Secured Bank Product, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other
manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. 

“Ordinary Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such
Person’s business, as conducted by any such Person in accordance with past practice and undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Loan Document. 

“Organization Documents” means, (a) for any corporation, the certificate or articles of incorporation, the bylaws, any
certificate of determination or instrument relating to the rights of preferred shareholders of such corporation and any shareholder rights agreement, (b) for any partnership, the partnership agreement and, if applicable, certificate of limited
partnership, (c) for any limited liability company, the operating agreement and articles or certificate of formation or (d) any other document setting forth the manner of election or duties of the officers, directors, managers or other
similar persons, or the designation, amount or relative rights, limitations and preference of the Stock of a Person. 

  
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 “Parent” means Evraz Plc, a company organized under the laws of the United
Kingdom. 
 “Parent Investment” means, at any time and from time to time, any Investment in Parent or any Subsidiary of
Parent by, the incurrence or payment of Parent Subordinated Indebtedness by, or Restricted Payment to Parent or any Subsidiary of Parent by, EINA, EICA or any Parent Material Subsidiary; provided, notwithstanding the foregoing, the term
“Parent Investment,” shall not include any transfer (of any kind or nature whatsoever and whether constituting a Lien, a Disposition or otherwise) of any Collateral to Parent or any Subsidiary of Parent which is otherwise prohibited
by this Agreement or the Collateral Documents. 
 “Parent Material Subsidiary” means any Subsidiary of EINA or EICA whose
(x) total consolidated assets represent not less than 10% of the total consolidated assets of Parent; or (y) gross consolidated revenues represent not less than 10% of the gross consolidated revenues of Parent, in each case, as determined
by reference to the most recent annual or interim consolidated financial statements of Parent prepared in accordance with IFRS. 

“Parent Subordinated Indebtedness” means the Indebtedness owing by EINA and EICA to Parent or its Subsidiaries (other than to
EINA, EICA and their respective Subsidiaries (other than Camrose)) evidenced by the Intercompany Loan Agreements, together with additional Indebtedness incurred by EINA or EICA to Parent or its Subsidiaries (other than to EINA, EICA and their
respective Subsidiaries (other than Camrose)) after the Closing Date pursuant to an intercompany loan agreement either (x) substantially in the form of Exhibit 11.1(e) or (y) in a form substantially similar to one of the
Intercompany Loan Agreements existing on the Closing Date, as the case may be, and on economic terms (taking into account then prevailing market rates of interest and any redenomination of the currency of such Indebtedness from Canadian Dollars to
Dollars or vice versa, as the case may be), in each case, substantially identical to such Indebtedness. 
 “Parent Subordinated
Indebtedness Side Letters” means (i) that certain side letter agreement dated as of the Closing Date between Mastercroft and EINA relating to the Mastercroft Loan Agreements; (ii) that certain side letter agreement dated as of the
Closing Date between Evraz Group S.A. and EINA relating to Loan Agreement E, (iii) that certain side letter agreement dated as of the Closing Date among Evraz Group S.A., EICA and Agent with respect to CDN Loan Agreement A and CDN Loan
Agreement B, (iv) that certain side letter agreement dated as of the Closing date among Camrose, EICA and Agent with respect to CDN Loan Agreement C and (v) any other side letter agreement executed from time to time with respect to Parent
Subordinated Indebtedness containing substantially identical terms and containing provisions for subordination consistent with the Parent Subordinated Indebtedness Side Letters in existence on the Closing Date. 

“Patents” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in
or relating to letters patent and applications therefor. 

  
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 “Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56, as amended. 

“PBGC” means the United States Pension Benefit Guaranty Corporation or any successor thereto. 

“Permits” means, with respect to any Person, any permit, approval, authorization, license, registration, certificate,
concession, grant, franchise, variance or permission from, and any other similar Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject. 
 “Permitted Acquisition” means any Acquisition by
(i) a Credit Party of all or substantially all of the assets of a Target, which assets are substantially located in the United States, Canada or any Permitted Foreign Jurisdiction or (ii) a Credit Party of 100% of the Stock and Stock
Equivalents of a Target that is organized under the laws of any State in the United States or the District of Columbia, Canada or any province or territory thereof or any Permitted Foreign Jurisdiction, in each case, to the extent that each of the
following conditions shall have been satisfied: 
 (a) to the extent the Acquisition will be financed in whole or in part with the proceeds
of any Loan, the conditions set forth in Section 2.2 shall have been satisfied; 
 (b) the Borrower Representative
(x) shall have notified Agent and Lenders of such proposed Acquisition at least five (5) days prior to the final closing thereof, in the case of any such proposed Acquisition involving consideration less than $25,000,000, and furnished to
Agent and Lenders, at least five (5) days prior to the final closing thereof, an executed acquisition agreement (setting forth in reasonable detail the terms and conditions of such Acquisition) and, at the request of Agent, such other
information and documents that Agent may reasonably request and (y) shall have notified Agent and Lenders of any such proposed Acquisition at least fifteen (15) days prior to the final closing thereof in the case of all other Acquisitions
and furnished to Agent and Lenders at least fifteen (15) days prior to the final closing thereof (1) any executed term sheet and/or letter of intent (setting forth in reasonable detail the terms and conditions of such Acquisition) and, at
the request of Agent, such other information and documents that Agent may request, including, without limitation, executed counterparts of the material agreements, documents or instruments pursuant to which such Acquisition is to be consummated
(including, without limitation, any related management, non-compete, employment, option or other material agreements), any schedules to such agreements, documents or instruments and all other material ancillary agreements, instruments and documents
to be executed or delivered in connection therewith, (2) at the request of Agent, pro forma financial statements of EINA or EICA, as applicable, and its Subsidiaries after giving effect to the consummation of such Acquisition and
(3) copies of such other agreements, instruments and other documents as Agent reasonably shall request; 
 (c) the Borrowers and their
Subsidiaries (including any new Subsidiary) shall execute and deliver the agreements, instruments and other documents as may be required by Section 4.13; 

