Document:

Amended and Restated Guarantee And Security Agreement

 EXHIBIT 10.2 
  
 AMENDED AND RESTATED 
 GUARANTEE AND SECURITY AGREEMENT 
  
 dated as of

  
 December 20, 2002 
  
 and amended and restated 
 as of 
 January 4, 2005 
  
 among 
  
 RYERSON TULL, INC., 
  
 THE U.S. SUBSIDIARIES OF RYERSON TULL, INC. PARTY HERETO 
  
 and 
  
 JPMORGAN CHASE BANK, N.A. 
 (formerly known as 
 JPMorgan Chase Bank), 
 as Collateral Agent

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 SECTION 1. Definitions.
	  	2
	 SECTION 2. Guarantees by Guarantors.
	  	9
	 SECTION 3. Grant of Transaction Liens.
	  	13
	 SECTION 4. General Representations and Warranties.
	  	13
	 SECTION 5. Further Assurances; General Covenants.
	  	15
	 SECTION 6. Cash Collateral Account.
	  	17
	 SECTION 7. Remedies Upon Event of Default.
	  	18
	 SECTION 8. Application of Proceeds.
	  	19
	 SECTION 9. Fees and Expenses; Indemnification.
	  	21
	 SECTION 10. Authority to Administer Collateral
	  	22
	 SECTION 11. Limitation on Duty in Respect of Collateral
	  	23
	 SECTION 12. General Provisions Concerning the Collateral Agent.
	  	23
	 SECTION 13. Termination of Transaction Liens; Release of Collateral.
	  	26
	 SECTION 14. Guarantors and Lien Grantors.
	  	27
	 SECTION 15. Notices.
	  	27
	 SECTION 16. No Implied Waivers; Remedies Not Exclusive.
	  	29
	 SECTION 17. Successors and Assigns.
	  	29
	 SECTION 18. Amendments and Waivers.
	  	29
	 SECTION 19. Choice of Law.
	  	29
	 SECTION 20. Waiver of Jury Trial.
	  	29
	 SECTION 21. Severability.
	  	30
	 SECTION 22. Collateral Agent Subject to Direction of Security Agents
	  	30
	 SECTION 23. Additional Secured Obligations
	  	30
	 SECTION 24. Sharing Provisions.
	  	32
	 SECTION 25. Counterparts.
	  	32

  
 EXHIBITS: 
  

			
	Exhibit A	  	Security Agreement Supplement
		
	Exhibit B	  	Perfection Certificate
		
	Exhibit C	  	Blocked Account Agreement

  
 Schedule
1     Existing Secured Derivative Obligations 
  

 i 

 AMENDED AND RESTATED 
 GUARANTEE AND SECURITY AGREEMENT 
  
 AGREEMENT dated as of December 20, 2002 and amended and restated as of January 4, 2005 among RYERSON TULL, INC., the U.S. SUBSIDIARIES OF RYERSON TULL, INC. party hereto and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank),
as Collateral Agent. 
  
 WHEREAS, Ryerson Tull, Inc., Joseph T.
Ryerson & Son, Inc., J. M. Tull Metals Company, Inc. (collectively, the “Existing Ryerson Borrowers”), the banks party thereto (the “Existing Ryerson Lenders”), JPMorgan Chase Bank, as administrative agent,
security agent and swingline bank, and General Electric Capital Corporation, as syndication agent and security agent are parties to a Credit Agreement dated as of December 20, 2002 (as amended or otherwise modified prior to the date hereof, the
“Existing Ryerson Facility”); 
  
 WHEREAS,
Integris Metals, Inc., Integris Metals Ltd. (together, the “Existing Integris Borrowers”), the lenders party thereto (the “Existing Integris Lenders”), JPMorgan Chase Bank, as general administrative agent and
collateral agent, JPMorgan Bank Canada, as Canadian administrative agent, BNP Paribas, as syndication agent, and General Electric Capital Corporation, as documentation agent and co-collateral agent, are parties to a Credit Agreement dated as of
August 26, 2002 (as amended or otherwise modified prior to the date hereof, the “Existing Integris Facility”); 
  
 WHEREAS, each Existing Ryerson Borrower and each Existing Integris Borrower has secured its obligations under the Existing Ryerson Facility or the
Existing Integris Facility, respectively, and certain other obligations by granting Liens on certain of its assets to the relevant collateral agent; 
  
 WHEREAS, each of Integris and each Existing Ryerson Borrower has guaranteed the foregoing obligations of the other borrowers under the Existing Integris
Facility and the Existing Ryerson Facility, respectively, and has secured its guarantee thereof by granting Liens on certain of its assets to the relevant collateral agent; 
  
 WHEREAS, each of Integris and each Existing Ryerson Borrower has caused certain of its U.S. Subsidiaries to guarantee the
foregoing obligations of the Existing Integris Borrowers and the Existing Ryerson Borrowers, respectively, and to secure such guarantee by granting Liens on certain of its assets to the relevant collateral agent; 
  
