Document:

EX-4.12

 Exhibit 4.12 

English translation 
 SBERBANK OF
RUSSIA 
 AND 

SOUTHERN KUZBASS COAL COMPANY OAO 
  

 
 NOVATION
AGREEMENT No. 5594 
  
  

 THIS NOVATION AGREEMENT (the “Agreement”) is made on March 4, 2013 

BY AND BETWEEN: 
  

	(1)	SBERBANK OF RUSSIA, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian: 

) (the “Lender”), as represented by Fedor V. Sapronov, Managing Director and Director of the Lending and Project Financing Group of the Corporate Financing Department of Sberbank of Russia, acting by
virtue of the Lender’s Articles of Association and under Power of Attorney No. 881D dated August 10, 2012, on the one hand; and 

  

	(2)	SOUTHERN KUZBASS COAL COMPANY OAO, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian: 

) (the “Borrower”), as represented by Stanislav A. Ploshchenko acting under a Power of Attorney dated February 27, 2013, certified by Olga S. Davydova, a notary public of the City of Moscow, and
registered by the said notary in the register under Number 1-198, on the other hand; 

 the Lender and the Borrower being hereinafter
collectively referred to as the “Parties” and, each individually, as a “Party”. 
 WHEREAS: 

 

	(A)	On October 9, 2012, the Parties executed a certain Non-Revolving Loan Facility Agreement No. 5594 (the “Loan Agreement”); 

 

	(B)	On March 4, 2013, the Parties executed Amending Agreement No. 2 to the Loan Agreement; 

  

	(C)	Pursuant to Clause 3.4 of the Loan Agreement, execution of this Agreement is one of the conditions precedent to disbursement of the loan under First Tranche (as defined in the Loan Agreement) to the Borrower by the
Lender; 

  
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 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 As used in this Agreement, unless otherwise expressly provided for herein,
the following terms shall have the following meanings: 
  

	 	a)	“Threshold” means that the Russian ruble to U.S. dollar exchange rate, expressed as an amount of Russian rubles per one U.S. dollar, for settlements on the next following business day, calculated by the
Chicago Mercantile Exchange (“CME”) and published by the Emerging Markets Trade Association (“EMTA”) on Reuters’ EMTA page (or, where such page is unavailable, on another page maintained by Reuters or any other
system publishing such information) at approximately 1:30 p.m. Moscow time on any date following the date of execution of this Agreement reaches or exceeds the threshold of fifty (50) Russian rubles per one (1) U.S. dollar (the
“Threshold”); without prejudice to the above provisions of Clause 1.1(a), if the Russian ruble to U.S. dollar exchange rate, expressed as an amount of Russian rubles per one U.S. dollar, for settlements on the next following
business day, is not or has not been calculated by CME on the date when the Russian ruble to U.S. dollar exchange rate is to be determined for the purposes of this Agreement, such rate shall be determined, based on all available information, by the
Lender acting in a good faith and in a commercially reasonable manner; 

  

	 	b)	“Strike Rate” means the Russian ruble to U.S. dollar exchange rate equal to thirty 6381/10000 Russian rubles (RUR 30.6381) per one (1) U.S. dollar; and 

 

	 	c)	“Notice” means, unless the context requires otherwise, any notice or other communication as may be given or delivered by one Party to the other Party hereunder or in connection herewith.

  

	1.2	Interpretation 

  

	 	1.2.1	Any reference in this Agreement to: 

  

	 	(a)	a law or another statute or document (including, without limitation, the Loan Agreement) shall be deemed a reference to such document as it may be amended, supplemented, revised, or modified from time to time, unless
the context requires otherwise; 

  

	 	(b)	a word in the singular shall include the plural and vice versa unless the context requires otherwise; 

  

	 	(c)	“Clause” shall be deemed a reference to a Clause of this Agreement unless the context requires otherwise. 

