THIRD SUPPLEMENTAL INDENTURE dated as of December 9, 2015 to the INDENTURE
dated as of June 19, 2014 among CASCADES INC., THE SUBSIDIARY GUARANTORS named
therein, and COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee
THIRD SUPPLEMENTAL INDENTURE (this “Third
Supplemental Indenture”), dated as of December 9, 2015, among Cascades Recovery Inc., a Canadian corporation, Cascades
Recovery U.S., Inc., a Delaware corporation, and Metro Retail Recycling Services, LLC, a Delaware limited liability company (collectively,
the “Guaranteeing Subsidiaries”), Cascades Inc., a corporation organized under the laws of the Province of Quebec,
Canada (the “Company”), and Computershare Trust Company of Canada, as Trustee under the Indenture referred to
WHEREAS, each of the Company, the Subsidiary
Guarantors named therein and the Trustee have heretofore executed and delivered an indenture dated as of June 19, 2014 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of its 5.50% Senior
Notes due 2021 (the “Notes”);
WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture to which the Guaranteeing
Subsidiaries shall unconditionally guarantee, on a joint and several basis with the other Subsidiary Guarantors, all of the Company’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
WHEREAS, pursuant to Section 9.01 of the Indenture,
the Company and the Trustee are authorized to execute and deliver this Third Supplemental Indenture to amend or supplement the
Indenture, without the consent of any Holder;
NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries, the
Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.1 Defined Terms. As used in this Third Supplemental Indenture, terms defined in the Indenture or in the preamble
or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby”
and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole
and not to any particular section hereof.
AGREEMENT TO BE BOUND; GUARANTEE
2.1 Agreement to be Bound. The Guaranteeing Subsidiaries hereby become parties to the Indenture as Subsidiary
Guarantors and as such will have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor
under the Indenture.
2.2 Subsidiary Guarantee. The Guaranteeing Subsidiaries agree to fully, unconditionally and irrevocably Guarantee
to each Holder of the Notes and the Trustee the Obligations pursuant to Article 10 of the Indenture on a senior basis and this
Third Supplemental Indenture shall constitute evidence of each Guaranteeing Subsidiary’s Subsidiary Guarantee.
3.1 Notices. All notices and other communications to the Guaranteeing Subsidiaries shall be given as provided
in the Indenture to the Guaranteeing Subsidiaries, with a copy to the Company as provided in the Indenture for notices to the Company.
3.2 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm
or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this
Third Supplemental Indenture or the Indenture or any provision herein or therein contained.
3.3 Governing Law. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the
laws of the Province of Quebec.
3.4 Severability. In case any provision in this Third Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and
such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.
3.5 Benefits Acknowledged. Each Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions
set forth in the Indenture. The Guaranteeing Subsidiaries acknowledge that they will receive direct and indirect benefits from
the financing arrangements contemplated by the Indenture and that the guarantee and waivers made by them pursuant to this Guarantee
are knowingly made in contemplation of such benefits.
3.6 Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as expressly amended hereby,
the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes
heretofore or hereafter certified and delivered shall be bound hereby.
3.7 The Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this Third
Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties
3.8 Counterparts. The parties hereto may sign any number of copies of this Third Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Third Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
3.9 Execution and Delivery. The Guaranteeing Subsidiaries agree that the Guarantee shall remain in full force
and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee.
3.10 Headings. The headings of the Articles and the Sections in this Third Supplemental Indenture are for convenience
of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
3.11 Language. The parties hereto have required that this Indenture and all documents and notices related hereto
and/or resulting herefrom be drawn up in English only. Les parties aux présentes ont exigé que la présente
convention ainsi que tous les documents et avis qui s’y rattachent et/ou qui en découleront soient rédigés
en langue anglaise seulement.
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IN WITNESS WHEREOF, the parties hereto have
caused this Third Supplemental Indenture to be duly executed as of the date first above written.