 WHEREAS, it was a condition precedent to the extension of credit under each
of the Existing Ryerson Facility and the Existing Integris Facility that (i) the foregoing obligations of the Existing Integris Borrowers and the Existing Ryerson Borrowers be secured and guaranteed as described above and (ii) each guarantee thereof
be secured by Liens on assets of the relevant guarantor; 

 WHEREAS, (i) the Company, certain of its U.S. Subsidiaries and JPMorgan Chase Bank, as collateral agent,
entered into a Guarantee and Security Agreement dated as of December 20, 2002 (as amended or otherwise modified prior to the date hereof, the “Existing Ryerson U.S. Security Agreement”) and (ii) Integris, certain of its U.S.
Subsidiaries and JPMorgan Chase Bank, as collateral agent, entered into a U.S. Guarantee and Security Agreement dated as of August 26, 2002 (as amended, or otherwise modified prior to the date hereof, the “Existing Integris U.S. Security
Agreement”); 
  
 WHEREAS, the parties thereto are
amending and restating the Existing Ryerson Facility and the Existing Integris Facility, in each case as provided in the Amended and Restated Credit Agreement dated as of January 4, 2005 (as amended or otherwise modified from time to time, the
“Credit Agreement”) among Ryerson Tull, Inc., Joseph T. Ryerson & Son, Inc., J. M. Tull Metals Company, Inc., Integris Metals, Inc., Integris Metals Ltd., Ryerson Tull Canada, Inc., the lenders party thereto, JPMorgan Chase
Bank, N.A. (formerly known as JPMorgan Chase Bank), as general administrative agent, collateral agent and swingline lender, JPMorgan Chase Bank, National Association, Toronto Branch, as Canadian administrative agent and General Electric Capital
Corporation, as syndication agent and co-collateral agent; 
  
 WHEREAS, in connection with the amendment and restatement (and combination) of the Existing Ryerson Facility and the Existing Integris Facility into the Credit Agreement, the parties thereto have agreed to amend, restate and combine the
Existing Ryerson U.S. Security Agreement and the Existing Integris U.S. Security Agreement; 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Existing Ryerson U.S. Security Agreement and the
Existing Integris U.S. Security Agreement is amended and restated (and combined) as follows: 
  
 SECTION 1. Definitions. 
  
 (a) Terms Defined in Credit Agreement. Terms defined in the Credit Agreement and not otherwise defined in subsection 1(b) or 1(c) have, as used herein, the respective meanings provided for therein. 
  
 (b) Terms Defined in UCC. As used herein, each of the following terms
has the meaning specified in the UCC: 
  

			
	 Term

	  	UCC

	 Account
	  	9-102
	 Authenticate
	  	9-102
	Chattel Paper	  	9-102
	 Deposit Account
	  	9-102

  

 2 

			
	 Term

	  	UCC

	 General Intangibles
	  	9-102
	 Instrument
	  	9-102
	 Inventory
	  	9-102
	 Letter-of-Credit Right
	  	9-102
	 Payment Intangible
	  	9-102
	 Supporting Obligation
	  	9-102

  
 (c) Additional
Definitions. The following additional terms, as used herein, have the following meanings: 
  
 “Additional Secured Obligations” means (a) the Secured Derivative Obligations and (b) all obligations of the Credit Parties owed to either of the Administrative Agents or any of their respective
Affiliates in respect of cash management services performed by such Administrative Agent or such Affiliates. 
  
 “Additional Secured Parties” means each holder from time to time of the Additional Secured Obligations. 
  
 “Affiliate” means, with respect to any Person, (x) any other
Person that directly, or indirectly through one or more intermediaries, controls such Person (a “Controlling Person”) or (y) any other Person which is controlled by or is under common control with a Controlling Person. As used
herein, the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. 
  
 “Blocked Accounts” has the meaning
set forth in Section 6. 
  
 “Blocked Account
Agreement” means, with respect to any Deposit Account, a blocked account agreement in favor of the Collateral Agent (or its sub-agent) substantially in the form of Exhibit C attached hereto. 
  
 “Borrowers” means, collectively, the Company, Joseph T.
Ryerson & Son, Inc., J. M. Tull Metals Company, Inc, Integris Metals, Inc., Integris Metals Ltd., Ryerson Tull Canada, Inc. and their respective successors, and “Borrower” means any of the foregoing. 
  
 “Collateral” means all property, whether now owned or
hereafter acquired, on which a Lien is granted or purports to be granted to the Collateral Agent pursuant to the Security Documents. When used with respect to a specific Lien Grantor, the term “Collateral” means all its property on which
such a Lien is granted or purports to be granted. 
  
 “Collateral Agent” means JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), in its capacity as Collateral Agent for the Secured Parties under the Security Documents, and its successors in such capacity.

  

 3 

 “Company” means Ryerson Tull, Inc., a Delaware corporation, and its successors.

  
 “Contracts” means all contracts for the sale,
lease, exchange or other disposition of Inventory, whether or not performed and whether or not subject to termination upon a contingency or at the option of any party thereto. 
  
 “Credit Agreement” has the meaning set forth in the recitals hereto. 
  
