Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

SIRIUS XM RADIO INC. 
 5.375%
Senior Notes due 2026 
  
  

INDENTURE 
 Dated as of
May 23, 2016 
  
  

U.S. BANK NATIONAL ASSOCIATION 

Trustee 
  

 
  

 Table of Contents 

 

					
		  	 	Page	  
		
	ARTICLE 1 Definitions and Incorporation by Reference	  			
		
	 SECTION 1.01.   Definitions
	  	 	1	  
	 SECTION 1.02.   Other Definitions
	  	 	15	  
	 SECTION 1.03.   Rules of Construction
	  	 	16	  
		
	ARTICLE 2 The Notes	  			
		
	 SECTION 2.01.   Form and Dating
	  	 	17	  
	 SECTION 2.02.   Execution and Authentication
	  	 	17	  
	 SECTION 2.03.   Registrar and Paying Agent
	  	 	18	  
	 SECTION 2.04.   Paying Agent To Hold Money in Trust
	  	 	18	  
	 SECTION 2.05.   Noteholder Lists
	  	 	18	  
	 SECTION 2.06.   Transfer and Exchange
	  	 	19	  
	 SECTION 2.07.   Replacement Notes
	  	 	20	  
	 SECTION 2.08.   Outstanding Notes
	  	 	20	  
	 SECTION 2.09.   Temporary Notes
	  	 	20	  
	 SECTION 2.10.   Cancellation
	  	 	20	  
	 SECTION 2.11.   Defaulted Interest
	  	 	21	  
	 SECTION 2.12.   CUSIP Numbers, ISINs, etc.
	  	 	21	  
	 SECTION 2.13.   Issuance of Additional Notes
	  	 	21	  
		
	ARTICLE 3 Redemption	  			
		
	 SECTION 3.01.   Selection of Notes to Be Redeemed
	  	 	21	  
	 SECTION 3.02.   Notice of Redemption
	  	 	22	  
	 SECTION 3.03.   Effect of Notice of Redemption
	  	 	23	  
	 SECTION 3.04.   Deposit of Redemption Price
	  	 	23	  
	 SECTION 3.05.   Notes Redeemed in Part
	  	 	23	  
	 SECTION 3.06.   Optional Redemption
	  	 	23	  
		
	ARTICLE 4 Covenants	  			
		
	 SECTION 4.01.   Payment of Notes
	  	 	25	  
	 SECTION 4.02.   SEC Reports
	  	 	26	  
	 SECTION 4.03.   Limitation on Subsidiary Debt
	  	 	27	  
	 SECTION 4.04.   Change of Control
	  	 	29	  
	 SECTION 4.05.   Limitation on Liens
	  	 	30	  
	 SECTION 4.06.   Limitation on Sale/Leaseback Transactions
	  	 	31	  
	 SECTION 4.07.   Compliance Certificate
	  	 	32	  
	 SECTION 4.08.   Further Instruments and Acts
	  	 	32	  

  
 i 

					
		
	ARTICLE 5 Successor Company	  			
		
	 SECTION 5.01.   When Company May Merge or Transfer Assets
	  	 	32	  
		
	ARTICLE 6 Defaults and Remedies	  			
		
	 SECTION 6.01.   Events of Default
	  	 	33	  
	 SECTION 6.02.   Acceleration
	  	 	35	  
	 SECTION 6.03.   Other Remedies
	  	 	36	  
	 SECTION 6.04.   Waiver of Past Defaults
	  	 	36	  
	 SECTION 6.05.   Control by Majority
	  	 	36	  
	 SECTION 6.06.   Limitation on Suits
	  	 	36	  
	 SECTION 6.07.   Rights of Holders to Receive Payment
	  	 	37	  
	 SECTION 6.08.   Collection Suit by Trustee
	  	 	37	  
	 SECTION 6.09.   Trustee May File Proofs of Claim
	  	 	37	  
	 SECTION 6.10.   Priorities
	  	 	37	  
	 SECTION 6.11.   Undertaking for Costs
	  	 	38	  
	 SECTION 6.12.   Waiver of Stay or Extension Laws
	  	 	38	  
	 SECTION 6.13.   Sole Remedy for Failure to Report
	  	 	38	  
		
	ARTICLE 7 Trustee	  			
	  
 SECTION
7.01.   Duties of Trustee
	  	 	39	  
	 SECTION 7.02.   Rights of Trustee
	  	 	40	  
	 SECTION 7.03.   Individual Rights of Trustee
	  	 	41	  
	 SECTION 7.04.   Trustee’s Disclaimer
	  	 	41	  
	 SECTION 7.05.   Notice of Defaults
	  	 	42	  
	 SECTION 7.06.   Reports by Trustee to Holders
	  	 	42	  
	 SECTION 7.07.   Compensation and Indemnity
	  	 	42	  
	 SECTION 7.08.   Replacement of Trustee
	  	 	43	  
	 SECTION 7.09.   Successor Trustee by Merger
	  	 	44	  
	 SECTION 7.10.   Eligibility; Disqualification
	  	 	44	  
	 SECTION 7.11.   Trustee’s Application for Instructions from the
Company
	  	 	44	  
		
	ARTICLE 8 Discharge of Indenture; Defeasance	  			
	  
 SECTION
8.01.   Discharge of Liability on Notes; Defeasance
	  	 	45	  
	 SECTION 8.02.   Conditions to Defeasance
	  	 	46	  
	 SECTION 8.03.   Application of Trust Money
	  	 	47	  
	 SECTION 8.04.   Repayment to Company
	  	 	47	  
	 SECTION 8.05.   Indemnity for Government Obligations
	  	 	47	  
	 SECTION 8.06.   Reinstatement
	  	 	47	  
		
	ARTICLE 9 Amendments	  			
		
	 SECTION 9.01.   Without Consent of Holders
	  	 	48	  
	 SECTION 9.02.   With Consent of Holders
	  	 	48	  
	 SECTION 9.03.   Revocation and Effect of Consents and Waivers
	  	 	49	  
	 SECTION 9.04.   Notation on or Exchange of Notes
	  	 	50	  
	 SECTION 9.05.   Trustee To Sign Amendments
	  	 	50	  
	 SECTION 9.06.   Payment for Consent
	  	 	50	  

  
 ii 

					
	ARTICLE 10 Guarantee	  			
		
	 SECTION 10.01.   Guarantee
	  	 	50	  
	 SECTION 10.02.   Limitation on Guarantor Liability
	  	 	52	  
	 SECTION 10.03.   Delivery of Note Guarantee
	  	 	52	  
	 SECTION 10.04.   Guarantors May Consolidate, etc., on Certain
Terms
	  	 	52	  
	 SECTION 10.05.   Releases
	  	 	53	  
	 SECTION 10.06.   Addition of Guarantors
	  	 	53	  
		
	ARTICLE 11 Miscellaneous	  			
		
	 SECTION 11.01.   Notices
	  	 	53	  
	 SECTION 11.02.   Communication by Holders with Other Holders
	  	 	54	  
	 SECTION 11.03.   Certificate and Opinion as to Conditions Precedent
	  	 	54	  
	 SECTION 11.04.   Statements Required in Certificate or Opinion
	  	 	55	  
	 SECTION 11.05.   When Notes Disregarded
	  	 	55	  
	 SECTION 11.06.   Rules by Trustee, Paying Agent and Registrar
	  	 	55	  
	 SECTION 11.07.   Legal Holidays
	  	 	55	  
	 SECTION 11.08.   Governing Law, Submission to Jurisdiction
	  	 	56	  
	 SECTION 11.09.   No Recourse Against Others
	  	 	56	  
	 SECTION 11.10.   Successors
	  	 	56	  
	 SECTION 11.11.   Multiple Originals
	  	 	56	  
	 SECTION 11.12.   Table of Contents; Headings
	  	 	56	  
	 SECTION 11.13.   Waiver of Jury Trial
	  	 	56	  
	 SECTION 11.14.   Force Majeure
	  	 	56	  

 Rule 144A/Regulation S/IAI Appendix 

Exhibit 1 to Appendix – Form of Note 
 Exhibit 2 to
Appendix – Form of Transferee Letter of Representation 
 Exhibit 1 – Form of Supplemental Indenture (to be delivered by subsequent Guarantors)

  
 iii 

 INDENTURE dated as of May 23, 2016 among Sirius XM Radio Inc., a Delaware corporation (the
“Company”), the Guarantors (as defined) and U.S. Bank National Association, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of 5.375% Senior Notes
due 2026 (the “Notes”): 
 ARTICLE 1 

Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. 

“Additional Notes” means Notes under this Indenture after the Issue Date and in compliance with Section 2.13, it being
understood that any Notes issued in exchange for or replacement of any Note issued on the Issue Date shall not be an Additional Note. 

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value
(discounted at the interest rate borne by the Notes, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which
such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of
“Capital Lease Obligation.” 
 “Board of Directors” means the Board of Directors of the Company or any committee
thereof duly authorized to act on behalf of such Board. 
 “Business Day” means each day which is not a Legal Holiday. Any
notice or payment due on any day that is not a Business Day need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on such day. 

“Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.05, a Capital Lease Obligation will
be deemed to be secured by a Lien on the property being leased. 

  

 “Capital Stock” of any Person means any and all shares, interests (including
partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such
equity. 
 “Change of Control” means the occurrence of any of the following: 

(1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more
Permitted Holders, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such person shall be deemed to have “beneficial ownership” of all
shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company, other than
by the imposition of one or more holding companies, the beneficial owners of whose Voting Stock would not have caused a Change of Control if such beneficial owners had directly held the Voting Stock of the Company held by such holding company or
companies; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(3) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
other than a Subsidiary. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Ratings Event. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

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

 “Consolidated Income Tax Expense” means, with respect to the Company for any period, the provision for federal, state,
local and foreign taxes based on income or profits (including franchise taxes) payable by the Company and its Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 

“Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its Subsidiaries for
such period, whether paid or accrued and whether or not capitalized (including amortization of debt issuance costs and original issue discount), non-cash interest payments, the interest component of any deferred payment Obligations, the interest
component of all payments associated with Capital Lease Obligations and Attributable Debt, commissions, discounts and other fees and charges Incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all
payments made or received pursuant to Hedging Obligations. 

  
 2 

 “Consolidated Net Income” means, for any period, the net income of the Company
and its consolidated Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 

(1) any net income of any Person (other than the Company) if such Person is not a Subsidiary, except that: 

(A) subject to the exclusion contained in clauses (3), (4) and (5) below, the Company’s equity in the net income
of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Subsidiary as a dividend or other distribution
(subject, in the case of a dividend or other distribution paid to a Subsidiary, to the limitations contained in clause (2) below); and 

(B) the Company’s equity in a net loss of any such Person for such period shall be included in determining such
Consolidated Net Income to the extent such loss has been funded with cash from the Company or a Subsidiary; 
 (2) any net
income of any Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Subsidiary, directly or indirectly, to the Company, except that: 

(A) subject to the exclusion contained in clauses (3), (4) and (5) below, the Company’s equity in the net income
of any such Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Subsidiary during such period to the Company or another Subsidiary as a dividend or
other distribution (subject, in the case of a dividend or other distribution paid to another Subsidiary, to the limitation contained in this clause); and 

(B) the Company’s equity in a net loss of any such Subsidiary for such period shall be included in determining such
Consolidated Net Income; 
 (3) any gain (or loss) realized upon the sale or other disposition of any assets of the Company
or its consolidated Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain (or loss) realized upon the sale or other disposition of any Capital
Stock of any Person; 
 (4) extraordinary gains or losses; and 

(5) the cumulative effect of a change in accounting principles, 

in each case, for such period. 

  
 3 

 “Consolidated Operating Cash Flow” means, with respect to the Company and its
Subsidiaries on a consolidated basis, for any period, an amount equal to Consolidated Net Income for such period increased (without duplication) by the sum of: 

(1) Consolidated Income Tax Expense accrued for such period to the extent deducted in determining Consolidated Net Income for
such period; 
 (2) Consolidated Interest Expense for such period to the extent deducted in determining Consolidated Net
Income for such period; and 
 (3) depreciation, amortization and any other noncash items for such period to the extent
deducted in determining Consolidated Net Income for such period (other than any noncash item which requires the accrual of, or a reserve for, cash charges for any future period) of the Company and the Subsidiaries (including amortization of
capitalized debt issuance costs for such period, any noncash compensation expense realized for grants of stock options or other rights to officers, directors, consultants and employees and noncash charges related to equity granted to third parties),
all of the foregoing determined on a consolidated basis in accordance with GAAP, and decreased by noncash items to the extent they increase Consolidated Net Income (including the partial or entire reversal of reserves taken in prior periods, but
excluding reversals of accruals or reserves for cash charges taken in prior periods) for such period. 
 “Corporate Trust
Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention:
Corporate Trust Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Holders and the Company). 
 “Debt Facility” means one or more
debt facilities or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables) or letters of credit or issuances of debt securities evidenced by notes, debentures, bonds or similar instruments, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced (including by means of sales of debt securities) in whole or in part from time to time (and whether or not with the original administrative agent, lenders or trustee or another administrative agent or agents, other lenders or
trustee and whether provided under any credit or other agreement or indenture). 
 “Default” means any event which is, or
after notice or passage of time or both would be, an Event of Default. 
 “Exchange Act” means the U.S. Securities Exchange
Act of 1934, as amended. 
 “Exempted Debt” means, without duplication, (A) all Indebtedness of the Company and its
Subsidiaries which is secured by a Lien incurred and outstanding under clause (21) of the definition of “Permitted Liens,” (B) all Attributable Debt in respect of Sale/Leaseback Transactions Incurred and outstanding under
Section 4.06(a)(3) and (C) all Indebtedness of Subsidiaries of the Company that are not Subsidiary Guarantors Incurred and outstanding under Section 4.03(b)(8). 

  
 4 

 “FCC License Subsidiary” means Satellite CD Radio LLC, a Delaware limited
liability company and a Wholly Owned Subsidiary, XM Radio LLC, a Delaware limited liability company and a Wholly Owned Subsidiary, and any other Subsidiary formed for the sole purpose of holding FCC licenses and all of the issued and outstanding
Capital Stock of which is owned by the Company and the Subsidiary Guarantors. 
 “Fitch” means Fitch Inc., a Subsidiary of
Fimalac, S.A. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect as of
the Issue Date, including those set forth in: 
 (1) the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants; 
 (2) statements and pronouncements of the Financial Accounting
Standards Board; 
 (3) such other statements by such other entity as approved by a significant segment of the accounting
profession; and 
 (4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro
forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of
the SEC. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing
any Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to
take-or-pay or to maintain financial statement conditions or otherwise); or 
 (2) entered into for the purpose of assuring
in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” shall 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 each Subsidiary Guarantor. 

  
 5 

 “Hedging Obligations” of any Person means the obligations of such Person under:

 (1) currency exchange or interest rate swap agreements, currency exchange or interest rate cap agreements or currency
exchange or interest rate collar agreements; or 
 (2) other agreements or arrangements designed to protect such Person
against fluctuations in currency exchange or interest rate prices. 
 “Holder” or “Noteholder” means the
Person in whose name a Note is registered on the Registrar’s books. 
 “Incur” means issue, assume, Guarantee, incur
or otherwise become liable for; provided, however, that any Indebtedness of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such
Person at the time it becomes a Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03 and Section 4.05: 

(1) amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount
security; 
 (2) the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or
the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; and 

(3) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of
redemption or making of a mandatory offer to purchase such Indebtedness, 
 will not be deemed to be the Incurrence of Indebtedness. 

“Indebtedness” means, with respect to any Person on any date of determination, the principal in respect of
(A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium
on such indebtedness to the extent such premium has become due and payable. 
 Notwithstanding the foregoing, in connection with the
purchase by the Company or any Subsidiary of any business, the term “Indebtedness” will exclude 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 within 30 days thereafter. Furthermore, in no event shall the Company’s or any Subsidiary’s obligations in respect of ordinary course trade payables pursuant to any programming, content acquisition,
automotive, retail distribution, satellite or chip set acquisition arrangements, in each case, consistent with past practice, be considered Indebtedness. 

  
 6 

 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such
date of all obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such time. 

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

“interest” means any interest payable on the Notes including Reporting Additional Interest. 

“Investment Grade Rating” means a rating equal to or higher than (i) in the case of Moody’s, Baa3 (or the
equivalent), (ii) in the case of Standard & Poor’s, BBB- (or the equivalent) and (iii) in the case of any other Rating Agency, the equivalent rating by such Rating Agency to the ratings described in clauses (i) and (ii).

 “Issue Date” means May 23, 2016. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions or trust institutions are not required to
be open in the State of New York. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of
any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). 
 “Malone
Holders” means (i) John Malone or Greg Maffei, (ii) the spouse and lineal descendants of either of the Persons described in clause (i), (iii) any trusts or private foundations created for the benefit of, or controlled by, any
of the Persons described in clause (i), (ii) or (iv) or any trusts or private foundations created for the benefit of any such trusts or private foundation, or (iv) in the event of the incompetence or death of any of the Persons
described in clauses (i) or (ii), such Person’s estate, executor, administrator, committee or other personal representative or similar fiduciary or other beneficiaries, heirs, devisees or distributees. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale
net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually Incurred in connection with such issuance or sale and net of taxes
paid or payable as a result thereof. 
 “Note Guarantees” means the Guarantees of the Subsidiary Guarantors pursuant to the
terms of this Indenture, and “Note Guarantee” means any of them. 
 “Obligations” means, with respect to any
Indebtedness, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness. 

  
 7 

 “Offering Memorandum” means the offering memorandum of the Company dated
May 18, 2016 pursuant to which the Notes were offered to the Holders. 
 “Officer” means the Chief Executive Officer,
the President, any Vice President, the Treasurer or the Secretary of the Company. 
 “Officers’ Certificate” means a
certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to
the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
 “Permitted Holder” means
Liberty Media Corporation, Liberty Radio, LLC, the Malone Holders or any of their respective Affiliates (in the case of such Affiliates, from the Issue Date until the first date on which such Person is no longer an Affiliate of Liberty Media
Corporation, Liberty Radio LLC or the Malone Holders, as applicable). 
 “Permitted Liens” means, with respect to any
Person: 
 (1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary
course of business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in
each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor
depository institution; provided, however, that (A) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated
by the Federal Reserve Board and (B) such deposit account is not intended by the Company or any Subsidiary to provide collateral to the depository institution; 

(3) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being
contested in good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of surety bonds or letters of credit
issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 

  
 8 

 (5) survey exceptions, encumbrances, 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 or Liens incidental to the conduct of the business of such Person
or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business
of such Person; 
 (6) Liens securing Indebtedness Incurred to finance the construction, purchase or lease of, or repairs,
improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such Person or any of its Subsidiaries at the time the Lien is Incurred (other than
assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair,
improvement, addition or commencement of full operation of the property subject to the Lien; 
 (7) Liens on property of the
Company or its Subsidiaries existing on the Issue Date; 
 (8) Liens on property or shares of Capital Stock of another Person
at the time such other Person becomes a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant
thereto); 
 (9) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any
acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Subsidiaries (other than
assets and property affixed or appurtenant thereto); 
 (10) Liens securing Indebtedness or other obligations of a Subsidiary
of such Person owing to such Person or a Wholly Owned Subsidiary of such Person; 
 (11) Liens securing Hedging Obligations
so long as such Hedging Obligations are permitted to be Incurred under this Indenture; 
 (12) leases, licenses, subleases
and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Company or any of its Subsidiaries; 

(13) Liens arising from Uniform Commercial Code financing statement filing regarding operating leases entered into by the
Company and its Subsidiaries in the ordinary course of business; 
 (14) Liens in connection with advances, deposits, escrows
and similar arrangements in the ordinary course of business in respect of retail or automotive distribution arrangements, satellite, chip set, programming and content acquisitions and extensions; 

  
 9 

 (15) Liens to secure any Refinancing (or successive Refinancings) as a whole, or
in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8) and (9); provided, however, that in the case of Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any
Indebtedness secured by any Lien referred to in clauses (6), (7), (8) and (9): 
 (A) such new Lien shall be
limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or
distributions thereof); and 
 (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clause (6), (7), (8) or (9) at the time the original Lien became a Permitted Lien and (ii) an amount
necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

(16) any interest or title of a lessor under any Capital Lease Obligation; 

(17) Liens relating to Replacement Satellite Vendor Indebtedness covering the assets acquired, constructed or improved with
such Indebtedness in an amount that does not exceed $25 million at any one time outstanding and Refinancing Indebtedness in respect thereof, so long as (A) the principal amount thereof does not exceed the principal amount of the Indebtedness
being Refinanced plus accrued and unpaid interest thereon together with any reasonable fees, premiums (including tender premiums) and expenses relating to such Refinancing and (B) such Refinancing Indebtedness is Incurred by the same Person(s)
as the Indebtedness being Refinanced; 
 (18) Liens incurred in connection with a Sale/Leaseback Transaction on assets or
properties held by XM 1500 Eckington LLC or XM Investment LLC on the Issue Date; 
 (19) Liens to secure a Debt Facility in
an aggregate principal amount up to $1,750 million at any one time outstanding; 
 (20) Liens to secure Purchase Money
Indebtedness, Attributable Debt and Capital Lease Obligations and Refinancing Indebtedness thereof, so long as (A) the principal amount thereof does not exceed the principal amount of the Indebtedness being Refinanced plus accrued and unpaid
interest thereon together with any reasonable fees, premiums (including tender premiums) and expenses relating to such Refinancing and (B) such Refinancing Indebtedness is Incurred by the same Person(s) as the Indebtedness being Refinanced; and

  
 10 

 (21) any other Lien not excepted by clauses (1) through (20) above, so
long as, after giving effect thereto, Exempted Debt does not exceed the greater of (a) $3,650 million and (b) 2.5 times Consolidated Operating Cash Flow for the relevant Reference Period at any one time outstanding, in each case, measured
as of the date of Incurrence of such other Lien. 
 For purposes of this definition, the term “Indebtedness” shall be deemed to
include interest on such Indebtedness. 
 Further, for purposes of this definition, (i) in determining compliance with any U.S.
dollar-denominated restriction on the securing of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based upon the relevant currency exchange rate in effect on the date
such Indebtedness was Incurred; provided, however, that if such Indebtedness is Incurred to Refinance other Indebtedness 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 Indebtedness does not exceed the amount necessary to Refinance the principal amount of such Indebtedness being Refinanced and (ii) the maximum amount of Indebtedness that the Company or any Subsidiary may secure shall not be deemed
to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 
 “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such
Person. 
 “principal” of a Note means the principal of the Note plus the premium, if any, payable on the Note which is due
or overdue or is to become due at the relevant time. 
 “Principal Property” means any of the Company’s and its
Subsidiaries’ (a) satellites, whether now owned or hereinafter acquired and (b) interests in any kind of other property or asset (including, without limitation, intellectual property, capital stock in and other securities of any other
Person), except, in each case, such satellites or interests as the Board of Directors by resolution determines in good faith not to be material to the business of the Company and its Subsidiaries, taken as a whole. 

“Purchase Money Indebtedness” means Indebtedness: 

(1) consisting of the deferred purchase price of an asset, conditional sale obligations, obligations under any title retention
agreement and other purchase money obligations, in each case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and 

  
 11 

 (2) Incurred to finance the acquisition by the Company or a Subsidiary of such
asset, including additions and improvements; 
 provided, however, that such Indebtedness is Incurred within 180 days after the acquisition by the
Company or such Subsidiary of such asset. 
 “Rating Agency” means (1) each of Moody’s, Standard &
Poor’s and Fitch; and (2) if any of Moody’s, Standard & Poor’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the control of the Company, a
“nationally recognized statistical rating organization,” as that term is used in Section 15E under the Exchange Act, selected by the Company as a replacement agency for Moody’s, Standard & Poor’s or Fitch or any one
or more of the foregoing, as the case may be. 
 “Ratings Decline Period” means the period that (i) begins on the
earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided
that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency. 

“Ratings Event” means (i) a downgrade by one or more gradations (including gradations within ratings categories as well
as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade
or withdrawal is not attributable in whole or in part to the applicable Change of Control) and (ii) the Notes do not have an Investment Grade Rating from any Rating Agency. 

“Reference Period” as of any date of determination means the most recent four consecutive fiscal quarters ending prior to
such date of determination for which financial information is available. 
 “Refinance” means, in respect of any
Indebtedness, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have
correlative meanings. 
 “Replacement Satellite Vendor Indebtedness” means Indebtedness of the Company provided by a
satellite or satellite launch vendor, insurer or insurance agent or Affiliate thereof for (a) the construction, launch and insurance of all or part of one or more replacement satellites or satellite launches for such satellites, where
“replacement satellite” means a satellite that is used for continuation of the Company’s satellite service as a replacement for, or supplement to, a satellite that is retired or relocated (due to a deterioration in operating useful
life) within the existing service area or reasonably determined by the Company to no longer meet the requirements for such service, or (b) the replacement of a spare satellite that has been launched or that is no longer capable of being
launched or suitable for launch. 

  
 12 

 “Responsible Officer” means, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
 “Sale/Leaseback Transaction” means an arrangement relating to
Principal Property owned by the Company or a Subsidiary on the Issue Date or thereafter acquired by the Company or a Subsidiary whereby the Company or a Subsidiary transfers such Principal Property to a Person and the Company or a Subsidiary leases
it from such Person. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of the Company or a Subsidiary secured by a Lien. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Indebtedness” means with respect to any Person: 

(1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter Incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy or
for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above; 

unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is
outstanding, it is provided that such Indebtedness or other obligations are subordinate in right of payment to the Notes; provided, however, that Senior Indebtedness shall not include: 

(a) any obligation of such Person to the Company or any Subsidiary; 

(b) any liability for Federal, state, local or other taxes owed or owing by such Person; 

(c) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(d) any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other
     Indebtedness or other Obligation of such Person; 
 (e) that portion of any Indebtedness which at the time of
Incurrence is Incurred in violation of this Indenture; or 
 (f) any Capital Stock. 

  
 13 

 “Significant Subsidiary” means any Subsidiary that would be a “Significant
Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Standard &
Poor’s” means Standard & Poor’s, a Standard & Poor’s Financial Services, a division of the McGraw-Hill Companies Inc., and its successors. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred). 
 “Subsidiary” means, with respect to any Person, any
corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by: 

(1) such Person; 

(2) such Person and one or more Subsidiaries of such Person; or 

(3) one or more Subsidiaries of such Person. 

“Subsidiary Guarantee” means, individually, any Guarantee of payment of the Notes by a Subsidiary Guarantor pursuant to the
terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. Each such Subsidiary Guarantee will be in the form prescribed by this Indenture. 

“Subsidiary Guarantor” means the Subsidiaries of the Company who are party to this Indenture on the Issue Date and any other
Subsidiary of the Company that later becomes a Subsidiary Guarantor in accordance with this Indenture. 
 “Trustee” means
U.S. Bank National Association until a successor replaces it and, thereafter, means the successor. 
 “Uniform Commercial
Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “U.S. Government Obligations”
means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United
States of America is pledged and which are not callable at the issuer’s option. 
 “Voting Stock” of a Person means
all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

  
 14 

 “Wholly Owned Subsidiary” means a Subsidiary all the Capital Stock of which
(other than directors’ qualifying shares) is owned by the Company or one or more other Wholly Owned Subsidiaries. 

SECTION 1.02.  Other Definitions. 
  

			
	 Term
	  	 Defined In Section

	“Appendix”	  	2.01    
	“Authenticating Agent”	  	2.02    
	“Bankruptcy Code”	  	6.01    
	“Change of Control Offer”	  	4.04(b)
	“Company Order”	  	2.02    
	“Comparable Treasury Issue”	  	3.06(b)
	“Comparable Treasury Price”	  	3.06(b)
	“covenant defeasance option”	  	8.01(b)
	“Custodian”	  	6.01    
	“Definitive Note”	  	Appendix
	“DTC”	  	2.06(c)
	“Event of Default”	  	6.01    
	“Global Note”	  	Appendix
	“Indemnified Party”	  	7.07    
	“Independent Investment Banker”	  	3.06(b)
	“Initial Lien”	  	4.05    
	“legal defeasance option”	  	8.01(b)
	“Make Whole Redemption Price”	  	3.06(b)
	“Notice of Default”	  	6.01    
	“Paying Agent”	  	2.03(a)
	“Primary Treasury Dealer”	  	3.06(b)

  
 15 

			
	“Protected Purchaser”	  	2.07    
	“Reference Treasury Dealer”	  	3.06(b)
	“Reference Treasury Dealer Quotations”	  	3.06(b)
	“Registrar”	  	2.03(a)
	“Reporting Additional Interest”	  	6.13     
	“Successor Company”	  	5.01(1)
	“Treasury Rate”	  	3.06(b)

 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” means including without limitation; 

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

(6) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (7) Secured Indebtedness shall not be deemed to be subordinate or junior to any other
Secured Indebtedness merely because it has a junior priority with respect to the same collateral; 
 (8) the principal amount
of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9) the principal amount of any Preferred Stock shall be (A) the liquidation preference of such Preferred Stock or
(B) the maximum mandatory redemption or mandatory repurchase price (not including any redemption or repurchase premium) with respect to such Preferred Stock, whichever is greater; 

(10) all references to the date the Notes were originally issued shall refer to the Issue Date; and 

(11) all use of the term “days” shall refer to calendar days unless otherwise specified. 

  
 16 

 ARTICLE 2 

The Notes 
 SECTION 2.01.
Form and Dating. Provisions relating to the Notes are set forth in the Rule 144A/Regulation S/IAI Appendix attached hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in, and expressly made a part of, this Indenture. The Notes may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date
of its authentication. The terms of the Notes set forth in the Appendix are part of the terms of this Indenture. 
 SECTION 2.02.
Execution and Authentication. One Officer shall sign the Notes for the Company by manual or facsimile signature. 
 If an Officer
whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 On the Issue Date, the Trustee shall
authenticate and deliver $1,000,000,000 aggregate principal amount of the Notes and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Notes for original issue in an aggregate principal amount specified in such
order, in each case upon a written order of the Company signed by one Officer of the Company (a “Company Order”). Such order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes
is to be authenticated. 
 The Trustee may appoint an authenticating agent (the “Authenticating Agent”) reasonably
acceptable to the Company to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Responsible Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, the
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. The Authenticating Agent has the same rights as any Registrar,
Paying Agent or agent for service of notices and demands. 
 The Trustee and the Authenticating Agent shall have the right to decline to
authenticate and deliver any Notes under this Section 2.02 if the Trustee in good faith determines that such action may not lawfully be taken or if the Trustee in good faith determines that such action would expose the Trustee or the
Authenticating Agent to personal liability, unless indemnity or security satisfactory to the Trustee or the Authenticating Agent, as applicable, against such liability is provided to the Trustee or the Authenticating Agent, as applicable. 

  
 17 

 SECTION 2.03. Registrar and Paying Agent. 

(a) The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent” includes any additional paying agent. 

(b) The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the
Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Wholly Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent,
Registrar, co-registrar or transfer agent. 
 (c) The Company may remove any Registrar or Paying Agent upon written notice to such Registrar
or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company
and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with
Section 2.03(c)(i). The Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as
Trustee in accordance with Section 7.08. 
 (d) The Company initially appoints the Trustee as Registrar and Paying Agent in connection
with the Notes. 
 SECTION 2.04. Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any
Note, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold
in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee of any default by the Company in making any such payment. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

SECTION 2.05. Noteholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five 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 Noteholders. 

  
 18 

 SECTION 2.06. Transfer and Exchange. (a) The Notes shall be issued in registered form
and shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if
the requirements of this Indenture and Section 8-401(1) of the Uniform Commercial Code are met. When Notes are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Notes of other
denominations, the Registrar shall register the transfer or make the exchange as requested if the same requirements are met. The Company may require payment of a sum sufficient to pay all taxes, assessments and other governmental charges in
connection with any transfer or exchange pursuant to this Section. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed
in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

Prior to the due presentation of transfer of any Note, the Company, the Trustee, the Paying Agent and the Registrar may deem and treat the
person in whose name a Note is registered as the absolute owner of such Note for all purposes of receiving payment of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such security is overdue, and
none of the Company, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 
 All securities issued upon
any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(b) Any Registrar appointed pursuant to Section 2.03 shall provide the Trustee such information as the Trustee may reasonably require in
connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes. 
 (c) 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 between or among any member of, or participant in,
The Depository Trust Company (“DTC”) (or any other securities clearing agency that is registered as such under the Exchange Act and is designated by the Company to act as a depository for such Notes) or other 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 thereof. 

  
 19 

 SECTION 2.07. Replacement Notes . If a mutilated Note is surrendered to the Registrar or
if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall, upon written order of the Company, authenticate a replacement Note if the requirements of Section 8-405 of
the Uniform Commercial Code are met and the Holder (a) satisfies the Company or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior
to receiving such notification, (b) makes such request to the Company or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “Protected
Purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect
the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note (including,
attorneys’ fees and disbursements in replacing such security). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead
of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Company. 

SECTION 2.08. Outstanding Notes . 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 and those described in this Section as not outstanding. Subject to Section 11.05, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

 If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a Protected Purchaser. 
 If the Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and
after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.09.
Temporary Notes . Until Definitive Notes are ready for delivery, the Company may prepare and, upon written order of the Company, the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive
Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes and deliver them in exchange for temporary Notes at
the office or agency of the Company. 
 SECTION 2.10. Cancellation . The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of (subject to the record retention
requirements of the Exchange Act) all Notes surrendered for registration of transfer, exchange, payment or cancellation in accordance with its customary procedures for the disposition of cancelled securities and deliver a certificate of such
disposition to the Company unless the Company directs the Trustee to deliver canceled Notes to the Company. The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. 

  
 20 

 SECTION 2.11. Defaulted Interest . If the Company defaults in a payment of interest on the
Notes, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the persons who are Noteholders on a subsequent special record date.
The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Noteholder a notice that states the special record date, the payment date and the
amount of defaulted interest to be paid. 
 SECTION 2.12. CUSIP Numbers, ISINs, etc . The Company in issuing the Notes may use
“CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers, ISINs and “Common Code” numbers in notices of redemption as a
convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may
be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly advise the Trustee in writing of any change in any
“CUSIP” numbers, ISINs or “Common Code” numbers applicable to the Notes. 
 SECTION 2.13. Issuance of Additional
Notes . After the Issue Date, the Company shall be entitled to issue Additional Notes under this Indenture, which Notes shall have identical terms as the Notes issued on the Issue Date, other than with respect to the date of issuance and issue
price. All the Notes issued under this Indenture shall be treated as a single class for all purposes of this Indenture including waivers, amendments, redemptions and offers to purchase. 

With respect to any Additional Notes, the Company shall set forth in a resolution of the Board of Directors and an Officers’ Certificate,
a copy of each which shall be delivered to the Trustee, the following information: 
 (1) the aggregate principal amount of
such Additional Notes to be authenticated and delivered pursuant to this Indenture that the Company is relying on to issue such Additional Notes; and 

(2) the issue price, the issue date and the “CUSIP” number of such Additional Notes. 

ARTICLE 3 
 Redemption 

SECTION 3.01. Selection of Notes to Be Redeemed . If fewer than all the Notes are to be redeemed, the Registrar shall select the Notes
to be redeemed on a pro rata basis, by lot or by using any other method that it deems fair and appropriate, unless otherwise required by law 

  
 21 

 
or applicable stock exchange or depositary requirements. However, if the Notes are solely registered in the name of Cede & Co. and traded through DTC, then DTC shall select the Notes to
be redeemed in accordance with its practices. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations larger
than $2,000. Notes and portions of them the Trustee selects shall be in principal amounts of $2,000 or whole multiples of $1,000 in excess of $2,000. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of
Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 
 SECTION
3.02. Notice of Redemption . At least 30 days but not more than 60 days before a date for redemption of Notes, the Company shall mail or cause to be mailed a notice of redemption by first-class mail or to be delivered in accordance with the
applicable procedures of DTC to each Holder of Notes (with a copy of such notice to the Trustee) to be redeemed at such Holder’s registered address. 

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

(1) the redemption date; 

(2) the redemption price; 

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

(4) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued
interest; 
 (5) if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of
the particular Notes to be redeemed; 
 (6) that, unless the Company defaults in making such redemption payment, interest on
Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
 (7) the
“CUSIP” number, ISIN or “Common Code” number, if any, printed on the Notes being redeemed; and 
 (8)
that no representation is made as to the correctness or accuracy of the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such notice or printed on the Notes. 

At the Company’s request, delivered at least 15 days before the date such notice is to be given to the Holder (unless a shorter period
shall be acceptable to the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the information required by this Section.

  
 22 

 SECTION 3.03. Effect of Notice of Redemption. Once notice of redemption is mailed or
delivered in accordance with the applicable procedures of DTC, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid
at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date), and such Notes shall be
canceled by the Trustee. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

SECTION 3.04. Deposit of Redemption Price. Prior to the redemption date, the Company shall deposit with the Paying Agent (or, if the
Company or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date other than Notes or portions of Notes called
for redemption which have been delivered by the Company to the Trustee for cancellation. 
 SECTION 3.05. Notes Redeemed in Part.
Upon surrender of a Note that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder (at the Company’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 SECTION 3.06. Optional Redemption. 

(a) At any time prior to July 15, 2019, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of
Notes issued under this Indenture at a redemption price equal to 105.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the rights of Holders on the relevant record date to receive
interest on the relevant interest payment date), with the Net Cash Proceeds from the issuance or sale of Capital Stock of the Company; provided that: 

(1) at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the
Company and its Affiliates) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the
redemption occurs within 180 days of the date of the closing of such issuance or sale of Capital Stock. 
 (b) At any time prior to
July 15, 2021, the Company, at its option, may redeem all, or from time to time, any part of the Notes on not less than 30 days nor more than 60 days’ notice as provided in paragraph 6 of the Notes (except that, notwithstanding the
provisions of Section 3.02 of this Indenture, any notice of redemption for the Notes given pursuant to this Section need not set forth the redemption price but only the manner of calculation thereof) at a redemption price (“Make Whole
Redemption Price”) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest, if any, and additional interest on the principal amount being redeemed to the applicable redemption date: 

(1) 100% of the principal amount of the Notes then outstanding to be so redeemed; and 

  
 23 

 (2) the present value of the sum of the redemption price of the Notes at
July 15, 2021 (such redemption price being set forth in the table in Section 3.06(d)) and the remaining scheduled payments of interest on the Notes to be redeemed, to, but excluding, July 15, 2021, discounted to the applicable
redemption date in accordance with customary market practice on a semi-annual basis at a rate equal to the sum of the Treasury Rate plus 0.50%, minus accrued and unpaid interest and additional interest on the principal amount being redeemed to but
excluding the applicable redemption date. 
 The Make Whole Redemption Price for the Notes will be calculated by the Independent Investment
Banker assuming a 360-day year consisting of twelve 30-day months. For purposes of calculating the Make Whole Redemption Price pursuant to the foregoing optional redemption provisions, the following terms will have the meanings set forth below: 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by the Independent Investment Banker
as having an actual or interpolated maturity most nearly equal to the period from the redemption date to July 15, 2021; provided, that if the period from the redemption date to July 15, 2021 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. 
 “Comparable
Treasury Price” means, with respect to any redemption date: 
 (1) the average of the Reference Treasury Dealer
Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; 

(2) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer
Quotations so received; or 
 (3) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Company. 

“Reference Treasury Dealer” means each of four primary U.S. Government securities dealers in New York City (each a
“Primary Treasury Dealer”), consisting of (i) J.P. Morgan Securities LLC (or its affiliate), and (ii) three other nationally recognized investment banking firms (or their affiliates) that the Company selects in connection
with the particular redemption, and their respective successors, provided that if any of them ceases to be a Primary Treasury Dealer, the Company will substitute another nationally recognized investment banking firm (or its affiliate) that is
a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding that redemption date. 

  
 24 

 “Treasury Rate” means, with respect to any redemption date, the rate per year
equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, calculated on the third Business Day preceding the applicable redemption date, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. 

(c) Except pursuant to Section 3.06(a) or Section 3.06(b), the Notes shall not be redeemable at the Company’s option prior to
July 15, 2021. 
 (d) On or after July 15, 2021, the Company may on any one or more occasions redeem all or a part of the Notes on
not less than 30 days nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and additional interest, if any, on the Notes redeemed, to, but
excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on July 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest and additional interest,
if any, on the relevant interest payment date: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	102.688	% 
	 2022
	  	 	101.792	% 
	 2023
	  	 	100.896	% 
	 2024 and thereafter
	  	 	100.000	% 

 (e) Any redemption pursuant to this Section 3.06 shall be made in a manner consistent with the provisions
of Sections 3.01 through 3.05 hereof to the extent applicable. 
 Unless the Company defaults in the payment of the applicable redemption
price, on and after the applicable redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 

If the optional redemption date is after an interest record date and on or before the related interest payment date, the accrued and unpaid
interest, if any, will be paid to the Person in whose name the Note is registered at the close of business, on such record date, and no additional interest shall be payable to Holders whose Notes are subject to redemption by the Company. 

ARTICLE 4 
 Covenants 

SECTION 4.01. Payment of Notes. The Company shall promptly pay the principal of and interest on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and
interest then due. 

  
 25 

 The Company shall pay interest on overdue principal at the rate specified therefor in the Notes,
and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION 4.02. SEC Reports.

 (a) So long as any Notes are outstanding, the Company will furnish to the Trustee: 

(1) within 90 days after the end of each fiscal year, annual reports of the Company containing substantially all of the
information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information was included in the
Offering Memorandum), including (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (B) audited financial statements prepared in accordance with GAAP, or to the extent the Company
is a reporting company, the Annual Report on Form 10-K as filed under the Exchange Act; 
 (2) within 45 days after the end
of each of the first three fiscal quarters of each fiscal year, quarterly reports of the Company containing substantially all of the information that would have been required to be contained in a Quarterly Report on Form 10-Q under the Exchange Act
if the Company had been a reporting company under the Exchange Act (but only to the extent similar information was provided in the Offering Memorandum), including (A) “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and (B) unaudited quarterly financial statements prepared in accordance with GAAP and reviewed pursuant to Statement on Auditing Standards No. 100 (or any successor provision), or to the extent the Company is a
reporting company, the Quarterly Report on Form 10-Q as filed under the Exchange Act; and 
 (3) within five Business Days
after the occurrence of each event that would have been required to be reported in a Current Report on Form 8-K under the Exchange Act if the Company had been a reporting company under the Exchange Act, current reports containing substantially all
of the information that would have been required to be contained in a Current Report on Form 8-K under the Exchange Act if the Company had been a reporting company under the Exchange Act; provided, however, that no such current report
will be required to be furnished if the Company determines in its good faith judgment that such event is not material to Holders or the business, assets, operations, financial positions or prospects of the Company and its Subsidiaries, taken as a
whole; 
 provided, however, that such reports (A) will not be required to comply with Section 302 or
Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) and (B) will not
be required to contain the separate financial information for Guarantors contemplated by Rule 3-10 of Regulation S-X promulgated by the SEC. The availability of the foregoing materials on the SEC’s EDGAR service shall be deemed to satisfy the
delivery obligation of the Company. 

  
 26 

 (b) So long as any Notes are outstanding, the Company will also maintain a public website to
which all of the reports required by Section 4.02(a) are posted. 
 (c) Notwithstanding the foregoing, the Company may satisfy its
obligations under this Section 4.02 with respect to financial and other information of the Company by furnishing (A) the applicable financial statements of any parent entity of the Company or (B) to the extent the parent entity is a
reporting company, any parent entity’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, as applicable; provided that, such information explains in reasonable detail the differences between the
information relating to such parent entity, on the one hand, and the information relating to the Company and its consolidated subsidiaries on a standalone basis, on the other hand. 

In addition, the Company shall furnish to Holders, prospective investors approved by the Company, broker-dealers approved by the Company and
securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 4.03. Limitation on Subsidiary Debt. 

(a) The Company shall not cause or permit any Subsidiary that is not a Subsidiary Guarantor: (i) to Guarantee the obligations of, or
become a co-borrower with, the Company or any Subsidiary Guarantor, under any Debt Facility or (ii) to create, assume, Incur, issue or Guarantee any Indebtedness, unless, in the case of clause (i) or (ii), within 30 days thereof, the
Company causes such Subsidiary to become a Subsidiary Guarantor by executing and delivering a Note Guarantee. 
 (b) Clause (a) above
shall not apply to the following items of Indebtedness: 
 (1) Indebtedness of a Person existing at the time such Person is
merged with or into, amalgamated with, or is consolidated into, a Subsidiary, or which is assumed by a Subsidiary in connection with an acquisition of substantially all the assets of such Person, so long as such Indebtedness was not created in
anticipation of such merger, amalgamation, consolidation or acquisition, and Refinancing Indebtedness in respect thereof, so long as (A) the principal amount thereof does not exceed the principal amount of the Indebtedness being Refinanced plus
accrued and unpaid interest thereon together with any reasonable fees, premiums (including tender premiums) and expenses relating to such Refinancing and (B) such Refinancing Indebtedness is Incurred by the same Person(s) as the Indebtedness
being Refinanced; 

  
 27 

 (2) Indebtedness of a Person existing at the time such Person becomes a
Subsidiary, so long as such Indebtedness was not Incurred in anticipation of such Person becoming a Subsidiary, and Refinancing Indebtedness in respect thereof, so long as (A) the principal amount thereof does not exceed the principal amount of
the Indebtedness being Refinanced plus accrued and unpaid interest thereon together with any reasonable fees, premiums (including tender premiums) and expenses relating to such Refinancing and (B) such Refinancing Indebtedness is Incurred by
the same Person(s) as the Indebtedness being Refinanced; 
 (3) Purchase Money Indebtedness, Attributable Debt and Capital
Lease Obligations and Refinancing Indebtedness in respect thereof, so long as (A) the principal amount thereof does not exceed the principal amount of the Indebtedness being Refinanced plus accrued and unpaid interest thereon together with any
reasonable fees, premiums (including tender premiums) and expenses relating to such Refinancing and (B) such Refinancing Indebtedness is Incurred by the same Person(s) as the Indebtedness being Refinanced; 

(4) Indebtedness of the Company owing to and held by any Subsidiary or Indebtedness of a Subsidiary owing to and held by the
Company or any other Subsidiary; 
 (5) Indebtedness owed in respect of any overdrafts and related liabilities arising from
treasury, depository and cash management services or in connection with any automated clearinghouse transfers of funds; provided that such Indebtedness shall be repaid in full within five Business Days of the Incurrence thereof; 

(6) obligations under (i) workers’ compensation, unemployment insurance and other social security laws and
(ii) bids, trade contracts, leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and obligations of a like nature, in each case, in the ordinary course of business; 

(7) Hedging Obligations entered into other than for speculative purposes and the financing of insurance premiums; and 

(8) any other Indebtedness, so long as, after giving effect thereto, Exempted Debt does not exceed the greater of
(a) $3,650 million and (b) 2.5 times Consolidated Operating Cash Flow for the relevant Reference Period, in each case, measured as of the date of Incurrence of any such Indebtedness and any Refinancing Indebtedness in respect thereof. 

In the event that Indebtedness meets the criteria of more than one of clauses of (1) through (8) above, the Company, in its sole
discretion, shall be permitted to classify such Indebtedness (or portion thereof) at the time of its Incurrence in any manner that complies with this Section 4.03. In addition, any Indebtedness (or portion thereof) originally classified as
Incurred pursuant any of clauses (1) through (8) above may later be reclassified by the Company, in its sole discretion, such that it (or any portion thereof) shall be deemed to be Incurred pursuant to any other of such clauses to the
extent that such reclassified Indebtedness (or portion thereof) could be Incurred pursuant to such clause at the time of such reclassification. 

  
 28 

 Indebtedness Incurred under any of clauses (1) to (8) above by a Subsidiary that
subsequently becomes a Subsidiary Guarantor shall cease to be outstanding under such clause at such time such Subsidiary becomes a Subsidiary Guarantor. Subsequently, the Company may, in its sole discretion, elect to classify or re-classify such
Indebtedness as Incurred under any of clauses (1) and (8) above. 
 For purposes of this Section 4.03, (i) in
determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based upon the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred; provided, however, that if such Indebtedness is Incurred to Refinance other Indebtedness 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 Indebtedness does not exceed the amount necessary to Refinance the principal amount of such Indebtedness being Refinanced and (ii) the maximum amount of Indebtedness that the Company and its
Subsidiaries may Incur shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 
 SECTION
4.04. Change of Control. 
 (a) Upon the occurrence of a Change of Control Triggering Event, each Holder shall have the right to
require that the Company repurchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject
to the right of holders of record on the relevant record date to receive interest, if any, due on the relevant interest payment date), in accordance with the terms contemplated in Section 4.04(b). 

(b) Within 30 days following any Change of Control Triggering Event, the Company shall mail or otherwise deliver in accordance with the
applicable procedures of DTC a notice to each Holder with a copy to the Trustee (the “Change of Control Offer”) stating: 

(1) that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Company to
purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest on the relevant interest payment date); 
 (2) the circumstances and relevant facts regarding
such Change of Control Triggering Event (including information with respect to pro forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control); 

(3) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and

  
 29 

 (4) the instructions, as determined by the Company, consistent with this
Indenture and this Section 4.04, that a Holder must follow in order to have its Notes repurchased. 
 (c) Holders electing to have a
Note repurchased under this Section 4.04 will be required to surrender the Note, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders
will be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Note which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Note purchased. 

(d) On the purchase date, all Notes purchased by the Company under this Section 4.04 shall be delivered by the Company to the Trustee for
cancellation, and in accordance with Section 4.04(a), the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 

(e) Notwithstanding the foregoing provisions of this Section 4.04, the Company shall not be required to make a Change of Control Offer
following a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.04 applicable to a Change of Control
Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (f) The Company
shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes as a result of a Change of Control Triggering Event. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.04, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.04 by virtue of its compliance with such securities laws or regulations. 
 For purposes of this
Section 4.04, a distribution, directly or indirectly, of the Capital Stock of the Company by Liberty Media Corporation, Liberty Radio LLC or any of their respective Affiliates to their shareholders, or any earlier or related transaction in
furtherance thereof (as, for example, in connection with a reverse morris trust transaction or otherwise), is not a “Change of Control” under this Indenture. 

SECTION 4.05. Limitation on Liens. Neither the Company nor any Guarantor shall, and the Company shall not permit any Subsidiary to,
directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any Principal Property, whether owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than
Permitted Liens, without effectively providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. Any Lien created for the benefit of the Holders of the
Notes pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 

  
 30 

 SECTION 4.06. Limitation on Sale/Leaseback Transactions. 

(a) The Company shall not, and shall not permit any Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any Principal
Property, unless: 
 (1) the Company or any of its Subsidiaries would be allowed to create a Lien on such Principal Property
to secure debt in an amount at least equal to the Attributable Debt in respect of such Sale/Leaseback Transaction without securing the Notes pursuant to Section 4.05; or 

(2) within 360 days, the Company or any Subsidiary applies an amount equal to the net proceeds of such sale or transfer to
(A) the voluntary retirement of any Indebtedness of the Company or its Subsidiaries maturing by its terms more than one year from the date of issuance, assumption or guarantee thereof, or which is extendible or renewable at the sole option of
the obligor in such manner that it may become payable more than one year from the date of issuance, assumption or guarantee, which is senior to or ranks equally with the Notes in right of payment and owing to a Person other than the Company or any
Affiliate of the Company or (B) the purchase of additional property, and which has a fair market value at least equal to the net proceeds of such sale or transfer. 

(3) Notwithstanding the provisions of clauses (1) and (2) above, the Company and its Subsidiaries may enter into a
Sale/Leaseback Transaction in addition to those permitted by clauses (1) and (2) above, so long as, after giving effect thereto, Exempted Debt does not exceed the greater of (a) $3,650 million and (b) 2.5 times Consolidated
Operating Cash Flow for the relevant Reference Period, in each case, measured as of the closing date of such Sale/Leaseback Transaction. 

(b) For purposes of this Section 4.06, (i) in determining compliance with any U.S. dollar-denominated restriction on the entering
into of any Sale/Leaseback Transaction, the U.S. dollar-equivalent principal amount of Attributable Debt denominated in a foreign currency shall be calculated based upon the relevant currency exchange rate in effect on the date such Attributable
Debt in respect of such Sale/Leaseback Transaction was Incurred; provided, however, that if such Attributable Debt is Incurred to Refinance other Attributable 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 Attributable Debt does not exceed the amount necessary to Refinance the principal amount of such Attributable Debt being Refinanced and (ii) the maximum amount of Attributable Debt that the Company or
any Subsidiary may Incur in respect of any Sale/Leaseback Transaction shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

  
 31 

 SECTION 4.07. Compliance Certificate. The Company shall deliver to the Trustee within 120
days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether
or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. 

The Company shall deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the
occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which
the Company proposes to take with respect thereto. 
 SECTION 4.08. Further Instruments and Acts. Upon request of the Trustee, or as
otherwise necessary, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

ARTICLE 5 
 Successor
Company 
 SECTION 5.01. When Company May Merge or Transfer Assets. The Company shall not consolidate with or merge with or into,
or convey, transfer, lease, assign or otherwise dispose of, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person, unless: 

(1) the resulting, surviving or transferee Person (the “Successor Company”) shall be a Person organized and
existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by agreements, executed and delivered to the Trustee, in form satisfactory
to the Trustee, all the obligations of the Company under the Notes and this Indenture; 
 (2) immediately after giving pro
forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by such Successor Company or such Subsidiary at the
time of such transaction), no Default shall have occurred and be continuing; and 
 (3) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

In addition, the Company will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its
Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 

  
 32 

 This Section 5.01 will not apply to a consolidation, merger, sale, assignment, transfer,
conveyance or other disposition of properties or assets between or among the Company and any of its Subsidiaries. 
 For purposes of this
Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company
instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.

 The Successor Company shall be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of and interest on the Notes. 

ARTICLE 6 
 Defaults and
Remedies 
 SECTION 6.01. Events of Default. Each of the following is an “Event of Default”: 

(1) a default in any payment of interest on any Note when the same becomes due and payable, and such default continues for a
period of 30 days; 
 (2) (A) a default in the payment of the principal of any Note when the same becomes due and payable at
its Stated Maturity, upon optional redemption, upon declaration of acceleration or otherwise, or (B) the failure by the Company to purchase Notes when required pursuant to this Indenture or the Notes; 

(3) the failure by the Company to comply with Section 5.01; 

(4) the failure by the Company to comply with Section 4.02, 4.04 or 4.05 (other than a failure to purchase Notes when
required under Section 4.04) and such failure continues for 30 days after the notice specified in the second to last paragraph of this Section 6.01 below; 

(5) the failure by the Company to comply with any of its agreements contained in the Notes or this Indenture (other than those
referred to in clause (1), (2), (3) or (4) above (or a failure to give notice described in clause (4) above)) and such failure continues for 60 days after the notice specified in the second to last paragraph of this Section 6.01
below; 
 (6) Indebtedness of the Company or any Significant Subsidiary (other than with respect to the Notes) is not paid
within any applicable grace period after final maturity or is accelerated by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds $75 million, or its foreign currency equivalent at the
time; 

  
 33 

 (7) the Company or any Significant Subsidiary pursuant to or within the meaning
of any Bankruptcy Code: 
 (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 any substantial part of its property; or 

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

or takes any comparable action under any foreign laws relating to insolvency; 

(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Code that: 

(A) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(B) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 

(C) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; 

(9) any final, nonappealable judgment or decree for the payment of money which, when taken together with all other final,
nonappealable judgments or decrees for the payment of money, causes the aggregate amount of such judgments or decrees entered against the Company or any Significant Subsidiary to exceed $75 million (net of any amounts with respect to which an
insurance company has acknowledged liability in writing), remains outstanding for a period of 60 consecutive days following such judgment and is not discharged, waived or stayed; or 

(10) any Subsidiary Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the
terms of this Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Subsidiary Guarantee. 

  
 34 

 The foregoing will constitute Events of Default whatever the reason for any such Event of Default
and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Code” means Title 11, United States Code, or any similar Federal or state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Code. 

A Default under clauses (4) or (5) is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount
of the outstanding Notes notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default”. 
 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice
in the form of an Officers’ Certificate of any Event of Default under clause (6) and any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), (5) or (9), its status and what
action the Company is taking or proposes to take with respect thereto. 
 SECTION 6.02. Acceleration. If an Event of Default (other
than an Event of Default specified in Section 6.01(7) or (8) with respect to the Company) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Notes
by written notice to the Company and the Trustee, may declare the principal of and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. In the
event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(6) with respect to other Senior Indebtedness has occurred and is continuing, the declaration of acceleration of the Notes shall be
automatically annulled if the Event of Default or payment default triggering such Event of Default pursuant to Section 6.01(6) shall be remedied or cured by the Company or a Subsidiary of the Company or waived by the holders of the relevant
Indebtedness within 20 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction, and
(2) all existing Defaults or 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. If an Event of Default specified in
Section 6.01(7) or (8) with respect to the Company occurs, the principal of and interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or
any Noteholders. The Holders of a majority in principal amount of the outstanding Notes by written notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all
existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

  
 35 

 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 or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Noteholder 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. No remedy is exclusive of any
other remedy. All available remedies are cumulative. 
 SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in principal
amount of the Notes by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or
purchase any Note when required pursuant to this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder affected. When a Default is waived, it is deemed cured,
but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by
Majority. The Holders of a majority in principal amount of the Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to
indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of principal, premium (if any) or interest when due,
no Noteholder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (1) the Holder delivers to the
Trustee written notice stating that an Event of Default is continuing; 
 (2) the Holders of at least 25% in principal amount
of the Notes make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to and, if
accepted, provide the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 

(4) the Trustee does not comply with the request within 60 days after receipt of the request and the Trustee has received an
offer of and, if accepted, has been provided security or indemnity satisfactory to it; and 

  
 36 

 (5) the Holders of a majority in principal amount of the Notes do not give the
Trustee a direction inconsistent with the request thereof during such 60-day period. 
 A Noteholder may not use this Indenture to prejudice
the rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to
such Noteholders). In the event that the Definitive Notes are not issued to any beneficial owner promptly after the Registrar has received a request from the Holder of a Global Note to issue such Definitive Notes to such beneficial owner of its
nominee, the Company expressly agrees and acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial holder of Notes to pursue such remedy with respect to the portion of the
Global Note that represents such beneficial holder’s Notes as if such Definitive Notes had been issued. 
 SECTION 6.07. Rights of
Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective due dates expressed in the
Notes, 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. 

SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.07. 
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Noteholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments
to the Trustee and, in the event that the Trustee shall consent in writing to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10. Priorities. If
the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

THIRD: to the Company. 

  
 37 

 The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to
this Section. At least 15 days before such record date, the Company shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

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

SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law had been enacted. 
 SECTION 6.13. Sole Remedy for Failure to Report. Notwithstanding any
other provision of this Indenture, the sole remedy for an Event of Default relating to the failure of the Company to comply with its agreements under Section 4.02(a) of this Indenture will for the 180 calendar days after the occurrence of such
an Event of Default consist exclusively of the right to receive additional interest (“Reporting Additional Interest”) on the principal amount of the Notes at a rate equal to 0.50% per annum. This Reporting Additional Interest
will be payable in the same manner and on the same interest payment dates and subject to the same terms as other interest payable under this Indenture. Reporting Additional Interest will accrue on all outstanding Notes from and including the date on
which such Event of Default relating to a failure to comply with Section 4.02(a) first occurs to but not including the 180th calendar day thereafter (or such earlier date on which the Event of Default relating to a failure to comply with
Section 4.02(a) shall have been cured or waived). On such 180th calendar day (or such earlier date on which the Event of Default relating to a failure to comply with Section 4.02(a) shall have been cured or waived), such Reporting
Additional Interest will cease to accrue and on such 180th calendar day the Notes will be subject to acceleration and other remedies as provided in this Article 6 if the Event of Default is continuing. For the avoidance of doubt, the provisions of
this Section 6.13 will not affect the rights of Holders in the event of the occurrence of any other Event of Default. For the further avoidance of doubt, the Reporting Additional Interest shall not begin accruing until the Company fails to
comply with Section 4.02(a) for a period of 60 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of
outstanding Notes. 

  
 38 

 ARTICLE 7 

Trustee 
 SECTION 7.01.
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in its exercise of those rights and powers 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 Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture 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 certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine the certificates and opinions 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 liability for its own negligent action, its own negligent failure to act or its
own willful misconduct, except that: 
 (1) this paragraph (c) does not limit the effect of paragraph (b) of this
Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless
it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

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

  
 39 

 (g) The Trustee may refuse to perform any duty or exercise any right or power or extend or risk
its own funds or otherwise incur any financial liability unless it receives indemnity reasonably satisfactory to it against any loss, liability or expense which might be incurred by it. 

(h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.01. 
 SECTION 7.02. Rights of Trustee. 

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

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act directly or indirectly through agents or attorneys and shall not be responsible for the misconduct or negligence of any
agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

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

(f) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a written request or direction from the Company
or a Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (g) The Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered and, if accepted, provided to the
Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

  
 40 

 (h) The Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(i) In no event shall the Trustee be responsible or liable for special, 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 shall not be deemed to have notice of any Default 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 is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

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

(l) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture; and 
 (m) Neither the Trustee in its individual capacity, nor any of its
owners, beneficiaries, agents, officers, directors, employees, affiliates, successors or assigns will, in the absence of an express agreement to the contrary, be personally liable for the payment of any amounts required to be paid under the Notes or
for the agreements of the Company contained herein. 
 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 Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the
same with like rights. However, the Trustee must comply with Section 7.10. 
 SECTION 7.04. Trustee’s Disclaimer. The
recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use or application of the proceeds from the Notes, and it shall not be
responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication or the determination as to which beneficial
owners are entitled to receive any notices hereunder. 

  
 41 

 SECTION 7.05. Notice of Defaults. If a Default occurs, is continuing and is known to the
Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after it occurs or, if later, within 15 days after it is known to the Trustee, unless such Default has been cured or waived before the giving of such notice.
Except in the case of a Default in the payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note, if any), 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 not opposed to the interest of the Noteholder. 
 SECTION
7.06. Reports by Trustee to Holders. Within 60 days after each January 15 beginning with the January 15 following the date of this Indenture, and in any event prior to January 15 in each year, the Trustee shall mail to each
Noteholder a brief report dated as of such January 15. 
 A copy of each report at the time of its mailing to Noteholders shall be
filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Company agrees to promptly notify the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof. 

SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services as
the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts. 
 The Company agrees to indemnify and hold harmless the Trustee, the respective
affiliates of the Trustee, any predecessor Trustee, and the respective officers, directors, employees, agents (including, without limitation each of their counsel), and controlling persons of the Trustee, and each such affiliate (each, an
“Indemnified Party”) from and against any and all claims, actions and suits whether groundless or otherwise, and from and against any and all liabilities, losses, damages and costs and expenses (including, without limitation, the
reasonable fees and disbursements of counsel and with respect to the Trustee, reasonably allocated costs and expenses of in-house counsel and legal staff) of every nature and character arising out of or in connection with any actual or threatened
claim, litigation, investigation or proceeding relating to this Indenture or the transactions contemplated hereby (other than any such actions or expenses resulting, as determined by a final order of a court of competent jurisdiction, from the gross
negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder), in each case including, without limitation, the reasonable fees and disbursements of counsel and allocated costs of in-house counsel and legal staff
incurred in connection with any such claim investigation, litigation or other proceeding whether or not such Indemnified Party is a party thereto, and the Company agrees to reimburse each Indemnified Party, upon demand, for all out-of-pocket costs
and expenses (including, without limitation, the reasonable fees and disbursements of counsel and with respect to the Trustee, reasonably allocated costs and expenses of in-house counsel and legal staff) incurred in connection with any of the
foregoing. 

  
 42 

 
In litigation, or the preparation therefor, the Indemnified Parties shall each be entitled to select their own counsel and, in addition to the foregoing indemnity, the Company agrees to pay
promptly the reasonable fees and expenses of such counsel. If, and to the extent that the obligations of the Company under this Section 7.07 are unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the
payment in satisfaction of such obligations which is permissible under applicable law. 
 The Company shall not make any claim against any
Indemnified Party for any special, indirect, punitive or consequential damages in respect of any breach or wrongful conduct (whether the claim therefor is based in contract, tort or duty imposed by law) in connection herewith, arising out of or in
any way related to the transactions contemplated hereby, or any act, omission or event occurring in connection herewith, and hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether
or not known or suspected to exist in the Company’s favor. 
 The covenants contained in this Section 7.07 shall survive payment
or satisfaction in full of all other of the Obligations under this Indenture. 
 To secure the Company’s payment obligations in this
Section, the Trustee shall have a lien on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Company’s payment obligations pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal
of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(7) or (8) with respect to the Company, the expenses, including the reasonable charges and expenses of its counsel, are intended to
constitute expenses of administration under the Bankruptcy Code. 
 SECTION 7.08. Replacement of Trustee. The Trustee may resign at
any time by so notifying the Company, the Paying Agent and the Holders. The Holders of a majority in principal amount of the Notes at the time outstanding may remove the Trustee by so notifying the Trustee and the Company in writing and may appoint
a successor Trustee. The Company shall remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged bankrupt or insolvent; 

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

(4) the Trustee otherwise becomes incapable of acting. 

No resignation or removal of the Trustee shall be effective until a successor Trustee has been appointed. The Company may appoint a temporary
trustee until the appointment of such successor Trustee. If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or
if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 

  
 43 

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee upon the repayment of all the retiring Trustee’s fees and expenses then due and payable and,
subject to the lien provided for in Section 7.07. 
 If a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, at the Company’s expense, or the Holders of 10% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Noteholder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the
Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition. 
 SECTION 7.11. Trustee’s Application for Instructions from the
Company. Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in
such 

  
 44 

 
application (which date shall not be less than three Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in
writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or
omitted. 
 ARTICLE 8 

Discharge of Indenture; Defeasance 

SECTION 8.01. Discharge of Liability on Notes; Defeasance. 

(a) When (1) the Company delivers to the Trustee all outstanding Notes (other than Notes replaced pursuant to Section 2.07) for
cancellation or (2) all outstanding Notes have become due and payable, or will become due and payable within one year, in either case, whether at maturity or on a redemption date as a result of the mailing or delivery in accordance with the
applicable procedures of DTC of a notice of redemption pursuant to Article 3 hereof or otherwise and the Company or a Subsidiary Guarantor irrevocably deposits with the Trustee funds or U.S. Government Obligations sufficient to pay at maturity or
upon redemption all outstanding Notes, including interest thereon to maturity or such redemption date (other than Notes replaced pursuant to Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company,
then this Indenture shall, subject to Section 8.01(c), cease to be of further effect with respect to all the outstanding Notes. The Trustee shall join in the execution of a document prepared by the Company acknowledging satisfaction and
discharge of this Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

(b) Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all its obligations under the Notes and this Indenture
(“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05 and 4.06 and the operation of Sections 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) (but, in the case of Sections
6.01(7) and (8), with respect only to Significant Subsidiaries) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 

If the Company exercises its legal defeasance option, (i) payment of the Notes may not be accelerated because of an Event of Default with
respect thereto and (ii) the Note Guarantees in effect at such time of exercise will terminate. If the Company exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in
Sections 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) (but, in the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries). 

Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge
of those obligations that the Company terminates. 

  
 45 

 (c) Notwithstanding clauses (a) and (b) above, the Company’s obligations in
Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 7.07 and 8.05 shall survive. 

SECTION 8.02. Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option only if:

 (1) the Company or a Guarantor irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the
payment of principal of and interest on the Notes to redemption or maturity, as the case may be; 
 (2) the Company delivers
to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest, when due and without reinvestment, on the deposited U.S. Government Obligations, plus any
deposited money without investment, will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Notes to maturity or redemption, as the case may be; 

(3) 123 days pass after the deposit is made and during the 123-day period no Default specified in Sections 6.01(7) or
(8) with respect to the Company occurs which is continuing at the end of the period; 
 (4) the deposit does not
constitute a default under any other agreement binding on the Company; 
 (5) the Company delivers to the Trustee an Opinion
of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended; 

(6) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel (subject
to customary exceptions and exclusions) stating that (A) the Company 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 Noteholders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit
and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 

(7) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel
(subject to customary exceptions and exclusions) to the effect that the Noteholders will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 

  
 46 

 (8) the Company delivers to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes as contemplated by this Article 8 have been complied with. 

Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in
accordance with Article 3. 
 SECTION 8.03. Application of Trust Money. Subject to Section 8.04, the Trustee shall hold in trust
money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Notes. 
 SECTION 8.04. Repayment to Company. Each of the Trustee and
the Paying Agent shall pay to the Company upon written request any excess money, U.S. Government Obligations or securities held by them at any time. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money
held by them for the payment of principal or interest with respect to the Notes that remains unclaimed for two years, and, thereafter, Noteholders entitled to the money must look to the Company for payment as general creditors, unless an applicable
abandoned property law designates another person and the Trustee and the Paying Agent shall have no further liability to the Holders with respect to such money for that period commencing after the return thereof. 

SECTION 8.05. Indemnity for Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article 8 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 Company’s obligations under this Indenture,
and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations
in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Company 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. 

  
 47 

 ARTICLE 9 

Amendments 
 SECTION 9.01.
Without Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture, the Notes or the Note Guarantees without notice to or consent of any Noteholder: 

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

(2) to comply with Article 5; 

(3) 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; 
 (4) to add Guarantees
with respect to the Notes, including any Subsidiary Guarantees, or to secure the Notes; 
 (5) to add to the covenants of the
Company or any of its Subsidiaries for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or any of its Subsidiaries; 

(6) to make any change that does not adversely affect the rights of any Noteholder; 

(7) to release a Guarantor from its obligations under its Guarantee or this Indenture in accordance with the applicable
provisions of this Indenture; 
 (8) to conform the text of this Indenture, the Notes or the Note Guarantees to any provision
in the Offering Memorandum under the heading “Description of notes”; or 
 (9) to make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes; provided, however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any
other applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Notes. 

After an amendment under this Section becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The
failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

SECTION 9.02. With Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture, the Notes or the Note
Guarantees with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) and any past default or
compliance with any provisions may also be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the
Notes). However, without the consent of each Noteholder affected thereby, an amendment or waiver may not, among other things: 

  
 48 

 (1) reduce the amount of Notes whose Holders must consent to an amendment; 

(2) reduce the rate of or extend the time for payment of interest on any Note; 

(3) reduce the principal of or change the Stated Maturity of any Note; 

(4) reduce the amount payable upon the redemption of any Note or change the time at which any Note may be redeemed as described
in Article 3 hereto or paragraph 6 of the Notes; 
 (5) make any Note payable in money other than that stated in the Note;

 (6) make any changes in the ranking or priority of any Note that would adversely affect the Noteholders; 

(7) make any change in Section 6.04 or 6.07 or this second sentence of this Section 9.02; 

(8) impair the right of any holder of the Notes to receive payment of principal of and interest on such holder’s Notes on
or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; or 

(9) release any Guarantor from its Guarantee under this Indenture except in accordance with this Indenture. 

It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02 becomes effective,
the Company shall mail to Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 

SECTION 9.03. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent
Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the written notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes
effective, it shall bind every Noteholder. An amendment or waiver becomes effective upon (i) receipt by the Company or the Trustee of consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions
to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) the execution of such amendment or waiver by the Trustee. 

  
 49 

 The Company may, but shall not be obligated to, fix a record date for the purpose of determining
the Noteholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those
Persons who were Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.04. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Trustee or the
Company may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines,
the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 

SECTION 9.05. Trustee To Sign Amendments. The Trustee shall sign any amendment, supplement or waiver to this Indenture authorized
pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive
indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is
authorized or permitted by this Indenture. 
 SECTION 9.06. Payment for Consent. Neither the Company nor any Affiliate of the Company
shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or
the Notes unless such consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 

ARTICLE 10 
 Guarantee 

SECTION 10.01. Guarantee. 

(a) Subject to this Article 10, each of the Guarantors shall, jointly and severally, unconditionally guarantee 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 Company hereunder or thereunder, that: 

  
 50 

 (1) the principal of, premium and interest 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 and interest on the Notes, if any, if lawful, and all other obligations of the Company 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. 
 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 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 of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, 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 Company, any right to require a proceeding first against the Company, 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 Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company 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 this Note Guarantee. 

  
 51 

 SECTION 10.02. 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 this Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Code, 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 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 10, result in the Obligations of such Guarantor under its Note
Guarantee not constituting a fraudulent transfer or conveyance. 
 SECTION 10.03. Delivery of Note Guarantee. 

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 or any supplemental indenture on behalf of the Guarantors. Neither the Company nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee or any such release, termination or discharge
thereof. 
 In the event that a Subsidiary that is not a Guarantor Incurs Indebtedness, and does not do so pursuant to Section 4.03 of
this Indenture, the Company will cause such Subsidiary to comply with the provisions of Section 10.6 and this Article 10 and become a Guarantor hereunder. 

SECTION 10.04. Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Person that becomes a Guarantor may at any time on or after the date hereof sell
or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless immediately
after giving effect to such transaction, no Default or Event of Default exists. 
 Except as set forth in Articles 4 and 5 hereof, and
notwithstanding this Section 10.04, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
 The Trustee, subject to the
provisions of Section 11.03 hereof, will receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption of Obligations, comply with the
provisions of this Section 10.04 hereof. Such certificate and opinion will comply with the provisions of Section 11.04. 

  
 52 

 SECTION 10.05. Releases 

(a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation
or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Company or a Subsidiary of the Company, then such
Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its
Note Guarantee. 
 (b) If the legal defeasance option is exercised or this Indenture is otherwise discharged in accordance with Article 8
hereof, each Guarantor will be released and relieved of any obligations under its Note Guarantee. 
 Any Guarantor not released from its
obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 10. 
 SECTION 10.06. Addition of Guarantors. 

If the Company is required to cause a Subsidiary to become a Guarantor pursuant to Section 10.03, the Company will cause such Subsidiary
to (1) reasonably promptly execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit 1 hereto pursuant to which such Subsidiary will unconditionally Guarantee all of the Company’s Obligations under
the Notes on the terms set forth in this Indenture and (2) deliver to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee that such supplemental indenture has been duly executed and delivered by such Subsidiary;
provided, however, that if any such new Guarantor is an FCC License Subsidiary, it shall become a Guarantor hereunder only to the extent permitted under applicable law, rules or regulations, including rules and regulations of the Federal
Communications Commission. 
 ARTICLE 11 

Miscellaneous 
 SECTION
11.01. Notices. Unless otherwise specified herein, any notice or communication given pursuant to this Indenture shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) in person or
mailed by first-class mail by a courier guaranteeing overnight delivery, sent to a party and its legal counsel at the address set forth below for such party and its legal counsel hereto, with a copy of such communication being sent via email to the
email addresses set forth below for such party and its legal counsel. 

  
 53 

 If to the Company: 

Sirius XM Radio Inc. 
 1221 Avenue
of the Americas, 36th Floor 
 New York, NY 10020 

Attention: Patrick L. Donnelly 

Email: patrick.donnelly@siriusxm.com 

with a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, NY 10017 
 Attention:
Andrew R. Keller, Esq. 
 Email: akeller@stblaw.com 

if to the Trustee: 
 U.S. Bank Corporate Trust
Services 
 100 Wall Street, Suite 1600 

New York, NY 10005 
 Attention:
Hazrat “Ray” Haniff 
 Email: hazrat.haniff@usbank.com 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Noteholder shall be mailed to the Noteholder at the Noteholder’s address as it appears on
the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice
or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. 
 SECTION 11.02.
Communication by Holders with Other Holders. Noteholders may communicate with other Noteholders with respect to their rights under this Indenture or the Notes. 

SECTION 11.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to
take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee, if requested by the Trustee: 

  
 54 

 (1) an Officers’ Certificate in form and substance reasonably satisfactory
to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. 

SECTION 11.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include: 
 (1) a statement that the individual 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 individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

SECTION 11.05. When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Also,
subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 
 SECTION 11.06. Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

SECTION 11.07. Legal Holidays. If a payment date or redemption date is a Legal Holiday, payment shall be made on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on any amount that would have been otherwise payable on such payment date or redemption date if it were not a legal holiday for the intervening period. If a regular record date is a Legal
Holiday, the record date shall not be affected. 

  
 55 

 SECTION 11.08. Governing Law, Submission to Jurisdiction. This Indenture and the Notes
shall be governed by, and construed in accordance with, the laws of the State of New York. 
 The Company submits to the non-exclusive
jurisdiction of the courts of the State of New York and the courts of the United States of America, in each case located in the Borough of Manhattan, New York, New York over any suit, action or proceeding arising under or in connection with this
Indenture or the transactions contemplated hereby or the Notes or the Note Guarantees. The Company waives, to the fullest extent permitted by applicable law, any objection that it may have to the venue of any suit, action or proceeding arising under
or in connection with this Indenture or the transactions contemplated hereby or the Notes or the Note Guarantees in the courts of the State of New York or the courts of the United States of America, in each case located in the Borough of Manhattan,
New York, New York, or that such suit, action or proceeding brought in the courts of the State of New York or the courts of the United States of America, in each case located in the Borough of Manhattan, New York, New York, was brought in an
inconvenient court and agrees not to plead or claim the same. 
 SECTION 11.09. No Recourse Against Others. No director, officer,
employee or stockholder, as such, of the Company or any of its Subsidiaries shall have any liability for any obligations of the Company, any of its Subsidiaries or any Guarantor under the Notes or this Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation. By accepting a Note, each Noteholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 

SECTION 11.10. Successors. All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of
the Trustee in this Indenture shall bind its successors. 
 SECTION 11.11. Multiple Originals. The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 

SECTION 11.12. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 11.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 11.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, 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

  
 56 

 
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. 

  
 57 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above. 
  

			
	SIRIUS XM RADIO INC.
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary
	
	SATELLITE CD RADIO LLC
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	SIRIUS XM CONNECTED VEHICLE SERVICES INC.
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary
	
	SIRIUS XM CONNECTED VEHICLE SERVICES HOLDINGS INC.
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary
	
	XM 1500 ECKINGTON LLC
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	 Executive Vice President, General Counsel
 and
Secretary

 [Sirius XM Radio Inc. Indenture] 

 
			
	XM INVESTMENT LLC
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary
	
	XM RADIO LLC
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary
	
	XM EMALL INC.
		
	By:	 	 /s/ Patrick L. Donnelly

	Name:	 	Patrick L. Donnelly
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary

 [Sirius XM Radio Inc. Indenture] 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above. 
  