  
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 (d) such Acquisition shall have been approved by the board of directors (or other similar body)
and/or, if required by applicable Requirements of Law or the applicable Organization Documents of the Target, the requisite stockholders or other equity holders of the Target; 

(e) no Default or Event of Default shall then exist or would exist after giving effect thereto; 

(f) average daily Availability of all of the Borrowers shall be not less than $100,000,000 for the sixty (60) day period preceding such
Acquisition, on a pro forma basis, after giving effect to such Acquisition; and 
 (g) the total consideration paid or payable (including
without limitation, all transaction costs and the maximum amount of all deferred payments) for all Acquisitions consummated during the term of this Agreement shall not exceed (x) $250,000,000 in the aggregate and (y) $50,000,000 in the
aggregate for all such Acquisitions in Permitted Foreign Jurisdictions. 
 Notwithstanding the foregoing, no Accounts or Inventory acquired by a Credit
Party in a Permitted Acquisition shall be included as Eligible Accounts, Eligible Inventory or Eligible In-Transit Inventory until a field examination and an Inventory appraisal with respect thereto has been completed to the satisfaction of Agent,
including the establishment of Reserves required in Agent’s or Co-Collateral Agent’s respective Permitted Discretion; provided, that field examinations and appraisals in connection with Permitted Acquisitions shall not count against
the limited number of field examinations or appraisals set forth herein (including such limitations with respect to which expense reimbursement may be sought). 

“Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a
secured asset-based lender) business judgment and shall include Reserves implemented, and adjustments to advance rates made, following any disposition to Parent and its Subsidiaries under subsection 5.2(g)(iv) hereof of plant, property and/or
equipment material to any individual Credit Party, with respect to the Collateral located at, associated with or otherwise related to the assets the subject of such disposition (in any case, notwithstanding any Collateral Access Agreements delivered
under subsection 4.12(i) with respect thereto). 
 “Permitted Evraz Holder” means any and all of (i) Lanebrook
Limited, (ii) any direct or indirect beneficial owner of the Stock of Lanebrook Limited as of the Closing Date; (iii) the legal representatives of any of the foregoing and the trustees of bona fide trusts of which the foregoing are the
only beneficiaries or (iv) any Subsidiary of any of the foregoing parties. 
 “Permitted Foreign Jurisdiction” means
any jurisdiction located in Central America or South America. 
 “Permitted Refinancing” means Indebtedness constituting a
refinancing or extension of Indebtedness permitted under subsection 5.5(c), 5.5(d) or 5.5(k) that (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of the Indebtedness being
refinanced or extended, (b) has a weighted average maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of the Indebtedness being refinanced or extended, (c) is not entered into as part of a
sale leaseback transaction, (d) is not secured by a Lien on any assets other than the collateral securing the Indebtedness 

  
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being refinanced or extended, (e) the obligors of which are the same as the obligors of the Indebtedness being refinanced or extended and (f) is otherwise on terms no less favorable to
the Credit Parties, taken as a whole, than those of the Indebtedness being refinanced or extended. 
 “Permitted Unsecured
Debt” means unsecured Indebtedness incurred directly or indirectly by one or more Credit Parties and/or their respective Subsidiaries, as long as (i) at the time of the incurrence thereof, no Default or Event of Default then exists or
would be caused thereby; (ii) all terms relating to the overall yield to the holders of such Indebtedness such as interest, original issue discount or any similar fee (but excluding any warrants for common stock of any of the issuing Credit
Parties or Subsidiaries) shall be at prevailing market rates; provided, that such yield shall not exceed fourteen percent (14%) per annum cash pay plus three percent (3%) per annum payment in kind in the aggregate;
(iii) the final scheduled maturity date of such Indebtedness shall be at least six (6) months following the date set forth in clause (a) of the definition of “Revolving Termination Date”; (iv) no sinking
fund or scheduled principal payments of any kind shall be due with respect to such Indebtedness prior to its stated maturity date; (v) no mandatory prepayments of any kind shall be due except (x) pursuant to customary change of control
provisions or (y) upon a sale of assets, the proceeds of which are not re-invested in assets as customarily permitted according to prevailing market standards for unsecured Indebtedness issued in the U.S. capital or syndicated loan markets for
issuers or borrowers of comparable credit quality at the relevant time or used to pay (or offered to creditors in repayment of) senior Indebtedness of EINA, EICA or their respective Subsidiaries; (vi) unless otherwise expressly permitted by
this definition, at the time of the incurrence of such Indebtedness the terms and provisions of the documents, instruments and agreements evidencing such Indebtedness taken as a whole shall be in line with prevailing market standards for unsecured
Indebtedness issued in the U.S. capital or syndicated loan markets for issuers or borrowers of comparable credit quality at the relevant time and such terms and provisions, taken as a whole, shall not be materially more restrictive than the terms
and provisions of this Agreement and the other Loan Documents taken as a whole, unless otherwise agreed to in writing by Agent in its Permitted Discretion; (vii) the documents, agreements and instruments evidencing such Indebtedness shall not
contain (a) any financial covenants or financial maintenance tests or ratios (it being understood that incurrence covenants included in a customary indenture for a high yield bond offering shall not be considered financial covenants) or
(b) any cross-default based on a Default or Event of Default under this Agreement other than an Event of Default under subsection 7.1(a) of this Agreement and any Event of Default which results in Indebtedness under this Agreement being
declared due and payable prior to scheduled maturity; (viii) the net proceeds from the issuance of such Indebtedness received by the Credit Parties shall be used by the Credit Parties and their respective Subsidiaries solely to repay the Parent
Subordinated Indebtedness; (ix) the Borrower Representative shall have delivered to Agent at least five (5) days prior to the incurrence of such Indebtedness (a) a certificate of a Responsible Officer of the Borrower Representative
demonstrating (and containing reasonably detailed calculations, as necessary) that after giving effect to the incurrence of such Indebtedness and the repayment of the Parent Subordinated Indebtedness with the proceeds thereof, in each case, on a pro
forma basis, (x) the Fixed Charge Coverage Ratio of (I) the EINA Borrowers and 