 “Derivative Obligations” of any Person means all obligations
of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing
transactions) or any combination of the foregoing transactions. 
  
 “Effective Date” means: (a) with respect to each Lien Grantor that was a party to the Existing Ryerson U.S. Security Agreement, the date on which it became a party thereto, (b) with respect to each Lien Grantor that was a
party to the Existing Integris U.S. Security Agreement, the date on which it became a party thereto, and (c) with respect to any Lien Grantor which becomes a party hereto subsequent to the Effective Date as defined in the Credit Agreement, the date
this Agreement becomes effective with respect to such Lien Grantor. 
  
 “Event of Default” means any Event of Default as defined in the Credit Agreement and any similar event with respect to any Additional Secured Obligation that permits the acceleration of the maturity thereof (or an
equivalent remedy). 
  
 “First Secured Derivative
Obligations” means the Secured Derivative Obligations to the extent (but only to the extent) that they are designated by the Borrower as “First Secured Derivative Obligations” in accordance with Section 23. For the
avoidance of doubt, unless the context otherwise requires, any reference herein to the “amount” or the “principal amount” of a First Secured Derivative Obligation shall refer to then current Mark-to-Market Value of such First
Secured Derivative Obligation. 
  
 “Foreign
Subsidiary” means any Subsidiary which is organized under the laws of a jurisdiction other than the United States of America or any State thereof or the District of Columbia. 
  
 “Guarantors” means, collectively, (i) the Company and each U.S. Subsidiary (other than an Immaterial
Subsidiary) listed on the signature pages hereof under the caption “Subsidiary Guarantors”, and their respective successors, and (ii) each U.S. Subsidiary (other than an Immaterial Subsidiary) that shall, at any time after the date hereof,
become a Guarantor pursuant to Section 14, and “Guarantor” means any of the foregoing. 
  

 4 

 “Lien Grantors” means the U.S. Borrowers and the other Guarantors. 
  
 “Liquid Investment” means (i) direct obligations of the
United States or any agency thereof, (ii) obligations guaranteed by the United States or any agency thereof, (iii) time deposits and money market deposit accounts issued by or guaranteed by or placed with a Lender, and (iv) fully collateralized
repurchase agreements for securities described in clause (i) or (ii) above entered into with a Lender, provided in each case that such Liquid Investment (x) matures within 30 days after it is first included in the Collateral and (y) is in a
form, and is issued and held in a manner, that in the reasonable judgment of the Collateral Agent permits appropriate measures to have been taken to perfect security interests therein. 
  
 “Liquidated Secured Obligation” means at any time any Secured Obligation (or portion thereof) that is not
an Unliquidated Secured Obligation at such time. 
  
 “Mark-to-Market Value” means, at any date with respect to any Derivative Obligation, the lesser of (i) the amount that would be payable by the applicable Borrower if the applicable Derivative Contract were terminated at
such time in circumstances in which the Borrower was the defaulting party, taking into account the effect of any enforceable netting arrangement between the parties to such Derivative Contract with respect to mutual obligations in respect of other
Secured Derivative Obligations between such parties and (ii) the amount stated in the applicable Derivative Contract to be the maximum amount which can be asserted as a secured claim against the Collateral. 
  
 “Opinion of Counsel” means a written opinion of legal
counsel (who may be counsel to a Lien Grantor or other counsel, in either case approved by the Administrative Agent in a writing delivered to the Collateral Agent, which approval shall not be unreasonably withheld) addressed and delivered to the
Collateral Agent. 
  
 “own” refers to the
possession of sufficient rights in property to grant a security interest therein as contemplated by UCC Section 9-203, and “acquire” refers to the acquisition of any such rights. 
  
 “Perfection Certificate” means, with respect to any Lien
Grantor, a certificate substantially in the form of Exhibit B, completed and supplemented with the schedules contemplated thereby to the reasonable satisfaction of the Collateral Agent, and signed by an officer of such Lien Grantor. 
  

 5 

 “Permitted Liens” means (i) the Transaction Liens and (ii) any other Liens on the
Collateral permitted to be created or assumed or to exist pursuant to the Credit Agreement. 
  
 “Pledged”, when used in conjunction with any type of asset, means at any time an asset of such type that is included (or that creates rights that are included) in the Collateral at such time. For
example, “Pledged Inventory” means Inventory that is included in the Collateral at such time. 
  
 “Post-Petition Interest” means any interest that accrues after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency or reorganization of a Lien Grantor (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any such proceeding. 
  
 “Proceeds” means all proceeds of, and all other profits,
products, rents or receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of the relevant Lien Grantor against
third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect to any
Collateral. 
  
 “Receivables” means, with respect
to any Lien Grantor, all Accounts and Payment Intangibles owned by it and all other rights, titles or interests which, in accordance with GAAP would be included in receivables on its balance sheet (including any such Accounts and/or rights, titles
or interests that might be characterized as Chattel Paper, Instruments or General Intangibles under the Uniform Commercial Code in effect in any jurisdiction), in each case arising from the sale, lease, exchange or other disposition of Inventory,
and all of such Lien Grantor’s rights to any goods, services or other property related to any of the foregoing (including returned or repossessed goods and unpaid seller’s rights of rescission, replevin, reclamation and rights to stoppage
in transit), and all collateral security and supporting obligations of any kind given by any Person with respect to any of the foregoing. 
  