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Hazrat R. Haniff

	Name:	 	Hazrat R. Haniff
	Title:	 	Assistant Vice President

 [Sirius XM Radio Inc. Indenture] 

 RULE 144A/REGULATION S/IAI APPENDIX 

PROVISIONS RELATING TO THE NOTES 

1. Definitions. 
 1.1.
Definitions. 
 For the purposes of this Appendix the following terms shall have the meanings indicated below: 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Regulation S Temporary
Global Note or beneficial interest therein, the rules and procedures of the Depository for such a Regulation S Temporary Global Note, to the extent applicable to such transaction and as in effect from time to time. 

“Definitive Note” means a certificated Note bearing, if required, the appropriate restricted securities legend
set forth in Section 2.3(e). 
 “Depository” means The Depository Trust Company, its nominees and their
respective successors. 
 “Distribution Compliance Period”, with respect to any Notes, means the period of
40 consecutive days beginning on and including the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the
issue date with respect to such Notes. 
 “IAI” means an institutional “accredited investor”, as
defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act. 
 “Initial
Purchasers” means (1) with respect to the Notes issued on the Issue Date, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., Goldman, Sachs & Co., SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital
Markets, LLC, Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., and (2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related
Purchase Agreement. 
 “Notes” means the 5.375% Senior Notes due 2026. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository), or any
successor Person thereto and shall initially be the Trustee. 

 “Purchase Agreement” means (1) with respect to the Notes
issued on the Issue Date, the Purchase Agreement dated May 18, 2016, among the Company and the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among the
Company and the Person(s) purchasing such Additional Notes. 
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
 “Rule 144A Notes” means all Notes offered and sold to QIBs in
reliance on Rule 144A. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Transfer Restricted Notes” means Notes that bear or are required to bear the legend relating to restrictions
on transfer relating to the Securities Act set forth in Section 2.3(e) hereto. 
 1.2. Other Definitions 

 

			
	 Term
	  	Defined In Section:
	 “Agent Members”
	  	2.1(b)
	 “Global Notes”
	  	2.1(a)
	 “IAI Global Note”
	  	2.1(a)
	 “Regulation S”
	  	2.1(a)
	 “Regulation S Global Note”
	  	2.1(a)
	 “Regulation S Permanent Global Note”
	  	2.1(a)
	 “Regulation S Temporary Global Note”
	  	2.1(a)
	 “Rule 144A”
	  	2.1(a)
	 “Rule 144A Global Note”
	  	2.1(a)

 2. The Notes. 

2.1. (a) Form and Dating. The Notes will be offered and sold by the Company pursuant to a Purchase Agreement. The Notes will be
resold initially only to (i) Persons that the Initial Purchasers reasonably believe to be QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S)
in reliance on Regulation S under the Securities Act (“Regulation S”). The Notes may thereafter be transferred to, among others, QIBs, IAIs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth
herein. The Notes initially resold (A) pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively, the “Rule 144A Global Note”); (B) to
IAIs shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively, the “IAI Global Note”); and (C) pursuant to Regulation S shall be issued initially in the form of one
or more Regulation S temporary global Notes in registered, global form (collectively, the “Regulation S Temporary Global Note”), and in each of cases (A), (B) and (C) without interest coupons and with the global securities legend
and the applicable restricted 

  
 2 

 
securities legends set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of the
Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. Except as set forth in this Section 2.1(a), beneficial ownership interests in the Regulation S Temporary
Global Note will not be exchangeable for interests in the Rule 144A Global Note, the IAI Global Note, a permanent global Note (the “Regulation S Permanent Global Note,” and together with the Regulation S Temporary Global Note, the
“Regulation S Global Note”), or any other Note prior to the expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note,
an IAI Global Note, the Regulation S Permanent Global Note or a Definitive Note only upon certification in form reasonably satisfactory to the Trustee that (i) beneficial ownership interests in such Regulation S Temporary Global Note are owned
either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities Act and (ii) in the case of an exchange for an IAI Global Note, certification that the interest in
the Regulation S Temporary Global Note is being transferred to an institutional “accredited investor” under the Securities Act that is an institutional accredited investor acquiring the securities for its own account or for the account of
an institutional accredited investor. 
 Following the termination of the Distribution Compliance Period, beneficial interests in the
Regulation S Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the
Trustee will cancel the Regulation S Temporary Global Note. 
 Beneficial interests in Regulation S Global Notes (after the Distribution
Compliance Period) or IAI Global Notes may be exchanged for interests in Rule 144A Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A and (2) the transferor of the beneficial
interest in the Regulation S Global Note or the IAI Global Note, as applicable, first delivers to the Trustee a written certificate (in a form satisfactory to the Trustee) to the effect that the beneficial interest in the Regulation S Global Note or
the IAI Global Note, as applicable, is being transferred to a Person (a) who the transferor reasonably believes to be a QIB, (b) purchasing for its own account or the account of a QIB in a transaction meeting the requirements of Rule 144A,
and (c) in accordance with all applicable securities laws of the States of the United States and other jurisdictions. 
 Beneficial
interests in Regulation S Global Notes (after the Distribution Compliance Period) and Rule 144A Global Notes may be exchanged for an interest in IAI Global Notes if (1) such exchange occurs in connection with a transfer of the securities in
compliance with an exemption under the Securities Act and (2) the transferor of the Regulation S Global Note or Rule 144A Global Note, as applicable, first delivers to the Trustee a written certificate (substantially in the form of Exhibit 2
hereto) to the effect that (A) the Regulation S Global Note or Rule 144A Global Note, as applicable, is being transferred (a) to an “accredited investor” within the meaning of 501(a)(1), (2), (3) and (7) under the
Securities Act that is an institutional investor acquiring the securities for its own account or for the account of such an 

  
 3 

 
institutional accredited investor, in each case in a minimum principal amount of the securities of $250,000, for investment purposes and not with a view to or for offer or sale in connection with
any distribution in violation of the Securities Act and (B) in accordance with all applicable securities laws of the States of the United States and other jurisdictions. 

Beneficial interests in a Rule 144A Global Note or an IAI Global Note may be transferred to a Person who takes delivery in the form of an
interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in this Indenture) to the effect
that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (as applicable) and that, if such transfer occurs prior to the expiration of the Distribution Compliance Period, the interest transferred will be held
immediately thereafter through Euroclear or Clearstream. 
 The Rule 144A Global Note, the IAI Global Note, the Regulation S Temporary
Global Note and the Regulation S Permanent Global Note are collectively referred to herein as “Global Notes”. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depository or its nominee as hereinafter provided. 
 (b) Book-Entry Provisions. This
Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depository. 
 The Company shall execute and the
Trustee shall, in accordance with this Section 2.1(b) and Section 2.2, authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the Depository for such Global Note or Global Notes or the
nominee of such Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as
the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in
any Global Note. 
 (c) Definitive Notes. Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of
beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

  
 4 

 2.2. Authentication. The Trustee shall authenticate and deliver: (1) on the Issue
Date, 5.375% Senior Notes due 2026 with an aggregate principal amount of $1,000,000,000 and (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to
Section 2.02 of this Indenture, in each case upon a written order of the Company signed by one Officer. Such order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be
authenticated. 
 2.3. Transfer and Exchange. (a) Transfer and Exchange of Definitive Notes. When Definitive Notes are
presented to the Registrar with a request: 
 (i) to register the transfer of such Definitive Notes; or 

(ii) to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized
denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Notes surrendered for transfer or exchange: 
 (1) shall be duly endorsed
or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(2) if such Definitive Notes are required to bear a restricted securities legend, they are being transferred or exchanged
pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as
applicable: 
 (A) if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the
name of such Holder, without transfer, a written certification from such Holder to that effect; or 
 (B) if such
Definitive Notes are being transferred to the Company, a written certification to that effect; or 
 (C) if such
Definitive Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the
Securities Act: (i) a written certification to that effect (in the form set forth on the reverse of the Note) and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance
with the restrictions set forth in the legend set forth in Section 2.3(d)(i). 
 (b) Restrictions on Transfer of a Definitive
Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Rule 144A Global Note, an IAI Global Note or a Regulation S Permanent Global Note except upon satisfaction of the requirements
set forth below; provided that in no event shall Definitive Notes 

  
 5 

 
be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Distribution Compliance Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the
Trustee, together with: 
 (i) certification, in the form set forth on the reverse of the Note, that such Definitive
Note is either (A) being transferred to a QIB in accordance with Rule 144A, (B) being transferred to an IAI or (C) being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Note
in reliance on Regulation S to a buyer who elects to hold its interest in such Note in the form of a beneficial interest in the Regulation S Permanent Global Note; and 

(ii) written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its
books and records with respect to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)), IAI Global Note (in the case of a transfer pursuant to clause (b)(1)(B)) or Regulation S Permanent Global Note (in the case of a
transfer pursuant to clause (b)(i)(C)) to reflect an increase in the aggregate principal amount of the Notes represented by the Rule 144A Global Note, IAI Global Note or Regulation S Permanent Global Note, as applicable, such instructions to contain
information regarding the Depository account to be credited with such increase, 
 then the Trustee shall cancel such Definitive Note and cause, or direct
the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note, IAI Global Note or
Regulation S Permanent Global Note, as applicable, to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a
beneficial interest in the Rule 144A Global Note, IAI Global Note or Regulation S Permanent Global Note, as applicable, equal to the principal amount of the Definitive Note so canceled. If no Rule 144A Global Notes, IAI Global Notes or Regulation S
Permanent Global Notes, as applicable, are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate of the Company, a new Rule 144A Global Note, IAI
Global Note or Regulation S Permanent Global Note, as applicable, in the appropriate principal amount. 
 (c) Transfer and Exchange
of Global Notes. (i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if
any) and the procedures of the Depository therefor; provided, however, that prior to the expiration of the Distribution Compliance Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance with the

  
 6 

 
Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Note. The Registrar shall, in
accordance with such instructions instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the beneficial
interest in the Global Note being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest
in one Global Note to a beneficial interest in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount
equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being
transferred. 
 (iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in
Section 2.4), a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such
nominee to a successor Depository or a nominee of such successor Depository. 
 (iv) In the event that a Global Note is
exchanged for Definitive Notes pursuant to Section 2.4 of this Appendix, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the
certification requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as
may from time to time be adopted by the Company. 
 (d) Restrictions on Transfer of Regulation S Temporary Global Notes. During
the Distribution Compliance Period, beneficial ownership interests in Regulation S Temporary Global Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Company, (ii) in an
offshore transaction in accordance with Regulation S (other than a transaction resulting in an exchange for an interest in a Regulation S Permanent Global Note), (iii) pursuant to an effective registration statement under the Securities Act, in
each case in accordance with any applicable securities laws of any State of the United States. Further, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes
delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Distribution Compliance Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities
Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

  
 7 

 (e) Legend. (i) Except as permitted by the following paragraph (ii), each Note
certificate evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. 
 Each Transfer Restricted Note shall also bear the following additional legend: 

THE SECURITY (OR ITS PREDECESSOR) 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 SECURITY 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 SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER
THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES AND IAI NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES:
40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (1) (a) FOR SO LONG AS THE NOTES ARE
ELIGIBLE FOR RESALE UNDER RULE 144A, TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL 

  
 8 

 
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (c) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a) (1), (2), (3) OR
(7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE
TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO SIRIUS XM RADIO INC. THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (e) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF SIRIUS XM RADIO INC. SO REQUESTS), (2) TO SIRIUS XM RADIO INC. OR (3) 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
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 Each Regulation S Temporary Global Note shall bear the
following additional legend: 
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING
ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 Each Definitive Note shall also bear the
following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

(ii) Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a
Global Note) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a certificated Note that does not bear the legend set forth above and rescind any restriction
on the transfer of such Transfer Restricted Note, if the transferor thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the
Note). 

  
 9 

 (f) Cancellation or Adjustment of Global Note. At such time as all beneficial
interests in a Global Note have either been exchanged for Definitive Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such
cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the
books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 

(g) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given
to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository 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 Depository subject to the applicable rules and procedures of the Depository. The Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the
Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
among Depository participants, members or beneficial owners 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. 

2.4. Definitive Notes. 

(a) A Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1
shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal 

  
 10 

 
amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof and (i) the Depository notifies the Company that it is unwilling or
unable to continue as Depository for such Global Note and the Depository fails to appoint a successor depository or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act, in either case, and a
successor depository is not appointed by the Company within 90 days of such notice, or (ii) an Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to
cause the issuance of Definitive Notes under this Indenture. 
 (b) Any Global Note that is transferable to the beneficial owners
thereof pursuant to this Section 2.4 shall be surrendered by the Depository to the Trustee located at its principal corporate trust office in the Borough of Manhattan, The City of New York, to be so transferred, in whole or from time to time in
part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note
transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess of $2,000 and registered in such names as the Depository
shall direct. Any Definitive Note delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(f) hereof, bear the applicable restricted securities legend and definitive securities
legend set forth in Exhibit 1 hereto. 
 (c) Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global
Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.

 (d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Company shall promptly make
available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event that such Definitive Notes are not issued, the Company expressly acknowledges, with respect to the right of
any Holder to pursue a remedy pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if
such Definitive Notes had been issued. 

  
 11 

 EXHIBIT 1 

to 
 RULE 144A/REGULATION S/IAI
APPENDIX 
 [FORM OF FACE OF NOTE] 

[Global Notes Legend] 
 UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC)
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[Restricted Notes Legend] 
 THE SECURITY (OR ITS
PREDECESSOR) 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 SECURITY 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 SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES AND IAI NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE
ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (1) (a) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE UNDER RULE 144A, 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, (b) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (c) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a) (1), (2),
(3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO SIRIUS XM RADIO INC. THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (e) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF SIRIUS XM RADIO INC. SO REQUESTS), (2) TO SIRIUS XM RADIO INC. OR (3) 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 SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 [Regulation S Temporary Global Notes Legend]

 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 [Definitive Notes Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 2 

 CUSIP No. (144A) 82967N AW8; (Reg S) U82764 AK4; (IAI) 82967N AX6 

ISIN No. (144A) US82967NAW83; (Reg S) USU82764AK45; (IAI) US82967NAX66 

 

			
	No.                    	  	$                    ,

 as revised by the Schedule of Exchanges of 

Interests in the Global Note attached hereto 

5.375% Senior Notes due 2026 

Sirius XM Radio Inc., a Delaware corporation, promises to pay to             , or
registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto]* [of             Dollars]** on July 15, 2026. 

Interest Payment Dates: January 15 and July 15. 

Record Dates: [January 1 and July 1]* [the last Business Day prior to the applicable interest payment date]**. 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	*	Include for Global Notes. 

	**	Include for Definitive Notes. 

  
 3 

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

Dated:                     ,
20             
  

			
	SIRIUS XM RADIO INC.
		
	By	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. BANK NATIONAL ASSOCIATION 
 as Trustee, certifies that this
is one of the 
 Notes referred to in the Indenture 
 Dated:

  

			
	By	 	 
		 	Authorized Signatory

  
 4 

 [FORM OF REVERSE SIDE OF NOTE] 

5.375% Senior Note due 2026 
  

	1.	Interest 

 Sirius XM Radio Inc., a Delaware corporation (such corporation and its
successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest
semiannually on January 15 and July 15 of each year, commencing January 15, 2017. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 23, 2016.
Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Note plus 1.0% per annum, and it will pay interest on overdue installments of
interest at the same rate to the extent lawful. 
  

	2.	Maturity 

 The Notes will mature on July 15, 2026. 

 

	3.	Method of Payment 

 The Company will pay interest on the Notes (except defaulted
interest) to the Persons who are registered holders of Notes at the close of business on the January 1 and July 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest
payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private
debts. Payments in respect of the Notes represented by a Global Note (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will
make all payments in respect of a certificated Note (including principal, premium and interest) at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered
address of each Holder thereof; provided, however, that payments on a certificated Note will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). 
  

	4.	Paying Agent and Registrar 

 Initially, U.S. Bank National Association, a New York
banking corporation (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly
Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

  
 5 

	5.	Indenture 

 The Company issued the Notes under an Indenture dated as of May 23, 2016
(the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture for a statement of those terms. 
 The
Notes are general unsecured senior obligations of the Company. The Company shall be entitled to issue Additional Notes pursuant to Section 2.13 of the Indenture. The Notes issued on the Issue Date and any Additional Notes will be treated as a
single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to create certain liens on assets; consolidate, merge or transfer all or substantially all of its assets
and the assets of its subsidiaries; and enter into sale/leaseback transactions. The Indenture also contains a covenant that restricts the ability of the Company’s non-guarantor subsidiaries to create, assume, incur or guarantee additional
indebtedness without such non-guarantor subsidiary guaranteeing the Notes on a pari passu basis. These covenants are subject to important exceptions and qualifications. 
  

	6.	Optional Redemption 

 At any time prior to July 15, 2019, the Company may on any one
or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 105.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption
(subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date), with the Net Cash Proceeds from the issuance or sale of Capital Stock of the Company; provided that: 

(i) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by the Company and its
Affiliates) remains outstanding immediately after the occurrence of such redemption; and 
 (ii) the redemption occurs within 180 days of the
date of the closing of such issuance or sale of Capital Stock. 
 At any time prior to July 15, 2021, the Company, at its option, may
redeem all, or from time to time, any part of the Notes on not less than 30 days nor more than 60 days’ notice as provided in the Indenture (except that, notwithstanding the provisions of Section 3.02 of the Indenture, any notice of
redemption for the Notes given pursuant to said Section need not set forth the redemption price but only the manner of calculation thereof) at a Make Whole Redemption Price equal to the greater of the following amounts, plus, in each case, accrued
and unpaid interest, if any, and additional interest on the principal amount being redeemed to the applicable redemption date: 
 (i) 100% of
the principal amount of the Notes then outstanding to be so redeemed; and 

  
 6 

 (ii) the present value of the sum of the redemption price of the Notes at July 15, 2021
(such redemption price being set forth in the table appearing below hereunder) and the remaining scheduled payments of interest on the Notes to be redeemed, to, but excluding July 15, 2021, discounted to the applicable redemption date in
accordance with customary market practice on a semi-annual basis at a rate equal to the sum of the Treasury Rate plus 0.50%, minus accrued and unpaid interest and additional interest on the principal amount being redeemed to but excluding the
applicable redemption date. 
 The Make Whole Redemption Price for the Notes will be calculated by the Independent Investment Banker
assuming a 360-day year consisting of twelve 30-day months. 
 For purposes of calculating the Make Whole Redemption Price pursuant to the
foregoing optional redemption provisions, the following terms will have the meanings set forth below. 
 “Comparable Treasury
Issue” means the U.S. Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity most nearly equal to the period from the redemption date to July 15, 2021;
provided, that if the period from the redemption date to July 15, 2021 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. 

“Comparable Treasury Price” means, with respect to any redemption date: 

(i) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference
Treasury Dealer Quotations; 
 (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference
Treasury Dealer Quotations so received; or 
 (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Company. 

“Reference Treasury Dealer” means each of four primary U.S. Government securities dealers in New York City (each a
“Primary Treasury Dealer”), consisting of (i) J.P. Morgan Securities LLC (or its affiliate), and (ii) three other nationally recognized investment banking firms (or their affiliates) that the Company selects in connection
with the particular redemption, and their respective successors, provided that if any of them ceases to be a Primary Treasury Dealer, the Company will substitute another nationally recognized investment banking firm (or its affiliate) that is a
Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding that redemption date. 

  
 7 

 “Treasury Rate” means, with respect to any redemption date, the rate per year
equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, calculated on the third Business Day preceding the applicable redemption date, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. 

Except pursuant to this Section 6, the Notes shall not be redeemable at the Company’s option prior to July 15, 2021. 

On or after July 15, 2021, the Company may on any one or more occasions redeem all or a part of the Notes on not less than 30 days nor
more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and additional interest, if any, on the Notes redeemed, to, but excluding, the applicable
redemption date, if redeemed during the twelve-month period beginning on July 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest and additional interest, if any, on the relevant
interest payment date: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	102.688	% 
	 2022
	  	 	101.792	% 
	 2023
	  	 	100.896	% 
	 2024 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the applicable redemption price, on or after the applicable
redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 
 If the optional redemption
date is after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the person in whose name the Note is registered at the close of business, on such record date. 

 

	7.	Notice of Redemption 

 Notice of redemption will be mailed by first-class mail or
delivered in accordance with the applicable procedures of DTC at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $2,000 principal
amount may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000. If money sufficient to pay the redemption price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited
with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 

  
 8 

	8.	Put Provisions 

 Upon the occurrence of a Change of Control Triggering Event, any Holder
of Notes will have the right to cause the Company to repurchase all or any part of the Notes of such Holder at a repurchase price equal to 101% of the principal amount of the Notes to be repurchased plus accrued and unpaid, if any, interest to the
date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. A “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Ratings Event. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes are in registered form without coupons in
denominations of $2,000 principal amount and any integral multiple of $1,000 in excess of $2,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of
a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 

 

	10.	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to
the Trustee for payment. 
  

	12.	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity,
as the case may be. 
  

	13.	Amendment; Waiver 

 Subject to certain exceptions set forth in the Indenture,
(a) the Indenture and the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes (including consents obtained in connection with a tender offer or exchange offer for the
Notes) and (b) any past default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount 

  
 9 

 
outstanding of the Notes (including consents obtained in connection with a tender offer or exchange offer for the Notes). Subject to certain exceptions set forth in the Indenture, without the
consent of any Noteholder, the Company, and the Trustee shall be entitled to amend the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated
Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes or to secure the Notes, or to add covenants or surrender rights and powers conferred on the Company or any of its Subsidiaries, or to make any
change that does not adversely affect the rights of any Noteholder, or to release a Guarantor from its obligations under its Guarantee or the Indenture, or to conform the text of the Indenture, the Notes or the Note Guarantees to any provision in
the Offering Memorandum under the heading “Description of notes,” or to make amendments to provisions of the Indenture relating to the transfer and legending of the Notes. 

 

	14.	Defaults and Remedies 

 Under the Indenture, Events of Default include (a) default
for 30 days in payment of interest on the Notes; (b) default in payment of principal on the Notes at maturity, upon redemption pursuant to paragraph 5 of the Notes, upon acceleration or otherwise, or failure by the Company to redeem or purchase
Notes when required; (c) failure by the Company to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (d) certain accelerations (including failure to pay within any grace
period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $75 million; (e) certain events of bankruptcy or insolvency with respect to the Company and the Significant Subsidiaries; and
(f) certain judgments or decrees for the payment of money in excess of $75 million. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due
and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 

Noteholders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Noteholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 

 

	15.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the Act,
the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee. 

  
 10 

	16.	No Recourse Against Others 

 A director, officer, employee, incorporator or stockholder,
as such, of the Company, any of its Subsidiaries or the Trustee shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Noteholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	17.	Authentication 

 This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used in the name of a Noteholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	19.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform Note
Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. 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. 
  

	20.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 The Company will furnish to any Noteholder upon written request and without charge to the Note holder a copy of
the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Sirius XM Radio Inc. 

1221 Avenue of the Americas, 36th Floor 

New York, NY 10020 

Attention: Patrick L. Donnelly 

  
 11 

  

ASSIGNMENT FORM 
 To assign this
Note, fill in the form below: 
 I or we assign and transfer this Note to: 

 
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Print or type
assignee’s name, address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint             agent to transfer this Note on the books of
the Company. The agent may substitute another to act for him. 
  
  

			
		  	Your
	Date:                     	  	Signature:                                    
                                         
                                         
                                         
                                     

  
  

Sign exactly as your name appears on the other side of this Note. 

OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to 4.04 (Change of Control) of the Indenture, check the box: 

Change of Control  ̈ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.04 of the Indenture, state the amount
in principal amount: $                     
  

			
	Dated:                                	  	Your
		  	Signature:                                    
                                         
                          
		  	 (Sign exactly as your name appears on the other side of this Note.)

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Note Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Notes Exchange Act of 1934, as amended. 

  
 12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $            . 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 [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 Notes
Custodian

 
  

	*	This schedule should be included only if the Note is issued in global form. 

	**	Bracketed text should not be included in a Regulation S Temporary Global Note. 

  
 13 

 EXHIBIT 2 to Rule 144A/REGULATION S/IAI APPENDIX 

Form of 
 Transferee Letter of
Representation 
 Sirius XM Radio Inc. 
 1221 Avenue of the
Americas, 36th Floor 
 New York, NY 10020 

Attention: Patrick L. Donnelly 
 In care of 

U.S. Bank Corporate Trust Services 
 100 Wall Street, Suite 1600

 New York, NY 10005 
 Attention: Hazrat “Ray” Haniff

 Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[            ] principal amount of the 5.375% Senior Notes due 2026 (the “Notes”) of Sirius XM Radio Inc. (the “Company”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

	
	Name:                                     
                                         
      
	Address:                                     
                                         
  
	Taxpayer ID Number:                                 
                      

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not with a
view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in
the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of
original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (i) to the Company, (ii) in the
United States to a person whom the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of 

 
Rule 144A, (iii) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is an institutional
accredited investor purchasing for its own account or for the account of an institutional accredited investor, in each case in a minimum principal amount of the Notes of $250,000, (iv) outside the United States in a transaction complying with
the provisions of Rule 904 under the Securities Act, (v) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if available) or (vi) pursuant to an effective registration statement under the Securities
Act, in each of cases (i) through (vi) subject to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (iii) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an
institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the
Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (iii), (iv) or
(v) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee. 
  

	
	TRANSFEREE                                    
                                     
	By:                                     
                                         
                  

 EXHIBIT 1 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as
of                    , 20        ,
among                     (the “Guarantor”), [a subsidiary of] Sirius XM Radio Inc. (or its permitted successor), a Delaware
corporation (the “Company”) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 23, 2016 providing for the issuance of 5.375% Senior Notes due 2026 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guarantor will execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guarantor will unconditionally guarantee all of the Company’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 is 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 Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 
 1. CAPITALIZED
TERMS. Capitalized terms used herein without definition will have the meanings assigned to them in the Indenture. 
 2. AGREEMENT TO
GUARANTEE. The Guarantor hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in this Note Guarantee and in the Indenture including but not limited to Article 10 thereof [Add the following if
the Material Subsidiary is the FCC License Subsidiary: ; provided, however, that the Guarantor is providing such Guarantee only to the extent permitted under applicable law, rules or regulations, including rules and regulations of the
Federal Communications Commission]. 
 4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator,
stockholder or agent of the Guarantor, as such, will have any liability for any obligations of the Company or any Guarantor under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

5. GOVERNING LAW. This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of
New York. 

  

 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy will 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 will not affect the construction hereof. 
 8. THE TRUSTEE. The Trustee will 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 Guarantor. 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed all as of the date first above written.

 Dated:
                    , 20         . 

 

	
	[GUARANTOR]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:EX-10.1

 Exhibit 10.1 
  

 
 REVOLVING CREDIT 

AND 
 SECURITY AGREEMENT

  
  

PNC BANK, NATIONAL ASSOCIATION 

(AS LENDER AND AS AGENT) 
  

 
 PNC CAPITAL MARKETS LLC 

(AS JOINT LEAD ARRANGER AND SOLE BOOK RUNNER) 

FIRST NATIONAL BANK OF PENNSYLVANIA 

(AS LENDER AND AS SYNDICATION AGENT), 

F.N.B. CAPITAL MARKETS 

(AS JOINT LEAD ARRANGER) 

CITIZENS BANK OF PENNSYLVANIA 

(AS LENDER AND AS DOCUMENTATION AGENT) 

WITH 
  

 
 AIR & LIQUID SYSTEMS
CORPORATION 
 UNION ELECTRIC STEEL CORPORATION 

ALLOYS UNLIMITED AND PROCESSING, LLC 

AKERS NATIONAL ROLL COMPANY 

AKERS SWEDEN AB 
 AND

 UNION ELECTRIC STEEL UK LIMITED 

(BORROWERS) 
  

 
 AND 

THE GUARANTORS FROM TIME TO TIME PARTY HERETO 

Effective as of May 20, 2016 
  

 
 CUSIP #00905RAB2 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 I.
	 	DEFINITIONS.	  	 	1	  
				
		 	1.1.	  	Accounting Terms.	  	 	1	  
		 	1.2.	  	General Terms.	  	 	2	  
		 	1.3.	  	Uniform Commercial Code Terms.	  	 	53	  
		 	1.4.	  	Certain Matters of Construction.	  	 	53	  
		 	1.5.	  	Currency Matters.	  	 	54	  
		 	1.6.	  	Excess Resulting from Exchange Rate Change.	  	 	55	  
			
	 II.
	 	ADVANCES, PAYMENTS.	  	 	55	  
				
		 	2.1.	  	Revolving Advances.	  	 	55	  
		 	2.2.	  	Procedures for Requesting Revolving Advances; Procedures for Selection of Applicable Interest Rates for All Advances.	  	 	58	  
		 	2.3.	  	[Reserved].	  	 	61	  
		 	2.4.	  	Swing Loans.	  	 	61	  
		 	2.5.	  	Disbursement of Advance Proceeds.	  	 	62	  
		 	2.6.	  	Making and Settlement of Advances.	  	 	62	  
		 	2.7.	  	Maximum Advances.	  	 	65	  
		 	2.8.	  	Manner and Repayment of Advances.	  	 	65	  
		 	2.9.	  	Repayment of Excess Advances.	  	 	66	  
		 	2.10.	  	Statement of Account.	  	 	66	  
		 	2.11.	  	Letters of Credit.	  	 	66	  
		 	2.12.	  	Issuance of Letters of Credit.	  	 	68	  
		 	2.13.	  	Requirements For Issuance of Letters of Credit.	  	 	69	  
		 	2.14.	  	Disbursements, Reimbursement.	  	 	70	  
		 	2.15.	  	Repayment of Participation Advances.	  	 	71	  
		 	2.16.	  	Documentation.	  	 	72	  
		 	2.17.	  	Determination to Honor Drawing Request.	  	 	72	  
		 	2.18.	  	Nature of Participation and Reimbursement Obligations.	  	 	72	  
		 	2.19.	  	Liability for Acts and Omissions.	  	 	74	  
		 	2.20.	  	Mandatory Prepayments.	  	 	75	  
		 	2.21.	  	Use of Proceeds.	  	 	76	  
		 	2.22.	  	Defaulting Lender.	  	 	76	  
		 	2.23.	  	Payment of Obligations.	  	 	79	  
		 	2.24.	  	Increase in Maximum Revolving Advance Amount.	  	 	79	  
		 	2.25.	  	Currency Fluctuations.	  	 	81	  
		 	2.26.	  	Periodic Computations of Dollar Equivalent Amount of UK Letter of Credit Obligations.	  	 	82	  
		 	2.27.	  	Judgment Currency.	  	 	82	  
		 	2.28.	  	European Monetary Union.	  	 	82	  
			
	 III.
	 	INTEREST AND FEES.	  	 	83	  
				
		 	3.1.	  	Interest.	  	 	83	  
		 	3.2.	  	Letter of Credit Fees.	  	 	83	  

  
 i 

									
		 	3.3.	  	Facility Fee.	  	 	85	  
		 	3.4.	  	[Reserved].	  	 	85	  
		 	3.5.	  	Computation of Interest and Fees.	  	 	85	  
		 	3.6.	  	Maximum Charges.	  	 	85	  
		 	3.7.	  	Increased Costs.	  	 	86	  
		 	3.8.	  	Basis For Determining Interest Rate Inadequate or Unfair.	  	 	86	  
		 	3.9.	  	Capital Adequacy.	  	 	87	  
		 	3.10.	  	Taxes.	  	 	88	  
		 	3.11.	  	Replacement of Lenders.	  	 	90	  
			
	 IV.
	 	COLLATERAL: GENERAL TERMS	  	 	91	  
				
		 	4.1.	  	Security Interest in the Collateral.	  	 	91	  
		 	4.2.	  	Perfection of Security Interest.	  	 	92	  
		 	4.3.	  	Preservation of Collateral.	  	 	92	  
		 	4.4.	  	Ownership and Location of Collateral.	  	 	93	  
		 	4.5.	  	Defense of Agent’s and Lenders’ Interests.	  	 	94	  
		 	4.6.	  	Inspection of Premises.	  	 	94	  
		 	4.7.	  	Appraisals.	  	 	94	  
		 	4.8.	  	Receivables; Deposit Accounts and Securities Accounts.	  	 	95	  
		 	4.9.	  	Inventory.	  	 	99	  
		 	4.10.	  	Maintenance of Equipment.	  	 	99	  
		 	4.11.	  	Exculpation of Liability.	  	 	99	  
		 	4.12.	  	Financing Statements.	  	 	99	  
			
	 V.
	 	REPRESENTATIONS AND WARRANTIES.	  	 	99	  
				
		 	5.1.	  	Authority.	  	 	99	  
		 	5.2.	  	Formation and Qualification.	  	 	100	  
		 	5.3.	  	Survival of Representations and Warranties.	  	 	101	  
		 	5.4.	  	Tax Returns.	  	 	101	  
		 	5.5.	  	Financial Statements.	  	 	101	  
		 	5.6.	  	Entity Names.	  	 	102	  
		 	5.7.	  	O.S.H.A. Environmental Compliance.	  	 	102	  
		 	5.8.	  	Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance.	  	 	103	  
		 	5.9.	  	Patents, Trademarks, Copyrights and Licenses.	  	 	104	  
		 	5.10.	  	Licenses and Permits.	  	 	105	  
		 	5.11.	  	Default of Indebtedness.	  	 	105	  
		 	5.12.	  	No Default.	  	 	105	  
		 	5.13.	  	No Burdensome Restrictions.	  	 	105	  
		 	5.14.	  	No Labor Disputes.	  	 	105	  
		 	5.15.	  	Margin Regulations.	  	 	105	  
		 	5.16.	  	Investment Company Act.	  	 	106	  
		 	5.17.	  	Disclosure.	  	 	106	  
		 	5.18.	  	[Reserved].	  	 	106	  
		 	5.19.	  	[Reserved].	  	 	106	  
		 	5.20.	  	Swaps.	  	 	106	  
		 	5.21.	  	Business and Property of Loan Parties.	  	 	106	  

  
 ii 

									
		 	5.22.	  	Ineligible Securities.	  	 	106	  
		 	5.23.	  	Federal Securities Laws.	  	 	107	  
		 	5.24.	  	Equity Interests.	  	 	107	  
		 	5.25.	  	Commercial Tort Claims.	  	 	107	  
		 	5.26.	  	Letter of Credit Rights.	  	 	107	  
		 	5.27.	  	Material Contracts.	  	 	107	  
			
	 VI.
	 	AFFIRMATIVE COVENANTS.	  	 	108	  
				
		 	6.1.	  	Compliance with Laws.	  	 	108	  
		 	6.2.	  	Conduct of Business and Maintenance of Existence and Assets.	  	 	108	  
		 	6.3.	  	Books and Records.	  	 	108	  
		 	6.4.	  	Payment of Taxes.	  	 	108	  
		 	6.5.	  	Financial Covenants.	  	 	109	  
		 	6.6.	  	Insurance.	  	 	109	  
		 	6.7.	  	Payment of Indebtedness and Leasehold Obligations.	  	 	111	  
		 	6.8.	  	Environmental Matters.	  	 	111	  
		 	6.9.	  	Standards of Financial Statements.	  	 	111	  
		 	6.10.	  	Federal Securities Laws.	  	 	111	  
		 	6.11.	  	Execution of Supplemental Instruments.	  	 	111	  
		 	6.12.	  	[Reserved].	  	 	112	  
		 	6.13.	  	Government Receivables.	  	 	112	  
		 	6.14.	  	[Reserved].	  	 	112	  
		 	6.15.	  	Keepwell.	  	 	112	  
			
	 VII.
	 	NEGATIVE COVENANTS.	  	 	113	  
				
		 	7.1.	  	Merger, Consolidation, Acquisition and Sale of Assets.	  	 	113	  
		 	7.2.	  	Creation of Liens.	  	 	113	  
		 	7.3.	  	Guarantees.	  	 	113	  
		 	7.4.	  	Investments.	  	 	114	  
		 	7.5.	  	Loans.	  	 	114	  
		 	7.6.	  	[Reserved].	  	 	114	  
		 	7.7.	  	Dividends.	  	 	114	  
		 	7.8.	  	Indebtedness.	  	 	114	  
		 	7.9.	  	Nature of Business.	  	 	114	  
		 	7.10.	  	Transactions with Affiliates.	  	 	115	  
		 	7.11.	  	[Reserved].	  	 	115	  
		 	7.12.	  	Subsidiaries.	  	 	115	  
		 	7.13.	  	Fiscal Year and Accounting Changes.	  	 	116	  
		 	7.14.	  	Pledge of Credit.	  	 	116	  
		 	7.15.	  	Amendment of Organizational Documents.	  	 	116	  
		 	7.16.	  	Compliance with ERISA.	  	 	116	  
		 	7.17.	  	Prepayment of Indebtedness.	  	 	117	  
		 	7.18.	  	[Reserved].	  	 	117	  
		 	7.19.	  	[Reserved].	  	 	117	  
		 	7.20.	  	Membership/Partnership Interests.	  	 	117	  

  
 iii 

									
	 VIII.
	 	CONDITIONS PRECEDENT.	  	 	117	  
				
		 	8.1.	  	Conditions to Initial Advances.	  	 	117	  
		 	8.2.	  	Conditions to Each Advance.	  	 	121	  
		 	8.3.	  	[Reserved].	  	 	121	  
			
	IX.	 	INFORMATION AS TO LOAN PARTIES.	  	 	121	  
				
		 	9.1.	  	Disclosure of Material Matters.	  	 	122	  
		 	9.2.	  	Schedules.	  	 	122	  
		 	9.3.	  	Environmental Reports.	  	 	122	  
		 	9.4.	  	Litigation.	  	 	123	  
		 	9.5.	  	Material Occurrences.	  	 	123	  
		 	9.6.	  	Government Receivables.	  	 	124	  
		 	9.7.	  	Annual Financial Statements.	  	 	124	  
		 	9.8.	  	Quarterly Financial Statements.	  	 	124	  
		 	9.9.	  	Monthly Financial Statements.	  	 	124	  
		 	9.10.	  	Borrowing Certificates.	  	 	125	  
		 	9.11.	  	Other Reports.	  	 	125	  
		 	9.12.	  	Additional Information.	  	 	125	  
		 	9.13.	  	Projected Operating Budget.	  	 	126	  
		 	9.14.	  	Variances From Operating Budget.	  	 	126	  
		 	9.15.	  	Notice of Suits, Adverse Events.	  	 	126	  
		 	9.16.	  	ERISA Notices and Requests.	  	 	126	  
		 	9.17.	  	Additional Documents.	  	 	127	  
		 	9.18.	  	Updates to Certain Schedules.	  	 	127	  
		 	9.19.	  	Financial Disclosure.	  	 	127	  
			
	 X.
	 	EVENTS OF DEFAULT.	  	 	128	  
				
		 	10.1.	  	Nonpayment.	  	 	128	  
		 	10.2.	  	Breach of Representation.	  	 	128	  
		 	10.3.	  	Financial Information.	  	 	128	  
		 	10.4.	  	Judicial Actions.	  	 	128	  
		 	10.5.	  	Noncompliance.	  	 	128	  
		 	10.6.	  	Judgments.	  	 	129	  
		 	10.7.	  	Bankruptcy.	  	 	129	  
		 	10.8.	  	Material Adverse Effect.	  	 	129	  
		 	10.9.	  	Lien Priority.	  	 	129	  
		 	10.10.	  	[Reserved].;	  	 	129	  
		 	10.11.	  	Cross Default.	  	 	130	  
		 	10.12.	  	Breach of Guaranty or Pledge Agreement.	  	 	130	  
		 	10.13.	  	Change of Control.	  	 	130	  
		 	10.14.	  	Invalidity.	  	 	130	  
		 	10.15.	  	Seizures.	  	 	130	  
		 	10.16.	  	Operations.	  	 	130	  
		 	10.17.	  	Pension Plans.	  	 	131	  
		 	10.18.	  	Anti-Money Laundering/International Trade Law Compliance.	  	 	131	  

  
 iv 

									
	 XI.
	 	LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT.	  	 	131	  
				
		 	11.1.	  	Rights and Remedies.	  	 	131	  
		 	11.2.	  	Agent’s Discretion.	  	 	133	  
		 	11.3.	  	Setoff.	  	 	133	  
		 	11.4.	  	Rights and Remedies not Exclusive.	  	 	133	  
		 	11.5.	  	Allocation of Payments After Event of Default.	  	 	133	  
			
	 XII.
	 	WAIVERS AND JUDICIAL PROCEEDINGS.	  	 	135	  
				
		 	12.1.	  	Waiver of Notice.	  	 	135	  
		 	12.2.	  	Delay.	  	 	135	  
		 	12.3.	  	Jury Waiver.	  	 	135	  
			
	 XIII.
	 	EFFECTIVE DATE AND TERMINATION.	  	 	136	  
				
		 	13.1.	  	Term.	  	 	136	  
		 	13.2.	  	Termination.	  	 	136	  
			
	 XIV.
	 	REGARDING AGENT.	  	 	137	  
				
		 	14.1.	  	Appointment.	  	 	137	  
		 	14.2.	  	Nature of Duties.	  	 	137	  
		 	14.3.	  	Lack of Reliance on Agent.	  	 	138	  
		 	14.4.	  	Resignation of Agent; Successor Agent.	  	 	138	  
		 	14.5.	  	Certain Rights of Agent.	  	 	139	  
		 	14.6.	  	Reliance.	  	 	139	  
		 	14.7.	  	Notice of Default.	  	 	139	  
		 	14.8.	  	Indemnification.	  	 	139	  
		 	14.9.	  	Agent in its Individual Capacity.	  	 	140	  
		 	14.10.	  	Delivery of Documents.	  	 	140	  
		 	14.11.	  	Loan Parties’ Undertaking to Agent.	  	 	140	  
		 	14.12.	  	No Reliance on Agent’s Customer Identification Program.	  	 	140	  
		 	14.13.	  	Other Agreements.	  	 	141	  
			
	 XV.
	 	BORROWING AGENCY.	  	 	141	  
				
		 	15.1.	  	Borrowing Agency Provisions.	  	 	141	  
		 	15.2.	  	Waiver of Subrogation.	  	 	142	  
			
	 XVI.
	 	MISCELLANEOUS.	  	 	142	  
				
		 	16.1.	  	Governing Law.	  	 	142	  
		 	16.2.	  	Entire Understanding.	  	 	143	  
		 	16.3.	  	Successors and Assigns; Participations; New Lenders.	  	 	146	  
		 	16.4.	  	Application of Payments.	  	 	148	  
		 	16.5.	  	Indemnity.	  	 	149	  
		 	16.6.	  	Notice.	  	 	149	  
		 	16.7.	  	Survival.	  	 	151	  
		 	16.8.	  	Severability.	  	 	152	  
		 	16.9.	  	Expenses.	  	 	152	  
		 	16.10.	  	Injunctive Relief.	  	 	152	  
		 	16.11.	  	Consequential Damages.	  	 	152	  

  
 v 

									
		 	 16.12.
	  	 Captions.
	  	 	153	  
		 	 16.13.
	  	 Counterparts; Facsimile Signatures.
	  	 	153	  
		 	 16.14.
	  	 Construction.
	  	 	153	  
		 	 16.15.
	  	 Confidentiality; Sharing Information.
	  	 	153	  
		 	 16.16.
	  	 Publicity.
	  	 	154	  
		 	 16.17.
	  	 Certifications From Banks and Participants; USA PATRIOT Act.
	  	 	154	  
		 	 16.18.
	  	 Anti-Terrorism Laws.
	  	 	154	  

  
 vi 

 LIST OF EXHIBITS AND SCHEDULES 

Exhibits 
  

			
	Exhibit 1.2	  	Borrowing Base Certificate
	Exhibit 1.2(a)	  	Compliance Certificate
	Exhibit 2.1(a)	  	Revolving Credit Note
	Exhibit 2.4(a)	  	Swing Loan Note
	Exhibit 7.12(a)	  	Borrower Joinder
	Exhibit 7.12(b)	  	Guarantor Joinder
	Exhibit 8.1(c)	  	Financial Condition Certificate
	Exhibit 16.3	  	Commitment Transfer Supplement

 Schedules 
  

			
	Schedule 1.1	  	Existing Letters of Credit
	Schedule 1.1(S)(1)	  	Excluded Domestic Subsidiaries
	Schedule 1.1(S)(2)	  	Excluded Foreign Subsidiaries
	Schedule 1.2	  	Permitted Encumbrances
	Schedule 1.3	  	Permitted Loans
	Schedule 3.10	  	Tax Gross-up and Indemnities for UK Borrower
	Schedule 4.4	  	Collateral Locations; Place of Business, Chief Executive Office, Real Property
	Schedule 5.1	  	Consents
	Schedule 5.2(a)	  	States of Qualification and Good Standing
	Schedule 5.2(b)	  	Subsidiaries
	Schedule 5.4	  	Federal Tax Identification Number
	Schedule 5.6	  	Prior Names
	Schedule 5.7	  	Environmental
	Schedule 5.8(b)(i)	  	Litigation
	Schedule 5.8(b)(ii)	  	Indebtedness
	Schedule 5.8(d)	  	Plans
	Schedule 5.9	  	Intellectual Property, Source Code Escrow Agreements
	Schedule 5.10	  	Licenses and Permits
	Schedule 5.14	  	Labor Disputes
	Schedule 5.24	  	Equity Interests
	Schedule 5.25	  	Commercial Tort Claims
	Schedule 5.26	  	Letter of Credit Rights
	Schedule 5.27	  	Material Contracts
	Schedule 7.3	  	Guarantees

  
 vii 

 REVOLVING CREDIT 

AND 
 SECURITY AGREEMENT

 Revolving Credit and Security Agreement, dated as of May 18, 2016, to be effective as of the Closing Date, by and among AIR &
LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation (“ALS”), UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation (“UES”), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company
(“Alloys”), AKERS NATIONAL ROLL COMPANY, a Delaware corporation (“National Roll”), AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden (the “ Swedish Borrower”), and UNION ELECTRIC STEEL
UK LIMITED, a limited liability company organized under the laws of England and Wales with registered company number 00162966 (the “UK Borrower”) (ALS, UES, Alloys, National Roll, the Swedish Borrower, the UK Borrower and each Person
joined hereto as a borrower from time to time, are collectively, the “Borrowers”, and each a “Borrower”), the Guarantors (as defined herein) now or which hereafter become a party hereto, the financial institutions which are now
or which hereafter become a party hereto (collectively, the “Lenders” and each individually a “Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”).

 IN CONSIDERATION of the mutual covenants and undertakings herein contained, Loan Parties, Lenders and Agent hereby agree as follows: 

 

	1.	DEFINITIONS. 

 1.1. Accounting Terms. 

As used in this Agreement, the Other Documents or any certificate, report or other document made or delivered pursuant to this Agreement,
accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly defined in Section 1.2 to the extent not defined shall have the respective meanings given to them under GAAP; provided, however that, whenever
such accounting terms are used for the purposes of determining compliance with financial covenants in this Agreement, such accounting terms shall be defined in accordance with GAAP as applied in preparation of the audited financial statements of
Loan Parties for the fiscal year ended December 31, 2015. If there occurs after the Closing Date any change in GAAP that affects in any respect the calculation of any covenant contained in this Agreement or the definition of any term defined
under GAAP used in such calculations, Agent, Lenders and Loan Parties shall negotiate in good faith to amend the provisions of this Agreement that relate to the calculation of such covenants with the intent of having the respective positions of
Agent, Lenders and Loan Parties after such change in GAAP conform as nearly as possible to their respective positions as of the Closing Date, provided, that, until any such amendments have been agreed upon, the covenants in this Agreement shall be
calculated as if no such change in GAAP had occurred and Loan Parties shall provide additional financial statements or supplements thereto, attachments to Compliance Certificates and/or calculations regarding financial covenants as Agent may
reasonably require in order to provide the appropriate financial 

 
information required hereunder with respect to the Loan Parties both reflecting any applicable changes in GAAP and as necessary to demonstrate compliance with the financial covenants before
giving effect to the applicable changes in GAAP, Notwithstanding anything to the contrary contained above or in the definition of Capitalized Lease Obligation, in the event of an accounting change (whether subsequent to or applied retroactively
prior to the Closing Date) requiring all leases to be capitalized, only those leases (assuming for purposes hereof that they were in existence on the date hereof) that would constitute a Capitalized Lease Obligation on the date hereof shall be
considered a Capitalized Lease Obligation and all calculations and deliverables under this Agreement or any Other Document shall be made in accordance therewith (provided that all financial statements delivered to the Agent in accordance with the
terms of this Agreement after the date of such accounting change shall be accompanied by a schedule showing the adjustments necessary to reconcile such financial statements with GAAP as in effect immediately prior to such accounting change). 

1.2. General Terms. 
 For
purposes of this Agreement the following terms shall have the following meanings: 
 “Accountants” shall have the meaning
set forth in Section 9.7 hereof. 
 “Advance Rates” shall have the meaning set forth in Section 2.1(a)(C)(y)(ii) hereof.

 “Advances” shall mean and include the Revolving Advances, Letters of Credit and the Swing Loans. 

“Aerofin” shall mean Aerofin Canada Services, Inc., a company duly incorporated and organized under the laws of Canada,
and its successors and assigns. 
 “Affected Lender” shall have the meaning set forth in Section 3.11 hereof. 

“Affiliate” of any Person shall mean any other Person (i) which directly or indirectly controls, is controlled by, or is
under common control with such Person, (ii) which beneficially owns or holds ten percent (10%) or more of any class of the voting or other equity interests of such Person, or (iii) ten percent (10%) or more of any class of voting interests or other
equity interests of which is beneficially owned or held, directly or indirectly, by such Person. 
 “Agent” shall have the
meaning set forth in the preamble to this Agreement and shall include its successors and assigns. 
 “Agreement” shall mean
this Revolving Credit and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Akers” shall mean Akers AB, a company duly incorporated and organized under the laws of Sweden with registration number
556153-4792. 
 “Akers Sweden” shall mean Akers Sweden AB, a company duly incorporated and organized under the laws of
Sweden with registration number 556031-8080. 

  
 2 

 “Akers Valji” shall mean Akers Valji Ravne d.o.o., a company duly incorporated
and organized under the laws of Slovenia. 
 “Alloys” shall mean Alloys Unlimited and Processing, LLC, a Pennsylvania
limited liability company, and its successors and assigns. 
 “ALS” shall mean Air & Liquid Systems Corporation, a
Pennsylvania corporation, and its successors and assigns. 
 “Alternate Base Rate” shall mean, for any day, a rate per
annum equal to the highest of (a) the Base Rate in effect on such day, (b) the sum of the Federal Funds Open Rate in effect on such day plus one half of one percent (0.5%), and (c) the sum of the Daily LIBOR Rate in effect on such day
plus one percent (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful. 
 “Alternate
Source” shall have the meaning set forth in the definition of Federal Funds Open Rate. 
 “Altor” shall mean Altor
Fund II GP Limited, a company duly incorporated and organized under the laws of Jersey. 
 “Altor Change of Control” shall
mean a “Change in Control”, as defined in the applicable Altor/SHB Promissory Notes. 
 “Altor/SHB Promissory
Notes” shall mean, singularly or collectively, as the context may require, that certain: (i) Subordinated Promissory Note, dated March 3, 2016, made by Ampco-Pitt Corp. in favor of SHB or Altor (as successor by assignment to SHB), in the
original principal amount of Eleven Million Two Hundred Twenty Thousand Six Hundred Fifty-Nine and 00/100 Dollars ($11,220,659.00) and (ii) Subordinated Promissory Note, dated March 3, 2016, made by Ampco-Pitt Corp., in favor of SHB or Altor (as
successor by assignment to SHB), in the original principal amount of Fourteen Million Four Hundred Eighty-Nine Thousand Three Hundred Fifty-Five and 00/100 Dollars ($14,489,355.00), in each case as such documents exist on March 3, 2016. 

“Ampco Investment” shall mean Ampco-Pittsburgh Securities V Investment Corporation, a Delaware corporation, and its
successors and assigns. 
 “Ampco-Pitt Corp.” shall mean Ampco-Pittsburgh Corporation, a Pennsylvania corporation, and its
successors and assigns. 
 “Ampco Securities” shall mean Ampco-Pittsburgh Securities V LLC, a Delaware limited liability
company, and its successors and assigns. 
 “Ampco UES” shall mean Ampco UES Sub, Inc., a Delaware corporation, and its
successors and assigns. 
 “Anti-Terrorism Laws” shall mean any Laws relating to terrorism, trade sanctions programs and
embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 

  
 3 

 “Applicable Law” shall mean all laws, rules and regulations applicable to the
Person, conduct, transaction, covenant, Other Document or contract in question, including all applicable common law and equitable principles, all provisions of all applicable state, federal and foreign constitutions, statutes, rules, regulations,
treaties, directives and orders of any Governmental Body, and all orders, judgments and decrees of all courts and arbitrators. 

“Applicable Margin” shall mean(a) the percentage spread to be added to Revolving Advances and Swing Loans consisting of
Domestic Rate Loans based upon the Average Undrawn Availability for the most recently ended fiscal quarter according to the pricing grid set forth below under the heading “Applicable Margins for Domestic Rate Loans”; and (b) the percentage
spread to be added to Revolving Advances consisting of LIBOR Rate Loans based upon the Average Undrawn Availability for the most recently ended fiscal quarter according to the pricing grid set forth below under the heading “Applicable Margins
for LIBOR Rate Loans”. 
 Effective as of the date on which the Borrowing Base Certificate required under Section 9.10 for the
applicable month-end corresponding with the applicable most recently completed fiscal quarter-end of each fiscal year (each such Borrowing Base Certificate referred to herein as the “Quarter-End Borrowing Base Certificate”) is due to be
delivered (each day on which such delivery is due, an “Adjustment Date”), the Applicable Margin for each type of Advance shall be adjusted, if necessary, to the applicable percent per annum set forth in the pricing table below
corresponding to the Average Undrawn Availability for the most recently completed fiscal quarter prior to the applicable Adjustment Date: 
  

											
	 LEVEL
	  	 AVERAGE UNDRAWN AVAILABILITY
	  	APPLICABLE
MARGINS
FOR LIBOR
RATE LOANS	 	 	APPLICABLE
MARGINS
FOR
DOMESTIC
RATE LOANS	 
	 1
	  	366% of the Maximum Revolving Advance Amount	  	 	1.25	% 	 	 	0.25	% 
	 2
	  	<66% and 333% of the Maximum Revolving Advance Amount	  	 	1.50	% 	 	 	0.50	% 
	 3
	  	<33% of the Maximum Revolving Advance Amount	  	 	1.75	% 	 	 	0.75	% 

 The Applicable Margin as of the Closing Date shall be based upon the percentages associated with Level 2
pricing in the pricing grid above, and such Applicable Margin shall remain in effect until the first Adjustment Date occurring after the end of the second full fiscal quarter following the Closing Date. 

If Borrowers shall fail to deliver a Quarter-End Borrowing Base Certificate required under Section 9.10 by the dates required pursuant to such
section, each Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above until the date of delivery of such Quarter-End Borrowing Base Certificate, at

  
 4 

 
which time the rate will be adjusted based upon the Average Undrawn Availability reflected on such Quarter-End Borrowing Base Certificate. Notwithstanding anything to the contrary contained
herein, no downward adjustment in any Applicable Margin shall be made on any Adjustment Date on which any Event of Default shall have occurred and be continuing. Notwithstanding anything to the contrary contained herein, immediately and
automatically upon the occurrence of any Event of Default, each Applicable Margin shall increase to and equal the highest Applicable Margin specified in the pricing table set forth above and shall continue at such highest Applicable Margin until the
date (if any) on which such Event of Default shall be waived in accordance with the provisions of this Agreement, at which time the rate will be adjusted based upon the Average Undrawn Availability reflected on the most recently delivered
Quarter-End Borrowing Base Certificate delivered by Borrowers to Agent pursuant to Section 9.9. Any increase in interest rates and/or other fees payable by Borrowers under this Agreement and the Other Documents pursuant to the provisions of the
foregoing sentence shall be in addition to and independent of any increase in such interest rates and/or other fees resulting from the occurrence of any Event of Default (including, if applicable, any Event of Default arising from a breach of
Section 9.9 hereof) and/or the effectiveness of the Default Rate provisions of Section 3.1 hereof or the default fee rate provisions of Section 3.2 hereof. 

If, as a result of any restatement of, or other adjustment to, the Quarter-End Borrowing Base Certificate or for any other reason, Agent
determines that (a) the Average Undrawn Availability as previously calculated as of any applicable date for any applicable period was inaccurate, and (b) a proper calculation of the Average Undrawn Availability for any such period would have
resulted in different pricing for such period, then (i) if the proper calculation of the Average Undrawn Availability would have resulted in a higher interest rate and/or fees (as applicable) for such period, automatically and immediately without
the necessity of any demand or notice by Agent or any other affirmative act of any party, the interest accrued on the applicable outstanding Advances and/or the amount of the fees accruing for such period under the provisions of this Agreement and
the Other Documents shall be deemed to be retroactively increased by, and Borrowers shall be obligated to immediately pay to Agent for the ratable benefit of Lenders an amount equal to the excess of the amount of interest and fees that should have
been paid for such period over the amount of interest and fees actually paid for such period; and (ii) if the proper calculation of the Average Undrawn Availability would have resulted in a lower interest rate and/or fees (as applicable) for such
period, then the interest accrued on the applicable outstanding Advances and the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to remain unchanged, and Agent and Lenders
shall have no obligation to repay interest or fees to the Borrowers; provided, that, if as a result of any restatement or other event or other determination by Agent a proper calculation of the Average Undrawn Availability would have resulted in a
higher interest rate and/or fees (as applicable) for one or more periods and a lower interest rate and/or fees (as applicable) for one or more other periods (due to the shifting of income or expenses from one period to another period or any other
reason), then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest and fees that should have been paid for all applicable periods over the amounts of interest and fees
actually paid for such periods. 
 “Application Date” shall have the meaning set forth in Section 2.8(b) hereof. 

  
 5 

 “Approvals” shall have the meaning set forth in Section 5.7(b) hereof. 

“Approved Electronic Communication” shall mean each notice, demand, communication, information, document and other material
transmitted, posted or otherwise made or communicated by e-mail, E-Fax, the StuckyNet System©, or any other equivalent electronic service agreed to by Agent, whether owned, operated or hosted
by Agent, any Lender, any of their Affiliates or any other Person, that any party is obligated to, or otherwise chooses to, provide to Agent pursuant to this Agreement or any Other Document, including any financial statement, financial and other
report, notice, request, certificate and other information material; provided that Approved Electronic Communications shall not include any notice, demand, communication, information, document or other material that Agent specifically
instructs a Person to deliver in physical form. 
 “Authorized Officer” shall mean the President, Chief Financial Officer,
Controller and Vice President-General Counsel, or director of each of the Loan Parties or such other individuals, designated by written notice to the Agent from the Loan Parties, authorized to execute notices, reports and other documents on behalf
of the Loan Parties required hereunder. The Loan Parties may amend such list of individuals from time to time by giving written notice of such amendment to the Agent. 

“Average Undrawn Availability” shall mean, as of any date of determination, the sum of Undrawn Availability for each of the
calendar days in the previous fiscal quarter, divided by the actual number of calendar days in such previous fiscal quarter. 

“Base Rate” shall mean the base commercial lending rate of PNC as publicly announced to be in effect from time to time, such
rate to be adjusted automatically, without notice, on the effective date of any change in such rate. This rate of interest is determined from time to time by PNC as a means of pricing some loans to its customers and is neither tied to any
external rate of interest or index nor does it necessarily reflect the lowest rate of interest actually charged by PNC to any particular class or category of customers of PNC. 

“Benefited Lender” shall have the meaning set forth in Section 2.6(e) hereof. 

“Blocked Account Bank” shall have the meaning set forth in Section 4.8(h) hereof. 

“Blocked Accounts” shall have the meaning set forth in Section 4.8(h) hereof. 

“Borrower” or “Borrowers” shall have the meaning set forth in the preamble to this Agreement and shall
extend to all permitted successors and assigns of such Persons. 
 “Borrower Joinder” shall mean a joinder by a Person as a
Borrower under this Agreement and the Other Documents in the form of Exhibit 7.12(a). 
 “Borrowers’ Account”
shall have the meaning set forth in Section 2.10 hereof. 
 “Borrowing Agent” shall mean Ampco-Pitt Corp. 

  
 6 

 “Borrowing Base Certificate” shall mean a certificate in substantially the form
of Exhibit 1.2 hereto duly executed by the Authorized Officer of the Borrowing Agent and delivered to the Agent, appropriately completed, by which such officer shall certify to Agent the Formula Amount and calculation thereof as of the date
of such certificate. 
 “Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on which
commercial banks are authorized or required by law to be closed for business in Pittsburgh, Pennsylvania and, if the applicable Business Day relates to any LIBOR Rate Loans, such day must also be a day on which dealings are carried on in the London
interbank market. 
 “Capital Expenditures” shall mean expenditures made or liabilities incurred for the acquisition of any
fixed assets or improvements (or of any replacements or substitutions thereof or additions thereto) which have a useful life of more than one year and which, in accordance with GAAP, would be classified as capital expenditures. Capital
Expenditures shall include the total principal portion of Capitalized Lease Obligations. 
 “Capitalized Lease Obligation”
shall mean any Indebtedness of any Loan Party represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the Issuer and the Lenders,
as collateral for the Maximum Undrawn Amount for the outstanding Letters of Credit, cash or deposit account balances pursuant to documentation satisfactory to Agent and the Issuer (which documents are hereby consented to by the Lenders). Such
cash collateral shall be maintained in blocked, interest-bearing deposit accounts at the Agent. 
 “Cash Management Products and
Services” shall mean agreements or other arrangements under which Agent or any Lender or any Affiliate of Agent or a Lender provides any of the following products or services to any Loan Party: (a) credit cards; (b) credit
card processing services; (c) debit cards and stored value cards; (d) commercial cards; (e) ACH transactions; and (f) cash management and treasury management services and products, including without limitation controlled
disbursement accounts or services, lockboxes, automated clearinghouse transactions, overdrafts, interstate depository network services. The indebtedness, obligations and liabilities of any Loan Party to the provider of any Cash Management
Products and Services (including all obligations and liabilities owing to such provider in respect of any returned items deposited with such provider) (the “Cash Management Liabilities”) shall be “Obligations” hereunder,
guaranteed obligations under the Guaranty and secured obligations under any Guarantor Security Agreement, as applicable, and otherwise treated as Obligations for purposes of each of the Other Documents. 

“Cash Management Liabilities” shall have the meaning provided in the definition of “Cash Management Products and
Services.” 
 “CEA” shall mean the Commodity Exchange Act (7 U.S.C.§1 et seq.), as amended from time to time, and
any successor statute. 
 “CFTC” shall mean the Commodity Futures Trading Commission. 

  
 7 

 “CERCLA” shall mean the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, 42 U.S.C. §§9601 et seq. 
 “Change in Law” shall mean the occurrence, after
the Closing Date, of any of the following: (a) the adoption or taking effect of any Applicable Law; (b) any change in any Applicable Law or in the administration, implementation, interpretation or application thereof by any Governmental
Body; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (y) all requests, rules,
regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities
(whether or not having the force of law), in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 

“Change of Control” shall mean any person or group of persons (within the meaning of Section 13(d) or 14(a) of the Exchange
Act) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act) of 35% or more of the voting Equity Interests of Ampco-Pitt Corp. 

“Charges” shall mean all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income,
gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom
duties, fees, assessments, liens, claims and charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts, imposed by any taxing or other authority, domestic or foreign (including the Pension
Benefit Guaranty Corporation or any environmental agency or superfund), upon the Collateral, any Loan Party or any of its Affiliates. 

“CIP Regulations” shall have the meaning set forth in Section 14.12 hereof. 

“Closing Date” shall mean May 20, 2016 or such other date as may be agreed to in writing by the parties hereto. 

“Closing Date Undrawn Availability” at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula
Amount or (ii) the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the sum of (i) the outstanding amount of Advances plus (ii) all amounts due and owing to
any Borrower’s trade creditors which are outstanding sixty (60) days or more past their due date. 
 “Code” shall mean
the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

  
 8 

 “Collateral” shall mean and include the collateral under the UK Security
Documents, the Swedish Security Documents and all right, title and interest of each Loan Party (other than the UK Borrower, Davy Roll, the Swedish Borrower or Akers) in all of the following property and assets of such Loan Party (other than the UK
Borrower, Davy Roll, the Swedish Borrower or Akers), in each case whether now existing or hereafter arising or created and whether now owned or hereafter acquired and wherever located: 

(a) all Receivables and all supporting obligations relating thereto; 

(b) all equipment and fixtures; 

(c) all general intangibles (including all payment intangibles and all software) and all supporting obligations related thereto; 

(d) all Inventory; 
 (e) all
Subsidiary Stock, securities, investment property, and financial assets; 
 (f) all contract rights, rights of payment which have been
earned under a contract rights, chattel paper (including electronic chattel paper and tangible chattel paper), commercial tort claims (whether now existing or hereafter arising); documents (including all warehouse receipts and bills of lading),
deposit accounts, goods, instruments (including promissory notes), letters of credit (whether or not the respective letter of credit is evidenced by a writing) and letter-of-credit rights, cash, certificates of deposit, insurance proceeds (including
hazard, flood and credit insurance), security agreements, eminent domain proceeds, condemnation proceeds, tort claim proceeds and all supporting obligations; 

(g) all ledger sheets, ledger cards, files, correspondence, records, books of account, business papers, computers, computer software (owned by
any Loan Party (other than the UK Borrower, Davy Roll, the Swedish Borrower or Akers) or in which it has an interest), computer programs, tapes, disks and documents, including all of such property relating to the property described in clauses (a)
through (h) of this definition; 
 (h) all proceeds and products of the property described in clauses (a) through (i) of this definition, in
whatever form. It is the intention of the parties that if Agent shall fail to have a perfected Lien in any particular property or assets of any Loan Party (other than the UK Borrower, Davy Roll, the Swedish Borrower or Akers) for any reason
whatsoever, but the provisions of this Agreement and/or of the Other Documents, together with all financing statements and other public filings relating to Liens filed or recorded by Agent against Loan Parties (other than the UK Borrower, Davy Roll,
the Swedish Borrower or Akers), would be sufficient to create a perfected Lien in any property or assets that such Loan Party (other than the UK Borrower, Davy Roll, the Swedish Borrower or Akers) may receive upon the sale, lease, license, exchange,
transfer or disposition of such particular property or assets, then all such “proceeds” of such particular property or assets shall be included in the Collateral as original collateral that is the subject of a direct and original grant of
a security interest as provided for herein and in the Other Documents (and not merely as proceeds (as defined in Article 9 of the Uniform Commercial Code) in which a security interest is created or arises solely pursuant to Section 9-315 of the
Uniform Commercial Code); and 
 (i) any cash collateral referred to in the definition of Cash Collateralize or in Section 3.2(b) hereof.

  
 9 

 Notwithstanding the forgoing, Collateral shall not include any Excluded Property. 

“Commitment Transfer Supplement” shall mean a document in the form of Exhibit 16.3 hereto, properly completed and
otherwise in form and substance satisfactory to Agent by which the Purchasing Lender purchases and assumes a portion of the obligation of Lenders to make Advances under this Agreement. 

“Compliance Certificate” shall mean a compliance certificate substantially in the form of Exhibit 1.2(a) hereto to be
signed by the Chief Financial Officer or Controller of Borrowing Agent. 
 “Computation Date” shall have the meaning
specified in Section 2.26 hereof. 
 “Consents” shall mean all filings and all licenses, permits, consents, approvals,
authorizations, qualifications and orders of Governmental Bodies and other third parties, domestic or foreign, necessary to carry on any Loan Party’s business or necessary (including to avoid a conflict or breach under any agreement,
instrument, other document, license, permit or other authorization) for the execution, delivery or performance of this Agreement, the Other Documents, including any Consents required under all applicable federal, state or other Applicable Law. 

“Consigned Inventory” shall mean Inventory of any Loan Party that is in the possession of another Person on a consignment,
sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory. 
 “Contract Rate”
shall have the meaning set forth in Section 3.1 hereof. 
 “Contribution Notice” shall mean a contribution notice issued by
the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004. 
 “Controlled Group” shall mean, at any
time, each Loan Party and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control and all other entities which, together with any Loan Party, are treated as a single employer
under Section 414 of the Code. 
 “Covenant Trigger Period” shall mean, in each case, the period (a) commencing upon (i)
the occurrence of an Event of Default or Default or (ii) any day on which Undrawn Availability shall be less than ten percent (10%) of the Maximum Revolving Advance Amount, and (b) terminating when both (i) Undrawn Availability shall have been
greater than ten percent (10%) of the Maximum Revolving Advance Amount for thirty (30) consecutive days and (ii) no Event of Default or Default is continuing (including as a result of the waiver or cure thereof). 

“Covered Entity” shall mean (a) each Loan Party, each of Loan Party’s Subsidiaries, all Guarantors and all pledgors of
Collateral and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person 

  
 10 

 
shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such
Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. 

“Customer” shall mean and include the account debtor with respect to any Receivable and/or the prospective purchaser of
goods, services or both with respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or other arrangement with any Loan Party, pursuant to which such Loan Party is to deliver any personal
property or perform any services. 
 “Customs” shall have the meaning set forth in Section 2.13(b) hereof. 

“Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the Agent by dividing (x) the Published Rate by
(y) a number equal to 1.00 minus the Reserve Percentage. 
 “Davy Roll” shall mean The Davy Roll Company Limited, a
limited liability company under the laws of England and Wales with registered company number 03800194, and its successors and assigns. 

“Debt Payments” shall mean for any period, in each case, all cash actually expended by any Loan Party to make: (a) interest
payments on any Advances hereunder, plus (b) payments for all fees, commissions and charges set forth herein, plus (c) payments on Capitalized Lease Obligations, plus (d) payments with respect to any other Indebtedness for
borrowed money. 
 “Default” shall mean an event, circumstance or condition which, with the giving of notice or passage of
time or both, would constitute an Event of Default. 
 “Default Rate” shall have the meaning set forth in Section 3.1
hereof. 
 “Defaulting Lender” shall mean any Lender that: (a) has failed, within two (2) Business Days of the date
required to be funded or paid, to (i) fund any portion of its Revolving Commitment Percentage of Advances, (ii) if applicable, fund any portion of its Participation Commitment in Letters of Credit or Swing Loans or (iii) pay over to Agent, Issuer,
Swing Loan Lender or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies Agent in writing that such failure is the result of such Lender’s good faith determination that
a condition precedent to funding (specifically identified and including a particular Default or Event of Default, if any) has not been satisfied; (b) has notified Borrowers or Agent in writing, or has made a public statement to the effect, that it
does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent
(specifically identified and including a particular Default or Event of Default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit; (c) has failed, within two
(2) Business Days after request by Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is 

  
 11 

 
financially able to meet such obligations) to fund prospective Advances and, if applicable, participations in then outstanding Letters of Credit and Swing Loans under this Agreement, provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon Agent’s receipt of such certification in form and substance satisfactory to the Agent; (d) has become the subject of an Insolvency Event; or (e) has failed
at any time to comply with the provisions of Section 2.6(e) with respect to purchasing participations from the other Lenders, whereby such Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata
share of such payments due and payable to all of the Lenders. 
 “Depository Accounts” shall have the meaning set forth in
Section 4.8(h) hereof. 
 “Designated Customer” shall mean, at any time of determination, any Customer disclosed in writing
by the Loan Parties to the Agent (which written disclosure shall be updated from time to time as required herein) with a rating of (a) if such Customer is rated by both Moody’s and Standard & Poor’s, “Baa3” or higher from
Moody’s and “BBB-” or higher from Standard & Poor’s, or (b) if such Customer is not rated by both Moody’s and Standard & Poor’s, such Customer is rated “BBB-” or higher from Fitch and is rated (x)
“Baa3” or higher from Moody’s, or (y) “BBB-” or higher from Standard & Poor’s. 
 “Designated
Lender” shall have the meaning set forth in Section 16.2(d) hereof. 
 “Document” shall have the meaning given to
the term “document” in the Uniform Commercial Code. 
 “Dollar” and the sign “$” shall mean
lawful money of the United States of America. 
 “Dollar Equivalent” shall mean, at any time, (a) as to any amount
denominated in Dollars, the amount thereof at such time, and (b) as to any amount denominated in any other currency, the equivalent amount in Dollars calculated by Agent in its Permitted Discretion at such time using the Exchange Rate in effect on
the Business Day of determination. 
 “Domestic Inventory Advance Rate” shall have the meaning set forth in Section
2.1(a)(y)(ii) hereof. 
 “Domestic Inventory NOLV Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(ii)
hereof. 
 “Domestic Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate. 

“Domestic Receivables Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(i) hereof. 

“Domestic Subsidiary” shall mean of any Person, a corporation or other entity, organized or incorporated in the United
States, any State or territory thereof or the District of Columbia, of whose Equity Interests having ordinary voting power (other than Equity Interests having such power only by reason of the happening of a contingency) to elect a majority of the
directors of such corporation, or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person of any Loan Party. 

  
 12 

 “Drawing Date” shall have the meaning set forth in Section 2.14(b) hereof. 

“EBITDA” shall mean, for any period, the sum of (a) net income (or loss) for such period (excluding extraordinary gains and
extraordinary losses), plus (b) all interest expense for such period, plus (c) all charges against income for such period for federal, state and local taxes, plus (d) depreciation expenses for such period, plus
(e) amortization expenses for such period, plus (f) fees, costs and expenses directly incurred in connection with and paid within sixty (60) days after the closing of any applicable Permitted Acquisition to the extent expensed but not
capitalized during such period in an aggregate amount not to exceed Five Million and 00/100 Dollars ($5,000,000.00) for any such period, plus (g) solely with respect to any applicable Permitted Acquisition where the purchase price payable in
connection therewith may be increased as a result of a mark-to-market adjustment in the share value of Ampco-Pitt Corp., an amount equal to the increase (but in no event any decrease) in the applicable purchase price payable by Ampco-Pitt Corp. or
any other applicable Loan Party, as applicable, as a result of such mark-to-market adjustment (with each calculation of any such increase to be determined on terms and conditions and evidenced in form and substance reasonably acceptable to the
Agent) to the extent such increase amount has been deducted in the determination of net income for such period, plus (h) any non-cash losses or non-cash net loss impairment reflected in net income as a result of inclusion of the proportionate
share of financial results of: (1) Union Electric Steel MG Roll Company Limited, an entity existing under the laws of the Peoples’ Republic of China; and/or (2) Shani Akers TISCO Roll Co. Ltd., Taiyan, an entity existing under the laws of
the Peoples’ Republic of China, in each case, in the determination of net income, plus (i) the non-cash effects of inclusion of purchase accounting in connection with Permitted Acquisitions, plus (j) restructuring expenses and
integration costs in connection with and paid within three hundred sixty-five (365) days of the closing of any applicable Permitted Acquisition to the extent expensed but not capitalized during such period in an aggregate amount not to exceed Five
Million and 00/100 Dollars ($5,000,000.00) in any fiscal year, plus (k) pension and other post-retirement benefit expense to the extent expensed but not capitalized during such period, plus (l) non-cash asbestos-related charges and
credits to the extent expensed but not capitalized during such period, plus (m) debt-related financing costs to the extent expensed but not capitalized during such period in an aggregate amount not to exceed Five Hundred Thousand and 00/100
Dollars ($500,000.00) for such period, plus (n) non-cash charges to intangible assets, non-cash impairments of plant, property and equipment and impairment of goodwill, in each case for the Loan Parties and their Subsidiaries on a
consolidated basis in accordance with GAAP. 
 “Effective Date” means the date indicated in a document or agreement to be
the date on which such document or agreement becomes effective, or, if there is no such indication, the date of execution of such document or agreement. 

“Eligible Contract Participant” shall mean an “eligible contract participant” as defined in the CEA and regulations
thereunder. 

  
 13 

 “Eligible Customs Broker” shall mean a customs broker that has its principal
assets and place of business in the United States and which is acceptable to Agent and with which Agent has entered into a freight forwarder agreement, in form and substance acceptable to the Agent. 

“Eligible Domestic Insured Foreign Receivable or Receivables” shall mean Receivables of a US Borrower that meet the
requirements of Eligible Domestic Receivables, except clause (f) of such definition, provided that such Receivable is credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Agent and shall name
Agent as beneficiary or loss payee, as applicable). 
 “Eligible Domestic Inventory” shall mean and include Inventory of US
Borrowers, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Agent’s opinion, obsolete, slow moving or unmerchantable and which Agent, in its Permitted Discretion, shall not deem ineligible
Inventory, based on such considerations as Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted
Encumbrance). In addition, Inventory shall not be Eligible Domestic Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is
Foreign In-Transit Inventory or in-transit within the United States unless such Inventory is in transit from a domestic location owned by a Borrower or a domestic location identified on Schedule 4.4 (as such Schedule may be updated from time
to time) to a domestic location owned by a Borrower or a domestic location identified on Schedule 4.4 (as such Schedule may be updated from time to time) or is located at a third party processor and where such third party processor has
executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the US Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion); (c) is
located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory unless a waiver has been obtained from the holder of such Inventory (other than Consigned
Inventory not in excess of (A) Five Hundred Thousand and 00/100 Dollars ($500,000.00) in any one location at any one point and (B) One Million and 00/100 Dollars in the aggregate in all locations at any one point); (e) is the subject of an
Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable US Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a
Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the US Formula Amount with respect thereto as Agent shall deem appropriate in its sole
discretion); (g) is situated at a location not owned by a US Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree otherwise in its sole discretion after establishing
reserves against the US Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable. 