  

	 	1.2.2	The section headings are for the purpose of reference only and do not limit or affect the construction hereof. 

  
 - 2 - 

	2.	NOVATION OF LOAN AGREEMENT 

  

	2.1	Subject to the Threshold being reached, the obligations of the Parties under the Loan Agreement relating to First Tranche (including, but not limited to, repayment of the First Tranche principal and payment of First
Tranche interest), save for those obligations which are mentioned in Clause 2.2 below (the “Original Obligations”) and in Clause 2.3 below, shall be novated, with effect from the date next following the day when the
Threshold is reached, and shall become obligations of the Parties under a loan agreement with the following terms and conditions (the “New Loan Agreement”): 

 

	 	a)	The loan amount under the New Loan Agreement shall be equal to the First Tranche amount outstanding under the Loan Agreement as of the date next following the day when the Threshold is reached, calculated in U.S.
dollars at the Strike Rate. For the purposes of calculation of the loan amount under the New Loan Agreement, the said First Tranche amount outstanding under the Loan Agreement shall not include any of those First Tranche amounts which are to be
repaid by the Borrower in the period up to and including the date when the Threshold is reached, but have not been so repaid as of the Threshold date, inclusively; 

 

	 	b)	The Borrower agrees to pay to the Lender interest on the loan under the New Loan Agreement on the following terms and conditions: 

  

	 	(i)	For the period starting from the date of execution hereof, and up to and including the loan’s full and final repayment date (both dates inclusive), at a floating interest rate which will be determined depending on
the ratio between the sales proceeds generated by domestic and foreign markets contracts/agreements and deposited in the last Accounting Period (as defined in the Loan Agreement) into the accounts which are specified in Schedule 2 to the Loan
Agreement and which are maintained by the Borrower and other Mechel Mining Group companies (as defined in the Loan Agreement) with the Lender and the loan remaining outstanding under the New Loan Agreement as of the Accounting Period end date, as
shown in the table below: 

  

			
	 Ratio between the sales proceeds deposited
into the accounts maintained by the
Borrower
and other Mechel Mining Group companies
with the Lender and the loan remaining
outstanding under the New Loan Agreement
as of the accounting period end date, in
percent
	  	 Annual interest

rate

	 Thirty-seven point five percent (37.5%) or more
	  	Ten percent (10%)
		
	 Less than thirty-seven point five percent (37.5%)
	  	Eleven percent (11%)

  
 - 3 - 

 When determining the values to be used to calculate the floating interest rate: 

 

	 	(A)	The sales proceeds deposited into accounts in the last Accounting Period in a foreign currency other than U.S. dollars shall be first converted into Russian rubles ant then in U.S. dollars at the official exchange rate
quoted by the Bank of Russia as of the date when such amounts were credited to the account; 

  

	 	(B)	For the purposes of this Clause 2.1(b)(i), the sales proceeds deposited into any new account opened by the Borrower and/or another Mechel Group company with the Lender shall be accounted for by the Lender for the
purposes of determination of the interest rate applicable under the New Loan Agreement starting from the Accounting Period in which the parties execute an amending agreement pursuant to which such new account is included in Schedule 2 to the Loan
Agreement; 

  

	 	(C)	The amount of the loan remaining outstanding and payable by the Borrower under the New Loan Agreement in the last Accounting Period shall be determined as the loan remaining outstanding under the New Loan Agreement as
of the last business day of the last Accounting Period. 

 The interest rate applicable to the corresponding Interest Period
(as defined in the Loan Agreement) shall be determined each quarter, without the Parties being required to execute a separate amending agreement hereto, by a written notice from the Lender to the Borrower indicating the interest rate applicable to
such Interest Period and calculated in accordance with the following Accounting Period and Interest Period matrix: 
  

			
	 Accounting Period
	  	 Interest Period

	From September 1 up to and including November 30	  	From December 29 up to and including March 28
		
	From December 1 up to and including February 28 (29)	  	From March 29 up to and including June 28
		
	 From March 1 up to and

including May 31
	  	From June 29 up to and including September 28
		
	 From June 1 up to and including

August 31
	  	From September 29 up to and including December 28

  
 - 4 - 

 An interest rate notice indicating the applicable interest rate shall be delivered by the Lender
to the Borrower no later than the date next following the day when the Threshold is reached and thereafter no later than the first business day of the then current Interest Period. If the Borrower does not receive such notice, the Borrower shall
independently calculate the interest rate as would be applicable under this Clause 2.1(b)(i); 
  

	 	c)	Interest shall incur on the loan outstanding under the New Loan Agreement starting from date next following the day when the Threshold is reached, inclusively, and until the date of full and final repayment of the loan,
inclusively; 