 “Related Documents” means the Credit Agreement, the Notes, the Swingline Note, the Bankers’ Acceptances, the Acceptance Notes, the
Security Documents and the documentation governing the Additional Secured Obligations. 
  
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and its Affiliates.

  
 “Release Conditions” means the following
conditions for releasing all the Secured Guarantees and terminating all the Transaction Liens: 
  
 (i) all Commitments under the Credit Agreement shall have expired or been terminated; 
  

 6 

 (ii) all Liquidated Secured Obligations shall have been paid in full; and 
  
 (iii) no Unliquidated Secured Obligation shall remain
outstanding or such Unliquidated Secured Obligation shall be cash collateralized to an extent and in a manner reasonably satisfactory to each affected Secured Party. 
  
 “Required Secured Parties” means (i) until such time as the Release Conditions are satisfied with respect
to the Credit Agreement and the Secured Loan Obligations, the Required Lenders (and, for purposes of a release of all or any substantial portion of the Secured Guarantees or all or any substantial portion of the Collateral, all of the Lenders) and
(ii) thereafter, the holders of a majority in face amount of the Additional Secured Obligations. 
  
 “Second Secured Derivative Obligations” means all Secured Derivative Obligations that are not First Secured Derivative Obligations. For
the avoidance of doubt, unless the context otherwise requires, any reference herein to the “amount” or the “principal amount” of a Second Secured Derivative Obligation shall refer to then current Mark-to-Market Value of such
Second Secured Derivative Obligation. 
  
 “Secured
Agreement”, when used with respect to any Secured Obligation, refers collectively to each instrument, agreement or other document that sets forth obligations of the Lien Grantors and/or rights of the holder with respect to such Secured
Obligation. 
  
 “Secured Derivative Obligations”
means Derivative Obligations of any Credit Party owing to any Person that was a Lender or Lender Affiliate on the trade date for any such Derivative Obligation, or an assignee of such Person; provided that (i) such Derivative Obligation is
entered into in the course of the ordinary business practice of such Credit Party and not for speculative purposes and (ii) such Derivative Obligation has been designated by the Company as an additional Secured Obligation in accordance with Section
23. 
  
 “Secured Guarantee” means, with respect
to each Guarantor, its guarantee of the Secured Obligations under Section 2 hereof or Section (a) of a Security Agreement Supplement. 
  
 “Secured Loan Obligations” means all principal of all Loans (including the face amount of all Bankers’ Acceptances) and Swingline
Loans outstanding from time to time under the Credit Agreement and all obligations to reimburse LC Disbursements, all interest (including Post-Petition Interest) thereon and all other amounts now or hereafter payable by the Borrowers pursuant to the
Financing Documents. 
  

 7 

 “Secured Obligations” means the Secured Loan Obligations and the Additional Secured
Obligations. 
  
 “Secured Parties” means the
holders from time to time of the Secured Obligations (including, as the case may be, any of such holders in its capacity as Security Agent or Collateral Agent), and “Secured Party” means any of them as the context may require.

  
 “Security Agreement Supplement” means a
Security Agreement Supplement, substantially in the form of Exhibit A, signed and delivered to the Collateral Agent for the purpose of adding a Subsidiary of the Company as a party hereto pursuant to Section 14 and/or adding additional property to
the Collateral. 
  
 “Security Documents” means
this Agreement, the Security Agreement Supplements, the Blocked Account Agreements and all other supplemental or additional security agreements, control agreements or similar instruments delivered pursuant to the Financing Documents. 
  
 “Sweep Collateral” has the meaning set forth in Section 6.

  
 “Sweep Period” means (i) each period that
begins on any day on which Total Facility Availability is less than $50,000,000, and ends on the first day thereafter on which Total Facility Availability has been at least $55,000,000 for 30 consecutive days and (ii) each period that begins when an
Event of Default occurs, and ends when no Event of Default is continuing; provided that, except in the case of a Sweep Period that begins upon the occurrence of any Event of Default described in Section 6.01(a)(i), 6.01(a)(ii) or 6.01(d) of
the Credit Agreement with respect to any Borrower (which Sweep Period shall commence automatically upon the occurrence of such Event of Default), no Sweep Period shall be deemed to have commenced unless and until either Security Agent shall have so
determined and shall have so notified the U.S. Borrowers’ Agent. 
  
 “Transaction Liens” means the Liens granted by the Lien Grantors under the Security Documents. 
  
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection or
the effect of perfection or non-perfection or the priority of any Transaction Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
  

 8 

 “Unliquidated Secured Obligation” means, at any time, any Secured Obligation (or portion
thereof) that is contingent in nature or unliquidated at such time, including any Secured Obligation that is: 
  
 (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; 
  
 (ii) any other obligation (including any guarantee) that is
contingent in nature at such time; or 
  
 (iii)
an obligation to provide collateral to secure any of the foregoing types of obligations. 
  