“Eligible Domestic Receivables” shall mean and include, each Receivable of a US Borrower arising in the Ordinary Course of
Business and which Agent, in its sole credit judgment, shall deem to be an Eligible Domestic Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible

  
 14 

 
unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other
documentary evidence satisfactory to Agent. In addition, no Receivable shall be an Eligible Domestic Receivable if: 
 (a) it arises
out of a sale made by any US Borrower to an Affiliate of any Borrower or to a Person controlled by an Affiliate of any Borrower; 
 (b) it
is due or unpaid more than ninety (90) days after the original invoice date or sixty (60) days after the original due date; provided, however, Receivables that, but for compliance with this subsection (b), are otherwise Eligible Domestic
Receivables, due and payable by Designated Customers and not due or unpaid more than one hundred twenty (120) days after the original invoice date or sixty (60) days after the original due date shall be deemed to be Eligible Domestic
Receivables to the extent that the amount of any such Receivables does not exceed Five Million and 00/100 Dollars ($5,000,000.00), singularly or in the aggregate, at any time; 

(c) fifty percent (50%) or more of the Receivables from such Customer are not deemed Eligible Domestic Receivables hereunder; 

(d) any covenant, representation or warranty contained in this Agreement with respect to such Receivable has been breached; 

(e) an Insolvency Event shall have occurred with respect to such Customer; 

(f) the sale is to a Customer outside the continental United States of America or a province of Canada that has not adopted the Personal
Property Security Act of Canada, unless the sale is on letter of credit, guaranty or acceptance terms, in each case acceptable to Agent in its sole discretion or such Receivable constitutes an Eligible Domestic Insured Foreign Receivable to the
extent that the amount of all such Receivables with respect to all such Customers does not exceed Ten Million and 00/100 Dollars ($10,000,000.00) in the aggregate at any time; 

(g) the sale to the Customer is on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment or any other repurchase or
return basis or is evidenced by chattel paper; provided that Agent, may from time to time, in its Permitted Discretion, permit Receivables that, but for compliance with this subsection (g), are otherwise Eligible Domestic Receivables, due and
payable by certain Customers acceptable to the Agent in its Permitted Discretion to be deemed to be Eligible Domestic Receivables to the extent that the amount of all such Receivables with respect to all such Customers does not exceed One Million
and 00/100 Dollars ($1,000,000.00), singularly or in the aggregate, at any time; 
 (h) Agent believes, in its sole judgment, that
collection of such Receivable is insecure or that such Receivable may not be paid by reason of the Customer’s financial inability to pay; 

(i) the Customer is the United States of America, any state or any department, agency or instrumentality of any of them, unless the applicable
Borrower assigns its right to 

  
 15 

 
payment of such Receivable to Agent pursuant to the Assignment of Claims Act of 1940, as amended (31 U.S.C. Sub-Section 3727 et seq. and 41 U.S.C. Sub-Section 15 et seq.) or has otherwise
complied with other applicable statutes or ordinances; provided, however, so long as the Borrowers shall have caused to be delivered any documents required to comply with any federal, state or local law governing assignment of claims due from such
Customer (including, without limitation, the Assignment of Claims Act of 1940 (31 U.S.C. §203 et seq., as amended) to be held by the Agent in escrow and only to be provided to any such Customer upon the occurrence and continuance of any
applicable Trigger Period, Receivables that, but for compliance with this subsection (i), are otherwise Eligible Domestic Receivables, shall be deemed to be Eligible Domestic Receivables to the extent that the amount of all such Receivables with
respect to all such Customers does not exceed One Million and 00/100 Dollars ($1,000,000.00), singularly or in the aggregate, at any time; 

(j) the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to such
Receivable have not been performed by the applicable US Borrower and accepted by the Customer or the Receivable otherwise does not represent a final sale; 

(k) the Receivables of the Customer exceed a credit limit determined by Agent, in its sole discretion, to the extent such Receivable exceeds
such limit; 
 (l) the Receivable is subject to any offset, deduction, defense, dispute, credits or counterclaim (but such Receivable shall
only be ineligible to the extent of such offset, deduction, defense or counterclaim), the Customer is also a creditor or supplier of a Borrower or the Receivable is contingent in any respect or for any reason; 

(m) the applicable US Borrower has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made
in the Ordinary Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each respective invoice related thereto; 

(n) any return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed; 

(o) such Receivable is not payable to a US Borrower; or 

(p) such Receivable is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its discretion in a
reasonable manner. 
 “Eligible Equipment” shall mean and include with respect to each Borrower, all such equipment owned
and held by such Borrower at one of Borrower’s locations in the United States or the United Kingdom that (i) Agent, in its Permitted Discretion, deems to be eligible based on any credit or collateral considerations as agent deems
reasonable and appropriate from time to time and (ii) is subject to a perfected, first priority security interest in favor of Agent, free of all Liens of any Person other than Permitted Encumbrances; provided that no equipment of the UK Borrower
shall be Eligible Equipment prior to the UK Availability Date. 

  
 16 

 “Eligible Swedish Insured Foreign Receivable or Receivables” shall mean
Receivables of the Swedish Borrower that meet the requirements of Eligible Swedish Receivables, except clause (f) of such definition, provided that such Receivable is credit insured (the insurance carrier, amount and terms of such insurance shall be
reasonably acceptable to Agent and shall name Agent as beneficiary or loss payee, as applicable). 
 “Eligible Swedish
Inventory” shall mean and include Inventory of Swedish Borrower, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Agent’s opinion, obsolete, slow moving or unmerchantable and which
Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in
favor of Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Swedish Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority
over such goods or the use or sale thereof; (b) is in-transit within Sweden unless such Inventory is in transit from a Swedish location owned by a Borrower or a Swedish location identified on Schedule 4.4 (as such Schedule may be updated from
time to time) to a Swedish location owned by a Borrower or a Swedish location identified on Schedule 4.4 (as such Schedule may be updated from time to time) or is located at a third party processor located in Sweden and where such third party
processor has executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the Swedish Formula Amount with respect thereto as Agent shall deem appropriate in its sole
discretion); (c) is located outside Sweden or at a location that is not otherwise in compliance with this Agreement unless such Inventory is in transit from a Swedish location owned by a Borrower or a Swedish location identified on Schedule
4.4 (as such Schedule may be updated from time to time) to a third party processor located in the United States and where such third party processor has executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree otherwise in its
sole discretion after establishing reserves against the Swedish Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion) and then only to the extent that: (i) Agent has received assurances satisfactory to it
that all of the original Documents evidencing such Inventory (all of which Documents shall be Negotiable Documents) have been issued by the applicable carrier and have been forwarded to an Eligible Customs Broker (and, if such Documents are not
actually received by an Eligible Customs Broker within ten (10) days after the sending thereof, such Inventory shall thereupon cease to be Eligible Swedish Inventory), or, if required by Agent in the exercise of its sole discretion, all of such
original Documents are in the possession, in the United States, of Agent or an Eligible Customs Broker (as specified by Agent); (ii) such Inventory is fully insured by marine cargo or other similar insurance, in such amounts, with such insurance
companies and subject to such deductibles as are satisfactory to Agent and in respect of which Agent has been named as lender loss payee; and (iii) Agent has received an executed freight forwarder agreement with respect to such Inventory from an
Eligible Customs Broker; (d) constitutes Consigned Inventory unless a waiver has been obtained from the holder of such Inventory (other than Consigned Inventory not in excess of the Dollar Equivalent amount of (A) Five Hundred Thousand and 00/100
Dollars ($500,000.00) in any one location at any one point and (B) One Million and 00/100 Dollars in the aggregate in all locations at any one point); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that
limits, conditions or restricts the Swedish Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent 

  
 17 

 
Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the Swedish Formula Amount with respect thereto
as Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by the Swedish Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree
otherwise in its sole discretion after establishing reserves against the Swedish Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion); or (h) or if the sale of such Inventory would result in an ineligible
Receivable. 
 “Eligible Swedish Receivables” shall mean and include, each Receivable of the Swedish Borrower arising in
the Ordinary Course of Business and which Agent, in its sole credit judgment, shall deem to be an Eligible Swedish Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed
eligible unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In
addition, no Receivable shall be an Eligible Swedish Receivable if: 
 (a) it arises out of a sale made by the Swedish Borrower to an
Affiliate of any Borrower or to a Person controlled by an Affiliate of any Borrower; 
 (b) it is due or unpaid more than ninety (90) days
after the original invoice date or sixty (60) days after the original due date; provided, however, Receivables that, but for compliance with this subsection (b), are otherwise Eligible Swedish Receivables, due and payable by Designated
Customers and not due or unpaid more than one hundred twenty (120) days after the original invoice date or sixty (60) days after the original due date shall be deemed to be Eligible Swedish Receivables to the extent that the Dollar Equivalent
amount of any such Receivables, together with the Dollar Equivalent amount of any Receivables comprising Eligible UK Receivables under subpart (b) of the definition thereof, does not exceed Two Million Five Hundred Thousand and 00/100 Dollars
($2,500,000.00), singularly or in the aggregate, at any time; 
 (c) fifty percent (50%) or more of the Receivables from such Customer are
not deemed Eligible Swedish Receivables hereunder; 
 (d) any covenant, representation or warranty contained in this Agreement with respect
to such Receivable has been breached; 
 (e) an Insolvency Event shall have occurred with respect to such Customer; 

(f) the sale is to a Customer outside Sweden, unless the sale is on letter of credit, guaranty or acceptance terms, in each case acceptable to
Agent in its sole discretion; provided, however, Receivables that, but for compliance with this subsection (f), are otherwise Eligible Swedish Receivables, due and payable by Designated Customers or Eligible Swedish Insured Foreign Receivables shall
be deemed to be Eligible Swedish Receivables to the extent that the Dollar Equivalent amount of any such Receivables, together with the Dollar Equivalent amount of any Receivables comprising Eligible UK Receivables under subpart (f) of the
definition thereof, does not exceed Five Million and 00/100 Dollars ($5,000,000.00), singularly or in the aggregate, at any time; 

  
 18 

 (g) the invoice or other documentary evidence with respect to such Receivable does not contain a
notice and direction to the applicable Customer in form and substance sufficient to cause the Agent’s fixed charge security interest to be perfected against such Receivable; 

(h) Agent believes, in its sole judgment, that collection of such Receivable is insecure or that such Receivable may not be paid by reason of
the Customer’s financial inability to pay; 
 (i) Intentionally deleted; 

(j) the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to such
Receivable have not been performed by the Swedish Borrower and accepted by the Customer or the Receivable otherwise does not represent a final sale; 

(k) the Receivables of the Customer exceed a credit limit determined by Agent, in its sole discretion, to the extent such Receivable exceeds
such limit; 
 (l) the Receivable is subject to any offset, deduction, defense, dispute, credits or counterclaim (but such Receivable shall
only be ineligible to the extent of such offset, deduction, defense or counterclaim), the Customer is also a creditor or supplier of a Borrower or the Receivable is contingent in any respect or for any reason; 

(m) the Swedish Borrower has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made in the
Ordinary Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each respective invoice related thereto; 

(n) any return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed; 

(o) such Receivable is not payable to the Swedish Borrower; or 

(p) such Receivable is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its discretion in a
reasonable manner. 
 “Eligible UK Insured Foreign Receivable or Receivables” shall mean Receivables of the UK Borrower
that meet the requirements of Eligible UK Receivables, except clause (f) of such definition, provided that such Receivable is credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Agent and shall
name Agent as beneficiary or loss payee, as applicable). 
 “Eligible UK Inventory” shall mean and include Inventory of UK
Borrower, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Agent’s 

  
 19 

 
opinion, obsolete, slow moving or unmerchantable and which Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Agent may from time to time
deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible UK Inventory if
it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is in-transit within the United Kingdom unless such Inventory is in transit from a United
Kingdom location owned by a Borrower or a United Kingdom location identified on Schedule 4.4 (as such Schedule may be updated from time to time) to a United Kingdom location owned by a Borrower or a United Kingdom location identified on
Schedule 4.4 (as such Schedule may be updated from time to time) or is located at a third party processor located in the United Kingdom and where such third party processor has executed in favor of Agent a Lien Waiver Agreement (or Agent
shall agree otherwise in its sole discretion after establishing reserves against the UK Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion); (c) is located outside the United Kingdom or at a location that is
not otherwise in compliance with this Agreement unless such Inventory is in transit from a United Kingdom location owned by a Borrower or a United Kingdom location identified on Schedule 4.4 (as such Schedule may be updated from time to time)
to a third party processor located in the United States and where such third party processor has executed in favor of Agent a Lien Waiver Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the UK
Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion) and then only to the extent that: (i) Agent has received assurances satisfactory to it that all of the original Documents evidencing such Inventory (all
of which Documents shall be Negotiable Documents) have been issued by the applicable carrier and have been forwarded to an Eligible Customs Broker (and, if such Documents are not actually received by an Eligible Customs Broker within ten (10) days
after the sending thereof, such Inventory shall thereupon cease to be Eligible UK Inventory), or, if required by Agent in the exercise of its sole discretion, all of such original Documents are in the possession, in the United States, of Agent or an
Eligible Customs Broker (as specified by Agent); (ii) such Inventory is fully insured by marine cargo or other similar insurance, in such amounts, with such insurance companies and subject to such deductibles as are satisfactory to Agent and in
respect of which Agent has been named as lender loss payee; and (iii) Agent has received an executed freight forwarder agreement with respect to such Inventory from an Eligible Customs Broker; (d) constitutes Consigned Inventory unless a waiver has
been obtained from the holder of such Inventory (other than Consigned Inventory not in excess of the Dollar Equivalent amount of (A) Five Hundred Thousand and 00/100 Dollars ($500,000.00) in any one location at any one point and (B) One Million and
00/100 Dollars in the aggregate in all locations at any one point); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the UK Borrower’s or Agent’s right to sell
or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its sole discretion after establishing reserves against the UK Formula
Amount with respect thereto as Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by the UK Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement (or
Agent shall agree otherwise in its sole discretion after establishing reserves against the UK Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion); or (h) or if the sale of such Inventory would result in an
ineligible Receivable. 

  
 20 

 “Eligible UK Receivables” shall mean and include, each Receivable of the UK
Borrower arising in the Ordinary Course of Business and which Agent, in its sole credit judgment, shall deem to be an Eligible UK Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not
be deemed eligible unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to
Agent. In addition, no Receivable shall be an Eligible UK Receivable if: 
 (a) it arises out of a sale made by the UK Borrower to an
Affiliate of any Borrower or to a Person controlled by an Affiliate of any Borrower; 
 (b) it is due or unpaid more than ninety (90) days
after the original invoice date or sixty (60) days after the original due date; provided, however, Receivables that, but for compliance with this subsection (b), are otherwise Eligible UK Receivables, due and payable by Designated Customers and
not due or unpaid more than one hundred twenty (120) days after the original invoice date or sixty (60) days after the original due date shall be deemed to be Eligible UK Receivables to the extent that the Dollar Equivalent amount of any such
Receivables, together with the Dollar Equivalent amount of any Receivables comprising Eligible Swedish Receivables under subpart (b) of the definition thereof, does not exceed Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00),
singularly or in the aggregate, at any time; 
 (c) fifty percent (50%) or more of the Receivables from such Customer are not deemed
Eligible UK Receivables hereunder; 
 (d) any covenant, representation or warranty contained in this Agreement with respect to such
Receivable has been breached; 
 (e) an Insolvency Event shall have occurred with respect to such Customer; 

(f) the sale is to a Customer outside England and Wales, unless the sale is on letter of credit, guaranty or acceptance terms, in each case
acceptable to Agent in its sole discretion; provided, however, Receivables that, but for compliance with this subsection (f), are otherwise Eligible UK Receivables, due and payable by Designated Customers, or Eligible UK Insured Foreign Receivables
shall be deemed to be Eligible UK Receivables to the extent that the Dollar Equivalent amount of any such Receivables, together with the Dollar Equivalent amount of any Receivables comprising Eligible Swedish Receivables under subpart (f) of the
definition thereof, does not exceed Five Million and 00/100 Dollars ($5,000,000.00), singularly or in the aggregate, at any time; 
 (g)
Intentionally deleted; 
 (h) Agent believes, in its sole judgment, that collection of such Receivable is insecure or that such Receivable
may not be paid by reason of the Customer’s financial inability to pay; 

  
 21 

 (i) Intentionally deleted; 

(j) the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to such
Receivable have not been performed by the UK Borrower and accepted by the Customer or the Receivable otherwise does not represent a final sale; 

(k) the Receivables of the Customer exceed a credit limit determined by Agent, in its sole discretion, to the extent such Receivable exceeds
such limit; 
 (l) the Receivable is subject to any offset, deduction, defense, dispute, credits or counterclaim (but such Receivable shall
only be ineligible to the extent of such offset, deduction, defense or counterclaim), the Customer is also a creditor or supplier of a Borrower or the Receivable is contingent in any respect or for any reason; 

(m) the UK Borrower has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made in the
Ordinary Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each respective invoice related thereto; 

(n) any return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed; 

(o) such Receivable is not payable to the UK Borrower in Pounds Sterling; or 

(p) such Receivable is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its discretion in a
reasonable manner. 
 “Eligibility Date” shall mean, with respect to each Borrower and Guarantor and each Swap, the
date on which this Agreement or any Other Document becomes effective with respect to such Swap (for the avoidance of doubt, the Eligibility Date shall be the Effective Date of such Swap if this Agreement or any Other Document is then in effect with
respect to such Borrower or Guarantor, and otherwise it shall be the Effective Date of this Agreement and/or such Other Document(s) to which such Borrower or Guarantor is a party). 

“Environmental Complaint” shall have the meaning set forth in Section 9.3(b) hereof. 

“Environmental Laws” shall mean all federal, state, local, provincial, country or international environmental, land use,
zoning, health, chemical use, safety and sanitation laws, statutes, ordinances and codes as well as common laws, relating to the protection of the environment, human health and/or governing the use, storage, treatment, generation, transportation,
processing, handling, production or disposal of Hazardous Materials and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of federal, state, international and local governmental agencies and authorities
with respect thereto. 
 “Equity Interests” shall mean, with respect to any Person, any and all shares, rights to purchase,
options, warrants, general, limited or limited liability partnership interests, member interests, participation or other equivalents of or interest in (regardless of how designated) equity 

  
 22 

 
of such Person, whether voting or nonvoting, including common stock, preferred stock, convertible securities or any other “equity security” (as such term is defined in Rule 3a11-1 of
the General Rules and Regulations promulgated by the SEC under the Exchange Act), including in each case all of the following rights relating to such Equity Interests, whether arising under the Organizational Documents of the Person issuing such
Equity Interests (the “issuer”) or under the applicable laws of such issuer’s jurisdiction of organization relating to the formation, existence and governance of corporations, limited liability companies or partnerships or business
trusts or other legal entities, as the case may be: (i) all economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests; (ii) all voting rights and rights to consent to any particular action(s) by
the applicable issuer; (iii) all management rights with respect to such issuer; (iv) in the case of any Equity Interests consisting of a general partner interest in a partnership, all powers and rights as a general partner with respect to the
management, operations and control of the business and affairs of the applicable issuer; (v) in the case of any Equity Interests consisting of the membership/limited liability company interests of a managing member in a limited liability company,
all powers and rights as a managing member with respect to the management, operations and control of the business and affairs of the applicable issuer; (vi) all rights to designate or appoint or vote for or remove any officers, directors,
manager(s), general partner(s) or managing member(s) of such issuer and/or any members of any board of members/managers/partners/directors that may at any time have any rights to manage and direct the business and affairs of the applicable issuer
under its Organizational Documents as in effect from time to time or under Applicable Law; (vii) all rights to amend the Organizational Documents of such issuer, (viii) in the case of any Equity Interests in a partnership or limited liability
company, the status of the holder of such Equity Interests as a “partner”, general or limited, or “member” (as applicable) under the applicable Organizational Documents and/or Applicable Law; and (ix) all certificates evidencing
such Equity Interests. 
 “EPCRS” shall mean the Employee Plans Compliance Resolution System established by the Internal
Revenue Service under Revenue Procedure 2013-12, modified by Revenue Procedure 2015-27 and as further modified or amended by any successor guidance thereto as from time to time in effect. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time
to time and the rules and regulations promulgated thereunder. For greater certainty, all provisions of this Agreement with respect to ERISA shall not apply to any Foreign Loan Party 

“Euro” shall refer to the lawful currency of the Participating Member States. 

“European Sublimit” shall mean a Dollar Equivalent amount equal to Twenty-Five Million and 00/100 Dollars ($25,000,000.00);
provided that such amount may, at the option of the Borrowers, be increased proportionately with any increase in the Maximum Revolving Advance Amount in accordance with Section 2.24 or decreased proportionately with any permanent reduction in the
Maximum Revolving Advance Amount in accordance with Section 2.2(f). 
 “Event of Default” shall have the meaning set forth
in Article X hereof. 

  
 23 

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

“Exchange Rate” shall mean the prevailing spot rate of exchange of such bank as Agent may reasonably select for the purpose
of conversion of one currency to another, at or around 12:00 p.m. Eastern time, on the date on which any such conversion of currency is to be made under this Agreement. 

“Excluded Domestic Subsidiary” shall mean any Domestic Subsidiary listed on Schedule 1.1(S)(1).

 “Excluded Foreign Subsidiary” shall mean any Foreign Subsidiary listed on Schedule 1.1(S)(2)
(other than the UK Borrower, Davy Roll, the Swedish Borrower, Akers and Akers Valji). 
 “Excluded Hedge Liability or
Liabilities” shall mean, with respect to each Borrower and Guarantor, each of its Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any Other Document that relates to such Swap Obligation is or
becomes illegal under the CEA, or any rule, regulation or order of the CFTC, solely by virtue of such Borrower’s and/or Guarantor’s failure to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap.
Notwithstanding anything to the contrary contained in the foregoing or in any other provision of this Agreement or any Other Document, the foregoing is subject to the following provisos: (a) if a Swap Obligation arises under a master agreement
governing more than one Swap, this definition shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guaranty or security interest is or becomes illegal under the CEA, or any rule, regulations or order
of the CFTC, solely as a result of the failure by such Borrower or Guarantor for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap; (b) if a guarantee of a Swap Obligation would cause such obligation to
be an Excluded Hedge Liability but the grant of a security interest would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall constitute an Excluded Hedge Liability for purposes of the guaranty but not for
purposes of the grant of the security interest; and (c) if there is more than one Borrower or Guarantor executing this Agreement or the Other Documents and a Swap Obligation would be an Excluded Hedge Liability with respect to one or more of such
Persons, but not all of them, the definition of Excluded Hedge Liability or Liabilities with respect to each such Person shall only be deemed applicable to (i) the particular Swap Obligations that constitute Excluded Hedge Liabilities with respect
to such Person, and (ii) the particular Person with respect to which such Swap Obligations constitute Excluded Hedge Liabilities. 

“Excluded Property” shall mean any non-material lease, license, contract or agreement to which any Loan Party is a party, and
any of its rights or interests thereunder, if and to the extent that a security interest therein is prohibited by or in violation of (x) any Applicable Law, or (y) a term, provision or condition of any such lease, license, contract or agreement
(unless in each case, such Applicable Law, term, provision or condition would be rendered ineffective with respect to the creation of such security interest pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any
successor provision or provisions) of any relevant jurisdiction or any other Applicable Law or principles of equity), provided, however, that the foregoing shall cease to be treated as “Excluded Property” (and shall
constitute Collateral) 

  
 24 

 
immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, such security interest shall attach immediately to any portion of such
lease, license, contract or agreement not subject to the prohibitions specified in (x) or (y) above, provided, further that Excluded Property shall not include any proceeds of any such lease, license, contract or agreement or any
goodwill of Loan Parties’ business associated therewith or attributable thereto or consisting of assets of any of the Excluded Subsidiaries. 

“Excluded Subsidiary” shall mean any Excluded Domestic Subsidiary, any Excluded Foreign Subsidiary and, during the period
commencing on the date of formation or acquisition of any Transitory First Tier Foreign Subsidiary through and including the earlier of: (i) the date which is three hundred sixty-five (365) consecutive days after the date of formation or acquisition
of such Transitory First Tier Foreign Subsidiary or (ii) the date such Transitory First Tier Foreign Subsidiary has either (y) ceased to be a Transitory First Tier Foreign Subsidiary of the applicable Loan Party as a result of either (1) the joinder
of such Transitory First Tier Foreign Subsidiary as a Loan Party in accordance with the terms and provisions of Section 7.12, or (2) transfer of all (but not less than all) of the equity interests of such Transitory First Tier Foreign Subsidiary to
one or more first tier Foreign Subsidiaries; or (z) been scheduled as an Excluded Foreign Subsidiary, any Transitory First Tier Foreign Subsidiary. 

“Excluded Taxes” shall mean, with respect to Agent, any Lender, Participant, Swing Loan Lender, Issuer or any other recipient
of any payment to be made by or on account of any Obligations, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the laws of which such recipient is organized or in which its principal office or applicable lending office is located or, in the case of any Lender, Participant, Swing Loan Lender or Issuer, in which its
applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which any Loan Party is located, (c) in the case of a Foreign Lender, any
withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than
as a result of a Change in Law) to comply with Section 3.10(e), except to the extent that such Foreign Lender or Participant (or its assignor or seller of a participation, if any) was entitled, at the time of designation of a new lending office (or
assignment or sale of a participation), to receive additional amounts from Loan Parties with respect to such withholding tax pursuant to Section 3.10(a), or (d) any Taxes imposed on any “withholding payment” payable to such recipient as a
result of the failure of such recipient to satisfy the requirements set forth in the FATCA after December 31, 2012. 
 “Existing
Letters of Credit” shall mean the letters of credit issued under that certain Letter Agreement, dated June 26, 2003, by and among Ampco-Pitt Corp., Aerofin Corporation, a Pennsylvania corporation, UES and PNC Bank, National Association, as
the same may have been amended from time to time, with stated expiration dates beyond the Closing Date, which letters of credit are set forth on Schedule 1.1 hereof. 

“Facility Fee” shall have the meaning set forth in Section 3.3(b) hereof. 

  
 25 

 “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations thereunder or official interpretations thereof. 

“Federal Funds Effective Rate” shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed
and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on
the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective
Rate for the last day on which such rate was announced; provided further, however, that if the Fed Funds Effective Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Federal Funds Open Rate” shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed)
which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that
displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by PNC (an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen
BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by PNC at
such time (which determination shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business
Day; provided, however, that if the Fed Funds Open Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. If and when the Federal Funds Open Rate changes, the rate of
interest with respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice to Borrowers, effective on the date of any such change. 

“Fee Letter” shall mean the fee letter dated the Closing Date among Borrowers and PNC. 

“Financial Support Direction” shall mean a financial support direction issued by the Pensions Regulator under section 43 of
the Pensions Act 2004. 
 “Fitch” shall mean Fitch Ratings Inc., and its successors. 

“Fixed Asset Advance Amount” shall mean (X) on the Closing Date, the lesser of (a) a Dollar Equivalent amount equal to
Twenty-Five Million and 00/100 Dollars ($25,000,000.00) and (b) subject to Section 2.1(b), 85% of the appraised net orderly liquidation value of Eligible Equipment, and (Y) after the Closing Date, the availability under the Fixed Asset Sub-Limit
shall 

  
 26 

 
be updated monthly to reflect (a) all new Eligible Equipment purchased during the preceding calendar month (with respect to which availability shall be limited to the lesser of (y) eighty-five
percent (85%) of the Net Invoice Cost of such new Eligible Equipment or (z) subject to Section 2.1(b), eighty-five percent (85%) of the appraised net orderly liquidation value of such new Eligible Equipment acquired pursuant to the acquisition of
the stock or assets of a third party), and (b) eighty-five percent (85%) of the remaining unamortized borrowing base amount of all dispositions of Eligible Equipment which have occurred during the preceding calendar month. The Fixed Asset
Advance Amount shall be reduced by amortization of two and one-half of one percent (2.50%) per fiscal quarter. Each new Eligible Equipment asset purchased after the Closing Date shall only be included in the applicable Formula Amount in an
amount, subject to Section 2.1(b), equal to eighty-five percent (85%) of the Net Invoice Cost of such new Eligible Equipment, less all required amortization until such time as the next regularly recurring Equipment appraisal is performed. Effective
immediately upon delivery of each applicable recurring Equipment appraisal, the amount included in the applicable Formula Amount with respect to such Eligible Equipment shall be reset to the lesser of (y) subject to the Section 2.1(b), eighty-five
percent (85%) of the current appraised net orderly liquidation value of such Eligible Equipment or (z) the remaining unamortized amount. 

“Fixed Charge Coverage Ratio” shall mean, with respect to any fiscal period, the ratio of (a) EBITDA, minus cash taxes paid
or required to be paid (including tax distributions but excluding taxes to the extent the same are excluded when determining EBITDA), minus dividends (including, without limitation, any dividend or other application of any funds, property or assets
to the purchase, redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any Equity Interest of any applicable Loan Party), minus an amount equal to the sum of (i) Unfunded Capital Expenditures (including
fifteen percent (15%) of the Net Invoice Cost of Equipment purchased using proceeds of Advances during any applicable fiscal period) plus (ii) an amount equal to the amount by which (y) the Net Invoice Cost of such Equipment exceeds the appraised
value of such Equipment, in each case for the Loan Parties and their Subsidiaries on a consolidated basis to (b) Fixed Charges. 

“Fixed Charges” shall mean, with respect to any fiscal period, the sum of interest expense, scheduled principal installments
on Indebtedness, including capitalized lease obligations, amortization of availability under the Fixed Asset Advance Amount, share repurchases, cash contributed to Plans, cash paid with respect to pension and other post-retirement benefit expense,
and cash paid (adjusted for insurance proceeds to the extent received for covered claims) for any asbestos related liability, in each case for the Loan Parties and their Subsidiaries on a consolidated basis in accordance with GAAP. 

“Foreign Currency Hedge” shall mean any foreign exchange transaction, including spot and forward foreign currency purchases
and sales, listed or over-the-counter options on foreign currencies, non-deliverable forwards and options, foreign currency swap agreements, currency exchange rate price hedging arrangements, and any other similar transaction providing for the
purchase of one currency in exchange for the sale of another currency entered into by any Borrower, Guarantor and/or any of their respective Subsidiaries. 

“Foreign Currency Hedge Liabilities” shall have the meaning assigned in the definition of Lender-Provided Foreign Currency
Hedge. 

  
 27 

 “Foreign In-Transit Inventory” shall mean Inventory of a US Borrower that is in
transit from a location outside the United States to any location within the United States of such US Borrower or a Customer of such US Borrower. 

“Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction other than that in which Loan
Parties are resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Subsidiary” shall mean of any Person, a corporation or other entity, that is neither (i) a Domestic Subsidiary nor
(ii) an Excluded Domestic Subsidiary, of whose Equity Interests having ordinary voting power (other than Equity Interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation,
or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person. 
 “Formula
Amount” shall have the meaning set forth in Section 2.1(a)(C) hereof. 
 “GAAP” shall mean generally accepted
accounting principles in the United States of America in effect from time to time. 
 “Governmental Acts” shall mean any
act or omission, whether rightful or wrongful, of any present or future de jure or de facto Governmental Body. 
 “Governmental
Body” shall mean any nation or government, any state or other political subdivision thereof or any entity, authority, agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to a government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or
standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Guarantor” shall mean Ampco-Pitt Corp., Ampco Securities, Ampco Investments, Ampco UES, RollTech, Davy Roll, Akers and any
other Person who may hereafter guarantee payment or performance of the whole or any part of the Obligations and “Guarantors” means collectively all such Persons. 

“Guarantor Joinder” shall mean a joinder by a Person as a Guarantor under this Agreement and the Other Documents in the form
of Exhibit 7.12(b). 
 “Guarantor Security Agreement” shall mean any security agreement executed by any Guarantor in
favor of Agent securing the Obligations or the Guaranty of such Guarantor, in form and substance satisfactory to Agent. 

“Guaranty” shall mean any guaranty of the Obligations executed by a Guarantor in favor of Agent for its benefit and for the
ratable benefit of Lenders, in form and substance satisfactory to Agent. 

  
 28 

 “Hazardous Discharge” shall have the meaning set forth in Section 9.3(b) hereof.

 “Hazardous Materials” shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos,
urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous or Toxic Substances or related materials as defined in or subject to regulation under
Environmental Laws. 
 “Hazardous Wastes” shall mean all waste materials subject to regulation under RCRA Subtitle C, and
any other applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal. 
 “Hedge
Liabilities” shall mean collectively, the Foreign Currency Hedge Liabilities and the Interest Rate Hedge Liabilities. 

“Increasing Lender” shall have the meaning set forth in Section 2.24(a) hereof. 

“Indebtedness” shall mean, as to any Person at any time, any and all indebtedness, obligations or liabilities (whether
matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money; (b) amounts received under or liabilities in respect of any
note purchase or acceptance credit facility, and all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all Capitalized Lease Obligations; (d) reimbursement obligations (contingent or
otherwise) under any letter of credit agreement, banker’s acceptance agreement or similar arrangement; (e) obligations under any Interest Rate Hedge, Foreign Currency Hedge, or other interest rate management device, foreign currency
exchange agreement, currency swap agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement, determined on a marked to market basis; (f) any other advances of credit made
to or on behalf of such Person or other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its
operations or capital requirements including to finance the purchase price of property or services and all obligations of such Person to pay the deferred purchase price of property or services (but not including trade payables and accrued expenses
incurred in the Ordinary Course of Business which are not represented by a promissory note or other evidence of indebtedness and which are not more than thirty (30) days past due); (g) all Equity Interests of such Person subject to repurchase or
redemption rights or obligations (excluding repurchases or redemptions at the sole option of such Person); (h) all indebtedness, obligations or liabilities secured by a Lien on any asset of such Person, whether or not such indebtedness,
obligations or liabilities are otherwise an obligation of such Person; (i) all obligations of such Person for “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment
obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts; (j) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising
in the Ordinary Course of Business; and (k) any guaranty of any indebtedness, obligations or liabilities of a type described in the foregoing clauses (a) through (j). 

  
 29 

 “Indemnified Taxes” shall mean Taxes other than Excluded Taxes. 

“Ineligible Security” shall mean any security which may not be underwritten or dealt in by member banks of the Federal
Reserve System under Section 16 of the Banking Act of 1933 (12 U.S.C. Section 24, Seventh), as amended. 
 “Insolvency
Event” shall mean, with respect to any Person, including without limitation any Lender, such Person or such Person’s direct or indirect parent company (a) becomes the subject of a bankruptcy or insolvency proceeding (including any
proceeding under Title 11 of the United States Code, the Insolvency Action 1986 or any other Applicable Law), or regulatory restrictions, (b) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or be generally unable, to pay its debts as they become due or cease
operations of its present business, (d) with respect to a Lender, such Lender is unable to perform hereunder due to the application of Applicable Law, or (e) in the good faith determination of Agent, has taken any action in furtherance of, or
indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment of a type described in clauses (a) or (b), provided that an Insolvency Event shall not result solely by virtue of any ownership interest, or the
acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by a Governmental Body or instrumentality thereof if, and only if, such ownership interest does not result in or provide such Person with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Body or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person. 
 “Intellectual Property” shall mean property constituting a
patent, copyright, trademark (or any application in respect of the foregoing), service mark, copyright, copyright application, trade name, mask work, trade secrets, design right, assumed name or license or other right to use any of the foregoing
under Applicable Law. 
 “Intellectual Property Claim” shall mean the assertion, by any means, by any Person of a claim
that any Loan Party’s ownership, use, marketing, sale or distribution of any Inventory, equipment, Intellectual Property or other property or asset is violative of any ownership of or right to use any Intellectual Property of such Person. 

“Interest Period” shall mean the period provided for any LIBOR Rate Loan pursuant to Section 2.2(b) hereof. 

“Interest Rate Hedge” shall mean an interest rate exchange, collar, cap, swap, floor, adjustable strike cap, adjustable
strike corridor, cross-currency swap or similar agreements entered into by any Borrower, Guarantor and/or their respective Subsidiaries in order to provide protection to, or minimize the impact upon, such Borrower, any Guarantor and/or their
respective Subsidiaries of increasing floating rates of interest applicable to Indebtedness. 
 “Interest Rate Hedge
Liabilities” shall have the meaning assigned in the definition of Lender-Provided Interest Rate Hedge. 

  
 30 

 “Inventory” shall mean and include as to each Loan Party all of such Loan
Party’s inventory (as defined in Article 9 of the Uniform Commercial Code) and all of such Loan Party’s goods, merchandise and other personal property, wherever located, to be furnished under any consignment arrangement, contract of
service or held for sale or lease, all raw materials, work in process, finished goods and materials and supplies of any kind, nature or description which are or might be used or consumed in such Loan Party’s business or used in selling or
furnishing such goods, merchandise and other personal property, and all Documents. 
 “Issuer” shall mean (i) Agent in its
capacity as the issuer of Letters of Credit under this Agreement and (ii) any other Lender which Agent in its discretion shall designate as the issuer of and cause to issue any particular Letter of Credit under this Agreement in place of Agent as
issuer. 
 “Law(s)” shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule,
ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any
Governmental Body, foreign or domestic. 
 “Leasehold Interests” shall mean all of each Loan Party’s right, title and
interest in and to, and as lessee of, the premises identified as leased Real Property on Schedule 4.4 hereto. 

“Lender” and “Lenders” shall have the meaning ascribed to such term in the preamble to this Agreement and
shall include each Person which becomes a transferee, successor or assign of any Lender. For the purpose of provision of this Agreement or any Other Document which provides for the granting of a security interest or other Lien to the Agent for
the benefit of Lenders as security for the Obligations, “Lenders” shall include any Affiliate of a Lender to which such Obligation (specifically including any Hedge Liabilities and any Cash Management Liabilities) is owed. 

“Lender-Provided Foreign Currency Hedge” shall mean a Foreign Currency Hedge which is provided by any Lender and for which
such Lender confirms to Agent in writing prior to the execution thereof that it: (a) is documented in a standard International Swap Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides for the
method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; and (c) is entered into for hedging (rather than speculative) purposes. The liabilities owing to the provider of any
Lender-Provided Foreign Currency Hedge (the “Foreign Currency Hedge Liabilities”) by any Borrower, Guarantor, or any of their respective Subsidiaries that is party to such Lender-Provided Foreign Currency Hedge shall, for purposes of this
Agreement and all Other Documents be “Obligations” of such Person and of each other Borrower and Guarantor, be guaranteed obligations under any Guaranty and secured obligations under any Guarantor Security Agreement, as applicable, and
otherwise treated as Obligations for purposes of the Other Documents, except to the extent constituting Excluded Hedge Liabilities of such Person. 

“Lender-Provided Interest Rate Hedge” shall mean an Interest Rate Hedge which is provided by any Lender and with respect to
which such Lender confirms to Agent in writing 

  
 31 

 
prior to the execution thereof that it: (a) is documented in a standard International Swap Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides
for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; and (c) is entered into for hedging (rather than speculative) purposes. The liabilities owing to the provider of
any Lender-Provided Interest Rate Hedge (the “Interest Rate Hedge Liabilities”) by any Borrower, Guarantor, or any of their respective Subsidiaries that is party to such Lender-Provided Interest Rate Hedge shall, for purposes of this
Agreement and all Other Documents be “Obligations” of such Person and of each other Borrower and Guarantor, be guaranteed obligations under any Guaranty and secured obligations under any Guarantor Security Agreement, as applicable, and
otherwise treated as Obligations for purposes of the Other Documents, except to the extent constituting Excluded Hedge Liabilities of such Person.  

“Letter of Credit Application” shall have the meaning set forth in Section 2.12(a) hereof. 

“Letter of Credit Borrowing” shall have the meaning set forth in Section 2.14(d) hereof. 

“Letter of Credit Fees” shall have the meaning set forth in Section 3.2 hereof. 

“Letter of Credit Sublimit” shall mean a Dollar Equivalent amount equal to $40,000,000.00. 

“Letters of Credit” shall have the meaning set forth in Section 2.11 hereof. 

“LIBOR Alternate Source” shall have the meaning set forth in the definition of LIBOR Rate. 

“LIBOR Quoted Currency” shall mean Dollars, Euro and Pounds Sterling. 

“LIBOR Quoted Currency Alternate Source” shall have the meaning set forth in the definition of LIBOR Rate. 

“LIBOR Rate” shall mean the following: 

(a) for any LIBOR Rate Loan made in any LIBOR Quoted Currency for the then current Interest Period relating thereto, the interest rate per
annum determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays
rates at which such LIBOR Quoted Currency deposits are offered by leading banks in the London interbank deposit market) for such LIBOR Quoted Currency, or the rate which is quoted by another source selected by Agent as an authorized information
vendor for the purpose of displaying rates at which such LIBOR Quoted Currency deposits are offered by leading banks in the London interbank deposit market (a “LIBOR Quoted Currency Alternate Source”), at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for such LIBOR Quoted Currency for an amount comparable to such LIBOR Rate Loan and having a borrowing date and a maturity comparable
to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR 

  
 32 

 
Quoted Currency Alternate Source, a comparable replacement rate determined by Agent at such time (which determination shall be conclusive absent manifest error)), by (b) a number equal to 1.00
minus the Reserve Percentage; provided, however, that if the LIBOR Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

The LIBOR Rate shall be adjusted with respect to any LIBOR Rate Loan that is outstanding on the effective date of any change in the Reserve
Percentage as of such effective date. Agent shall give reasonably prompt notice to the Borrowing Agent of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error. 

(b) for any LIBOR Rate Loan made in Swedish Krona for the then current Interest Period relating thereto, the interest rate per annum
determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (a) the Stockholm Interbank Offered Rate (STIBOR) which appears on the Bloomberg Page BTMM SW (or on such other substitute
Bloomberg page that displays rates at which Swedish Krona deposits are offered by leading banks in the Stockholm interbank deposit market) as published by the Swedish Bankers’ Association (or on any successor or substitute service providing
rate quotations comparable to those currently provided by such service, as determined by the Agent from time to time) for Swedish Krona, or the rate which is quoted by another source selected by Agent as an authorized information vendor for the
purpose of displaying rates at which Swedish Krona deposits are offered by leading banks in the Stockholm interbank deposit market (a “STIBOR Alternate Source”), at approximately 11:00 a.m., Stockholm, Sweden time, two (2) Business Days
prior to the commencement of such Interest Period as the Stockholm interbank offered rate for Swedish Krona for an amount comparable to such LIBOR Rate Loan and having a borrowing date and a maturity comparable to such Interest Period (or if there
shall at any time, for any reason, no longer exist a Bloomberg Page BTMM SW (or any substitute page) or any STIBOR Alternate Source, a comparable replacement rate determined by Agent at such time (which determination shall be conclusive absent
manifest error)), by (b) a number equal to 1.00 minus the Reserve Percentage; provided, however, that if the LIBOR Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 The LIBOR Rate shall be adjusted with respect to any LIBOR Rate Loan that is outstanding on the effective date of any change in the
Reserve Percentage as of such effective date. Agent shall give reasonably prompt notice to the Borrowing Agent of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

 (c) If, at any time, the Agent and all of the Lenders approve an additional Optional Currency, any references in this Agreement to the
LIBOR Rate applicable to any such additional Optional Currency shall be a reference to a rate to be mutually agreed upon between the Agent and the Borrowers. 

“LIBOR Rate Loan” shall mean any Advance that bears interest based on the LIBOR Rate. 

  
 33 

 “License Agreement” shall mean any agreement between any Loan Party and a
Licensor pursuant to which such Loan Party is authorized to use any Intellectual Property in connection with the manufacturing, marketing, sale or other distribution of any Inventory of such Loan Party or otherwise in connection with such Loan
Party’s business operations. 
 “Licensor” shall mean any Person from whom any Loan Party obtains the right to use
(whether on an exclusive or non-exclusive basis) any Intellectual Property in connection with such Loan Party’s manufacture, marketing, sale or other distribution of any Inventory or otherwise in connection with such Loan Party’s business
operations. 
 “Licensor/Agent Agreement” shall mean an agreement between Agent and a Licensor, in form and substance
satisfactory to Agent, by which Agent is given the unqualified right, vis-á-vis such Licensor, to enforce Agent’s Liens with respect to and to dispose of any Loan Party’s Inventory with the benefit of any Intellectual Property
applicable thereto, irrespective of such Loan Party’s default under any License Agreement with such Licensor. 

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory
or otherwise), Charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever including any conditional sale or other title
retention agreement, any lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction,
including, but not limited to any Applicable Law. 
 “Lien Waiver Agreement” shall mean an agreement which is executed in
favor of Agent by a Person who owns or occupies premises at which any Collateral may be located from time to time in form and substance satisfactory to Agent. 

“Liquidity” shall mean, on the date of determination, the sum of (i) the Borrowers’ unrestricted domestic cash,
plus (ii) Net Unrestricted Foreign Cash in an amount not to exceed the Dollar Equivalent of Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,000.00), plus (iii) Undrawn Availability. 

“Loan Parties” shall mean, collectively, the Borrowers and the Guarantors and “Loan Party” shall mean any
Borrower or any Guarantor. 
 “Material Adverse Effect” shall mean any set of circumstances or events which (a) has or
could reasonably be expected to have any material adverse effect whatsoever upon the validity or enforceability of this Agreement or any Other Document, (b) is or could reasonably be expected to be material and adverse to the business, properties,
assets, financial condition or results of operations of the Loan Parties taken as a whole, (c) impairs materially or could reasonably be expected to impair materially the ability of the Loan Parties to duly and punctually pay or perform their
Indebtedness, or (d) impairs materially or could reasonably be expected to impair materially the ability of the Agent or any of the Lenders, to the extent permitted, to enforce their legal remedies pursuant to this Agreement or any Other Document.

  
 34 

 “Material Contract” shall mean any contract, agreement, instrument, permit,
lease or license, written or oral, of any Loan Party, which is material to any Loan Party’s business or which the failure to comply with could reasonably be expected to result in a Material Adverse Effect. 

“Maximum Swing Loan Advance Amount” shall mean a Dollar Equivalent amount equal to Ten Million and 00/100 Dollars
($10,000,000.00); provided that, upon the effective date of each increase in the Maximum Revolving Advance Amount in accordance with Section 2.24 or each permanent reduction in accordance with Section 2.2(f), the Maximum Swing Loan Advance Amount
shall increase or decrease, as applicable, by an amount equal to ten percent (10%) of the amount of such increase or permanent reduction in the Maximum Revolving Advance Amount. 

“Maximum Revolving Advance Amount” shall mean a Dollar Equivalent Amount equal to One Hundred Million and 00/100 Dollars
($100,000,000.00) plus any increases in accordance with Section 2.24 and minus any permanent reductions in accordance with Section 2.2(f). 

“Maximum Undrawn Amount” shall mean, with respect to any outstanding Letter of Credit as of any date, the Dollar Equivalent
amount of such Letter of Credit that is or may become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective. 

“Modified Commitment Transfer Supplement” shall have the meaning set forth in Section 16.3(d) hereof. 

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

“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Sections 3(37) or 4001(a)(3) of ERISA to which
contributions are required or, within the preceding five plan years, were required by any Loan Party or any member of the Controlled Group. 

“Multiple Employer Plan” shall mean a Plan which has two or more contributing sponsors (including any Loan Party or any
member of the Controlled Group) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“National Roll” shall mean, Akers National Roll Company, a Delaware corporation. 

“Negotiable Document” shall mean a Document that is “negotiable” within the meaning of Article 7 of the Uniform
Commercial Code. 
 “Net Invoice Cost” shall mean, with respect to Equipment, the net invoice cost of such Equipment
(excluding taxes, shipping, delivery, handling, installation, overhead and other so called “soft” costs). 
 “Net
Unrestricted Foreign Cash” shall mean the foreign unencumbered cash and cash equivalents of the Borrowers net of applicable taxes calculated at the most current tax rates in effect upon the date of determination as approved by the Agent in
its sole discretion. As of the date hereof, the tax rate applicable to the Net Unrestricted Foreign Cash is estimated to be fifteen percent (15%). 

  
 35 

 “New Lender” shall have the meaning set forth in Section 2.24(a) hereof. 

“Non-Defaulting Lender” shall mean, at any time, any Lender holding a Revolving Commitment that is not a Defaulting Lender at
such time. 
 “Non-Qualifying Party” shall mean any Borrower or any Guarantor that on the Eligibility Date fails for any
reason to qualify as an Eligible Contract Participant. 
 “Note” shall mean collectively, the Revolving Credit Notes
and the Swing Loan Note. 
 “Obligations” shall mean and include any and all loans (including without limitation, all
Advances and Swing Loans), advances, debts, liabilities, obligations (including without limitation all reimbursement obligations and cash collateralization obligations with respect to Letters of Credit issued hereunder), covenants and duties owing
by any Borrower or Guarantor or any Subsidiary of any Borrower or any Guarantor to Issuer, Swing Loan Lender, Lenders or Agent (or to any other direct or indirect subsidiary or affiliate of Issuer, Swing Loan Lender, any Lender or Agent) of any kind
or nature, present or future (including any interest or other amounts accruing thereon, any fees accruing under or in connection therewith, any costs and expenses of any Person payable by any Loan Party and any indemnification obligations payable by
any Loan Party arising or payable after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to any Loan Party, whether or not a claim for post-filing or
post-petition interest, fees or other amounts is allowable or allowed in such proceeding), whether or not for the payment of money, whether arising by reason of an extension of credit, opening or issuance of a letter of credit, loan, equipment
lease, establishment of any commercial card or similar facility or guarantee, under any interest or currency swap, future, option or other similar agreement, or in any other manner, whether arising out of overdrafts or deposit or other accounts or
electronic funds transfers (whether through automated clearing houses or otherwise) or out of Agent’s or any Lender’s non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository transfer
check or other similar arrangements, whether direct or indirect (including those acquired by assignment or participation), absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious,
liquidated or unliquidated, regardless of how such indebtedness or liabilities arise or by what agreement or instrument they may be evidenced or whether evidenced by any agreement or instrument, including but not limited to, (i) this Agreement, the
Other Documents and any amendments, extensions, renewals or increases thereto, including all costs and expenses of Agent, Issuer, Swing Loan Lender and any Lender incurred in the documentation, negotiation, modification, enforcement, collection or
otherwise in connection with any of the foregoing, including but not limited to reasonable attorneys’ fees and expenses and all obligations of any Loan Party to Agent, Issuer, Swing Loan Lender or Lenders to perform acts or refrain from taking
any action, (ii) all Hedge Liabilities and (iii) all Cash Management Liabilities. Notwithstanding anything to the contrary contained in the foregoing, the Obligations shall not include any Excluded Hedge Liabilities. 

“Optional Currency” shall mean any of the following currencies (i) Pounds Sterling, (ii) Euros, (iii) Swedish Krona and (iv)
any other currency approved by the Agent and all of the Lenders. 

  
 36 

 “Ordinary Course of Business” shall mean, with respect to any Loan Party, the
ordinary course of such Loan Party’s business as conducted on the Closing Date. 
 “Organizational Documents” shall
mean, with respect to any Person, any charter, articles or certificate of incorporation, certificate of organization, registration or formation, certificate of partnership or limited partnership, bylaws, articles of association, operating agreement,
limited liability company agreement, or partnership agreement of such Person and any and all other applicable documents relating to such Person’s formation, organization or entity governance matters (including any shareholders’ or equity
holders’ agreement or voting trust agreement) and specifically includes, without limitation, any certificates of designation for preferred stock or other forms of preferred equity. 

“Original Currency” shall have the meaning specified in Section 2.27 hereof. 

“Other Currency” shall have the meaning specified in Section 2.27 hereof. 

“Other Documents” shall mean the Note, the Perfection Certificates, any Guaranty, any Pledge Agreement, any Lender-Provided
Interest Rate Hedge, any Lender-Provided Foreign Currency Hedge, the UK Security Documents, the Swedish Security Documents and any and all other agreements, instruments and documents, including intercreditor agreements, guaranties, pledges, powers
of attorney, consents, interest or currency swap agreements or other similar agreements and all other writings heretofore, now or hereafter executed by any Borrower or any Guarantor and/or delivered to Agent or any Lender in respect of the
transactions contemplated by this Agreement, in each case together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof. 

“Other Taxes” shall mean all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or under any Other Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any Other Document. 

“Out-of-Formula Loans” shall have the meaning set forth in Section 16.2(e) hereof. 

“Parent” of any Person shall mean a corporation or other entity owning, directly or indirectly, 50% or more of the Equity
Interests issued by such Person having ordinary voting power to elect a majority of the directors of such Person, or other Persons performing similar functions for any such Person. 

“Participant” shall mean each Person who shall be granted the right by any Lender to participate in any of the Advances and
who shall have entered into a participation agreement in form and substance satisfactory to such Lender. 
 “Participating Member
State” shall mean any member State of the European Communities that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union. 

“Participation Advance” shall have the meaning set forth in Section 2.14(d) hereof. 

  
 37 

 “Participation Commitment” shall mean the obligation hereunder of each Lender
holding a Revolving Commitment to buy a participation equal to its Revolving Commitment Percentage (subject to any reallocation pursuant to Section 2.22(b)(iii) hereof) in the Swing Loans made by Swing Loan Lender hereunder as provided for in
Section 2.4(c) hereof and in the Letters of Credit issued hereunder as provided for in Section 2.14(a) hereof. 
 “Payment
Office” shall mean initially Two Tower Center Boulevard, East Brunswick, New Jersey 08816; thereafter, such other office of Agent, if any, which it may designate by notice to Borrowing Agent and to each Lender to be the Payment Office. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any
successor. 
 “Pension Benefit Plan” shall mean at any time any “employee pension benefit plan” as defined in
Section 3(2) of ERISA (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Sections 412, 430 or 436 of the Code and either (i) is maintained or
to which contributions are required by a Loan Party or any member of the Controlled Group or (ii) has at any time within the preceding five years been maintained or to which contributions have been required by a Loan Party or any entity which was at
such time a member of the Controlled Group. 
 “Pensions Regulator” shall mean the body corporate called the Pensions
Regulator established under Part I of the Pensions Act 2004. 
 “Perfection Certificates” shall mean, collectively, the
information questionnaires and the responses thereto provided by each Loan Party and delivered to Agent. 
 “Permitted
Acquisitions” shall mean acquisitions of the assets or Equity Interests of another Person (the “Target”) so long as the following requirements are met: 

(a) if a Loan Party is acquiring the Equity Interests in the Target, such Target shall (unless not required by Section 7.12 hereof) within
thirty (30) Business Days after the date of such Permitted Acquisition (or as such time may be extended by the Agent in its sole discretion), (1) execute a Borrower Joinder or a Guarantor Joinder, as required by the Agent, and such other documents
reasonably required by the Agent to join this Agreement and the Other Documents, as a Borrower or a Guarantor, as applicable, pursuant to Section 7.12 hereof, and (2) grant first-priority, perfected Liens in its assets to the Agent for the benefit
of the Lenders covering the same type of assets as the Collateral, subject to documentation satisfactory to Agent (it being understood that, for purposes of this definition and any related covenants, all references to the date of formation of any
applicable Transitory First Tier Foreign Subsidiary contained in Section 7.12 shall be deemed to be references to the date of acquisition of such Transitory First Tier Foreign Subsidiary); 

(b) the business acquired or the business conducted by the Target, as applicable, shall be similar to or substantially the same as one or more
line or lines of business conducted by the Loan Parties as set forth in Section 5.21 hereof and shall comply with Section 7.9 hereof; 

  
 38 

 (c) the Target or property is used or useful in the Loan Parties’ Ordinary Course of
Business; 
 (d) the board of directors (or other comparable governing body) of the Target shall have duly approved the transaction; 

(e) the Agent shall have received, not less than ten (10) Business Days prior to the date of such Permitted Acquisition (or at such later time
as may be agreed by the Agent in its sole discretion), (i) a quality of earnings report with respect to the Target subject to applicable policies and procedures of the Person preparing such report, (ii) all third-party accounting due diligence
performed on behalf of or at the request of the applicable Loan Party with respect to the Target subject to applicable policies and procedures of the Person preparing such report and subject to such Person’s customary and usual procedures to
provide access to such accounting due diligence, and (iii) proforma projections with respect to the Target and with respect to the Loan Parties after giving effect to the proposed acquisition; and 

(f) (1) if immediately prior to and upon giving effect to such acquisition, pro forma Undrawn Availability (measured as both a thirty-day
average and upon giving effect to such acquisition) is greater than or equal to twenty-five percent (25%) of the Maximum Revolving Advance Amount, then so long as no Default or Event of Default exists prior to or upon giving effect to such
acquisition, or (2) if immediately prior to and upon giving effect to such acquisition, pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such acquisition) is less than twenty-five percent (25%) of the
Maximum Revolving Advance Amount, then, so long as if immediately prior to and upon giving effect to such acquisition, (x) no Default or Event of Default exists or will be created thereby, (y) pro forma Undrawn Availability (measured as both a
thirty-day average and upon giving effect to such acquisition) will not be less than fifteen percent (15%) of the Maximum Revolving Advance Amount and (z) the Loan Parties demonstrate, in form and substance reasonably acceptable to the Agent,
that prior to and upon giving effect to such acquisition, the pro forma Fixed Charge Coverage Ratio will not be less than 1.15:1.0; provided, however, under no circumstances shall the cash consideration payable in connection with any
acquisition made pursuant to either sub-clauses (1) and/or (2), singularly or in the aggregate, shall exceed (i) for the period commencing on the Closing Date through the first (1st) anniversary
of the Closing Date, Fifty Million and 00/100 Dollars ($50,000,000.00) per annum, and (ii) at all times on and after the first (1st) anniversary of the Closing Date, Fifty Million and 00/100
Dollars ($50,000,000.00) per annum. 
 “Permitted Assignees” shall mean: (a) Agent, any Lender or any of their direct or
indirect Affiliates; (b) a federal or state chartered bank, a United States branch of a foreign bank, an insurance company, or any finance company generally engaged in the business of making commercial loans; (c) any fund that is administered or
managed by Agent or any Lender, an Affiliate of Agent or any Lender or a related entity; and (d) any Person to whom Agent or any Lender assigns its rights and obligations under this Agreement as part of an assignment and transfer of such
Agent’s or Lender’s rights in and to a material portion of such Agent’s or Lender’s portfolio of asset-based credit facilities. 

“Permitted Discretion” shall mean a determination made by the Agent in good faith in the exercise of its reasonable business
judgment based on how an asset based lender with similar 

  
 39 

 
rights providing a secured credit facility of the type set forth herein would act, in the circumstances then applicable to the Loan Parties at the time with the information then available to it.

 “Permitted Dividends” shall mean so long as: (a) a notice of termination with regard to this Agreement shall not be
outstanding; (b) the purpose for such dividend shall be as set forth in writing to Agent at least ten (10) days prior to the making of such dividend and such dividend shall in fact be used for such purpose and (c) (1) if immediately prior to and
upon giving effect to such dividend, pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such dividend) is greater than or equal to twenty-five percent (25%) of the Maximum Revolving Advance Amount, then
so long as no Default or Event of Default exists prior to or upon giving effect to such dividend, or (2) if immediately prior to and upon giving effect to such dividend, pro forma Undrawn Availability (measured as both a thirty-day average and upon
giving effect to such dividend) is less than twenty-five percent (25%) of the Maximum Revolving Advance Amount, then, so long as if immediately prior to and upon giving effect to such dividend, (x) no Default or Event of Default exists or will be
created thereby, (y) pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such dividend) will not be less than fifteen percent (15%) of the Maximum Revolving Advance Amount, and (z) the Loan Parties
demonstrate, in form and substance reasonably acceptable to the Agent, that prior to and upon giving effect to such dividend, the pro forma Fixed Charge Coverage Ratio will not be less than 1.15:1.0, Borrowers shall be permitted to: (I)
pay dividends (i) to Ampco-Pitt Corp. in accordance with the provisions of each Borrower’s Organizational Documents as in effect on the Closing Date, in either case, so long as the amount of dividends, singularly or in the aggregate, does not
exceed Ten Million and 00/100 Dollars ($10,000,000.00) during any applicable fiscal year, (ii) to Ampco-Pitt Corp., to pay professional fees, franchise taxes and other Ordinary Course of Business operating expenses incurred by Ampco-Pitt Corp.
solely in its capacity as parent corporation of Borrowers in an aggregate amount not to exceed Twenty Million and 00/100 Dollars ($20,000,000.00) in any applicable fiscal year and (iii) to Ampco-Pitt Corp., to pay accrued interest under the
Altor/SHB Promissory Notes, as applicable, in an aggregate Dollar Equivalent amount not to exceed Seven Million and 00/100 Dollars ($7,000,000.00) in any applicable fiscal year; and/or (II) apply any of its funds, property or assets to the purchase,
redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any Equity Interest of any applicable Loan Party in an aggregate Dollar Equivalent amount not to exceed: (A) Seven Million and 00/100 Dollars
($7,000,000.00) in any applicable fiscal year; and (B) Twenty Million and 00/100 Dollars ($20,000,000.00) at any time. 
 “Permitted
Encumbrances” shall mean: (a) Liens in favor of Agent for the benefit of Agent and Lenders, including without limitation, Liens securing Hedge Liabilities and Cash Management Products and Services; (b) Liens for taxes, assessments or
other governmental charges not delinquent or being Properly Contested; (c) deposits or pledges to secure obligations under worker’s compensation, social security or similar laws, or under unemployment insurance; (d) deposits or pledges to
secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the Ordinary Course of Business; (e) Liens arising by virtue of
the rendition, entry or issuance against any Loan Party or any Subsidiary, or any property of any Loan Party or any Subsidiary, of any judgment, writ, order, or decree to the extent the rendition, entry, issuance or continued existence of such
judgment, writ, order or decree (or any event or circumstance 

  
 40 

 
relating thereto) has not resulted in the occurrence of an Event of Default under Section 10.6 hereof; (f) carriers’, repairmens’, mechanics’, workers’, materialmen’s or
other like Liens arising in the Ordinary Course of Business with respect to obligations which are not due or which are being Properly Contested; (g) Liens placed upon fixed assets hereafter acquired to secure a portion of the purchase price thereof,
provided that (I) any such lien shall not encumber any other property of any Loan Party and (II) the aggregate amount of Indebtedness secured by such Liens incurred as a result of such purchases during any fiscal year shall not exceed Ten Million
and 00/100 Dollars ($10,000,000.00); (h) other Liens incidental to the conduct of any Loan Party’s business or the ownership of its property and assets which were not incurred in connection with the borrowing of money or the obtaining of
advances or credit, and which do not in the aggregate materially detract from Agent’s or Lenders’ rights in and to the Collateral or the value of any Loan Party’s property or assets or which do not materially impair the use thereof in
the operation of any Loan Party’s business; (i) easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other charges or encumbrances, in each case, which do not interfere in any material respect with the
Ordinary Course of Business of Loan Parties and their Subsidiaries; (j) Liens disclosed on Schedule 1.2; provided that such Liens shall secure only those obligations which they secure on the Closing Date (and extensions,
renewals and refinancing of such obligations permitted by Section 7.8 hereof) and shall not subsequently apply to any other property or assets of any Loan Party other than the property and assets to which they apply as of the Closing Date; and (k)
Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution;
provided that (1) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the applicable Loan Party in excess of those set forth by regulations promulgated by the Federal Reserve Board,
and (2) such deposit account is not intended by such Loan Party to provide collateral to the depository institution. 
 “Permitted
Indebtedness” shall mean: (a) the Obligations; (b) any guarantees of Indebtedness permitted under Section 7.3 hereof; (c) any Indebtedness listed on Schedule 5.8(b)(ii) hereof (including any extensions, renewals or refinancings
thereof), provided that the principal amount of such Indebtedness (other than any increase in the principal amount of the Indebtedness evidenced by the Altor/SHB Promissory Notes, as applicable, resulting solely from the capitalization of
compounding interest as provided for under the terms and provisions of the Altor/SHB Promissory Notes, as applicable) shall not be increased without the prior written consent of the Required Lenders; (d) Indebtedness incurred in connection with
Permitted Acquisitions to the extent (i) it is subordinated to the Obligations on terms and conditions satisfactory to Agent in its sole discretion and (ii) all such Indebtedness incurred in connection with Permitted Acquisitions does not exceed the
Dollar Equivalent amount of Thirty Million and 00/100 Dollars ($30,000,000.00) whether singularly or in the aggregate, and; (e) Indebtedness consisting of Permitted Loans made by one or more Loan Party(ies) to any other Loan Party(ies); (f)
Indebtedness of a Loan Party to an Excluded Subsidiary which does not exceed the Dollar Equivalent amount of Ten Million and 00/100 Dollars ($10,000,000.00) in the aggregate for all such Indebtedness to all such Excluded Subsidiaries at any time
outstanding; (g) Interest Rate Hedges and Foreign Currency Hedges and commodity hedges that are entered into by Loan Parties to hedge their risks with respect to outstanding Indebtedness of Loan Parties and not for speculative or investment
purposes; (h) intercompany Indebtedness owing from one or more Loan Parties to any other one or more Loan Parties in accordance with clause (c) of the 

  
 41 

 
definition of Permitted Loans, (i) Indebtedness (other than Obligations) incurred for Capitalized Lease Obligations not to exceed the Dollar Equivalent amount of Ten Million and 00/100 Dollars
($10,000,000.00) in the aggregate at any time outstanding; and (j) unsecured obligations with respect to unfunded obligations under Pension Plans, or any Plan to the extent such amounts are permitted to remain unfunded under applicable law. 

“Permitted Investments” shall mean investments: (a) in obligations issued or guaranteed by the United States of America or
any agency thereof; (b) in commercial paper with maturities of not more than 180 days and a published rating of not less than A-1 or P-1 (or the equivalent rating); (c) in certificates of time deposit and bankers’ acceptances having maturities
of not more than 180 days and repurchase agreements backed by United States government securities of a commercial bank if (i) such bank has a combined capital and surplus of at least $500,000,000, or (ii) its debt obligations, or those of a holding
company of which it is a subsidiary, are rated not less than A (or the equivalent rating) by a nationally recognized investment rating agency; (d) in U.S. money market funds that invest solely in obligations issued or guaranteed by the United
States of America or an agency thereof; (e) consisting of Permitted Loans; (f) consisting of Permitted Acquisitions; (g) consisting of the transfer of all (but not less than all) of the equity interests of Transitory First Tier Foreign Subsidiaries
to one or more first tier Foreign Subsidiaries; and (h) (1) if immediately prior to and upon giving effect to such investment, pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such investment) is
greater than or equal to twenty-five percent (25%) of the Maximum Revolving Advance Amount, then so long as no Default or Event of Default exists prior to or upon giving effect to such investment, or (2) if immediately prior to and upon giving
effect to such investment, pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such investment) is less than twenty-five percent (25%) of the Maximum Revolving Advance Amount, then, so long as if
immediately prior to and upon giving effect to such investment, (x) no Default or Event of Default exists or will be created thereby, (y) pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such
investment) will not be less than fifteen percent (15%) of the Maximum Revolving Advance Amount, and (z) the Loan Parties demonstrate, in form and substance reasonably acceptable to the Agent, that prior to and upon giving effect to such
investment, the pro forma Fixed Charge Coverage Ratio will not be less than 1.15:1.0, in Excluded Subsidiaries in an aggregate Dollar Equivalent amount not in excess of: (A) Five Hundred Thousand and 00/100 Dollars ($500,000.00) in any
applicable fiscal year; and (B) Two Million and 00/100 Dollars ($2,000,000.00) at any time. 
 “Permitted Loans” shall
mean: (a) the extension of trade credit by a Loan Party to its Customer(s), in the Ordinary Course of Business in connection with a sale of Inventory or rendition of services, in each case on open account terms; (b) loans to employees in the
Ordinary Course of Business not to exceed as to all such loans the aggregate Dollar Equivalent amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00) at any time outstanding; (c) intercompany loans between and among Loan Parties, so long
as, at the request of Agent, each such intercompany loan made after the Closing Date is evidenced by a promissory note (including, if applicable, any master intercompany note executed by the applicable Loan Party(ies)) on terms and conditions
(including terms subordinating payment of the indebtedness evidenced by such note to the prior payment in full of all Obligations) acceptable to Agent in its reasonable discretion that has been delivered to Agent either endorsed in blank or together
with 

  
 42 

 
an undated instrument of transfer executed in blank by the applicable Loan Party(ies) that are the payee(s) on such note, (d) intercompany loans made by any Loan Party to Akers Valji not to
exceed, as to all such loans, the aggregate Dollar Equivalent amount of Five Million and 00/100 Dollars ($5,000,000.00) at any time outstanding, so long as, at the request of Agent, each such intercompany loan made after the Closing Date is
evidenced by a promissory note (including, if applicable, any master intercompany note executed by the applicable Loan Party(ies) and Akers Valji) on terms and conditions (including terms subordinating payment of the indebtedness evidenced by such
note to the prior payment in full of all Obligations) acceptable to Agent in its reasonable discretion that has been delivered to Agent either endorsed in blank or together with an undated instrument of transfer executed in blank by the applicable
Loan Party(ies) that are the payee(s) on such note, (e) loans, advances and investments not otherwise permitted in items (a) through (d) above in Excluded Subsidiaries in a Dollar Equivalent amount which shall not exceed Two Million Five Hundred
Thousand and 00/100 Dollars ($2,500,000.00) in the aggregate at any one time; and (e) loans, advances and/or investments existing on the Closing Date as set forth and described on Schedule 1.3 attached hereto. 

“Person” shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company,
trust, unincorporated organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint venture, entity or Governmental Body (whether federal, state, county, city, municipal or
otherwise, including any instrumentality, division, agency, body or department thereof). 
 “Plan” shall mean any employee
benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Benefit Plan and a Multiemployer Plan, as defined herein) maintained by any Loan Party or any member of the Controlled Group or to which any Loan Party or any member of
the Controlled Group is required to contribute; provided, however, the term “Plan” shall not include a Multiemployer plan for purposes of Subsections 5.8(d)(v), (viii), (x) and (xiv). 

“Pledge Agreement” shall mean, each of that certain: (i) Pledge Agreement, dated as of the Closing Date, made by
Ampco-Pitt Corp. for the benefit of the Agent with respect to all of the issued and outstanding membership interests of Ampco Securities and all of the issued and outstanding capital stock of ALS; (ii) Pledge Agreement, dated as of the Closing Date,
made by Ampco Securities for the benefit of the Agent with respect to all of the issued and outstanding capital stock of Ampco Investment and UES; (iii) Pledge Agreement, dated as of the Closing date, made by ALS for the benefit of the Agent with
respect to sixty-five percent (65%) of the issued and outstanding capital stock of Aerofin; (iv) Pledge Agreement, dated as of the Closing Date, made by Ampco UES for the benefit of the Agent with respect to all of the issued and outstanding capital
stock of Rolltech; (v) Pledge Agreement, dated as of the Closing Date, made by UES for the benefit of the Agent with respect to all of the issued and outstanding capital stock of Ampco UES, and all of the issued and outstanding membership interests
of Alloys; (vi) Pledge Agreement, dated as of the Closing Date, made by Rolltech for the benefit of the Agent with respect to all of the issued and outstanding capital stock of National Roll and (vii) any other pledge agreements executed subsequent
to the Closing Date by any other Person to secure the Obligations. 

  
 43 

 “PNC” shall have the meaning set forth in the preamble to this Agreement and
shall extend to all of its successors and assigns. 
 “Pound Sterling” shall mean the lawful currency of the United
Kingdom. 
 “Pound Sterling Denominated Advances” shall mean each Advance denominated in Pounds Sterling at the time of the
incurrence thereof. 
 “Pro Forma Balance Sheet” shall have the meaning set forth in Section 5.5(a) hereof. 

“Pro Forma Financial Statements” shall have the meaning set forth in Section 6.12 hereof. 

“Projections” shall have the meaning set forth in Section 6.12 hereof. 

“Properly Contested” shall mean, in the case of any Indebtedness, Lien or Taxes, as applicable, of any Person that are not
paid as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay the same or concerning the amount thereof: (a) such Indebtedness, Lien or Taxes, as applicable, are being properly contested in good
faith by appropriate proceedings promptly instituted and diligently conducted; (b) such Person has established appropriate reserves as shall be required in conformity with GAAP; (c) the non-payment of such Indebtedness or Taxes will not have a
Material Adverse Effect or will not result in the forfeiture of any assets of such Person; (d) no Lien is imposed upon any of such Person’s assets with respect to such Indebtedness or taxes unless such Lien (x) does not attach to any
Receivables or Inventory, (y) is at all times junior and subordinate in priority to the Liens in favor of the Agent (except only with respect to property Taxes that have priority as a matter of applicable state law) and, (z) enforcement of such Lien
is stayed during the period prior to the final resolution or disposition of such dispute; and (e) if such Indebtedness or Lien, as applicable, results from, or is determined by the entry, rendition or issuance against a Person or any of its assets
of a judgment, writ, order or decree, enforcement of such judgment, writ, order or decree is stayed pending a timely appeal or other judicial review. 

“Protective Advances” shall have the meaning set forth in Section 16.2(f) hereof. 

“Published Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal “Money
Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the LIBOR Rate for a one month period as published in
another publication selected by the Agent); provided, however, that if the Published Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Purchasing CLO” shall have the meaning set forth in Section 16.3(d) hereof. 

“Purchasing Lender” shall have the meaning set forth in Section 16.3(c) hereof. 

“Qualified ECP Loan Party” shall mean each Borrower or Guarantor that on the Eligibility Date is (a) a corporation,
partnership, proprietorship, organization, trust, or other entity other than a “commodity pool” as defined in Section 1a(10) of the CEA and CFTC 

  
 44 

 
regulations thereunder that has total assets exceeding $10,000,000 or (b) an Eligible Contract Participant that can cause another person to qualify as an Eligible Contract Participant on the
Eligibility Date under Section 1a(18)(A)(v)(II) of the CEA by entering into or otherwise providing a “letter of credit or keepwell, support, or other agreement” for purposes of Section 1a(18)(A)(v)(II) of the CEA. 

“RCRA” shall mean the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., as same may be amended
from time to time. 
 “Real Property” shall mean all of the owned and leased premises identified on Schedule 4.4
hereto or in and to any other premises or real property that are hereafter owned or leased by any Loan Party. 

“Receivables” shall mean and include, as to each Loan Party, all of such Loan Party’s accounts (as defined in Article 9
of the Uniform Commercial Code) and all of such Loan Party’s contract rights, instruments (including those evidencing indebtedness owed to such Loan Party by its Affiliates), documents, chattel paper (including electronic chattel paper),
general intangibles relating to accounts, contract rights, instruments, documents and chattel paper, and drafts and acceptances, credit card receivables and all other forms of obligations owing to such Loan Party arising out of or in connection with
the sale or lease of Inventory or the rendition of services, all supporting obligations, guarantees and other security therefor, whether secured or unsecured, now existing or hereafter created, and whether or not specifically sold or assigned to
Agent hereunder. 
 “Register” shall have the meaning set forth in Section 16.3(e) hereof. 

“Reimbursement Obligation” shall have the meaning set forth in Section 2.14(b) hereof. 

“Release” shall have the meaning set forth in Section 5.7(c)(i) hereof. 

“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment,
criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is
reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 
 “Reportable
ERISA Event” shall mean a reportable event described in Section 4043(c) of ERISA or the regulations promulgated thereunder notice for which is not waived pursuant to regulations under Section 4043 of ERISA. 

“Required Lenders” shall mean two or more Lenders (not including Swing Loan Lender (in its capacity as such Swing Loan
Lender) or any Defaulting Lender) holding at least fifty-one percent (51%) of either (a) the aggregate of the Revolving Commitment Amounts of all Lenders (excluding any Defaulting Lender), or (b) after the termination of all commitments of Lenders
hereunder, the sum of (x) the outstanding Revolving Advances and Swing Loans, plus the Maximum Undrawn Amount of all outstanding Letters of Credit; provided, however, if there are fewer than three (3) Lenders, Required Lenders shall mean all Lenders
(excluding any Defaulting Lender). 

  
 45 

 “Reserve Percentage” shall mean as of any day the maximum effective percentage
in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to
eurocurrency funding (currently referred to as “Eurocurrency Liabilities”. 
 “Revolving Advances” shall mean
Advances other than Letters of Credit and the Swing Loans. 
 “Revolving Commitment” shall mean, as to any Lender, the
obligation of such Lender (if applicable), to make Revolving Advances and participate in Swing Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the Revolving Commitment Amount (if any) of such Lender. 

“Revolving Commitment Amount” shall mean, (i) as to any Lender other than a New Lender, the Revolving Commitment amount (if
any) set forth below such Lender’s name on the signature page hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any)
of such Lender as set forth in the applicable Commitment Transfer Supplement), and (ii) as to any Lender that is a New Lender, the Revolving Commitment amount provided for in the joinder signed by such New Lender under Section 2.24(a)(x), in each
case as the same may be adjusted upon any increase by such Lender pursuant to Section 2.24 hereof, or any assignment by or to such Lender pursuant to Section 16.3(c) or (d) hereof. 

“Revolving Commitment Percentage” shall mean, i) as to any Lender other than a New Lender, the Revolving Commitment
Percentage (if any) set forth below such Lender’s name on the signature page hereof (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment
Percentage (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement), and (ii) as to any Lender that is a New Lender, the Revolving Commitment Percentage provided for in the joinder signed by such New Lender under
Section 2.24(a)(ix), in each case as the same may be adjusted upon any increase in the Maximum Revolving Advance Amount pursuant to Section 2.24 hereof, or any assignment by or to such Lender pursuant to Section 16.3(c) or (d) hereof. 

“Revolving Credit Note” shall mean, collectively, the promissory notes referred to in Section 2.1(a) hereof. 

“Revolving Interest Rate” shall mean (a) with respect to Revolving Advances that are Domestic Rate Loans and Swing
Loans, an interest rate per annum equal to the sum of the Applicable Margin plus the Alternate Base Rate and (b) with respect to LIBOR Rate Loans, the sum of the Applicable Margin plus the LIBOR Rate. 

“RollTech” shall mean Rolls Technology Inc., a Delaware corporation. 

  
 46 

 “Sanctioned Country” shall mean a country subject to a sanctions program
maintained under any Anti-Terrorism Law. 
 “Sanctioned Person” shall mean any individual person, group, regime, entity or
thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or
rejection of transactions), under any Anti-Terrorism Law. 
 “SEC” shall mean the Securities and Exchange Commission or any
successor thereto. 
 “Secured Parties” shall mean, collectively, Agent, Issuer, Swing Loan Lender and Lenders, together
with any Affiliates of Agent or any Lender to whom any Hedge Liabilities or Cash Management Liabilities are owed and with each other holder of any of the Obligations, and the respective successors and assigns of each of them. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Settlement” shall have the meaning set forth in Section 2.6(d) hereof. 

“Settlement Date” shall have the meaning set forth in Section 2.6(d) hereof. 

“SHB” shall mean Svenska Handelsbanken AB (publ), a company limited by shares incorporated in Sweden under company
registration number 502007-7862. 
 “Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc. and its successors. 
 “STIBOR Alternate Source” shall have the meaning set
forth in the definition of LIBOR Rate. 
 “Subsidiary” shall mean any Domestic Subsidiary or Foreign Subsidiary; provided,
Subsidiary shall not include any Excluded Subsidiary. 
 “Subsidiary Stock” shall mean (a) with respect to the Equity
Interests issued to a Loan Party by any Domestic Subsidiary, 100% of such issued and outstanding Equity Interests, and (b) with respect to any Equity Interests issued to a Loan Party by any Foreign Subsidiary (i) 100% of such issued and outstanding
Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956(c)(2)) and (ii) 65% (or such greater percentage that, due to a change in an Applicable Law after the date hereof, (x) could not reasonably be expected to
cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Loan Party and (y) could not reasonably be expected to cause any material adverse tax
consequences) of such issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)). 