  

	 	d)	Subject to Clause 2.1(c) above, interest payments under the New Loan Agreement shall be made each quarter, on the 28th day of the third month of each calendar
quarter, and on the date of full and final repayment of the loan; 

  

	 	e)	Subject to Clause 2.1(a) above, the loan outstanding under the New Loan Agreement shall be repaid in equal parts, on the loan repayment dates specified in Clause 6.1 of the Loan Agreement. The Borrower shall not be
entitled to repay early, in whole or in part, any loan amount outstanding under the New Loan Agreement before such loan repayment date(s). This requirement shall not apply to acceleration by the Borrower of the loan repayment under the New Loan
Agreement as may be effectuated by the Borrower under Clause 7.1.7 of the Loan Agreement (in accordance with Clause 2.1(i) below); 

  
 - 5 - 

	 	f)	All loan repayment and loan interest and other payments under the New Loan Agreement shall be effectuated in U.S. dollars; 

  

	 	g)	As used in the New Loan Agreement, a “business day”, subject to Clauses 5.4, 5.13 and 6.1 of the Loan Agreement (in accordance with Clause 2.1(i) below), means any day when the commercial banks and
clearing systems are open for business (including for making payments in a foreign currency) in Moscow, London and New York City; 

  

	 	h)	All disputes and controversies as may arise out of, or in connection with, the New Loan Agreement shall be referred to, and resolved by, the Moscow City Arbitrazh Court in accordance with the existing laws and
regulations of the Russian Federation; 

  

	 	i)	All other terms and conditions of the New Loan Agreement (including, but not limited to, the date of full and final repayment of the loan, the representations and warranties (including, without limitation, the
representations and warranties with respect to the Swap Transaction (as defined in the Loan Agreement)), the payment conditions, the rights and obligations of the Lender and of the Borrower, the provisions on the Borrower liability (including,
without limitation, the Borrower’s obligation to indemnify the Lender for the losses including the costs due to the need on the part of the Lender to proceed with Termination of the Hedging Arrangements (as defined in the Loan Agreement)), as
well as those provisions which are similar to the provisions of Clause 13 of the Loan Agreement (Miscellaneous)), shall remain the same as in the Loan Agreement to the extent they do not conflict with Clauses 2.1(a)-(g) above or the
essence of the New Loan Agreement, subject to Clauses 2.1(a)-(g) above, or the essence of this Agreement. 

  

	2.2	The Original Obligations shall include those of the Borrower’s payment obligations under the Loan Agreement with respect to First Tranche (including, but not limited to, the obligation to pay the Fees (as defined
in the Loan Agreement) with respect to First Tranche, to repay loan amount and to pay loan interest with respect to First Tranche) which are to be, but have not been, performed by the date (inclusively) when the Threshold is reached, as well as the
Borrower’s obligation under the Loan Agreement to pay to the Lender those penalties which have been incurred, but have not been paid by the Borrower, with respect to First Tranche by the date (inclusively) when the Threshold is reached. The
Original Obligations shall not be terminated by novation hereunder, but shall be properly discharged and performed by the Borrower in accordance with the terms of the Loan Agreement. 

  
 - 6 - 

	2.3	The obligation of the Borrower to pay the loan interest incurred under the Loan Agreement with respect to First Tranche for the period from the last interest payment date with respect to First Tranche under Clause 4.2
of the Loan Agreement preceding the date when the Threshold is reached (inclusively) and ending on the Threshold date (inclusively) shall be novated and become the obligation on the part of the Borrower to pay such interest in U.S. dollars at the
Strike Rate. The Borrower agrees to pay such interest on the first interest payment date under the New Loan Agreement in accordance with Clause 2.1(d) above. 

  

	2.4	The Lender may (but shall not be obliged to) notify the Borrower of the fact that the Threshold has been reached. Under no circumstances the occurrence and/or the effect of the Threshold, as it is envisaged herein, may
be construed as conditional on the Lender serving such a notice on the Borrower. 