 “U.S. Cash Collateral Account” has the meaning set forth in Section 6. 
  
 (d) Terms Generally. The definitions of terms herein (including those incorporated by reference to the UCC or to another document) apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Sections, Exhibits and Schedules shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement and (e) the word “property” shall be construed to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. 
  
 SECTION 2. Guarantees by Guarantors. 
  
 (a)
Secured Guarantees. Each Guarantor unconditionally guarantees to the Collateral Agent for the benefit of the Secured Parties the full and punctual payment of each Secured Obligation when due (whether at stated maturity, upon acceleration or
otherwise). If any Borrower fails to pay any Secured Obligation punctually when due, each Guarantor agrees that it will forthwith on demand pay the amount not so paid at the place and in the manner specified in the relevant Secured Agreement.

  

 9 

 (b) Secured Guarantees Unconditional. The obligations of each Guarantor under its Secured
Guarantee shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
  
 (i) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of any
Borrower, any other Guarantor or any other Person under any Secured Agreement, by operation of law or otherwise; 
  
 (ii) any modification or amendment of or supplement to any Secured Agreement; 
  
 (iii) any release, impairment, non-perfection or invalidity
of any direct or indirect security for any obligation of any Borrower, any other Guarantor or any other Person under any Secured Agreement; 
  
 (iv) any change in the corporate existence, structure or ownership of any Borrower, any other Guarantor or any other Person or any of
their respective subsidiaries, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Borrower, any other Guarantor or any other Person or any of their assets or any resulting release or discharge of any obligation
of any Borrower, any other Guarantor or any other Person under any Secured Agreement; 
  
 (v) the existence of any claim, set-off or other right that such Guarantor may have at any time against any Borrower, any other Guarantor,
any Secured Party or any other Person, whether in connection with the Financing Documents or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

  
 (vi) any invalidity or unenforceability
relating to or against any Borrower, any other Guarantor or any other Person for any reason of any Secured Agreement, or any provision of applicable law or regulation purporting to prohibit the payment of any Secured Obligation by any Borrower, any
other Guarantor or any other Person; or 
  
 (vii)
any other act or omission to act or delay of any kind by any Borrower, any other Guarantor, any other party to any Secured Agreement, any Secured Party or any other Person, or any other circumstance whatsoever that might, but for the provisions of
this clause 2(b)(vii), constitute a legal or equitable discharge of or defense to any obligation of any Guarantor hereunder. 
  
 (c) Release of Secured Guarantees. (i) All the Secured Guarantees will be released when all the Release Conditions are satisfied. If at any time
any 

  

 10 

 
payment of a Secured Obligation is rescinded or must be otherwise restored or returned upon the insolvency or receivership of any Borrower or otherwise, the
Secured Guarantees shall be reinstated with respect thereto as though such payment had been due but not made at such time. 
  
 (ii) If all the capital stock of a Guarantor or all the assets of a Guarantor are sold to a Person other than a Borrower or a Subsidiary
of a Borrower in a transaction not prohibited by the Credit Agreement (any such sale, a “Sale of Guarantor”), the Collateral Agent shall promptly release such Guarantor from its Secured Guarantee. Such release shall not require the
consent of any Secured Party, and the Collateral Agent and any third party shall be fully protected in relying on a certificate of the Company as to whether any particular sale constitutes a Sale of Guarantor. 
  
 (iii) In addition to any release permitted by subsection
2(c)(ii), the Collateral Agent may release any Secured Guarantee (subject to Section 9.05(b)(iv) of the Credit Agreement) with the prior written consent of the Required Secured Parties. 
  
 (d) Waiver by Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any
notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Borrower, any other Guarantor or any other Person. 
  
 (e) Subrogation. Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of
law or otherwise, upon making any payment hereunder to be subrogated to the rights of the payee against the relevant Credit Party with respect to such payment or against any direct or indirect security therefor, or otherwise to be reimbursed,
indemnified or exonerated by or for the account of the relevant Credit Party in respect thereof unless, and until such time as, all the Release Conditions have been satisfied. 
  
 (f) Contribution; Subordination. Each Guarantor (a “Contributing Guarantor”) agrees that, in the
event a payment shall be made by any other Guarantor under this Agreement or assets of any other Guarantor shall be sold pursuant to this Agreement to satisfy a claim against any Borrower or any Subsidiary of such Borrower (such other Guarantor, the
“Claiming Guarantor”), the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be,
in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor as of December 31, 2003 (or, in the case of any Guarantor becoming a party hereto pursuant to Section 14 after the Effective Date, the
end of the fiscal quarter most recently ended before the date of the Security Agreement Supplement executed and delivered by such Guarantor) and the denominator shall be the aggregate of all such amounts (without duplication) for all such
Guarantors. All rights of the Guarantors under this Section and any other rights 

  

 11 

 
of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the
Secured Obligations. 
  