“Supermajority Lenders” shall mean three or more Lenders (not including Swing Loan Lender (in its capacity as such Swing Loan
Lender) or any Defaulting Lender) holding greater 

  
 47 

 
than sixty-six and two-thirds of one of one percent (66.66%) of either (a) the aggregate of the Revolving Commitment Amounts of all Lenders (excluding any Defaulting Lender) or (b) after the
termination of the Revolving Commitments, the sum of (y) the outstanding Revolving Advances and Swing Loans, plus (z) the participations in the Maximum Undrawn Amount of all outstanding Letters of Credit. 

“Swap” shall mean any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder other than (a) a
swap entered into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or (b) a commodity option entered into pursuant to CFTC Regulation 32.3(a). 

“Swap Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a Swap
which is also a Lender-Provided Interest Rate Hedge, or a Lender-Provided Foreign Currency Hedge. 
 “Swedish Availability
Conditions” shall mean, singularly or collectively, as the context may require: (i) Agent shall have received each of the executed Swedish Security Documents; (ii) Swedish Borrower and Akers shall have opened the applicable Depository
Accounts with Agent or Agent shall have received duly executed agreements establishing the Blocked Accounts with financial institutions acceptable to Agent for the collection or servicing of the applicable Receivables of the Swedish Borrower and
proceeds of the applicable Collateral of the Swedish Borrower and/or Akers, as applicable, and Agent shall have entered into control agreements with the applicable financial institutions in form and substance satisfactory to Agent with respect to
such Blocked Accounts; (iii) Each document required by this Agreement, any Swedish Security Document, any related agreement or under law or reasonably requested by Agent to be filed, registered or recorded in order to create, in favor of Agent, a
perfected security interest in or lien upon the applciable Collateral of the Swedish Borrower and/or Akers, as applicable, shall have been properly filed, registered or recorded in each jurisdiction in which the filing, registration or recordation
thereof is so required or requested, and Agent shall have received an acknowledgment copy, or other evidence satisfactory to it, of each such filing, registration or recordation and satisfactory evidence of the payment of any necessary fee, tax or
expense relating thereto; (iv) Agent shall have received the executed supplemental legal opinion of Wistrand Advokatbyrå with respect to the Swedish Borrower and Akers which shall cover such matters incident to the transactions contemplated by
the Swedish Security Documents, and related agreements as Agent may reasonably require; (v) Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Agent, of the
Receivables, Inventory, General Intangibles and equipment of the Swedish Borrower and Akers and all books and records in connection therewith; (vi) Agent shall have received any and all Consents reasonably necessary to permit the effectuation of the
transactions contemplated by the Swedish Security Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert claims with respect to the applicable Collateral of the Swedish Borrower and/or Akers, as
applicable, as Agent and its counsel shall deem necessary. 
 “Swedish Availability Date” shall mean the date on which all
Swedish Availability Conditions have been satisfied in form and substance reasonably acceptable to the Agent. 

  
 48 

 “Swedish Borrower” shall have the meaning set forth in the preamble to this
Agreement and shall extend to all permitted successors and assigns of such Person. 
 “Swedish Formula Amount” shall have
the meaning set forth in Section 2.1(a)(C) hereof. 
 “Swedish Insured Foreign Receivables Advance Rate” shall have the
meaning set forth in Section 2.1(a)(C)(y)(i) hereof. 
 “Swedish Inventory Advance Rate” shall have the meaning set forth
in Section 2.1(a)(C)(y)(ii) hereof. 
 “Swedish Inventory NOLV Advance Rate” shall have the meaning set forth in Section
2.1(a)(C)(y)(ii) hereof. 
 “Swedish Krona” shall mean the lawful currency of Sweden. 

“Swedish Krona Denominated Advances” shall mean each Advance denominated in Swedish Krona at the time of the incurrence
thereof. 
 “Swedish Letter of Credit” shall mean a Letter of Credit (other than any Letter of Credit issued under the US
Formula Amount) issued or caused to be issued for the account of the Swedish Borrower. 
 “Swedish Obligations” shall mean
all non-monetary Obligations of the Swedish Borrower and Akers and all monetary Obligations of the Swedish Borrower and Akers, under or in connection with Advances made by the Lenders or the Agent to the Swedish Borrower or with respect
to intercompany or other transfers in respect of which the Swedish Borrower otherwise acts as a borrower, the amount of which monetary Obligations of the Swedish Borrower and Akers shall be determined by methods reasonably satisfactory to the
Agent, which shall include, without limitation, reference to the books and records relating to Advances made by Lenders or the Agent to the Swedish Borrower and the records of intercompany transfers made to and from the Swedish Borrower and/or
Akers. 
 “Swedish Receivables Advance Rate” shall have the meaning set forth in Section 2.1(a)(C)(y)(i) hereof. 

“Swedish Security Documents” shall mean each of the (i) Pledge Agreement regarding Floating Charge Certificates, granted by
the Swedish Borrower to the Agent for the benefit of the Lenders; (ii) Pledge Agreement regarding Floating Charge Certificates, granted by Akers to the Agent for the benefit of the Lenders; (iii) Pledge Agreement regarding Receivables, granted by
the Swedish Borrower to the Agent for the benefit of the Lenders; (iv) Pledge Agreement regarding Receivables, granted by Akers to the Agent for the benefit of the Lenders; (v) Pledge Agreement regarding Accounts, granted by the Swedish Borrower to
the Agent for the benefit of the Lenders; (vi) Pledge Agreement regarding Accounts, granted by Akers to the Agent for the benefit of the Lenders; (vii) Pledge Agreement granted by Ampco UES with respect to sixty-five percent (65%) of the Equity
Interests of the Swedish Borrower, to the Agent for the benefit of the Lenders; and (viii) Pledge Agreement granted by Ampco UES with respect to sixty-five percent (65%) of the Equity Interests of Akers, to the Agent for the benefit of the Lenders.

  
 49 

 “Swedish Swing Loans” shall mean Swing Loans made to the Swedish Borrower. 

“Swing Loan Lender” shall mean PNC, in its capacity as lender of the Swing Loans. 

“Swing Loan Note” shall mean the promissory note described in Section 2.4(a) hereof. 

“Swing Loans” shall mean the Advances made pursuant to Section 2.4 hereof. 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto. 

“Term” shall have the meaning set forth in Section 13.1 hereof. 

“Termination Event” shall mean: (a) a Reportable ERISA Event with respect to any Plan; (b) the withdrawal of any Loan Party
or any member of the Controlled Group from a Plan during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA described in Section 4063 of ERISA or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) the providing of notice of intent to terminate a Plan in a distress termination described in Section 4041(c) of ERISA; (d) the commencement of proceedings by the PBGC to terminate
a Plan; (e) any event or condition (i) which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (ii) that may result in termination of a Multiemployer Plan
pursuant to Section 4041A of ERISA; (f) the partial or complete withdrawal within the meaning of Section 4203 or 4205 of ERISA, of any Loan Party or any member of the Controlled Group from a Multiemployer Plan; (g) receipt by a Loan Party of a
notice pursuant to Section 4245(e)(1) of ERISA that such Multiemployer Plan is subject to Section 4245 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent, upon any Loan Party
or any member of the Controlled Group. 
 “Toxic Substance” shall mean and include any material present on the Real
Property (including the Leasehold Interests) which has been shown to have significant adverse effect on human health or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. §§ 2601 et seq., applicable
state law, or any other applicable Federal or state laws now in force or hereafter enacted relating to toxic substances. “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based paints.

 “Transactions” shall have the meaning set forth in Section 5.5(a) hereof. 

“Transferee” shall have the meaning set forth in Section 16.3(d) hereof. 

“Transitory First Tier Foreign Subsidiary” shall mean any first tier Foreign Subsidiary that has been designated by the
applicable Loan Party as a Transitory First Tier Foreign Subsidiary by written notice (in form and substance reasonably acceptable to the Agent) to the Agent stating that it is the intent of such Loan Party to cause such Transitory First Tier
Foreign Subsidiary to cease to be a first tier Foreign Subsidiary within three hundred sixty-five (365) consecutive days after the date of formation or acquisition of such Transitory First Tier Foreign Subsidiary. 

  
 50 

 “Trigger Period” shall mean, in each case, the period (a) commencing upon (i)
the occurrence of an Event of Default or Default or (ii) any day on which US Undrawn Availability shall be less than ten percent (10%) of the Maximum Revolving Advance Amount, and (b) terminating when both (i) US Undrawn Availability shall have been
greater than ten percent (10%) of the Maximum Revolving Advance Amount for thirty (30) consecutive days and (ii) no Event of Default or Default is continuing (including as a result of the waiver or cure thereof). 

“UES” shall mean Union Electric Steel Corporation, a Pennsylvania corporation, and its successors and assigns. 

“UK Availability Conditions” shall mean, singularly or collectively, as the context may require: (i) Agent shall have
received each of the executed UK Security Documents; (ii) UK Borrower shall have opened the applicable Depository Accounts with Agent or Agent shall have received duly executed agreements establishing the Blocked Accounts with financial institutions
acceptable to Agent for the collection or servicing of the applicable Receivables of the UK Borrower and proceeds of the applicable Collateral of the UK Borrower or Davy Roll, as applicable, and Agent shall have entered into control agreements with
the applicable financial institutions in form and substance satisfactory to Agent with respect to such Blocked Accounts; (iii) Each document required by this Agreement, any UK Security Document, any related agreement or under law or reasonably
requested by Agent to be filed, registered or recorded in order to create, in favor of Agent, a perfected security interest in or lien upon the applciable Collateral of the UK Borrower or Davy Roll, as applicable, shall have been properly filed,
registered or recorded in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and Agent shall have received an acknowledgment copy, or other evidence satisfactory to it, of each such filing,
registration or recordation and satisfactory evidence of the payment of any necessary fee, tax or expense relating thereto; (iv) Agent shall have received the executed supplemental legal opinion of Squire Patton Boggs (UK) LLP with respect to the UK
Borrower and Davy Roll which shall cover such matters incident to the transactions contemplated by the UK Security Documents, and related agreements as Agent may reasonably require; (v) Agent shall have completed Collateral examinations and received
appraisals, the results of which shall be satisfactory in form and substance to Agent, of the Receivables, Inventory, General Intangibles and equipment of the UK Borrower and Davy Roll and all books and records in connection therewith; (vi) Agent
shall have received any and all Consents reasonably necessary to permit the effectuation of the transactions contemplated by the UK Security Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert
claims with respect to the applicable Collateral of the UK Borrower and/or Davy Roll, as applicable, as Agent and its counsel shall deem necessary. 

“UK Availability Date” shall mean the date on which all UK Availability Conditions have been satisfied in form and substance
reasonably acceptable to the Agent. 
 “UK Borrower” shall mean Union Electric Steel UK Limited, a limited liability
company under the laws of England and Wales, and its successors and assigns. 
 “UK Formula Amount” shall have the meaning
set forth in Section 2.1(a)(B) hereof. 

  
 51 

 “UK Insured Foreign Receivables Advance Rate” shall have the meaning set forth
in Section 2.1(a)(B)(y)(i) hereof. 
 “UK Inventory Advance Rate” shall have the meaning set forth in Section
2.1(a)(B)(y)(ii) hereof. 
 “UK Inventory NOLV Advance Rate” shall have the meaning set forth in Section 2.1(a)(B)(y)(ii)
hereof. 
 “UK Letter of Credit” shall mean a Letter of Credit (other than any Letter of Credit issued under the US Formula
Amount) issued or caused to be issued for the account of the UK Borrower. 
 “UK Obligations” shall mean all non-monetary
Obligations of UK Borrower and Davy Roll and all monetary Obligations of UK Borrower and Davy Roll, under or in connection with Advances made by the Lenders or the Agent to the UK Borrower or with respect to intercompany or other transfers in
respect of which the UK Borrower otherwise acts as a borrower, the amount of which monetary Obligations of UK Borrower and Davy Roll shall be determined by methods reasonably satisfactory to the Agent, which shall include, without limitation,
reference to the books and records relating to Advances made by Lenders or the Agent to the UK Borrower and the records of intercompany transfers made to and from UK Borrower and/or Davy Roll. 

“UK Receivables Advance Rate” shall have the meaning set forth in Section 2.1(a)(B)(y)(i) hereof. 

“UK Security Documents” shall mean each of (i) the Composite Guarantee and Debenture granted by the UK Borrower and Davy Roll
to the Agent for the benefit of the Lenders, and (ii) the Charge Over Shares with respect to the Shares of Davy Roll to the Agent for the benefit of the Lenders. 

“UK Swing Loans” shall mean Swing Loans made to the UK Borrower. 

“Undrawn Availability” at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii)
the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the sum of the outstanding amount of Advances. 

“Unfunded Capital Expenditures” shall mean, as to any Loan Party, without duplication, a Capital Expenditure funded (a) from
such Loan Party’s internally generated cash flow or (b) with the proceeds of a Revolving Advance or Swing Loan. 
 “Uniform
Commercial Code” shall have the meaning set forth in Section 1.3 hereof. 
 “USA PATRIOT Act” shall mean the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended,
amended or replaced. 

  
 52 

 “US Borrowers” shall mean, collectively, Alloys, ALS, UES Corp., and National
Roll and “US Borrower” shall mean each such party, as applicable. 
 “US Formula Amount” shall have the
meaning set forth in Section 2.1(a)(A) hereof. 
 “US Letter of Credit” shall mean a Letter of Credit issued or caused to
be issued for the account of a US Borrower. 
 “US Swing Loans” shall mean Swing Loans made to the US Borrowers. 

“US Undrawn Availability” at a particular date shall mean an amount equal to (a) the lesser of (i) the US Formula Amount or
(ii) the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the sum of the outstanding amount of Advances. 

“VFCP” shall mean the Voluntary Fiduciary Correction Program described in Federal Register Volume 71, No. 75, Pages 20261 et
seq., as modified or amended by any successor guidance thereto as from time to time in effect. 
 1.3. Uniform Commercial Code Terms.

 All terms used herein and defined in the Uniform Commercial Code as adopted in the Commonwealth of Pennsylvania from time to time (the
“Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without limiting the foregoing, the terms “accounts”, “chattel paper” (and “electronic chattel paper” and
“tangible chattel paper”), “commercial tort claims”, “deposit accounts”, “documents”, “equipment”, “financial asset”, “fixtures”, “general intangibles”,
“goods”, “instruments”, “inventory”, “investment property”, “letter-of-credit rights”, “payment intangibles”, “proceeds”, “promissory note” “securities”,
“software” and “supporting obligations” as and when used in the description of Collateral shall have the meanings given to such terms in Articles 8 or 9 of the Uniform Commercial Code. To the extent the definition of any
category or type of collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment, modification or revision. 

1.4. Certain Matters of Construction. 

The terms “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular section, paragraph or subdivision. All references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. Any
pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa. All references to statutes and related regulations shall include any amendments of same
and any successor statutes and regulations. Unless otherwise provided, all references to any instruments or agreements to which Agent is a party, including references to any of the Other Documents, shall include any and all modifications,
supplements or amendments thereto, any and all restatements or replacements thereof and any and all extensions or renewals thereof. Except as otherwise expressly provided for herein, all references herein to the time of day shall mean the time in
Pittsburgh, 

  
 53 

 
Pennsylvania. Whenever the words “including” or “include” shall be used, such words shall be understood to mean “including, without limitation” or “include,
without limitation”. A Default or an Event of Default shall be deemed to exist at all times during the period commencing on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in
writing pursuant to this Agreement or, in the case of a Default, is cured within any period of cure expressly provided for in this Agreement; and an Event of Default shall “continue” or be “continuing” until such Event of Default
has been waived in writing by Required Lenders. Any Lien referred to in this Agreement or any of the Other Documents as having been created in favor of Agent, any agreement entered into by Agent pursuant to this Agreement or any of the Other
Documents, any payment made by or to or funds received by Agent pursuant to or as contemplated by this Agreement or any of the Other Documents, or any act taken or omitted to be taken by Agent, shall, unless otherwise expressly provided, be created,
entered into, made or received, or taken or omitted, for the benefit or account of Agent and Lenders. Wherever the phrase “to the best of Loan Parties’ knowledge” or words of similar import relating to the knowledge or the awareness
of any Loan Party are used in this Agreement or Other Documents, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of any Loan Party or (ii) the knowledge that a senior officer would have obtained if he/she had engaged
in a good faith and diligent performance of his/her duties, including the making of such reasonably specific inquiries as may be necessary of the employees or agents of such Loan Party and a good faith attempt to ascertain the existence or accuracy
of the matter to which such phrase relates. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or
otherwise within the limitations of, another covenant shall not avoid the occurrence of a default if such action is taken or condition exists. In addition, all representations and warranties hereunder shall be given independent effect so that if a
particular representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of a breach
of a representation or warranty hereunder. All certificates, certifications and other documents required to be executed under this Agreement or related to this Agreement by Authorized Officers or other officers or employees of any Loan Party shall
be deemed for all purposes to be executed and delivered by such persons solely in their respective capacities as such Authorized Officer, officer or employee and not in their personal capacities. 

1.5. Currency Matters. 

Principal, interest, reimbursement obligations, fees, and all other amounts payable under this Agreement and the Other Documents 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 shall be converted to the Dollar Equivalent thereof on the date of calculation, comparison, measurement or determination. If Agent shall receive payment in a
currency other that the currency in which the Obligations are due, whether pursuant to the exercise of control under a securities account control agreement or deposit account control agreement, or as proceeds or realization of the Collateral or
otherwise, then Agent shall be authorized to convert such amounts at the Exchange Rate to the currencies in which such Obligations are due for application thereto. 

  
 54 

 1.6. Excess Resulting from Exchange Rate Change. 

If at any time following one or more fluctuations in the exchange rate of: (i) the Pound Sterling against the Dollar, (a) the aggregate
outstanding principal balance of Advances to the UK Borrower exceeds the European Sublimit or (b) the aggregate outstanding principal balance of Advances to the UK Borrower exceeds any other limit based on Dollars set forth herein for such UK
Obligations, the UK Borrower shall, immediately (i) make the necessary payments or repayments to reduce such UK Obligations to an amount necessary to eliminate such excess or (ii) maintain or cause to be maintained with the Agent deposits as
continuing collateral security for the Obligations of the UK Borrower in an amount equal to or greater than the amount of such excess, such deposits to be maintained in such form and upon such terms as are acceptable to the Agent; and/or (ii) the
Swedish Krona against the Dollar, (a) the aggregate outstanding principal balance of Advances to the Swedish Borrower exceeds the European Sublimit or (b) the aggregate outstanding principal balance of Advances to the Swedish Borrower exceeds any
other limit based on Dollars set forth herein for such Swedish Obligations, the Swedish Borrower shall, immediately (i) make the necessary payments or repayments to reduce such Swedish Obligations to an amount necessary to eliminate such excess or
(ii) maintain or cause to be maintained with the Agent deposits as continuing collateral security for the Obligations of the Swedish Borrower in an amount equal to or greater than the amount of such excess, such deposits to be maintained in such
form and upon such terms as are acceptable to the Agent. Without in any way limiting the foregoing provisions, the Agent shall, weekly or more frequently in the sole discretion of the Agent, make the necessary exchange rate calculations to
determine whether any such excess exists on such date and advise the Borrowers if such excess exists. 
  

	2.	ADVANCES, PAYMENTS. 

 2.1. Revolving Advances. 

(a) Amount of Revolving Advances. 

(A) Subject to the terms and conditions set forth in this Agreement specifically including Section 2.1(b), each Lender, severally and not
jointly, will make Revolving Advances in Dollars to US Borrowers in aggregate amounts outstanding at any time equal to such Lender’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the sum
of the aggregate Dollar Equivalent of the outstanding amount of Pound Sterling Denominated Advances to the UK Borrower plus the aggregate Dollar Equivalent of the outstanding Swedish Krona Denominated Advances to the Swedish Borrower, less
the outstanding amount of US Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding US Letters of Credit, UK Letters of Credit and Swedish Letters of Credit or (y) an amount equal to the sum of: 

(i) (A) the sum of (1) up to eighty-five percent (85%) (the “Domestic Receivables Advance Rate”) of Eligible Domestic Receivables,
other than Eligible 

  
 55 

 
Domestic Insured Foreign Receivables, plus (2) up to ninety percent (90%) (the “Domestic Insured Foreign Receivables Advance Rate”) of Eligible Domestic Insured Foreign
Receivables, plus 
 (ii) the least of (A) up to seventy-five percent (75%) of the value of the Eligible Domestic
Inventory (the “Domestic Inventory Advance Rate”), (B) up to eighty-five percent (85%) of the appraised net orderly liquidation value of Eligible Domestic Inventory (as evidenced by an Inventory appraisal satisfactory to Agent in its
sole discretion exercised in good faith) (the “Domestic Inventory NOLV Advance Rate”), or (C) Forty Million and 00/100 Dollars ($40,000,000.00) in the aggregate at any one time, plus 

(iii) the portion of the Fixed Asset Advance Amount attributable to the US Borrowers, minus 

(iv) the aggregate Maximum Undrawn Amount of all outstanding US Letters of Credit, minus 

(v) such reserves as Agent may reasonably deem proper and necessary from time to time in its Permitted Discretion. 

The amount derived from the sum of (x) Sections 2.1(a)(A)(y)(i), (ii) and (iii) minus Sections 2.1(a)(A)(y)(iv) and (v) at any time and from
time to time shall be referred to as the “US Formula Amount”. 
 (B) Subject to the terms and conditions set forth in this
Agreement specifically including Section 2.1(b), each Lender, severally and not jointly, will, on and after the UK Availability Date, make Revolving Advances in Pounds Sterling to the UK Borrower in aggregate amounts outstanding at any time equal to
such Lender’s Revolving Commitment Percentage of the lesser of (x) the European Sublimit, less the outstanding amount of UK Swing Loans and/or Swedish Swing Loans, as applicable, less the aggregate Maximum Undrawn Amount of all
outstanding UK Letters of Credit and/or Swedish Letters of Credit, as applicable or (y) an amount equal to the sum of: 
 (i) (A) the sum
of (1) up to eighty-five percent (85%) (the “UK Receivables Advance Rate”) of Eligible UK Receivables, other than Eligible UK Insured Foreign Receivables, plus (2) up to ninety percent (90%) (the “UK Insured Foreign Receivables
Advance Rate”) of Eligible UK Insured Foreign Receivables, plus 
 (ii) the least of (A) up to seventy-five percent (75%) of
the value of the Eligible UK Inventory (the “UK Inventory Advance Rate”), (B) up to eighty-five (85%) of the appraised net orderly liquidation value of Eligible UK Inventory (as evidenced by an Inventory appraisal satisfactory to
Agent in its sole discretion exercised in good faith) (the “UK Inventory NOLV Advance Rate”), or (C) the difference of (1) Ten Million and 00/100 Dollars ($10,000,000.00) minus (2) any amount borrowed by the Swedish Borrower under Section
2.1(a)(C)(y)(ii) in the aggregate at any one time, plus 
 (iii) the portion of the Fixed Asset Advance Amount attributable to the
UK Borrower, minus 

  
 56 

 (iv) the aggregate Maximum Undrawn Amount of all outstanding UK Letters of Credit and/or Swedish
Swing Loans, as applicable, minus 
 (v) such reserves as Agent may reasonably deem proper and necessary from time to time in its
Permitted Discretion. 
 The amount derived from the sum of (x) Sections 2.1(a)(B)(y)(i), (ii) and (iii) minus Sections 2.1(a)(B)(y)(iv)
and (v) at any time and from time to time shall be referred to as the “UK Formula Amount”. 
 (C) Subject to the terms and
conditions set forth in this Agreement specifically including Section 2.1(b), each Lender, severally and not jointly, will, on and after the Swedish Availability Date, make Revolving Advances in Swedish Krona to the Swedish Borrower in aggregate
amounts outstanding at any time equal to such Lender’s Revolving Commitment Percentage of the lesser of (x) the European Sublimit, less the outstanding amount of UK Swing Loans and/or Swedish Swing Loans, as applicable, less the
aggregate Maximum Undrawn Amount of all outstanding UK Letters of Credit and/or Swedish Letters of Credit or (y) an amount equal to the sum of: 

(i) (A) the sum of (1) up to eighty-five percent (85%) (the “Swedish Receivables Advance Rate”) of Eligible Swedish Receivables,
other than Eligible Swedish Insured Foreign Receivables, plus (2) up to ninety percent (90%) (the “Swedish Insured Foreign Receivables Advance Rate”) of Eligible Swedish Insured Foreign Receivables, plus 

(ii) the least of (A) up to seventy-five percent (75%) of the value of the Eligible Swedish Inventory (the “Swedish Inventory
Advance Rate”), (B) up to eighty-five (85%) of the appraised net orderly liquidation value of Eligible Swedish Inventory (as evidenced by an Inventory appraisal satisfactory to Agent in its sole discretion exercised in good faith) (the
“Swedish Inventory NOLV Advance Rate”, together with the Domestic Receivables Advance Rate, the Domestic Insured Foreign Receivables Advance Rate, the Domestic Inventory Advance Rate, Domestic Inventory NOLV Advance Rate, the UK
Receivables Advance Rate, the UK Inventory Advance Rate, the UK Inventory NOLV Advance Rate, the Swedish Receivables Advance Rate, the Swedish Insured Foreign Receivables Advance Rate and the Swedish Inventory Advance Rate, collectively, the
“Advance Rates”), or (C) the difference of (1) Ten Million and 00/100 Dollars ($10,000,000.00) minus (2) any amount borrowed by the UK Borrower under Section 2.1(a)(B)(y)(ii) in the aggregate at any one time, minus 

(iii) the aggregate Maximum Undrawn Amount of all outstanding UK Letters of Credit and/or Swedish Letters of Credit, as applicable,
minus 
 (iv) such reserves as Agent may reasonably deem proper and necessary from time to time in its Permitted Discretion. 

The amount derived from the sum of (x) Sections 2.1(a)(C)(y)(i) and (ii) minus Sections 2.1(a)(C)(y)(iii) and (iv) at any time and from time
to time shall be referred to as the “Swedish Formula Amount”. The US Formula Amount, the UK Formula Amount, and the Swedish 

  
 57 

 
Formula Amount, collectively, shall be referred to as the “Formula Amount”. The maximum dollar amount of the Lenders’ commitment allocations will be based on the Maximum
Revolving Advance Amount. 
 (D) (i) The Lenders’ aggregate obligations to make Revolving Advances pursuant to this Agreement (whether
pursuant to clause (A), (B) or (C)) is limited to the Maximum Revolving Advance Amount and (ii) each individual Lender’s aggregate obligation to make Revolving Advances pursuant to this Agreement is limited to its Revolving Commitment Amount.

 (E) The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit
Notes”) substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding anything to the contrary contained in the foregoing or otherwise in this Agreement, the outstanding aggregate principal amount of Swing Loans and
the Revolving Advances at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters of Credit or (ii) the Formula Amount. 

(b) Discretionary Rights. The Advance Rates may be increased or decreased by Agent at any time and from time to time in the
exercise of its Permitted Discretion. Each Borrower consents to any such increases or decreases and acknowledges that decreasing the Advance Rates or increasing or imposing reserves may limit or restrict Advances requested by Borrowing
Agent. Prior to the occurrence of an Event of Default or Default, Agent shall give Borrowing Agent three (3) days prior written notice of its intention to decrease the Advance Rates. The rights of Agent under this subsection are subject to
the provisions of Section 16.2(b). 
 2.2. Procedures for Requesting Revolving Advances; Procedures for Selection of Applicable Interest
Rates for All Advances. 
 (a) Borrowing Agent on behalf of any Borrower may notify Agent prior to 1:00 p.m. on a Business Day of a
Borrower’s request to incur, on that day (or, with respect to any such request for a Revolving Advance in an Optional Currency, not less than three (3) Business Days prior to such request), a Revolving Advance hereunder. Should any
amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other Obligation under this Agreement, become due, same shall be deemed a request
for a Revolving Advance maintained as a Domestic Rate Loan as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation, and such request shall be irrevocable. 

(b) Notwithstanding the provisions of subsection (a) above, in the event any Borrower desires to obtain a LIBOR Rate Loan for any Advance
(other than a Swing Loan), Borrowing Agent shall give Agent written notice by no later than 1:00 p.m. on the day which is three (3) Business Days prior to the date such LIBOR Rate Loan is to be borrowed, specifying (i) the date of the proposed
borrowing (which shall be a Business Day), (ii) the type of borrowing and the amount of such Advance to be borrowed, which amount shall be in a minimum Dollar Equivalent amount of One Million and 00/100 Dollars ($1,000,000.00) and in integral
multiples of a Dollar Equivalent amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00) 

  
 58 

 
thereafter, and (iii) the duration of the first Interest Period therefor. Interest Periods for LIBOR Rate Loans shall be for one, two or three months; provided that, if an Interest Period would
end on a day that is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day. No LIBOR Rate Loan
shall be made available to any Borrower during the continuance of a Default or an Event of Default. After giving effect to each requested LIBOR Rate Loan, including those which are converted from a Domestic Rate Loan under Section 2.2(e), there
shall not be outstanding more than five (5) LIBOR Rate Loans, in the aggregate. 
 (c) Each Interest Period of a LIBOR Rate Loan shall
commence on the date such LIBOR Rate Loan is made and shall end on such date as Borrowing Agent may elect as set forth in subsection (b)(iii) above, provided that the exact length of each Interest Period shall be determined in accordance with the
practice of the interbank market for offshore Dollar deposits and no Interest Period shall end after the last day of the Term. 
 (d)
Borrowing Agent shall elect the initial Interest Period applicable to a LIBOR Rate Loan by its notice of borrowing given to Agent pursuant to Section 2.2(b) or by its notice of conversion given to Agent pursuant to Section 2.2(e), as the case may
be. Borrowing Agent shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to Agent of such duration not later than 1:00 p.m. on the day which is three (3) Business Days prior to the last day of the then
current Interest Period applicable to such LIBOR Rate Loan. If Agent does not receive timely notice of the Interest Period elected by Borrowing Agent, Borrowing Agent shall be deemed to have elected to convert such LIBOR Rate Loan to a Domestic Rate
Loan subject to Section 2.2(e) below. 
 (e) Provided that no Default or Event of Default shall have occurred and be continuing,
Borrowing Agent may, on the last Business Day of the then current Interest Period applicable to any outstanding LIBOR Rate Loan, or on any Business Day with respect to Domestic Rate Loans, convert any such loan into a loan of another type in the
same aggregate principal amount provided that any conversion of a LIBOR Rate Loan shall be made only on the last Business Day of the then current Interest Period applicable to such LIBOR Rate Loan. If Borrowing Agent desires to convert a loan,
Borrowing Agent shall give Agent written notice by no later than 1:00 p.m. (i) on the day which is three (3) Business Days prior to the date on which such conversion is to occur with respect to a conversion from a Domestic Rate Loan to a LIBOR Rate
Loan, or (ii) on the day which is one (1) Business Day prior to the date on which such conversion is to occur (which date shall be the last Business Day of the Interest Period for the applicable LIBOR Rate Loan) with respect to a conversion from a
LIBOR Rate Loan to a Domestic Rate Loan, specifying, in each case, the date of such conversion, the loans to be converted and if the conversion is to a LIBOR Rate Loan, the duration of the first Interest Period therefor. 

(f) At its option and upon written notice given prior to 1:00 p.m. at least three (3) Business Days prior to the date of such prepayment, any
Borrower may, subject to Section 2.2(g) hereof, prepay the LIBOR Rate Loans in whole at any time or in part from time to time with accrued interest on the principal being prepaid to the date of such repayment. Such Borrower shall specify the date of
prepayment of Advances which are LIBOR Rate Loans and 

  
 59 

 
the amount of such prepayment. In the event that any prepayment of a LIBOR Rate Loan is required or permitted on a date other than the last Business Day of the then current Interest Period with
respect thereto, such Borrower shall indemnify Agent and Lenders therefor in accordance with Section 2.2(g) hereof. The Borrowers shall also have the right at any time after the Closing Date upon five (5) days’ prior written notice to the
Agent to permanently reduce the Maximum Revolving Advance Amount (by ratably reducing the current Lenders’ Revolving Commitment Amounts in proportion to their Revolving Commitment Percentages) in a minimum amount of a Dollar Equivalent of Ten
Million and 00/100 Dollars ($10,000,000.00) and whole multiples of a Dollar Equivalent of Five Million and 00/100 Dollars ($5,000,000.00); provided that any such reduction shall be accompanied by prepayment of the Revolving Credit Notes,
together with outstanding Facility Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 2.2(g) hereof) to the extent necessary so that the outstanding aggregate principal amount of
Swing Loans and the Revolving Advances at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount as so reduced less the Maximum Undrawn Amount of all outstanding Letters of Credit or (ii)
the Formula Amount. Any reduction in the Maximum Revolving Advance Amount shall automatically result in the reduction of the European Sublimit in an amount necessary to maintain the same ratio of the European Sublimit to the Maximum Revolving
Advance Amount as in effect prior to such reduction. 
 (g) Each Borrower shall indemnify Agent and Lenders and hold Agent and Lenders
harmless from and against any and all losses or expenses that Agent and Lenders may sustain or incur as a consequence of any prepayment, conversion of or any default by any Borrower in the payment of the principal of or interest on any LIBOR Rate
Loan or failure by any Borrower to complete a borrowing of, a prepayment of or conversion of or to a LIBOR Rate Loan after notice thereof has been given, including, but not limited to, any interest payable by Agent or Lenders to lenders of funds
obtained by it in order to make or maintain its LIBOR Rate Loans hereunder. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Agent or any Lender to Borrowing Agent shall be conclusive absent manifest
error. 
 (h) Notwithstanding any other provision hereof, if any Applicable Law, treaty, regulation or directive, or any change therein or
in the interpretation or application thereof, including without limitation any Change in Law, shall make it unlawful for Lenders or any Lender (for purposes of this subsection (h), the term “Lender” shall include any Lender and the office
or branch where any Lender or any Person controlling such Lender makes or maintains any LIBOR Rate Loans) to make or maintain its LIBOR Rate Loans, the obligation of Lenders (or such affected Lender) to make LIBOR Rate Loans hereunder shall
forthwith be cancelled and Borrowers shall, if any affected LIBOR Rate Loans are then outstanding, promptly upon request from Agent, either pay all such affected LIBOR Rate Loans or convert such affected LIBOR Rate Loans into loans of another type.
If any such payment or conversion of any LIBOR Rate Loan is made on a day that is not the last day of the Interest Period applicable to such LIBOR Rate Loan, Borrowers shall pay Agent, upon Agent’s request, such amount or amounts set forth in
clause (g) above. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Lenders to Borrowing Agent shall be conclusive absent manifest error. 

  
 60 

 2.3. [Reserved]. 

2.4. Swing Loans. 
 (a)
Subject to the terms and conditions set forth in this Agreement, and in order to minimize the transfer of funds between Lenders and Agent for administrative convenience, Agent, Lenders holding Revolving Commitments and Swing Loan Lender agree that
in order to facilitate the administration of this Agreement, Swing Loan Lender may, at its election and option made in its sole discretion cancelable at any time for any reason whatsoever, make swing loan advances (“Swing Loans”) available
to US Borrowers, the UK Borrower and the Swedish Borrower as provided for in this Section 2.4 at any time or from time to time after: (x) the date hereof with respect to the US Borrowers; (y) on and after the UK Availability Date with respect
to the UK Borrower; and (z) on and after the Swedish Availability Date with respect to the Swedish Borrower, to, but not including, the expiration of the Term, in an aggregate principal amount up to but not in excess of the Maximum Swing Loan
Advance Amount, provided that the outstanding aggregate principal amount of Swing Loans and the Revolving Advances at any one time outstanding shall not exceed (i) in the case of the US Borrowers, an amount equal to the lesser of (A) the Maximum
Revolving Advance Amount, less the Maximum Undrawn Amount of all outstanding Letters of Credit, less the aggregate Dollar Equivalent of the outstanding amount of Pound Sterling Denominated Advances to the UK Borrower and/or the Swedish Krona
Denominated Advances to the Swedish Borrower or (B) the Formula Amount, (ii) in the case of the UK Borrower, a Dollar Equivalent amount equal to the lesser of (A) the European Sublimit, less the Dollar Equivalent of the Maximum Undrawn Amount of all
outstanding UK Letters of Credit and/or Swedish Letters of Credit, as applicable or (B) the UK Formula Amount and (iii) in the case of the Swedish Borrower, a Dollar Equivalent amount equal to the lesser of (A) the European Sublimit, less the Dollar
Equivalent of the Maximum Undrawn Amount of all outstanding UK Letters of Credit and/or Swedish Letters of Credit, as applicable or (B) the Swedish Formula Amount. All US Swing Loans to the US Borrowers shall be in Dollars and shall be Domestic Rate
Loans only. All UK Swing Loans to the UK Borrower shall be in Pounds Sterling and shall be Domestic Rate Loans only. All Swedish Swing Loans to the Swedish Borrower shall be in Swedish Krona and shall be Domestic Rate Loans only. Borrowers may
borrow (at the option and election of Swing Loan Lender), repay and reborrow (at the option and election of Swing Loan Lender) Swing Loans and Swing Loan Lender may make Swing Loans as provided in this Section 2.4 during the period between
Settlement Dates. All Swing Loans shall be evidenced by a secured promissory note (the “Swing Loan Note”) substantially in the form attached hereto as Exhibit 2.4(a). Swing Loan Lender’s agreement to make Swing Loans
under this Agreement is cancelable at any time for any reason whatsoever and the making of Swing Loans by Swing Loan Lender from time to time shall not create any duty or obligation, or establish any course of conduct, pursuant to which Swing Loan
Lender shall thereafter be obligated to make Swing Loans in the future. 
 (b) Upon either (i) any request by Borrowing Agent for a
Revolving Advance made pursuant to Section 2.2(a) hereof or (ii) the occurrence of any deemed request by Borrowers for a Revolving Advance pursuant to the provisions of the last sentence of Section 2.2(a) hereof, Swing Loan Lender may elect, in
its sole discretion, to have such request or deemed request treated as a request for a Swing Loan, and may advance same day funds to Borrowers as a Swing Loan; provided that notwithstanding anything to the contrary provided for

  
 61 

 
herein, Swing Loan Lender may not make Swing Loan Advances if Swing Loan Lender has been notified by Agent or by Required Lenders that one or more of the applicable conditions set forth in
Section 8.2 of this Agreement have not been satisfied or the Revolving Commitments have been terminated for any reason. 
 (c) Upon the
making of a Swing Loan (whether before or after the occurrence of a Default or an Event of Default and regardless of whether a Settlement has been requested with respect to such Swing Loan), each Lender holding a Revolving Commitment shall be
deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from Swing Loan Lender, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Revolving
Commitment Percentage. Swing Loan Lender or Agent may, at any time, require the Lenders holding Revolving Commitments to fund such participations by means of a Settlement as provided for in Section 2.6(d) below. From and after the date, if
any, on which any Lender holding a Revolving Commitment is required to fund, and funds, its participation in any Swing Loans purchased hereunder, Agent shall promptly distribute to such Lender its Revolving Commitment Percentage of all payments of
principal and interest and all proceeds of Collateral received by Agent in respect of such Swing Loan; provided that no Lender holding a Revolving Commitment shall be obligated in any event to make Revolving Advances in an amount in excess of its
Revolving Commitment Amount minus its Participation Commitment (taking into account any reallocations under Section 2.22) of the Maximum Undrawn Amount of all outstanding Letters of Credit. 

2.5. Disbursement of Advance Proceeds. 

All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all
other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers’ Account on Agent’s books. The proceeds of each Revolving Advance or Swing Loan requested by Borrowing Agent on behalf of any Borrower or deemed to have
been requested by any Borrower under Sections 2.2(a), 2.6(b) or 2.14 hereof shall, (i) with respect to requested Revolving Advances, to the extent Lenders make such Revolving Advances in accordance with Section 2.2(a), 2.6(b) or 2.14 hereof, and
with respect to Swing Loans made upon any request by Borrowing Agent for a Revolving Advance to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to the applicable Borrower on the day so
requested by way of credit to such Borrower’s operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, (ii)
with respect to Revolving Advances deemed to have been requested by any Borrower or Swing Loans made upon any deemed request for a Revolving Advance by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to
such deemed request. During the Term, Borrowers may use the Revolving Advances and Swing Loans by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. 

2.6. Making and Settlement of Advances. 

(a) Each borrowing of Revolving Advances shall be advanced according to the applicable Revolving Commitment Percentages of Lenders holding the
Revolving Commitments (subject to any contrary terms of Section 2.22). Each borrowing of Swing Loans shall be advanced by Swing Loan Lender alone. 

  
 62 

 (b) Promptly after receipt by Agent of a request or a deemed request for a Revolving Advance
pursuant to Section 2.2(a) and, with respect to Revolving Advances, to the extent Agent elects not to provide a Swing Loan or the making of a Swing Loan would result in the aggregate amount of all outstanding Swing Loans exceeding the maximum amount
permitted in Section 2.4(a), Agent shall notify Lenders holding the Revolving Commitments of its receipt of such request specifying the information provided by Borrowing Agent and the apportionment among Lenders of the requested Revolving Advance as
determined by Agent in accordance with the terms hereof. Each Lender shall remit the principal amount of each Revolving Advance to Agent such that Agent is able to, and Agent shall, to the extent the applicable Lenders have made funds available
to it for such purpose and subject to Section 8.2, fund such Revolving Advance to the US Borrowers in Dollars or to the UK Borrower in Pounds Sterling, as applicable, and immediately available funds at the Payment Office prior to the close of
business, on the applicable borrowing date; provided that if any applicable Lender fails to remit such funds to Agent in a timely manner, Agent may elect in its sole discretion to fund with its own funds the Revolving Advance of such Lender
on such borrowing date, and such Lender shall be subject to the repayment obligation in Section 2.6(c) hereof. 
 (c) Unless Agent
shall have been notified by telephone, confirmed in writing, by any Lender holding a Revolving Commitment that such Lender will not make the amount which would constitute its applicable Revolving Commitment Percentage of the requested Revolving
Advance available to Agent, Agent may (but shall not be obligated to) assume that such Lender has made such amount available to Agent on such date in accordance with Section 2.6(b) and may, in reliance upon such assumption, make available to
Borrowers a corresponding amount. Agent will promptly notify Borrowing Agent of its receipt of any such notice from a Lender. In such event, if a Lender has not in fact made its applicable Revolving Commitment Percentage of the requested Revolving
Advance available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to Borrowers
through but excluding the date of payment to Agent, at (i) in the case of a payment to be made by such Lender, the greater of (A) (x) the daily average Federal Funds Effective Rate (computed on the basis of a year of 360 days) during such period as
quoted by Agent, times (y) such amount or (B) a rate determined by Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by Borrower, the Revolving Interest Rate for Revolving
Advances that are Domestic Rate Loans. If such Lender pays its share of the applicable Revolving Advance to Agent, then the amount so paid shall constitute such Lender’s Revolving Advance. Any payment by Borrowers shall be without prejudice to
any claim Borrowers may have against a Lender holding a Revolving Commitment that shall have failed to make such payment to Agent. A certificate of Agent submitted to any Lender or Borrower with respect to any amounts owing under this paragraph (c)
shall be conclusive, in the absence of manifest error. 
 (d) Agent, on behalf of Swing Loan Lender, shall demand settlement (a
“Settlement”) of all or any Swing Loans with Lenders holding the Revolving Commitments on at least a weekly basis, or on any more frequent date that Agent elects or that Swing Loan Lender at

  
 63 

 
its option exercisable for any reason whatsoever may request, by notifying Lenders holding the Revolving Commitments of such requested Settlement by facsimile, telephonic or electronic
transmission no later than 3:00 p.m. on the date of such requested Settlement (or, with respect to any such request for a Revolving Advance in an Optional Currency, not less than three (3) Business Days prior to such requested Settlement) (the
“Settlement Date”). Subject to any contrary provisions of Section 2.22, each Lender holding a Revolving Commitment shall transfer the amount of such Lender’s Revolving Commitment Percentage of the outstanding principal amount (plus
interest accrued thereon to the extent requested by Agent) of the applicable Swing Loan with respect to which Settlement is requested by Agent, to such account of Agent as Agent may designate not later than 5:00 p.m. on such Settlement Date (or,
with respect to any such request for a Revolving Advance in an Optional Currency, not less than three (3) Business Days prior to such Settlement) if requested by Agent by 3:00 p.m., otherwise not later than 5:00 p.m. on the next Business Day (or,
with respect to any such request for a Revolving Advance in an Optional Currency, not less than three (3) Business Days prior to such Settlement). Settlements may occur at any time notwithstanding that the conditions precedent to making Revolving
Advances set forth in Section 8.2 have not been satisfied or the Revolving Commitments shall have otherwise been terminated at such time. All amounts so transferred to Agent shall be applied against the amount of outstanding Swing Loans and,
when so applied shall constitute Revolving Advances of such Lenders accruing interest as Domestic Rate Loans. If any such amount is not transferred to Agent by any Lender holding a Revolving Commitment on such Settlement Date, Agent shall be
entitled to recover such amount on demand from such Lender together with interest thereon as specified in Section 2.6(c). 
 (e) If any
Lender or Participant (a “Benefited Lender”) shall at any time receive any payment of all or part of its Advances, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in a
greater proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other Lender’s Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly
permitted hereunder, such Benefited Lender shall purchase for cash from the other Lenders a participation in such portion of each such other Lender’s Advances, or shall provide such other Lender with the benefits of any such Collateral, or the
proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such Collateral or proceeds ratably with each of the other Lenders; provided, however, that if all or any portion of such excess
payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. Each Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under Applicable Law, that each Lender so purchasing a portion of another Lender’s Advances may exercise all rights of payment (including rights of set-off) with respect to such
portion as fully as if such Lender were the direct holder of such portion, and the obligations owing to each such purchasing Lender in respect of such participation and such purchased portion of any other Lender’s Advances shall be part of the
Obligations secured by the Collateral, and the obligations owing to each such purchasing Lender in respect of such participation and such purchased portion of any other Lender’s Advances shall be part of the Obligations secured by the
Collateral. 

  
 64 

 2.7. Maximum Advances. 

The aggregate balance of Revolving Advances plus Swing Loans made to US Borrowers, the UK Borrower and the Swedish Borrower outstanding at any
time shall not exceed the lesser of (a) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all issued and outstanding US Letters of Credit, UK Letters of Credit and Swedish Letters of Credit or (b) the sum of the US
Formula Amount plus (i) the lesser of (A) the European Sublimit or (B) the UK Formula Amount and (ii) the lesser of (A) the European Sublimit or (B) the Swedish Formula Amount. 

2.8. Manner and Repayment of Advances. 

(a) The Revolving Advances and Swing Loans shall be due and payable in full on the last day of the Term subject to earlier prepayment as
herein provided. Notwithstanding the foregoing, all Advances shall be subject to earlier repayment upon (x) acceleration upon the occurrence of an Event of Default under this Agreement or (y) termination of this Agreement. Each payment
(including each prepayment) by any Borrower on account of the principal of and interest on the Advances shall be applied, first to the outstanding Swing Loans and next, pro rata according to the applicable Revolving Commitment Percentages of
Lenders, to the outstanding Revolving Advances (subject to any contrary provisions of Section 2.22). 
 (b) Each Borrower recognizes that
the amounts evidenced by checks, notes, drafts or any other items of payment relating to and/or proceeds of Collateral may not be collectible by Agent on the date received by Agent. Agent shall conditionally credit Borrowers’ Account for each
item of payment on the next Business Day after the Business Day on which such item of payment is received by Agent (and the Business Day on which each such item of payment is so credited shall be referred to, with respect to such item, as the
“Application Date”). Agent is not, however, required to credit Borrowers’ Account for the amount of any item of payment which is unsatisfactory to Agent and Agent may charge Borrowers’ Account for the amount of any item of
payment which is returned, for any reason whatsoever, to Agent unpaid. Subject to the foregoing, Borrowers agree that for purposes of computing the interest charges under this Agreement, each item of payment received by Agent shall be deemed applied
by Agent on account of the Obligations on its respective Application Date. Borrowers further agree that, during any applicable Trigger Period (whether such Trigger Period is actual or deemed to have occurred as provided for in this Agreement), there
is a monthly float charge payable to Agent for Agent’s sole benefit, in an amount equal to (y) the face amount of all items of payment received during the prior month (including items of payment received by Agent as a wire transfer or
electronic depository check) multiplied by (z) the Revolving Interest Rate with respect to Domestic Rate Loans for one (1) Business Day. All proceeds received by Agent shall be applied to the Obligations in accordance with Section 4.8(h). 

(c) All payments of principal, interest and other amounts payable hereunder, or under any of the Other Documents shall be made to Agent at the
Payment Office not later than 1:00 p.m. on the due date therefor in Dollars in federal funds or other funds immediately available to Agent. Agent shall have the right to effectuate payment of any and all Obligations due and owing hereunder by
charging Borrowers’ Account or by making Advances as provided in Section 2.2 hereof. 
 (d) Except as expressly provided herein, all
payments (including prepayments) to be made by any Borrower on account of principal, interest, fees and other amounts payable hereunder shall be made without deduction, setoff or counterclaim and shall be made to Agent on behalf of Lenders to the
Payment Office, in each case on or prior to 1:00 p.m., in Dollars and in immediately available funds. 

  
 65 

 2.9. Repayment of Excess Advances. 

If at any time the aggregate balance of outstanding Revolving Advances, Revolving Advances made to the UK Borrower, Revolving Advances made to
the Swedish Borrower, Swing Loans, and/or Advances taken as a whole exceeds the maximum Dollar Equivalent amount of such type of Advances and/or Advances taken as a whole (as applicable) permitted hereunder, such excess Advances shall be immediately
due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or an Event of Default has occurred. 

2.10. Statement of Account. 

Agent shall maintain, in accordance with its customary procedures, a separate sub-loan account for the US Borrowers, the UK Borrower and the
Swedish Borrower and by applicable currency (collectively, the “Borrowers’ Account”) in the name of the US Borrowers, the UK Borrower and the Swedish Borrower in which shall be recorded the date and amount of each Advance made by
Agent or Lenders and the date and amount of each payment in respect thereof; provided, however, the failure by Agent to record the date and amount of any Advance shall not adversely affect Agent or any Lender. Each month, Agent shall send to
Borrowing Agent a statement showing the accounting for the Advances made, payments made or credited in respect thereof, and other transactions between Agent, Lenders and Borrowers during such month. The monthly statements shall be deemed
correct and binding upon Borrowers in the absence of manifest error and shall constitute an account stated between Lenders and Borrowers unless Agent receives a written statement of Borrowers’ specific exceptions thereto within thirty (30) days
after such statement is received by Borrowing Agent. The records of Agent with respect to Borrowers’ Account shall be conclusive evidence absent manifest error of the amounts of Advances and other charges thereto and of payments applicable
thereto. 
 2.11. Letters of Credit. 

(a) Subject to the terms and conditions hereof, on and after: (x) the Closing Date with respect to the US Borrowers; (y) the UK
Availability Date with respect to the UK Borrower; and (z) the Swedish Availability Date with respect to the Swedish Borrower, Issuer shall issue or cause the issuance of letters of credit for the benefit of the Loan Parties and their Subsidiaries
denominated in Dollars for the account of any US Borrower, Pounds Sterling or other Optional Currency, if any, for the account of the UK Borrower or Swedish Krona or other Optional Currency, if any, for the account of the Swedish Borrower
(collectively, “Letters of Credit”), except to the extent that the issuance thereof would then cause the sum of (i) the 

  
 66 

 
outstanding Revolving Advances plus (ii) the outstanding Swing Loans, plus (iii) the Maximum Undrawn Amount of all outstanding Letters of Credit, plus (iv) the Maximum Undrawn Amount of the
Letter of Credit to be issued to exceed the lesser of (x) the Maximum Revolving Advance Amount or (y) the Formula Amount (calculated without giving effect to the deductions provided for in Section 2.1(a)(A)(y)((iv) in the US Formula Amount,
Section 2.1(a)(B)(y)(iv) in the UK Formula Amount and Section 2.1(a)(C)(y)(iii) in the Swedish Formula Amount); provided, further, however, that Issuer will not be required to issue or cause to be issued any Letters of Credit to the extent that the
issuance of such Letters of Credit: (I) for the benefit of such UK Borrower would then cause the sum of the Dollar Equivalent amount of (i) (A) the outstanding Pound Sterling Denominated Revolving Advances to the UK Borrower plus (ii) the
outstanding UK Swing Loans to the UK Borrower, plus (iii) the Maximum Undrawn Amount of all outstanding UK Letters of Credit to exceed the UK Formula Amount (calculated without giving effect to the deductions provided for in 2.1(a)(B)(y)(iv) in the
UK Formula Amount and (B) the sum of outstanding Pound Sterling Denominated Revolving Advances to the UK Borrower and outstanding Swedish Krona Denominated Revolving Advances to the Swedish Borrower plus (ii) the sum of outstanding UK Swing Loans to
the UK Borrower and outstanding Swedish Swing Loans to the Swedish Borrower, plus (iii) the Maximum Undrawn Amount of all outstanding UK Letters of Credit and all outstanding Swedish Letters of Credit to exceed the European Sublimit; or (II) for the
benefit of the Swedish Borrower would then cause the sum of the Dollar Equivalent amount of (i) (A) the outstanding Swedish Krona Denominated Revolving Advances to the Swedish Borrower plus (ii) the outstanding Swedish Swing Loans to the Swedish
Borrower, plus (iii) the Maximum Undrawn Amount of all outstanding Swedish Letters of Credit to exceed the Swedish Formula Amount (calculated without giving effect to the deductions provided for in 2.1(a)(C)(y)(iii) in the Swedish Formula Amount and
(B) the sum of outstanding Pound Sterling Denominated Revolving Advances to the UK Borrower and outstanding Swedish Krona Denominated Revolving Advances to the Swedish Borrower plus (ii) the sum of outstanding UK Swing Loans to the UK Borrower and
outstanding Swedish Swing Loans to the Swedish Borrower, plus (iii) the Maximum Undrawn Amount of all outstanding UK Letters of Credit and all outstanding Swedish Letters of Credit to exceed the European Sublimit. The Maximum Undrawn Amount of
all outstanding Letters of Credit shall not exceed in the aggregate at any time the Letter of Credit Sublimit. All disbursements or payments related to Letters of Credit shall be deemed to be Domestic Rate Loans consisting of Revolving Advances
and shall bear interest at the Revolving Interest Rate for Domestic Rate Loans. Letters of Credit that have not been drawn upon shall not bear interest (but fees shall accrue in respect of outstanding Letters of Credit as provided in Section
3.2 hereof). 
 (b) Notwithstanding any provision of this Agreement, Issuer shall not be under any obligation to issue any Letter of Credit
if (i) any order, judgment or decree of any Governmental Body or arbitrator shall by its terms purport to enjoin or restrain Issuer from issuing any Letter of Credit, or any Law applicable to Issuer or any request or directive (whether or not having
the force of law) from any Governmental Body with jurisdiction over Issuer shall prohibit, or request that Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon Issuer with
respect to the Letter of Credit any restriction, reserve or capital requirement (for which Issuer is not otherwise compensated hereunder) not in effect on the date of this Agreement, or shall impose upon Issuer any unreimbursed loss, cost or expense
which was not applicable on the date of this Agreement, and which Issuer in good faith deems material to it, or (ii) the issuance of the Letter of Credit would violate one or more policies of Issuer applicable to letters of credit generally. 

(c) As of the Closing Date, (i) the Existing Letters of Credit will be deemed to have been issued as, and be, Letters of Credit under this
Agreement, and (ii) the Existing Letters of Credit and the reimbursement obligations in respect thereof will be Indebtedness under this Agreement and will no longer be Indebtedness under the Existing Credit Agreement. In accordance with the
foregoing, from and after the Closing Date all fees and other charges payable with respect to the Existing Letters of Credit will be determined in accordance with Section 3.2(a) of this Agreement. 

  
 67 

 2.12. Issuance of Letters of Credit. 

(a) Borrowing Agent, on behalf of any Borrower, may request Issuer to issue or cause the issuance of a Letter of Credit by delivering to
Issuer, with a copy to Agent at the Payment Office, prior to 1:00 p.m., at least five (5) Business Days prior to the proposed date of issuance, such Issuer’s form of Letter of Credit Application (the “Letter of Credit Application”)
completed to the satisfaction of Agent and Issuer; and, such other certificates, documents and other papers and information as Agent or Issuer may reasonably request. Issuer shall not issue any requested Letter of Credit if such Issuer has
received notice from Agent or any Lender that one or more of the applicable conditions set forth in Section 8.2 of this Agreement have not been satisfied or the commitments of Lenders to make Revolving Advances hereunder have been terminated
for any reason. 
 (b) Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts, or other written
demands for payment, or acceptances of usance drafts when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and (ii) have an expiry date not later than twelve (12) months
after such Letter of Credit’s date of issuance (provided that a portion of the Letter of Credit Sublimit in an amount not to exceed Twenty Million and 00/100 Dollars ($20,000,000.00) shall be available for Letters of Credit that have an
expiration date after one year from the date of issuance of such Letter of Credit; excluding, for purposes of determining the utilization of such sublimit: (i) Letter of Credit number 00258637, in the original face amount of Four Million One
Hundred Seventy-Five Thousand Three Hundred Ten and 00/100 Dollars ($4,175,310); (ii) Letter of Credit number 00258639, in the original face amount of Two Million One Hundred Two Thousand Eight Hundred Fifty-Seven and 00/100 Dollars ($2,102,857.00);
and (iii) Letter of Credit number 18101851, in the original face amount of Seven Million Two Hundred Eighty-Seven Thousand Nine Hundred Fifty-Four and 00/100 Dollars ($7,287,954.00), in each case, issued for the benefit of BNY Mellon Trust) and in
no event later than the last day of the Term. Notwithstanding the foregoing, (A) the expiry date of a Letter of Credit may be up to one (1) year later than the last day of the Term if the Loan Parties Cash Collateralize each such Letter of
Credit having an expiry date later than the last day of the Term on or before the thirtieth (30th) day prior to the last day of the Term; and (B) any Letter of Credit (other than a Letter of
Credit which expires later than the last day of the Term) may provide for the automatic renewal thereof for an additional one-year period (or, in the case of any renewal or extension thereof, one year after such renewal or extension), subject
however to the Cash Collateral requirement in clause (A) above in the event any such renewal would result in a 

  
 68 

 
Letter of Credit which expires later than the last day of the Term. Each standby Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits as most
recently published by the International Chamber of Commerce at the time a Letter of Credit is issued (the “UCP”) or the International Standby Practices (International Chamber of Commerce Publication Number 590) (the “ISP98
Rules”), or any subsequent revision thereof at the time a standby Letter of Credit is issued, as determined by Issuer, and each trade Letter of Credit shall be subject to the UCP. In addition, no trade Letter of Credit may permit the
presentation of an ocean bill of lading that includes a condition that the original bill of lading is not required to claim the goods shipped thereunder. 

(c) Agent shall use its reasonable efforts to notify Lenders of the request by Borrowing Agent for a Letter of Credit hereunder. 

(d) Upon the request of Agent, (i) if the Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing
has resulted in an Letter of Credit Borrowing, or (ii) if, on the last day of the Term, any Letter of Credit for any reason remains outstanding, Borrowers shall, in each case, immediately Cash Collateralize the Maximum Undrawn Amount of all
outstanding Letters of Credit. Borrowers hereby grant to Agent, for the benefit of the Issuer and the Lenders, a security interest in all cash collateral pledged pursuant to this Section or otherwise under this Agreement. 

2.13. Requirements For Issuance of Letters of Credit. 

(a) Borrowing Agent shall authorize and direct any Issuer to name the applicable Borrower as the “Applicant” or “Account
Party” of each Letter of Credit. If Agent is not the Issuer of any Letter of Credit, Borrowing Agent shall authorize and direct Issuer to deliver to Agent all instruments, documents, and other writings and property received by Issuer
pursuant to the Letter of Credit and to accept and rely upon Agent’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit, the application therefor. 

(b) In connection with all trade Letters of Credit issued or caused to be issued by Issuer under this Agreement, each Borrower hereby appoints
Issuer, or its designee, as its attorney, with full power and authority if an Event of Default shall have occurred and be continuing: (i) to sign and/or endorse such Borrower’s name upon any warehouse or other receipts, and acceptances; (ii) to
sign such Borrower’s name on bills of lading; (iii) to clear Inventory through the United States of America Customs Department, the HM Revenue and Customs Department of the United Kingdom or the Swedish Customs Administration, as applicable
(the foregoing collectively, “Customs”), in the name of such Borrower or Issuer or Issuer’s designee, and to sign and deliver to Customs officials powers of attorney in the name of such Borrower for such purpose; and (iv) to complete
in such Borrower’s name or Issuer’s, or in the name of Issuer’s designee, any order, sale or transaction, obtain the necessary documents in connection therewith, and collect the proceeds thereof. Neither Agent, Issuer nor their
attorneys will be liable for any acts or omissions nor for any error of judgment or mistakes of fact or law, except for Agent’s, Issuer’s or their respective attorney’s willful misconduct. This power, being coupled with an
interest, is irrevocable as long as any Letters of Credit remain outstanding. 

  
 69 

 2.14. Disbursements, Reimbursement. 

(a) Immediately upon the issuance of each Letter of Credit, each Lender holding a Revolving Commitment shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from Issuer a participation in each Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Revolving Commitment Percentage of the Maximum Undrawn Amount of such
Letter of Credit (as in effect from time to time) and the amount of such drawing, respectively. 
 (b) In the event of any request for a
drawing under a Letter of Credit by the beneficiary or transferee thereof, Issuer will promptly notify Agent and Borrowing Agent. Regardless of whether Borrowing Agent shall have received such notice, Borrowers shall reimburse (such obligation
to reimburse Issuer shall sometimes be referred to as a “Reimbursement Obligation”) Issuer prior to 12:00 Noon, on each date that an amount is paid by Issuer under any Letter of Credit (each such date, a “Drawing Date”) in an
amount equal to the amount so paid by Issuer. In the event Borrowers fail to reimburse Issuer for the full amount of any drawing under any Letter of Credit by 12:00 Noon, on the Drawing Date, Issuer will promptly notify Agent and each Lender
holding a Revolving Commitment thereof, and Borrowers shall be automatically deemed to have requested that a Revolving Advance maintained as a Domestic Rate Loan be made by Lenders to be disbursed on the Drawing Date under such Letter of Credit, and
Lenders holding the Revolving Commitments shall be unconditionally obligated to fund such Revolving Advance (all whether or not the conditions specified in Section 8.2 are then satisfied or the commitments of Lenders to make Revolving Advances
hereunder have been terminated for any reason) as provided for in Section 2.14(c) immediately below. Any notice given by Issuer pursuant to this Section 2.14(b) may be oral if promptly confirmed in writing; provided that the lack of such a
confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (c) Each Lender holding a Revolving Commitment shall
upon any notice pursuant to Section 2.14(b) make available to Issuer through Agent at the Payment Office an amount in immediately available funds equal to its Revolving Commitment Percentage (subject to any contrary provisions of Section 2.22) of
the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.14(d)) each be deemed to have made a Revolving Advance maintained as a Domestic Rate Loan to Borrowers in that amount. If any Lender holding a Revolving
Commitment so notified fails to make available to Agent, for the benefit of Issuer, the amount of such Lender’s Revolving Commitment Percentage of such amount by 2:00 p.m. on the Drawing Date, then interest shall accrue on such Lender’s
obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a
rate per annum equal to the rate applicable to Revolving Advances maintained as a Domestic Rate Loan on and after the fourth day following the Drawing Date. Agent and Issuer will promptly give notice of the occurrence of the Drawing Date, but
failure of Agent or Issuer to give any such notice on the Drawing Date or in sufficient time to enable any Lender holding a Revolving Commitment to effect such payment on such date shall not relieve such Lender from its obligations under this
Section 2.14(c), provided that such Lender shall not be obligated to pay interest as provided in Section 2.14(c)(i) and (ii) until and commencing from the date of receipt of notice from Agent or Issuer of a drawing. 

  
 70 

 (d) With respect to any unreimbursed drawing that is not converted into a Revolving Advance
maintained as a Domestic Rate Loan to Borrowers in whole or in part as contemplated by Section 2.14(b), because of the Loan Parties’ failure to satisfy the conditions set forth in Section 8.2 hereof (other than any notice requirements) or for
any other reason, Borrowers shall be deemed to have incurred from Agent a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with
interest) and shall bear interest at the rate per annum applicable to a Revolving Advance maintained as a Domestic Rate Loan. Each applicable Lender’s payment to Agent pursuant to Section 2.14(c) shall be deemed to be a payment in respect
of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Lender in satisfaction of its Participation Commitment in respect of the applicable Letter of Credit under this Section 2.14.

 (e) Each applicable Lender’s Participation Commitment in respect of the Letters of Credit shall continue until the last to occur of
any of the following events: (x) Issuer ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (y) no Letter of Credit issued or created hereunder remains outstanding and uncancelled; and (z) all Persons (other than the
Loan Parties) have been fully reimbursed for all payments made under or relating to Letters of Credit. 
 2.15. Repayment of
Participation Advances. 
 (a) Upon (and only upon) receipt by Agent for the account of Issuer of immediately available funds from the
Loan Parties (i) in reimbursement of any payment made by Issuer or Agent under the Letter of Credit with respect to which any Lender has made a Participation Advance to Agent, or (ii) in payment of interest on such a payment made by Issuer or Agent
under such a Letter of Credit, Agent will pay to each Lender holding a Revolving Commitment, in the same funds as those received by Agent, the amount of such Lender’s Revolving Commitment Percentage of such funds, except Agent shall retain the
amount of the Revolving Commitment Percentage of such funds of any Lender holding a Revolving Commitment that did not make a Participation Advance in respect of such payment by Agent (and, to the extent that any of the other Lender(s) holding the
Revolving Commitment have funded any portion such Defaulting Lender’s Participation Advance in accordance with the provisions of Section 2.22, Agent will pay over to such Non-Defaulting Lenders a pro rata portion of the funds so withheld from
such Defaulting Lender). 
 (b) If Issuer or Agent is required at any time to return to any Loan Party, or to a trustee, receiver,
liquidator, custodian, or any official in any insolvency proceeding, any portion of the payments made by Borrowers or any other Loan Party to Issuer or Agent pursuant to Section 2.15(a) in reimbursement of a payment made under the Letter of Credit
or interest or fee thereon, each applicable Lender shall, on demand of Agent, forthwith return to Issuer or Agent the amount of its Revolving Commitment Percentage of any amounts so returned by Issuer or Agent plus interest at the Federal Funds
Effective Rate. 

  
 71 

 2.16. Documentation. 

Each Borrower agrees to be bound by the terms of the Letter of Credit Application and by Issuer’s interpretations of any Letter of Credit
issued on behalf of such Borrower and by Issuer’s written regulations and customary practices relating to letters of credit, though Issuer’s interpretations may be different from such Borrower’s own. In the event of a conflict
between the Letter of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except (A) in the case of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in
a final non-appealable judgment) or (B) the wrongful dishonor by the Issuer or any of Issuer’s Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether
rightful or wrongful, of any present or future de jure or de facto government or government authority, Issuer shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following Borrowing Agent’s or
any Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto. 

2.17. Determination to Honor Drawing Request. 

In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, Issuer shall be responsible
only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition
appearing on the face of such Letter of Credit has been satisfied in the manner so set forth. 
 2.18. Nature of Participation and
Reimbursement Obligations. 
 The obligation of each Lender holding a Revolving Commitment in accordance with this Agreement to make the
Revolving Advances or Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of Borrowers to reimburse Issuer upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Section 2.18 under all circumstances, including the following circumstances: 
 (i)
any set-off, counterclaim, recoupment, defense or other right which such Lender or any Loan Party, as the case may be, may have against Issuer, Agent, any Borrower, any other Loan Party or Lender, as the case may be, or any other Person for any
reason whatsoever; 
 (ii) the failure of any Borrower or any other Person to comply, in connection with a Letter of Credit Borrowing, with
the conditions set forth in this Agreement for the making of a Revolving Advance, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of Lenders to make Participation Advances
under Section 2.14; 
 (iii) any lack of validity or enforceability of any Letter of Credit; 

  
 72 

 (iv) any claim of breach of warranty that might be made by any Loan Party, Agent, Issuer or any
Lender against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, cross-claim, defense or other right which any Loan Party, Agent, Issuer or any Lender may have at any time against a beneficiary,
any successor beneficiary or any transferee of any Letter of Credit or assignee of the proceeds thereof (or any Persons for whom any such transferee or assignee may be acting), Issuer, Agent or any Lender or any other Person, whether in connection
with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Loan Party or any Subsidiaries of such Loan Party and the beneficiary for which any Letter of Credit was
procured); 
 (v) the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the
form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection
with any Letter of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if Issuer or any of Issuer’s Affiliates has been notified thereof; 

(vi) payment by Issuer under any Letter of Credit against presentation of a demand, draft or certificate or other document which is forged or
does not fully comply with the terms of such Letter of Credit (provided that the foregoing shall not excuse Issuer from any obligation under the terms of any applicable Letter of Credit to require the presentation of documents that on their face
appear to satisfy any applicable requirements for drawing under such Letter of Credit prior to honoring or paying any such draw); 
 (vii)
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value
or other characteristic of any property or services relating to a Letter of Credit; 
 (viii) any failure by Issuer or any of Issuer’s
Affiliates to issue any Letter of Credit in the form requested by Borrowing Agent, unless Agent and Issuer have each received written notice from Borrowing Agent of such failure within three (3) Business Days after Issuer shall have furnished Agent
and Borrowing Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice; 

(ix) the occurrence of any Material Adverse Effect; 

(x) any breach of this Agreement or any Other Document by any party thereto; 

(xi) the occurrence or continuance of an insolvency proceeding with respect to any Borrower or any Guarantor; 

(xii) the fact that a Default or an Event of Default shall have occurred and be continuing; 

  
 73 

 (xiii) the fact that the Term shall have expired or this Agreement or the obligations of Lenders
to make Advances have been terminated; and 
 (xiv) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing. 
 2.19. Liability for Acts and Omissions. 

(a) As among the Loan Parties and Issuer, Swing Loan Lender, Agent and Lenders, each Loan Party assumes all risks of the acts and omissions
of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, Issuer shall not be responsible for: (i) the form, validity, sufficiency, accuracy,
genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged (even if Issuer or any of its Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be
transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Borrower or any other Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute
between or among any Borrower or any other Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, telex
or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of
the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuer, including any
Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of Issuer’s rights or powers hereunder. Nothing in the preceding sentence shall relieve Issuer from liability for Issuer’s gross
negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment) in connection with actions or omissions described in such clauses (i) through (viii) of such sentence. In no event
shall Issuer or Issuer’s Affiliates be liable to any Borrower or any other Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for
any damages resulting from any change in the value of any property relating to a Letter of Credit. 
 (b) Without limiting the generality of
the foregoing, Issuer and each of its Affiliates: (i) may rely on any oral or other communication believed in good faith by Issuer or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (ii)
may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether
such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, 

  
 74 

 
and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by Issuer or its Affiliates; (iv) may honor any
drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any
failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such
bank is located; and (vi) may settle or adjust any claim or demand made on Issuer or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a steamship
agent or carrier or any document or instrument of like import (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented
in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 
 (c) In furtherance and extension and not
in limitation of the specific provisions set forth above, any action taken or omitted by Issuer under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith
and without gross negligence (as determined by a court of competent jurisdiction in a final non-appealable judgment), shall not put Issuer under any resulting liability to any Borrower, any other Loan Party, Agent or any Lender. 

2.20. Mandatory Prepayments. 

(a) Subject to Section 7.1 hereof, when any Loan Party sells or otherwise disposes of any Collateral other than Inventory in the Ordinary
Course of Business, Borrowers shall repay the Advances in an amount equal to the net proceeds of such sale (i.e., gross proceeds less the reasonable direct costs of such sales or other dispositions), such repayments to be made promptly but in no
event more than one (1) Business Day following receipt of such net proceeds, and until the date of payment, such proceeds shall be held in trust for Agent. The foregoing shall not be deemed to be implied consent to any such sale otherwise
prohibited by the terms and conditions hereof. Such repayments shall be applied to the Advances in such order as Agent may determine, subject to Borrowers’ ability to reborrow Revolving Advances in accordance with the terms hereof. 

(b) In the event of any issuance or other incurrence of Indebtedness by any Loan Party or the issuance of any Equity Interests by any Loan
Party, the Loan Parties shall, no later than one (1) Business Day after the receipt by the Loan Parties of (i) the cash proceeds from any such issuance or incurrence of Indebtedness or (ii) the net cash proceeds of any issuance of Equity Interests,
as applicable, repay the Advances in an amount equal to (x) one hundred percent (100%) of such cash proceeds in the case of such incurrence or issuance of Indebtedness and (y) fifty percent (50%) of such net cash proceeds in the case of an issuance
of Equity Interests. Such repayments will be applied in the same manner as set forth in Section 2.20(b) hereof. 
 (c) All proceeds
received by Borrowers or Agent (i) under any insurance policy on account of damage or destruction of any assets or property of any Borrowers, or (ii) as a result of any taking or condemnation of any assets or property shall be applied in accordance
with Section 6.6 hereof. 

  
 75 

 2.21. Use of Proceeds. 

(a) Borrowers shall apply the proceeds of Advances to (i) repay existing indebtedness owed to PNC, (ii) pay fees and expenses relating to this
transaction, and (iii) provide for its working capital needs, including the financing of ongoing working capital requirements, acquisitions and capital expenditures, permitted dividends and permitted stock repurchases, permitted payments of deferred
obligations incurred in Permitted Acquisitions and to reimburse drawings under Letters of Credit. 
 (b) Without limiting the generality of
Section 2.21(a) above, neither the Borrowers, the Guarantors nor any other Person which may in the future become party to this Agreement or the Other Documents as a Borrower or Guarantor, intends to use nor shall they use any portion of the proceeds
of the Advances, directly or indirectly, for any purpose in violation of Applicable Law. 
 2.22. Defaulting Lender. 

(a) Notwithstanding anything to the contrary contained herein, in the event any Lender is a Defaulting Lender, all rights and obligations
hereunder of such Defaulting Lender and of the other parties hereto shall be modified to the extent of the express provisions of this Section 2.22 so long as such Lender is a Defaulting Lender. 

(b) (i) except as otherwise expressly provided for in this Section 2.22, Revolving Advances shall be made pro rata from Lenders holding
Revolving Commitments which are not Defaulting Lenders based on their respective Revolving Commitment Percentages, and no Revolving Commitment Percentage of any Lender or any pro rata share of any Revolving Advances required to be advanced by any
Lender shall be increased as a result of any Lender being a Defaulting Lender. Amounts received in respect of principal of any type of Revolving Advances shall be applied to reduce such type of Revolving Advances of each Lender (other than any
Defaulting Lender) holding a Revolving Commitment in accordance with their Revolving Commitment Percentages; provided, that, Agent shall not be obligated to transfer to a Defaulting Lender any payments received by Agent for Defaulting Lender’s
benefit, nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any principal, interest or fees). Amounts payable to a Defaulting Lender shall instead be paid to or retained by Agent. Agent may hold
and, in its discretion, re-lend to a Borrower the amount of such payments received or retained by it for the account of such Defaulting Lender. 

(ii) fees pursuant to Section 3.3(b) hereof shall cease to accrue in favor of such Defaulting Lender. 

(iii) if any Swing Loans are outstanding or any Letters of Credit (or drawings under any Letter of Credit for which Issuer has not been
reimbursed) are outstanding or exist at the time any such Lender holding a Revolving Commitment becomes a Defaulting Lender, then: 
 (A)
Defaulting Lender’s Participation Commitment in the outstanding Swing Loans and of the Maximum Undrawn Amount of all outstanding Letters of Credit shall be reallocated among Non-Defaulting Lenders holding Revolving Commitments in proportion to
the respective Revolving Commitment Percentages of such Non-Defaulting Lenders to the extent (but only to the extent) that (x) such reallocation does not cause the aggregate sum of outstanding Revolving Advances made by any such Non-Defaulting
Lender holding a Revolving Commitment plus such Lender’s reallocated Participation Commitment in the outstanding Swing Loans plus such Lender’s reallocated Participation Commitment in the aggregate Maximum Undrawn Amount of all outstanding
Letters of Credit to exceed the Revolving Commitment Amount of any such Non-Defaulting Lender, and (y) no Default or Event of Default has occurred and is continuing at such time; 

  
 76 

 (B) if the reallocation described in clause (A) above cannot, or can only partially, be
effected, Borrowers shall within one Business Day following notice by Agent (x) first, prepay any outstanding Swing Loans that cannot be reallocated, and (y) second, cash collateralize for the benefit of Issuer, Borrowers’ obligations
corresponding to such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit (after giving effect to any partial reallocation pursuant to clause (A) above) in accordance with Section 3.2(b) for so
long as such Obligations are outstanding; 
 (C) if Borrowers cash collateralize any portion of such Defaulting Lender’s Participation
Commitment in the Maximum Undrawn Amount of all Letters of Credit pursuant to clause (B) above, Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.2(a) with respect to such Defaulting Lender’s
Revolving Commitment Percentage of Maximum Undrawn Amount of all Letters of Credit during the period such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit are cash collateralized; 

(D) if Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit is reallocated pursuant to
clause (A) above, then the fees payable to Lenders holding Revolving Commitments pursuant to Section 3.2(a) shall be adjusted and reallocated to Non-Defaulting Lenders holding Revolving Commitments in accordance with such reallocation; and 

(E) if all or any portion of such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit is
neither reallocated nor cash collateralized pursuant to clauses (A) or (B) above, then, without prejudice to any rights or remedies of Issuer or any other Lender hereunder, all Letter of Credit Fees payable under Section 3.2(a) with respect to such
Defaulting Lender’s Revolving Commitment Percentage of the Maximum Undrawn Amount of all Letters of Credit shall be payable to the Issuer (and not to such Defaulting Lender) until (and then only to the extent that) such Participation Commitment
in the Maximum Undrawn Amount of all Letters of Credit is reallocated and/or cash collateralized; and 
 (iv) so long as any Lender holding
a Revolving Commitment is a Defaulting Lender, Swing Loan Lender shall not be required to fund any Swing Loans and Issuer shall not be required to issue, amend or increase any Letter of Credit, unless such Issuer

  
 77 

 
is satisfied that the related exposure and Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit and all Swing Loans (after giving effect to any
such issuance, amendment, increase or funding) will be fully allocated to Non-Defaulting Lenders holding Revolving Commitments and/or cash collateral for such Letters of Credit will be provided by Borrowers in accordance with clause (A) and (B)
above, and participating interests in any newly made Swing Loan or any newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.22(b)(iii)(A) above (and such Defaulting
Lender shall not participate therein). 
 (c) A Defaulting Lender shall not be entitled to give instructions to Agent or to approve,
disapprove, consent to or vote on any matters relating to this Agreement and the Other Documents, and all amendments, waivers and other modifications of this Agreement and the Other Documents may be made without regard to a Defaulting Lender and,
for purposes of the definition of “Required Lenders” and “Supermajority Lenders”, a Defaulting Lender shall not be deemed to be a Lender, to have any outstanding Advances or a Revolving Commitment Percentage provided, that this
clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification described in clauses (i) or (ii) of Section 16.2(b). 