  

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	The Borrower hereby represents and warrants to the Lender that: 

  

	 	a)	The Borrower is a legal entity duly organized and existing under the laws of the Russian Federation; 

  

	 	b)	Any and all consents or authorizations as may be required to be obtained by the Borrower in order to execute and/or perform this Agreement have been obtained and are in effect; 

 

	 	c)	No legal, arbitration or administrative proceedings have been commenced or initiated against the Borrower by a court of law, arbitration tribunal or another authority which would be capable to prevent the Borrower from
execution of and/or proper performance under this Agreement; 

  

	 	d)	The Borrower has always complied and is in compliance, in all material respects, with all legal requirements of which a violation or breach would be capable of preventing the Borrower from execution of and/or proper
performance under this Agreement; 

  

	 	e)	The Borrower has valid and legal title to or legal leasehold of the assets required by the Borrower to carry out its business; 

  

	 	f)	To the best of the Borrower’s knowledge, there have not occurred any events or circumstances which would be capable of affecting the Borrower performance under any other agreement or financial instrument or which
might prevent the Borrower from proper performance hereunder; 

  
 - 7 - 

	 	g)	Neither the execution nor the performance of this Agreement by the Borrower shall conflict with or be in breach of any of the Borrower’s incorporation documents; 

 

	 	h)	The Borrower has diligently and thoroughly assessed whether the execution of this Agreement would be acceptable and desirable for the Borrower, subject to the Borrower’s stated objectives and expectations,
financial condition, operational resources and other circumstances; 

  

	 	i)	The Borrower fully understands the nature and the terms of this Agreement and acknowledges and accepts all potential risks and effects as may arise out of or in connection with the execution or performance of this
Agreement; 

  

	3.2	The Borrower hereby acknowledges and agrees that: 

  

	 	a)	The execution of this Agreement is a condition precedent to disbursement of First Tranche to the Borrower on the terms of the Loan Agreement. Furthermore, the execution of this Agreement allows the Borrower to obtain
the loan interest rate applicable to First Tranche as is mentioned in Clause 4.1 of the Loan Agreement; 

  

	 	b)	Had First Tranche under the Loan Agreement been provided by the Lender without regard to the execution of this Agreement, the loan interest rate offered by the Lender to the Borrower with respect to First Tranche would
have been higher than that which is mentioned in Clause 4.1 of the Loan Agreement. 

  

	4.	MISCELLANEOUS 

  

	4.1	Second Tranche 

 This Agreement shall not apply to those of the Parties’ relations
which are connected to Second Tranche (as defined in the Amending Agreement). 
  

	4.2	Effective Date 

 This Agreement shall take effect as of the date it is executed by both
Parties. 
  

	4.3	Amendments 

  

	 	4.3.1	Save as provided for in Clause 4.3.2 below, this Agreement may not be amended or modified other than by a written instrument duly executed by authorized signatories. 

 

	 	4.3.2	In the event of any change in a Party’s location or mailing address, such Party shall notify the other Party thereof no later than one (1) business day after the date when the change occurs. 

  
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	4.4	Notices 

  

	 	4.4.1	Any Notice to be given or delivered by one Party to the other Party hereunder shall be made in writing and executed by an authorized official. 

 

	 	4.4.2	Any Notice shall be deemed to have been duly and properly given if delivered by courier or sent by registered mail or telegraph with acknowledgement of receipt requested, to the address specified herein (subject to
Clause 4.3.2 above). 

  

	 	4.4.3	A Notice from the Lender shall be deemed to have been duly delivered to the Borrower if it has been received by the Borrower or where the Borrower fails or refuses to receive the same or where such Notice could not have
been served on the Borrower due to the Borrower being unavailable at the address indicated in the Notice, of which fact the Lender has been informed by the postal service. A Notice from the Lender shall be deemed to have been delivered to the
Borrower on the date when it is received by the Borrower or, where the Borrower fails or refuses to receive the same or where such Notice could not have been served on the Borrower due to the Borrower being unavailable at the address indicated in
the Notice, the date when the postal service sends a notice informing the Lender that it has failed to deliver the Lender’s Notice to the Borrower. 

  

	4.5	Dispute Resolution 

 All disputes and controversies as may arise out of, or in connection
with, this Agreement shall be referred to, and resolved by, the Moscow City Arbitrazh Court in accordance with the existing laws and regulations of the Russian Federation. 
  