 (g) Stay of Acceleration. If
acceleration of the time for payment of any Secured Obligation by any Borrower is stayed by reason of the insolvency or receivership of such Borrower or otherwise, all Secured Obligations otherwise subject to acceleration under the terms of any
Secured Agreement shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Collateral Agent. 
  
 (h) Right of Set-Off. If any Secured Obligation is not paid promptly when due, each of the Secured Parties and each of their respective Affiliates
which is a deposit-taking institution or a subsidiary of such an institution is authorized, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other obligations at any time owing by such Secured Party or Affiliate to or for the credit or the account of any Guarantor against the obligations of such Guarantor under its Secured Guarantee, irrespective of whether or not such Secured Party
shall have made any demand thereunder and although such obligations may be unmatured. The rights of each Secured Party under this subsection are in addition to all other rights and remedies (including other rights of setoff) that such Secured Party
may have. 
  
 (i) Continuing Guarantee. Each Secured
Guarantee is a continuing guarantee, shall be binding on the relevant Guarantor and its successors and assigns, and shall be enforceable by the Collateral Agent. If all or part of any Secured Party’s interest in any Secured Obligation is
assigned or otherwise transferred, the transferor’s rights in respect of each Secured Guarantee, to the extent applicable to the obligation so transferred, shall automatically be transferred with such obligation. 
  
 (j) Limitation on Obligations of Guarantors. The obligations of each
Guarantor under its Secured Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render such Secured Guarantee subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable
provisions of applicable law. 
  
 (k) Continuation of
Liens. For the purpose of clarification, the parties hereto hereby acknowledge, agree and confirm that the Liens and guarantees provided pursuant to the Existing Ryerson U.S. Security Agreement and the Existing Integris U.S. Security Agreement
continue under this Agreement to the extent of the Liens and guarantees described herein and nothing herein or in the Credit Agreement shall be deemed to terminate or release any such Liens or guarantees until such time as so terminated or released
in the manner provided for herein. 
  

 12 

 SECTION 3. Grant of Transaction Liens. 
  
 (a) Each U.S. Borrower, in order to secure the Secured Obligations, and each
other Guarantor listed on the signature pages hereof, in order to secure its Secured Guarantee, grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in all the following property of such Borrower or
such Guarantor, as the case may be, whether now owned or existing or hereafter acquired or arising and regardless of where located: 
  
 (i) all Inventory; 
  
 (ii) all Receivables; 
  
 (iii) all Contracts; 
  
 (iv) all Blocked Accounts and the U.S. Cash Collateral Account; 
  
 (v) all books and records (including customer lists, credit files, computer programs, printouts and other
computer materials and records) of such Lien Grantor pertaining to any of its Collateral; and 
  
 (vi) all other Proceeds of the Collateral described in the foregoing clauses (i) through (v). 
  
 (b) With respect to each right to payment or performance included in the
Collateral from time to time, the Transaction Lien granted therein includes a continuing security interest in all right, title and interest of the applicable Lien Grantor in and to (i) any Supporting Obligation that supports such payment or
performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation. 
  
 (c) The Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way
affect or modify, any obligation or liability of any Lien Grantor with respect to any of the Collateral or any transaction in connection therewith. 
  
 SECTION 4. General Representations and Warranties. As of the Effective Date and (except as to those particular representations and warranties
expressly made only as of the Effective Date) as of the date of each Credit Event, each Lien Grantor represents and warrants that: 
  
 (a) Such Lien Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction identified as its jurisdiction of
organization in its Perfection Certificate. 
  

 13 

 (b) Such Lien Grantor has good and marketable title to all its Collateral (subject to exceptions that
are, in the aggregate, not material), free and clear of any Lien other than Permitted Liens. 
  
 (c) Such Lien Grantor has not performed any acts that might prevent the Collateral Agent from enforcing any of the provisions of the Security Documents or that would limit the Collateral Agent in any such enforcement.
No financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or part of the Collateral owned by such Lien Grantor is on file or of record in any jurisdiction in the United States or Canada in
which such filing or recording would be effective to perfect or record a Lien on such Collateral, except financing statements, mortgages or other similar or equivalent documents with respect to Permitted Liens. After the Effective Date, no
Collateral owned by such Lien Grantor will be in the possession or under the control of any other Person having a Lien thereon, other than a Permitted Lien. 
  
 (d) The Transaction Liens on all Collateral owned by such Lien Grantor (i) have been validly created, (ii) will attach to each item of such Collateral on
the Effective Date (or, if such Lien Grantor first obtains rights thereto on a later date, on such later date) and (iii) when so attached, will secure all the Secured Obligations or such Lien Grantor’s Secured Guarantee, as the case may be.

  
 (e) Such Lien Grantor has delivered a Perfection Certificate
to the Collateral Agent. The information set forth therein is correct and complete as of the Effective Date. 
  
