Common use of Commencement/Expiration of the Rights Offering Clause in Contracts

Commencement/Expiration of the Rights Offering. The Rights Offering shall commence on the day upon which the Rights Exercise Form is first mailed or made available to Eligible Offerees, which is expected to be within five (5) Business Days after receipt of the Rights Offering Approval and on or around the Rights Offering Record Date. The Rights Offering shall expire at 5:00 p.m. New York City time [•], 2017 (such time and date, as may be amended, the “Rights Expiration Time”), unless, if permitted by the Rights Offering Approval, extended by the Debtor with the consent of the Requisite Consenting Second Lien Creditors and Requisite Commitment Parties (each as defined in the Backstop Commitment Agreement). The Debtor shall promptly notify the Eligible Offerees of any extension and of the new Rights Expiration Time by press release or otherwise. The Debtor shall, if reasonably requested by the Requisite Commitment Parties, from time to time prior to the Rights Expiration Time (and any extensions thereto), notify, or cause the Subscription Agent to notify, within two business days of receipt of such request by the Debtor, the investors of the aggregate number of Subscription Rights known by the Subscription Agent to have been exercised pursuant to the Rights Offering as of the most recent practicable time before such request. The Debtor, on behalf of New Permian Corp., shall furnish Rights Exercise Forms to the Eligible Offerees and/or, to the extent applicable, their brokers, dealers, commercial banks, trust companies, or other agents or nominees (the “Subscription Nominees”). Each Subscription Nominee is entitled to receive sufficient copies of these Rights Offering Procedures and the Rights Exercise Form for distribution to the beneficial owners of the Unsecured Notes for whom such Subscription Nominee holds such Unsecured Notes.

Commencement/Expiration of the Rights Offering. The Rights Offering shall commence on the day upon which the Rights Exercise Form is Forms are first mailed or made available to Eligible Offerees, which is expected to be within five Holders (5) Business Days after receipt of the “Rights Offering Approval and on or around the Rights Offering Record Commencement Date”). The Rights Offering shall expire at 5:00 [·]:00 p.m. New York City time [•(Eastern Time) on [ ], 2017 (such time and date, as may be amended2012, the “Rights Expiration TimeOffering Deadline”), unless, if permitted by . Each Eligible Holder intending to participate in the Rights Offering Approval, extended by the Debtor with the consent of the Requisite Consenting Second Lien Creditors and Requisite Commitment Parties (each as defined in the Backstop Commitment Agreement). The Debtor shall promptly notify the Eligible Offerees of any extension and of the new must affirmatively make a binding election to exercise its Subscription Rights Expiration Time by press release on or otherwise. The Debtor shall, if reasonably requested by the Requisite Commitment Parties, from time to time prior to the Rights Expiration Time (Offering Deadline in accordance with the provisions set forth in Section 4 below and any extensions thereto), notify, or cause in the Subscription Agent to notify, within two business days Rights Exercise Form and submit payment for the shares of receipt of New Preferred Stock underlying such request by the Debtor, the investors of the aggregate number of Subscription Rights known by the Subscription Agent to have been exercised pursuant on or prior to the Rights Offering Deadline in accordance with the provisions of Section 4 below. To facilitate the exercise of the Subscription Rights, on the Rights Commencement Date, the Debtors will mail or cause to be mailed a Rights Exercise Form to each Eligible Holder or its intermediary as of the most recent practicable time before such requestRecord Date, together with instructions for the proper completion, due execution and timely delivery of the Rights Exercise Form to the Subscription Agent. The DebtorTo the extent applicable and necessary, on behalf of New Permian Corp., shall the Debtors will furnish or cause to be furnished Rights Exercise Forms to the Eligible Offerees and/orrecord holders of Second Lien Notes Claims, to the extent applicableincluding, their without limitation, brokers, dealers, commercial banks, trust companiesdealers, or other agents or nominees (the “Subscription Nominees”). Each Subscription Nominee is will be entitled to receive sufficient copies of these Rights Offering Procedures and the Rights Exercise Form and Disclosure Statement for distribution to the beneficial owners of the Unsecured Second Lien Notes Claims for whom such Subscription Nominee holds such Unsecured NotesClaims.

Commencement/Expiration of the Rights Offering. The Rights Offering shall commence on the day upon which the Rights Exercise Form is Forms are first mailed or made available to Eligible Offerees, which is expected to be within five Holders (5) Business Days after receipt of the “Rights Offering Approval and on or around the Rights Offering Record Commencement Date”). The Rights Offering shall expire at 5:00 p.m. New York City time (Pacific Time) on [•], 2017 (such time and date, as may be amended2010, the “Rights Expiration TimeDate”), unless, if permitted by . Each Eligible Holder intending to participate in the Rights Offering Approval, extended by the Debtor with the consent of the Requisite Consenting Second Lien Creditors and Requisite Commitment Parties (each as defined in the Backstop Commitment Agreement). The Debtor shall promptly notify the Eligible Offerees of any extension and of the new must affirmatively make a binding election to exercise its Subscription Rights Expiration Time by press release on or otherwise. The Debtor shall, if reasonably requested by the Requisite Commitment Parties, from time to time prior to the Rights Expiration Time (Date in accordance with the provisions set forth in Section 4 below and any extensions thereto), notify, or cause in the Subscription Agent to notify, within two business days Rights Exercise Form and submit payment for the shares of receipt of New Common Stock underlying such request by the Debtor, the investors of the aggregate number of Subscription Rights known by the Subscription Agent to have been exercised pursuant on or prior to the Rights Expiration Date in accordance with the provisions of Section 4 below; provided that each Backstop Party shall make any payments in connection with the Rights Offering directly to Tronox on the Effective Date. To facilitate the exercise of the Subscription Rights, (i) on the Rights Commencement Date, Tronox will mail or cause to be mailed a Rights Exercise Form to each Initial Eligible Holder or its intermediary as of the most recent practicable time before such requestRecord Date and (ii) Tronox will mail or cause to be mailed a Rights Exercise Form, to each Subsequent Eligible Holder and within five Business Days of the Rights Expiration Date for any Subsequent Eligible Holders, together with instructions for the proper completion, due execution and timely delivery of the Rights Exercise Form to the Subscription Agent. Given that Holders of Unsecured Notes Claims are holding their Claims through the facilities of The DebtorDepository Trust Company (“DTC”), on behalf of New Permian Corp., shall Tronox will furnish or cause to be furnished Rights Exercise Forms to the Eligible Offerees and/orrecord holders of such Claims, to the extent applicableincluding, their without limitation, brokers, dealers, commercial banks, trust companiesdealers, or other agents or nominees (the “Subscription Nominees”). Each Subscription Nominee is will be entitled to receive sufficient copies of these Rights Offering Procedures and the Rights Exercise Form and Disclosure Statement for distribution to the beneficial owners of the Unsecured Notes Claims for whom such Subscription Nominee holds such Unsecured NotesClaims.