  
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their respective Subsidiaries, with respect to any such incurrence by the EINA Borrowers and/or the Camrose Borrowers, (II) the EICA Borrowers and their respective Subsidiaries, with respect to
any such incurrence by the EICA Borrowers, or (III) the EINA Borrowers and their respective Subsidiaries and the EICA Borrowers and their respective Subsidiaries (in the case of this clause (III) on a combined basis), with respect to any such
incurrence by (A) the EINA Borrowers and/or the Camrose Borrowers and (B) the EICA Borrowers, shall not be less than 1.25:1.00 for the most recently ended twelve month period prior to the incurrence of such Indebtedness and (y) the
Leverage Ratio of (I) the EINA Borrowers and their respective Subsidiaries, with respect to any such incurrence by the EINA Borrowers and/or the Camrose Borrowers, (II) the EICA Borrowers and their respective Subsidiaries, with respect to any
such incurrence by the EICA Borrowers, or (III) the EINA Borrowers and their respective Subsidiaries and the EICA Borrowers and their respective Subsidiaries (in the case of this clause (III) on a combined basis), with respect to any such
incurrence by (A) the EINA Borrowers and/or the Camrose Borrowers and (B) the EICA Borrowers, shall not be greater than 6.00:1.00 for the most recently ended twelve month period prior to the incurrence of such Indebtedness and
(b) drafts of the documents, agreements and instruments proposed to be executed or delivered in connection with the incurrence of such Permitted Unsecured Debt (with any final versions of such documents, agreements and instruments to be
delivered by Borrower Representative to Agent within three (3) Business Days after the date of the incurrence of such Indebtedness). 

“Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, Governmental Authority or other entity. 
 “PPSA” means the Personal
Property Security Act (Ontario) and the Regulations thereunder, as from time to time in effect; provided, however, if attachment, perfection or priority of Agent’s Lien in any Collateral are governed by the personal property
security laws of any jurisdiction other than Ontario, PPSA shall mean those personal property security laws in such other jurisdiction for the purposes of the provisions hereof relating to such attachment, perfection or priority and for the
definitions related to such provisions. 
 “Prior Claims” means all Liens created by applicable law (in contrast
with Liens voluntarily granted) which rank or are capable of ranking prior or pari passu with Agent’s Liens (or interests similar thereto under applicable law) against all or part of the Collateral, including, without limitation, for amounts
owing for employee source deductions, vacation pay, goods and services taxes, sales taxes, harmonized sales taxes, workers’ compensation, Quebec corporate taxes, pension fund obligations, pension deficits, Wage Earner Protection Program Act
(Canada) obligations and overdue rents. 
 “Prior Indebtedness” means the Indebtedness and obligations specified
in Schedule 11.1 hereto. 
 “Prior Lenders” means General Electric Capital Corporation, as “Agent”,
pursuant to that certain (i) Credit Agreement, dated December 18, 2009, among Agent, the EINA Borrowers, the “Credit Parties” party thereto from time to time and the “Lenders” party thereto from time to time and
(ii) Credit Agreement, dated September 1, 2010, among Agent, the EICA Borrowers, the “Credit Parties” party thereto from time to time and the “Lenders” party thereto from time to time. 

  
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 “Property” means any interest in any kind of property or asset, whether real,
personal or mixed, and whether tangible or intangible. 
 “Rate Contract” means a swap agreement (as such term is defined
in Section 101 of the Bankruptcy Code) and any other agreements or arrangements designed, in each case, to provide protection against fluctuations in interest or currency exchange rates. 

“Real Estate” means any real estate owned, leased, subleased or otherwise operated or occupied by any Credit Party or any
Subsidiary of any Credit Party. 
 “Related Persons” means, with respect to any Person, each Affiliate of such Person and
each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in connection with the satisfaction or attempted satisfaction of
any condition set forth in Article II) and other consultants and agents of or to such Person or any of its Affiliates. 

“Releases” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape,
injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment. 

“Remedial Action” means all actions required to (a) clean up, remove, treat or in any other way address any Hazardous
Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment or
(c) perform pre remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material. 

“Required Lenders” and/or “Required Revolving Lenders” means at any time (a) Lenders then holding more
than fifty percent (50%) of the sum of the Aggregate Revolving Loan Commitment then in effect or (b) if the Aggregate Revolving Loan Commitment is terminated, Lenders then holding more than fifty percent (50%) of the sum of the
aggregate unpaid principal amount of Loans (other than Swing Loans) then outstanding, outstanding Letter of Credit Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans;
provided, at any time there is more than one (1) Lender, at least two (2) Lenders shall be necessary to constitute “Required Lenders” and “Required Revolving Lenders”; provided,
further, that a Lender and its Affiliates which are also Lenders hereunder shall be deemed one (1) Lender for purposes of this definition. 