(d) Other than as expressly set forth in this Section 2.22, the rights and obligations of a Defaulting Lender (including the obligation to
indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this Section 2.22 shall be deemed to release any Defaulting Lender from its obligations under this Agreement and the Other Documents, shall alter such obligations,
shall operate as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which any Loan Party, Agent or any Lender may have against any Defaulting Lender as a result of any default by such Defaulting Lender
hereunder. 
 (e) In the event that Agent, the Loan Parties, Swing Loan Lender and Issuer agree in writing that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then Agent will so notify the parties hereto, and, if such cured Defaulting Lender is a Lender holding a Revolving Commitment, then Participation Commitments of
Lenders holding Revolving Commitments (including such cured Defaulting Lender) of the Swing Loans and Maximum Undrawn Amount of all outstanding Letters of Credit shall be reallocated to reflect the inclusion of such Lender’s Revolving
Commitment, and on such date such Lender shall purchase at par such of the Revolving Advances of the other Lenders as Agent shall determine may be necessary in order for such Lender to hold such Revolving Advances in accordance with its Revolving
Commitment Percentage. 
 (f) If Swing Loan Lender or Issuer has a good faith belief that any Lender holding a Revolving Commitment has
defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, Swing Loan Lender shall not be required to fund any Swing Loans and Issuer shall not be required to issue, amend or increase
any Letter of Credit, unless Swing Loan Lender or Issuer, as the case may be, shall have entered into arrangements with Borrowers or such Lender, satisfactory to Swing Loan Lender or Issuer, as the case may be, to defease any risk to it in respect
of such Lender hereunder. 

  
 78 

 2.23. Payment of Obligations. 

Agent may charge to Borrowers’ Account as a Revolving Advance or, at the discretion of Swing Loan Lender, as a Swing Loan (i) all
payments with respect to any of the Obligations required hereunder (including without limitation principal payments, payments of interest, payments of Letter of Credit Fees and all other fees provided for hereunder and payments under Sections 16.5
and 16.9) as and when each such payment shall become due and payable (whether as regularly scheduled, upon or after acceleration, upon maturity or otherwise), (ii) without limiting the generality of the foregoing clause (i), (a) all amounts expended
by Agent or any Lender pursuant to Sections 4.2 or 4.3 hereof and (b) all expenses which Agent incurs in connection with the forwarding of Advance proceeds and the establishment and maintenance of any Blocked Accounts or Depository Accounts as
provided for in Section 4.8(h), and (iii) any sums expended by Agent or any Lender due to any Loan Party’s failure to perform or comply with its obligations under this Agreement or any Other Document including any Loan Party’s obligations
under Sections 3.3, 4.4, 4.7, 6.4, 6.6, 6.7 and 6.8 hereof, and all amounts so charged shall be added to the Obligations and shall be secured by the Collateral. To the extent Revolving Advances are not actually funded by the other Lenders in
respect of any such amounts so charged, all such amounts so charged shall be deemed to be Revolving Advances made by and owing to Agent and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender under this
Agreement and the Other Documents with respect to such Revolving Advances.  
 2.24.
Increase in Maximum Revolving Advance Amount. 
 (a) Borrowers may, at any time prior to the fourth (4th) anniversary of the Closing Date, request that the Maximum Revolving Advance Amount be increased by (1) one or more of the current Lenders increasing their Revolving Commitment Amount (any current
Lender which elects to increase its Revolving Commitment Amount shall be referred to as an “Increasing Lender”) or (2) one or more new lenders (each a “New Lender”) joining this Agreement and providing a Revolving Commitment
Amount hereunder (or a combination of Increasing Lenders and New Lenders), subject to the following terms and conditions: 
 (i) No current
Lender shall be obligated to increase its Revolving Commitment Amount and any increase in the Revolving Commitment Amount by any current Lender shall be in the sole discretion of such current Lender; 

(ii) Borrowers may not request the addition of a New Lender unless (and then only to the extent that) there is insufficient participation on
behalf of the existing Lenders in the increased Revolving Commitments being requested by Borrowers; 
 (iii) There shall exist no Event of
Default or Default on the effective date of such increase after giving effect to such increase; 
 (iv) After giving effect to such
increase, the Maximum Revolving Advance Amount shall not exceed One Hundred Fifty Million and 00/100 Dollars ($150,000,000.00); 

  
 79 

 (v) Borrowers may not request an increase in the Maximum Revolving Advance Amount under this
Section 2.24 more than three (3) times during the Term, and no single such increase in the Maximum Revolving Advance Amount shall be for an amount less than Fifteen Million and 00/100 Dollars ($15,000,000.00); 

(vi) The Loan Parties shall deliver to Agent on or before the effective date of such increase the following documents in form and substance
satisfactory to Agent: (1) certifications of their corporate secretaries with attached resolutions certifying that the increase in the Revolving Commitment Amounts has been approved by such Loan Parties, (2) certificate dated as of the
effective date of such increase certifying that no Default or Event of Default shall have occurred and be continuing and certifying that the representations and warranties made by each Loan Party herein and in the Other Documents are true and
complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), (3) such other agreements, instruments
and information (including supplements or modifications to this Agreement and/or the Other Documents executed by Loan Parties as Agent reasonably deems necessary in order to document the increase to the Maximum Revolving Advance Amount and to
protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Agent and Lenders hereunder and under the Other Documents in light of such increase, and (4) an opinion of counsel in form and
substance satisfactory to Agent which shall cover such matters related to such increase as Agent may reasonably require and each Loan Party hereby authorizes and directs such counsel to deliver such opinions to Agent and Lenders; 

(vii) Borrowers shall execute and deliver (1) to each Increasing Lender a replacement Note reflecting the new amount of such Increasing
Lender’s Revolving Commitment Amount after giving effect to the increase (and the prior Note issued to such Increasing Lender shall be deemed to be cancelled) and (2) to each New Lender a Note reflecting the amount of such New Lender’s
Revolving Commitment Amount; 
 (viii) Any New Lender shall be subject to the approval of Agent and Issuer; 

(ix) Each Increasing Lender shall confirm its agreement to increase its Revolving Commitment Amount pursuant to an acknowledgement in a form
acceptable to Agent, signed by it and each Loan Party and delivered to Agent at least five (5) days before the effective date of such increase; and 

(x) Each New Lender shall execute a lender joinder in substantially the form of Exhibit 2.24 pursuant to which such New Lender shall
join and become a party to this Agreement and the Other Documents with a Revolving Commitment Amount as set forth in such lender joinder. 

(b) On the effective date of such increase, (i) Borrowers shall repay all Revolving Advances then outstanding, subject to Borrowers’
obligations under Sections 3.7, 3.9, or 3.10; provided that subject to the other conditions of this Agreement, the Borrowing Agent may request new Revolving Advances on such date and (ii) the Revolving Commitment

  
 80 

 
Percentages of Lenders holding a Revolving Commitment (including each Increasing Lender and/or New Lender) shall be recalculated such that each such Lender’s Revolving Commitment Percentage
is equal to (x) the Revolving Commitment Amount of such Lender divided by (y) the aggregate of the Revolving Commitment Amounts of all Lenders. Each Lender shall participate in any new Revolving Advances made on or after such date in
accordance with its Revolving Commitment Percentage after giving effect to the increase in the Maximum Revolving Advance Amount and recalculation of the Revolving Commitment Percentages contemplated by this Section 2.24. 

(c) On the effective date of such increase, each Increasing Lender shall be deemed to have purchased an additional/increased participation in,
and each New Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder and each then outstanding Swing Loan in an amount equal to such Lender’s Revolving Commitment
Percentage (as calculated pursuant to Section 2.24(b) above) of the Maximum Undrawn Amount of each such Letter of Credit (as in effect from time to time) and the amount of each drawing and of each such Swing Loan, respectively. As necessary to
effectuate the foregoing, each existing Lender holding a Revolving Commitment Percentage that is not an Increasing Lender shall be deemed to have sold to each applicable Increasing Lender and/or New Lender, as necessary, a portion of such existing
Lender’s participations in such outstanding Letters of Credit and drawings and such outstanding Swing Loans such that, after giving effect to all such purchases and sales, each Lender holding a Revolving Commitment (including each Increasing
Lender and/or New Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) and all Swing Loans in accordance with their respective Revolving Commitment Percentages (as calculated pursuant to Section 2.24(b) above). 

(d) On the effective date of such increase, Borrowers shall pay all cost and expenses incurred by Agent and by each Increasing Lender and New
Lender in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Agent, Borrowers and/or Increasing Lenders and New Lenders in
connection with, such increase (including all fees for any supplemental or additional public filings of any Other Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies
of Agent and Lenders hereunder and under the Other Documents in light of such increase). 
 2.25. Currency Fluctuations. 

If on any Computation Date the aggregate balance of outstanding Revolving Advances and the Maximum Undrawn Amount of all outstanding Letters
of Credit is in excess of the Maximum Revolving Advances Amount as a result of a change in exchange rates between one (1) or more Optional Currencies and Dollars, then the Agent shall notify the Borrowers of the same. The Borrowers shall pay or
prepay the Advances (subject to Borrowers’ indemnity obligations hereunder) within one (1) Business Day after receiving such notice such that the aggregate balance of outstanding Revolving Advances and the Maximum Undrawn Amount of all
outstanding Letters of Credit shall not exceed the Maximum Revolving Advances Amount after giving effect to such payments or prepayments. 

  
 81 

 2.26. Periodic Computations of Dollar Equivalent Amount of UK Letter of Credit
Obligations and Swedish Letter of Credit Obligations. 
 The Agent will determine the Maximum Undrawn Amount of (i) proposed
Letters of Credit to be denominated in an Optional Currency as of the requested date of issuance, as the case may be, and (ii) all outstanding obligations under Letters of Credit denominated in an Optional Currency as of the last Business Day
of each month, (each such date under clauses (i) and (ii), a “Computation Date”). 
 2.27. Judgment Currency. 

(i) Currency Conversion Procedures for Judgments. If for the purposes of obtaining judgment in any court it is necessary to
convert a sum due hereunder or under any Other Document in any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties hereby agree, to the fullest extent permitted by Law, that the rate of
exchange used shall be that at which in accordance with normal banking procedures each Lender could purchase the Original Currency with the Other Currency after any premium and costs of exchange on the Business Day preceding that on which final
judgment is given. 
 (ii) Indemnity in Certain Events. The obligation of the Borrowers in respect of any sum due from the
Borrowers to any Lender hereunder shall, notwithstanding any judgment in an Other Currency, whether pursuant to a judgment or otherwise, be discharged only to the extent that, on the Business Day following receipt by any Lender of any sum adjudged
to be so due in such Other Currency, such Lender may in accordance with normal banking procedures purchase the Original Currency with such Other Currency. If the amount of the Original Currency so purchased is less than the sum originally due
to such Lender in the Original Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment or payment, to indemnify such Lender against such loss. 

2.28. European Monetary Union. 

(a) Payments In Euros Under Certain Circumstances. If (A) any Optional Currency ceases to be lawful currency of the nation issuing
the same and is replaced by the Euro or (B) any Optional Currency and the Euro are at the same time recognized by any governmental authority of the nation issuing such currency as lawful currency of such nation and the Agent or the Issuer shall so
request in a notice delivered to the Loan Parties, then any amount payable hereunder by any party hereto in such Optional Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable
in such Optional Currency to the Euro at the exchange rate established by that nation for the purpose of implementing the replacement of the relevant Optional Currency by the Euro (and the provisions governing payments in Optional Currencies in this
Agreement shall apply to such payment in the Euro as if such payment in the Euro were a payment in an Optional Currency). Prior to the occurrence of the event or events described in clause (A) or (B) of the preceding sentence, each amount
payable hereunder in any Optional Currency will, except as otherwise provided herein, continue to be payable only in that currency. 
 (b)
Additional Compensation Under Certain Circumstances. Each Loan Party agrees, at the request of any Lender, to compensate such Lender for any loss, cost, expense or reduction in return that such Lender shall reasonably determine shall be
incurred or sustained by such Lender as a result of the replacement of any Optional Currency by the Euro and that would not have been incurred or sustained but for the transactions provided for herein. A certificate of any Lender setting forth
such Lender’s determination of the amount or amounts necessary to compensate such Lender shall be delivered to the Borrowing Agent and shall be conclusive absent manifest error so long as such determination is made on a reasonable
basis. The Loan Parties shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

  
 82 

	3.	INTEREST AND FEES. 

 3.1. Interest. 

Interest on Advances shall be payable in arrears on the first day of each month with respect to Domestic Rate Loans and, with respect to LIBOR
Rate Loans, at the end of each Interest Period, provided further that all accrued and unpaid interest shall be due and payable at the end of the Term. Interest charges shall be computed on the actual principal amount of Advances outstanding
during the month at a rate per annum equal to (i) with respect to Revolving Advances, the Revolving Interest Rate and (ii) with respect to Swing Loans, the Revolving Interest Rate for Domestic Rate Loans (as applicable, the “Contract
Rate”). Except as expressly provided otherwise in this Agreement, any Obligations other than the Advances that are not paid when due shall accrue interest at the Revolving Interest Rate for Domestic Rate Loans, subject to the provision of
the final sentence of this Section 3.1 regarding the Default Rate. Whenever, subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the applicable Contract Rate shall be similarly changed without notice or
demand of any kind by an amount equal to the amount of such change in the Alternate Base Rate during the time such change or changes remain in effect. The LIBOR Rate shall be adjusted with respect to LIBOR Rate Loans without notice or demand of
any kind on the effective date of any change in the Reserve Percentage as of such effective date. Upon and after the occurrence of an Event of Default, and during the continuation thereof, at the option of Agent or at the direction of Required
Lenders (or, in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of any such Event of Default without the requirement of any affirmative action by any party), (i) the Obligations shall bear
interest at the applicable Contract Rate for Domestic Rate Loans plus two percent (2%) per annum (the “Default Rate”). 
 3.2.
Letter of Credit Fees. 
 (a) Borrowers shall pay (x) to Agent, for the ratable benefit of Lenders holding Revolving Commitments,
fees for each Letter of Credit for the period from and excluding the date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each outstanding Letter of Credit multiplied by the
Applicable Margin for Revolving Advances consisting of LIBOR Rate Loans, such fees to be calculated on the basis of a 360-day year for the actual number of days elapsed and to be payable quarterly in arrears on the first day of each calendar quarter
and on the last day of the Term, and (y) to Issuer, a fronting fee of one quarter of one percent (0.25%) per annum times the average 

  
 83 

 
daily face amount of each outstanding Letter of Credit for the period from and excluding the date of issuance of same to and including the date of expiration or termination, to be payable
quarterly in arrears on the first day of each calendar quarter and on the last day of the Term. (all of the foregoing fees, the “Letter of Credit Fees”). In addition, Borrowers shall pay to Agent, for the benefit of Issuer, any and
all administrative, issuance, amendment, payment and negotiation charges with respect to Letters of Credit and all fees and expenses as agreed upon by Issuer and the Borrowing Agent in connection with any Letter of Credit, including in connection
with the opening, amendment or renewal of any such Letter of Credit and any acceptances created thereunder, all such charges, fees and expenses, if any, to be payable on demand. All such charges shall be deemed earned in full on the date when
the same are due and payable hereunder and shall not be subject to rebate or pro-ration upon the termination of this Agreement for any reason. Any such charge in effect at the time of a particular transaction shall be the charge for that
transaction, notwithstanding any subsequent change in Issuer’s prevailing charges for that type of transaction. Upon and after the occurrence of an Event of Default, and during the continuation thereof, at the option of Agent or at the
direction of Required Lenders (or, in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of any such Event of Default without the requirement of any affirmative action by any party), the Letter of
Credit Fees described in clause (x) of this Section 3.2(a) shall be increased by an additional two percent (2.0%) per annum. 
 (b) At any
time following the occurrence of an Event of Default, at the option of Agent or at the direction of Required Lenders (or, in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of such Event of
Default, without the requirement of any affirmative action by any party), or upon the expiration of the Term or any other termination of this Agreement (and also, if applicable, in connection with any mandatory prepayment under Section 2.20),
Borrowers will cause cash to be deposited and maintained in an account with Agent, as cash collateral, in an amount equal to one hundred and five percent (105%) of the Maximum Undrawn Amount of all outstanding Letters of Credit, and each Borrower
hereby irrevocably authorizes Agent, in its discretion, on such Borrower’s behalf and in such Borrower’s name, to open such an account and to make and maintain deposits therein, or in an account opened by such Borrower, in the amounts
required to be made by such Borrower, out of the proceeds of Receivables or other Collateral or out of any other funds of such Borrower coming into any Lender’s possession at any time. Agent may, in its discretion, invest such cash
collateral (less applicable reserves) in such short-term money-market items as to which Agent and such Borrower mutually agree (or, in the absence of such agreement, as Agent may reasonably select) and the net return on such investments shall be
credited to such account and constitute additional cash collateral, or Agent may (notwithstanding the foregoing) establish the account provided for under this Section 3.2(b) as a non-interest bearing account and in such case Agent shall have no
obligation (and Borrowers hereby waive any claim) under Article 9 of the Uniform Commercial Code or under any other Applicable Law to pay interest on such cash collateral being held by Agent. No Borrower may withdraw amounts credited to any
such account except upon the occurrence of (1) the cure or waiver of all Events of Default which resulted in the requirement to Cash Collateralize, or (2) all of the following: (x) payment and performance in full of all Obligations; (y)
expiration of all Letters of Credit; and (z) termination of this Agreement. Borrowers hereby assign, pledge and grant to Agent, for its benefit and the ratable benefit of Issuer, Lenders and each other Secured Party, a continuing security
interest in and to and Lien on any such cash collateral and any right, title and interest of Borrowers in any 

  
 84 

 
deposit account, securities account or investment account into which such cash collateral may be deposited from time to time to secure the Obligations, specifically including all Obligations with
respect to any Letters of Credit. Borrowers agree that upon the coming due of any Reimbursement Obligations (or any other Obligations, including Obligations for Letter of Credit Fees) with respect to the Letters of Credit, Agent may use such
cash collateral to pay and satisfy such Obligations. 
 3.3. Facility Fee. 

If, for any calendar quarter during the Term, the average daily unpaid balance of the sum of Revolving Advances plus Swing Loans plus the
Maximum Undrawn Amount of all outstanding Letters of Credit for each day of such calendar quarter does not equal the Maximum Revolving Advance Amount, then Borrowers shall pay to Agent, for the ratable benefit of Lenders holding the Revolving
Commitments based on their Revolving Commitment Percentages, a fee at a rate equal to: (i) if the average daily unpaid balance for such calendar quarter is less than or equal to fifty percent (50%) of the Maximum Revolving Advance Amount,
three-eighths of one percent (.375%) per annum on the amount by which the Maximum Revolving Advance Amount exceeds such average daily unpaid balance; or (ii) if the average daily unpaid balance for such calendar quarter is greater than fifty percent
(50%) of the Maximum Revolving Advance Amount, one-quarter of one percent (.25%) per annum on the amount by which the Maximum Revolving Advance Amount exceeds such average daily unpaid balance (the “Facility Fee”). Such Facility Fee
shall be payable to Agent in arrears on the first day of each calendar quarter with respect to the previous calendar quarter. 
 3.4.
[Reserved]. 
 3.5. Computation of Interest and Fees. 

Interest and fees hereunder shall be computed on the basis of a year of 360 days and for the actual number of days elapsed, provided that the
interest applicable to Domestic Rate Loans shall be computed on the basis of a year of 365/366 days and actual days elapsed. If any payment to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof
shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable Contract Rate during such extension. 

3.6. Maximum Charges. 

In no event whatsoever shall interest and other charges charged hereunder exceed the highest rate permissible under Applicable Law. In
the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under Applicable Law: (i) the interest rates hereunder will be reduced to the maximum rate permitted under Applicable Law; (ii) such excess
amount shall be first applied to any unpaid principal balance owed by Borrowers; and (iii) if the then remaining excess amount is greater than the previously unpaid principal balance, Lenders shall promptly refund such excess amount to Borrowers and
the provisions hereof shall be deemed amended to provide for such permissible rate. 

  
 85 

 3.7. Increased Costs. 

In the event that any Applicable Law or any Change in Law or compliance by any Lender (for purposes of this Section 3.7, the term
“Lender” shall include Agent, Swing Loan Lender, any Issuer or Lender and any corporation or bank controlling Agent, Swing Loan Lender, any Lender or Issuer and the office or branch where Agent, Swing Loan Lender, any Lender or Issuer (as
so defined) makes or maintains any LIBOR Rate Loans) with any request or directive (whether or not having the force of law) from any central bank or other financial, monetary or other authority, shall: 

(a) subject Agent, Swing Loan Lender, any Lender or Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any LIBOR Rate Loan, or change the basis of taxation of payments to Agent, Swing Loan Lender, such Lender or Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section
3.10 and the imposition of, or any change in the rate of, any Excluded Tax payable by Agent, Swing Loan Lender, such Lender or the Issuer); 

(b) impose, modify or deem applicable any reserve, special deposit, assessment, special deposit, compulsory loan, insurance charge or similar
requirement against assets held by, or deposits in or for the account of, advances or loans by, or other credit extended by, any office of Agent, Swing Loan Lender, Issuer or any Lender, including pursuant to Regulation D of the Board of Governors
of the Federal Reserve System; or 
 (c) impose on Agent, Swing Loan Lender, any Lender or Issuer or the London interbank LIBOR market any
other condition, loss or expense (other than Taxes) affecting this Agreement or any Other Document or any Advance made by any Lender, or any Letter of Credit or participation therein; 

and the result of any of the foregoing is to increase the cost to Agent, Swing Loan Lender, any Lender or Issuer of making, converting to,
continuing, renewing or maintaining its Advances hereunder by an amount that Agent, Swing Loan Lender, such Lender or Issuer deems to be material or to reduce the amount of any payment (whether of principal, interest or otherwise) in respect of any
of the Advances by an amount that Agent, Swing Loan Lender or such Lender or Issuer deems to be material, then, in any case Borrowers shall promptly pay Agent, Swing Loan Lender, such Lender or Issuer, upon its demand, such additional amount as will
compensate Agent, Swing Loan Lender or such Lender or Issuer for such additional cost or such reduction, as the case may be, provided that the foregoing shall not apply to increased costs which are reflected in the LIBOR Rate, as the case may
be. Agent, Swing Loan Lender, such Lender or Issuer shall certify the amount of such additional cost or reduced amount to Borrowing Agent, and such certification shall be conclusive absent manifest error. 

3.8. Basis For Determining Interest Rate Inadequate or Unfair. 

In the event that Agent or any Lender shall have determined that: 

(a) reasonable means do not exist for ascertaining the LIBOR Rate for any Interest Period; 

  
 86 

 (b) Dollar deposits in the relevant amount and for the relevant maturity are not available in the
London interbank LIBOR market, with respect to an outstanding LIBOR Rate Loan, a proposed LIBOR Rate Loan, or a proposed conversion of a Domestic Rate Loan into a LIBOR Rate Loan; 

(c) the making, maintenance or funding of any LIBOR Rate Loan has been made impracticable or unlawful by compliance by Agent or such Lender in
good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any request or directive of any such Governmental Body (whether or not having the force of law); or 

(d) the LIBOR Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any LIBOR Rate Loan,

 then Agent shall give Borrowing Agent prompt written or telephonic notice of such determination. If such notice is given, (i) any
such requested LIBOR Rate Loan shall be made as a Domestic Rate Loan, unless Borrowing Agent shall notify Agent no later than 1:00 p.m. two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be
cancelled or made as an unaffected type of LIBOR Rate Loan, (ii) any Domestic Rate Loan or LIBOR Rate Loan which was to have been converted to an affected type of LIBOR Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if
Borrowing Agent shall notify Agent, no later than 1:00 p.m. two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of LIBOR Rate Loan, and (iii) any outstanding affected LIBOR Rate Loans shall be
converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 1:00 p.m. two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected LIBOR Rate Loan, shall be
converted into an unaffected type of LIBOR Rate Loan, on the last Business Day of the then current Interest Period for such affected LIBOR Rate Loans (or sooner, if any Lender cannot continue to lawfully maintain such affected LIBOR Rate
Loan). Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of LIBOR Rate Loan or maintain outstanding affected LIBOR Rate Loans and no Borrower shall have the right to convert a Domestic Rate Loan or
an unaffected type of LIBOR Rate Loan into an affected type of LIBOR Rate Loan. 
 3.9. Capital Adequacy. 

(a) In the event that Agent, Swing Loan Lender or any Lender shall have determined that any Applicable Law or guideline regarding capital
adequacy, or any Change in Law or any change in the interpretation or administration thereof by any Governmental Body, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Agent, Swing Loan
Lender, Issuer or any Lender (for purposes of this Section 3.9, the term “Lender” shall include Agent, Swing Loan Lender, Issuer or any Lender and any corporation or bank controlling Agent , Swing Loan Lender or any Lender and the office
or branch where Agent, Swing Loan Lender or any Lender (as so defined) makes or maintains any LIBOR Rate Loans) with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or
comparable agency, has or would have the effect of reducing the rate of return on Agent, Swing Loan Lender or any Lender’s 

  
 87 

 
capital as a consequence of its obligations hereunder (including the making of any Swing Loans) to a level below that which Agent, Swing Loan Lender or such Lender could have achieved but for
such adoption, change or compliance (taking into consideration Agent’s, Swing Loan Lender’s and each Lender’s policies with respect to capital adequacy) by an amount deemed by Agent, Swing Loan Lender or any Lender to be material,
then, from time to time, Borrowers shall pay upon demand to Agent, Swing Loan Lender or such Lender such additional amount or amounts as will compensate Agent, Swing Loan Lender or such Lender for such reduction. In determining such amount or
amounts, Agent, Swing Loan Lender or such Lender may use any reasonable averaging or attribution methods. The protection of this Section 3.9 shall be available to Agent, Swing Loan Lender and each Lender regardless of any possible contention of
invalidity or inapplicability with respect to the Applicable Law, rule, regulation, guideline or condition. 
 (b) A certificate of Agent,
Swing Loan Lender or such Lender setting forth such amount or amounts as shall be necessary to compensate Agent, Swing Loan Lender or such Lender with respect to Section 3.9(a) hereof when delivered to Borrowing Agent shall be conclusive absent
manifest error. 
 3.10. Taxes. 

(a) Any and all payments by or on account of any Obligations hereunder or under any Other Document shall be made free and clear of and without
reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if Loan Parties shall be required by Applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) Agent, Swing Loan Lender, Lender, Issuer or Participant, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made, (ii) Loan Parties shall make such deductions and (iii) Loan Parties shall timely pay the full amount deducted to the relevant Governmental Body in accordance
with Applicable Law. 
 (b) Without limiting the provisions of Section 3.10(a) above, Borrowers shall timely pay any Other Taxes to the
relevant Governmental Body in accordance with Applicable Law. 
 (c) Each Loan Party shall indemnify Agent, Swing Loan Lender, each Lender,
Issuer and any Participant, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) paid by Agent, Swing Loan Lender, such Lender, Issuer, or such Participant, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant Governmental Body. A certificate as to the amount of such payment or liability delivered to Loan Parties by any Lender, Swing Loan Lender, Participant, or Issuer (with a copy
to Agent), or by Agent on its own behalf or on behalf of Swing Loan Lender, a Lender or Issuer, shall be conclusive absent manifest error. 

  
 88 

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan
Party to a Governmental Body, Loan Parties shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the
law of the jurisdiction in which any Loan Party is resident for tax purposes, or under any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any Other Document shall deliver to Loan Parties (with a copy to
Agent), at the time or times prescribed by Applicable Law or reasonably requested by Loan Parties or Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding
or at a reduced rate of withholding. Notwithstanding the submission of such documentation claiming a reduced rate of or exemption from U.S. withholding tax, Agent shall be entitled to withhold United States federal income taxes at the full 30%
withholding rate if in its reasonable judgment it is required to do so under the due diligence requirements imposed upon a withholding agent under § 1.1441-7(b) of the United States Income Tax Regulations or other Applicable Law. Further, Agent
is indemnified under § 1.1461-1(e) of the United States Income Tax Regulations against any claims and demands of any Lender, Issuer or assignee or participant of a Lender or Issuer for the amount of any tax it deducts and withholds in
accordance with regulations under § 1441 of the Code. In addition, any Lender, if requested by Loan Parties or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Loan Parties or Agent as
will enable Loan Parties or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that any Loan Party is resident for tax
purposes in the United States of America, any Foreign Lender (or other Lender) shall deliver to Loan Parties and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender (or other
Lender) becomes a Lender under this Agreement (and from time to time thereafter upon the request of Loan Parties or Agent, but only if such Foreign Lender (or other Lender) is legally entitled to do so), whichever of the following is applicable: two
(2) duly completed valid originals of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, 

(i) two (2) duly completed valid originals of IRS Form W-8ECI, 

(ii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of a Loan Party within the meaning of section 881(c)(3)(B) of the Code,
or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two duly completed valid originals of IRS Form W-8BEN, 

(iii) any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Loan Parties to determine the withholding or deduction required to be made, or 

(iv) To the extent that any Lender is not a Foreign Lender, such Lender shall submit to Agent two (2) originals of an IRS Form W-9 or any
other form prescribed by Applicable Law demonstrating that such Lender is not a Foreign Lender. 

  
 89 

 (f) If a payment made to a Lender, Swing Loan Lender, Participant, Issuer, or Agent under this
Agreement or any Other Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Person fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender, Swing Loan Lender, Participant, Issuer, or Agent shall deliver to the Agent (in the case of Swing Loan Lender, a Lender, Participant or Issuer) and Loan Parties (A) a certification signed by the chief financial
officer, principal accounting officer, treasurer or controller of such Person, and (B) other documentation reasonably requested by Agent or any Loan Party sufficient for Agent and Loan Parties to comply with their obligations under FATCA and to
determine that Swing Loan Lender, such Lender, Participant, Issuer, or Agent has complied with such applicable reporting requirements. 

(g) If Agent, Swing Loan Lender, a Lender, a Participant or Issuer determines, in its sole discretion, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by Loan Parties or with respect to which Loan Parties have paid additional amounts pursuant to this Section, it shall pay to Loan Parties an amount equal to such refund (but only
to the extent of indemnity payments made, or additional amounts paid, by Loan Parties under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund); net of all out-of-pocket expenses of the Agent, Swing Loan
Lender, such Lender, Participant, or the Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Body with respect to such refund), provided that Loan Parties, upon the request of Agent, Swing Loan
Lender, such Lender, Participant, or Issuer, agrees to repay the amount paid over to Loan Parties (plus any penalties, interest or other charges imposed by the relevant Governmental Body) to Agent, Swing Loan Lender, such Lender, Participant or the
Issuer in the event Agent, Swing Loan Lender, such Lender, Participant or the Issuer is required to repay such refund to such Governmental Body. This Section shall not be construed to require Agent, Swing Loan Lender, any Lender, Participant,
or Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Loan Parties or any other Person. 

The foregoing provisions shall apply to all Loan Parties other than the UK Borrower, Davy Roll, the Swedish Borrower and Akers. The
provisions of Schedule 3.10 shall apply in respect of payments made by any of the UK Borrower, Davy Roll or any other Relevant Obligor (as defined in Schedule 3.10). 

3.11. Replacement of Lenders. 

If any Lender (an “Affected Lender”) (a) makes demand upon Borrowers for (or if Borrowers are otherwise required to pay) amounts
pursuant to Section 3.7 or 3.9 hereof, (b) is unable to make or maintain LIBOR Rate Loans as a result of a condition described in Section 

  
 90 

 
2.2(h) hereof, (c) is a Defaulting Lender, or (d) denies any consent requested by the Agent pursuant to Section 16.2(b) hereof, Borrowers may, within ninety (90) days of receipt of such demand,
notice (or the occurrence of such other event causing Borrowers to be required to pay such compensation or causing Section 2.2(h) hereof to be applicable), or such Lender becoming a Defaulting Lender or denial of a request by Agent pursuant to
Section 16.2(b) hereof, as the case may be, by notice in writing to the Agent and such Affected Lender (i) request the Affected Lender to cooperate with Borrowers in obtaining a replacement Lender satisfactory to Agent and Borrowers (the
“Replacement Lender”); (ii) request the non-Affected Lenders to acquire and assume all of the Affected Lender’s Advances and its Revolving Commitment Percentage, as provided herein, but none of such Lenders shall be under any
obligation to do so; or (iii) propose a Replacement Lender subject to approval by Agent in its good faith business judgment. If any satisfactory Replacement Lender shall be obtained, and/or if any one or more of the non-Affected Lenders shall
agree to acquire and assume all of the Affected Lender’s Advances and its Revolving Commitment Percentage, then such Affected Lender shall assign, in accordance with Section 16.3 hereof, all of its Advances and its Revolving Commitment
Percentage and other rights and obligations under this Loan Agreement and the Other Documents to such Replacement Lender or non-Affected Lenders, as the case may be, in exchange for payment of the principal amount so assigned and all interest and
fees accrued on the amount so assigned, plus all other Obligations then due and payable to the Affected Lender. 
  

	4.	COLLATERAL: GENERAL TERMS 

 4.1. Security Interest in the Collateral. 

To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations,
each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party, a continuing security interest in and to and Lien on all of its Collateral, whether now
owned or existing or hereafter created, acquired or arising and wheresoever located; provided, however, notwithstanding the foregoing, neither the UK Borrower nor Davy Roll shall be deemed to have made any such assignment, pledge or grant hereunder
or under any applicable Other Document until the UK Availability Date. Each Loan Party shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s security interest and shall cause its
financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice of all commercial tort claims in which damages sought exceeds Two Million and 00/100 Dollars ($2,000,000.00) promptly upon the
occurrence of any events giving rise to any such claim(s) (regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties
against which such claims may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such
notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice promptly
upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of
Agent’s security interest therein. 

  
 91 

 4.2. Perfection of Security Interest. 

Each Loan Party shall take all action that may be necessary or desirable, or that Agent may request, so as at all times to maintain the
validity, perfection, enforceability and priority of Agent’s security interest in and Lien on the Collateral or to enable Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including, but not limited to, (i)
immediately discharging all Liens other than Permitted Encumbrances, (ii) using commercially reasonable efforts to obtain Lien Waiver Agreements as Agent may reasonably request (it being understood that, in each case, notwithstanding the use of or
failure to use commercially reasonable efforts to obtain any such Lien Waiver Agreements, the failure to so obtain any such Lien Waiver Agreement shall entitle the Agent to institute an appropriate rent reserve as determined in the Agent’s
Permitted Discretion with respect to any such location (provided that the Loan Parties shall not be required to obtain Lien Waiver Agreements with respect to those locations of the Loan Parties identified on Schedule 4.4 at which less than
One Million and 00/100 Dollars ($1,000,000.00) of Collateral is located; and provided further, however, that the aggregate amount of Collateral at locations for which a Lien Waiver Agreement has not been obtained shall not exceed Three Million and
00/100 Dollars ($3,000,000.00) in the aggregate at any time)), (iii) delivering to Agent, endorsed or accompanied by such instruments of assignment as Agent may specify, and stamping or marking, in such manner as Agent may specify, any and all
chattel paper, instruments, letters of credits and advices thereof and documents evidencing or forming a part of the Collateral, (iv) entering into warehousing, lockbox, customs and freight agreements and other custodial arrangements
satisfactory to Agent, (v) to the fullest extent required under Applicable Law, ensuring that any applicable invoice or other documentary evidence with respect to any applicable Receivable contains a notice and direction to the applicable Customer
in form and substance sufficient to cause the Agent’s first-priority security interest to be perfected against such Receivable, and (vi) executing and delivering financing statements, control agreements, instruments of pledge, mortgages,
notices and assignments, in each case in form and substance satisfactory to Agent, relating to the creation, validity, perfection, maintenance or continuation of Agent’s security interest and Lien under the Uniform Commercial Code or other
Applicable Law. By its signature hereto, each Loan Party hereby authorizes Agent to file against such Loan Party, one or more financing, continuation or amendment statements pursuant to the Uniform Commercial Code in form and substance
satisfactory to Agent (which statements may have a description of collateral which is broader than that set forth herein, including without limitation a description of Collateral as “all assets” and/or “all personal property” of
any Loan Party); provided, however, notwithstanding the foregoing, neither the UK Borrower nor Davy Roll shall be deemed to have made any such authorization hereunder or under any applicable Other Document until the UK Availability Date. All
charges, expenses and fees Agent may incur in doing any of the foregoing, and any local taxes relating thereto, shall be charged to Borrowers’ Account as a Revolving Advance of a Domestic Rate Loan and added to the Obligations, or, at
Agent’s option, shall be paid by Loan Parties to Agent for its benefit and for the ratable benefit of Lenders immediately upon demand. 

4.3. Preservation of Collateral. 

Following the occurrence of a Default or Event of Default, in addition to the rights and remedies set forth in Section 11.1 hereof, Agent: (a)
may at any time take such steps as Agent deems necessary to protect Agent’s interest in and to preserve the Collateral, including the hiring 

  
 92 

 
of security guards or the placing of other security protection measures as Agent may deem appropriate; (b) may employ and maintain at any of any Loan Party’s premises a custodian who shall
have full authority to do all acts necessary to protect Agent’s interests in the Collateral; (c) may lease warehouse facilities to which Agent may move all or part of the Collateral; (d) may use any Loan Party’s owned or leased lifts,
hoists, trucks and other facilities or equipment for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress to the places where the Collateral is located, and may proceed over and through any of
Loan Parties’ owned or leased property. Each Loan Party shall cooperate fully with all of Agent’s efforts to preserve the Collateral and will take such actions to preserve the Collateral as Agent may direct. All of Agent’s
expenses of preserving the Collateral, including any expenses relating to the bonding of a custodian, shall be charged to Borrowers’ Account as a Revolving Advance maintained as a Domestic Rate Loan and added to the Obligations. 

4.4. Ownership and Location of Collateral. 

(a) With respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) each Loan Party
shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral
shall be free and clear of all Liens whatsoever; (ii) each document and agreement executed by each Loan Party or delivered to Agent or any Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and
endorsements of each Loan Party that appear on such documents and agreements shall be genuine and each Loan Party shall have full capacity to execute same; and (iv) each Loan Party’s equipment and Inventory shall be located as set forth on
Schedule 4.4 or as permitted under Section 4.4(b) and shall not be removed from such location(s) without the prior written consent of Agent except with respect to the sale of Inventory in the Ordinary Course of Business and equipment to the
extent permitted in Section 7.1(b) hereof. 
 (b) (i) There is no location at which any Loan Party has any Inventory (except for (1)
Inventory in transit, (2) Inventory located at third-party suppliers or processors or at Loan Parties or Subsidiaries of Loan Parties in the Ordinary Course of Business, or (3) to the extent the book value of such Inventory does not exceed Five
Hundred Thousand and 00/100 Dollars ($500,000.00)) other than those locations listed on Schedule 4.4(b)(i); (ii) Schedule 4.4(b)(ii) hereto contains a correct and complete list, as of the Closing Date, of the legal names and addresses
of each warehouse at which Inventory of any Loan Party is stored; none of the receipts received by any Loan Party from any warehouse states that the goods covered thereby are to be delivered to bearer or to the order of a named Person or to a named
Person and such named Person’s assigns; (iii) Schedule 4.4(b)(iii) hereto sets forth a correct and complete list as of the Closing Date of (A) each place of business of each Loan Party and (B) the chief executive office of each Loan
Party; and (iv) Schedule 4.4(b)(iv) hereto sets forth a correct and complete list as of the Closing Date of the location, by state and street address, of all Real Property owned or leased by each Loan Party, identifying which properties are
owned and which are leased, together with the names and addresses of any landlords. 

  
 93 

 4.5. Defense of Agent’s and Lenders’ Interests. 

Until (a) payment and performance in full of all of the Obligations and (b) termination of this Agreement, Agent’s interests in the
Collateral shall continue in full force and effect. During such period no Loan Party shall, without Agent’s prior written consent, pledge, sell (except for sales or other dispositions otherwise permitted in Section 7.1(b) hereof), assign,
transfer, create or suffer to exist a Lien upon or encumber or allow or suffer to be encumbered in any way except for Permitted Encumbrances, any part of the Collateral. Each Loan Party shall defend Agent’s interests in the Collateral
against any and all Persons whatsoever. At any time following demand by Agent for payment of all Obligations, Agent shall have the right to take possession of the indicia of the Collateral and the Collateral in whatever physical form contained,
including: labels, stationery, documents, instruments and advertising materials. If Agent exercises this right to take possession of the Collateral, Loan Parties shall, upon demand, assemble it in the best manner possible and make it
available to Agent at a place reasonably convenient to Agent. In addition, with respect to all Collateral, Agent and Lenders shall be entitled to all of the rights and remedies set forth herein and further provided by the Uniform Commercial
Code or other Applicable Law. Each Loan Party shall, and Agent may, at its option, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks, Inventory, documents or instruments in which Agent holds a
security interest to deliver same to Agent and/or subject to Agent’s order and if they shall come into any Loan Party’s possession, they, and each of them, shall be held by such Loan Party in trust as Agent’s trustee, and such Loan
Party will immediately deliver them to Agent in their original form together with any necessary endorsement. 
 4.6. Inspection of
Premises. 
 At all reasonable times and from time to time as often as Agent shall elect in its sole discretion, Agent and each Lender
shall have full access to and the right to audit, check, inspect and make abstracts and copies from each Loan Party’s books, records, audits, correspondence and all other papers relating to the Collateral and the operation of each Loan
Party’s business; provided that no more than two (2) field examinations per fiscal year shall be at the Loan Party’s expense; provided, further, that (A) there shall be no limitation on the number or frequency of such field examinations at
the Loan Parties’ expense if an Event of Default has occurred and is continuing; and (B) any such field examination initiated during any applicable Trigger Period shall be at the Loan Party’s expense. Agent, any Lender and their
agents may enter upon any premises of any Loan Party at any time during business hours and at any other reasonable time, and from time to time as often as Agent shall elect in its sole discretion, for the purpose of inspecting the Collateral and any
and all records pertaining thereto and the operation of such Loan Party’s business. 
 4.7. Appraisals. 

Agent may, in its sole discretion, exercised in a commercially reasonable manner, at any time after the Closing Date and from time to time,
engage the services of an independent appraisal firm or firms of reputable standing, satisfactory to Agent, for the purpose of appraising the then current values of Loan Parties’ assets; provided that no more than one (1) Inventory appraisal
per fiscal year and two (2) equipment appraisals (including one desktop appraisal) per 

  
 94 

 
fiscal year shall be at the Loan Party’s expense; provided, further, that (A) there shall be no limitation on the number or frequency of such appraisals at the Loan Parties’ expense if
an Event of Default has occurred and is continuing; and (B) any such appraisal initiated during any applicable Trigger Period shall be at the Loan Party’s expense. Absent the occurrence and continuance of an Event of Default at such time,
Agent shall consult with Loan Parties as to the identity of any such firm. In the event the value of Borrowers’ Inventory and/or equipment, as so determined pursuant to such appraisal, is less than anticipated by Agent or Lenders, such
that the Revolving Advances are in excess of such Advances permitted hereunder, then, promptly upon Agent’s demand for same, Borrowers shall make mandatory prepayments of the then outstanding Revolving Advances so as to eliminate the excess
Advances. 
 4.8. Receivables; Deposit Accounts and Securities Accounts. 

(a) Each of the Receivables shall be a bona fide and valid account representing a bona fide indebtedness incurred by the Customer therein
named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or unintentional invoice errors shall not be deemed to be a breach hereof) with respect to an absolute sale or lease and delivery of goods upon stated terms of
a Loan Party, or work, labor or services theretofore rendered by a Loan Party as of the date each Receivable is created. Same shall be due and owing in accordance with the applicable Loan Party’s standard terms of sale without dispute,
setoff or counterclaim except as may be stated on the accounts receivable schedules delivered by Loan Parties to Agent. 
 (b) Each
Customer, to the best of each Loan Party’s knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due. With respect to such Customers of
any Loan Party who are not solvent, such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover such Receivables. 

(c) Each Loan Party’s chief executive office is located as set forth on Schedule 4.4(b)(iii). Until written notice is given
to Agent by Borrowing Agent of any other office at which any Loan Party keeps its records pertaining to Receivables, all such records shall be kept at such executive office. 

(d) Upon the commencement of any applicable Trigger Period (until any Loan Party’s authority to do so is terminated by Agent in
accordance with the terms of this Agreement (which notice Agent may give at any time following the occurrence and during the continuance of an Event of Default or a Default)), Loan Parties shall instruct their Customers to deliver all remittances
upon Receivables (whether paid by check or by wire transfer of funds) to such Blocked Account(s) and/or Depository Accounts (and any associated lockboxes) as Agent shall designate from time to time as contemplated by Section 4.8(h) or as otherwise
agreed to from time to time by Agent. During any applicable Trigger Period, to the extent any Loan Party directly receives any remittances upon Receivables, such Loan Party shall, at such Loan Party’s sole cost and expense, but on
Agent’s behalf and for Agent’s account, collect as Agent’s property and in trust for Agent all amounts received on Receivables, and shall not commingle such collections with any Loan Party’s funds or use the same except to pay
Obligations, and shall as soon as possible and in any event no later than one (1) Business Day after the receipt thereof (i) 

  
 95 

 
in the case of remittances paid by check, deposit all such remittances in their original form (after supplying any necessary endorsements) and (ii) in the case of remittances paid by wire
transfer of funds, transfer all such remittances, in each case, into such Blocked Accounts(s) and/or Depository Account(s). Each Loan Party shall deposit in the Blocked Account and/or Depository Account or, upon request by Agent, deliver to
Agent, in original form and on the date of receipt thereof, all checks, drafts, notes, money orders, acceptances, cash and other evidences of Indebtedness. Each of the Loan Parties acknowledge that, solely with respect to the Receivables of the
UK Borrower and/or the Swedish Borrower, as applicable, the Trigger Period shall be deemed to have commenced and be continuing at all times and (i) each of the UK Borrower and/or the Swedish Borrower, as applicable, shall instruct the Customers with
respect to such Receivables to deliver all remittances upon such Receivables upon Receivables (whether paid by check or by wire transfer of funds) to such Blocked Account(s) and/or Depository Accounts (and any associated lockboxes) as Agent shall
designate from time to time as contemplated by Section 4.8(h) or as otherwise agreed to from time to time by Agent and (ii) to the extent any Loan Party directly receives any remittances upon Receivables, such Loan Party shall, at such Loan
Party’s sole cost and expense, but on Agent’s behalf and for Agent’s account, collect as Agent’s property and in trust for Agent all amounts received on Receivables, and shall not commingle such collections with any Loan
Party’s funds or use the same except to pay Obligations, and shall as soon as possible and in any event no later than one (1) Business Day after the receipt thereof (y) in the case of remittances paid by check, deposit all such remittances in
their original form (after supplying any necessary endorsements) and (z) in the case of remittances paid by wire transfer of funds, transfer all such remittances, in each case, into such Blocked Accounts(s) and/or Depository Account(s). 

(e) At any time following the occurrence and during the continuance of an Event of Default or a Default, Agent shall have the right to send
notice of the assignment of, and Agent’s security interest in and Lien on, the Receivables to any and all Customers or any third party holding or otherwise concerned with any of the Collateral. Thereafter, during the continuance of an
Event of Default, Agent shall have the sole right to collect the Receivables, take possession of the Collateral, or both. Agent’s actual collection expenses, including, but not limited to, stationery and postage, telephone, facsimile,
telegraph, secretarial and clerical expenses and the salaries of any collection personnel used for collection, may be charged to Borrowers’ Account and added to the Obligations. Notwithstanding the foregoing provisions and regardless of
whether an Event of Default or a Default shall have occurred and be continuing, each of the Loan Parties acknowledge that, solely with respect to the Receivables of the UK Borrower and/or the Swedish Borrower, as applicable, each of the UK Borrower
and/or the Swedish Borrower, as applicable, shall instruct the Customers with respect to such Receivables to deliver all remittances upon such Receivables (whether paid by check or by wire transfer of funds) to such Blocked Account(s) and/or
Depository Accounts (and any associated lockboxes) as Agent shall designate from time to time as contemplated by Section 4.8(h) or as otherwise agreed to from time to time by Agent and Agent shall have the sole right to collect the Receivables. 

(f) At any time following the occurrence and during the continuance of an Event of Default or a Default, Agent shall have the right to
receive, endorse, assign and/or deliver in the name of Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Receivables, and each Loan Party hereby waives notice

  
 96 

 
of presentment, protest and non-payment of any instrument so endorsed. Notwithstanding the foregoing provisions and regardless of whether an Event of Default or a Default shall have occurred
and be continuing, each of the Loan Parties acknowledge that, solely with respect to the Receivables of the UK Borrower and/or the Swedish Borrower, as applicable, each of the UK Borrower and/or the Swedish Borrower, as applicable, Agent shall have
the sole right to receive, endorse, assign and/or deliver in the name of Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Receivables, and each Loan Party hereby waives notice of
presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes Agent or Agent’s designee as such Loan Party’s attorney with power (i) at any time after the occurrence and during the continuance
of an Event of Default or Default: (A) to endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (B) to sign such Loan Party’s name on any invoice or bill of
lading relating to any of the Receivables, drafts against Customers, assignments and verifications of Receivables; (C) to send verifications of Receivables to any Customer; (D) to sign such Loan Party’s name on all financing statements or any
other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; and (E) to receive, open and dispose of all mail addressed to any Loan Party at any
post office box/lockbox maintained by Agent for Borrowers or at any other business premises of Agent; and (ii) at any time following the occurrence of a Default or an Event of Default: (A) to demand payment of the Receivables; (B) to enforce payment
of the Receivables by legal proceedings or otherwise; (C) to exercise all of such Loan Party’s rights and remedies with respect to the collection of the Receivables and any other Collateral; (D) to sue upon or otherwise collect, extend the time
of payment of, settle, adjust, compromise, extend or renew the Receivables; (E) to settle, adjust or compromise any legal proceedings brought to collect Receivables; (F) to prepare, file and sign such Loan Party’s name on a proof of claim in
bankruptcy or similar document against any Customer; (G) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables; (H) to accept the return
of goods represented by any of the Receivables; (I) to change the address for delivery of mail addressed to any Loan Party to such address as Agent may designate; and (J) to do all other acts and things necessary to carry out this
Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done
maliciously or with gross (not mere) negligence (as determined by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. 

(g) Neither Agent nor any Lender shall, under any circumstances or in any event whatsoever, have any liability for any error or omission or
delay of any kind occurring in the settlement, collection or payment of any of the Receivables or any instrument received in payment thereof, or for any damage resulting therefrom. 

(h) During any applicable Trigger Period, all proceeds of Collateral shall be deposited by Loan Parties into either (i) a lockbox account,
dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be
acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent 

  
 97 

 
for the deposit of such proceeds. Each applicable Loan Party, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to
Agent that is sufficient to give Agent “control” (for purposes of Articles 8 and 9 of the Uniform Commercial Code) over such account and which directs such Blocked Account Bank to transfer such funds so deposited on a daily basis or at
other times acceptable to Agent to Agent during any applicable Trigger Period, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) at Agent. All funds deposited in such Blocked
Accounts or Depository Accounts shall immediately become subject to the security interest of Agent for its own benefit and the ratable benefit of Issuer, Lenders and all other holders of the Obligations, and Borrowing Agent shall obtain the
agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or
release with respect to deposits accepted by any Blocked Account Bank thereunder. Agent shall apply all funds received by it from the Blocked Accounts and/or Depository Accounts to the satisfaction of the Obligations (including the cash
collateralization of the Letters of Credit) in such order as Agent shall determine in its sole discretion, provided that, in the absence of any Event of Default, Agent shall apply all such funds representing collection of Receivables first to the
prepayment of the principal amount of the Swing Loans, if any, and then to the Revolving Advances. Each of the Loan Parties acknowledge that, solely with respect to the Receivables of the UK Borrower and/or the Swedish Borrower, as applicable,
the Trigger Period shall be deemed to have commenced and be continuing at all times and all proceeds of Collateral comprised of assets of the UK Borrower and/or the Swedish Borrower, as applicable, shall be deposited by applicable Loan Parties into
either (i) a Blocked Account established at a Blocked Account Bank pursuant to an arrangement with such Blocked Account Bank as may be acceptable to Agent or (ii) Depository Accounts established at Agent for the deposit of such proceeds. 

(i) Notwithstanding anything that may be contained herein to the contrary, following the commencement of a Trigger Period, if an Authorized
Officer of the Borrowing Agent certifies to the Agent in writing that all conditions necessary to terminate any applicable Trigger Period have occurred (and the Borrowing Agent has provided the Agent with all calculations and documentation
reasonably requested by Agent in connection therewith), (i) the requirements of Sections 4.8(d) and 4.8(h) shall be suspended until the commencement of the next Trigger Period occurs, and (ii) the Agent shall provide written notice to the Borrowing
Agent that the requirements of Sections 4.8(d) and 4.8(h) will be suspended until the commencement of the next Trigger Period. Each of the Loan Parties acknowledges that, solely with respect to the Receivables of the UK Borrower, the Trigger
Period shall be deemed to have commenced and be continuing at all times. 
 (j) No Loan Party will, without Agent’s consent, compromise
or adjust any Receivables (or extend the time for payment thereof) or accept any returns of merchandise or grant any additional discounts, allowances or credits thereon except for those compromises, adjustments, returns, discounts, credits and
allowances as have been heretofore customary in the Ordinary Course of Business of such Loan Party. 
 (k) All deposit accounts (including
all Blocked Accounts and Depository Accounts), securities accounts and investment accounts of each Loan Party and its Subsidiaries 

  
 98 

 
as of the Closing Date have been disclosed in writing by the Loan Parties to the Agent. No Loan Party shall open any new deposit account, securities account or investment account unless (i)
Loan Parties shall have given at least thirty (30) days prior written notice to Agent and (ii) if such account is to be maintained with a bank, depository institution or securities intermediary that is not the Agent, such bank, depository
institution or securities intermediary, each applicable Loan Party and Agent shall first have entered into an account control agreement in form and substance satisfactory to Agent sufficient to give Agent “control” (for purposes of
Articles 8 and 9 of the Uniform Commercial Code) over such account. 
 4.9. Inventory. 

To the extent Inventory held for sale or lease has been produced by any Loan Party, it has been and will be produced by such Loan Party in
accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder. 
 4.10.
[Reserved]. 
 4.11. Exculpation of Liability. 

Nothing herein contained shall be construed to constitute Agent or any Lender as any Loan Party’s agent for any purpose whatsoever, nor
shall Agent or any Lender be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof. Neither Agent nor any Lender,
whether by anything herein or in any assignment or otherwise, assume any of any Loan Party’s obligations under any contract or agreement assigned to Agent or such Lender, and neither Agent nor any Lender shall be responsible in any way for the
performance by any Loan Party of any of the terms and conditions thereof. 
 4.12. Financing Statements. 

Except as respects the financing statements filed by Agent and financing statements filed in connection with Permitted Encumbrances, no
financing statement covering any of the Collateral or any proceeds thereof is or will be on file in any public office. 
  

	5.	REPRESENTATIONS AND WARRANTIES. 

 Each Loan Party represents and warrants as follows (it being
understood and agreed that all references in this Article V to Code, Controlled Group, Environmental Laws, ERISA, Federal Occupational Safety and Health Act, Internal Revenue Service, Multiemployer Plan, Multiemployer Pension Plan Amendments Act of
1980, PBGC, Pension Benefit Plan, Plan, or Termination Event, shall be deemed to be references to the jurisdictional equivalent thereof, if any, with respect to the UK Borrower, Davy Roll, the Swedish Borrower or Akers): 

5.1. Authority. 
 (a)
Each Loan Party has full power, authority and legal right to enter into this Agreement and the Other Documents to which it is a party and to perform all its respective Obligations hereunder and thereunder. This Agreement and the Other Documents to
which it is a 

  
 99 

 
party have been duly executed and delivered by each Loan Party, and this Agreement and the Other Documents to which it is a party constitute the legal, valid and binding obligation of such Loan
Party enforceable in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. The execution, delivery and
performance of this Agreement and of the Other Documents to which it is a party (a) are within such Loan Party’s corporate or company powers, as applicable, have been duly authorized by all necessary corporate or company action, as applicable,
are not in contravention of law or the terms of such Loan Party’s Organizational Documents or to the conduct of such Loan Party’s business or of any Material Contract or undertaking to which such Loan Party is a party or by which such Loan
Party is bound, (b) will not conflict with or violate any law or regulation, or any judgment, order or decree of any Governmental Body, (c) will not require the Consent of any Governmental Body, any party to a Material Contract or any other
Person, except those Consents set forth on Schedule 5.1 hereto, all of which will have been duly obtained, made or compiled prior to the Closing Date and which are in full force and effect except where the failure to obtain such Consents
would not reasonably be expected to result in a Material Adverse Effect and (d) will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any Lien except Permitted
Encumbrances upon any asset of such Loan Party under the provisions of any agreement, instrument, or other document to which such Loan Party is a party or by which it or its property is a party or by which it may be bound. 

(b) The choice of governing law provisions contained in this Agreement and each Other Document to which any of the UK Borrower, Davy Roll, the
Swedish Borrower or Akers is a party are enforceable in the jurisdictions where such Loan Party is organized or incorporated or any Collateral of such Loan Party is located. Any judgment obtained in connection with this Agreement or any Other
Document in the jurisdiction of the governing law of this Agreement or such Other Document will be recognized and be enforceable in the jurisdictions where any of the UK Borrower, Davy Roll, the Swedish Borrower or Akers is organized or any
Collateral is located, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject to the matters which are set out as qualifications or
reservations as to matters of law of general applicability in the legal opinions provided to the Secured Parties in accordance with Section 8.1(l). 

5.2. Formation and Qualification. 

(a) Each Loan Party is duly incorporated or formed, as applicable, and in good standing (or the equivalent status for the UK Borrower, Davy
Roll, the Swedish Borrower or Akers) under the laws of the state, province, country or jurisdiction listed on Schedule 5.2(a) and is qualified to do business and is in good standing (or the equivalent status for the UK
Borrower, Davy Roll, the Swedish Borrower or Akers) in the states, provinces, countries or jurisdictions listed on Schedule 5.2(a) which constitute all states, provinces, countries and/or jurisdictions in which qualification and good standing
(or the equivalent status for the UK Borrower, Davy Roll, the Swedish Borrower or Akers) are necessary for such Loan Party to conduct its business and own its property and where the failure to so qualify could reasonably be expected to have a
Material Adverse Effect. Each Loan Party has delivered to Agent true and complete copies of its Organizational Documents and will promptly notify Agent of any amendment or changes thereto. 

(b) The only Subsidiaries of each Loan Party are listed on Schedule 5.2(b). 

  
 100 

 5.3. Survival of Representations and Warranties. 

All representations and warranties of such Loan Party contained in this Agreement and the Other Documents to which it is a party shall be true
at the time of such Loan Party’s execution of this Agreement and the Other Documents to which it is a party, and shall survive the execution, delivery and acceptance thereof by the parties thereto and the closing of the transactions described
therein or related thereto. 
 5.4. Tax Returns. 

Each Loan Party’s federal tax identification number, VAT registration number, Swedish entity organization number, or other equivalent
unique identification number, as applicable, is set forth on Schedule 5.4. Each Loan Party has filed all material federal, state and local tax returns (or the equivalent returns, if any, for the UK Borrower, Davy Roll, the Swedish
Borrower and Akers) and other reports each is required by any Applicable Law to file and has paid all taxes, assessments, fees and other governmental charges that are due and payable. The provision for taxes on the books of each Loan Party is
adequate for all years not closed by applicable statutes, and for its current fiscal year, and no Loan Party has any knowledge of any deficiency or additional assessment in connection therewith not provided for on its books. 

5.5. Financial Statements. 

(a) The pro forma balance sheet of the Loan Parties and their Subsidiaries on a consolidated basis as of March 31, 2016 (the “Pro Forma
Balance Sheet”) furnished to the Agent reflects the consummation of the transactions contemplated under this Agreement (collectively, the “Transactions”) and is accurate, complete and correct and fairly reflects the financial
condition of the Loan Parties and their Subsidiaries on a consolidated basis as of the Closing Date after giving effect to the Transactions, and has been prepared in accordance with GAAP, consistently applied (it being understood that the Pro Forma
Balance Sheet is based on information known to date and will be subject to change based on post-closing adjustment and final valuations of tangible and intangible assets). The Pro Forma Balance Sheet has been certified as accurate, complete and
correct in all material respects by the Authorized Officer of Borrowing Agent. All financial statements referred to in this subsection 5.5(a), including the related schedules and notes thereto, have been prepared in accordance with GAAP, except
as may be disclosed in such financial statements. 
 (b) The twelve-month cash flow for the period ended December 31, 2016 and balance sheet
projections of the Loan Parties and their Subsidiaries on a consolidated basis as of December 31, 2016, copies of which have been furnished to the Agent (the “Projections”) were prepared by the Chief Financial Officer of Ampco-Pitt Corp.,
and are based on underlying assumptions which provide a reasonable basis for the projections contained therein (it being understood that such projections are subject to significant uncertainties and contingencies, many of which are beyond the Loan
Parties’ control, and that no assurance can be given that the projections will be realized). The cash flow Projections together with the Pro Forma Balance Sheet are referred to as the “Pro Forma Financial Statements”. 

(c) The consolidated balance sheet of the Loan Parties and their Subsidiaries, as of December 31, 2015, and the related consolidated
statements of income, changes in stockholder’s equity, and changes in cash flow for the period ended on such date have been prepared in accordance with GAAP, consistently applied (except for changes in application to which such accountants
concur) and reported upon without qualification by Ampco-Pitt. Corp.’s independent certified public accountants. Since December 31, 2015, there has been no change in the condition, financial or otherwise, of the Loan Parties and their
Subsidiaries on a consolidated basis as shown on the consolidated balance sheet as of such date and no change in the aggregate value of machinery, equipment and Real Property owned by Borrowers, except changes in the Ordinary Course of Business or
as a result of acquisition, none of which individually or in the aggregate has been materially adverse. 

  
 101 

 5.6. Entity Names. 

Except as set forth on Schedule 5.6, no Loan Party has been known by any other company or corporate name, as applicable, in the past
five (5) years, nor has any Loan Party been the surviving corporation or company, as applicable, of a merger or consolidation or acquired all or substantially all of the assets of any Person during the preceding five (5) years. 

5.7. O.S.H.A. Environmental Compliance. 

(a) Except as set forth on Schedule 5.7 hereto, each Loan Party is in compliance with, and its facilities, business, assets, property,
leaseholds, Real Property and Equipment are in compliance with the Federal Occupational Safety and Health Act, and Environmental Laws except to the extent such failure to comply would not reasonably be expected to result in a Material Adverse Effect
and there are no outstanding citations, notices or orders of non-compliance issued to any Loan Party or relating to its business, assets, property, leaseholds or Equipment under any such laws, rules or regulations except to the extent such
citations, notices or orders would not reasonably be expected to result in a Material Adverse Effect. 
 (b) Except as set forth on
Schedule 5.7 hereto, each Loan Party has been issued all required federal, state, local, provincial, country and/or international licenses, certificates or permits (collectively, “Approvals”) relating to all applicable Environmental
Laws and all such Approvals are current and in full force and effect except to the extent such failure to obtain licenses, certificates or permits would not reasonably be expected to result in a Material Adverse Effect. 

(c) Except as set forth on Schedule 5.7: (i) there have been no releases, spills, discharges, leaks or disposal (collectively referred
to as “Releases”) of Hazardous Materials at, upon, under or migrating from or onto any Real Property owned, leased or occupied by any Loan Party, except for those Releases which are in compliance with Environmental Laws, except to the
extent such Releases would not reasonably be expected to result in a Material Adverse Effect; (ii) there are no underground storage tanks or polychlorinated biphenyls on any Real Property, except for such underground storage tanks or polychlorinated
biphenyls that are present in compliance with Environmental Laws; (iii) the Real Property has never been used by any Loan Party to dispose of Hazardous Wastes, in violation of Environmental Laws, except to

  
 102 

 
the extent such disposal would not reasonably be expected to result in a Material Adverse Effect; and (iv) no Hazardous Materials are managed by any Loan Party on any Real Property, excepting
such quantities as are managed in accordance with all applicable manufacturer’s instructions and compliance with Environmental Laws, except to the extent such management and/or failure to comply would not reasonably be expected to result in a
Material Adverse Effect and as are necessary for the operation of the commercial business of any Loan Party or of its tenants. 
 (d) All
Real Property owned by Loan Parties is insured pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts reasonably sufficient to
insure the assets and risks of each such Loan Party in accordance with prudent business practice in the industry of such Loan Party. 
 5.8.
Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance. 
 (a) (i) After giving effect to the Transactions,
each Loan Party will be solvent, able to pay its debts as they mature, will have capital sufficient to carry on its business and all businesses in which it is about to engage, (ii) as of the Closing Date, the fair present saleable value of its
assets, calculated on a going concern basis, is in excess of the amount of its liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) will be in excess of the amount of its
liabilities. 
 (b) Except as disclosed in Schedule 5.8(b)(i), no Loan Party is a party to any pending or, to the knowledge of the
Loan Parties, threatened litigation, arbitration, actions or proceedings which would reasonably be expected to result in a Material Adverse Effect. No Loan Party has any outstanding Indebtedness other than the Obligations, except for (i)
Indebtedness disclosed in Schedule 5.8(b)(ii) and (ii) Indebtedness otherwise permitted under Section 7.8 hereof. 
 (c) No Loan
Party is in violation of any applicable statute, law, rule, regulation or ordinance in any respect which could reasonably be expected to have a Material Adverse Effect, nor is any Loan Party in violation of any order of any court, Governmental Body
or arbitration board or tribunal except to the extent such violation would not reasonably be expected to result in a Material Adverse Effect. Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code
and other Applicable Laws. 
 (d) No Loan Party or any member of the Controlled Group maintains or is required to contribute to any Plan
other than those listed on Schedule 5.8(d) hereto. (i) Each Loan Party and each member of the Controlled Group has met all applicable minimum funding requirements under Section 302 of ERISA and Section 412 of the Code in respect of each
Pension Benefit Plan, and each Pension Benefit Plan is in compliance with Sections 412, 430 and 436 of the Code and Sections 206(g), 302 and 303 of ERISA, without regard to waivers and variances; (ii) each Plan which is intended to be a qualified
plan under Section 401(a) of the Code as currently in effect (A) is the subject of a favorable determination letter issued by the Internal Revenue Service, (B) is the subject of an application for such a determination letter which is currently being
processed by the Internal Revenue Service, (C) is a prototype plan and is subject to a favorable opinion letter issued by the Internal Revenue Service or (D) is a 

  
 103 

 
prototype plan that is the subject of an application for such a determination letter, which is currently being processed by the Internal Revenue Service; (iii) neither any Loan Party nor any
member of the Controlled Group has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due which are unpaid; (iv) no Plan has been terminated by the plan administrator
thereof nor by the PBGC, and there is no occurrence which would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Plan; (v) except to the extent set forth on Schedule 5.8 hereto, the current value of the assets
of each Plan exceeds the present value of the accrued benefits and other liabilities of such Plan as determined for funding purposes under the Code and ERISA as of the last day of the most recently-completed plan year; (vi) neither any Loan Party
nor any member of the Controlled Group has breached any of the responsibilities, obligations or duties imposed on it by ERISA with respect to any Plan except to the extent such breach would not reasonably be expected to result in a Material Adverse
Effect; (vii) neither any Loan Party nor any member of a Controlled Group has incurred any liability for any excise tax arising under Section 4971, 4972 or 4980B of the Code which has not been paid in full, and no fact exists which could reasonably
give rise to any such liability; (viii) neither any Loan Party nor any member of the Controlled Group nor, to the knowledge of the Loan Parties, any fiduciary of, nor any trustee to, any Plan, has engaged in a non-exempt “prohibited
transaction” described in Section 406 of the ERISA or Section 4975 of the Code which has not been fully and completely corrected nor taken any action which would constitute or result in a Termination Event with respect to any such Plan which is
subject to ERISA; (ix) no Termination Event has occurred or is reasonably expected to occur; (x) [reserved]; (xi) neither any Loan Party nor any member of the Controlled Group has engaged in a transaction that could be subject to Section 4069
or 4212(c) of ERISA; (xii) except as set forth on Schedule 5.8(d) or as provided in various labor contracts to which one or more of the Loan Parties is a party as in effect from time to time, neither any Loan Party nor any member of the Controlled
Group maintains or is required to contribute to any Plan which provides health, accident or life insurance benefits to former employees, their spouses or dependents, other than in accordance with Section 4980B of the Code; (xiii) neither any Loan
Party nor any member of the Controlled Group has withdrawn, completely or partially, within the meaning of Section 4203 or 4205 of ERISA, from any Multiemployer Plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of
1980 that has not been paid in full and there exists no fact which would reasonably be expected to result in any such liability; and (xiv) no Plan fiduciary (as defined in Section 3(21) of ERISA) has any liability for breach of fiduciary duty or for
any failure in connection with the administration or investment of the assets of a Plan. 
 5.9. Patents, Trademarks, Copyrights and
Licenses. 
 All registered Intellectual Property owned or utilized by any Loan Party: (i) is set forth on Schedule 5.9; (ii) is
valid and has been duly registered or filed with all appropriate Governmental Bodies; and (iii) constitutes all of the intellectual property rights which are reasonably necessary for the operation of its business. There is no objection to,
pending challenge to the validity of, or proceeding by any Governmental Body to suspend, revoke, terminate or adversely modify, any such registered Intellectual Property and no Loan Party is aware of any actual challenge or proceedings, except as
set forth in Schedule 5.9 hereto. All registered Intellectual Property owned or held by any Loan Party consists of original material or property developed by such Loan Party or was lawfully acquired by such Loan Party from the proper and
lawful owner thereof. Each of such items has been maintained in a manner reasonably determined by such Loan Party so as to preserve the value thereof from the date of creation or acquisition thereof. 

  
 104 

 5.10. Licenses and Permits. 

Except as set forth in Schedule 5.10, each Loan Party (a) is in compliance with and (b) has procured and is now in possession of, all
material licenses or permits required by any applicable federal, state, provincial or local law, rule or regulation for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business and, in each case
of (a) and (b) above where the failure to be in compliance with and/or to procure such licenses or permits could reasonably be expected to have a Material Adverse Effect. 

5.11. Default of Indebtedness. 

No Loan Party is in default in the payment of the principal of or interest on any material Indebtedness or under any instrument or agreement
under or subject to which any Indebtedness has been issued and no event has occurred under the provisions of any such instrument or agreement which with or without the lapse of time or the giving of notice, or both, constitutes or would constitute
an event of default thereunder. 
 5.12. No Default. 

No Loan Party is in default in the payment or performance of any of its material contractual obligations and no Default or Event of Default
has occurred. 
 5.13. No Burdensome Restrictions. 

No Loan Party is party to any contract or agreement the performance of which could reasonably be expected to have a Material Adverse
Effect. Each Loan Party has heretofore delivered to Agent true and complete copies of all Material Contracts to which it is a party or to which it or any of its properties is subject. No Loan Party has agreed or consented to cause or
permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien which is not a Permitted Encumbrance. 

5.14. No Labor Disputes. 

No Loan Party is involved in any labor dispute; there are no strikes or walkouts or union organization of any Loan Party’s employees
threatened or in existence and no labor contract is scheduled to expire during the Term other than as set forth on Schedule 5.14 hereto. 

5.15. Margin Regulations. 

No Loan Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the
purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time
hereafter in effect or, with respect to any Loan Party that is not organized under or otherwise subject to the 

  
 105 

 
Laws of the United States, the equivalent regulation(s), if any, under the Laws applicable to such Loan Party. No part of the proceeds of any Advance will be used for “purchasing”
or “carrying” “margin stock” as defined in Regulation U of such Board of Governors or, with respect to any Loan Party that is not organized under or otherwise subject to the Laws of the United States, the equivalent
regulation(s), if any, under the Laws applicable to such Loan Party. 
 5.16. Investment Company Act. 

No Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as
amended, nor is it controlled by such a company. 
 5.17. Disclosure. 

No representation or warranty made by any Loan Party in this Agreement or in any financial statement, report, certificate or any other
document furnished in connection herewith contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements herein or therein, in light of the circumstances in which it is made, not
misleading. There is no fact known to any Loan Party or which reasonably should be known to such Loan Party which such Loan Party has not disclosed to Agent in writing with respect to the transactions contemplated by this Agreement which could
reasonably be expected to have a Material Adverse Effect. 
 5.18. [Reserved]. 

5.19. [Reserved]. 
 5.20.
Swaps. 
 No Loan Party is a party to, nor will it be a party to, any swap agreement whereby such Loan Party has agreed or will agree
to swap interest rates or currencies unless same provides that damages upon termination following an event of default thereunder are payable on an unlimited “two-way basis” without regard to fault on the part of either party. 

5.21. Business and Property of Loan Parties. 

Upon and after the Closing Date, Loan Parties do not propose to engage in any business other than business described in the Quarterly Report
on Form 10-Q for the period ended September 30, 2015 filed by Ampco-Pitt Corp. with the SEC, businesses acquired and to be acquired in Permitted Acquisitions and activities necessary to conduct the foregoing. On the Closing Date, each Loan
Party will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Loan Party. 

5.22. Ineligible Securities. 

Loan Parties do not intend to use and shall not use any portion of the proceeds of the Advances, directly or indirectly, to purchase during
the underwriting period, or for 30 days thereafter, Ineligible Securities being underwritten by a securities Affiliate of Agent or any Lender. 

  
 106 

 5.23. Centre of Main Interests. Each applicable Loan Party (to the extent organized
in the European Union) has its “centre of main interests” (as that term is used in Article 3(1) of the Council of the European Union Regulation No. 1346/2000 as Insolvency Proceeding (the “Regulation”) in its jurisdiction of
incorporation. No Loan Party has an establishment (as that term is used in Article 2(h) of the Regulation) in any jurisdiction other than its jurisdiction of incorporation. 

5.24. Equity Interests. 

The authorized and outstanding Equity Interests of each Loan Party (other than Ampco-Pitt Corp.), and each legal and beneficial holder thereof
as of the Closing Date, are as set forth on Schedule 5.24(a) hereto. All of the Equity Interests of each Loan Party have been duly and validly authorized and issued and are fully paid and non-assessable and have been sold and delivered
to the holders hereof in compliance with, or under valid exemption from, all federal and state laws and the rules and regulations of each Governmental Body governing the sale and delivery of securities. Except for the rights and obligations set
forth on Schedule 5.24(b), there are no subscriptions, warrants, options, calls, commitments, rights or agreement by which any Loan Party or any of the shareholders of any Loan Party is bound relating to the issuance, transfer, voting or
redemption of shares of its Equity Interests or any pre-emptive rights held by any Person with respect to the Equity Interests of any Loan Party. Except as set forth on Schedule 5.24(c), no Loan Party has issued any securities
convertible into or exchangeable for shares of its Equity Interests or any options, warrants or other rights to acquire such shares or securities convertible into or exchangeable for such shares. 

5.25. Commercial Tort Claims. 

No Loan Party has any commercial tort claims except as set forth on Schedule 5.25 hereto. 

5.26. Letter of Credit Rights. 

As of the Closing Date, no Loan Party has any letter of credit rights except as set forth on Schedule 5.26 hereto. 

5.27. Material Contracts. 

Schedule 5.27 sets forth all Material Contracts of the Loan Parties. All Material Contracts are in full force and effect and no
material defaults currently exist thereunder. 

  
 107 

	6.	AFFIRMATIVE COVENANTS. 

 Each Loan Party shall, until payment in full of the Obligations and
termination of this Agreement (it being understood and agreed that all references, if any, in this Article VI to Code, Controlled Group, Environmental Laws, ERISA, Federal Occupational Safety and Health Act, Internal Revenue Service, Multiemployer
Plan, Multiemployer Pension Plan Amendments Act of 1980, PBGC, Pension Benefit Plan, Plan, or Termination Event, shall be deemed to be references to the jurisdictional equivalent thereof, if any, with respect to the UK Borrower, Davy Roll, the
Swedish Borrower or Akers): 
 6.1. Compliance with Laws. 

Comply with all Applicable Laws with respect to the Collateral or any part thereof or to the operation of such Loan Party’s business the
non-compliance with which could reasonably be expected to have a Material Adverse Effect (except to the extent any separate provision of this Agreement shall expressly require compliance with any particular Applicable Law(s) pursuant to another
standard). Each Loan Party may, however, contest or dispute any Applicable Laws in any reasonable manner, provided that any related Lien is inchoate or stayed and sufficient reserves are established to the reasonable satisfaction of Agent to
protect Agent’s Lien on or security interest in the Collateral. 
 6.2. Conduct of Business and Maintenance of Existence and
Assets. 
 (a) Conduct continuously and operate actively its business according to good business practices and maintain all of its
properties useful or reasonably necessary in its business in good working order and condition (reasonable wear and tear excepted and except as may be disposed of in accordance with the terms of this Agreement), including all Intellectual Property
and take all actions reasonably necessary to enforce and protect the validity of any intellectual property right or other right included in the Collateral; (b) keep in full force and effect its existence and comply in all material respects with the
laws and regulations governing the conduct of its business where the failure to do so could reasonably be expected to have a Material Adverse Effect; and (c) make all such reports and pay all such franchise and other taxes and license fees and do
all such other acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United States or any political subdivision thereof or, to the extent applicable, under the laws of any
other applicable jurisdiction, in each case, where the failure to do so could reasonably be expected to have a Material Adverse Effect. 