 (f) When UCC financing statements describing the Collateral as set forth in such Lien Grantor’s Perfection Certificate have been filed in the offices
specified in such Perfection Certificate, the Transaction Liens will constitute perfected security interests in the Collateral owned by such Lien Grantor to the extent that a security interest therein may be perfected by filing pursuant to the UCC,
prior to all Liens and rights of others therein except Permitted Liens. Except for the filing of such UCC financing statements, no registration, recordation or filing with any governmental body, agency or official is required in connection with the
execution or delivery of the Security Documents or is necessary for the validity or enforceability thereof or for the perfection of the Transaction Liens pursuant to the UCC or for the enforcement of the Transaction Liens pursuant to the UCC.

  
 (g) Such Lien Grantor has taken, and will continue to take,
all actions necessary under the UCC to perfect its interest in any Receivables purchased or otherwise acquired by it in a transaction subject to Article 9 of the UCC, as against its assignors and creditors of its assignors. 
  
 (h) Such Lien Grantor’s Collateral is insured as required by the Credit
Agreement. 
  

 14 

 (i) Any Inventory produced by such Lien Grantor has or will have been produced in compliance with the
applicable requirements of the Fair Labor Standards Act, as amended. 
  
 SECTION 5. Further Assurances; General Covenants. Each Lien Grantor covenants as follows: 
  
 (a) Such Lien Grantor will, from time to time, at its own expense, execute, deliver, file and record any statement, assignment, instrument, document,
agreement or other paper and take any other action (including any filing of financing or continuation statements under the UCC) that from time to time may be reasonably necessary or desirable, or that the Collateral Agent may reasonably request, in
order to: 
  
 (i) create, preserve, perfect,
confirm or validate the Transaction Liens on such Lien Grantor’s Collateral (it being understood that no Lien Grantor shall be required to make filings in the United States Copyright Office to perfect the Transaction Liens on Collateral
comprised of copyrights, unless the Collateral Agent has requested such filings to be made); 
  
 (ii) enable the Collateral Agent and the other Secured Parties to obtain the full benefits of the Security Documents; or 
  
 (iii) enable the Collateral Agent to exercise and enforce
any of its rights, powers and remedies with respect to any of such Lien Grantor’s Collateral 
  
 provided, that no Lien Grantor shall be required to comply with the requirements of the Assignment of Claims Act, 1940 as amended or any equivalent state, local or municipal legislation or equivalent Canadian
legislation. To the extent permitted by applicable law, such Lien Grantor authorizes the Collateral Agent to execute and file such financing statements or continuation statements without such Lien Grantor’s signature appearing thereon. Such
Lien Grantor agrees that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement is sufficient as a financing statement to the extent permitted by law. Such Lien Grantor constitutes the Collateral
Agent its attorney-in-fact to execute and file all filings required or so requested for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; and such power, being coupled with an interest, shall be irrevocable until
all the Transaction Liens granted by such Lien Grantor terminate pursuant to Section 13. Each Lien Grantor will pay the costs of, or incidental to, any recording or filing of any financing or continuation statements or other documents recorded or
filed pursuant hereto in respect of such Lien Grantor. 
  
 (b)
Such Lien Grantor will not (i) change its name or corporate structure, (ii) change its location (determined as provided in UCC Section 9-307) 

  

 15 

 
or (iii) except with respect to a Permitted Lien, become bound, as provided in UCC Section 9-203(d) or otherwise, by a security agreement entered into by
another Person, unless it shall have given the Collateral Agent prior notice thereof and delivered an Opinion of Counsel or such other documentation with respect thereto in accordance with Section 5(c). 
  
 (c) Before it takes any action contemplated by Section 5(b), such Lien
Grantor, at its own expense, will cause to be delivered to the Collateral Agent an Opinion of Counsel or such other documentation, in each case as either Security Agent may reasonably request, in form and substance reasonably satisfactory to the
Security Agents, to the effect that (i) all financing statements and amendments or supplements thereto, continuation statements and other documents required to be filed or recorded in order to perfect and protect (except with respect to Permitted
Liens) the Transaction Liens against all creditors of and purchasers from such Lien Grantor after it takes such action (except any applicable continuation statements that are to be filed more than six months after the date thereof) have been filed
or recorded in each office necessary for such purpose, (ii) all fees and taxes, if any, payable in connection with such filings or recordations have been paid in full and (iii) except as otherwise agreed by the Required Secured Parties, such action
will not (except with respect to Permitted Liens) adversely affect the perfection or priority of the Transaction Lien on any Collateral to be owned by such Lien Grantor after it takes such action or the accuracy of such Lien Grantor’s
representations and warranties herein relating to the grant and perfection of a security interest in such Collateral. 
  
 (d) Except in the ordinary course of business, such Lien Grantor will not sell, lease, exchange, assign or otherwise dispose of, or grant any option with
respect to, any of its Collateral; provided that such Lien Grantor may do any of the foregoing unless (i) doing so would violate a covenant in the Credit Agreement or (ii) an Event of Default shall have occurred and be continuing and the
Collateral Agent shall have notified such Lien Grantor that its right to do so is terminated, suspended or otherwise limited. Concurrently with any sale or other disposition (except a sale or disposition to another Lien Grantor or a lease) permitted
by the foregoing proviso, the Transaction Liens on the assets sold or disposed of (but not in any Proceeds arising from such sale or disposition) will cease immediately without any action by the Collateral Agent or any other Secured Party.
The Collateral Agent will, at the U.S. Borrowers’ expense, promptly execute and deliver to the relevant Lien Grantor such documents as such Lien Grantor shall reasonably request to evidence the fact that any asset so sold or disposed of is no
longer subject to a Transaction Lien. 
  