“Requirement of Law” means, as to any Person, any law (statutory or common), ordinance, treaty, rule, regulation, order,
policy, other legal requirement or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Reserves” means, with respect to the Borrowing Base of any Borrower Group (a) reserves established by Agent or
Co-Collateral Agent from time to time against Eligible 

  
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Accounts pursuant to Section 1.13 and Eligible Inventory pursuant to Section 1.14 and (b) such other reserves against Eligible Accounts, Eligible Inventory, Eligible
In-Transit Inventory or Availability that Agent or Co-Collateral Agent, as the case may be, may, in its respective Permitted Discretion, establish from time to time. Without limiting the generality of the foregoing, Reserves established (i) in
respect of Prior Claims (which may be increased from time to time, notwithstanding that a partial Reserve with respect thereto may be implemented on the Closing Date), (ii) in respect of (A) Secured Bank Products consisting of
(I) commercial credit cards, (II) e-payables or (III) merchant card services, (B) Secured Rate Contracts and/or (C) Secured Commodities Hedging Contracts, (iii) to ensure the payment of accrued interest expenses or Indebtedness
or (iv) following any disposition to Parent and its Subsidiaries under subsection 5.2(g)(iv) hereof of plant, property and/or equipment material to any individual Credit Party, with respect to the Collateral located at, associated with
or otherwise related to the assets the subject of such disposition (in any case, notwithstanding any Collateral Access Agreements delivered under subsection 4.12(i) with respect thereto), shall, in each case of clause (i), clause
(ii), (iii) and clause (iv) above, be deemed to be an exercise of Agent’s or Co-Collateral Agent’s respective Permitted Discretion, as the case may be. 

“Responsible Officer” means the chief executive officer, the president or the chief financial officer of a Borrower or
Borrower Representative, as applicable, or any other officer having substantially the same authority and responsibility; or, with respect to delivery of financial or other information, the chief financial officer, chief accounting officer, the
treasurer or assistant treasurer of a Borrower or Borrower Representative, as applicable, or any other officer having substantially the same authority and responsibility. 

“Revolver Utilization” means, with respect to the Applicable Unused Fee Margin for the current Fiscal Quarter as determined
by Agent, the result (expressed as a percentage) of (i) the sum of (x) the average daily balance of all Revolving Loans outstanding to either (A) the applicable Borrower Group or (B) all of the Borrowers, as the case may be,
plus (y) the average daily balance of all Swing Loans outstanding to either (A) the applicable Borrower Group or (B) all of the Borrowers, as the case may be, plus (z) the average daily amount of Letter of Credit
Obligations of either (A) the applicable Borrower Group or (B) all of the Borrowers, as the case may be, in each case, during the immediately preceding Fiscal Quarter, divided by (ii) the average daily balances of the
Aggregate Revolving Loan Commitment during such preceding Fiscal Quarter. 
 “Revolving Lender” means each Lender with a
Revolving Loan Commitment (or if the Revolving Loan Commitments have terminated, who holds Revolving Loans or participations in Swing Loans). 

“Revolving Note” means a promissory note of the Borrowers payable to the order of a Lender in substantially the form of
Exhibit 11.1(c) hereto, evidencing Indebtedness of the Borrowers under the Revolving Loan Commitment of such Lender. 

“Revolving Termination Date” means the earlier to occur of: (a) December 23, 2016; and (b) the date on which
the Aggregate Revolving Loan Commitment shall terminate in accordance with the provisions of this Agreement. 

  
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 “Secured Bank Product” means a Bank Product between a Borrower and the
counterparty thereto, which (i) has been provided or arranged by (x) GE Capital or an Affiliate of GE Capital or (y) a Lender or an Affiliate of a Lender or (ii) Agent has acknowledged in writing constitutes a “Secured
Bank Product” hereunder. 
 “Secured Commodities Hedging Contract” means a Commodities Hedging Contract between a
Borrower and the counterparty thereto, which (i) has been provided or arranged by (x) GE Capital or an Affiliate of GE Capital or (y) a Lender or an Affiliate of a Lender or (ii) Agent has acknowledged in writing constitutes a
“Secured Commodities Hedging Contract” hereunder. 
 “Secured Party” means Agent, each Lender, each L/C
Issuer, each other Indemnitee and each other holder of any Obligation of a Credit Party, including each Secured Swap Provider. 

“Secured Rate Contract” means any Rate Contract between a Borrower and the counterparty thereto, which (i) has been
provided or arranged by (x) GE Capital or an Affiliate of GE Capital or (y) a Lender or an Affiliate of a Lender or (ii) Agent has acknowledged in writing constitutes a “Secured Rate Contract” hereunder. 

“Secured Swap Provider” means (i) a Lender or an Affiliate of a Lender (or a Person who was a Lender or an Affiliate of
a Lender at the time of execution and delivery of a Rate Contract) who has entered into a Secured Rate Contract with a Borrower or (ii) a Person with whom Borrower has entered into a Secured Rate Contract provided or arranged by GE Capital or
an Affiliate of GE Capital, and any assignee thereof. 
 “Security Agreement” means individually and collectively
(a) that certain Security Agreement dated as of even date herewith, in form and substance reasonably acceptable to Agent and the Borrowers, made by the EICA Borrowers and each of their respective Subsidiaries in favor of Agent, for the benefit
of the Secured Parties, as the same may be amended, restated and/or modified from time to time and (b) that certain Security Agreement dated as of even date herewith, in form and substance reasonably acceptable to Agent and the Borrowers, made
by the Camrose Borrowers and each of their respective Subsidiaries in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated and/or modified from time to time. 