	4.6	Confidentiality 

  

	 	4.6.1	Either Party agrees to keep confidential and not disclose in any form or manner (including, but not limited to, in an interview, publication or advertising) any information on the terms or conditions of this Agreement
other than on a written consent of the other Party. 

  

	 	4.6.2	The confidentiality undertaking described in Clause 4.6.1 above shall not apply to statutory disclosures under Russian law or to those instances where a Party is required to make such a disclosure under the existing or
newly assumed disclosure obligations owing to another creditor, rating agency or financial institution. 

  
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	4.7	Counterparts 

 This Agreement is made in two (2) counterparts having equal legal
force, one for the Lender and one for the Borrower. 
  

	5.	PARTIES’ LOCATION AND BANK DETAILS 

  

	5.1	LENDER: 

 Location and mailing address: 19 Vavilov Str., Moscow 117997, Russia (

) 
 Taxpayer Number (INN): 7707083893 

Company Number (OGRN): 1027700132195 

Taxpayer Record Validity Code (KPP): 775001001 

Russian National Company and Business Classification Code (OKPO): 00032537 

For payments in RUR: Account No. 30301810500001000014; Correspondent Account No. 30101810400000000225 with OPERU of the Moscow GTU of the Bank
of Russia; BIC 044525225 
 For payments in USD: 

Account No. 30301840800001000014 with Sberbank, Moscow, SWIFT SABRRUMM 

(HEAD OFFICE – ALL OFFICES in RUSSIA) 

BANK OF NEW YORK MELLON NEW YORK, NY, SWIFT IRVT US 3N 

For payments in EUR: 
 Account
No. 30301978400001000014 with Sberbank, Moscow, SWIFT SABRRUMM 
 (HEAD OFFICE – ALL OFFICES in RUSSIA) 

DEUTSCHE BANK AG FRANKFURT AM MAIN, SWIFT DEUTDEFF 

Tel: (495) 747-3381; 957-5563; Fax: (495) 957-5561 
  

	5.2	BORROWER: 

 Location and mailing address: 6 Yunosti Str., Mezhdurechensk, Kemerovo
Region, 652877, Russia 
 (

) 
 Mailing address: 6 Yunosti Str., Mezhdurechensk, Kemerovo Region, 652877, Russia 

(

) 
 Taxpayer Number (INN): 4214000608 

Company Number (OGRN): 1024201388661 

Ruble Account No. 40702810026070100405 with Mezhdurechensky Branch No. 7763 of the Siberia Bank of the Sberbank of Russia 

Tel: (384) 757-4370; Fax: (384) 757-4397 

Email: mechel@mechel.com 

  
 - 10 - 

 PARTIES’ SIGNATURES 

 

			
	LENDER	  	BORROWER
		
	 Managing Director
 Director of the Lending and
Project Financing Group of the Corporate Financing Department
 Sberbank of Russia
	  	Under Power of Attorney
		
	/s/ Fedor V. Sapronov	  	/s/ Stanislav A. Ploshchenko
		
	/seal/	  	/seal/

  
 - 11 -EX-4.13

 

 
  
 Exhibit 4.13 
English translation 
 AMENDING AGREEMENT No. 3 

The City of Moscow 
 August 9, 2013 

to Non-Revolving Loan Facility Agreement No. 5594 dated October 9, 2012 
 SBERBANK OF RUSSIA, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian: (the “Lender”), as represented by Fedor V. Sapronov, Managing Director and Director
of the Lending and Project Financing Group of the Corporate Financing Department of Sberbank of Russia, acting by virtue of the Lender’s Articles of Association and under Power of Attorney No. 881D dated August 10, 2012, on the one
hand; and 
SOUTHERN KUZBASS COAL COMPANY OAO, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian:
) (the “Borrower”), as represented by Stanislav A. Ploshchenko acting under a Power of Attorney dated February 27, 2013, certified by Olga S. Davydova, a notary public of the City of Moscow, and registered by the said notary in the
register under Number 1-198, on the other hand; 
the Lender and the Borrower being hereinafter collectively referred to as the “Parties” and, each
individually, as a “Party”; 
have entered into this amending agreement (the “Amending Agreement”) to the Non-Revolving Loan Facility Agreement
No. 5594 dated October 9, 2012 (the “Loan Agreement”). 
THE PARTIES HAVE AGREED AS FOLLOWS: 
1. The Borrower agrees to pay to the Lender a fee of eighty million Russian rubles (RUR 80,000,000) for amendment of the terms of the Loan Agreement. The said fee shall be paid as
onetime payment, no later than on the date of execution of this Amending Agreement. 
2. To restate Clause 7.1.7 (k) of the Loan Agreement as follows:

“(k) Any of the following Mechel Mining Group financial indicators is not complied with: 
1) the Total Net Debt / EBITDA ratio at the level of no more than: 

	 	•	  
	 four point two five (4.25) as of June 30, 2013; 

	 	•	  
	 three point five (3.5) as of December 31, 2013; 

	 	•	  
	 three (3.0) as of June 30, 2014 and of each accounting date thereafter.

 

 
  
 If, on any of the aforementioned accounting dates, the Mechel
Mining Group’s Total Net Debt / EBITDA ratio is equal to or less than three (3), the Borrower shall procure that such ratio is thereafter maintained at a level of no more than three (3). 
With respect to the Mechel Mining Group, EBITDA means the economic indicator equal to earnings before tax and results of discontinued business activities of the Mechel Mining
Group, based on the Mechel Mining Group’s reviewed half-year consolidated financial statements and audited annual consolidated financial statements prepared in accordance with U.S. GAAP for the last twelve (12) months preceding the last
accounting date, less: 
(a) any one-off or non-recurring items; 
(b) currency
exchange differences; 
(c) any amounts related to minority interests; 
(d)
results of revaluation of contingent liabilities of any Mechel Mining Group company; 
(e) results of retirement of long-term assets; 
+ interest incurred – interest received + amortization + depreciation of intangible or fixed assets. 
The Parties have agreed that EBITDA shall be adjusted by: 
  

	 	•	  
	 including the EBITDA of the acquired assets for twelve (12) months preceding the date of their
acquisition; 

  

	 	•	  
	 including the EBITDA of the assigned assets for twelve (12) months preceding the date of their
assignment. 

 Where the EBITDA for any accounting period is adjusted for any acquired or assigned assets, the Borrower shall, for the purposes
of determination of EBITDA under the above paragraph, provide the Lender with reasonably detailed information on the calculation procedure and confirmation of the accuracy of such calculations from an official authorized to execute loan documents on
behalf of the Mechel Mining Group. 
2) the Mechel Mining Group’s EBITDA / Net Interest Coverage ratio at a level of no less than: 

 

	 	•	  
	 three point five percent (3.5%) as of June 30, 2013; 

 

	 	•	  
	 four percent (4.0%) as of December 31, 2013 and as of each accounting date thereafter.

 As used in this Clause, the Net Interest Coverage shall be calculated, based on the Mechel Mining Group’s consolidated financial
statements prepared under U.S. GAAP and provided by the Borrower to the Lender in accordance with Clause 8.2.7 hereof, as the difference between the interest paid and the interest received, on a cumulative basis over the last four accounting
quarters. 
3) The Mechel Mining Group’s Share Capital, as calculated based on the Mechel Mining Group’s quarterly accounts, must be no less than three
billion U.S. dollars (US$3,000,000,000) as of each accounting date during the entire term of this Agreement. 

 

 
  
 As used in this Clause, the “Mechel Mining Group’s
Share Capital” shall have the following meaning: 
“The Mechel Mining Group’s Share Capital means the book value of the total capital of the Mechel
Mining Group, as reflected in the Mechel Mining Group’s accounts, adjusted by adding: 
a) the amount of depreciation of tangible and intangible assets,
including goodwill; 
b) the amount equal to the results from discontinued business activities, as reflected in the Mechel Mining Group’s accounts.”