6.3. Books and Records. 

Keep proper books of record and account in which full, true and correct entries will be made of all dealings or transactions of or in relation
to its business and affairs (including without limitation accruals for taxes, assessments, Charges, levies and claims, allowances against doubtful Receivables and accruals for depreciation, obsolescence or amortization of assets), all in accordance
with, or as required by, GAAP consistently applied in the opinion of such independent public accountant as shall then be regularly engaged by Loan Parties. 

6.4. Payment of Taxes. 

Pay, when due, all taxes, assessments and other Charges lawfully levied or assessed upon such Loan Party or any of the Collateral, including
real and personal property taxes, assessments and charges and all franchise, income, employment, social security benefits, withholding, and sales taxes except (a) to the extent any such tax, assessment or other charge is the subject of a good faith
dispute that is being diligently prosecuted and for which such Loan Party is maintaining adequate reserves therefore in accordance with GAAP and otherwise which does not result in any Lien with any priority over the security interest of the Agent or
(b) to the extent the failure to do so could not reasonably be expected to result in a Material Adverse Effect. If any tax by any Governmental Body is or may be imposed on or as a result of any transaction between

  
 108 

 
any Loan Party and Agent or any Lender which Agent or any Lender may be required to withhold or pay or if any taxes, assessments, or other Charges remain unpaid after the date fixed for their
payment, or if any claim shall be made which, in Agent’s or any Lender’s opinion, may possibly create a valid Lien on the Collateral, Agent may without notice to Loan Parties pay the taxes, assessments or other Charges and each Loan Party
hereby indemnifies and holds Agent and each Lender harmless in respect thereof. Agent will not pay any taxes, assessments or Charges to the extent that any applicable Loan Party has Properly Contested those taxes, assessments or
Charges. The amount of any payment by Agent under this Section 6.4 shall be charged to Borrowers’ Account as a Revolving Advance maintained as a Domestic Rate Loan and added to the Obligations and, until Borrowers shall furnish Agent with
an indemnity therefor (or supply Agent with evidence satisfactory to Agent that due provision for the payment thereof has been made), Agent may hold without interest any balance standing to Borrowers’ credit and Agent shall retain its security
interest in and Lien on any and all Collateral held by Agent. 
 6.5. Financial Covenants. 

(a) Fixed Charge Coverage Ratio. During each Covenant Trigger Period, cause to be maintained as of the most recent monthly
financial statements received prior to the commencement of such applicable Covenant Trigger Period and as of the last day of each month thereafter during such applicable Covenant Trigger Period, a Fixed Charge Coverage Ratio of not less than 1.0 to
1.0, in each case, measured on a rolling twelve (12) month basis. 
 (b) Minimum Liquidity. Ninety-one (91) days prior to the
stated maturity (or, in the case of the repayment of Indebtedness evidenced by the Altor/SHB Promissory Notes, as applicable, the earlier of (A) the Maturity Date (as defined in the Altor/SHB Promissory Notes, as applicable) or (B) the date of
repurchase following notice given in accordance with the terms and provisions of the applicable Altor/SHB Promissory Notes of the occurrence of an Altor Change of Control) of any applicable additional Indebtedness incurred in connection with any
applicable Permitted Acquisition and at all times thereafter until such applicable additional Indebtedness incurred in connection with any such applicable Permitted Acquisition shall have been paid in full or otherwise successfully refinanced, the
Borrowers must demonstrate Liquidity of at least an amount equal to the sum of (i) the principal amount outstanding of such applicable additional Indebtedness (or, in the case of the repayment of Indebtedness evidenced by the Altor/SHB Promissory
Notes, as applicable, either (y) the principal amount outstanding or (z) the Make Whole Amount (as defined in the Altor/SHB Promissory Notes), as applicable), plus (ii) after giving effect to the repayment of such applicable additional Indebtedness,
an amount equal to twenty percent (20%) of the then-applicable Maximum Revolving Advance Amount. 
 6.6. Insurance. 

(a) (i) Keep all its insurable properties and properties in which such Loan Party has an interest insured against the hazards of fire, flood,
sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Loan Party’s including business interruption
insurance; (ii) maintain a bond in such amounts as is customary in the case of companies engaged in businesses similar to such Loan Party insuring against larceny, embezzlement or other criminal misappropriation of insured’s officers and
employees who may 

  
 109 

 
either singly or jointly with others at any time have access to the assets or funds of such Loan Party either directly or through authority to draw upon such funds or to direct generally the
disposition of such assets; (iii) maintain public and product liability insurance against claims for personal injury, death or property damage suffered by others; (iv) maintain all such worker’s compensation or similar insurance as may be
required under the laws of any state or jurisdiction in which such Loan Party is engaged in business; (v) furnish Agent with (A) copies of all policies and evidence of the maintenance of such policies by the renewal thereof at least thirty (30) days
before any expiration date, and (B) appropriate loss payable endorsements in form and substance satisfactory to Agent, naming Agent as an additional insured and mortgagee and/or lender loss payee (as applicable) as its interests may appear with
respect to all insurance coverage referred to in clauses (i), and (iii) above, and providing (I) that all proceeds thereunder shall be payable to Agent, (II) no such insurance shall be affected by any act or neglect of the insured or owner of the
property described in such policy, and (III) that such policy and loss payable clauses may not be cancelled, amended or terminated unless at least thirty (30) days prior written notice is given to Agent. In the event of any loss thereunder, the
carriers named therein hereby are directed by Agent and the applicable Loan Party to make payment for such loss to Agent and not to such Loan Party and Agent jointly. If any insurance losses are paid by check, draft or other instrument payable
to any Loan Party and Agent jointly, Agent may endorse such Loan Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. 

(b) Agent is hereby authorized to adjust and compromise claims under insurance coverage referred to in Section 6.6(a)(i) above to the extent
such insurance coverage relates to Collateral. All loss recoveries received by Agent under any such insurance may be applied to the Obligations, in such order as Agent in its sole discretion shall determine. Any surplus shall be paid
by Agent to Borrowers or applied as may be otherwise required by law. Any deficiency thereon shall be paid by Borrowers to Agent, on demand. Anything hereinabove to the contrary notwithstanding, and subject to the fulfillment of the
conditions set forth below, Agent shall remit to Borrowing Agent insurance proceeds received by Agent under insurance policies procured and maintained by Loan Parties which insure Loan Parties’ insurable properties to the extent such insurance
proceeds do not exceed Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) per occurrence. In the event the amount of insurance proceeds received by Agent for any occurrence exceeds Two Million Five Hundred Thousand and 00/100
Dollars ($2,500,000.00), then Agent may, in its sole but reasonable discretion, either remit the insurance proceeds to Borrowing Agent upon Borrowing Agent providing Agent with evidence reasonably satisfactory to Agent that the insurance proceeds
will be used by Loan Parties to repair, replace or restore the insured property which was the subject of the insurable loss, or apply the proceeds to the Obligations, as aforesaid. Any agreement of Agent to remit insurance proceeds in the
manner above provided shall be subject in each instance to satisfaction of each of the following conditions: (x) No Event of Default or Default shall then have occurred, (y) Loan Parties shall use such insurance proceeds promptly but, in any event
with one hundred eighty (180) days of receipt of such insurance proceeds, to repair, replace or restore the insurable property which was the subject of the insurable loss and for no other purpose, and (z) such remittances shall be made under such
procedures as Agent may establish. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if Agent so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party,
which payments shall be charged to Borrowers’ Account and constitute part of the obligations. 

  
 110 

 6.7. Payment of Indebtedness and Leasehold Obligations. 

Pay, discharge or otherwise satisfy (i) at or before maturity (subject, where applicable, to specified grace periods) all its Indebtedness,
except when the failure to do so could not reasonably be expected to have a Material Adverse Effect or when the amount or validity thereof is currently being Properly Contested, subject at all times to any applicable subordination arrangement in
favor of Lenders and (ii) when due its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full force and effect except where the
failure to do so could not reasonably be expected to result in a Material Adverse Effect or when the amount or validity thereof is currently being Properly Contested. 

6.8. Environmental Matters. 

(a) Ensure that the Real Property and all operations and businesses conducted thereon are in compliance and remain in compliance with all
Environmental Laws and it shall manage any and all Hazardous Materials on any Real Property in compliance with Environmental Laws except to the extent the failure to so comply could not reasonably be expected to result in a Material Adverse Effect.

 (b) Establish and maintain an environmental management and compliance system to assure and monitor continued compliance with all
applicable Environmental Laws. All potential violations and violations of Environmental Laws shall be reviewed with in house or external legal counsel to determine any required reporting to applicable Governmental Bodies and any required
corrective actions to address such potential violations or violations. 
 (c) Respond promptly to any Hazardous Discharge or Environmental
Complaint and take all necessary action in order to safeguard the health of any Person and to avoid subjecting the Collateral or Real Property to any Lien. 

6.9. Standards of Financial Statements. 

Cause all financial statements referred to in Sections 9.7 and 9.8 as to which GAAP is applicable to be complete and correct in all material
respects (subject, in the case of interim financial statements, to normal year-end audit adjustments) and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein (except as
disclosed therein and agreed to by such reporting accountants or officer, as applicable). 
 6.10. [Reserved]. 

6.11. Execution of Supplemental Instruments. 

Execute and deliver to Agent from time to time, upon demand, such supplemental agreements, statements, assignments and transfers, or
instructions or documents relating to the Collateral, and such other instruments as Agent may request, in order that the full intent of this Agreement may be carried into effect. 

  
 111 

 6.12. [Reserved]. 

6.13. Government Receivables. 

Except as otherwise expressly set forth in this Agreement, to the extent that the Loan Parties desire to include such Receivables in the
Borrowing Base, take all steps necessary to protect Agent’s interest in the Collateral under the Federal Assignment of Claims Act, the Uniform Commercial Code and all other applicable state or local statutes or ordinances and, with respect to
such Receivables which the Loan Parties desire to include in the Borrowing Base, deliver to Agent appropriately endorsed, any instrument or chattel paper connected with any Receivable arising out of any contract between any Loan Party and the United
States, any state or any department, agency or instrumentality of any of them. 
 6.14. [Reserved]. 

6.15. Keepwell. 
 If it
is a Qualified ECP Loan Party, then jointly and severally, together with each other Qualified ECP Loan Party, hereby absolutely unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each
Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes to provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to
honor all of such Non-Qualifying Party’s obligations under this Agreement or any Other Document in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable
under this Section 6.15 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 6.15, or otherwise under this Agreement or any Other Document, voidable under applicable law, including
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Loan Party under this Section 6.15 shall remain in full force and effect until payment in full of
the Obligations and termination of this Agreement and the Other Documents. Each Qualified ECP Loan Party intends that this Section 6.15 constitute, and this Section 6.15 shall be deemed to constitute, a guarantee of the obligations of, and a
“keepwell, support, or other agreement” for the benefit of each other Borrower and Guarantor for all purposes of Section 1a(18(A)(v)(II) of the CEA. 

  
 112 

	7.	NEGATIVE COVENANTS. 

 No Loan Party shall, until satisfaction in full of the Obligations and
termination of this Agreement (it being understood and agreed that all references, if any, in this Article VII to Code, Controlled Group, Environmental Laws, ERISA, Federal Occupational Safety and Health Act, Internal Revenue Service, Multiemployer
Plan, Multiemployer Pension Plan Amendments Act of 1980, PBGC, Pension Benefit Plan, Plan, or Termination Event, shall be deemed to be references to the jurisdictional equivalent thereof, if any, with respect to the UK Borrower, Davy Roll, the
Swedish Borrower or Akers): 
 7.1. Merger, Consolidation, Acquisition and Sale of Assets. 

(a) Enter into any merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial portion of the
assets or Equity Interests of any Person or permit any other Person to consolidate with or merge with it, except (i) any Loan Party may merge, consolidate or reorganize with another Loan Party or acquire the assets or Equity Interest of another Loan
Party so long as such Loan Party provides Agent with ten (10) days prior written notice of such merger, consolidation or reorganization and delivers all of the relevant documents evidencing such merger, consolidation or reorganization and (ii)
Permitted Acquisitions. 
 (b) Sell, lease, transfer or otherwise dispose of any of its properties or assets, except (i) (a) the sale of
Inventory in the Ordinary Course of Business and (b) the disposition or transfer of obsolete and worn-out equipment and equipment no longer used or useful in the reasonable judgment of the Loan Parties and in the Ordinary Course of Business during
any fiscal year having an aggregate fair market value of not more than Five Million and 00/100 Dollars ($5,000,000.00) and only to the extent that (x) the proceeds of any such disposition are used to acquire replacement equipment which is subject to
Agent’s first priority security interest or (y) the proceeds of which are remitted to Agent to be applied pursuant to Section 2.20, (ii) Equity Interests of any Excluded Subsidiary and (iii) any other sales or dispositions expressly permitted
by this Agreement. 
 7.2. Creation of Liens. 

Create or suffer to exist any Lien or transfer upon or against any of its property or assets now owned or hereafter created or acquired,
except Permitted Encumbrances. 
 7.3. Guarantees. 

Become liable upon the obligations or liabilities of any Person by assumption, endorsement or guaranty thereof or otherwise (other than to
Lenders) except (a) as disclosed on Schedule 7.3, (b) guarantees made in the Ordinary Course of Business up to an aggregate amount of One Million and 00/100 Dollars ($1,000,000.00), (c) guarantees by one or more Loan Party(ies) of the
Indebtedness or obligations of any other Loan Party(ies) to the extent such Indebtedness or obligations are permitted to be incurred and/or outstanding pursuant to the provisions of this Agreement; (d) to the extent not described in clause (c) of
this definition, guarantees by one or more Loan Parties or Subsidiaries of Loan Parties of the Indebtedness or obligations or performance of any other Loan Parties or Subsidiaries in an aggregate amount not to exceed Two Million and 00/100 Dollars
($2,000,000.00), at any time; and (d) the endorsement of checks in the Ordinary Course of Business. 

  
 113 

 7.4. Investments. 

Purchase or acquire obligations or Equity Interests of, or any other interest in, any Person or otherwise make any investment, other
than: (i) in or with respect to another Loan Party; and (ii) Permitted Investments. 
 7.5. Loans. 

Make advances, loans or extensions of credit to any Person, including any Parent, Subsidiary or Affiliate other than Permitted Loans. 

7.6. [Reserved]. 
 7.7.
Dividends. 
 Declare, pay or make any dividend or distribution on any Equity Interests of any Loan Party (other than dividends or
distributions payable in its stock, or split-ups or reclassifications of its stock) or apply any of its funds, property or assets to the purchase, redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any
Equity Interest of any Loan Party, except that any Loan Party may pay or make: (i) any such dividend or distribution to its respective equity holder so long as such equity holder is a Loan Party (other than Ampco-Pitt Corp.); (ii) any
Subsidiary of Ampco-Pitt Corp., may transfer to Ampco-Pitt Corp., directly or indirectly, any promissory note evidencing Indebtedness of Ampco-Pitt Corp. to such Subsidiary where the purpose of such transfer is to “dividend” such
promissory note evidencing such Indebtedness in order to extinguish such Indebtedness and such transfer is a non-cash event in all respects; and (iii) Permitted Dividends. With respect to tax distributions permitted pursuant to this Section, in
the event (x) the actual distribution to members made pursuant to this Section exceeds the actual income tax liability of any member due to such Loan Party’s status as a limited liability company, or (y) if such Loan Party was a subchapter C
corporation, such Loan Party would be entitled to a refund of income taxes previously paid as a result of a tax loss during a year in which such Loan Party is a limited liability company, then the members shall repay such Loan Party the amount of
such excess or refund, as the case may be, no later than the date the annual tax return must be filed by such Loan Party (without giving effect to any filing extensions). In the event such amounts are not repaid in a timely manner by any
member, then such Loan Party shall not pay or make any distribution with respect to, or purchase, redeem or retire, any membership interest of such Loan Party held or controlled by, directly or indirectly, such member until such payment has been
made. 
 7.8. Indebtedness. 

Create, incur, assume or suffer to exist any Indebtedness other than Permitted Indebtedness. 

7.9. Nature of Business. 

Substantially change the nature of the business in which it is presently engaged and all businesses reasonably related thereto and businesses
acquired in Permitted Acquisitions, nor except as specifically permitted hereby purchase or invest, directly or indirectly, in any assets or property other than in the Ordinary Course of Business for assets or property which are useful in, necessary
for and are to be used in its business as presently conducted. 

  
 114 

 7.10. Transactions with Affiliates. 

Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, or otherwise enter into any
transaction or deal with, any Affiliate, except for (i) transactions among Loan Parties and Subsidiaries of Loan Parties which are not expressly prohibited by the terms of this Agreement and which are in the Ordinary Course of Business,
(ii) payment by Loan Parties of dividends and distributions permitted under Section 7.7 hereof, and (iii) transactions disclosed to Agent in writing, which are in the Ordinary Course of Business, on an arm’s-length basis on terms and
conditions no less favorable than terms and conditions which would have been obtainable from a Person other than an Affiliate. 
 7.11.
[Reserved]. 
 7.12. Subsidiaries. 

(a) Form any Subsidiary unless (i) such Subsidiary is a Transitory First Tier Foreign Subsidiary, in which case, on or before the day which is
three hundred sixty-five (365) consecutive days after the date of formation of such Transitory First Tier Foreign Subsidiary and so long as such Transitory First Tier Foreign Subsidiary has not either ceased to be a Transitory First Tier Foreign
Subsidiary or been scheduled as an Excluded Foreign Subsidiary, not less than sixty-five percent (65%) of the issued and outstanding capital stock of such Subsidiary shall be pledged to the Agent (for itself and the benefit of the Lenders) by the
applicable Person pursuant to a Pledge Agreement, (ii) such Subsidiary is listed as an Excluded Subsidiary on either Schedule 1.1(S)(1) or Schedule 1.1(S)(2), as applicable, pursuant to an update to such applicable schedule
provided by the Borrowing Agent to the Agent, or (iii) (A) (1) such Subsidiary expressly becomes a Borrower and becomes jointly and severally liable for the obligations of Borrowers hereunder, under the Notes and under any other agreement between
any Borrower and Lenders, by delivering to the Agent a Borrower Joinder and such other documents reasonably required by the Agent to join this Agreement and the Other Documents as a Borrower, or (2) such Subsidiary becomes a Guarantor for the
Obligations by, among other things, delivering to the Agent a Guarantor Joinder and such other documents reasonably required by the Agent to join this Agreement and the Other Documents as a Guarantor, (B) Agent shall have received all documents,
including Organizational Documents, legal opinions and all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, in each case, as it
may reasonably require in connection therewith, and (C) such Subsidiary shall, concurrently with such joinder, grant first priority, perfected Liens in its assets to the Agent for the benefit of the Lenders covering the same type of assets as the
Collateral, provided, however, to the extent such Subsidiary becomes a Borrower, none of such assets which become Collateral shall be included in the applicable Formula Amount in accordance with the terms of this Agreement until such time as Agent
makes such determination in its sole reasonable discretion based upon the field examination and/or appraisal of such assets in form and substance acceptable to the Agent. 

(b) Enter into any partnership, joint venture or similar arrangement. 

  
 115 

 7.13. Fiscal Year and Accounting Changes. 

Change its fiscal year from December 31 or make any change (i) in accounting treatment and reporting practices except as required by GAAP
or (ii) in tax reporting treatment except as required by law. 
 7.14. [Reserved]. 

7.15. Amendment of Organizational Documents. 

(i) Change its legal name, (ii) change its form of legal entity (e.g., converting from a corporation to a limited liability company or vice
versa), (iii) change its jurisdiction of organization or become (or attempt or purport to become) organized in more than one jurisdiction, or (iv) otherwise amend, modify or waive any term or material provision of its Organizational Documents which
would reasonably be expected to adversely affect the rights of the Agent and the Lenders under the Loan Documents unless required by law, in any such case without (x) giving at least thirty (30) days prior written notice of such intended change to
Agent, (y) having received from Agent confirmation that Agent has taken all steps necessary for Agent to continue the perfection of and protect the enforceability and priority of its Liens in the Collateral belonging to such Loan Party and in the
Equity Interests of such Loan Party and (z) in any case under clause (iv), having received the prior written consent of Agent and Required Lenders to such amendment, modification or waiver. 

7.16. Compliance with ERISA. 

(i) (x) Maintain, or permit any member of the Controlled Group to maintain, or (y) become obligated to contribute, or permit any member of the
Controlled Group to become obligated to contribute, to any Plan, other than those Plans disclosed on Schedule 5.8(d), (ii) engage, or permit any member of the Controlled Group to engage, in any non-exempt “prohibited
transaction”, as that term is defined in Section 406 of ERISA or Section 4975 of the Code which is not correctable under EPCRS or VFCP and could not reasonably be expected to result in a Material Adverse Effect, (iii) terminate, or permit any
member of the Controlled Group to terminate, any Plan where such event could result in any liability of any Loan Party or any member of the Controlled Group or the imposition of a lien on the property of any Loan Party or any member of the
Controlled Group pursuant to Section 4068 of ERISA, (iv) incur, or permit any member of the Controlled Group to incur, any withdrawal liability to any Multiemployer Plan; (v) fail promptly to notify Agent of the occurrence of any Termination Event,
(vi) fail to comply, or permit a member of the Controlled Group to fail to comply, with the requirements of ERISA or the Code or other Applicable Laws in respect of any Plan, (vii) fail to meet, permit any member of the Controlled Group to fail to
meet, or permit any Plan to fail to meet all minimum funding requirements under ERISA and the Code, without regard to any waivers or variances, or postpone or delay or allow any member of the Controlled Group to postpone or delay any funding
requirement with respect of any Plan, or (viii) cause, or permit any member of the Controlled Group to cause, a representation or warranty in Section 5.8(d) to cease to be true and correct. 

  
 116 

 7.17. Prepayment of Indebtedness. 

At any time, directly or indirectly, prepay any Indebtedness (other than to Lenders), or repurchase, redeem, retire or otherwise acquire any
Indebtedness of any Loan Party, other than deferred payment obligations incurred in connection with Permitted Acquisitions and then, only: (1) if immediately prior to and upon giving effect to such prepayment, pro forma Undrawn Availability
(measured as both a thirty-day average and upon giving effect to such prepayment) is greater than or equal to twenty-five percent (25%) of the Maximum Revolving Advance Amount, then so long as no Default or Event of Default exists prior to or upon
giving effect to such prepayment, or (2) if immediately prior to and upon giving effect to such prepayment, pro forma Undrawn Availability (measured as both a thirty-day average and upon giving effect to such prepayment) is less than twenty-five
percent (25%) of the Maximum Revolving Advance Amount, then, so long as if immediately prior to and upon giving effect to such prepayment, (x) no Default or Event of Default exists or will be created thereby, (y) pro forma Undrawn Availability
(measured as both a thirty-day average and upon giving effect to such prepayment) will not be less than fifteen percent (15%) of the Maximum Revolving Advance Amount, and (z) the Loan Parties demonstrate, in form and substance reasonably
acceptable to the Agent, that prior to and upon giving effect to such prepayment, the pro forma Fixed Charge Coverage Ratio will not be less than 1.15:1.0. 

7.18. [Reserved]. 
 7.19.
[Reserved]. 
 7.20. Membership/Partnership Interests. 

Designate or permit any of their Subsidiaries to (a) treat their limited liability company membership interests or partnership interests, as
the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of the Uniform Commercial Code or (b) certificate their limited liability membership interests or
partnership interests, as applicable. 
  

	8.	CONDITIONS PRECEDENT. 

 8.1. Conditions to Initial Advances. 

The agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject to the satisfaction, or waiver by
Agent, immediately prior to or concurrently with the making of such Advances, of the following conditions precedent (excluding the Swedish Availability Conditions and/or the UK Availability Conditions, as applicable): 

(a) Note. Agent shall have received the Notes duly executed and delivered by an authorized officer of each Borrower; 

(b) Other Documents. Agent shall have received each of the executed Other Documents, as applicable; 

  
 117 

 (c) Financial Condition Certificates. Agent shall have received an executed Financial
Condition Certificate in the form of Exhibit 8.1(c). 
 (d) Closing Certificate. Agent shall have received a closing
certificate signed by the Authorized Officer of each Loan Party dated as of the date hereof, stating that (i) all representations and warranties set forth in this Agreement and the Other Documents are true and correct on and as of such date, and
(ii) on such date no Default or Event of Default has occurred or is continuing; 
 (e) Borrowing Base. Agent shall have received
evidence from Borrowers that the aggregate amount of Eligible Domestic Receivables, Eligible Domestic Inventory and Eligible Equipment is sufficient in value and amount to support Advances in the amount requested by US Borrowers on the Closing Date;

 (f) Closing Date Undrawn Availability. After giving effect to the initial Advances hereunder, Borrowers shall have Closing
Date Undrawn Availability of at least Thirty-Five Million and 00/100 Dollars ($35,000,000.00); 
 (g) Blocked
Accounts. Borrowers shall have opened the Depository Accounts with Agent or Agent shall have received duly executed agreements establishing the Blocked Accounts with financial institutions acceptable to Agent for the collection or servicing
of the Receivables and proceeds of the Collateral and Agent shall have entered into control agreements with the applicable financial institutions in form and substance satisfactory to Agent with respect to such Blocked Accounts; 

(h) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by
this Agreement, any related agreement or under law or reasonably requested by Agent to be filed, registered or recorded in order to create, in favor of Agent, a perfected security interest in or lien upon the Collateral shall have been properly
filed, registered or recorded in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and Agent shall have received an acknowledgment copy, or other evidence satisfactory to it, of each such filing,
registration or recordation and satisfactory evidence of the payment of any necessary fee, tax or expense relating thereto or will be filed promptly following closing; 

(i) Lien Waiver Agreements. Agent shall have received Lien Waiver Agreements to the extent that they have been obtained with
respect to all locations or places at which Inventory, Equipment and books and records are located; 
 (j) Secretary’s Certificates,
Authorizing Resolutions and Good Standings of Borrowers. Agent shall have received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) of each Borrower in form and substance satisfactory
to Agent dated as of the Closing Date which shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing body, member or partner) of such Borrower
authorizing (x) the execution, delivery and performance of this Agreement, the Notes and each Other Document to which such Borrower is a party (including authorization of the incurrence of indebtedness, borrowing of

  
 118 

 
Revolving Advances and Swing Loans and requesting of Letters of Credit on a joint and several basis with all Borrowers as provided for herein), and (y) the granting by such Borrower of the
security interests in and liens upon the Collateral to secure all of the joint and several Obligations of Borrowers (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such
certificate), (ii) the incumbency and signature of the officers of such Borrower authorized to execute this Agreement and the Other Documents, (iii) copies of the Organizational Documents of such Borrower as in effect on such date, complete with all
amendments thereto, and (iv) the good standing (or equivalent status) of such Borrower in its jurisdiction of organization and each applicable jurisdiction where the conduct of such Borrower’s business activities or the ownership of its
properties necessitates qualification, as evidenced by good standing certificate(s) (or the equivalent thereof issued by any applicable jurisdiction) dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or
other appropriate official of each such jurisdiction; 
 (k) Secretary’s Certificates, Authorizing Resolutions and Good Standings of
Guarantors. Agent shall have received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) of each Guarantor in form and substance satisfactory to Agent dated as of the Closing Date which
shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing body, member or partner) of each Guarantor authorizing (x) the execution, delivery and
performance of such Guarantor’s Guaranty and each Other Loan Document to which such Guarantor is a party and (y) the granting by such Guarantor of the security interests in and liens upon the Collateral to secure its obligations under its
Guaranty (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such certificate), (ii) the incumbency and signature of the officers of such Guarantor authorized to execute
this Agreement and the Other Documents, (iii) copies of the Organizational Documents of such Guarantor as in effect on such date, complete with all amendments thereto, and (iv) the good standing (or equivalent status) of such Guarantor in its
jurisdiction of organization and each applicable jurisdiction where the conduct of such Guarantor’s business activities or the ownership of its properties necessitates qualification, as evidenced by good standing certificate(s) (or the
equivalent thereof issued by any applicable jurisdiction) dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or other appropriate official of each such jurisdiction; 

(l) Legal Opinion. Agent shall have received the executed legal opinion of K&L Gates LLP with respect to the Domestic Loan
Parties, Squire Patton Boggs (UK) LLP with respect to the UK Borrower and Davy Roll and Wistrand Advokatbyrå with respect to the Swedish Borrower and Akers, in each case, in form and substance satisfactory to Agent which shall cover such
matters incident to the transactions contemplated by this Agreement, the Notes, the Other Documents, and related agreements as Agent may reasonably require and each Loan Party hereby authorizes and directs such counsel to deliver such opinions to
Agent and Lenders; 
 (m) No Litigation. No litigation, investigation or proceeding before or by any arbitrator or Governmental
Body shall be continuing or, to the knowledge of any Loan Party, threatened against any Loan Party or against the officers or directors of any Loan Party (A) in connection with this Agreement, the Other Documents or any of the transactions
contemplated thereby and which, in the reasonable opinion of Agent, is deemed material or (B) which could, in 

  
 119 

 
the reasonable opinion of Agent, have a Material Adverse Effect; and (ii) no injunction, writ, restraining order or other order of any nature materially adverse to any Loan Party or the conduct
of its business or inconsistent with the due consummation of the Transactions shall have been issued by any Governmental Body; 
 (n)
Collateral Examination. Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Agent, of the Receivables, Inventory, General Intangibles and
equipment of each Loan Party and all books and records in connection therewith; 
 (o) Fees. Agent shall have received all fees
payable to Agent and Lenders on or prior to the Closing Date hereunder, including pursuant to Article III hereof and the Fee Letter; 
 (p)
Pro Forma Financial Statements. Agent shall have received a copy of the Pro Forma Financial Statements which shall be satisfactory in all respects to Agent; 

(q) Insurance. Agent shall have received in form and substance satisfactory to Agent, (i) evidence that adequate insurance,
including without limitation, casualty and liability insurance, required to be maintained under this Agreement is in full force and effect, (ii) insurance certificates issued by Loan Parties’ insurance broker containing such information
regarding Loan Parties’ casualty and liability insurance policies as Agent shall request and naming Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (iii) loss payable endorsements issued by Loan
Parties’ insurer naming Agent as lenders loss payee, as applicable; 
 (r) Payment Instructions. Agent shall have received
written instructions from Borrowing Agent directing the application of proceeds of the initial Advances made pursuant to this Agreement; 

(s) Consents. Agent shall have received any and all Consents reasonably necessary to permit the effectuation of the transactions
contemplated by this Agreement and the Other Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert claims with respect to the Collateral, as Agent and its counsel shall deem necessary; 

(t) No Adverse Material Change. (i) Since December 31, 2015, there shall not have occurred any event, condition or state of facts
which could reasonably be expected to have a Material Adverse Effect and (ii) no representations made or information supplied to Agent or Lenders shall have been proven to be inaccurate or misleading in any material respect; 

(u) Contract Review. Agent shall have received and reviewed all Material Contracts of Loan Parties including leases, union
contracts, labor contracts, vendor supply contracts, license agreements and distributorship agreements and such contracts and agreements shall be satisfactory in all respects to Agent; 

(v) Compliance with Laws. Agent shall be reasonably satisfied that each Loan Party is in compliance with all pertinent federal,
state, local or territorial regulations, 

  
 120 

 
including those with respect to the Federal Occupational Safety and Health Act, the Environmental Protection Act, ERISA and the Anti-Terrorism Laws, except to the extent the failure to be in
compliance could reasonably be expected to have a Material Adverse Effect; and 
 (w) Other. All corporate and other
proceedings, and all documents, instruments and other legal matters in connection with the Transactions shall be satisfactory in form and substance to Agent and its counsel. 

8.2. Conditions to Each Advance. 

The agreement of Lenders to make any Advance requested to be made on any date (including the initial Advance), is subject to the satisfaction
of the following conditions precedent as of the date such Advance is made: 
 (a) Representations and Warranties. 

(b) Each of the representations and warranties made by any Loan Party in or pursuant to this Agreement, the Other Documents and any related
agreements to which it is a party, and each of the representations and warranties contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Agreement, the Other Documents or any
related agreement shall be true and correct in all respects on and as of such date as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date); 

(c) No Default. No Event of Default or Default shall have occurred and be continuing on such date, or would exist after giving
effect to the Advances requested to be made, on such date; provided, however that Agent, in its sole discretion, may continue to make Advances notwithstanding the existence of an Event of Default or Default and that any Advances so made shall not be
deemed a waiver of any such Event of Default or Default; and 
 (d) Maximum Advances. In the case of any type of Advance
requested to be made, after giving effect thereto, the aggregate amount of such type of Advance shall not exceed the maximum amount of such type of Advance permitted under this Agreement. 

Each request for an Advance by any Borrower hereunder shall constitute a representation and warranty by each Loan Party as of the date of such
Advance that the conditions contained in this subsection shall have been satisfied. 
 8.3. [Reserved]. 

 

	9.	INFORMATION AS TO LOAN PARTIES. 

 Each Loan Party shall, or (except with respect to Section
9.11) shall cause Borrowing Agent on its behalf to, until satisfaction in full of the Obligations and the termination of this Agreement (it being understood and agreed that all references, if any, in this Article VI to Code, Controlled Group,
Environmental Laws, ERISA, Federal Occupational Safety and Health Act, Internal Revenue Service, Multiemployer Plan, Multiemployer Pension Plan Amendments Act of 1980, PBGC, Pension Benefit Plan, Plan, or Termination Event, shall be deemed to be
references to the jurisdictional equivalent thereof, if any, with respect to the UK Borrower, Davy Roll, the Swedish Borrower or Akers): 

  
 121 

 9.1. Disclosure of Material Matters. 

Promptly upon learning thereof, report to Agent all matters materially affecting the value, enforceability or collectability of any portion of
the Collateral, including any Loan Party’s reclamation or repossession of, or the return to any Loan Party of, a material amount of goods or claims or material disputes asserted by any Customer or other obligor. 

9.2. Schedules. 
 Deliver
to Agent, on or before the twentieth (20th) day of each month as and for the prior month, (a) accounts receivable ageings inclusive of reconciliations to the general ledger, (b) accounts payable schedules inclusive of reconciliations to the general
ledger, and (c) Inventory reports. During any applicable Trigger Period, (i) within three (3) Business Days of the commencement of such applicable Trigger Period, a sales report/roll forward for the prior week shall be furnished to the Agent
and the Lenders based on the most recent calendar week ended five (5) days or more prior to the commencement of such applicable Trigger Period, and (ii) thereafter, within three (3) Business Days after each calendar week until such time as such
applicable Trigger Period has ended, a sales report/roll forward for the prior week shall be furnished to the Agent and the Lenders based on the most recently ended calendar week. In addition, each Loan Party will deliver to Agent at such
intervals as Agent may require: (i) confirmatory assignment schedules; (ii) copies of Customer’s invoices; (iii) evidence of shipment or delivery; and (iv) such further schedules, documents and/or information regarding the Collateral as
Agent may require including trial balances and test verifications. Agent shall have the right to confirm and verify all Receivables by any manner and through any medium it considers advisable and do whatever it may deem reasonably necessary to
protect its interests hereunder. The items to be provided under this Section are to be in form satisfactory to Agent and executed by each Loan Party and delivered to Agent from time to time solely for Agent’s convenience in maintaining
records of the Collateral, and any Loan Party’s failure to deliver any of such items to Agent shall not affect, terminate, modify or otherwise limit Agent’s Lien with respect to the Collateral. Unless otherwise agreed to by Agent, the
items to be provided under this Section 9.2 shall be delivered to Agent by the specific method of Approved Electronic Communication designated by Agent. 

9.3. Environmental Reports. 

(a) In the event any Loan Party obtains, gives or receives notice of any Release or threat of Release of a reportable quantity of any
Hazardous Materials at the Real Property (any such event being hereinafter referred to as a “Hazardous Discharge”) or receives any notice of violation, request for information or notification that it is potentially responsible for
investigation or cleanup of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice with regard to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or
any Loan Party’s interest therein or the operations or the business (any of the foregoing is referred to herein as an “Environmental Complaint”) from any Person, including any Governmental Body in each case where the facts

  
 122 

 
underlying such occurrence described in the preceding clause would reasonably be expected to result in a Material Adverse Effect, then Borrowing Agent shall, within five (5) Business Days, give
written notice of same to Agent detailing facts and circumstances of which any Loan Party is aware giving rise to the Hazardous Discharge or Environmental Complaint. Such information is to be provided to allow Agent to protect its security
interest in and Lien on the Collateral and is not intended to create nor shall it create any obligation upon Agent or any Lender with respect thereto. 

(b) Borrowing Agent shall promptly forward to Agent copies of any request for information, notification of potential liability, demand letter
relating to potential responsibility with respect to the investigation or cleanup of Hazardous Materials at any other site owned, operated or used by any Loan Party to manage of Hazardous Materials in each case where the facts underlying such
occurrence described in the preceding clause would reasonably be expected to result in a Material Adverse Effect, and shall continue to forward copies of correspondence between any Loan Party and the Governmental Body regarding such claims to Agent
until the claim is settled. Borrowing Agent shall promptly forward to Agent copies of all documents and reports concerning a Hazardous Discharge or Environmental Complaint at the Real Property, operations or business that any Loan Party is
required to file under any Environmental Laws. Such information is to be provided solely to allow Agent to protect Agent’s security interest in and Lien on the Collateral. 

9.4. Litigation. 

Promptly notify Agent in writing of any claim, litigation, suit or administrative proceeding affecting any Borrower or any Guarantor, whether
or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case affects the Collateral or which could reasonably be expected to have a Material Adverse Effect. 

9.5. Material Occurrences. 

Promptly notify Agent in writing upon the occurrence of: (a) any Event of Default or Default; (b) any event, development or circumstance
whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly, in accordance with GAAP consistently applied, the financial condition or operating results of any Loan Party as of the date of such
statements; (e) any accumulated Pension Benefit Plan funding deficiency which, if such deficiency continued for two plan years and was not corrected as provided in Section 4971 of the Code or sections 38 to 51 of the Pensions Act 2004, could subject
any Loan Party to a tax imposed by Section 4971 of the Code or the issue of a Financial Support Direction or a Contribution Notice by the Pensions Regulator that could reasonably be expected to result in a Material Adverse Effect; (c) each and every
default by any Loan Party which might result in the acceleration of the maturity of any Indebtedness, including the names and addresses of the holders of such Indebtedness with respect to which there is a default existing or with respect to which
the maturity has been or could be accelerated, and the amount of such Indebtedness; and (d) any other development in the business or affairs of any Borrower or any Guarantor, which could reasonably be expected to have a Material Adverse Effect; in
each case describing the nature thereof and the action Loan Parties propose to take with respect thereto. 

  
 123 

 9.6. Government Receivables. 

To the extent that any such Receivable is to be included in the US Formula Amount, notify Agent promptly if any of its applicable Receivables
arise out of contracts between any Loan Party and the United States, any state, or any department, agency or instrumentality of any of them. 

9.7. Annual Financial Statements. 

Furnish Agent within ninety (90) days after the end of each fiscal year of the Loan Parties, financial statements of the Loan Parties and
their Subsidiaries on a consolidated basis including, but not limited to, statements of income and stockholders’ equity and cash flow from the beginning of the current fiscal year to the end of such fiscal year and the balance sheet as at the
end of such fiscal year, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable detail and reported upon without qualification by an independent certified public accounting firm selected by the
Loan Parties and satisfactory to Agent (the “Accountants”), along with the supporting consolidating statement of income and balance sheet for the same period. In addition, the reports shall be accompanied by a Compliance Certificate.

 9.8. Quarterly Financial Statements. 

Furnish Agent within forty-five (45) days after the end of each of the first (1st) three
(3) fiscal quarters in each fiscal year an unaudited balance sheet of the Loan Parties and their Subsidiaries on a consolidated basis and unaudited statements of income and cash flow of the Loan Parties and their Subsidiaries on a consolidated
basis reflecting results of operations from the beginning of the fiscal year to the end of such quarter and for such quarter, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject to normal
and recurring year-end adjustments that individually and in the aggregate are not material to the Loan Parties and their Subsidiaries’ business operations and setting forth in comparative form the respective financial statements for the
corresponding date and period in the previous fiscal year, along with the supporting consolidating statement of income and balance sheet reflecting results of operations from the beginning of the fiscal year to the end of such quarter. The
reports shall be accompanied by a Compliance Certificate. 
 9.9. Monthly Financial Statements. 

Furnish Agent within thirty (30) days after the end of each month (other than for the months of March, June, September and December which
shall be delivered in accordance with Sections 9.7 and 9.8 as applicable), an unaudited balance sheet of the Loan Parties and their Subsidiaries on a consolidated basis and unaudited statements of income of the Loan Parties and their Subsidiaries on
a consolidated basis reflecting results of operations from the beginning of the fiscal year to the end of such month and for such month, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject
to normal and recurring year-end adjustments that individually and in the aggregate are not material to the Loan Parties and their Subsidiaries’ business operations and setting forth in comparative form the respective financial statements for
the corresponding date and period in the previous fiscal year, along with 

  
 124 

 
the supporting consolidating statement of income and balance sheet reflecting results of operations from the beginning of the fiscal year to the end of such month. The reports shall be
accompanied by a Compliance Certificate. 
 Information required to be delivered pursuant to Sections 9.7 and 9.8 above, shall be deemed to
have been delivered to the Agent and each Lender on the date on which such information is available on the website of the SEC at http://www.sec.gov without charge (to the extent such information has been posted or is available as described in
such notice). 
 9.10. Borrowing Certificates. 

Furnish Agent and Lenders within twenty (20) days after the end of each month as and for the prior month a Borrowing Base Certificate, in form
and substance satisfactory to Agent (which shall be calculated as of the last day of the prior month and which shall not be binding upon Agent or restrictive of Agent’s rights under this Agreement). During any applicable Trigger Period,
(i) within three (3) Business Days of the commencement of such applicable Trigger Period, a Borrowing Base Certificate shall be furnished to the Agent and the Lenders based on the most recent calendar week ended five (5) days or more prior to the
commencement of such applicable Trigger Period, and (ii) thereafter, within three (3) Business Days after each calendar week until such time as such applicable Trigger Period has ended, a Borrowing Base Certificate shall be furnished to the Agent
and the Lenders based on the most recently ended calendar week. 
 9.11. Other Reports. 

Furnish Agent as soon as available, but in any event within ten (10) days after the issuance thereof, (i)with copies of such financial
statements, reports and returns as each Loan Party shall send to its stockholders and/or members and (ii) reports including Form 8-K, registration statements and prospectuses and other shareholder communications, filed by Ampco-Pitt Corp. with the
SEC and not posted to the EDGAR website. 
 9.12. Additional Information. 

Furnish Agent with such additional information as Agent shall reasonably request in order to enable Agent to determine whether the terms,
covenants, provisions and conditions of this Agreement and the Notes have been complied with by Loan Parties including, without the necessity of any request by Agent, (a) copies of all environmental audits and reviews, (b) at least thirty (30) days
prior thereto, notice of any Loan Party’s opening of any new office or place of business or any Loan Party’s closing of any existing office or place of business, (c) promptly upon any Loan Party’s learning thereof, notice of any labor
dispute to which any Loan Party may become a party, any strikes or walkouts relating to any of its plants or other facilities, and the expiration of any labor contract to which any Loan Party is a party or by which any Loan Party is bound and (d)
promptly upon any Loan Party’s learning thereof, notice of any applicable Customer ceasing to be a Designated Customer. 

  
 125 

 9.13. Projected Operating Budget. 

Furnish Agent, no later than thirty (30) days after the beginning of each Loan Party’s fiscal years commencing with fiscal year 2017, a
projected statement of income and cash flow of the Loan Parties and their Subsidiaries on a consolidated basis for such fiscal year and a balance sheet as at the end of the fiscal year, projected sales, operating income and net income on a
consolidated basis for each quarter, and projected sales and operating income by operating entity. Such projections to be accompanied by a certificate signed by the Authorized Officer of the Borrowing Agent to the effect that such projections
have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were
prepared (it being understood that such projections are and will be subject to significant uncertainties and contingencies, many of which are beyond the Loan Parties’ control, and that no assurance can be given that the projections will be
realized). 
 9.14. Variances From Operating Budget. 

Furnish Agent, concurrently with the delivery of the financial statements referred to in Sections 9.7, 9.8 and 9.9, a written report providing
an overview of operating results of each operating entity. 
 9.15. Notice of Suits, Adverse Events. 

Furnish Agent with prompt written notice of (i) any lapse or other termination of any Consent issued to any Loan Party by any
Governmental Body or any other Person that is material to the operation of any Loan Party’s business, (ii) any refusal by any Governmental Body or any other Person to renew or extend any such Consent; and (iii) copies of any periodic or special
reports filed by any Borrower or any Guarantor with any Governmental Body or Person, if such reports indicate any material change in the business, operations, affairs or condition of any Borrower or any Guarantor, or if copies thereof are requested
by Lender, and (iv) copies of any material notices and other material communications related to material matters from any Governmental Body or Person which specifically relate to any Borrower or any Guarantor. 

9.16. ERISA Notices and Requests. 

Furnish Agent with prompt written notice in the event that (i) any Loan Party or any member of the Controlled Group knows or has reason to
know that a Termination Event has occurred, together with a written statement describing such Termination Event and the action, if any, which such Loan Party or any member of the Controlled Group has taken, is taking, or proposes to take with
respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, Department of Labor or PBGC with respect thereto, (ii) except for actions or omissions correctable under EPCRS or VFCP and which could not reasonably be
expected to result in a Material Adverse Effect any Loan Party or any member of the Controlled Group knows or has reason to know that a non-exempt prohibited transaction (as defined in Sections 406 of ERISA and 4975 of the Code) has occurred
together with a written statement describing such transaction and the action which such Loan Party or any member of the Controlled Group has taken, is taking or proposes to take with respect thereto, (iii) a funding

  
 126 

 
waiver request has been filed with respect to any Plan together with all communications received by any Loan Party or any member of the Controlled Group with respect to such request, (iv) subject
to the impacts of plan terminations and consolidations and the impact of labor contracts, any increase in the benefits of any existing Plan or the establishment of any new Plan or the commencement of contributions to any Plan to which any Loan Party
or any member of the Controlled Group was not previously contributing shall occur, (v) any Loan Party or any member of the Controlled Group shall receive from the PBGC a notice of intention to terminate a Plan or to have a trustee appointed to
administer a Plan, together with copies of each such notice, (vi) any Loan Party or any member of the Controlled Group shall receive any unfavorable determination letter from the Internal Revenue Service revoking the qualified status of any Plan
that is intended to be qualified under Section 401(a) of the Code, together with copies of each such letter or notice; (vii) any Loan Party or any member of the Controlled Group shall receive a notice regarding the imposition of withdrawal
liability, together with copies of each such notice; (viii) any Loan Party or any member of the Controlled Group shall fail to make a required installment or any other required payment under the Code or ERISA on or before the due date for such
installment or payment; or (ix) any Loan Party or any member of the Controlled Group has received written notice knows that (a) a Multiemployer Plan has been terminated, (b) the administrator or plan sponsor of a Multiemployer Plan intends to
terminate a Multiemployer Plan, (c) the PBGC has instituted or will institute proceedings under Section 4042 of ERISA to terminate a Multiemployer Plan or (d) a Multiemployer Plan is subject to Section 432 of the Code or Section 305 of ERISA. 

9.17. Additional Documents. 

Execute and deliver to Agent, upon request, such documents and agreements as Agent may, from time to time, reasonably request to carry out the
purposes, terms or conditions of this Agreement. 
 9.18. Updates to Certain Schedules. 

Deliver to Agent promptly as shall be required to maintain the related representations and warranties as true and correct, updates to
Schedules 4.4 (Locations of equipment and Inventory), 5.24 (Equity Interests), and 5.25 (Commercial Tort Claims); provided, that absent the occurrence and continuance of any Event of Default, Loan Party shall only be required to provide such
updates on a monthly basis in connection with delivery of a Compliance Certificate with respect to the applicable month. Any such updated Schedules delivered by Loan Parties to Agent in accordance with this Section 9.17 shall automatically and
immediately be deemed to amend and restate the prior version of such Schedule previously delivered to Agent and attached to and made part of this Agreement. 

9.19. Financial Disclosure. 

Each Loan Party hereby irrevocably authorizes and directs all accountants and auditors employed by such Loan Party at any time during the Term
to exhibit and deliver to Agent and each Lender copies of any of such Loan Party’s financial statements, trial balances or other accounting records of any sort in the accountant’s or auditor’s possession, and to disclose to Agent and
each Lender any information such accountants may have concerning such Loan 

  
 127 

 
Party’s financial status and business operations. Each Loan Party hereby authorizes all Governmental Bodies to furnish to Agent and each Lender copies of reports or examinations
relating to such Loan Party, whether made by such Loan Party or otherwise; however, Agent and each Lender will attempt to obtain such information or materials directly from such Loan Party prior to obtaining such information or materials from such
accountants or Governmental Bodies. 
  

	10.	EVENTS OF DEFAULT. 

 The occurrence of any one or more of the following events shall constitute
an “Event of Default”: 
 10.1. Nonpayment. 

Failure by any Loan Party to pay when due (a) any principal or interest on the Obligations (including without limitation pursuant to
Section 2.9), or (b) any other fee, charge, amount or liability provided for herein or in any Other Document, in each case whether at maturity, by reason of acceleration pursuant to the terms of this Agreement, by notice of intention to prepay
or by required prepayment. 
 10.2. Breach of Representation. 

Any representation or warranty made or deemed made by any Loan Party or any Guarantor in this Agreement, any Other Document or any related
agreement or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith shall prove to have been incorrect or misleading in any material respect on the date when made or deemed to have been
made; 
 10.3. Financial Information. 

Failure by any Loan Party to (i) furnish financial information when due or when requested, or (ii) permit the inspection of its books or
records or access to its premises for audits and appraisals in accordance with the terms hereof; 
 10.4. Judicial Actions. 

Issuance of a notice of Lien, levy, assessment, injunction or attachment (a) against any Loan Party’s Inventory or Receivables or (b)
against a material portion of any Loan Party’s other property which is not stayed or lifted within thirty (30) days; 
 10.5.
Noncompliance. 
 Except as otherwise provided for in Sections 10.1, 10.3 and 10.5(ii), (i) failure or neglect of any Borrower, any
Guarantor or any Person to perform, keep or observe any term, provision, condition, covenant herein contained, or contained in any Other Document or any other agreement or arrangement, now or hereafter entered into between any Borrower, any
Guarantor or such Person, and Agent or any Lender, or (ii) failure or neglect of any Loan Party to perform, keep or observe any term, provision, condition or covenant, contained in Sections 4.5, 6.1, 6.3, 6.11, 6.13, 9.4 or 9.6 hereof which is not
cured within ten (10) days from the occurrence of such failure or neglect; 

  
 128 

 10.6. Judgments. 

Any (a) judgment or judgments, writ(s), order(s) or decree(s) for the payment of money are rendered against any Borrower or any Guarantor for
an aggregate Dollar Equivalent amount in excess of Five Million and 00/100 Dollars ($5,000,000.00) or against all Borrowers or Guarantors for an aggregate amount in excess of Five Million and 00/100 Dollars ($5,000,000.00) and (b) (i) action shall
be legally taken by any judgment creditor to levy upon assets or properties of any Borrower or any Guarantor to enforce any such judgment, (ii) such judgment shall remain undischarged for the earlier of a period of thirty (30) consecutive days
during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, shall not be in effect, or (iii) any Liens arising by virtue of the rendition, entry or issuance of such judgment upon assets or properties of any
Borrower or any Guarantor shall be senior to any Liens in favor of Agent on such assets or properties; 
 10.7. Bankruptcy. 

Any Borrower, any Guarantor, any Subsidiary or Affiliate of any Borrower shall (i) apply for, consent to or suffer the appointment of, or the
taking of possession by, a receiver, administrator, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) admit in writing its inability, or be generally unable, to pay its debts as they
become due or cease operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any state or federal bankruptcy or receivership laws (or the jurisdictional equivalent Law
applicable to the UK Borrower, Davy Roll, the Swedish Borrower and/or Akers) (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent (including by entry of any order for relief in any involuntary bankruptcy or insolvency
proceeding commenced against it), (vi) file a petition seeking to take advantage of any other applicable Law providing for the relief of debtors, (vii) acquiesce to, or fail to have dismissed prior to the earlier of (A) the date on which such
petition is advertised or (B) forty-five (45) days from the date of filing, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii) take any action for the purpose of effecting any of the foregoing or (ix) take or
acquiesce to an equivalent action in any applicable jurisdiction; 
 10.8. [Reserved]. 

10.9. Lien Priority. 

Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is not a valid and perfected
Lien having a first priority interest (subject only to Permitted Encumbrances); 
 10.10. [Reserved].; 

  
 129 

 10.11. Cross Default. 

Either (x) any specified “event of default” under any Indebtedness (other than the Obligations) of any Loan Party with a
then-outstanding principal balance (or, in the case of any Indebtedness not so denominated, with a then-outstanding total obligation amount) of Five Million and 00/100 Dollars ($5,000,000.00) or more, or any other event or circumstance which would
permit the holder of any such Indebtedness of any Loan Party to accelerate such Indebtedness (and/or the obligations of Loan Party thereunder) prior to the scheduled maturity or termination thereof, shall occur (regardless of whether the holder of
such Indebtedness shall actually accelerate, terminate or otherwise exercise any rights or remedies with respect to such Indebtedness) or (y) a default of the obligations of any Loan Party under any other agreement to which it is a party shall occur
which has or is reasonably likely to have a Material Adverse Effect; 
 10.12. Breach of Guaranty or Pledge Agreement. 

Termination or breach of any Guaranty, Pledge Agreement or similar agreement executed and delivered to Agent in connection with the
Obligations of any Borrower, or if any Guarantor or pledgor attempts to terminate, challenges the validity of, or its liability under, any such Guaranty, Pledge Agreement or similar agreement; 

10.13. Change of Control. 

Any Change of Control shall occur; 

10.14. Invalidity. 
 Any
material provision of this Agreement or any Other Document shall, for any reason, cease to be valid and binding on any Borrower or any Guarantor, or any Borrower or any Guarantor shall so claim in writing to Agent or any Lender or any Loan Party
challenges the validity of or its liability under this Agreement or any Other Document; 
 10.15. Seizures. 

Any (a) portion of the Collateral shall be seized, garnished or taken by a Governmental Body, or any Borrower or any Guarantor, or (b) the
title and rights of any Borrower or any Guarantor which is the owner of any material portion of the Collateral shall have become the subject matter of claim, litigation, suit, garnishment or other proceeding which might, in the opinion of Agent,
upon final determination, result in impairment or loss of the security provided by this Agreement or the Other Documents; 
 10.16.
Operations. 
 The operations of any Borrower’s or any Guarantor’s manufacturing facility are interrupted (other than in
connection with any regularly scheduled shutdown for employee vacations and/or maintenance in the Ordinary Course of Business) at any time for more than ten (10) consecutive days and to the extent such interruption is reasonably likely to result in
a Material Adverse Effect, unless such Borrower or Guarantor shall (i) be entitled to receive for 

  
 130 

 
such period of interruption, proceeds of business interruption insurance sufficient to assure that its per diem cash needs during such period is at least equal to its average per diem cash needs
for the consecutive three month period immediately preceding the initial date of interruption and (ii) receive such proceeds in the amount described in clause (i) preceding not later than thirty (30) days following the initial date of any such
interruption; provided, however, that notwithstanding the provisions of clauses (i) and (ii) of this section, an Event of Default shall be deemed to have occurred if such Borrower or Guarantor shall be receiving the proceeds of business interruption
insurance for a period of thirty (30) consecutive days; 
 10.17. Pension Plans. 

(i) An event or condition specified in Sections 7.16 or 9.16 hereof shall occur or exist with respect to any Plan and, as a result of such
event or condition, together with all other such events or conditions, any Loan Party or any member of the Controlled Group shall incur, or in the opinion of Agent be reasonably likely to incur, a liability to a Plan or the PBGC (or both) that could
reasonably be expected to result in a Material Adverse Effect, (ii) the Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any Loan Party incorporated in England and Wales, which in the reasonable judgment of Agent,
would have a Material Adverse Effect; or (iii) the occurrence of any Termination Event, or any Loan Party’s failure to immediately report a Termination Event in accordance with Section 9.16 hereof; or 

10.18. Anti-Money Laundering/International Trade Law Compliance. 

Any representation or warranty contained in Section 16.18 is or becomes false or misleading at any time. 

 

	11.	LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT. 

 11.1. Rights and Remedies. 

(a) Upon the occurrence of: (i) an Event of Default pursuant to Section 10.7 (other than Section 10.7(vii)), all Obligations shall be
immediately due and payable and this Agreement and the obligation of Lenders to make Advances shall be deemed terminated, (ii) any of the other Events of Default and at any time thereafter, at the option of Agent or at the direction of Required
Lenders all Obligations shall be immediately due and payable and Agent or Required Lenders shall have the right to terminate this Agreement and to terminate the obligation of Lenders to make Advances; and (iii) without limiting Section 8.2
hereof, any Default under Sections 10.7(vii) hereof, the obligation of Lenders to make Advances hereunder shall be suspended until such time as such involuntary petition shall be dismissed. Upon the occurrence of any Event of Default,
Agent shall have the right to exercise any and all rights and remedies provided for herein, under the Other Documents, under the Uniform Commercial Code, any Applicable Laws and at law or equity generally, including the right to foreclose the
security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any or all of the Collateral with or without judicial process. Agent may enter any of any Loan
Party’s premises or other premises without legal process and without incurring liability to any Loan Party therefor, and Agent may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral and remove
the same to 

  
 131 

 
such place as Agent may deem advisable and Agent may require Loan Parties to make the Collateral available to Agent at a convenient place. With or without having the Collateral at the time
or place of sale, Agent may sell the Collateral, or any part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery, as Agent may
elect. Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Agent shall give Loan Parties reasonable notification of such sale or sales,
it being agreed that in all events written notice mailed to Borrowing Agent at least ten (10) days prior to such sale or sales is reasonable notification. At any public sale Agent or any Lender may bid (including credit bid) for and become the
purchaser, and Agent, any Lender or any other purchaser at any such sale thereafter shall hold the Collateral sold absolutely free from any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights and
equities are hereby expressly waived and released by each Loan Party. In connection with the exercise of the foregoing remedies, including the sale of Inventory, Agent is granted a perpetual nonrevocable, royalty free, nonexclusive license and
Agent is granted permission to use all of each Loan Party’s (a) Intellectual Property which is used or useful in connection with Inventory for the purpose of marketing, advertising for sale and selling or otherwise disposing of such Inventory
and (b) equipment for the purpose of completing the manufacture of unfinished goods. The cash proceeds realized from the sale of any Collateral shall be applied to the Obligations in the order set forth in Section 11.5 hereof. Noncash
proceeds will only be applied to the Obligations as they are converted into cash. If any deficiency shall arise, Loan Parties shall remain liable to Agent and Lenders therefor. 

(b) To the extent that Applicable Law imposes duties on Agent to exercise remedies in a commercially reasonable manner, each Loan Party
acknowledges and agrees that it is not commercially unreasonable for Agent: (i) to fail to incur expenses reasonably deemed significant by Agent to prepare Collateral for disposition or otherwise to complete raw material or work in process into
finished goods or other finished products for disposition; (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents
for the collection or disposition of Collateral to be collected or disposed of; (iii) to fail to exercise collection remedies against Customers or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral;
(iv) to exercise collection remedies against Customers and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists; (v) to advertise dispositions of Collateral through publications or
media of general circulation, whether or not the Collateral is of a specialized nature; (vi) to contact other Persons, whether or not in the same business as any Loan Party, for expressions of interest in acquiring all or any portion of such
Collateral; (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature; (viii) to dispose of Collateral by utilizing internet sites that provide for the
auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets; (ix) to dispose of assets in wholesale rather than retail markets; (x) to disclaim disposition
warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of Collateral or to provide to Agent a guaranteed return from the collection
or disposition of Collateral; or (xii) to the extent deemed appropriate by the Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent 

  
 132 

 
in the collection or disposition of any of the Collateral. Each Loan Party acknowledges that the purpose of this Section 11.1(b) is to provide non-exhaustive indications of what actions
or omissions by Agent would not be commercially unreasonable in Agent’s exercise of remedies against the Collateral and that other actions or omissions by Agent shall not be deemed commercially unreasonable solely on account of not being
indicated in this Section 11.1(b). Without limitation upon the foregoing, nothing contained in this Section 11.1(b) shall be construed to grant any rights to any Loan Party or to impose any duties on Agent that would not have been granted or
imposed by this Agreement or by Applicable Law in the absence of this Section 11.1(b). 
 11.2. Agent’s Discretion. 

Agent shall have the right in its sole discretion to determine which rights, Liens, security interests or remedies Agent may at any time
pursue, relinquish, subordinate, or modify, which procedures, timing and methodologies to employ, and what any other action to take with respect to any or all of the Collateral and in what order, thereto and such determination will not in any way
modify or affect any of Agent’s or Lenders’ rights hereunder as against Loan Parties or each other. 
 11.3. Setoff. 

Subject to Section 14.13, in addition to any other rights which Agent or any Lender may have under Applicable Law, upon the occurrence of an
Event of Default hereunder, Agent and such Lender shall have a right, immediately and without notice of any kind, to apply any Loan Party’s property held by Agent and such Lender or any of their Affiliates to reduce the Obligations and to
exercise any and all rights of setoff which may be available to Agent and such Lender with respect to any deposits held by Agent or such Lender; provided, however, solely with respect to the UK Borrower and Davy Roll, any such right of setoff shall
be exercised in accordance with and under the terms and provisions of the UK Security Documents, as applicable. 
 11.4. Rights and
Remedies not Exclusive. 
 The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise of any
rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided by law, all of which shall be cumulative and not alternative. 

11.5. Allocation of Payments After Event of Default. 

Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence and during the continuance of an Event of
Default, all amounts collected or received by Agent on account of the Obligations (including without limitation any amounts on account of any of Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall be paid over or
delivered as follows: 
 FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’
fees) of Agent in connection with enforcing its rights and the rights of 

  
 133 

 
Lenders under this Agreement and the Other Documents, and any Out-of-Formula Loans and Protective Advances funded by Agent with respect to the Collateral under or pursuant to the terms of this
Agreement; 
 SECOND, to payment of any fees owed to Agent; 

THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the Lenders to
the extent owing to such Lender pursuant to the terms of this Agreement; 
 FOURTH, to the payment of all of the Obligations consisting of
accrued interest on account of the Swing Loans; 
 FIFTH, to the payment of the outstanding principal amount of the Obligations consisting
of Swing Loans; 
 SIXTH, to the payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees
and interest (other than interest in respect of Swing Loans paid pursuant to clause FOURTH above); 
 SEVENTH, to the payment of the
outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities to the extent a reserve
for such amounts has been included in the Formula Amount) (including the payment or cash collateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof). 

EIGHTH, to all other Obligations arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities which have not been
reserved for as set forth in clause “SEVENTH” above) which shall have become due and payable (hereunder, under the Other Documents or otherwise) and not repaid pursuant to clauses “FIRST” through “SEVENTH” above; 

NINTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through
“EIGHTH”; and 
 TENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 

In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to
the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge
Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH”
and “NINTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including
sums received as a result of the exercise of remedies with respect to such Guaranty) or 

  
 134 

 
from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate
adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations
otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such
amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the
expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH”, and “NINTH” above in the manner provided in this Section 11.5. 

 

	12.	WAIVERS AND JUDICIAL PROCEEDINGS. 

 12.1. Waiver of Notice. 

Each Loan Party hereby waives notice of non-payment of any of the Receivables, demand, presentment, protest and notice thereof with respect to
any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description, except
such as are expressly provided for herein. 
 12.2. Delay. 

No delay or omission on Agent’s or any Lender’s part in exercising any right, remedy or option shall operate as a waiver of such or
any other right, remedy or option or of any Default or Event of Default. 
 12.3. Jury Waiver. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR
THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

  
 135 

	13.	EFFECTIVE DATE AND TERMINATION. 

 13.1. Term. 

This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of each Loan
Party, Agent and each Lender, shall become effective on the date hereof and shall continue in full force and effect until May 20, 2021 (the “Term”) unless sooner terminated as herein provided. Loan Parties may terminate this Agreement
at any time upon thirty (30) days prior written notice to Agent upon payment in full of the Obligations. 
 13.2. Termination. 

The termination of the Agreement shall not affect Agent’s or any Lender’s rights, or any of the Obligations having their inception
prior to the effective date of such termination or any Obligations which pursuant to the terms hereof continue to accrue after such date, and the provisions hereof shall continue to be fully operative until all transactions entered into, rights or
interests created and Obligations have been fully and indefeasibly paid, disposed of, concluded or liquidated. The security interests, Liens and rights granted to Agent and Lenders hereunder and the financing statements filed hereunder shall
continue in full force and effect, notwithstanding the termination of this Agreement or the fact that Borrowers’ Account may from time to time be temporarily in a zero or credit position, until all of the Obligations of each Loan Party have
been indefeasibly paid and performed in full after the termination of this Agreement or each Loan Party has furnished Agent and Lenders with an indemnification satisfactory to Agent and Lenders with respect thereto. Accordingly, each Loan Party
waives any rights which it may have under the Uniform Commercial Code to demand the filing of termination statements with respect to the Collateral, and Agent shall not be required to send such termination statements to each Loan Party, or to file
them with any filing office, unless and until this Agreement shall have been terminated in accordance with its terms and all Obligations have been indefeasibly paid in full in immediately available funds. Upon the occurrence of (a) payment and
performance in full of the Obligations, (b) expiration of all Letters of Credit and (c) termination of this Agreement, the Agent shall, at the sole expense of the Loan Parties, promptly but in any event within thirty (30) days of such occurrence,
take such action as is reasonably necessary to file UCC-3 termination statements or other termination documents, as applicable, with respect to filings made by or on behalf of the Agent hereunder and, in the event the Agent shall not have taken such
action as required hereunder, each Loan Party shall be authorized by the Agent (for itself and on behalf of the Lenders) to file such UCC-3 termination statements or such other termination documents with respect to such filing. All
representations, warranties, covenants, waivers and agreements contained herein shall survive termination hereof until all Obligations are indefeasibly paid and performed in full. 

  
 136 

	14.	REGARDING AGENT. 

 14.1. Appointment. 

Each Lender hereby designates PNC to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby
irrevocably authorizes Agent to take such action on its behalf under the provisions of this Agreement and the Other Documents and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or
required of Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto and Agent shall hold all Collateral, payments of principal and interest, fees (except the fees set forth in Sections 2.8(b), 3.3 and
the Fee Letter), charges and collections received pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform any of its duties hereunder by or through its agents or employees. As to any matters not expressly provided
for by this Agreement (including collection of the Note) Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the instructions of Required Lenders, and such instructions shall be binding; provided, however, that Agent shall not be required to take any action which, in Agent’s discretion, exposes Agent to liability or which is contrary to
this Agreement or the Other Documents or Applicable Law unless Agent is furnished with an indemnification reasonably satisfactory to Agent with respect thereto. 

14.2. Nature of Duties. 

Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and the Other Documents. Neither Agent nor
any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted by them as such hereunder or in connection herewith, unless caused by their gross (not mere) negligence or willful misconduct (as determined by a
court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement, or in any
of the Other Documents or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any of the Other Documents or for the value, validity,
effectiveness, genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the Other Documents or for any failure of any Loan Party to perform its obligations hereunder. Agent shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any of the Other Documents, or to inspect the properties, books or records of any Loan Party. The
duties of Agent as respects the Advances to Borrowers shall be mechanical and administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement, expressed or
implied, is intended to or shall be so construed as to impose upon Agent any obligations in respect of this Agreement or the transactions described herein except as expressly set forth herein. 

  
 137 

 14.3. Lack of Reliance on Agent. 

Independently and without reliance upon Agent or any other Lender, each Lender has made and shall continue to make (i) its own independent
investigation of the financial condition and affairs of each Borrower and each Guarantor in connection with the making and the continuance of the Advances hereunder and the taking or not taking of any action in connection herewith, and (ii) its own
appraisal of the creditworthiness of each Borrower and each Guarantor. Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information with respect thereto,
whether coming into its possession before making of the Advances or at any time or times thereafter except as shall be provided by any Loan Party pursuant to the terms hereof. Agent shall not be responsible to any Lender for any recitals,
statements, information, representations or warranties herein or in any agreement, document, certificate or a statement delivered in connection with or for the execution, effectiveness, genuineness, validity, enforceability, collectability or
sufficiency of this Agreement or any Other Document, or of the financial condition of any Borrower or any Guarantor, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of
this Agreement, the Note, the Other Documents or the financial condition or prospects of any Loan Party, or the existence of any Event of Default or any Default. 

14.4. Resignation of Agent; Successor Agent. 

Agent may resign on sixty (60) days written notice to each Lender and Borrowing Agent and upon such resignation, Required Lenders will
promptly designate a successor Agent reasonably satisfactory to Loan Parties (provided that no such approval by Loan Parties shall be required (i) in any case where the successor Agent is one of the Lenders or (ii) after the occurrence and during
the continuance of any Event of Default). Any such successor Agent shall succeed to the rights, powers and duties of Agent, and shall in particular succeed to all of Agent’s right, title and interest in and to all of the Liens in the
Collateral securing the Obligations created hereunder or any Other Document (including the Pledge Agreements and all account control agreements), and the term “Agent” shall mean such successor agent effective upon its appointment, and the
former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former Agent. However, notwithstanding the foregoing, if at the time of the effectiveness of the new
Agent’s appointment, any further actions need to be taken in order to provide for the legally binding and valid transfer of any Liens in the Collateral from former Agent to new Agent and/or for the perfection of any Liens in the Collateral as
held by new Agent or it is otherwise not then possible for new Agent to become the holder of a fully valid, enforceable and perfected Lien as to any of the Collateral, former Agent shall continue to hold such Liens solely as agent for perfection of
such Liens on behalf of new Agent until such time as new Agent can obtain a fully valid, enforceable and perfected Lien on all Collateral, provided that Agent shall not be required to or have any liability or responsibility to take any further
actions after such date as such agent for perfection to continue the perfection of any such Liens (other than to forego from taking any affirmative action to release any such Liens). After any Agent’s resignation as Agent, the provisions
of this Article XIV, and any indemnification rights under this Agreement, including without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent
under this Agreement (and in the event resigning 

  
 138 

 
Agent continues to hold any Liens pursuant to the provisions of the immediately preceding sentence, the provisions of this Article XIV and any indemnification rights under this Agreement,
including without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it in connection with such Liens). 

14.5. Certain Rights of Agent. 

If Agent shall request instructions from Lenders with respect to any act or action (including failure to act) in connection with this
Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from Required Lenders; and Agent shall not incur liability to any Person by reason of so
refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against Agent as a result of its acting or refraining from acting hereunder in accordance with the instructions of Required Lenders. 

14.6. Reliance. 
 Agent
shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate, email, facsimile, telex, teletype or telecopier message, cablegram, order or other document or telephone message
believed by it to be genuine and correct and to have been signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Agreement and the Other Documents and its duties hereunder, upon advice of
counsel selected by it. Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with reasonable care. 

14.7. Notice of Default. 

Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder or under the Other
Documents, unless Agent has received notice from a Lender or Borrowing Agent referring to this Agreement or the Other Documents, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the
event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by Required Lenders; provided, that, unless and
until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of
Lenders. 
 14.8. Indemnification. 

To the extent Agent is not reimbursed and indemnified by Loan Parties, each Lender will reimburse and indemnify Agent in proportion to its
respective portion of the outstanding Advances and its respective Participation Commitments in the outstanding Letters of Credit and outstanding Swing Loans (or, if no Advances are outstanding, pro rata according to the percentage that its Revolving
Commitment Amount constitutes of the total aggregate Revolving Commitment Amounts), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature

  
 139 

 
whatsoever which may be imposed on, incurred by or asserted against Agent in performing its duties hereunder, or in any way relating to or arising out of this Agreement or any Other Document;
provided that Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross (not mere) negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment). 
 14.9. Agent in its Individual
Capacity. 
 With respect to the obligation of Agent to lend under this Agreement, the Advances made by it shall have the same rights
and powers hereunder as any other Lender and as if it were not performing the duties as Agent specified herein; and the term “Lender” or any similar term shall, unless the context clearly otherwise indicates, include Agent in its
individual capacity as a Lender. Agent may engage in business with any Loan Party as if it were not performing the duties specified herein, and may accept fees and other consideration from any Loan Party for services in connection with this
Agreement or otherwise without having to account for the same to Lenders. 
 14.10. Delivery of Documents. 

To the extent Agent receives financial statements required under Sections 9.7, 9.8, 9.9, 9.12 and 9.13 or Borrowing Base Certificates from any
Loan Party pursuant to the terms of this Agreement which any Loan Party is not obligated to deliver to each Lender, Agent will promptly furnish such documents and information to Lenders. 

14.11. Loan Parties’ Undertaking to Agent. 

Without prejudice to their respective obligations to Lenders under the other provisions of this Agreement, each Loan Party hereby undertakes
with Agent to pay to Agent from time to time on demand all amounts from time to time due and payable by it for the account of Agent or Lenders or any of them pursuant to this Agreement to the extent not already paid. Any payment made pursuant
to any such demand shall pro tanto satisfy the relevant Loan Party’s obligations to make payments for the account of Lenders or the relevant one or more of them pursuant to this Agreement. 

14.12. No Reliance on Agent’s Customer Identification Program. 

To the extent the Advances or this Agreement is, or becomes, syndicated in cooperation with other Lenders, each Lender acknowledges and agrees
that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required
or imposed under or pursuant to the USA PATRIOT Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of Loan Parties, their Affiliates or their agents, the Other Documents or the transactions
hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such Anti-Terrorism
Laws. 

  
 140 

 14.13. Other Agreements. 

Each of the Lenders agrees that it shall not, without the express consent of Agent, and that it shall, to the extent it is lawfully entitled
to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such Lender to any Loan Party or any deposit accounts of any Loan Party now or hereafter maintained with such Lender. Anything in this Agreement to the
contrary notwithstanding, each of the Lenders further agrees that it shall not, unless specifically requested to do so by Agent, take any action to protect or enforce its rights arising out of this Agreement or the Other Documents, it being the
intent of Lenders that any such action to protect or enforce rights under this Agreement and the Other Documents shall be taken in concert and at the direction or with the consent of Agent or Required Lenders. 

 

	15.	BORROWING AGENCY. 

 15.1. Borrowing Agency Provisions. 

(a) Each Loan Party hereby irrevocably designates Borrowing Agent to be its attorney and agent and in such capacity to (i) borrow, (ii)
request advances, (iii) request the issuance of Letters of Credit, (iv) sign and endorse notes, (v) execute and deliver all instruments, documents, applications, security agreements, reimbursement agreements and letter of credit agreements for
Letters of Credit and all other certificates, notice, writings and further assurances now or hereafter required hereunder, (vi) make elections regarding interest rates, (vii) give instructions regarding Letters of Credit and agree with Issuer upon
any amendment, extension or renewal of any Letter of Credit and (viii) otherwise take action under and in connection with this Agreement and the Other Documents, all on behalf of and in the name such Loan Party or Loan Parties, and hereby authorizes
Agent to pay over or credit all loan proceeds hereunder in accordance with the request of Borrowing Agent. 
 (b) The handling of this
credit facility as a co-borrowing facility with a borrowing agent in the manner set forth in this Agreement is solely as an accommodation to Loan Parties and at their request. Neither Agent nor any Lender shall incur liability to Loan Parties
as a result thereof. To induce Agent and Lenders to do so and in consideration thereof, each Loan Party hereby indemnifies Agent and each Lender and holds Agent and each Lender harmless from and against any and all liabilities, expenses,
losses, damages and claims of damage or injury asserted against Agent or any Lender by any Person arising from or incurred by reason of the handling of the financing arrangements of Loan Parties as provided herein, reliance by Agent or any Lender on
any request or instruction from Borrowing Agent or any other action taken by Agent or any Lender with respect to this Section 15.1 except due to willful misconduct or gross (not mere) negligence by the indemnified party (as determined by a court of
competent jurisdiction in a final and non-appealable judgment). 
 (c) All Obligations shall be joint and several, and each Loan Party shall
make payment upon the maturity of the Obligations by acceleration or otherwise, and such obligation and liability on the part of each Loan Party shall in no way be affected by any extensions, 

  
 141 

 
renewals and forbearance granted by Agent or any Lender to any Loan Party, failure of Agent or any Lender to give any Loan Party notice of borrowing or any other notice, any failure of Agent or
any Lender to pursue or preserve its rights against any Loan Party, the release by Agent or any Lender of any Collateral now or thereafter acquired from any Loan Party, and such agreement by each Loan Party to pay upon any notice issued pursuant
thereto is unconditional and unaffected by prior recourse by Agent or any Lender to the other Loan Parties or any Collateral for such Loan Party’s Obligations or the lack thereof. Each Loan Party waives all suretyship defenses. 

15.2. Waiver of Subrogation. 

Each Loan Party expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution of any other claim
which such Loan Party may now or hereafter have against the other Loan Parties or any other Person directly or contingently liable for the Obligations hereunder, or against or with respect to any other Loan Parties’ property (including, without
limitation, any property which is Collateral for the Obligations), arising from the existence or performance of this Agreement, until termination of this Agreement and repayment in full of the Obligations. 

 

	16.	MISCELLANEOUS. 

 16.1. Governing Law. 

This Agreement and each Other Document (unless and except to the extent expressly provided otherwise in any such Other Document), and all
matters relating hereto or thereto or arising herefrom or therefrom (whether arising under contract law, tort law or otherwise) shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. Any judicial
proceeding brought by or against any Loan Party with respect to any of the Obligations, this Agreement, the Other Documents or any related agreement may be brought in any court of competent jurisdiction in the Commonwealth of Pennsylvania, United
States of America, and, by execution and delivery of this Agreement, each Loan Party accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement. Each Loan Party hereby waives personal service of any and all process upon it and consents that all such service of process may be made by certified or
registered mail (return receipt requested) directed to Borrowing Agent at its address set forth in Section 16.6 and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mail of the United States
of America, or, at Agent’s option, by service upon Borrowing Agent which each Loan Party irrevocably appoints as such Loan Party’s agent for the purpose of accepting service within the Commonwealth of Pennsylvania. Nothing herein
shall affect the right to serve process in any manner permitted by law or shall limit the right of Agent or any Lender to bring proceedings against any Loan Party in the courts of any other jurisdiction. Each Loan Party waives any objection to
jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Loan Party waives the right to remove any judicial proceeding brought
against such Loan Party in any state court to any federal court. Any judicial proceeding by any Loan Party against Agent or any Lender involving, directly or indirectly, any matter or claim in any way arising out of, related to or connected
with this Agreement or any related agreement, shall be brought only in a federal or state court located in the County of Allegheny, Commonwealth of Pennsylvania. 