“Software” means (a) all computer programs, including source code and object code versions, (b) all data, databases
and compilations of data, whether machine readable or otherwise and (c) all documentation, training materials and configurations related to any of the foregoing. 

“Solvent” means, with respect to any Person as of any date of determination, that, as of such date, (a) the value of the
assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person, (b) such Person is able to pay all liabilities of
such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light
of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

  
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 “Special Flood Hazard Area” means an area that FEMA’s current flood maps
indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. 

“SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to Agent. 

“Stock” means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests,
beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or
non-voting. 
 “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other Stock
Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. 

“Subordinated Indebtedness” means any Indebtedness of any Credit Party or any Subsidiary of any Credit Party which is
subordinated to the Obligations as to right and time of payment and as to other rights and remedies thereunder and having such other terms as are, in each case, reasonably satisfactory to Agent (including, without limitation, the Parent Subordinated
Indebtedness). 
 “Subsidiary” of a Person means any corporation, association, limited liability company, partnership,
joint venture or other business entity of which more than fifty percent (50%) of the voting Stock is owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the Person, or a combination thereof. For
certainty, as of the date hereof, Genalta Recycling Inc., a Canada corporation, King Crusher Inc., an Alberta corporation, and Kar-Basher Manitoba Ltd., a Manitoba corporation, each of which is 50% owned by a Wholly-Owned Subsidiary of EICA, are not
themselves “Subsidiaries”. 
 “Supermajority Lenders” means at any time (a) Lenders then holding more than
eighty percent (80%) of the sum of the Aggregate Revolving Loan Commitment then in effect or (b) if the Aggregate Revolving Loan Commitment is terminated, Lenders then holding more than eighty percent (80%) of the sum of the aggregate
unpaid principal amount of Loans (other than Swing Loans) then outstanding, outstanding Letter of Credit Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans; provided, at
any time there is more than one (1) Lender, at least two (2) Lenders shall be necessary to constitute “Supermajority Lenders”; provided, further, that a Lender and its Affiliates which are also Lenders
hereunder shall be deemed one (1) Lender for purposes of this definition. 
 “Swingline Commitment” means $65,000,000.

 “Swingline Lender” means, each in its capacity as Swingline Lender hereunder, GE Capital or, upon the resignation of GE
Capital as Agent hereunder, any Lender (or Affiliate or Approved Fund of any Lender) that agrees, with the approval of Agent (or, if there is no such successor Agent, the Required Lenders) and the Borrowers, to act as the Swingline Lender hereunder.

  
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 “Swingline Note” means a promissory note of the Borrowers payable to the order
of the Swingline Lender, in substantially the form of Exhibit 11.1(d) hereto, evidencing the Indebtedness of the Borrowers to the Swingline Lender resulting from the Swing Loans made to the Borrowers by the Swingline Lender. 

“Swingline Request” has the meaning specified in clause (ii) of subsection 1.1(d). 

“Swing Loan” has the meaning specified in clause (i) of subsection 1.1(d). 

“Target” means any Person or business unit or asset group of any Person acquired or proposed to be acquired in an
Acquisition. 
 “Tax Affiliate” means, (a) each Borrower and its Subsidiaries and (b) any Affiliate of a Borrower
with which such Borrower files or is required to file tax returns on a consolidated, combined, unitary or similar group basis. 

“Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA
Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 
 “Trade Secrets” means all right,
title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trade secrets. 

“Trademark” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law
in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers and, in each case, all goodwill associated therewith,
all registrations and recordations thereof and all applications in connection therewith. 
 “Trigger Event” means (i)(a)(I)
any time Availability for either the EINA Borrowers or the EICA Borrowers is less than the greater of (x) $30,000,000 or (y) ten percent (10%) of the aggregate Borrowing Base of the EINA Borrowers or the EICA Borrowers, as the case
may be, or (II) any time Availability of the Camrose Borrowers is less than the greater of (x) $5,000,000 or (y) ten percent (10%) of the aggregate Borrowing Base of the Camrose Borrowers, or (b) (I) any time Availability
for either the EINA Borrowers or the EICA Borrowers is less than $35,000,000 for three (3) consecutive days or (II) any time Availability for the Camrose Borrowers is less than $7,500,000 for three (3) consecutive days or (ii) the
date of the consummation of a disposition of plant, property and/or equipment material to any individual Credit Party to Parent or its Subsidiaries under subsection 5.2(g)(iv) hereof. 

“Trigger Reset Event” means (i) the date, following the occurrence of a Trigger Event under clause (i) of
the definition thereof, (A) on which Availability for either the EINA Borrowers or the EICA Borrowers, as the case may be, has been more than $35,000,000 for forty-five (45) consecutive days or (B) on which Availability for the
Camrose Borrowers has been more than $7,500,000 for forty-five (45) consecutive days or (ii) the date, following the occurrence of a Trigger Event under clause (ii) of the definition thereof, determined by Agent in its sole
discretion. 

  
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 “UCC” means the Uniform Commercial Code as in effect from time to time in the
State of New York. 
 “United States” and “U.S.” each means the United States of America. 

“U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is a
United States person as defined in Section 7701(a)(30) of the Code. 
 “Wholly-Owned Subsidiary” means any Subsidiary
in which (other than directors’ qualifying shares required by law) one hundred percent (100%) of the Stock and Stock Equivalents, at the time as of which any determination is being made, is owned, beneficially and of record, by any Credit
Party, or by one or more of the other Wholly-Owned Subsidiaries, or both. 
 11.2 Other Interpretive Provisions. 