3. To restate the first bullet of Clause 8.2.5 of the Loan Agreement as below:

“- Each quarter, no later than five (5) business days after the end date of the calendar month next following the accounting period (a quarterly,
six-month or nine-month period), interim accounts (financial statements) including the balance sheet and financial results statements certified by the Borrower manager or another Borrower official authorized under a power of attorney to certify such
documents and sealed with the Borrower’s corporate seal”. 
4. Add to Clause 8.2.10 of the Loan Agreement the following provisions: 
“The Parties have agreed that the restrictions set out in this Clause shall not apply to: 
  

	 	•	  
	 transactions which would not result in the total debt owing from the Mechel Group (excluding the Mechel Mining
Group) to the Mechel Mining Group by (but excluding) December 31, 2013 exceeding one billion four hundred million U.S. dollars (US$1,400,000,000), and, starting from December 31, 2013 (inclusively), four hundred million U.S. dollars
(US$400,000,000). All such debt has to be repaid in full by December 31, 2014; 

  

	 	•	  
	 transactions which would not result in the total debt owing from the Estar Group and/or the Mechel Group
(excluding the Mechel Mining Group) (where such borrowings were made with a view to extend a loan to an Estar Group company) to the Mechel Mining Group exceeding three hundred twenty-five million U.S. dollars (US$325,000,000).

 When calculating the total outstanding debt under third-party loans attributable to entities other than Mechel Mining Group companies and
sureties and/or guarantees and/or mortgages provided as security for obligations of such third parties, the amount outstanding under any of the above shall not be taken into account if, as of the date when the loan and/or surety and/or guarantee
and/or mortgage were provided, Mechel Group companies held, directly or indirectly, no less than fifty percent (50%) plus one (1) share of the total number of voting shares (or a more than fifty percent (50%) interest) in such entity,
notwithstanding any subsequent reduction of the shareholding (shares/interest). 
As used in this Clause, the “Estar Group” means the following companies:

(i) (a) VZTMD OOO (company name in Russian: ), a limited liability company organized and existing under the laws of the Russian Federation, having Company
Number (OGRN) 1053477445053, located at 15 Krasnopolyanskaya Str., Volgograd 400075, Russia (address in Russian: ); 
(b) CJSC Volga-FEST (company name in Russian:
), a closed joint stock company, organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1023405560650, located at 128a Stroiteley Str., Frolovo, Volgograd Region, Russia (address in Russian: ); 
(c) JSC GMZ (company name in Russian: ), an open joint stock company, organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1024200661264,
located at 1 Yury Gagarin Str., Guryevsk, Kemerovo, Russia (address in Russian: ); 

 

 
  
 (d) OJSC NYTVA (company name in Russian: ), an open joint stock
company, organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1020201623716, located at 71 Karl Marx Str., Nytva, Perm Region, 617000, Russia (address in Russian: 617000, ); 
(e) REMZ LTD (company name in Russian: ), a limited liability company organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1046155009174,
located at 54 Chaplygin Str., Shakhty, Rostov Region, 346519, Russia (address in Russian: 346519, ); 
(f) CJSC ETZ (company name in Russian: ), a closed joint stock
company, organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1026401996334, located at 10 Promyshlennaya Str., Engels, Saratov Region, Russia (address in Russian: ); 
(g) CJSC Metallurgical Resource (company name in Russian: ), a closed joint stock company, organized and existing under the laws of the Russian Federation, having Company Number
(OGRN) 1067404015139, located at 1 Kirovskaya Str., Zlatoust, Chelyabinsk Region, Russia (address in Russian: ); 
(h) JSC ZMP (company name in Russian: ), an open
joint stock company, organized and existing under the laws of the Russian Federation, having Company Number (OGRN) 1037400582493, located at 1 Kirovskaya Str., Zlatoust, Chelyabinsk Region, Russia (address in Russian: ); 
(ii) Comnot Corporation Limited, registered under number HE 235423, located at Plateia Eleftherias, Flat/Office 4, Nicosia, P.C. 1060, Cyprus); 
(iii) Metallurg Trust OOO (company name in Russian: ), a limited liability company organized and existing under the laws of the Russian Federation, having Company Number (OGRN)
1094214001067, located at 5 Kursovoy Pereulok, Moscow 119034, Russia (address in Russian: 119034, ). 
iv) Cyberlink Limited, a limited liability company organized
and existing under the laws of Cyprus, registered under number HE 26479, 
and any subsidiary or affiliate or a holding company which acts as the nominee holder of
shares or interests in any of the entities mentioned in i) - iv) above.”. 
5. To restate Clause 8.2.12 as below: 
“8.2.12. Until such time when all obligations owing from the Borrower to the Lender hereunder are discharged and performed in full, the Borrower shall prevent Mechel Mining
OAO from entering, other than on prior written consent of the Lender, into any transaction or a series of transactions involving acquisition of assets for the amount of five million U.S. dollars (US$5,000,000) per one transaction or in aggregate
during each calendar year if, as of the date when such transaction(s) is/are concluded, Mechel Mining OAO’s Total Net Debt / EBITDA ratio (as defined in Clause 7.1.5 (k) hereof) exceeds the figure of three point five (3.5).”