  
 142 

 16.2. Entire Understanding. 

(a) This Agreement and the documents executed concurrently herewith contain the entire understanding between each Loan Party, Agent and each
Lender and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties or guarantees not herein contained and hereinafter made shall have no force and effect
unless in writing, signed by each Loan Party’s, Agent’s and each Lender’s respective officers. Neither this Agreement nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged,
cancelled or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Notwithstanding the foregoing, Agent may modify this Agreement or any of the Other Documents for
the purposes of completing missing content or correcting erroneous content of an administrative nature, without the need for a written amendment, provided that the Agent shall send a copy of any such modification to the Loan Parties and each Lender
(which copy may be provided by electronic mail). Each Loan Party acknowledges that it has been advised by counsel in connection with the execution of this Agreement and Other Documents and is not relying upon oral representations or statements
inconsistent with the terms and provisions of this Agreement. 
 (b) Required Lenders, Agent with the consent in writing of Required
Lenders, and Loan Parties may, subject to the provisions of this Section 16.2(b), from time to time enter into written supplemental agreements to this Agreement or the Other Documents executed by Loan Parties, for the purpose of adding or deleting
any provisions or otherwise changing, varying or waiving in any manner the rights of Lenders, Agent or Loan Parties thereunder or the conditions, provisions or terms thereof or waiving any Event of Default thereunder, but only to the extent
specified in such written agreements; provided, however, that no such supplemental agreement shall: 
 (i) increase the Revolving
Commitment Amount of any Lender without the consent of such Lender directly affected thereby; 
 (ii) whether or not any Advances are
outstanding, extend the Term or the time for payment of principal or interest of any Advance (excluding the due date of any mandatory prepayment of an Advance), or any fee payable to any Lender, or reduce the principal amount of or the rate of
interest borne by any Advances or reduce any fee payable to any Lender, without the consent of each Lender directly affected thereby (except that Required Lenders may elect to waive or rescind any imposition of the Default Rate under Section 3.1 or
of default rates of Letter of Credit fees under Section 3.2 (unless imposed by Agent)); 
 (iii) except in connection with any increase
pursuant to Section 2.24 hereof, increase the Maximum Revolving Advance Amount without the consent of each Lender directly affected thereby; 

  
 143 

 (iv) alter the definition of the term Required Lenders or Supermajority Lenders or alter, amend
or modify this Section 16.2(b) without the consent of all Lenders; 
 (v) alter, amend or modify the provisions of Section 11.5 without the
consent of all Lenders; 
 (vi) release any Collateral during any calendar year (other than in connection with dispositions of Collateral
permitted under Section 7.1 or in accordance with the provisions of this Agreement) having an aggregate value in excess of Ten Million and 00/100 Dollars ($10,000,000.00) without the consent of all Lenders; 

(vii) change the rights and duties of Agent without the consent of all Lenders; 

(viii) subject to clause (e) below, permit any Revolving Advance to be made if after giving effect thereto the total of Revolving Advances
outstanding hereunder would exceed the Formula Amount for more than sixty (60) consecutive Business Days or exceed one hundred and ten percent (110%) of the Formula Amount without the consent of all Lenders; 

(ix) increase the Advance Rates above the Advance Rates in effect on the Closing Date or change any of the other definitions used in the
calculation of the Formula Amount in a manner that could increase the availability of any Revolving Advances under Section 2.1 without the consent of the Supermajority Lenders; provided that the use by the Agent of its Permitted Discretion to
make adjustments to eligibility criteria or to impose or remove reserves, in each case in accordance with the terms of this Agreement, shall not require the consent of any Lender; or 

(x) release any Guarantor or Borrower without the consent of all Lenders. 

(c) Any such supplemental agreement shall apply equally to each Lender and shall be binding upon Loan Parties, Lenders and Agent and all
future holders of the Obligations. In the case of any waiver, Loan Parties, Agent and Lenders shall be restored to their former positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver
of a specific Event of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as the Event of Default which was waived), or impair any right consequent thereon. 

(d) In the event that Agent requests the consent of a Lender pursuant to this Section 16.2 and such consent is denied, then Agent may, at its
option, require such Lender to assign its interest in the Advances to Agent or to another Lender or to any other Person designated by Agent (the “Designated Lender”), for a price equal to (i) the then outstanding principal amount thereof
plus (ii) accrued and unpaid interest and fees due such Lender, which interest and fees shall be paid when collected from Borrowers. In the event Agent elects to require any Lender to assign its interest to Agent or to the Designated Lender,
Agent will so notify such Lender in writing within forty five (45) days following such Lender’s denial, and such Lender will assign its interest to Agent or the Designated Lender no later than five (5) days following receipt of such notice
pursuant to a Commitment Transfer Supplement executed by such Lender, Agent or the Designated Lender, as appropriate, and Agent. 

  
 144 

 (e) Notwithstanding (i) the existence of a Default or an Event of Default, (ii) that any of
the other applicable conditions precedent set forth in Section 8.2 hereof have not been satisfied or the commitments of Lenders to make Revolving Advances hereunder have been terminated for any reason, or (iii) any other contrary provision of this
Agreement, Agent may at its discretion and without the consent of any Lender, voluntarily permit the outstanding Revolving Advances at any time to exceed the Formula Amount by up to ten percent (10%) of the Formula Amount for up to sixty (60)
consecutive Business Days (the “Out-of-Formula Loans”); provided that in no event shall the aggregate outstanding amount of Revolving Advances, Swing Loans and Letters of Credit exceed the Revolving Commitments of all
Lenders. If Agent is willing in its sole and absolute discretion to permit such Out-of-Formula Loans, Lenders holding the Revolving Commitments shall be obligated to fund such Out-of-Formula Loans in accordance with their respective Revolving
Commitment Percentages, and such Out-of-Formula Loans shall be payable on demand and shall bear interest at the Default Rate for Revolving Advances consisting of Domestic Rate Loans; provided that, if Agent does permit Out-of-Formula Loans, neither
Agent nor Lenders shall be deemed thereby to have changed the limits of Section 2.1(a) nor shall any Lender be obligated to fund Revolving Advances in excess of its Revolving Commitment Amount. For purposes of this paragraph, the discretion
granted to Agent hereunder shall not preclude involuntary overadvances that may result from time to time due to the fact that the Formula Amount was unintentionally exceeded for any reason, including, but not limited to, Collateral previously deemed
to be “Eligible Domestic Insured Foreign Receivables”, “Eligible Domestic Receivables”, “Eligible UK Insured Foreign Receivables”, “Eligible UK Receivables”, “Eligible Swedish Insured Foreign
Receivables”, “Eligible Swedish Receivables”, “Eligible Domestic Inventory”, “Eligible UK Inventory”, “Eligible Swedish Inventory” or “Eligible Equipment”, as applicable, becomes ineligible,
collections of Receivables applied to reduce outstanding Revolving Advances are thereafter returned for insufficient funds or overadvances are made to protect or preserve the Collateral. In the event Agent involuntarily permits the outstanding
Revolving Advances to exceed the Formula Amount by more than ten percent (10%), Agent shall use its efforts to have Borrowers decrease such excess in as expeditious a manner as is practicable under the circumstances and not inconsistent with the
reason for such excess. Revolving Advances made after Agent has determined the existence of involuntary overadvances shall be deemed to be involuntary overadvances and shall be decreased in accordance with the preceding sentence. To the
extent any Out-of-Formula Loans are not actually funded by the other Lenders as provided for in this Section 16.2(e), Agent may elect in its discretion to fund such Out-of-Formula Loans and any such Out-of-Formula Loans so funded by Agent shall be
deemed to be Revolving Advances made by and owing to Agent, and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving Commitment under this Agreement and the Other Documents with respect
to such Revolving Advances. 
 (f) In addition to (and not in substitution of) the discretionary Revolving Advances permitted above in this
Section 16.2, Agent is hereby authorized by Borrowers and Lenders, at any time in Agent’s sole discretion, regardless of (i) the existence of a Default or an Event of Default, (ii) whether any of the other applicable conditions precedent set
forth in Section 8.2 hereof have not been satisfied or the commitments of Lenders to make Revolving 

  
 145 

 
Advances hereunder have been terminated for any reason, or (iii) any other contrary provision of this Agreement, to make Revolving Advances (“Protective Advances”) to Borrowers on
behalf of Lenders which Agent, in its reasonable business judgment, deems necessary or desirable (a) to preserve or protect the Collateral, or any portion thereof, (b) to enhance the likelihood of, or maximize the amount of, repayment of the
Advances and other Obligations, or (c) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement; provided, that the Protective Advances made hereunder shall not exceed ten percent (10% of the Maximum Revolving Advance
Amount in the aggregate; and provided further that, at any time after giving effect to any such Protective Advances, the outstanding Revolving Advances, Swing Loans Maximum Undrawn Amount of all outstanding Letters of Credit do not exceed the
Maximum Revolving Advance Amount. Lenders holding the Revolving Commitments shall be obligated to fund such Protective Advances and effect a settlement with Agent therefor upon demand of Agent in accordance with their respective Revolving
Commitment Percentages. To the extent any Protective Advances are not actually funded by the other Lenders as provided for in this Section 16.2(f), any such Protective Advances funded by Agent shall be deemed to be Revolving Advances made by
and owing to Agent, and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving Commitment under this Agreement and the Other Documents with respect to such Revolving Advances. 

16.3. Successors and Assigns; Participations; New Lenders. 

(a) This Agreement shall be binding upon and inure to the benefit of Loan Parties, Agent, each Lender, all future holders of the Obligations
and their respective successors and assigns, except that no Loan Party may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Agent and each Lender. 

(b) Each Loan Party acknowledges that in the regular course of commercial banking business one or more Lenders may at any time and from time
to time sell participating interests in the Advances to other Persons (each such transferee or purchaser of a participating interest, a “Participant”). Each Participant may exercise all rights of payment (including rights of set-off)
with respect to the portion of such Advances held by it or other Obligations payable hereunder as fully as if such Participant were the direct holder thereof provided that (i) Loan Parties shall not be required to pay to any Participant more
than the amount which it would have been required to pay to Lender which granted an interest in its Advances or other Obligations payable hereunder to such Participant had such Lender retained such interest in the Advances hereunder or other
Obligations payable hereunder unless the sale of the participation to such Participant is made with Loan Party’s prior written consent, and (ii) in no event shall Loan Parties be required to pay any such amount arising from the same
circumstances and with respect to the same Advances or other Obligations payable hereunder to both such Lender and such Participant. Each Loan Party hereby grants to any Participant a continuing security interest in any deposits, moneys or
other property actually or constructively held by such Participant as security for the Participant’s interest in the Advances. 
 (c)
Any Lender, with the consent of Agent, may sell, assign or transfer all or any part of its rights and obligations under or relating to Revolving Advances under this Agreement and the Other Documents to one or more additional Persons and one or more
additional Persons may commit to make Advances hereunder (each a “Purchasing Lender”), in 

  
 146 

 
minimum amounts of not less than Five Million and 00/100 Dollars ($5,000,000.00), pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, and Agent
and delivered to Agent for recording, provided, however, that each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to each of the
Revolving Advances under this Agreement in which such Lender has an interest. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined pursuant to such Commitment Transfer Supplement, (i)
Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder with a Revolving Commitment Percentage as set forth therein, and (ii) the
transferor Lender thereunder shall, to the extent provided in such Commitment Transfer Supplement, be released from its obligations under this Agreement, the Commitment Transfer Supplement creating a novation for that purpose. Such Commitment
Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Lender and the resulting adjustment of the Revolving Commitment Percentages arising from the
purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Each Loan Party hereby consents to the addition of such Purchasing Lender and the
resulting adjustment of the Revolving Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Loan
Parties shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing provided, however, that the consent of Borrowers (such consent not to be unreasonably withheld or delayed) shall be
required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Permitted Assignee; provided that Borrowers shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to Agent within five (5) Business Days after having received prior notice thereof. 
 (d) Any Lender, with
the consent of Agent which shall not be unreasonably withheld or delayed, may directly or indirectly sell, assign or transfer all or any portion of its rights and obligations under or relating to Revolving Advances under this Agreement and the Other
Documents to an entity, whether a corporation, partnership, trust, limited liability company or other entity that (i) is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary
course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of such Lender (a “Purchasing CLO” and together with each Participant and Purchasing Lender, each a “Transferee” and
collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to reflect the interest being assigned (“Modified Commitment Transfer Supplement”), executed by any intermediate purchaser, the
Purchasing CLO, the transferor Lender, and Agent as appropriate and delivered to Agent for recording. Upon such execution and delivery, from and after the transfer effective date determined pursuant to such Modified Commitment Transfer
Supplement, (i) Purchasing CLO thereunder shall be a party hereto and, to the extent provided in such Modified Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder and (ii) the transferor Lender thereunder shall, to
the extent provided in such Modified Commitment Transfer Supplement, be released from its obligations under this Agreement, the Modified Commitment Transfer Supplement 

  
 147 

 
creating a novation for that purpose. Such Modified Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the
addition of such Purchasing CLO. Each Loan Party hereby consents to the addition of such Purchasing CLO. Borrowers shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing.

 (e) Agent shall maintain at its address a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement
delivered to it and a register (the “Register”) for the recordation of the names and addresses of each Lender and the outstanding principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall
be conclusive, in the absence of manifest error, and each Loan Party, Agent and Lenders may treat each Person whose name is recorded in the Register as the owner of the Advance recorded therein for the purposes of this Agreement. The Register
shall be available for inspection by Borrowing Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. Agent shall receive a fee in the amount of $3,500 payable by the applicable Purchasing Lender and/or
Purchasing CLO upon the effective date of each transfer or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO. 

(f) Each Loan Party authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information in
such Lender’s possession concerning such Loan Party which has been delivered to such Lender by or on behalf of such Loan Party pursuant to this Agreement or in connection with such Lender’s credit evaluation of such Loan Party. 

(g) Notwithstanding anything to the contrary contained in this Agreement, any Lender may at any time and from time to time pledge or assign a
security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

16.4. Application of Payments. 

Agent shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any and all proceeds of Collateral to any
portion of the Obligations. To the extent that any Loan Party makes a payment or Agent or any Lender receives any payment or proceeds of the Collateral for any Loan Party’s benefit, which are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof
intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Agent or such Lender. 

  
 148 

 16.5. Indemnity. 

Each Loan Party shall defend, protect, indemnify, pay and save harmless Agent, Issuer, each Lender and each of their respective officers,
directors, Affiliates, attorneys, employees and agents (each an “Indemnified Party”) for and from and against any and all claims, demands, liabilities, obligations, losses, damages, penalties, fines, actions, judgments, suits, costs,
charges, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel (including allocated costs of internal counsel)) (collectively, “Claims”) which may be imposed on, incurred by, or asserted
against any Indemnified Party in arising out of or in any way relating to or as a consequence, direct or indirect, of: (i) this Agreement, the Other Documents, the Advances and other Obligations and/or the transactions contemplated hereby including
the Transactions, (ii) any action or failure to act or action taken only after delay or the satisfaction of any conditions by any Indemnified Party in connection with and/or relating to the negotiation, execution, delivery or administration of the
Agreement and the Other Documents, the credit facilities established hereunder and thereunder and/or the transactions contemplated hereby including the Transactions, (iii) any Borrower’s or any Guarantor’s failure to observe, perform or
discharge any of its covenants, obligations, agreements or duties under or breach of any of the representations or warranties made in this Agreement and the Other Documents, (iv) the enforcement of any of the rights and remedies of Agent, Issuer or
any Lender under the Agreement and the Other Documents, (v) any threatened or actual imposition of fines or penalties, or disgorgement of benefits, for violation of any Anti-Terrorism Law by any Loan Party, any Affiliate or Subsidiary of any Loan
Party, and (vi) any claim, litigation, proceeding or investigation instituted or conducted by any Governmental Body or instrumentality or any other Person with respect to any aspect of, or any transaction contemplated by, or referred to in, or any
matter related to, this Agreement or the Other Documents, whether or not Agent or any Lender is a party thereto. Without limiting the generality of any of the foregoing, each Loan Party shall defend, protect, indemnify, pay and save harmless
each Indemnified Party from any Claims which may be imposed on, incurred by, or asserted against any Indemnified Party arising out of or in any way relating to or as a consequence, direct or indirect, of the issuance of any Letter of Credit
hereunder. Additionally, if any taxes (excluding taxes imposed upon or measured solely by the net income of Agent and Lenders, but including any intangibles taxes, stamp tax, recording tax or franchise tax) shall be payable by Agent, Lenders or
Borrowers on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of the Other Documents, or the creation or repayment of any of the Obligations hereunder, by reason of any Applicable Law
now or hereafter in effect, Borrowers will pay (or will promptly reimburse Agent and Lenders for payment of) all such taxes, including interest and penalties thereon, and will indemnify and hold the Indemnified Parties harmless from and against all
liability in connection therewith. 
 16.6. Notice. 

Any notice or request hereunder may be given to Borrowing Agent or any Loan Party or to Agent or any Lender at their respective addresses set
forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section. Any notice, request, demand, direction or other communication (for purposes of this Section 16.6
only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone or in writing (which includes by means of 

  
 149 

 
electronic transmission (i.e., “e-mail”) or facsimile transmission or by setting forth such Notice on a website to which Borrowers are directed (an “Internet Posting”) if
Notice of such Internet Posting (including the information necessary to access such site) has previously been delivered to the applicable parties hereto by another means set forth in this Section 16.6) in accordance with this Section 16.6. Any
such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their respective names on Section 16.6 hereof or in accordance with any subsequent unrevoked Notice from any such party that is given in
accordance with this Section 16.6. Any Notice shall be effective: 
 (a) In the case of hand-delivery, when delivered; 

(b) If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid,
return receipt requested; 
 (c) In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic
Notice is confirmed no later than the next Business Day by hand delivery, a facsimile or electronic transmission, an Internet Posting or an overnight courier delivery of a confirmatory Notice (received at or before noon on such next Business Day);

 (d) In the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number, if the
party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine; 
 (e) In the case of electronic
transmission, when actually received; 
 (f) In the case of an Internet Posting, upon delivery of a Notice of such posting (including the
information necessary to access such site) by another means set forth in this Section 16.6; and 
 (g) If given by any other means
(including by overnight courier), when actually received. 
 Any Lender giving a Notice to Borrowing Agent or any Loan Party shall
concurrently send a copy thereof to Agent, and Agent shall promptly notify the other Lenders of its receipt of such Notice. 
 (A) If to
Agent or PNC at: 
 PNC Bank, National Association 

300 Fifth Avenue, 14th Floor 

Pittsburgh, Pennsylvania 15222 

			
	Attention:	  	  David Thayer
	Telephone:	  	  412-768-1339
	Facsimile:	  	  412-644-7664

 with a copy to: 

PNC Bank, National Association 

  
 150 

 PNC Agency Services 

6750 Miller Road, Mail Stop BR-YB58-01-M 

Brecksville, Ohio 44141 

Attention: Craig Hales 

Telephone: (440) 546-7430 

Facsimile: (877) 733-1117 
 with
an additional copy to: 
 Clark Hill PLC 

One Oxford Centre 
 301 Grant
Street, 14th Floor 
 Pittsburgh, Pennsylvania 15219 

Attention: Jeffrey J. Conn, Esquire 

Telephone: 412-394-2324 

Facsimile: 412-394-2555 
 (B) If
to a Lender other than Agent, as specified on the signature pages hereof 
 (C) If to Borrowing Agent or any Loan Party: 

Ampco-Pittsburgh Corporation 

726 Bell Avenue, Suite 301 
 Box
427 
 Carnegie, PA 15106 

Attention: Chief Financial Officer 

Telephone: 412-429-2472 

Facsimile: 412-456-4443 
 with a
copy to: 
 Ampco-Pittsburgh Corporation 

726 Bell Avenue, Suite 301 
 Box
427 
 Carnegie, PA 15106 

Attention: General Counsel 

Telephone: 412-456-4470 

Facsimile: 412-456-4443 
 16.7.
Survival. 
 The obligations of Borrowers under Sections 2.2(f), 2.2(g), 2.2(h), 3.7, 3.8, 3.9, 3.10, 16.5 and 16.9 and the
obligations of Lenders under Sections 2.2, 2.15(b), 2.16, 2.18, 2.19, 14.8 and 16.5, shall survive termination of this Agreement and the Other Documents and payment in full of the Obligations. 

  
 151 

 16.8. Severability. 

If any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and
deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible. 

16.9. Expenses. 

Borrowers shall pay (i) all out-of-pocket expenses incurred by Agent and its Affiliates (including the reasonable fees, charges and
disbursements of counsel for Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees of Agent, in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution, delivery and administration of this Agreement and the Other Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all out-of-pocket expenses incurred by Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by
Agent, any Lender or Issuer (including the fees, charges and disbursements of any counsel for Agent, any Lender or Issuer), and shall pay all fees and time charges for attorneys who may be employees of Agent, any Lender or Issuer, in connection with
the enforcement or protection of its rights (A) in connection with this Agreement and the Other Documents, including its rights under this Section, or (B) in connection with the Advances made or Letters of Credit issued hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable out-of-pocket expenses of Agent’s regular employees and agents engaged
periodically to perform audits of the any Loan Party’s or any Loan Party’s Affiliate’s or Subsidiary’s books, records and business properties. 

16.10. Injunctive Relief. 

Each Loan Party recognizes that, in the event any Loan Party fails to perform, observe or discharge any of its obligations or liabilities
under this Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any remedy at law may prove to be inadequate relief to Lenders; therefor, Agent, if Agent so requests, shall be entitled to temporary and
permanent injunctive relief in any such case without the necessity of proving that actual damages are not an adequate remedy. 
 16.11.
Consequential Damages. 
 Neither Agent nor any Lender, nor any agent or attorney for any of them, shall be liable to any Borrower,
or any Guarantor (or any Affiliate of any such Person) for indirect, punitive, exemplary or consequential damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the Obligations
or as a result of any transaction contemplated under this Agreement or any Other Document. 

  
 152 

 16.12. Captions. 

The captions at various places in this Agreement are intended for convenience only and do not constitute and shall not be interpreted as part
of this Agreement. 
 16.13. Counterparts; Facsimile Signatures. 

This Agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed,
shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to be
an original signature hereto. 
 16.14. Construction. 

The parties acknowledge that each party and its counsel have reviewed this Agreement and that the normal rule of construction to the effect
that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments, schedules or exhibits thereto. 

16.15. Confidentiality; Sharing Information. 

Agent, each Lender and each Transferee shall hold all non-public information obtained by Agent, such Lender or such Transferee pursuant to the
requirements of this Agreement in accordance with Agent’s, such Lender’s and such Transferee’s customary procedures for handling confidential information of this nature; provided, however, Agent, each Lender and each Transferee may
disclose such confidential information (a) to its examiners, Affiliates, outside auditors, counsel and other professional advisors, (b) to Agent, any Lender or to any prospective Transferees, and (c) as required or requested by any Governmental Body
or representative thereof or pursuant to legal process; provided, further that (i) unless specifically prohibited by Applicable Law, Agent, each Lender and each Transferee shall use its reasonable best efforts prior to disclosure thereof, to notify
the applicable Loan Party of the applicable request for disclosure of such non-public information (A) by a Governmental Body or representative thereof (other than any such request in connection with an examination of the financial condition of
a Lender or a Transferee by such Governmental Body) or (B) pursuant to legal process and (ii) in no event shall Agent, any Lender or any Transferee be obligated to return any materials furnished by any Loan Party other than those documents and
instruments in possession of Agent or any Lender in order to perfect its Lien on the Collateral once the Obligations have been paid in full and this Agreement has been terminated. Each Loan Party acknowledges that from time to time financial
advisory, investment banking and other services may be offered or provided to such Loan Party or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender
and each Loan Party hereby authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement,
to any such Subsidiary or Affiliate of such Lender, it being understood that any such Subsidiary or Affiliate of any Lender receiving such information shall be bound by the provisions of this Section 16.15 as if it were a Lender hereunder. Such

  
 153 

 
authorization shall survive the repayment of the other Obligations and the termination of this Agreement. Notwithstanding any non-disclosure agreement or similar document executed by Agent
in favor of any Loan Party or any of any Loan Party’s affiliates, the provisions of this Agreement shall supersede such agreements. 

16.16. Publicity. 
 Each
Loan Party and each Lender hereby authorizes Agent to make appropriate announcements of the financial arrangement entered into among Borrowers, Agent and Lenders, including announcements which are commonly known as tombstones, in such publications
and to such selected parties as Agent shall in its sole and absolute discretion deem appropriate. 
 16.17. Certifications From Banks and
Participants; USA PATRIOT Act. 
 (a) Each Lender or assignee or participant of a Lender that is not incorporated under the Laws of the
United States of America or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable regulations because it is both (i) an affiliate of a depository institution or
foreign bank that maintains a physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank) shall deliver to the Agent the
certification, or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and the applicable regulations: (1) within ten (10) days
after the Closing Date, and (2) as such other times as are required under the USA PATRIOT Act. 
 (b) The USA PATRIOT Act requires all
financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, Lender may from time to time request, and each
Loan Party shall provide to Lender, such Loan Party’s name, address, tax identification number and/or such other identifying information as shall be necessary for Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism Law. 

16.18. Anti-Terrorism Laws. 

(a) Each Loan Party represents and warrants that (i) no Covered Entity is a Sanctioned Person and (ii) no Covered Entity, either in its own
right or through any third party, (A) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) does business in or with, or derives any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (C) engages in any dealings or transactions prohibited by any Anti-Terrorism Law. 

(b) Each Loan Party covenants and agrees that (i) no Covered Entity will become a Sanctioned Person, (ii) no Covered Entity, either in its own
right or through any third party, will (A) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engage in any dealings or transactions prohibited 

  
 154 

 
by any Anti-Terrorism Law or (D) use the Advances to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in
violation of any Anti-Terrorism Law, (iii) the funds used to repay the Obligations will not be derived from any unlawful activity, (iv) each Covered Entity shall comply with all Anti-Terrorism Laws and (v) the Borrowers shall promptly notify the
Agent in writing upon the occurrence of a Reportable Compliance Event. 
 16.19. Limitations on Liability 

(a) Notwithstanding any provisions regarding joint and several liability contained in this Agreement, any Other Document or in any agreements
related thereto, it is the intent of the parties hereto and thereto, and such parties hereby agree that, neither the UK Borrower nor Davy Roll shall be liable for any Obligations to the extent they do not constitute UK Obligations, the present and
future assets of the UK Borrower and/or Davy Roll shall not be subject to any Lien, claim or action by the Agent or the Lenders to satisfy any Obligations to the extent they do not constitute UK Obligations and neither the Agent nor the Lenders
shall have any recourse under this Agreement or any Other Documents against either of the UK Borrower or Davy Roll or their respective assets in respect of any Obligations to the extent they do not constitute UK Obligations. All amounts paid by the
UK Borrower or Davy Roll and all value derived from their respective assets shall be applied to UK Obligations. 
 (b) Notwithstanding any
provisions regarding joint and several liability contained in this Agreement, any Other Document or in any agreements related thereto, it is the intent of the parties hereto and thereto, and such parties hereby agree that, neither the Swedish
Borrower nor Akers shall be liable for any Obligations to the extent they do not constitute Swedish Obligations, the present and future assets of the Swedish Borrower and/or Akers shall not be subject to any Lien, claim or action by the Agent or the
Lenders to satisfy any Obligations to the extent they do not constitute Swedish Obligations and neither the Agent nor the Lenders shall have any recourse under this Agreement or any Other Documents against the Swedish Borrower or Akers or their
respective assets in respect of any Obligations to the extent they do not constitute Swedish Obligations. All amounts paid by the Swedish Borrower or Akers and all value derived from their respective assets shall be applied to Swedish Obligations.

 [INTENTIONALLY LEFT BLANK] 

  
 155 

 Each of the parties has signed this Agreement as of the day and year first above written. 

 

							
		 		 	BORROWERS:
			
	WITNESS/ATTEST:	 		 	AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary
			
	WITNESS/ATTEST:	 		 	UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary
			
	WITNESS/ATTEST:	 		 	ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President and Secretary
			
	WITNESS/ATTEST:	 		 	AKERS NATIONAL ROLL COMPANY, a Delaware corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President and Secretary
			
	WITNESS/ATTEST:	 		 	AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Maria Trainor

		 		 	Name:	 	Maria Trainor
		 		 	Title:	 	Authorized Signatory

							
		 		 	BORROWERS (continued):
			
	WITNESS/ATTEST:	 		 	UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Rose Hoover

		 		 	Name:	 	Rose Hoover
		 		 	Title:	 	Director
			
		 		 	GUARANTORS:
			
	WITNESS/ATTEST:	 		 	AMPCO-PITTSBURGH CORPORATION, a Pennsylvania corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary
			
	WITNESS/ATTEST:	 		 	AMPCO-PITTSBURGH SECURITIES V LLC, a Delaware limited liability company
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President and Secretary
			
	WITNESS/ATTEST:	 		 	AMPCO-PITTSBURGH SECURITIES V INVESTMENT CORPORATION, a Delaware corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary
			
	WITNESS/ATTEST:	 		 	AMPCO UES SUB, INC., a Delaware corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary

							
		 		 	GUARANTORS (continued):
			
	WITNESS/ATTEST:	 		 	AMPCO-PITTSBURGH CORPORATION, a Pennsylvania corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President, General Counsel and Secretary
			
	WITNESS/ATTEST:	 		 	THE DAVY ROLL COMPANY LIMITED, a limited liability company organized under the laws of England and Wales
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Rose Hoover

		 		 	Name:	 	Rose Hoover
		 		 	Title:	 	Director
			
	WITNESS/ATTEST:	 		 	ROLLS TECHNOLOGY INC., a Delaware corporation
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Masha Trainor

		 		 	Name:	 	Masha Trainor
		 		 	Title:	 	Vice President and Secretary
			
	WITNESS/ATTEST:	 		 	AKERS AB, a company duly incorporated and organized under the laws of Sweden
				
	 /s/ Dora Gouveia
	 		 	By:	 	 /s/ Maria Trainor

		 		 	Name:	 	Maria Trainor
		 		 	Title:	 	Authorized Signatory

 
			
	AGENT AND LENDERS:
	
	PNC BANK, NATIONAL ASSOCIATION, As a Lender and as Agent
		
	By:	 	 /s/ David Thayer

	Name:	 	David Thayer
	Title:	 	Vice President
	
	The Tower at PNC Plaza
	300 Fifth Avenue
	Pittsburgh, PA 15222
	
	Revolving Commitment Percentage: 42.50%
	Revolving Commitment Amount $42,500,000.00

 
			
	FIRST NATIONAL BANK OF PENNSYLVANIA, As a Lender
		
	By:	 	 /s/ Barry K. Sullivan

	Name:	 	Barry K. Sullivan
	Title:	 	Senior Vice President
	
	One North Shore Center, Suite 503
	12 Federal Street
	Pittsburgh, PA 15212
	
	Revolving Commitment Percentage: 35.00%Revolving Commitment Amount $35,000,000.00

 
			
	CITIZENS BANK OF PENNSYLVANIA, As a Lender
		
	By:	 	 /s/ Joseph King

	Name:	 	Joseph King
	Title:	 	Senior Vice President
	
	525 William Penn Place
	Pittsburgh, Pennsylvania 15219
	
	Revolving Commitment Percentage: 22.50%
	Revolving Commitment Amount $22,500,000.00

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP, General Counsel and Secretary of Air and Liquid Systems Corporation, a Pennsylvania corporation (the “Company”), and that he/she, as such officer of the Company,
executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS
WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP, General Counsel and Secretary of Union Electric Steel Corporation, a Pennsylvania corporation (the “Company”), and that he/she, as such officer of the Company,
executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS
WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP and Secretary of Alloys Unlimited and Processing, LLC, a Pennsylvania limited liability company (the “Company”), and that he/she, as such officer of the Company,
executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS
WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Rose
Hoover, who acknowledged himself/herself to be the director of Union Electric Steel UK Limited, a limited liability company organized under the laws of England and Wales (the “Company”), and that he/she, as such officer
of the Company, executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Rose
Hoover, who acknowledged himself/herself to be the director of The Davy Roll Company Limited, a limited liability company organized under the laws of England and Wales (the “Company”), and that he/she, as such officer of
the Company, executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 20th day of May, 2016, before me, a Notary Public, personally appeared Maria
Trainor, who acknowledged himself/herself to be the Authorized Signatory of Akers Sweden AB, a company duly incorporated and organized under the laws of Sweden (the “Company”), and that he/she, as such officer of the
Company, executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Sharon L. Connolly

	
	Notary Public

 My Commission Expires: 

May 5, 2019 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 20th day of May, 2016, before me, a Notary Public, personally appeared Maria
Trainor, who acknowledged himself/herself to be the Authorized Signatory of Akers AB, a company duly incorporated and organized under the laws of Sweden (the “Company”), and that he/she, as such officer of the Company,
executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS
WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Sharon L. Connolly

	
	Notary Public

 My Commission Expires: 

May 5, 2019 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP, General Counsel and Secretary of Ampco-Pittsburgh Corporation, a Pennsylvania corporation (the “Company”), and that he/she, as such officer of the Company, executed
the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS WHEREOF, I
hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP and Secretary of Ampco-Pittsburgh Securities V LLC, a Delaware limited liability company (the “Company”), and that he/she, as such officer of the Company, executed
the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS WHEREOF, I
hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP, General Counsel and Secretary of Ampco-Pittsburgh Securities V Investment Corporation, a Delaware corporation (the “Company”), and that he/she, as such officer of
the Company, executed the foregoing instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP, General Counsel and Secretary of Ampco UES Sub, Inc., a Delaware corporation (the “Company”), and that he/she, as such officer of the Company, executed the foregoing
instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my
hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP and Secretary of Akers National Roll Company, a Delaware corporation (the “Company”), and that he/she, as such officer of the Company, executed the foregoing
instrument for the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my
hand and official seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 ACKNOWLEDGMENT 
  

									
	STATE/COMMONWEALTH OF	 		 	 Pennsylvania
	  	)
		 		 		 	)	  	SS:

									
	COUNTY OF	 		 	 Allegheny
	 		  	)

 On this, the 18th day of May, 2016, before me, a Notary Public, personally appeared Masha
Trainor, who acknowledged himself/herself to be the VP and Secretary of Rolls Technology Inc., a Delaware corporation (the “Company”), and that he/she, as such officer of the Company, executed the foregoing instrument for
the purposes therein contained by signing his/her name on behalf of the Company. 
 IN WITNESS WHEREOF, I hereunto set my hand and official
seal. 
  

	
	 /s/ Nancy J. Woods

	
	Notary Public

 My Commission Expires: 

March 30, 2018 

 EXHIBIT 1.2 

BORROWING BASE CERTIFICATE 

THIS BORROWING BASE CERTIFICATE, is delivered pursuant to Section 9.10 of that certain Revolving Credit and Security Agreement, dated
May 20, 2016, by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation, UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability
company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation, AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the
laws of England a nd Wales (collectively, the “Borrowers”, and each a “Borrower”), the Guarantors (as defined in the in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party
thereto, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”) (as the same may by amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement. 

The undersigned hereby certifies that [he/she] is the
                    of the Borrowing Agent and that, as such, [he/she] is authorized to execute this Certificate on behalf of the Borrowers and
further certifies that: 
 For purposes of this Certificate, the date for which the Borrowing Base is being calculated is
            , 201     (the “Calculation Date”). 

1. Formula Amount. The Formula Amount as of the Calculation Date is
$        . The calculation of the Formula Amount is attached hereto as Exhibit 1 and made a part hereof. 

2. Undrawn Availability. The Undrawn Availability as of the Calculation Date is
$         [insert amount from item 2(C) below], calculated as follows: 
 (A) The Formula
Amount equals $             [insert amount from item 1 above] 
  

									
	 (B)
	  	(i)	 	Maximum Revolving Advance Amount	 	$	100,000,000.00	1 
				
		  	(ii)	 	Maximum Undrawn Amount of all outstanding Letters of Credit	 	$	            	  
				
		  	(iii)	 	aggregate amount of all outstanding Advances	 	$	            	  
				
		  	(iv)	 	item 2(B)(ii) plus item 2(B)(iii)	 	$	            	  
				
		  	(v)	 	item 2(B)(i) less item 2(B)(iv)	 	$	            	  

  

	1 	Such amount to be increased if the accordion is exercised in accordance with Section 2.24 of the Credit Agreement or decreased if the facility is permanently reduced pursuant to Section 2.2(f) of the Credit Agreement.

 (C) The lesser of item 2(A) and item 2(B)(v) equals the Undrawn Availability
$            . 
 3. Average Undrawn Availability [To
be calculated on at the end of a fiscal quarter]. The Average Undrawn Availability as of the Calculation Date is $            . The calculation of the Average Undrawn
Availability is attached hereto as Exhibit 2 and made a part hereof. 
 4. As of the Calculation Date, the
Revolving Advances outstanding on such date does not (and, after giving effect to any Revolving Advances being requested in conjunction with the delivery of this Certificate and any Swing Loans advanced on the date hereof, will not) exceed the
lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters of Credit or (ii) the Formula Amount. 

5. As of the Calculation Date, all accounts set forth herein as Eligible Domestic Inventory, Eligible Domestic Receivables,
Eligible Domestic Insured Foreign Receivables, Eligible Equipment, Eligible UK Inventory, Eligible UK Receivables, Eligible UK Insured Foreign Receivables, Eligible Swedish Inventory, Eligible Swedish Receivables and Eligible Swedish Insured Foreign
Receivables meet each of the requirements of Eligible Domestic Inventory, Eligible Domestic Receivables, Eligible Domestic Insured Foreign Receivables, Eligible Equipment, Eligible UK Inventory, Eligible UK Receivables, Eligible UK Insured Foreign
Receivables, Eligible Swedish Inventory, Eligible Swedish Receivables and Eligible Swedish Insured Foreign Receivables, as applicable, as set forth in the Credit Agreement. 

[INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, and intending to be legally bound, the undersigned have executed this
Borrowing Base Certificate on the      day of             , 20    . 
  

							
	WITNESS:	 		 	AMPCO-PITTSBURGH CORPORATION
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 EXHIBIT 1 

FORMULA AMOUNT CALCULATIONS 

(see attached) 

 EXHIBIT 2 

AVERAGE UNDRAWN AVAILABILITY CALCULATIONS 

(see attached) 

 EXHIBIT 1.2(a) 

FORM OF 
 COMPLIANCE
CERTIFICATE 
             , 201     

PNC Bank, National Association, 
 as Agent 

300 Fifth Ave. – 14th Floor 

Pittsburgh, Pennsylvania 15222 
 Ladies and Gentlemen: 

I refer to the Revolving Credit and Security Agreement, dated as of May 20, 2016, by and among AIR & LIQUID SYSTEMS CORPORATION, a
Pennsylvania corporation, UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation,
AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales (collectively, the
“Borrowers”, and each a “Borrower”), the Guarantors (as defined in the in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto and PNC Bank, National Association, as
Agent for the Lenders (in such capacity, the “Agent”) (as may be amended, modified, supplemented or restated from time to time, the “Credit Agreement”). Unless otherwise defined herein, terms defined in the
Credit Agreement are used herein with the same meanings. 
 I, the
                                         [Chief
Financial Officer/Controller] of Ampco-Pittsburgh Corporation, a Pennsylvania corporation (“Ampco-Pitt Corp.”), do hereby certify, solely in my capacity as an officer of Ampco-Pitt Corp., on behalf of
Ampco-Pitt Corp. as of the                      [month/quarter/year] ended
                 , 201     (the “Report Date”), as follows: 

1. CHECK ONE: 
  

			
	 ____        
	  	The annual financial statements of the Loan Parties and their Subsidiaries, consisting of consolidated statements of income and stockholders’ equity and cash flow from the beginning of the current fiscal year to the end of such
fiscal year and the balance sheet as at the end of such fiscal year, being delivered to the Agent and the Lenders with this Compliance Certificate (a) are all prepared in accordance with GAAP applied in the manner required by the terms and
provisions of the Credit Agreement, and in reasonable detail and reported upon without qualification by an independent certified public accounting firm selected by the Loan Parties and satisfactory to Agent, along with the supporting consolidating
statement of income and balance sheet for the same period, and (b) comply with the reporting requirements for such financial statements as set forth in Section 9.7 [Annual Financial Statements] of the Credit
Agreement.

			
		  	 OR
  

	 ____        
	  	The quarterly financial statements of the Loan Parties and their Subsidiaries, consisting of an unaudited balance sheet of the Loan Parties and their Subsidiaries on a consolidated basis and unaudited statements of income and cash
flow of the Loan Parties and their Subsidiaries on a consolidated basis reflecting results of operations from the beginning of the fiscal year to the end of such quarter and for such quarter, being delivered to the Agent and the Lenders with this
Compliance Certificate (a) prepared on a basis consistent with prior practices and complete and correct in all material respects, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material to the
Loan Parties and their Subsidiaries’ business operations and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year, along with the supporting consolidating
statement of income and balance sheet reflecting results of operations from the beginning of the fiscal year to the end of such quarter, and (b) comply with the reporting requirements for such financial statements as set forth in Section 9.8
[Quarterly Financial Statements] of the Credit Agreement.
		  	  
 OR

 

	 ____        
	  	The monthly unaudited balance sheet of the Loan Parties and their Subsidiaries on a consolidated basis and unaudited statements of income of the Loan Parties and their Subsidiaries on a consolidated basis reflecting results of
operations from the beginning of the fiscal year to the end of such month and for such month, in each case being delivered to the Agent and the Lenders with this Compliance Certificate, (a) prepared on a basis consistent with prior practices and
complete and correct in all material respects, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material to the Loan Parties and their Subsidiaries’ business operations and setting forth in
comparative form the respective financial statements for the corresponding date and period in the previous fiscal year, along with the supporting consolidating statement of income and balance sheet reflecting results of operations from the beginning
of the fiscal year to the end of such quarter, and (b) comply with the reporting requirements for such financial statements as set forth in Section 9.9 [Monthly Financial Statements] of the Credit Agreement.

 2. The representations and warranties of the Loan Parties contained in Article V [Representations and Warranties] of the
Credit Agreement and in each of the other Loan Documents to which they are a party are true and correct with the same effect as though such representations and warranties had been made on and as of the Report Date (except representations and
warranties which relate solely to an earlier date or time, which representations and warranties were true and correct in all material respects on and as of the specific dates or times referred to therein). 

  
 - 2 - 

 3. In accordance with Section 9.18 [Updates to Certain Schedules] of the Credit Agreement, attached hereto as
Exhibit A are updates to the schedules to the Credit Agreement (the “Updated Schedules”). Notwithstanding the foregoing, Ampco-Pitt Corp. (on behalf of the Loan Parties) hereby acknowledges and agrees that, other than as set
forth in Section 9.18 [Updates to Certain Schedules] of the Credit Agreement, no schedule shall be deemed to have been amended, modified or superseded by the Updated Schedules, nor shall any breach of warranty or representation resulting from the
inaccuracy or incompleteness of any such Schedule be deemed to have been cured by the Updated Schedules, unless and until the Required Lenders, in their sole and absolute discretion, shall have accepted in writing the Updated Schedules. 

4. No Event of Default or Potential Event of Default exists on the Report Date; no Material Adverse Change has occurred since the date of the previously
delivered Compliance Certificate; and no event has occurred or is continuing since the date of the previously delivered Compliance Certificate that would reasonably be expected to result in a Material Adverse Change. 

[NOTE: If any Event of Default, material adverse change or event which would reasonably be expected to result in a material adverse change
has occurred or is continuing, set forth on an attached sheet the nature thereof and the action which the Loan Parties have taken, are taking or propose to take with respect thereto.] 

5. Fixed Charge Coverage Ratio (Section 6.5(a)). The ratio of (a) EBITDA minus cash taxes paid or required to be paid (including tax distributions
but excluding taxes to the extent the same are excluded when determining EBITDA), minus dividends (including, without limitation, any dividend or other application of any funds, property or assets to the purchase, redemption or other retirement of
any Equity Interest, or of any options to purchase or acquire any Equity Interest of any applicable Loan Party), minus an amount equal to the sum of (y) Unfunded Capital Expenditures (including fifteen percent (15%) of the Net Invoice Cost of
Equipment purchased using proceeds of Advances during any applicable fiscal period) plus (z) an amount equal to the amount by which the Net Invoice Cost of such Equipment exceeds the appraised value of such Equipment, in each case for the Loan
Parties and their Subsidiaries on a consolidated basis, to (b) Fixed Charges is          to 1.0 measured on a rolling twelve (12) month basis, which is not less than the permitted ratio of 1.0 to 1.01 for the relevant period: 
 (A) EBITDA for the rolling twelve (12) months ending as of the
Report Date equals $        , and is computed as follows: 
  

							
	 (i)
	 	net income (or loss) (excluding extraordinary gains and extraordinary losses)	  	$	            	  
			
	 (ii)
	 	interest expense	  	$	            	  
			
	 (iii)
	 	charges against income for federal, state and local taxes	  	$	            	  

  

	1 	Fixed Charge Coverage Ratio is calculated during any Trigger Period. 

  
 - 3 - 

							
	 (iv)
	 	depreciation expenses	 	$	            	  
			
	 (v)
	 	amortization expenses	 	$	            	  
			
	 (vi)
	 	fees, costs and expenses directly incurred in connection with and paid within sixty (60) days after the closing of any applicable Permitted Acquisition to the extent expensed but not capitalized in an aggregate amount not to
exceed Five Million and 00/100 Dollars ($5,000,000.00)	 	$	            	  
			
	 (vii)
	 	solely with respect to any applicable Permitted Acquisition where the purchase price payable in connection therewith may be increased as a result of a mark-to-market adjustment in the share value of Ampco-Pitt Corp., an amount
equal to the increase (but in no event any decrease) in the applicable purchase price payable by Ampco-Pitt Corp. or any other applicable Loan Party, as applicable, as a result of such mark-to-market adjustment (with each calculation of any such
increase to be determined on terms and conditions and evidenced in form and substance reasonably acceptable to the Agent) to the extent such increase amount has been deducted in the determination of net income	 	$	            	  
			
	 (viii)
	 	any non-cash losses or non-cash net loss impairment reflected in net income as a result of inclusion of the proportionate share of financial results of: (1) Union Electric Steel MG Roll Company Limited, an entity existing
under the laws of the Peoples’ Republic of China; and/or (2) Shani Akers TISCO Roll Co. Ltd., Taiyan, an entity existing under the laws of the Peoples’ Republic of China, in each case, in the determination of net income	 	$	            	  
			
	 (ix)
	 	the non-cash effects of inclusion of purchase accounting in connection with Permitted Acquisitions	 	$	            	  
			
	 (x)
	 	restructuring expenses and integration costs in connection with and paid within three hundred sixty-five (365) days of the closing of any applicable Permitted Acquisition to	 	$	            	  

  
 - 4 - 

							
		 	the extent expensed but not capitalized in an aggregate amount not to exceed Five Million and 00/100 Dollars ($5,000,000.00) in any fiscal year	 			
			
	 (xi)
	 	pension and other post-retirement benefit expense to the extent expensed but not capitalized	 	$	            	  
			
	 (xii)
	 	non-cash asbestos-related charges and credits to the extent expensed but not capitalized	 	$	            	  
			
	 (xiii)
	 	debt-related financing costs to the extent expensed but not capitalized in an aggregate amount not to exceed Five Hundred Thousand and 00/100 Dollars ($500,000.00)	 	$	            	  
			
	 (xiv)
	 	non-cash charges to intangible assets, non-cash impairments of plant, property and equipment and impairment of goodwill	 	$	            	  
			
	 (xv)
	 	sum of items 5(A)(i) through 5(A)(xiv) equals EBITDA	 	$	            	  

 (B) cash taxes paid or required to be paid (including tax distributions but excluding taxes to the extent the
same are excluded when determining EBITDA) equals $        . 
 (C) dividends (including, without
limitation, any dividend or other application of any funds, property or assets to the purchase, redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any Equity Interest of any applicable Loan Party) equals
$        . 
 (D) Unfunded Capital Expenditures (including fifteen percent (15%) of the Net Invoice
Cost of Equipment purchased using proceeds of Advances during any applicable fiscal period) equals $        . 

(E) an amount equal to the amount by which the Net Invoice Cost of such Equipment exceeds the appraised value of such Equipment, in each case
for the Loan Parties and their Subsidiaries on a consolidated basis equals $        . 
 (F) item
5(D) plus item 5(E) equals $        . 
 (G) item 5(A) minus item 5(B) minus item 5(C) minus 5(F)
equals $        . 

  
 - 5 - 

 (H) Fixed Charges for the rolling twelve (12) months ending as of the Report Date equals
$        , and is computed as follows: 
  

							
	 (i)
	 	interest expense	 	$	            	  
			
	 (ii)
	 	scheduled principal installments on Indebtedness, including capitalized lease obligations	 	$	            	  
			
	 (iii)
	 	amortization of availability under the Fixed Asset Advance Amount	 	$	            	  
			
	 (iv)
	 	share repurchases	 	$	            	  
			
	 (v)
	 	cash contributed to Plans	 	$	            	  
			
	 (vi)
	 	cash paid with respect to pensions and other post- retirement benefit expense	 	$	            	  
			
	 (vii)
	 	cash paid (adjusted for insurance proceeds) for any asbestos related liability	 	$	            	  
			
	 (viii)
	 	sum of items 5(H)(i) through 5(H)(vii)	 	$	            	  

 (I) The ratio of item 5(G) to item 5(H)(viii) equals the Fixed Charge Coverage Ratio. 

6. Minimum Liquidity (Section 6.5(b)). As of the Report Date, the Borrowers’ Liquidity is $        ,
which is not less than the permitted: sum of (i) the principal amount outstanding of applicable additional Indebtedness (or, in the case of the repayment of Indebtedness evidenced by the Altor/SHB Promissory Notes, as applicable, either (y) the
principal amount outstanding or (z) the Make Whole Amount (as defined in the Altor/SHB Promissory Notes), as applicable), plus (ii) after giving effect to the repayment of applicable additional Indebtedness, an amount equal to twenty percent (20%)
of the then-applicable Maximum Revolving Advance Amount. 
 (A) the Borrowers’ unrestricted domestic cash equals
$        . 
 (B) the Net Unrestricted Foreign Cash (in an amount not to exceed the Dollar
Equivalent of Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,000.00) equals $        . 

(C) the Formula Amount equals $        . The calculation of the Formula Amount is attached hereto as
Exhibit B. 
 (D) the Maximum Revolving Advance Amount equals $        . 

(E) the Maximum Undrawn Amount of all Letters of Credit equals $        . 

(F) the sum of the outstanding amount of Advances equals $        . 

  
 - 6 - 

 (G) item 6(D) less item 6(E) less item 6(F) equals
$        . 
 (H) the Undrawn Availability equals $        ,
which is the amount equal to the lesser of item 6(C) and item 6(G). 
 (I) the sum of items 6(A), plus item 6(B), plus item 6(H) equals
Liquidity. 

  
 - 7 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the undersigned has executed this
Compliance Certificate this      day of             , 20    . 

 

			
	AMPCO-PITTSBURGH CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT A 

Updated Schedules 
 [see
attached] 

 EXHIBIT B 

Formula Amount 
 [see
attached] 

 EXHIBIT 2.1(a) 

FORM OF 
 REVOLVING
CREDIT NOTE 
  

			
	$        	  	Pittsburgh, Pennsylvania
		  	May     , 20    

 FOR VALUE RECEIVED, the undersigned, AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
(“ALS”), UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation (“UES Corp.”), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company (“Alloys”), AKERS
NATIONAL ROLL COMPANY, a Delaware corporation (“National Roll”) (ALS, UES Corp., Alloys and National Roll are each a “Borrower” and collectively, the “Borrowers”), hereby promise to pay to the
order of                      (“Holder”), the lesser of (i) the principal sum of
             and     /100 Dollars ($        ) or (ii) the aggregate unpaid principal balance of all Revolving Advances made by
Holder to the Borrowers pursuant to Section 2.1 [Revolving Advances] of that certain Revolving Credit and Security Agreement, dated May 20, 2016 (as may be amended, modified, supplemented or restated from time to time, the “Credit
Agreement”), by and among the Borrowers, AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and
Wales, the Guarantors (as defined the Credit Agreement) party thereto from time to time, the Lenders (as defined in the Credit Agreement) party thereto from time to time, and PNC BANK, NATIONAL ASSOCIATION, as agent for the Lenders (in such
capacity, the “Agent”), payable on the last day of the Term or as otherwise provided in the Credit Agreement. All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such terms in
the Credit Agreement. 
 The Borrowers shall pay interest on the unpaid principal balance hereof from time to time outstanding from the date
hereof at the rate per annum specified by the Borrowers pursuant to Section 3.1 [Interest] of, or as otherwise provided in, the Credit Agreement. 

To the extent permitted by Law, upon the occurrence of an Event of Default and until such time as such Event of Default has been cured or
waived, and at the discretion of the Agent or at the direction of the Required Lenders to the Agent or, in the case of any Event of Default under Section 10.7 [Bankruptcy] of the Credit Agreement, immediately and automatically upon the
occurrence of such Event of Default without the requirement of any affirmative action by any party, the Borrowers shall pay interest on the entire principal amount of the then outstanding Revolving Advances evidenced by this Revolving Credit Note
(this “Revolving Credit Note”) at the Default Rate specified by Section 3.1 [Interest] of, or as otherwise provided in, the Credit Agreement. Such interest rate will accrue before and after any judgment has been entered.

 Subject to the provisions of the Credit Agreement, interest on this Revolving Credit Note will be payable on the dates set forth in the
Credit Agreement and on the last day of the Term. 

 Subject to the provisions of the Credit Agreement, if any payment or action to be made or taken
hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day and such extension of time shall be included in computing interest or fees, if any,
in connection with such payment or action. 
 Subject to the provisions of the Credit Agreement, payments of both principal and interest
shall be made without setoff, counterclaim or other deduction of any nature at the Payment Office, in lawful money of the United States of America in immediately available funds. 

This Revolving Credit Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement and the Other
Documents, including the representations, warranties, covenants, conditions and/or Liens contained or granted therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of
certain stated events and also for prepayment in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein specified. 

The Borrowers waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Revolving Credit Note. 
 This Revolving Credit Note shall bind the Borrowers and their
respective successors and assigns, and the benefits hereof shall inure to the benefit of Holder, the Agent and the Lenders and their respective successors and assigns. This Revolving Credit Note may be enforced by Holder or its respective successors
or assigns. All references herein to the “Borrowers”, “Holder”, the “Agent” and the “Lenders” shall be deemed to apply to the Borrowers, Holder, the Agent and the Lenders, respectively, and their
respective successors and assigns. 
 This Revolving Credit Note shall be deemed to be a contract under the Laws of the Commonwealth of
Pennsylvania without regard to its conflict of laws principles. 
 Holder may at any time pledge all or a portion of its rights under the
Credit Agreement or Other Documents including any portion of this Revolving Credit Note to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. § 341. No such pledge or enforcement thereof
shall release Holder from its obligations under the Credit Agreement or Other Documents. 
 Delivery of an executed counterpart of a
signature page of this Revolving Credit Note by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Revolving Credit Note. 

[INTENTIONALLY LEFT BLANK] 

  
 - 2 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, by their officers
thereunto duly authorized, executed this Revolving Credit Note as of the day and year first above written. 
  

							
		 		 	BORROWERS:
			
	ATTEST:	 		 	AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	ATTEST:	 		 	UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	ATTEST:	 		 	ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	ATTEST:	 		 	AKERS NATIONAL ROLL COMPANY, a Delaware corporation
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 EXHIBIT 2.4(a) 

FORM OF 
 SWING LOAN
NOTE 
  

			
	$10,000,000.00	  	Pittsburgh, Pennsylvania
		  	May     , 2016

 FOR VALUE RECEIVED, the undersigned, AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
(“ALS”), UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation (“UES Corp.”), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company (“Alloys”), and
AKERS NATIONAL ROLL COMPANY, a Delaware corporation (“National Roll”), AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden (“Swedish Borrower”), UNION ELECTRIC STEEL
UK LIMITED, a limited liability company organized under the laws of England and Wales (“UK Borrower”) (ALS, UES Corp., Alloys, National Roll, Swedish Borrower and UK Borrower are each a “Borrower” and
collectively, the “Borrowers”), hereby promise to pay to the order of PNC BANK, NATIONAL ASSOCIATION (“PNC”), the lesser of (i) the principal sum of the Dollar Equivalent of Ten Million and 00/100 Dollars
($10,000,000.00) or (ii) the aggregate unpaid principal balance of all Swing Loans made by PNC to the Borrowers pursuant to Section 2.4 [Swing Loans] of that certain Revolving Credit and Security Agreement, dated May 20, 2016 (as may be
amended, modified, supplemented or restated from time to time, the “Credit Agreement”), by and among the Borrowers, , the Guarantors (as defined the Credit Agreement) party thereto from time to time, the Lenders (as defined in the
Credit Agreement) party thereto from time to time, and PNC, as agent for the Lenders (in such capacity, the “Agent”), payable on the last day of the Term or as otherwise provided in the Credit Agreement. All capitalized terms
used herein shall, unless otherwise defined herein, have the same meanings given to such terms in the Credit Agreement. 
 The Borrowers
shall pay interest on the unpaid principal balance hereof from time to time outstanding from the date hereof at the rate per annum specified by the Borrowers pursuant to Section 3.1 [Interest] of, or as otherwise provided in, the Credit Agreement.

 To the extent permitted by Law, upon the occurrence of an Event of Default and until such time as such Event of Default has been cured or
waived, and at the discretion of the Agent or at the direction of the Required Lenders to the Agent or, in the case of any Event of Default under Section 10.7 [Bankruptcy] of the Credit Agreement, immediately and automatically upon the
occurrence of any such Event of Default without the requirements of any affirmative action by any party, the Borrowers shall pay interest on the entire principal amount of the then outstanding Swing Loans evidenced by this Swing Loan Note (this
“Swing Loan Note”) at the Default Rate specified by Section 3.1 [Interest] of, or as otherwise provided in, the Credit Agreement. Such interest rate will accrue before and after any judgment has been entered. 

Subject to the provisions of the Credit Agreement, interest on this Swing Loan Note will be payable on the dates set forth in the Credit
Agreement and on the last day of the Term. 

 Subject to the provisions of the Credit Agreement, if any payment or action to be made or taken
hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day and such extension of time shall be included in computing interest or fees, if any,
in connection with such payment or action. 
 Subject to the provisions of the Credit Agreement, payments of both principal and interest
shall be made without setoff, counterclaim or other deduction of any nature at the Payment Office, in lawful money of the United States of America in immediately available funds. 

This Swing Loan Note is the Swing Loan Note referred to in, and is entitled to the benefits of, the Credit Agreement and Other Documents,
including the representations, warranties, covenants, conditions and/or Liens contained or granted therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of certain stated
events and also for prepayment in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein specified. 

The Borrowers waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Swing Loan Note. 
 This Swing Loan Note shall bind the Borrowers and their respective
successors and assigns, and the benefits hereof shall inure to the benefit of Holder, the Agent and the Lenders and their respective successors and assigns. This Swing Loan Note may be enforced by Holder or its respective successors or
assigns. All references herein to the “Borrowers”, “PNC”, the “Agent” and the “Lenders” shall be deemed to apply to the Borrowers, Holder, the Agent and the Lenders, respectively, and their respective
successors and assigns. 
 This Swing Loan Note shall be deemed to be a contract under the Laws of the Commonwealth of Pennsylvania without
regard to its conflict of laws principles. 
 Holder may at any time pledge all or a portion of its rights under the Credit Agreement or the
Other Documents including any portion of this Swing Loan Note to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. § 341. No such pledge or enforcement thereof shall release Holder from
its obligations under the Credit Agreement or Other Documents. 
 Delivery of an executed counterpart of a signature page of this Swing Loan
Note by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Swing Loan Note. 

Notwithstanding any provision of this Swing Loan Note to the contrary, the obligations of the Swedish Borrower and the UK Borrower under this
Swing Loan Note are limited by and subject to the provisions of Section 16.19 of the Credit Agreement. 
 [INTENTIONALLY LEFT BLANK]

  
 - 2 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, by their officers
thereunto duly authorized, executed this Swing Loan Note as of the day and year first above written. 
  

							
		 		 	BORROWERS:
			
	WITNESS/ATTEST:	 		 	AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS/ATTEST:	 		 	UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS/ATTEST:	 		 	ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS/ATTEST:	 		 	AKERS NATIONAL ROLL COMPANY, a Delaware corporation
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	  
	 		 		 	

							
	WITNESS/ATTEST:	 		 	AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS/ATTEST:	 		 	UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  
 - 4 - 

 EXHIBIT 7.12(a) 

FORM OF 

BORROWER JOINDER AND ASSUMPTION AGREEMENT 

This Borrower Joinder and Assumption Agreement (“Joinder”) is made this      day of
            , 20    , by
                                        , a
[limited liability company/limited partnership/general partnership/corporation] (the “New Borrower”). 
 Background

 Reference is made to (i) that certain Revolving Credit and Security Agreement, dated as of May 20, 2016 (as may be further
amended, modified, supplemented or restated from time to time, the “Credit Agreement”), by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation, UNION ELECTRIC STEEL CORPORATION, a Pennsylvania
corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation, AKERS SWEDEN AB, a company duly incorporated and organized under the laws of
Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales (collectively, the “Borrowers”, and each a “Borrower”), the Guarantors (as defined in the in
the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for the Lenders (PNC, in such capacity, the “Agent”), and
(ii) the Other Documents referred to in the Credit Agreement, as the same may be modified, supplemented, amended or restated. 
 Agreement

 Capitalized terms defined in the Credit Agreement are used herein as defined therein. The New Borrower is a subsidiary of a Loan
Party that was created or acquired subsequent to the Closing Date or has ceased to be an Excluded Subsidiary. Pursuant to clause (a)(ii) of Section 7.1 [Merger, Consolidation, Acquisition and Sale of Assets] and Section 7.12
[Subsidiaries and Partnerships], it is a condition to the Lenders’ and Agent’s obligations to continue to make the Advances under the Credit Agreement that the New Borrower, effective as of the date hereof: (i) become a party to the
Credit Agreement and the Other Documents to which all of the Borrowers are a party (collectively, the “Joinder Documents”); and (ii) assume the obligations of a Borrower thereunder pursuant to the terms and conditions of this
Joinder. In consideration of the Obligations and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Borrowers, and in order to induce the Lenders and the Agent to continue to make the
Advances under the Credit Agreement, the New Borrower, intending to be legally bound, hereby covenants and agrees that effective as of the date hereof, it hereby is, and shall be deemed to be, a Borrower under the Credit Agreement and the other
Joinder Documents, and agrees that from the date hereof and so long as any Advance or any Revolving Commitment of any Lender shall remain outstanding and until the payment in full of the Advances and the Notes and the performance of all other
obligations of the Borrowers under the Other Documents, the New Borrower has assumed the obligations of a Borrower under each of the Joinder Documents, and the New Borrower shall perform, comply with and be subject to and bound by, jointly and
severally, each of the terms, provisions and waivers of the Credit Agreement and each of the other Joinder Documents and any other documents which are stated to apply to or are made 

 
by a Borrower. Without limiting the generality of the foregoing, the New Borrower hereby represents and warrants that (i) each of the representations and warranties with respect to the
Borrowers set forth in Article 5 of the Credit Agreement is true and correct as to the New Borrower on and as of the date hereof as if made on and as of the date hereof by the New Borrower (except representations and warranties which relate
solely to an earlier date or time which representations and warranties shall be true and correct in all material respects on and as of the specific date or times referred to in said representations and warranties) and (ii) the New Borrower has
heretofore received a true and correct copy of the Credit Agreement and each of the Other Documents (including any modifications thereof or supplements or waivers thereto) as in effect on the date hereof. 

When executed and delivered, this Joinder may be attached to each of the Joinder Documents as evidence of the joinder of the undersigned in
and to each such Joinder Document. 
 The New Borrower hereby makes, affirms, and ratifies in favor of the Lenders and the Agent, the Credit
Agreement and each of the other Joinder Documents given by the Borrowers to the Agent and any of the Lenders. 
 The New Borrower is
simultaneously delivering to the Agent the following documents together with this Joinder required under clause (a)(ii) of Section 7.1 [Merger, Consolidation, Acquisition and Sale of Assets] and Section 7.12 [Subsidiaries] of the Credit
Agreement. 
  

					
	 Document
	  	 Delivered
	  	 Not

Delivered

			
	Opinion of Counsel (mandatory)	  	 ̈	  	 ̈
			
	Officer’s Certificate (mandatory)	  	 ̈	  	 ̈
			
	Secretary’s Certificate (mandatory)	  	 ̈	  	 ̈
			
	Pledge Agreement – Parent or other Loan Party pledging [Stock/Partnership Interests/LLC Interests] of New Borrower (mandatory)	  	 ̈	  	 ̈
			
	Pledge Agreement – New Borrower pledging [Stock/Partnership Interests/LLC Interests] of its Subsidiaries (if applicable)	  	 ̈	  	 ̈
			
	Lien Waivers (if applicable)	  	 ̈	  	 ̈
			
	UCC-1 Financing Statements naming New Borrower and pledgor of New Borrower as debtor (mandatory)	  	 ̈	  	 ̈

  
 - 2 - 

							
	 	  	 Schedules to Credit Agreement
	  	 Delivered
	  	 Not

Delivered

				
	Schedule 1.2	  	 Permitted Encumbrances (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 4.4	  	 Collateral Locations; Place of Business; Chief Executive Office, Real Property
(mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.2(a)	  	 States of Qualification and Good Standing (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.2(b)	  	 Subsidiaries (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.4	  	 Federal Tax Identification (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.6	  	 Prior Names (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.7	  	 Environmental Matters (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.8(b)(i)	  	 Litigation (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.8(b)(ii)	  	 Indebtedness (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.9	  	 Intellectual Property, Source Code Escrow Agreements (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.24	  	 Equity Interests (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.25	  	 Commercial Tort Claims (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.27	  	 Material Contracts (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 7.3	  	 Guaranties (if applicable)
	  	 ̈	  	 ̈

 [Note: updates to schedules do not cure any breach of warranties unless 

expressly agreed in accordance with the terms of the Credit Agreement.] 

In furtherance of the foregoing, the New Borrower shall execute and deliver or cause to be executed and delivered at any time and from time to
time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary or proper in the opinion of the Agent to carry out more effectively the provisions and purposes of this Joinder and the Other
Documents. 
 [INTENTIONALLY LEFT BLANK] 

  
 - 3 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the New Borrower has duly executed this
Joinder and delivered the same to the Agent for the benefit of the Lenders, on the date and year first above written, with the intention that it constitute a document under seal. 

 

									
		 		 		 	NEW BORROWER:
				
		 		 		 	  

					
		 		 		 	By:	 	 (SEAL)

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

				
	Acknowledged and accepted:	 		 		 	
				
	PNC BANK, NATIONAL ASSOCIATION, as Agent	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	

 EXHIBIT 7.12(b) 

FORM OF 

GUARANTOR JOINDER AND ASSUMPTION AGREEMENT 

This Guarantor Joinder and Assumption Agreement (“Joinder”) is made this      day of
            , 20    , by
                                        , a
[limited liability company/limited partnership/general partnership/corporation] (the “New Guarantor”). 
 Background 

Reference is made to (i) that certain Revolving Credit and Security Agreement, dated as of May 20, 2016 (as may be further amended,
modified, supplemented or restated from time to time, the “Credit Agreement”), by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation, UNION ELECTRIC STEEL CORPORATION, a Pennsylvania
corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation, AKERS SWEDEN AB, a company duly incorporated and organized under the laws of
Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales (collectively, the “Borrowers”, and each a “Borrower”), the Guarantors (as defined in the in
the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”), (ii) that
certain Guaranty and Suretyship Agreement, dated as of April     , 2016, by and among AMPCO-PITTSBURGH SECURITIES V INVESTMENT CORPORATION, a Delaware corporation, AMPCO UES SUB, INC., a Delaware corporation
and ROLLS TECHNOLOGY INC., a Delaware corporation in favor of the Agent and the Lenders (the “Guaranty”), and (iii) the Other Documents referred to in the Credit Agreement, as the same may be modified, supplemented, amended
or restated. 
 Agreement 

Capitalized terms defined in the Credit Agreement are used herein as defined therein. In consideration of the New Guarantor becoming a
Guarantor under the terms of the Credit Agreement and in consideration of the value of the synergistic benefits received by New Guarantor as a result of becoming affiliated with Borrowers and the Guarantors, the New Guarantor hereby agrees
that: (i) on the date hereof, it shall execute and deliver to the Agent for the benefit of the Lenders any applicable documents as set forth in this Joinder; and (ii) effective as of the date hereof, it hereby is, and shall be deemed to be, a
Guarantor under the Credit Agreement, the Guaranty and each of the Other Documents to which the Guarantors are a party and agrees that from the date hereof and so long as any Advance or any Revolving Commitment of any Lender shall remain outstanding
and until the payment in full of the Advances and the Notes and the performance of all other obligations of the Borrowers under the Other Documents, the New Guarantor has assumed the obligations of a Guarantor under, and the New Guarantor shall
perform, comply with and be subject to and bound by, jointly and severally, each of the terms, provisions and waivers of the Credit Agreement, the Guaranty and each of the Other Documents which are stated to apply to or are made by a
Guarantor. Without limiting the 

 
generality of the foregoing, the New Guarantor hereby represents and warrants that (i) each of the representations and warranties with respect to the Guarantors set forth in Article 5 of the
Credit Agreement is true and correct as to the New Guarantor on and as of the date hereof as if made on and as of the date hereof by the New Guarantor (except representations and warranties which relate solely to an earlier date or time which
representations and warranties shall be true and correct in all material respects on and as of the specific date or times referred to in said representations and warranties) and (ii) the New Guarantor has heretofore received a true and correct copy
of the Credit Agreement and each of the Other Documents (including any modifications thereof or supplements or waivers thereto) as in effect on the date hereof. 

The New Guarantor hereby makes, affirms, and ratifies in favor of the Lenders and the Agent the Credit Agreement and each of the Other
Documents given by the Guarantors to the Agent and any of the Lenders. 
 The New Guarantor is simultaneously delivering to the Agent the
following documents together with this Joinder required under clause (a)(ii) of Section 7.1 [Merger, Consolidation, Acquisition and Sale of Assets] and Section 7.12 [Subsidiaries] of the Credit Agreement. 

 

					
	 Document
	  	 Delivered
	  	 Not

Delivered

			
	Guaranty (mandatory)	  	 ̈	  	 ̈
			
	Opinion of Counsel (mandatory)	  	 ̈	  	 ̈
			
	Officer’s Certificate (mandatory)	  	 ̈	  	 ̈
			
	Secretary’s Certificate (mandatory)	  	 ̈	  	 ̈
			
	Pledge Agreement – Parent or other Loan Party pledging [Stock/Partnership Interests/LLC Interests] of New Guarantor (mandatory)	  	 ̈	  	 ̈
			
	Pledge Agreement – New Guarantor pledging [Stock/Partnership Interests/LLC Interests] of its Subsidiaries (if applicable)	  	 ̈	  	 ̈
			
	Lien Waivers (if applicable)	  	 ̈	  	 ̈
			
	UCC-1 Financing Statements naming New Guarantor and pledgor of New Guarantor as debtor (mandatory)	  	 ̈	  	 ̈

  
 - 2 - 

							
	 	  	 Schedules to Credit Agreement
	  	 Delivered
	  	 Not

Delivered

				
	Schedule 1.2	  	 Permitted Encumbrances (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 4.4	  	 Collateral Locations; Place of Business; Chief Executive Office, Real Property
(mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.2(a)	  	 States of Qualification and Good Standing (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.2(b)	  	 Subsidiaries (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.4	  	 Federal Tax Identification (mandatory)
	  	 ̈	  	 ̈
				
	Schedule 5.6	  	 Prior Names (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.7	  	 Environmental Matters (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.8(b)(i)	  	 Litigation (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.8(b)(ii)	  	 Indebtedness (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.9	  	 Intellectual Property, Source Code Escrow Agreements (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.24	  	 Equity Interests (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.25	  	 Commercial Tort Claims (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 5.27	  	 Material Contracts (if applicable)
	  	 ̈	  	 ̈
				
	Schedule 7.3	  	 Guaranties (if applicable)
	  	 ̈	  	 ̈

 [Note: updates to schedules do not cure any breach of warranties unless 

expressly agreed in accordance with the terms of the Credit Agreement.] 

In furtherance of the foregoing, the New Guarantor shall execute and deliver or cause to be executed and delivered at any time and from time
to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary or proper in the opinion of the Agent to carry out more effectively the provisions and purposes of this Joinder and the Other
Documents. 
 [INTENTIONALLY LEFT BLANK] 

  
 - 3 - 

 IN WITNESS WHEREOF, and intending to be legally bound, the New Guarantor has duly executed this
Joinder and delivered the same to the Agent for the benefit of the Lenders, on the date and year first above written, with the intention that it constitute a document under seal. 

 

											
		 		 		 	NEW GUARANTOR:	 	
				
		 		 		 	  

						
		 		 		 	By:	 	  
	 	(SEAL)
		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

					
	Acknowledged and accepted:	 		 		 		 	
					
	PNC BANK, NATIONAL ASSOCIATION, as Agent	 		 		 		 	
						
	By:	 	  
	 		 		 		 	
	Name:	 	  
	 		 		 		 	

 EXHIBIT 8.1(c) 

FINANCIAL CONDITION CERTIFICATE 

The undersigned, as the Chief Financial Officer of AMPCO-PITTSBURGH CORPORATION, a Pennsylvania corporation (“Ampco-Pitt
Corp.”), hereby certifies, solely in my capacity as an officer of Ampco-Pitt Corp., that, in each case as of the Closing Date: 

1) I am the Chief Financial Officer of Ampco-Pitt Corp. Each Loan Party (as defined in the Credit Agreement (as hereinafter defined)) is duly
organized, existing and in good standing under the laws of the jurisdiction of its organization. 
 2) I am fully familiar with all of the
business and financial affairs of the Loan Parties including, without limiting the generality of the foregoing, all of the matters hereinafter described. 

3) This Certificate is made and delivered to PNC Bank, National Association (“PNC”), and various other financial institutions
from time to time (PNC and such other financial institutions are each a “Lender” and collectively, the “Lenders”), PNC, as administrative agent for the Lenders (PNC, in such capacity, the “Agent”),
pursuant to the terms of that Revolving Credit and Security Agreement, dated May 20, 2016, by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation (“ALS”), UNION ELECTRIC STEEL CORPORATION, a
Pennsylvania corporation (“UES Corp.”), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company (“Alloys”), AKERS NATIONAL ROLL COMPANY, a Delaware corporation (“National
Roll”), AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden (“Swedish Borrower”), UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of
England and Wales (“UK Borrower”) (ALS, UES, Alloys, National Roll, the Swedish Borrower, the UK Borrower and each Person joined thereto as a borrower from time to time, are collectively, the “Borrowers”, and each a
“Borrower”), the Guarantors (as defined therein), Lenders and Agent (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), for the purpose of inducing Lenders, now and from time
to time hereafter, to continue to make Advances to Borrowers pursuant to the Credit Agreement. I understand that you are relying on this Certificate. All capitalized terms used and not otherwise defined herein shall have the meanings set
forth in the Credit Agreement. 
 4) [Reserved]. 

5) After giving effect to the Credit Agreement and the transactions contemplated thereby, each Loan Party will be solvent, able to pay its
debts as they mature, will have capital sufficient to carry on its businesses and all businesses in which it is about to engage, and (i) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern basis, is
in excess of the amount of its liabilities and (ii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) are expected to be in excess of the amount of its liabilities. All material undisputed
debts owing to third parties by any Loan Party are current and not past due. 

 6) The Credit Agreement was and the Other Documents were and will be executed and delivered by
Loan Parties to Agent and Lenders in good faith and in exchange for reasonably equivalent value and fair consideration. 
 7) I have
reviewed the relevant terms of the Credit Agreement and have made or caused to be made under our supervision a review of the transactions and conditions of the Loan Parties from December 31, 2015 to the date of this Certificate and such review
has not disclosed the existence during such period of any condition of event which constitutes or would constitute a Default or Event of Default. 

[INTENTIONALLY LEFT BLANK] 

  
 - 2 - 

 Dated: May     , 2016 

 

							
	WITNESS/ATTEST:	 		 	AMPCO-PITTSBURGH CORPORATION
				
		 		 	By:	 	  

	  
	 		 	Name:	 	  

		 		 	Title:	 	  

 EXHIBIT 16.3 

COMMITMENT TRANSFER SUPPLEMENT 

COMMITMENT TRANSFER SUPPLEMENT, dated as of                  ,
201  , among                      (the “Transferor Lender”), each Purchasing Lender executing this Commitment Transfer
Supplement (each, a “Purchasing Lender”), and PNC Bank, National Association (“PNC”) as agent for the Lenders (as defined below) under the Credit Agreement (as defined below). 

W I T N E S S E T H: 

WHEREAS, in accordance with Section 16.3 of the Revolving Credit and Security Agreement dated May 20, 2016 (as from time to time further
amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Credit Agreement”) by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation, UNION ELECTRIC STEEL
CORPORATION, a Pennsylvania corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation, AKERS SWEDEN AB, a company duly incorporated and
organized under the laws of Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales (collectively, the “Borrowers”, and each a “Borrower”), the
Guarantors (as defined in the in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the
“Agent”), this Commitment Transfer Supplement is being executed and delivered by the Transferor Lender and each Purchasing Lender, and consented to by Agent in accordance with Section 16.3 of the Credit Agreement; 

WHEREAS, each Purchasing Lender wishes to become a Lender party to the Credit Agreement; and 

WHEREAS, the Transferor Lender is selling and assigning to each Purchasing Lender, rights, obligations and commitments under the Credit
Agreement. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. All capitalized terms used herein which are not defined shall have the meanings given to them in the Credit Agreement, 

2. Upon receipt by Agent of four (4) counterparts of this Commitment Transfer Supplement, to each of which is attached a fully completed
Schedule I, and each of which has been executed by the Transferor Lender and Agent, Agent will transmit to Transferor Lender and each Purchasing Lender a Transfer Effective Notice, substantially in the form of Schedule II to this
Commitment Transfer Supplement (a “Transfer Effective Notice”). Such Transfer Effective Notice shall set forth, inter alia, the date on which the transfer effected by this Commitment Transfer Supplement shall become effective (the
“Transfer Effective Date”), which date shall not be earlier than the first (1st) Business Day following the date such Transfer Effective Notice is received. From and after the
Transfer Effective Date, each Purchasing Lender shall be a Lender party to the Credit Agreement for all purposes thereof. 