(a) Defined Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement or in any other Loan Document
shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto. The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including
uncapitalized terms) not otherwise defined herein and that are defined in the UCC or PPSA, as applicable, shall have the meanings therein described. 

(b) The Agreement. The words “hereof”, “herein”, “hereunder” and words of similar import when used in
this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document as a whole and not to any particular provision of this Agreement or such other Loan Document; and subsection, section, schedule and exhibit
references are to this Agreement or such other Loan Documents unless otherwise specified. 
 (c) Certain Common Terms. The term
“documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The term “including” is not limiting and means “including without
limitation.” 
 (d) Performance; Time. Whenever any performance obligation hereunder or under any other Loan Document (other
than a payment obligation) shall be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. In the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and
including.” If any provision of this Agreement or any other Loan Document refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision shall be interpreted to encompass any and all
means, direct or indirect, of taking, or not taking, such action. 

  
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 (e) Contracts. Unless otherwise expressly provided herein or in any other Loan Document,
references to agreements and other contractual instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments thereto, restatements and substitutions thereof and other modifications and
supplements thereto which are in effect from time to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document. 

(f) Laws. References to any statute or regulation are to be construed as including all statutory and regulatory provisions related
thereto or consolidating, amending, replacing, supplementing or interpreting the statute or regulation. 
 11.3 Accounting Terms and
Principles. All accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with GAAP. No change in the accounting principles used in the preparation of any financial
statement hereafter adopted by EINA or EICA shall be given effect for purposes of measuring compliance with any provision of Article V unless the Borrowers, Agent and the Required Lenders agree to modify such provisions to reflect such
changes in GAAP and, unless such provisions are modified, all financial statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth
therein before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed without giving effect to any election under Statement
of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value.”

 11.4 Payments. Agent may set up standards and procedures to determine or redetermine the equivalent in Dollars of any amount
expressed in any currency other than Dollars and otherwise may, but shall not be obligated to, rely on any determination made by any Credit Party or any L/C Issuer. Any such determination or redetermination by Agent shall be conclusive and binding
for all purposes, absent manifest error. No determination or redetermination by any Secured Party or any Credit Party and no other currency conversion shall change or release any obligation of any Credit Party or of any Secured Party (other than
Agent and its Related Persons) under any Loan Document, each of which agrees to pay separately for any shortfall remaining after any conversion and payment of the amount as converted. Agent may round up or down, and may set up appropriate mechanisms
to round up or down, any amount hereunder to nearest higher or lower amounts and may determine reasonable de minimis payment thresholds. 

11.5 Judgment Currency 

(a) If, for the purpose of obtaining or enforcing judgment against any Credit Party in any court in any jurisdiction, it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 11.5 referred to as the “Judgment Currency”) an amount due under any Loan Document in any currency (the “Obligation Currency”)
other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding the date of actual payment of 

  
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the amount due, in the case of any proceeding in the courts of the Province of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date,
or the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section 11.5 being hereinafter in this
Section 11.5 referred to as the “Judgment Conversion Date”). 
 (b) If, in the case of any proceeding in the court of
any jurisdiction referred to in this Section 11.5, there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the applicable Credit Party or
Parties shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount actually received 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 the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. Any
amount due from any Credit Party under this subsection 11.5(b) shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of any of the Loan Documents. 

(c) The term “rate of exchange” in this Section 11.5 means the rate of exchange at which Agent, on the relevant date at
or about 12:00 noon (New York time), would be prepared to sell, in accordance with its normal course foreign currency exchange practices, the Obligation Currency against the Judgment Currency. 

11.6 Language. The parties hereto confirm that it is their wish that this Agreement, as well as any other documents relating to this
Agreement, including notices, schedules and authorizations, have been and shall be drawn up in the English language only. Les signataires confirment leur volonté que la présente convention, de même que tous les documents
s’y rattachant, y compris tout avis, annexe et autorisation, soient rédigés en anglais seulement. 
 11.7
Permitted Liens. The inclusion of reference to Permitted Liens in any Loan Document is not intended to subordinate and shall not subordinate, and shall not be interpreted as subordinating, any Lien created by any of the Loan Documents to any
Permitted Lien. 
 11.8 Security Principles. Notwithstanding anything herein or in the other Loan Documents to the contrary, with
respect to all Loan Documents, (i) a Foreign Corporation shall not directly or indirectly guarantee an EINA Borrower’s Obligations or the guarantees thereof, (ii) the assets of a Foreign Corporation shall not be pledged to secure,
directly or indirectly, an EINA Borrower’s Obligations or the guarantees thereof and (iii) no pledge or guarantee by any other entity shall be required, and no proceeds resulting therefrom shall be used, to the extent such action would
result in a controlled foreign corporation (that is a member of a Borrower Group or a Credit Party and for which a Borrower or Credit Party is a “U.S. Shareholder”) holding “United States property” (pursuant to the rules of
Section 956(d) of the Code). For the avoidance of doubt, the parties agree that notwithstanding anything herein or in the other Loan Documents to the contrary, with respect to all Loan Documents, a payment (whether money, property or setoff)
(x) by (or on behalf of) a Foreign Corporation, (y) resulting from enforcement of a Lien granted by, or in respect of, a Foreign Corporation or (z) by any Credit Party with 

  
 141 

 
respect to a Foreign Corporation’s Obligations, shall not be applied to satisfy an EINA Borrower’s Obligations or a guarantee thereof (whether directly or indirectly, including by
set-off) and shall not serve as Collateral therefor (including pursuant to Section 8(b) of the Master Agreement for Standby Letters of Credit and Section 8(b) of the Master Agreement for Documentary Letters of Credit). 