 

 
  
 6. To restate Clause 8.2.17 as below: 
“8.2.17. In the event of any assignment of shares in Mechel Mining OAO and/or shares/interests in Mechel Mining OAO’s subsidiaries (save for assignment of
shares/interests to persons being, at the time when the assignment decision is taken, shareholders/participants of Mechel Mining OAO and/or Mechel Mining OAO’s subsidiaries), the Borrower shall cause all Mechel’s subsidiaries (excluding
Mechel Mining OAO’s subsidiaries) to repay to the Lender, in priority to all other creditors, the amounts owing thereto to the extent of thirty percent (30%) of the proceeds of such sale of shares in Mechel Mining OAO and/or sale of
shares/interests in Mechel Mining OAO’s subsidiaries no later than ten (10) business days after the date of sale. 
In the event of a sale of shares in
Mechel Mining OAO and/or OJSHC Yakutugol, such amount shall be no less than two hundred twenty-five million U.S, dollars (US$225,000,000).” 
7. All the other
terms and conditions of the Loan Agreement which have not been amended hereby shall continue and remain in full force and effect. 
8. This Amending Agreement is
made in two counterparts having equal legal force, one for the Lender and one for the Borrower. 
9. This Amending Agreement shall take effect as of the date it is
executed by both Parties. 
 PARTIES’ LOCATION AND BANK DETAILS 
 LENDER: 
Location and mailing address: 19 Vavilov Str., Moscow 117997, Russia ( ) 
Taxpayer Number (INN): 7707083893 
Company Number (OGRN): 1027700132195 
Taxpayer Record Validity Code (KPP): 775001001 
Russian National Company and Business
Classification Code (OKPO): 00032537 
For payments in RUR: Account No. 30301810500001000014; Correspondent Account No. 30101810400000000225 with OPERU of the Moscow
GTU of the Bank of Russia; BIC 044525225 
For payments in USD: 
Account No.
30301840800001000014 with Sberbank, Moscow, SWIFT SABRRUMM 
(HEAD OFFICE – ALL OFFICES in RUSSIA) 
BANK OF NEW YORK MELLON NEW YORK, NY, SWIFT IRVT US 3N 
For payments in EUR: 
Account No. 30301978400001000014 with Sberbank, Moscow, SWIFT SABRRUMM 
(HEAD OFFICE – ALL
OFFICES in RUSSIA) 
DEUTSCHE BANK AG FRANKFURT AM MAIN, SWIFT DEUTDEFF 
Tel:
(495) 747-3381; 957-5563; Fax: (495) 957-5561 

 

 
  
 BORROWER: 
Location: 6 Yunosti Str., Mezhdurechensk, Kemerovo Region, 652877, Russia ( ) 
Mailing address:
6 Yunosti Str., Mezhdurechensk, Kemerovo Region, 652877, Russia 
() 
Taxpayer
Number (INN): 4214000608 
Company Number (OGRN): 1024201388661 
Ruble Account
No. 40702810026070100405 with Mezhdurechensky Branch No. 7763 of the Siberia Bank of the Sberbank of Russia 
Tel: (384) 757-4370; Fax: (384) 757-4397

Email: mechel@mechel.com 
 PARTIES’ SIGNATURES

 LENDER 
BORROWER 
Managing Director 
Director of the Lending and Project Financing Group of the Corporate
Financing Department 
Sberbank of Russia 
Under Power of Attorney 
/s/ Fedor V. Sapronov 
/s/ Stanislav A. Ploshchenko 
/seal/ 
/seal/

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