 3. At or before 12:00 Noon Pittsburgh, Pennsylvania time) on the Transfer Effective Date each
Purchasing Lender shall pay to Transferor Lender, in immediately available funds, an amount equal to the purchase price, as agreed between Transferor Lender and such Purchasing Lender (the “Purchase Price”), of the portion of the
Advances being purchased by such Purchasing Lender (such Purchasing Lender’s “Purchased Percentage”) of the outstanding Advances and other amounts owing to the Transferor Lender under the Credit Agreement and the Other
Documents. Effective upon receipt by Transferor Lender of the Purchase Price from a Purchasing Lender, Transferor Lender hereby irrevocably sells assigns and transfers to such Purchasing Lender, without recourse, representation or warranty, and each
Purchasing Lender hereby irrevocably purchases, takes and assumes from Transferor Lender, such Purchasing Lender’s Purchased Percentage of the Advances and other amounts owing to the Transferor Lender under the Credit Agreement and the Other
Documents together with all instruments, documents and collateral security pertaining thereto. 
 4. Transferor Lender has made arrangements
with each Purchasing Lender with respect to (i) the portion, if any, to be paid, and the date or dates for payment, by Transferor Lender to such Purchasing Lender of any fees heretofore received by Transferor Lender pursuant to the Credit Agreement
prior to the Transfer Effective Date and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Purchasing Lender to Transferor Lender of fees or interest received by such Purchasing Lender pursuant to the Credit Agreement
from and after the Transfer Effective Date. 
 5. (a) All principal payments that would otherwise be payable from and after the Transfer
Effective Date to or for the account of Transferor Lender pursuant to the Credit Agreement and the Other Documents shall, instead, be payable to or for the account of Transferor Lender and Purchasing Lender, as the case may be, in accordance with
their respective interests as reflected in this Commitment Transfer Supplement. 
 (b) All interest, fees and other amounts that would
otherwise accrue for the account of Transferor Lender from and after the Transfer Effective Date pursuant to the Credit Agreement and the Other Documents shall, instead, accrue for the account of, and be payable to, Transferor Lender and Purchasing
Lender, as the case may be, in accordance with their respective interests as reflected in this Commitment Transfer Supplement. In the event that any amount of interest, fees or other amounts accruing prior to the Transfer Effective Date was included
in the Purchase Price paid by any Purchasing Lender, Transferor Lender and each Purchasing Lender will make appropriate arrangements for payment by Transferor Lender to such Purchasing Lender of such amount upon receipt thereof from the Borrowers.

 6. Concurrently with the execution and delivery hereof, Transferor Lender will provide to each Purchasing Lender conformed copies of the
Credit Agreement and all related documents delivered to Transferor Lender. 
 7. Each of the parties to this Commitment Transfer Supplement
agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the
purposes of this Commitment Transfer Supplement. 

  
 - 2 - 

 8. By executing and delivering this Commitment Transfer Supplement, Transferor Lender and each
Purchasing Lender confirm to and agree with each other and Agent and Lenders as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse
claim, Transferor Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, the Other Documents or any other instrument or document furnished pursuant thereto; (ii) Transferor Lender makes no representation or warranty and assumes no responsibility
with respect to the financial condition of Loan Parties or the performance or observance by Loan Parties of any of their Obligations under the Credit Agreement, the Other Documents or any other instrument or document furnished pursuant hereto; (iii)
each Purchasing Lender confirms that it has received a copy of the Credit Agreement, together with copies of such financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Commitment Transfer Supplement; (iv) each Purchasing Lender will, independently and without reliance upon Agent, Transferor Lender or any other Lenders and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (v) each Purchasing Lender appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under the
Credit Agreement as are delegated to Agent by the terms thereof; (vi) each Purchasing Lender agrees that it will perform all of its respective obligations as set forth in the Credit Agreement to be performed by each as a Lender; and (vii) each
Purchasing Lender represents and warrants to Transferor Lender, Lenders, Agent and the Borrowers that it is either (x) entitled to the benefits of an income tax treaty with the United States of America that provides for an exemption from the United
States withholding tax on interest and other payments made by Loan Parties under the Credit Agreement and the Other Documents or (y) is engaged in trade or business within the United States of America. 

9. Schedule I hereto sets forth the revised Revolving Commitment Percentages of Transferor Lender and the Revolving Commitment
Percentage of each Purchasing Lender as well as administrative information with respect to each Purchasing Lender. 
 10. This Commitment
Transfer Supplement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania 
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE IMMEDIATELY FOLLOWS] 

  
 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Commitment Transfer Supplement to be
executed and delivered by their respective duly authorized officers on the date set forth above. 
  

									
		 		 		 	  

		 		 		 	as Transferor Lender
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

				
		 		 		 	  

		 		 		 	as a Purchasing Lender
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

				
	Consented to as of the date set forth above:	 		 		 	
				
	PNC BANK, NATIONAL ASSOCIATION as Agent	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	
				
	[If necessary per terms of Credit Agreement]	 		 		 	
	[Consented to:	 		 		 	
				
	AMPCO-PITTSBURGH CORPORATION	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 	]	 		 	

 SCHEDULE I TO COMMITMENT TRANSFER SUPPLEMENT 

LIST OF OFFICES, ADDRESSES FOR NOTICES AND COMMITMENT AMOUNTS 
  

			
	(Transferor Lender)	  	Revised Revolving Commitment Amount $            
		
		  	Revised Revolving Commitment Percentage    %
		
	(Purchasing Lender)	  	Revolving Commitment Amount $            
		
		  	Revolving Commitment Percentage    %

  

	
	Purchasing Lender’s Address for Notices
	
	  

	  

	  

	
	 Attention:

	 Telephone:

	 Telecopier:

 SCHEDULE II TO COMMITMENT TRANSFER SUPPLEMENT 

(Form of Transfer Effective Notice) 

To:                          
               , as Transferor Lender and
                                        , as
Purchasing Lender: 
 The undersigned, as Agent under the Revolving Credit and Security Agreement dated May 20, 2016 (as from time to time
further amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Credit Agreement”) by and among AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation, UNION ELECTRIC
STEEL CORPORATION, a Pennsylvania corporation, ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company, AKERS NATIONAL ROLL COMPANY, a Delaware corporation, AKERS SWEDEN AB, a company duly incorporated
and organized under the laws of Sweden, UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales (collectively, the “Borrowers”, and each a “Borrower”), the
Guarantors (as defined in the in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the
“Agent”), acknowledges receipt of four (4) executed counterparts of a completed Commitment Transfer Supplement in the form attached hereto. [Note: Attach copy of Commitment Transfer Supplement]. Terms defined in such Commitment
Transfer Supplement are used herein as therein defined. 
 Pursuant to such Commitment Transfer Supplement, you are advised that the
Transfer Effective Date will be                  , 201  . 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE IMMEDIATELY FOLLOWS] 

					
		 	PNC BANK, NATIONAL ASSOCIATION as Agent
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

			
	ACCEPTED FOR RECORDATION IN REGISTER:             	 		 	

 SCHEDULE 1.1 

LETTERS OF CREDIT 
 Standby LCs
Outstanding- PNC 
  

																	
	 Issue

Date
	  	Letter Of
Credit
Ref. No.	  	Customer
Reference	  	Expiry
Date	  	Beneficiary	  	Transaction
Currency
Outstanding
Amount	 	  	Bank
Currency
Outstanding
Amount	 
	 Applicant Name: Aerofin Corporation
	   

	 Transaction Currency: USD
	   

	 01 Aug 2003
	  	00258639	  	00258639	  	31 Jul 2016	  	THE BANK OF
NEW YORK
MELLON TRUST	  	 	2,102,857.00 USD	  	  	 	2,102,857.00 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  		  			  	 	2,102,857.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Total Outstanding:
	  		  		  		  			  	 	2,102,857.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Name: AEROFIN DIVISION OF AIR AND LIQUID
	   

	 Transaction Currency: USD
	   

	 09 Dec 2013
	  	18120589	  	Electrabel
N.V.	  	31 Jan 2017	  	BNP PARIBAS
FORTIS BANK	  	 	97,981.49 USD	  	  	 	97,981.49 USD	  
	 09 Dec 2014
	  	18122366	  	IEC
Advance
Pay	  	14 Oct 2016	  	ISRAEL
ELECTRIC
CORPORATION
LTD.	  	 	806,248.00 USD	  	  	 	806,248.00 USD	  
	 09 Dec 2014
	  	18122368	  	IEC
Performance	  	14 Apr 2018	  	ISRAEL
ELECTRIC
CORPORATION
LTD.	  	 	322,499.20 USD	  	  	 	322,499.20 USD	  
	 07 Jan 2015
	  	18122879	  	MHPS
Guarantee	  	15 Jan 2018	  	SUMITOMO
MITSUI
BANKING
CORPORATION	  	 	69,723.00 USD	  	  	 	69,723.00 USD	  
	 22 May 2015
	  	18123116	  	MHPS
Guarantee 2	  	15 Jan 2019	  	SUMITOMO
MITSUI
BANKING
CORPORATION	  	 	69,723.00 USD	  	  	 	69,723.00 USD	  
	 31 Jul 2015
	  	18124177	  	NEK
Guarantee	  	30 Jul 2018	  	NOVA
LJUBLAJNSKA
BANKA D.D	  	 	145,187.00 USD	  	  	 	145,187.00 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  		  			  	 	1,511,361.69 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Total Outstanding:
	  		  		  		  			  	 	1,511,361.69 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Name: AMPCO-PITTSBURGH CORPORATION
	   

	 Transaction Currency: USD
	   

	 03 Jul 2003
	  	00258845	  	00258845	  	18 Jul 2016	  	SELF-
INSURANCE
DIVISION	  	 	400,000.00 USD	  	  	 	400,000.00 USD	  
	 23 Jul 2003
	  	00259318	  	00259318	  	23 Jul 2016	  	CHAIR,
WORKERS’
COMPENSATION
BOARD	  	 	250,000.00 USD	  	  	 	250,000.00 USD	  
	 02 Sep 2003
	  	00260360	  	00260360	  	02 Sep 2017	  	DIRECTOR,
DEPARTMENT
OF	  	 	50,000.00 USD	  	  	 	50,000.00 USD	  

																	
	 Issue

Date
	  	Letter Of
Credit
Ref. No.	  	Customer
Reference	  	Expiry
Date	  	Beneficiary	  	Transaction
Currency
Outstanding
Amount	 	  	Bank
Currency
Outstanding
Amount	 
	 30 Jan 2004
	  	00263862	  	00263862	  	30 Jan 2017	  	THE TRAVELERS
INDEMNITY
COMPANY	  	 	2,555,000.00 USD	  	  	 	2,555,000.00 USD	  
	 08 Feb 2016
	  	18125223	  	Sentry
Insurance	  	31 Jan 2018	  	SENTRY
INSURANCE A
MUTUAL	  	 	520,000.00 USD	  	  	 	520,000.00 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  			  	 	3,775,000.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Total Outstanding:
	  		  		  			  	 	3,775,000.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Name: UNION ELECTRIC STEEL CORPORATION
	   

	 Transaction Currency: EUR
	   

	 26 Feb 2016
	  	18125315	  	4501542780	  	18 Nov 2016	  	ANDRITZ SUNDWIG
GMBH	  	 	62,096.00 EUR	  	  	 	67,557.34 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  		  			  	 	62,096.00 EUR	  
		  		  		  		  		  				  	  
	  
	 
	 Transaction Currency: USD
	   

	 01 Aug 2003
	  	00258637	  	00258637	  	31 Jul 2016	  	THE BANK OF NEW
YORK MELLON
TRUST	  	 	4,175,310.00 USD	  	  	 	4,175,310.00 USD	  
	 24 Jun 2005
	  	18101851	  	18101851	  	31 Jul 2016	  	THE BANK OF NEW
YORK MELLON
TRUST	  	 	7,287,954.00 USD	  	  	 	7,287,954.00 USD	  
	 22 Jul 2015
	  	18124136	  	4500228601-10	  	30 Jun 2016	  	SIDOR C.A., RIF:
G200106263	  	 	159,878.00 USD	  	  	 	159,878.00 USD	  
	 22 Jul 2015
	  	18124135	  	4500240574-20	  	30 Jun 2016	  	SIDOR C.A., RIF:
G200106263	  	 	443,800.00 USD	  	  	 	443,800.00 USD	  
	 22 Jul 2015
	  	18124134	  	4500240574-
POS10	  	30 Jun 2016	  	SIDOR C.A., RIF:
G200106263	  	 	320,720.00 USD	  	  	 	320,720.00 USD	  
	 22 Jul 2015
	  	18124133	  	4500240816-20	  	30 Jun 2016	  	SIDOR C.A., RIF:
G200106263	  	 	63,400.00 USD	  	  	 	63,400.00 USD	  
	 21 Aug 2015
	  	18124298	  	72 151-260	  	30 Apr 2016	  	BWG BERGWERK-
UND WALZWERK-	  	 	92,071.00 USD	  	  	 	92,071.00 USD	  
	 31 Jul 2014
	  	18122044	  	PU-I45 1018-
01	  	31 Jul 2017	  	AXIS BANK LTD	  	 	14,421.70 USD	  	  	 	14,421.70 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  		  			  	 	12,557,554.70 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Total Outstanding:
	  		  		  		  			  	 	12,625,112.04 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Name: Akers Sweden AB
	   

	 Transaction Currency: USD
	   

	 31 Mar 2016
	  	18125533	  	18125533	  	31 Dec 2016	  	AB
FERROLEGERINGAR	  	 	500,000.00 USD	  	  	 	500,000.00 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  		  			  	 	500,000.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Total Outstanding:
	  		  		  		  			  	 	500,000.00 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Applicant Name: Akers AB
	   

	 Transaction Currency: EUR
	   

	 14 Apr 2016
	  	18125588	  	18125588	  	14 Oct 2017	  	GANSU JIU STEEL
GROUP HONGXING
IRON AND STEEL
CO., LTD	  	 	30,150.00 EUR	  	  	 	34,523.80 USD	  
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
	 Transaction Currency Total Outstanding:
	  		  		  			  	 	30,150.00 EUR	  
		  		  		  		  		  				  	  
	  
	 
		  		  		  		  		  				  			
	 Applicant Total Outstanding:
	  		  		  			  	 	34,523.80 USD	  
		  		  		  		  		  				  	  
	  
	 
	 Grand Total Outstanding:
	  		  		  		  			  	 	20,548,854.53USD	  
		  		  		  		  		  				  	  
	  
	 

 SCHEDULE 1.1(S)(1) 

EXCLUDED DOMESTIC SUBSIDIARIES 
  

					
	 Entity
	  	 Jurisdiction of Organization
	  	 Owner

	Vulcan, Inc.	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	Old PPP, Inc.	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	BCN, Inc.	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	INST, Inc.	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	Old Forgings Company	  	Delaware	  	Ampco-Pittsburgh Corporation
	Greenlease Holding Company	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	Warren Steel Corp.	  	Pennsylvania	  	Ampco-Pittsburgh Corporation
	Atlantic Feed Screw, Inc.	  	South Carolina	  	Ampco-Pittsburgh Corporation
	AP Venture Corp. II	  	Delaware	  	Ampco-Pittsburgh Corporation

 SCHEDULE 1.1(S)(2) 

EXCLUDED FOREIGN SUBSIDIARIES 
  

					
	 Entity
	  	 Jurisdiction of Organization
	  	 Owner

	3048568 Nova Scotia Company	  	Ontario	  	Union Electric Steel Corporation
	Union Electric Steel B.V.B.A.	  	Belgium	  	3048568 Nova Scotia Company
	Union Electric Steel (Hong Kong) Limited	  	Hong Kong	  	Union Electric Steel Corporation
	Union Electric Steel MG Roll Company Limited	  	China	  	Union Electric Steel (Hong Kong) Limited (49%)
	Aerofin Canada Services, Inc.	  	British Columbia	  	Air & Liquid Systems Corporation
	Jiangsu Gong-Chang Roll Company Limited	  	China	  	Union Electric Steel UK Limited (25%)
	Fast. Åkers Styckebruk KB	  	Sweden	  	Åkers Sweden AB
	Åkers Specialty Rolls AB, Soderfors	  	Sweden	  	Åkers Sweden AB
	Shanxi Åkers TISCO Roll Co. Ltd., Taiyan	  	China	  	Åkers AB (60%)
	Åkers Brazil Ltda	  	Brazil	  	Åkers AB
	Åkers Germany GmbH	  	Germany	  	Åkers AB
	Åkers Pacific Pte. Ltd.	  	Singapore	  	Åkers AB
	Åkers Cairo LLC.	  	Egypt	  	Åkers AB
	Åkers Istanbul Ltd.	  	Turkey	  	Åkers AB
	Åkers Trading (Shanghai) Co., Ltd.	  	China	  	Åkers AB
	Rolltech Int. 2 AB	  	Sweden	  	Åkers AB
	Rolltech Int. 3 AB	  	Sweden	  	Åkers AB

 SCHEDULE 1.2 

PERMITTED ENCUMBRANCES 
  

	1.	Air & Liquid Systems Corporation - Pennsylvania Department of State - UCC Financing Statement: 

  

	 	a.	2011082603520 filed 08/25/2011 

 SP: PNC BANK, NATIONAL ASSOCIATION 

Cltrl.: All funds and investments now and hereafter held by the Trustee or Paying Agent under the Trust Indenture dated as of March 1,
1999 between the Industrial Development Authority of the City of Lynchburg and Chase Manhattan Trust Company as security for he payment of the Bonds issued thereunder. In Additional all of Debtor’s right, title and interest in and to any and
all Pledged Bonds purchased pursuant to the Indenture with funds derived in whole or in part from a drawing under the Letter of Credit (as defined in the indenture). 
  

	2.	Union Electric Steel Corporation - Pennsylvania Department of State - UCC Financing Statements: 

  

	 	a.	25700822 filed 07/26/1996 

 SP: PNC BANK, NATIONAL ASSOCIATION 

Cltrl.: Right, Title and interest in and to all funds and investments there of now or hereafter held by the Trustee of the paying Agent under
the Trust Indenture dated July 1, 1996 between Allegheny County Industrial Development Authority and PNC Bank, NA as Trustee as security for the payment of the Bonds issued thereunder. In Additional all of Debtor’s right, title and interest in
and to any and all Pledged Bonds purchased pursuant to the Indenture with funds derived in whole or in part from a drawing under the Letter of Credit ( as defined in the indenture). 

 

					
		 	   Amend.:
	 	          Filed 11/04/1997 (amending date of the Trust - July 1, 1996)
		 	   Cont.:
	 	          Filed 03/26/2001
		 	   Assign.:
	 	          Filed 08/22/2001 (Assignee: Mellon Bank, NA.)
		 	   Assign.:
	 	          Filed 08/18/2003 (Assignee: PNC Bank, National Association)
		 	   Cont.:
	 	          Filed 03/20/2006
		 	   Cont.:
	 	          Filed 02/24/2011

  

	 	b.	28181548 filed 11/04/1997 

 SP: THE BANK OF NEW YORK TRUST COMPANY, N.A. 

Cltrl.: Right, Title and interest in and to all funds and investments there of now or hereafter held by the Trustee of the paying Agent under
the Trust Indenture dated November 1, 1997 between Allegheny County Industrial Development Authority and PNC Bank, NA as Trustee as security for the payment of the Bonds issued thereunder. In Additional all of Debtor’s right, title and interest
in and to any and all Pledged Bonds purchased pursuant to the Indenture with funds derived in whole or in part from a drawing under the Letter of Credit ( as defined in the indenture). 

					
		 	   Assign.:
	 	          Filed 08/22/2001 (Assignee: Mellon Bank, N.A)
		 	   Cont.:
	 	          Filed 07/01/2002
		 	   Assign.:
	 	          Filed 08/18/2003 (Assignee: PNC Bank, National Association)
		 	   Cont.:
	 	          Filed 06/12/2007
		 	   Cont.:
	 	          Filed 06/18/2007
		 	   Assign.:
	 	          Filed 12/28/2007 Assignee: The Bank of New York Trust Company,N.A.)
		 	   Cont.:
	 	          Filed 05/09/2012

  

	3.	Union Electric Steel UK Limited - Security Agreement dated 03/05/2007 

  

	 	a.	filed 03/06/2007 

 SP: Stephen Avery Bell, Peter Ernest Dai Gardner, and Terence Charles
Watson, as trustees of the Roll Group Pension Scheme 
 Cltrl: First ranking mortgage over land on the north and south sides of Coulthards
Lane, Gateshead registered at the Land Registry with absolute freehold title under title number TY188528 and all rental income from that property to secure all present and future obligations and liabilities of each of The Davy Roll Company Limited
and Union Electric Steel UK Limited to make payments to the Roll Group Pension Scheme up to a maximum amount of £14 million. 
  

	4.	Akers National Roll Company - Delaware Secretary of State - UCC Financing Statement: 

  

	 	a.	20134265055 filed 10/30/2013 

 SP: DELL FINANCIAL SERVICES L.L.C. 

Cltrl.: All computer equipment, peripherals, and other equipment, wherever located theretofore or hereafter leased to lessee by lessor
pursuant to the certain Lease #001-8950281-002 dated 10/25/2013 

 SCHEDULE 1.3 

PERMITTED LOANS 
 None. 

 Schedule 3.10 

Tax Gross up and Indemnities for UK Borrowers 
  

	1.	Definitions 

 1.1. In this Schedule: 

“Additional Borrower” means any permitted successors and assigns of the Borrower (as defined in the preamble to the Agreement). 

“CTA” means the Corporation Tax Act 2009. 

“Facility Office” means: 
  

	(a)	in respect of a Lender or Issuer, the office or offices notified by that Lender or Issuer to the Agent in writing on or before the date it becomes a Lender or Issuer (or, following that date, by not less than five
Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement; or 

  

	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

“FATCA Deduction” means a deduction impact pursuant to FATCA. 

“Finance Party” means a Lender, an Issuer or the Agent. 

“ITA” means the Income Tax Act 2007. 

“New Lender” means a new lender who becomes a party to the Agreement after the Closing Date, pursuant to Clause 16.3 of the Agreement. 

“Payee” shall have the meaning set forth in Clause 3.10(b) of this Agreement. 

“Protected Party” means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax
in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under the Agreement or the Other Documents. 

“Qualifying Lender” means: 
  

	(a)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under the Agreement or the Other Documents and is: 

 

	 	(i)	a Lender: 

  

	 	(a)	which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under the Agreement or the Other Documents; or 

 

	 	(b)	in respect of an advance made under the Agreement or the Other Documents by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made, 

 and which, in either case, is within the charge to United Kingdom corporation tax as respects any payments of
interest made in respect of that advance; 
  

	 	(ii)	a Lender which is: 

  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

 a company so resident in the United Kingdom; or 

a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; 

 

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company; or 

  

	 	(iii)	a Treaty Lender; or 

  

	(c)	a Lender which is a building society (as defined for the purposes of section 880 of the ITA) making an advance under the Agreement or the Other Documents. 

“Relevant Obligor” means a UK Borrower, Davy Roll, a Guarantor making a payment on behalf of a UK Borrower or another Loan Party which is
required to withhold United Kingdom income tax from interest payments. 
 “Tax” means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an
advance under the Agreement or the Other Documents is either: 
  

	(b)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	(c)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	 a company not so resident in the United Kingdom which carries on a trade in United Kingdom through a permanent
establishment and which brings into account in computing 

	 	
its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

  

	(d)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company. 

 “Tax Credit” means a credit against,
relief or remission for, or repayment of, any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a
payment under the Agreement or the Other Documents other than a FATCA Deduction. 
 “Tax Payment” means either the increase in a payment
made by a Relevant Obligor to a Finance Party under Clause 2 (Tax gross-up) of this Schedule or a payment under Clause 3 (Tax indemnity) of this Schedule. 

“Treaty Lender” means a Lender which: 
  

	(d)	is treated as a resident of a Treaty State for the purposes of the Treaty; 

  

	(e)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s obligations under this Agreement are effectively connected 

 

	(c)	meets all other conditions in the Treaty for full exemption from United Kingdom taxation on interest which relate to that Lender (including its tax, qualified person or other status, the manner in which or the period
for which it holds any rights under this Agreement and any other Loan Document, the reasons or purposes for its acquisition of such rights and the nature of any arrangements by which it disposes of or otherwise turns to account such rights but
excluding any procedural requirements or formalities. 

 “Treaty State” means a jurisdiction having a double taxation
agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 

“UK Non-Bank Lender” means where a Lender becomes a party to this Agreement after the day on which this Agreement is entered into, a Lender
which gives a Tax Confirmation in the Commitment Transfer Supplement which it executes on becoming a party to this Agreement. 
 “VAT”
means United Kingdom value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature. 
 Unless a contrary indication
appears, in this Schedule 3.10 a reference to “determines” or “determined” means a determination made in the reasonable discretion of the person making the determination. References to paragraphs in this
Schedule are to paragraphs of this Schedule unless otherwise specified. 

	2.	Tax gross-up 

 2.1. Each Relevant Obligor shall make all payments to be made by it without any Tax
Deduction, unless a Tax Deduction is required by law. 
 2.2. The Parent shall promptly upon becoming aware that a Relevant Obligor must make a Tax
Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender or Issuer shall promptly notify the Agent on becoming so aware in respect of a payment payable to that Lender
or Issuer. If the Agent receives such notification from a Lender or Issuer it shall promptly notify the Parent and that Relevant Obligor. 
 2.3. If a
Tax Deduction is required by law to be made by a Relevant Obligor, the amount of the payment due from that Relevant Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have
been due if no Tax Deduction had been required. 
 2.4. Any payment to a Lender shall not be increased under paragraph 2.3 above by reason of a Tax
Deduction on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due: 
  

	(a)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or

  

	(b)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of Qualifying Lender and: 

  

	 	(i)	an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the ITA which relates to the payment and that Lender has received from the Relevant
Obligor making the payment or from the Parent a certified copy of that Direction; and 

  

	 	(ii)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

  

	(c)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of Qualifying Lender and: 

  

	 	(i)	the relevant Lender has not given a Tax Confirmation to the Company; and 

  

	 	(ii)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Company, on the basis that the Tax Confirmation would have enabled the Company to have formed a
reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or 

  

	(d)	the relevant Lender is a Treaty Lender and the Relevant Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its
obligations under paragraph 2.7 below. 

 2.5. If a Relevant Obligor is required to make a Tax Deduction, that Relevant Obligor shall make that Tax
Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 
 2.6. Within
thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Relevant Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement under
section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

2.7. (a) Subject to paragraph (b) below, a Treaty Lender and each Relevant Obligor which makes a payment to which that Treaty Lender is entitled shall
co-operate in completing any procedural formalities necessary for that Relevant Obligor to obtain authorization to make that payment without a Tax Deduction. 
  

	(b)	Nothing in paragraph (a) above shall require a Treaty Lender to: 

  

	 	(i)	register under the HMRC DT Treaty Passport scheme; 

  

	 	(ii)	apply the HMRC DT Treaty Passport scheme to any of its obligations under this Agreement if it has so registered; or 

  

	 	(iii)	file Treaty forms if it has included an indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with Clause 2.7(c) and the Relevant Obligor making that payment
has not complied with its obligations under this Schedule in relation to the HMRC DT Treaty Passport scheme. 

 (c) A Treaty Lender which
becomes a party to this Agreement on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number
and its jurisdiction of tax residence, 
 and having done so that Lender shall be under no obligation pursuant to paragraph (a) above and the Relevant
Obligor shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the date of this Agreement. 
  

	(d)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (c) above; and: 

 

	 	(i)	a Borrower making a payment to that Lender has not filed a duly completed form DTTP2 with HMRC in respect of that Lender; or 

  

	 	(ii)	a Borrower making a payment to that Lender has filed a duly completed form DTTP2 with HMRC in respect of that Lender but: 

  

	 	(A)	that DTTP2 has been rejected by HM Revenue & Customs; or 

  

	 	(B)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date on which the Borrower filed the form DTTP2, 

 and in each case the Relevant Obligor has notified that Lender in writing, that Lender and
Relevant Obligor shall co-operate in completing any additional procedural formalities necessary for that Relevant Obligor to obtain authorization to make that payment without a Tax Deduction 

 

	(e)	If a Lender has not confirmed its HMRC DT Treaty Passport scheme reference number and jurisdiction of tax residence in accordance with paragraph (c) above, no Relevant Obligor shall file a form DTTP2 with HMRC or file
any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise agrees. 

 

	(f)	A Relevant Obligor shall, promptly on filing a Form DTTP2 in respect of a Lender, deliver a copy of that form DTTP2 to the Agent for delivery to the relevant Lender. 

 

	3.	Tax indemnity 

 3.1. The Parent shall (within three Business Days of demand by the Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of the Agreement or the Other
Documents. 
 3.2. Paragraph 3.1 above shall not apply: 
  

	(a)	with respect to any Tax assessed on a Finance Party: 

  

	 	(i)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(ii)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that
Finance Party; or 
  

	(b)	to the extent a loss, liability or cost: 

  

	 	(i)	is compensated for by an increased payment under Clause 2 (Tax gross-up); 

  

	 	(ii)	would have been compensated for by an increased payment under Clause 2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph 2.4 applied; or 

 

	 	(iii)	is a FATCA Deduction. 

 3.3. A Protected Party making, or intending to make a claim under paragraph 3.1 above shall promptly notify the
Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent. 
 3.4. A Protected Party shall, on
receiving a payment from a Relevant Obligor under this Clause 3, notify the Agent. 
  

	4.	Tax Credit 

 4.1. If a Relevant Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part or to that Tax Payment; and 

  

	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party shall pay an amount
to the Relevant Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Relevant Obligor. 

 

	5.	Lender Status Confirmation 

 5.1. Each Lender which becomes a party to this Agreement after the date of
this Agreement shall indicate, in the Commitment Transfer Supplement which it executes on becoming a party to this Agreement, and for the benefit of the Agent and without liability to any Relevant Obligor, which of the following categories it falls
in: 
  

	(a)	not a Qualifying Lender; 

  

	(b)	a Qualifying Lender (other than a Treaty Lender); or 

  

	(c)	a Treaty Lender. 

 5.2. If a New Lender fails to indicate its status in accordance with this Clause 5 then such
New Lender shall be treated for the purposes of this Agreement (including by each Relevant Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such
notification, shall inform the Company). For the avoidance of doubt, a Commitment Transfer Supplement shall not be invalidated by any failure of a Lender to comply with this Clause 5. 

 

	6.	HMRC DT Treaty Passport scheme confirmation 

 6.1. A New Lender that is a Treaty Lender that holds a
passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Relevant Obligor) in the Commitment
Transfer Supplement which it executes by including its scheme reference number and its jurisdiction of tax residence in that Commitment Transfer Supplement. 

 6.2. Where a New Lender includes the indication described in paragraph 6.1 above in the relevant Commitment
Transfer Supplement: 
  

	(a)	each UK Borrower which is a party to this Agreement as a Borrower as at the relevant Transfer Effective Date shall, to the extent that that New Lender becomes a Lender under a facility made available to that Borrower
pursuant to the Agreement, file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of that Transfer Effective Date and shall promptly provide the Lender with a copy of that filing; and

  

	(b)	each Additional UK Borrower which becomes an Additional Borrower after the relevant Transfer Effective Date shall, to the extent that that New Lender is a Lender under a facility made available to that Additional
Borrower pursuant to the Agreement, file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of becoming an Additional Borrower and shall promptly provide the Lender with a copy of that filing.

 6.3. If a New Lender has not included an indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this
Agreement in accordance with Clause 6.1, no Relevant Obligor shall file any form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s obligation under this Agreement. 

 

	7.	Stamp taxes 

 The Parent shall pay and, within three Business Days of demand, indemnify each Finance
Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of the Agreement or the Other Documents. 

 

	8.	VAT 

 8.1. All amounts set out or expressed in the Agreement or the Other Documents to be payable by any
party to this Agreement to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly,
subject to paragraph 8.2 below, if VAT is or becomes chargeable on any supply made by any Finance Party to any other party to this Agreement under the Agreement or the Other Documents, that party shall pay to the Finance Party (in addition to and at
the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such party to this Agreement). 

8.2. If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the
“Recipient”) under the Agreement or the Other Documents, and any party to this Agreement other than the Recipient (the “Subject Party”) is required by the terms of the Agreement or the Other Documents to pay an
amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration); 
  

	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Subject Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the
amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Subject Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines
relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Subject Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

 8.3. Where the Agreement or the Other Documents require any party to this Agreement to reimburse or indemnify a
Finance Party for any cost or expense, that party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance
Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 
 8.4. Any reference in this
Clause 8 to any party to this Agreement shall, at any time when such party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such
group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 
 8.5. In relation to
any supply made by a Finance Party to any party to this Agreement under the Agreement or the Other Documents, if reasonably requested by such Finance Party, that party must promptly provide such Finance Party with details of that party’s VAT
registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

 SCHEDULE 4.4 

COLLATERAL LOCATIONS; PLACE OF BUSINESS, 

CHIEF EXECUTIVE OFFICE, REAL PROPERTY 

(b)(i) 
  

	
	 Company and Location

	FORGED AND CAST ENGINEERED PRODUCT SEGMENT
	Union Electric Steel Corporation
	 Route 18
 Burgettstown, PA 15021

	 726 Bell Avenue
 Carnegie, PA
15106

	 U.S. Highway 30
 Valparaiso, IN
46383

	 1712 Greengarden Road
 Erie, PA
16501

	
	Union Electric Steel UK Limited
	 Coulthards Lane
 Gateshead, NE8 3DX
England

	
	Åkers Sweden AB
	 Bruksallén 12SE-647 51
 Åkers
Styckebruk, Sweden

	
	Åkers National Roll Company
	 400 Railroad Avenue
 Avonmore, PA
15618

	
	Vertical Seal Company (Division)
	 162 Chapman Road
 Pleasantville, PA
16341

	
	Alloys Unlimited and Processing, LLC
	 3760 Oakwood Avenue
 Austintown, Ohio
44515

	
	AIR AND LIQUID PROCESSING SEGMENT
	Air & Liquid Systems Corporation
	Aerofin Division
	 4621 Murray Place
 Lynchburg, VA
24502

	
	Buffalo Air Handling Division
	 467 Zane Snead Drive
 Amherst, VA
24521

	
	Buffalo Pumps Division
	 874 Oliver Street
 N. Tonawanda, NY
14120

 (b)(ii) 
  

			
	 Loan Part(ies)
	  	 Warehouse Address

	 Air & Liquid Systems Corporation
 Union
Electric Steel Corporation
 Alloys Unlimited and Processing, LLC
	  	 726 Bell Avenue
 Carnegie, PA
15106

		
	Buffalo Pumps, division of Air & Liquid Systems Corporation	  	 874 Oliver Street
 N. Tonawanda, NY
14120

		
	Buffalo Air Handling, division of Air & Liquid Systems Corporation	  	 467 Zane Snead Drive
 Amherst, VA
24521

		
	Aerofin, division of Air & Liquid Systems Corporation	  	 4621 Murray Place
 Lynchburg, VA
24502

		
	Air & Liquid Systems Corporation	  	 Wilson Welding & Fab
 1142 Seamster Rd.

Gladys, VA

		
	Air & Liquid Systems Corporation	  	 Heresite Protective Coatings
 822 South 14th
St
 Manitowoc, WI 54220

		
	Air & Liquid Systems Corporation	  	 Luvata Electrofin
 1423 W. Ormsby Ave

Louisville, KY 40210

		
	Air & Liquid Systems Corporation	  	 Carver Machine Works
 129 Christian Service Camp
Rd
 Washington, NC 27889

		
	 Åkers AB
 Åkers Sweden AB
	  	 Bruksallén 4, 647 51 Åkers Styckebruk,

Södermanlands län, Sweden

		
	Åkers AB	  	 Outokumpu Stainless OY
 Terästie
1Tornio
 Finland
 95490

		
	Union Electric Steel UK Limited	  	 Coulthards Lane
 Gateshead, NE8 3DX

Tyne & Wear
 England

		
	Union Electric Steel UK Limited	  	 Stadium Export Services Ltd.
 Longrigg,
Swalwell
 Gateshead, NE8 3DX
 Tyne & Wear

England

		
	Union Electric Steel UK Limited	  	 The Storage Place Ltd.
 Brewery Lane,
Felling
 Gateshead, NE10 0EY
 Tyne & Wear

England

			
	 Loan Part(ies)
	  	 Warehouse Address

	Union Electric Steel UK Limited	  	 Washington Tool and Machine Co.
 Baird
Avenue
 Washington, PA 15301

		
	Akers National Roll Company	  	 400 Railroad Avenue
 Avonmore, PA
15618

		
	Akers National Roll Company	  	 621 Railroad Avenue
 Avonmore, PA
15618

		
	Akers National Roll Company	  	 Neiltown Road Route 227
 Pleasantville, PA
16341

		
	 Alloys Unlimited and Processing, LLC
 Union
Electric Steel Corporation
	  	 Austintown Oakwood LLC
 3760 Oakwood Avenue

Austintown, OH 44515

		
	Alloys Unlimited and Processing, LLC	  	 P&L Heat Treating & Grinding
 313 E Wood
St
 Youngstown, OH 44503

		
	Alloys Unlimited and Processing, LLC	  	 P&L Precision Grinding
 948 Poland Ave

Youngstown, OH 44502

		
	Union Electric Steel Corporation	  	 Route 18
 Burgettstown, PA 15021

		
	Union Electric Steel Corporation	  	 U.S. Highway 30
 Valparaiso, IN
46383

		
	Union Electric Steel Corporation	  	 1712 Greengarden Road
 Erie, PA
16501

		
	Union Electric Steel Corporation	  	 Independent Maritime Terminal
 Mannheimweg,
Belgium
 Quay 242, Hansa Dock, 2030
 Antwerpen,
Belgium

		
	Union Electric Steel Corporation	  	 KMX International
 2nd and Grand Streets

Hamburg, PA 19526

		
	Union Electric Steel Corporation	  	 Britannic Shipping
 53 Breez Hill

Walton L9
 1DZ GB, United Kingdom

		
	Union Electric Steel Corporation	  	 Hilti Inc.
 902 North Cedar Street

New Castle, PA 16102

		
	Union Electric Steel Corporation	  	 Elbach and Johnson
 1309 Main Street

Crescent, PA 15046

		
	Union Electric Steel Corporation	  	 Harbor Freight Transport Corp.
 301 Craneway
St.
 Port Newark, NJ 07114

			
	 Loan Part(ies)
	  	 Warehouse Address

	Union Electric Steel Corporation	  	 USS-POSCO Industries
 900 Loveridge Road

Pittsburg, CA 94565

		
	Union Electric Steel Corporation	  	 WHEMCO
 601 West 7th Ave

Homestead, PA 15120

		
	Union Electric Steel Corporation	  	 XTEK Incorporated
 11451 Reading Road

Cincinnati, OH 45241

 (b)(iii) 
  

					
	 Loan Party
	  	 Place of Business
	  	 Chief Executive Office

	Borrowers
	Air & Liquid Systems Corporation	  	 4621 Murray Place
 Lynchburg, VA 24502

 
 467 Zane Snead Drive

Amherst, VA 24521
  

874 Oliver Street
 N. Tonawanda, NY 14120
	  	 726 Bell Avenue, Suite 302
 Carnegie, PA
15106

			
	Union Electric Steel Corporation	  	 Route 18
 Burgettstown, PA 15021

 
 726 Bell Avenue

Carnegie, PA 15106
  

U.S. Highway 30
 Valparaiso, IN 46383

 
 1712 Greengarden Road

Erie, PA 16501
	  	 726 Bell Avenue
 Carnegie, PA
15106

			
	Alloys Unlimited and Processing, LLC	  	 726 Bell Avenue
 Carnegie, PA 15106

 
 3760 Oakwood Avenue

Austintown, OH 44515
	  	 726 Bell Avenue
 Carnegie, PA
15106

			
	Akers National Roll Company	  	 400 Railroad Avenue
 Avonmore, PA 15618

 
 162 Chapman Road

Pleasantville, PA 16341
	  	 400 Railroad Avenue
 Avonmore, PA
15618

			
	Åkers Sweden AB	  	 Bruksallén 4SE-647 51
 Åkers
Styckebruk, Sweden
	  	 Bruksallén 4SE-647 51
 Åkers
Styckebruk, Sweden

					
	 Loan Party
	  	 Place of Business
	  	 Chief Executive Office

	Union Electric Steel UK Limited	  	 Coulthards Lane
 Gateshead, NE8 3DX
England
	  	 Coulthards Lane
 Gateshead, NE8 3DX
England

	
	Guarantors
			
	Ampco-Pittsburgh Corporation	  	 726 Bell Avenue, Suite 301
 Carnegie, PA
15106
	  	 726 Bell Avenue, Suite 301
 Carnegie, PA
15106

			
	Ampco-Pittsburgh Securities V LLC	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803
	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803

			
	Ampco-Pittsburgh Securities V Investment Corporation	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803
	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803

			
	Ampco UES Sub, Inc.	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803
	  	 103 Foulk Road, Suite 202
 Wilmington, DE
19803

			
	The Davy Roll Company Limited	  	 Coulthards Lane
 Gateshead, NE8 3DX
England
	  	 Coulthards Lane
 Gateshead, NE8 3DX
England

			
	Åkers AB	  	 Bruksallén 14SE-647 51
 Åkers
Styckebruk, Sweden
	  	 Bruksallén 14SE-647 51
 Åkers
Styckebruk, Sweden

			
	Rolls Technology Inc.	  	 400 Railroad Avenue
 Avonmore, PA 15618
	  	 400 Railroad Avenue
 Avonmore, PA
15618

 (b)(iv) 
  

					
	 Company and Location
	  	 Owned or Leased
	  	 Landlord Address (if applicable)

	FORGED AND CAST ENGINEERED PRODUCT SEGMENT
	Union Electric Steel Corporation
	 Route 18
 Burgettstown, PA 15021
	  	Owned	  	N/A
			
	 726 Bell Avenue
 Carnegie, PA 15106
	  	Owned	  	N/A
			
	 U.S. Highway 30
 Valparaiso, IN 46383
	  	Owned	  	N/A
			
	 1712 Greengarden Road
 Erie, PA 16501
	  	Leased	  	 Transportation Investment Group
 7005 W.Pine
Gate Road
 Fairview, PA 16415

	
	Union Electric Steel UK Limited
	 Coulthards Lane
 Gateshead, NE8 3DX
England
	  	Owned	  	N/A
	
	Åkers Sweden AB
	 Bruksallén 12SE-647 51
 Åkers
Styckebruk, Sweden
	  	Owned	  	N/A
	
	Åkers National Roll Company
	 400 Railroad Avenue
 Avonmore, PA 15618
	  	Owned	  	N/A

					
	 Company and Location
	  	 Owned or Leased
	  	 Landlord Address (if applicable)

	Vertical Seal Company (Division)
	 162 Chapman Road
 Pleasantville, PA
16341
	  	Owned	  	N/A
	
	Alloys Unlimited and Processing, LLC
	 3760 Oakwood Avenue
 Austintown, Ohio
44515
	  	Leased	  	 Austintown Oakwood, LLC
 3760 Oakwood Avenue
Austintown, OH 44515

	AIR AND LIQUID PROCESSING SEGMENT
	Air & Liquid Systems Corporation
	Aerofin Division
	 4621 Murray Place
 Lynchburg, VA 24506
	  	Owned	  	N/A
	
	Buffalo Air Handling Division
	 467 Zane Snead Drive
 Amherst, VA 24531
	  	Owned	  	N/A
	
	Buffalo Pumps Division
	 874 Oliver Street
 N. Tonawanda, NY
14120
	  	Owned	  	N/A

 SCHEDULE 5.1 

CONSENTS 
 None. 

 SCHEDULE 5.2(a) 

STATES OF QUALIFICATION AND GOOD STANDING 
  

					
	 Entity
	  	 Jurisdiction of

Organization
	  	
Jurisdictions of Qualification

	Borrowers
			
	Air & Liquid Systems Corporation	  	Pennsylvania	  	 New York
 Virginia

			
	Union Electric Steel Corporation	  	Pennsylvania	  	Indiana
			
	Alloys Unlimited and Processing, LLC	  	Pennsylvania	  	Ohio
			
	Rolls Technology Inc.	  	Delaware	  	None
			
	Akers National Roll Company	  	Delaware	  	 Alabama
 Pennsylvania

West Virginia

			
	Åkers Sweden AB	  	Sweden	  	None
			
	Union Electric Steel UK Limited	  	England and Wales	  	None
	
	Guarantors
			
	Ampco-Pittsburgh Corporation	  	Pennsylvania	  	Texas
			
	Ampco-Pittsburgh Securities V LLC	  	Delaware	  	None
			
	Ampco-Pittsburgh Securities V Investment Corporation	  	Delaware	  	None
			
	Ampco UES Sub, Inc.	  	Delaware	  	None
			
	The Davy Roll Company Limited	  	England and Wales	  	None
			
	Åkers AB	  	Sweden	  	European Union (VAT registration in France and Slovenia)

 SCHEDULE 5.2(b) 

SUBSIDIARIES 
  

			
	 Loan Party
	  	 Subsidiaries

	Ampco-Pittsburgh Corporation	  	Ampco-Pittsburgh Securities V LLC
	  	Air & Liquid Systems Corporation
		
	Air & Liquid Systems Corporation	  	No Subsidiaries
		
	Ampco-Pittsburgh Securities V LLC	  	Union Electric Steel Corporation
	  	Ampco-Pittsburgh Securities V Investment Corporation
		
	Ampco-Pittsburgh Securities V Investment Corporation	  	No Subsidiaries
		
	Union Electric Steel Corporation	  	Ampco UES Sub, Inc.
	  	Alloys Unlimited and Processing, LLC
		
	Alloys Unlimited and Processing, LLC	  	No Subsidiaries
		
	Ampco UES Sub, Inc.	  	The Davy Roll Company Limited
	  	Åkers Valji Ravne d.o.o. Ravne
	  	Åkers Sweden AB
	  	Rolls Technology Inc.
	  	Åkers AB
		
	The Davy Roll Company Limited	  	Union Electric Steel UK Limited
		
	Union Electric Steel UK Limited	  	No Subsidiaries
		
	Åkers Sweden AB	  	No Subsidiaries
		
	Rolls Technology Inc.	  	Akers National Roll Company
		
	Akers National Roll Company	  	No Subsidiaries
		
	Åkers AB	  	No Subsidiaries

 SCHEDULE 5.4 

FEDERAL TAX IDENTIFICATION NUMBER 
  

			
	 Entity
	  	 Federal Tax Identification Number or

VAT Registration Number or Equivalent

	Borrowers
		
	Air & Liquid Systems Corporation	  	27-1374558
		
	Union Electric Steel Corporation	  	25-0847900
		
	Alloys Unlimited and Processing, LLC	  	47-4472586
		
	Rolls Technology Inc.	  	25-1553954
		
	Akers National Roll Company	  	25-1571666
		
	Åkers Sweden AB	  	SE556031808001 (VAT registration number)
		
	Union Electric Steel UK Limited	  	452 12150 44119 A 23 A 22/01 (UK tax identification number)
	
	Guarantors
		
	Ampco-Pittsburgh Corporation	  	25-1117717
		
	Ampco-Pittsburgh Securities V LLC	  	25-1431512
		
	Ampco-Pittsburgh Securities V Investment Corporation	  	27-1450392
		
	Ampco UES Sub, Inc.	  	51-0319219
		
	The Davy Roll Company Limited	  	508 15589 16436 A 25 A 16/01 (UK tax identification number)
		
	Åkers AB	  	SE556153479201 (VAT registration number)

 SCHEDULE 5.6 

PRIOR NAMES 
 Alloys acquired
substantially all assets of Alloys Unlimited and Processing, Inc., an Ohio corporation, on July 29, 2015. 

 SCHEDULE 5.7 

ENVIRONMENTAL 
 None. 

 SCHEDULE 5.8(b)(i) 

LITIGATION 
 Asbestos Litigation

 Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products of predecessors
of ALS (“Asbestos Liability”). Those subsidiaries, and in some cases the Ampco-Pitt Corp., are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. 

Asbestos Claims 
 The following table reflects approximate
information about the claims for Asbestos Liability against the subsidiaries and Ampco-Pitt Corp. for the two years ended December 31, 2015 and 2014. 
  

									
	(dollars in thousands)	  	2015	 	  	2014	 
	 Total claims pending at the beginning of the period
	  	 	8,457	  	  	 	8,319	  
	 New claims served
	  	 	1,424	  	  	 	1,466	  
	 Claims dismissed
	  	 	(3,339	) 	  	 	(1,094	) 
	 Claims settled
	  	 	(330	) 	  	 	(234	) 
	 Total claims pending at the end of the
period1
	  	 	6,212	  	  	 	8,457	  
	 Gross settlement and defense costs (in 000’s)
	  	$	19,199	  	  	$	20,801	  
	 Average gross settlement and defense costs per claim resolved (in 000’s)
	  	$	5.23	  	  	$	15.66	  

 A substantial majority of the settlement and defense costs reflected in the above table was reported and paid by insurers.
Because claims are often filed and can be settled or dismissed in large groups, the amount and timing of settlements, as well as the number of open claims, can fluctuate significantly from period to period. 

 

	1 	Included as “open claims” are approximately 430 and 1,647 claims in 2015 and 2014, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel
on multi-district litigation, commonly referred to as the MDL. 

 SCHEDULE 5.8(b)(ii) 

INDEBTEDNESS 
  

	1.	Subordinated Promissory Note, issued by Ampco-Pitt Corp. to Altor on March 3, 2016, in the principal amount of $14,489,355. 

  

	2.	Subordinated Promissory Note, issued by Ampco-Pitt Corp. to SHB on March 3, 2016, in the principal amount of $11,220,659. 

  

	3.	UK Borrower Line of credit facility with Barclays Bank in the amount of £250,000. 

  

	4.	Capital Leases 

  

	 	a.	National Roll – Company-wide Phone Lease, 5 years, balance at 2/29/2016 of $76,661. 

  

	 	b.	Sarlin heating furnace lease between Akers Sweden and SHB, dated June 25, 2008, balance at 4/30/16 of 2,691 kSEK. 

  

	 	c.	Sarling heating furnace lease between Akers Sweden and SHB, dated June 25, 2008, balance at 4/30/16 of 3,544 kSEK. 

  

	 	d.	Lease of 120 ton overhead crane between Akers Sweden and SHB, dated April 5, 2006, balance at 4/30/16 of 2,191 kSEK. 

  

	5.	ACIDA Union Electric Steel 96 Trust Indenture dated July 1, 1996 in the amount of $4,120,000. 

  

	6.	ACIDA Union Electric Steel 97 Trust Indenture dated November 1, 1997 in the amount of $7,116,000. 

  

	7.	Lynchburg Virginia IDA (Aerofin) 99 Variable Rate Demand IDRB in the amount of $2,075,000. 

  

	8.	Guarantees by Svenska Handelsbanken AB (publ) on behalf of certain customers of Åkers AB in the aggregate amount of approximately $2,000,000. 

 SCHEDULE 5.8(d) 

PLANS 
 UES, Ampco-Pitt Corp.,
and ALS Plans 
  

	 	1.	Ampco-Pitt Corp. Retirement Plan 

  

	 	2.	Ampco-Pitt Corp. Retirement Savings Plan (401(k) Plan) 

  

	 	3.	Ampco-Pitt Corp. Group Insurance Program (Health and Welfare Plan) 

  

	 	a.	Medical Carrier - Aetna 

  

	 	b.	Dental Carrier - Delta Dental 

  

	 	c.	Vision Carrier - Aetna 

  

	 	d.	Life and AD&D Insurance - MetLife 

  

	 	e.	Short Term Disability - MetLife 

  

	 	f.	Long Term Disability - Liberty Mutual 

  

	 	g.	Stop Loss - Aetna 

  

	 	h.	Group Travel Accident - The Hartford 

  

	 	4.	Ampco-Pitt Corp. Retiree Welfare Benefits Plan 

  

	 	5.	IAM Nation Pension Fund (multiemployer plan for the UES Valparaiso Union) 

 National Roll Plans 

 

	 	1.	National Roll Retirement Plan for Salaried Employees 

  

	 	2.	National Roll Pension Plan for Hourly Rated EES At Avonmore 

  

	 	3.	National Roll Salaried 401(K) Plan 

  

	 	4.	USWA Savings Program/National Roll 401(K) Plan 

  

	 	5.	Retirement Plan for Employees of Vertical Seal Company 

  

	 	6.	National Roll Health & Welfare Benefits Plan 

 UK Borrower Plans 

 

	 	1.	Pension Scheme – Company contributes 3% and Employees must contribute 3% minimum 

  

	 	2.	Death in Service – 3x Salary/annual earnings 

	 	3.	For a limited number of staff 

  

	 	a.	Health Insurance – applies to 14 staff (covers employee and partner) 

  

	 	b.	Company Cars – applies to 8 staff 

  

	 	c.	Travel Insurance – applies to 13 staff (covers business and personal travel) 

 Akers Sweden Plans

  

	 	1.	Kollektivavtal (tjänstemannaavtalet) 

  

	 	2.	Kollektivavtal IF Metall/Stål och Metall 

  

	 	3.	Local agreement about production bonus 

  

	 	4.	Local agreements about benefits for workers: 

  

	 	a.	“Fritidsfond” 0.7% of total workers salary. 2015 < 400KKr 

  

	 	b.	“Sjukfond” 0.5% of total workers salary. 2015 < 300Kkr 

  

	 	c.	“Tandfond” 0.2% of total workers salary. 2015 < 110Kkr 

 SCHEDULE 5.9 

INTELLECTUAL PROPERTY, SOURCE CODE ESCROW AGREEMENTS 

Patents: 
  

							
	 Application/Patent No.
	 	 Status
	 	 Chain of Title/Assignments
	  	 Notes

	 US 09/838,347
 US 6,868,689
	 	 Filed 4/20/2001
 Issued 3/22/2005
	 	 Inventors to Buffalo Air Handling Company

Executed 4/2001
 Recorded 4/20/2001

 
 Merger: Aerofin Corporation/Buffalo Pumps, Inc. into Air & Liquid Systems
Corporation
 Executed 12/23/2009
 Recorded 2/5/2010

 
 CURRENT OWNER: Air & Liquid Systems Corporation
	  	11.5 Year Maintenance Fee Window Opens 3/22/2016; Last day to pay: 3/22/2017
				
	 US 09/614,404
 US 6,315,530
	 	 Filed 7/12/2000
 Issued 11/13/2001
	 	 Inventors to Buffalo Pumps, Inc.
 Executed
6/2000 and 7/2000
 Recorded 7/12/2000
  

Merger: Aerofin Corporation/Buffalo Pumps, Inc. into Air & Liquid Systems Corporation

Executed 12/23/2009
 Recorded 2/5/2010

 
 CURRENT OWNER: Air & Liquid Systems Corporation
	  	 11.5 Year Maintenance Fee paid: 5/1/2013
  

Provisional Application No. 60/157,732 filed 10/5/1999 (expired)

				
	 US 10/161,663
 US 6,617,731
	 	 Filed 6/5/2002
 Issued 9/9/2003
	 	 Inventors to Buffalo Pumps, Inc.
 Executed
5/2002
 Recorded 6/5/2002
  

Merger: Aerofin Corporation/Buffalo Pumps, Inc. into Air & Liquid Systems Corporation

Executed 12/23/2009
 Recorded 2/5/2010 

 
 CURRENT OWNER: Air & Liquid Systems Corporation
	  	11.5 Year Maintenance Fee paid: 2/19/2015

							
	 Application/Patent No.
	 	 Status
	 	 Chain of Title/Assignments
	  	 Notes

				
	 US 10/094,982
 US 6,626,578
	 	 Filed 3/12/2002
 Issued 9/30/2003
	 	 Inventors to Buffalo Pumps, Inc.
 Executed
3/2002
 Recorded 3/12/2002
  

Merger: Aerofin Corporation/Buffalo Pumps, Inc. into Air & Liquid Systems Corporation

Executed 12/23/2009
 Recorded 2/5/2010

 
 CURRENT OWNER: Air & Liquid Systems Corporation
	  	11.5 Year Maintenance Fee paid: 2/19/2015

  

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application
No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057ATEP	  	Austria	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057AU00	  	Australia	  	04/03/2011	  	2011361937	  	17/09/2015	  		  		  	Accepted for grant – opposition period ends on 01/01/2016	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	PCT Based without Priority	  	Barry Franks	  	According to publically available databases the patent was accepted for grant on 17/09/2015.

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application
No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057BEEP	  	Belgium	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057BR00	  	Brazil	  	04/03/2011	  	PI1101419-9	  		  		  		  	Pending	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Priority Founding	  	Barry Franks	  	Request for examination has been filed but there is a “huge” backlog at the BR patent office.
													
	P11057CA00	  	Canada	  	04/03/2011	  	2828894	  		  		  		  	Pending	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	PCT Based without Priority	  	Barry Franks	  	Response to office action filed in Sept, 2015.
													
	P11057CHEP	  	Switzerland	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057CN00	  	China	  	04/03/2011	  	201180000136.7	  		  		  		  	Accepted for grant.	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	PCT Based without Priority	  	Barry Franks	  	The registration fees have been paid. Awaiting issuance of the Letters patent.

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application
No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057CZEP	  	Czech Republic	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057DEEP	  	Germany	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057ESEP	  	Spain	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057FIEP	  	Finland	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057FREP	  	France	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application
No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057GBEP	  	United Kingdom	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057HREP	  	Croatia	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057IN00	  	India	  	04/09/2013	  	1673/MUMNP/2013	  		  		  		  	Pending	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	PCT Based without Priority	  	Barry Franks	  	 According to publically available databases the national filing date is 04/09/2013.

Request for examination filed but no examination report has been received yet

													
	P11057ITEP	  	Italy	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application
No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057JP01	  	Japan	  	22/11/2013	  	2013-241411	  		  		  		  	Pending (initially rejected, rejection decision appealed)	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Divisional	  	Barry Franks	  	 According to publically available databases the national filing date is 22/11/2013. The patent application was rejected 23/06/2015, the
rejection decision
 was
 appealed 23/10/2015.

Appeal no 2015-019108.

													
	P11057KR00	  	South Korea	  	04/03/2011	  	10-2011-0019698	  	02/09/2013	  	10-1305410	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Priority Founding	  	Barry Franks	  	
													
	P11057LUEP	  	Luxembourg	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057NLEP	  	Netherlands	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application

No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application
Type
	  	 Team
	  	 Comments

	P11057PLEP	  	Poland	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057ROEP	  	Romania	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057RU00	  	Russian	  	04/03/2011	  	2013142706	  		  		  		  	Accepted for grant	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	PCT Based without Priority	  	Barry Franks	  	The local representative has been instructed to take actions necessary to get this granted. Due date for taking those actions is 13/12/2015.
													
	P11057SEEP	  	Sweden	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application

No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application

Type
	  	 Team
	  	 Comments

	P11057SIEP	  	Slovenia	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057SKEP	  	Slovakia	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057TREP	  	Turkey	  	04/03/2011	  	11156907.5	  	11/09/2013	  	2495340	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Designated after EPC	  	Barry Franks	  	
													
	P11057TW00	  	Taiwan	  	04/03/2011	  	100107296	  	01/02/2015	  	I471420	  	04/03/2031	  	Granted	  	Åkers AB	  	A forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Priority Founding	  	Barry Franks	  	 According to publically available databases there is not any owner registered for this patent.

According to the Taiwanese attorneys, this was corrected to “Åkers AB” in the patent Gazette of
08/08/2015.

																									
	 Brann

Ref.
	  	 Country
	  	 Application Date

(dd/mm/yyyy)
	  	 Application

No.
	  	 Reg. Date
	  	 Reg. No
	  	 Duration
	  	 Status
	  	 Applicant
	  	 Catchword
	  	 Application

Type
	  	 Team
	  	 Comments

	P11057US00	  	USA	  	04/03/2011	  	13/040327	  	30/12/2014	  	8920296	  	22/03/2033	  	Granted	  	Åkers AB	  	Forged roll meeting the requirements of the cold rolling industry and a method for production of such a roll	  	Priority Founding	  	Barry Franks	  	This patent benefits from 749 extra days of validity due to patent term adjustments (PTA).

 Trademarks: 
  

													
	Country	 	Serial No.	 	Reg. No.	 	Trademark	 	Status	 	Class	 	Owner Name
	US	 	77/701,234	 	3,804,367	 	SPRAYGUARD	 	Registered	 	11	 	Air & Liquid Systems Corporation
	US	 	76/311,192	 	2,578,540	 	AEROFIN	 	Registered	 	11	 	Air & Liquid Systems Corporation
	US	 	76/227,153	 	2,668,131	 	AEROMIX	 	Registered	 	11	 	Air & Liquid Systems Corporation
	US	 	75/668,294	 	2,377,091	 	ENERGY FLOW	 	Registered	 	11	 	Air & Liquid Systems Corporation
	US	 	72/248,964	 	0,833,291	 	THRUST-O-MATIC	 	Registered	 	23	 	Air & Liquid Systems Corporation
	US	 	72/207,562	 	0,799,481	 	CAN-O-MATIC	 	Registered	 	23	 	Air & Liquid Systems Corporation
	US	 	85/330,517	 	4,335,451	 	SPLIT-FIT	 	Registered	 	7	 	Air & Liquid Systems Corporation
	China	 	4096623	 	4096623	 	UNION ELECTRIC STEEL	 	Registered	 	Forged hardened steel rolls	 	 Union Electric Steel Corporation
 726 Bell
Street, Carnegie, PA

	China	 	3353884	 	3353884	 	UNION ELECTRIC STEEL	 	Registered	 	Forged hardened steel rolls	 	 Union Electric Steel Corporation
 726 Bell
Street, Carnegie, PA

	India	 	334986	 		 	AMPCO	 	 Registered
 Renewed 3/27/06
	 	 6
 Non-precious metal alloys
	 	 Ampco-Pittsburgh Corporation
 700 Porter
Building, Pittsburgh, PA

	India	 	334985	 		 	AMPCOLOY	 	 Registered
 Renewed 3/27/92
	 	 6
 Non-precious metal alloys
	 	 Ampco-Pittsburgh Corporation
 700 Porter
Building, Pittsburgh, PA

	India	 	334987	 		 	AMPCO-WELD	 		 	 9
 Resistance welding electrodes
	 	 Ampco-Pittsburgh Corporation
 700 Porter
Building, Pittsburgh, PA

  

																									
	 Brann

ref.
	 	 Applicant
	 	 Status
	 	 Trademark
	 	 Application

Date
	 	 App. No
	 	 Reg. date
	 	 Reg. no
	 	 Renewal

Date
	 	 Clases
	 	 Country
	 	 Designated

countries
	 	 Comments

	 B597W
 W00
	 		 	Ongoing watch	 	INVICTA	 		 		 		 		 	30/06/2016	 		 	World Wide	 		 	
													
	 B598W
 W00
	 		 	Ongoing watch	 	ÅKERS	 		 		 		 		 	30/06/2016	 	06, 07	 	World Wide	 		 	
													
	 V25794
 BR07
	 	Åkers AB	 	Pending	 	ÅKERS	 	29/12/2004	 	827044496	 		 		 		 	07	 	Brazil	 		 	Pending application.

																									
	 Brann

ref.
	 	 Applicant
	 	 Status
	 	 Trademark
	 	 Application

Date
	 	 App. No
	 	 Reg. date
	 	 Reg. no
	 	 Renewal

Date
	 	 Clases
	 	 Country
	 	 Designated

countries
	 	 Comments

	 V25794
 EU00
	 	Åkers AB	 	Granted	 	ÅKERS	 	03/11/2004	 	004105251	 	16/12/2005	 	004105251	 	03/11/2024	 	06, 07, 40	 	European Community	 	Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia,
Slovenia, Spain, Sweden, United Kingdom	 	
													
	 V25794
 ID06
	 	Åkers AB	 	Granted	 	ÅKERS	 	03/02/2012	 	D00201204787	 	10/10/2014	 	IDM000427985	 	03/02/2022	 	06	 	Indonesia	 		 	Registered on 10/10/2014 – We have not received any Certificate of registration.
													
	 V25794
 ID07    
	 	Åkers AB	 	Granted	 	ÅKERS	 	03/02/2012	 	D00201204786	 	10/10/2014	 	IDM000428492	 	03/02/2022	 	07	 	Indonesia	 		 	Registered on 10/10/2014 – We have not received any Certificate of registration.

																									
	 Brann

ref.
	 	 Applicant
	 	 Status
	 	 Trademark
	 	 Application

Date
	 	 App. No
	 	 Reg. date
	 	 Reg. no
	 	 Renewal

Date
	 	 Clases
	 	 Country
	 	 Designated

countries
	 	 Comments

	 V25794
 IN00
	 	Åkers AB	 	Granted	 	ÅKERS	 	17/12/2004	 	1326540	 	17/12/2004	 	1326540	 	17/12/2024	 	07	 	India	 		 	
													
	 V25794
 IP00
	 	Åkers AB	 	Granted	 	ÅKERS	 	09/12/2004	 	844922A	 	09/12/2004	 	844922	 	09/12/2024	 	06, 07	 	International Protocol (Madrid)	 	Australia, China, Egypt, Japan (all goods in class 7 and class 6 limited), Kazakhstan, Morocco, Russian Federation, Turkey, Ukraine	 	The designation for Japan only covers class 6.
													
	 V25794
 IP01
	 	Åkers AB	 	Granted	 	ÅKERS	 	09/12/2004	 	844922	 	09/12/2004	 	844922A	 	09/12/2024	 	06, 07	 	International Protocol (Madrid)	 	Egypt, Kazakhstan, Morocco, South Korea	 	Egypt, Kazakhstan and Morocco is included in the above registration no. 844922
													
	 V25794
 US00
	 	Åkers AB	 	Granted	 	ÅKERS	 	02/05/2005	 	78/620774	 	05/12/2006	 	3179530	 	05/12/2016	 	06, 07	 	USA	 		 	Declaration of use should be filed on 05/12/2016
													
	 V25794
 ZA07
	 	Åkers AB	 	Granted	 	ÅKERS	 	10/12/2004	 	2004/22404	 	05/03/2008	 	2004/22404	 	10/12/2024	 	07	 	South Africa	 		 	Granted
													
	 V26765
 CN06
	 	Åkers AB	 	Granted	 	 ÅKERS
 i lokala tecken
	 	03/11/2006	 	5700635	 	28/07/2009	 	5700635	 	27/07/2019	 	06	 	China	 		 	
													
	 V26765
 CN07
	 	Åkers AB	 	Granted	 	 ÅKERS
 i lokala tecken
	 	03/11/2006	 	5700636	 	28/07/2009	 	5700636	 	27/07/2019	 	07	 	China	 		 	

																									
	 Brann

ref.
	 	 Applicant
	 	 Status
	 	 Trademark
	 	 Application

Date
	 	 App. No
	 	 Reg. date
	 	 Reg. no
	 	 Renewal

Date
	 	 Clases
	 	 Country
	 	 Designated

countries
	 	 Comments

	 V30705
 BR00
	 	Åkers AB	 	Pending	 	INVICTA	 	11/05/2011	 	831026995	 		 		 		 	07	 	Brazil	 		 	
													
	 V30705
 EU00
	 	Åkers AB	 	Granted	 	INVICTA	 	02/03/2011	 	009778549	 	10/08/2011	 	009778549	 	02/03/2021	 	07	 	European Community	 	Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia,
Slovenia, Spain, Sweden, United Kingdom	 	
													
	 V30705
 IP00
	 	Åkers AB	 	Granted	 	INVICTA	 	07/03/2011	 	1084155	 	07/03/2011	 	1084155	 	07/03/2021	 	07	 	International Protocol (Madrid)	 	China, Japan, Kazakhstan, Russian Federation, South Korea, Turkey, USA	 	Declaration of use should be filed in USA on 28/02/2018

 SCHEDULE 5.10 

LICENSES AND PERMITS 
 None. 

 SCHEDULE 5.14 

LABOR DISPUTES 
  

							
	 Facility
	  	 Name of union
	  	 Expiration date of contract
	  	 Labor disputes

	Carnegie, PA	  	USW Local 14034-47	  	11/1/2019	  	None
				
	Burgettstown, PA	  	USW Local 14034-49	  	10/31/2017	  	None
				
	Valparaiso, IN	  	IAM Dist. 90, Local 1227	  	5/31/2018	  	None
				
	Gateshead, UK Hourly	  	GMB / Unite	  	Annual - December	  	None
				
	Gateshead, UK Salaried	  	Unite	  	Annual - December	  	None
				
	Avonmore, PA	  	USW Local 1138-3 and USW Local 1138-4	  	2/29/2020	  	None
				
	Avonmore, PA	  	AFL-CIO Local No. 46	  	2/29/2020	  	None
				
	Styckebruk, Sweden (Blue Collar Employees)	  	Steel and Metal Employers Association / Industrifacket Metall (employee organisation)	  	3/31/2017	  	None
				
	Styckebruk, Sweden (White Collar Employees)	  	Steel and Metal Employers Association / Unionen, the Swedish Association of Graduate Engineers and Ledarna (employee organisations)	  	3/31/2017	  	None

 SCHEDULE 5.24 

EQUITY INTERESTS 
 (a) 

 

									
	 Entity
	  	 Jurisdiction of

Organization
	  	 Authorized

Capital
 Stock/Share

Capital
	  	 Issued and

Outstanding

Shares of

Capital Stock
	  	 Holders of Issued

and Outstanding

Shares of Capital

Stock

	 Borrowers
	  		  	
	Air & Liquid Systems Corporation	  	Pennsylvania	  	100 shares of common stock, par value $1.00 per share	  	100 shares of common stock, par value $1.00 per share	  	Ampco-Pittsburgh Corporation owns 100% of the issued and outstanding capital stock of Air & Liquid Systems Corporation
					
	Union Electric Steel Corporation	  	Pennsylvania	  	4,000,000 shares of common stock, par value $1.25 per share	  	1,508,665 shares of common stock, par value $1.25 per share	  	Ampco-Pittsburgh Securities V LLC owns 100% of the issued and outstanding capital stock of Union Electric Steel Corporation
					
	Alloys Unlimited and Processing, LLC	  	Pennsylvania	  	100 limited liability company units	  	100 limited liability company units	  	Union Electric Steel Corporation owns 100% of the issued and outstanding membership interests of Alloys Unlimited and Processing, LLC
					
	Akers National Roll Company	  	Delaware	  	1,000 shares of common stock, par value $1.00 per share	  	1,000 shares of common stock, par value $1.00 per share	  	Rolls Technology Inc. owns 100% of the issued and outstanding capital stock of Akers National Roll Company

									
	 Entity
	  	 Jurisdiction of
Organization
	  	 Authorized

Capital
 Stock/Share

Capital
	  	 Issued and

Outstanding
 Shares
of
 Capital Stock
	  	 Holders of Issued

and Outstanding
 Shares of
Capital
 Stock

	Åkers Sweden AB	  	Sweden	  	SEK 100,000,000	  	1,000,000 shares	  	Ampco UES Sub, Inc. owns 100% of the issued and outstanding capital stock of Åkers Sweden AB
					
	Union Electric Steel UK Limited	  	England and Wales	  	 GBP
 60,000

60,000 shares
	  	60,000 shares	  	The Davy Roll Company Limited owns 100% of the issued and outstanding capital stock of Union Electric Steel UK Limited
			
	Guarantors (other than Ampco-Pitt Corp.)	  		  	
	Ampco-Pittsburgh Securities V LLC	  	Delaware	  	100 membership interests	  	100 membership interests	  	Ampco-Pittsburgh Corporation owns 100% of the issued and outstanding membership interests of Ampco-Pittsburgh Securities V LLC
					
	Ampco-Pittsburgh Securities V Investment Corporation	  	Delaware	  	100 shares of common stock, par value $1.00 per share	  	100 shares of common stock, par value $1.00 per share	  	Ampco- Pittsburgh Securities V LLC owns 100% of the issued and outstanding capital stock of Ampco-Pittsburgh Securities V Investment Corporation

									
	 Entity
	  	 Jurisdiction of
Organization
	  	 Authorized

Capital
 Stock/Share

Capital
	  	 Issued and

Outstanding
 Shares
of
 Capital Stock
	  	 Holders of Issued

and Outstanding
 Shares of
Capital
 Stock

	Ampco UES Sub, Inc.	  	Delaware	  	1,000 shares of common stock, par value $1.00 per share	  	10 shares of common stock, par value $1.00 per share	  	Union Electric Steel Corporation owns 100% of the issued and outstanding capital stock of Ampco UES Sub, Inc.
					
	The Davy Roll Company Limited	  	England and Wales	  	 GBP
 1,000,000

1,000,000 shares
	  	1,000,000 shares	  	Ampco UES Sub, Inc. owns 100% of the issued and outstanding capital stock of The Davy Roll Company Limited
					
	Åkers AB	  	Sweden	  	SEK 140,000,000	  	1,400,000 shares	  	Ampco UES Sub, Inc. owns 100% of the issued and outstanding capital stock of Åkers AB
					
	Rolls Technology Inc.	  	Delaware	  	3,000 shares of common stock, no par value	  	3,000 shares of common stock, no par value	  	Ampco UES Sub, Inc. owns 100% of the issued and outstanding capital stock of Rolls Technology Inc.

 (b) None. For Ampco-Pitt. Corp, refer to Form 10-K and 2015 Proxy Statement for description of options and
restricted stock units. 
 (c) None. 

 SCHEDULE 5.25 

COMMERCIAL TORT CLAIMS 
 None. 

 SCHEDULE 5.26 

LETTER OF CREDIT RIGHTS 
 None.

 SCHEDULE 5.27 

MATERIAL CONTRACTS 
  

	1.	1988 Supplemental Executive Retirement Plan, as amended and restated December 17, 2008, and further amended on July 1, 2015. 

  

	2.	Ampco-Pittsburgh Corporation 2008 Omnibus Incentive Plan. 

  

	3.	Ampco-Pittsburgh Corporation 2011 Omnibus Incentive Plan. 

  

	4.	Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan. 

  

	5.	Retirement and Consulting Agreement between Ampco-Pittsburgh Corporation and Robert A. Paul effective January 1, 2015. 

  

	6.	Offer Letter between the Corporation and John S. Stanik dated November 25, 2014. 

  

	7.	Change in Control Agreement between Ampco-Pittsburgh Corporation and John S. Stanik dated January 31, 2015. 

  

	8.	Change in Control Agreement between Ampco-Pittsburgh Corporation and Maria Trainor. 

  

	9.	Amendment No. 1 to Amended and Restated Union Electric Steel Corporation Retirement Restoration Plan for Robert G. Carothers, effective as of July 1, 2015. 

 

	10.	Amended and Restated Change in Control Agreement, dated as of November 4, 2015, by and between Ampco-Pittsburgh Corporation and Rose Hoover. 

 

	11.	Amended and Restated Change in Control Agreement, dated as of November 4, 2015, by and between Ampco-Pittsburgh Corporation and Dee Ann Johnson. 

 

	12.	Amended and Restated Change in Control Agreement, dated as of November 4, 2015, by and among Ampco-Pittsburgh Corporation, Union Electric Steel Corporation, and Robert G. Carothers. 

 

	13.	Amended and Restated Change in Control Agreement, dated as of November 4, 2015, by and among Ampco-Pittsburgh Corporation, Air & Liquid Systems Corporation, and Terrence W. Kenny. 

 

	14.	Share Sale and Purchase Agreement, dated as of December 2, 2015, by and between, inter alia, Åkers Holdings AB and Ampco-Pittsburgh Corporation. 

 

	15.	Amendment No. 1 to Retirement and Consulting Agreement between Ampco-Pittsburgh Corporation and Robert A. Paul, dated March 2, 2016. 

	16.	Addendum to Share Sale and Purchase Agreement, dated March 1, 2016, among Ampco-Pittsburgh Corporation, Ampco UES Sub, Inc., Altor Fund II GP Limited, and Åkers Holding AB. 

 

	17.	Second Addendum to Share Sale and Purchase Agreement, dated March 3, 2016, among Ampco-Pittsburgh Corporation, Ampco UES Sub, Inc., Altor Fund II GP Limited, and Åkers Holding AB. 

 

	18.	Converting Note, issued by Ampco-Pittsburgh Corporation to Svenska Handelsbanken AB (publ) on March 3, 2016. 

  

	19.	Subordinated Promissory Note, issued by Ampco-Pittsburgh Corporation to Altor Fund II GP Limited on March 3, 2016. 

  

	20.	Subordinated Promissory Note, issued by Ampco-Pittsburgh Corporation to Svenska Handelsbanken AB (publ) on March 3, 2016. 

  

	21.	Note Sale and Purchase Agreement, dated March 3, 2016, by and among Ampco-Pittsburgh Corporation, Altor Fund II GP Limited and Svenska Handelsbanken AB (publ). 

 

	22.	Shareholder Support Agreement, dated March 3, 2016, by and between Ampco-Pittsburgh Corporation and Altor Fund II GP Limited. 

  

	23.	Lease Agreement, dated as of July 28, 2015, by and between Austintown Oakwood, LLC and Alloys Unlimited and Processing, LLC. 

  

	24.	Lease, dated as of December 6, 1994, by and between National Forge Company and Union Electric Steel Corporation. 

  

	25.	Lease Amendment, dated as of October 1, 2012, by and between National Forge Company and Union Electric Steel Corporation. 

 SCHEDULE 7.3 

GUARANTEES 
  

	1.	Letter of support from Union Electric Steel Corporation to Union Electric Steel (Hong Kong) Limited to enable it to meet its liabilities to vendors for goods and services and to satisfy its tax obligations as and when
they become due. 

  

	2.	PRI Pension guarantee: Ampco-Pitt Corp. has guaranteed, as for its own debt, the due fulfillment of all obligations of Åkers Sweden AB’s credit insurance regarding commitments for retirement pension (Total
outstanding amount SEK 24,400,000)1. 

  

	3.	PRI Pension guarantee: Ampco-Pitt Corp. has guaranteed, as for its own debt, the due fulfillment of all obligations of Åkers AB’s credit insurance regarding commitments for retirement pension (Total
outstanding amount SEK 9,500,000).1 

  

	1 	Note: The figure is based on the assumption that the guarantees were redeemed on December 31, 2015.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]