[Remainder of Page Left Intentionally Blank] 

  
 142 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	 BORROWERS:

	
	 EVRAZ CLAYMONT STEEL, INC.

 
			
		
	 By:
	 	 /s/ Shalabh Gupta

 

			
	 Name:
	 	Shalabh Gupta

 
			
	 Title:
	 	 Authorized Signatory

 
			
	 FEIN:
	 	 51-0309736

	
	COLORADO AND WYOMING RAILWAY COMPANY

 
			
		
	 By:
	 	 /s/ Shalabh Gupta

 

			
	 Name:
	 	 Shalabh Gupta

 
			
	 Title:
	 	 Authorized Signatory

 
			
	 FEIN:
	 	 93-1104758

 
			
	
	 CF&I STEEL, L.P.

 
			
	 By:
	 	 New CF&I, Inc., as its General Partner

		
	 By:
	 	 /s/ Shalabh Gupta

 

			
	 Name:
	 	 Shalabh Gupta

 
			
	 Title:
	 	 Authorized Signatory

 
			
	 FEIN:
	 	 93-1103440

 
			
	
	 CAMROSE PIPE CORPORATION

 
			
		
	 By:
	 	 /s/ Shalabh Gupta

 

			
	 Name:
	 	 Shalabh Gupta

 
			
	 Title:
	 	 Authorized Signatory

 
			
	 FEIN:
	 	 93-1035163

 
			
	OSM DISTRIBUTION, INC.
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	93-1271086
	
	OREGON STEEL MILLS PROCESSING, INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	93-1270955
	
	NEW CF&I, INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	93-1086900
	
	EVRAZ INC. NA CANADA

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	
	CANADIAN NATIONAL STEEL CORPORATION

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	BORROWER REPRESENTATIVE:
	
	EVRAZ INC. NA, as a Borrower and as Borrower Representative

 
			
		
	By:	 	 /s/ Shalabh Gupta

 

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	94-0506370
	
	Address for notices for all Credit Parties and Borrower Representative:
	
	200 East Randolph Street
	Suite 7800
	Chicago, Illinois 60601
	Attn: Chief Financial Officer
	Facsimile: (312) 533-3610

 Address for wire transfers for all EINA Borrowers and Borrower Representative: 

Bank: Bank of America NA 
 Bank Location: New York, NY 

Routing No.: 026009593 
 SWIFT: BOFAUS3NXXX 

Account Name: Evraz Inc NA Concentration 
 Account Number:
XXXXXXXX 
 Address for wire transfers for all EICA Borrowers: 
  

			
	 Address for wire transfers in Dollars
	  	 Address for wire transfers in Canadian Dollars

	 Bank: Royal Bank of Canada

Bank Location: Regina, SK

SWIFT: ROYCCAT2XXX

Account Name: Evraz Inc NA Canada West

Account Number: XXXXXXXX

Transit Number: 00008

Bank Number: 0003
	  	 Bank: Royal Bank of Canada
 Bank Location:
Regina, SK
 SWIFT: ROYCCAT2XXX
 Account Name: Evraz Inc NA
Canada West
 Account Number: XXXXXXXX
 Transit Number:
00008
 Bank Number: 0003

 Address for wire transfers for all Camrose Borrowers: 

 

			
	 Address for wire transfers in Dollars
	  	 Address for wire transfers in Canadian Dollars

	 Bank: Bank of Nova Scotia

Bank Location: Edmonton, AB

SWIFT: NOSCCATTXXX

Account Name: Evraz Camrose Works

Account Number: XXXXXXXX

Transit Number: 90019

Bank Number: 002
	  	 Bank: Bank of Nova Scotia
 Bank Location:
Edmonton, AB
 SWIFT: NOSCCATTXXX
 Account Name: Evraz Camrose
Works
 Account Number: XXXXXXXX
 Transit Number: 90019

Bank Number: 002

 
			
	OTHER CREDIT PARTIES:
	
	GENERAL SCRAP INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	41-1990708

 
			
	
	EAST METALS SERVICES, INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	FEIN:	 	93-1099327

 
			
	
	EVRAZ MATERIALS RECYCLING, INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	
	NEW GENSUBCO INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	Title:	 	Authorized Signatory

 
			
	
	SAMETCO AUTO INC.

 
			
		
	By:	 	 /s/ Shalabh Gupta

			
	Name:	 	Shalabh Gupta

 
			
	 Title:
	 	Authorized Signatory

 
			
	GENLANDCO INC.
		
	By:	 	 /s/ Shalabh Gupta

	Name: Shalabh Gupta
	Title: Authorized Signatory
	
	KAR BASHER OF ALBERTA LTD.
		
	By:	 	 /s/ Shalabh Gupta

	Name: Shalabh Gupta
	Title: Authorized Signatory
	
	GENERAL SCRAP PARTNERSHIP

  

							
		 	by its general partner
		 	EVRAZ INC. NA CANADA
				
		 		 	By:	 	 /s/ Shalabh Gupta

		 		 	Name: Shalabh Gupta
		 		 	Title: Authorized Signatory
		
		 	by its general partner
		 	EVRAZ MATERIALS RECYCLING, INC.
				
		 		 	By:	 	 /s/ Shalabh Gupta

		 		 	Name: Shalabh Gupta
		 		 	Title: Authorized Signatory

 
			
	 AGENT, A LENDER AND THE SWINGLINE

LENDER:

	
	GENERAL ELECTRIC CAPITAL CORPORATION
		
	By:	 	 /s/ Sabina Lin

	Name: Sabina Lin
	Title: Duly Authorized Signatory

  

					
	Address for Notices:	  	with a copy to:	  	and:
			
	 General Electric Capital Corporation
 Attn:
Evraz Account Manager
 500 West Monroe, 12th Floor

Chicago, Illinois 60661
 Facsimile: (312) 463-3840
	  	 General Electric Capital Corporation
 201
Merritt 7
 (P.O. Box 5201)
 Norwalk, Connecticut 06856-5201

Facsimile: (203) 956-4528
	  	 General Electric Capital Corporation
 401
Merritt 7
 Norwalk, Connecticut 06856-5201
 Facsimile: (513)
770-5460
 Attn: Evraz Internal Counsel

 Address for payments to EINA Borrowers and Borrower Representative: 

Bank: Deutsche Bank Trust Company Americas 
 Bank Location: 60
Wall Street, New York, NY 10005 
 Account Number: XXXXXXXX 

ABA #: 021-001-033 
 Account Name: GECC CFS CIF Collection Account

 Reference: CFK2547 Evraz Inc. NA 
 Address for payments
to EICA Borrowers: 
  

			
	 Address for wire transfers in Dollars
	  	 Address for wire transfers in Canadian Dollars

	 Bank: Deutsche Bank Trust Company Americas
 Bank
Location: 60 Wall Street, New York, NY 10005
 Account Number: XXXXXXXX

ABA #: 021-001-033
 Account Name: GECC CFS CIF Collection
Account
 Reference: CFK1775 Evraz Inc. NA Canada
	  	 Bank: Royal Bank of Canada (Toronto)
 Bank
Location: Toronto, Ontario
 Account Number: XXXXXXXX
 Transit
#: 00002
 Bank #: 0003
 SWIFT: ROYCCAT2

Account Name: GE Capital Corporation/SFG
 Reference: CND4112 Evraz
Inc. NA Canada

 Address for payments to Camrose Borrowers: 
  

			
	 Address for wire transfers in Dollars
	  	 Address for wire transfers in Canadian Dollars

	 Bank: Deutsche Bank Trust Company Americas
 Bank
Location: 60 Wall Street, New York, NY 10005
 Account Number: XXXXXXXX

ABA #: 021-001-033
 Account Name: GECC CFS CIF Collection
Account
 Reference: CFK1767 Canadian National Steel Corp
	  	 Bank: Royal Bank of Canada (Toronto)
 Bank
Location: Toronto, Ontario
 Account Number: XXXXXXXX
 Transit
#: 00002
 Bank #: 0003
 SWIFT: ROYCCAT2

Account Name: GE Capital Corporation/SFG
 Reference: CND4144
Canadian National Steel Corp

 
			
	CO-COLLATERAL AGENT AND A LENDER:
	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 /s/ Philip Nomura

	Name: Philip Nomura
	Title: Senior Vice President
	
	Address for notices:
	
	135 S. LaSalle Street
	Chicago, Illinois 60603
	Attn: Mr. Phil Nomura, Senior VP
	Facsimile: (312) 453-2234
	
	Lending office:
	
	20975 Swenson Drive
	Waukesha, WI 53186
	Attn: Ms. Laura Williams
	Facsimile: (312) 453-2584
	
	BANK OF AMERICA, N.A.
	(acting through its Canada Branch)
		
	By:	 	 /s/ Medina Sales De Andrade

	Name: Medina Sales De Andrade
	Title: Vice President
	
	Address for notices:
	
	181 Bay Street
	Toronto, Ontario
	M5J 2V8
	Attn: Ms. Teresa Tui
	Facsimile: (312) 453-4041
	
	Lending office:
	
	181 Bay Street
	Toronto, Ontario
	M5J 2V8
	Attn: Ms. Teresa Tsui
	Facsimile: (312) 453-4041

 
			
	LENDERS:
	
	UBS LOAN FINANCE LLC
		
	By:	 	 /s/ Irja R. Otsa

	Name: Irja R. Otsa
	Title: Associate Director
		
	By:	 	 /s/ Joselin Fernandes

	Name: Joselin Fernandes
	Title: Associate Director
	
	Address for notices:
	
	677 Washington Boulevard
	Stamford, Connecticut 06901
	Attn: Jitesh Hotwani—Banking Product Services
	Facsimile: (203) 719-3888
	
	Lending office:
	
	677 Washington Boulevard
	Stamford, Connecticut 06901
	Attn: Jacques Jin
	Facsimile: (203) 719-3888

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION

		
	By:	 	 /s/ Everest Way

	Name: Everest Way
	Title: Director
	
	Address for notices:
	
	2450 Colorado Avenue
	Suite 3000 West
	Santa Monica, California 90404
	Attn: Nathan McIntosh
	Facsimile: (877) 302-8007
	
	Lending Office:
	
	2450 Colorado Avenue
	Suite 3000 West
	Santa Monica, California 90404
	Attn: Lily Lewe
	Facsimile: (877) 402-1080
	
	Designated Affiliate Lender:
	
	Wells Fargo Capital Finance Corporation Canada
	
	Lending office:
	
	40 King Street West
	Suite 25000
	Toronto, Ontario
	M5H 3Y2

 Schedule 1.1(b) 

Revolving Loan Commitments 
  

					
	 General Electric Capital Corporation
	  	$	285,000,000.00	  
	 Bank of America, N.A.
	  	$	150,000,000.00	  
	 UBS Loan Finance LLC
	  	$	100,000,000.00	  
	 Wells Fargo, National Association
	  	$	75,000,000.00

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