 (e) Such Lien Grantor
will, promptly upon request, provide to the Collateral Agent all information and evidence concerning such Lien Grantor’s Collateral that the Collateral Agent may reasonably request from time to time to enable it to enforce the provisions of the
Security Documents. 
  

 16 

 SECTION 6. Cash Collateral Account. (a) (i) As soon as practicable, but in any event no longer
than 30 days following the Effective Date (or such longer period as the U.S. Borrowers’ Agent and the Security Agents, in the exercise of their reasonable discretion, may agree), each Lien Grantor shall have subjected all of its lockboxes and
the corresponding Deposit Accounts (the “Blocked Accounts”) to Blocked Account Agreements, each of which Blocked Account Agreements shall require at all times during the effectiveness thereof the transfer, on each of the applicable
bank’s business days, of all amounts in the subject blocked account constituting Collateral to the U.S. Cash Collateral Account, (ii) as soon as practicable, but in any event no longer than 30 days following the Effective Date (or such longer
period as the U.S. Borrowers’ Agent and the Security Agents, in the exercise of their reasonable discretion, may agree), Ryerson, Tull and Integris shall have subjected all of their Deposit Accounts through which payments or other proceeds in
respect of Receivables may flow to Blocked Account Agreements which require the transfer, on each of the applicable bank’s business days, of all amounts therein to the U.S. Cash Collateral Account and (iii) as of the Effective Date, the
Collateral Agent shall have established an account (the “U.S. Cash Collateral Account”), in the name and under the exclusive control of the Collateral Agent and subject to a Blocked Account Agreement, into which all amounts owned by
the Lien Grantors that are to be deposited therein pursuant to the Financing Documents (such amounts constituting Collateral, including, in any event, the items described in subclauses (x) and (y) of clause (b) below, referred to collectively herein
as the “Sweep Collateral”) shall be deposited and applied pursuant to this Section 6. 
  
 (b) At all times, the U.S. Borrowers shall cause (and each other Lien Grantor shall take all actions required on its part to cause) to be deposited (on
each of the applicable bank’s business days, through wire transfers of Collateral held in the Deposit Accounts of Lien Grantors) in the U.S. Cash Collateral Account, promptly upon receipt thereof, all Sweep Collateral, including, but not
limited to, (x) all payments received in respect of the Pledged Receivables and (y) all other Proceeds of the Collateral. 
  
 (c) Unless (y) a Sweep Period is continuing or (z) the maturity of the Loans (or other Secured Obligations) shall have been accelerated pursuant to
Article 6 of the Credit Agreement (or otherwise), the Collateral Agent shall withdraw amounts from the U.S. Cash Collateral Account and remit such amounts to, or as directed by, the U.S. Borrowers’ Agent from time to time. 
  
 (d) During any Sweep Period (i) all amounts held in the U.S. Cash Collateral
Account shall be applied by the Collateral Agent on each Business Day to the outstanding principal balance of the Swingline Loans or, if applicable, as provided in Section 8, (ii) following the repayment in full of all outstanding Swingline Loans
pursuant to clause (i), any remaining amounts held in the U.S. Cash Collateral Account shall be applied by the Collateral Agent on each Business Day to the outstanding principal balance of the Base Rate Loans and Canadian Prime Rate Loans or, if
applicable, as provided in Section 8, and (iii) 

  

 17 

 
following repayment in full of all outstanding Swingline Loans pursuant to clause (i) and repayment in full of all outstanding Base Rate Loans and Canadian
Prime Rate Loans pursuant to clause (ii), any remaining amounts held in the Cash Collateral Account may (x) be applied on a daily basis to the outstanding principal balance of Euro-Dollar Loans (in forward order of the Interest Periods applicable to
such Euro-Dollar Loans, beginning with the Euro-Dollar Loans subject to the shortest Interest Periods) and to the face amount of Bankers’ Acceptances (in forward order of the BA Maturity Dates applicable to such Bankers’ Acceptances,
beginning with the Bankers’ Acceptances subject to the earliest BA Maturity Dates) or (y) continue to be held in the Cash Collateral Account to be applied to the outstanding principal balance of Base Rate Loans and, upon expiration of Interest
Periods, Euro-Dollar Loans and, upon the applicable BA Maturity Dates, to the face amount of Bankers’ Acceptances, in each case at the sole discretion of the Security Agents. 
  
 (e) Funds held in the U.S. Cash Collateral Account may, until withdrawn or required to be applied pursuant hereto, be
invested and reinvested in such Liquid Investments as the U.S. Borrowers’ Agent shall request from time to time; provided that, if a Sweep Period is continuing, the Collateral Agent may select such Liquid Investments. 
  
 (f) If immediately available cash on deposit in the U.S. Cash Collateral
Account is not sufficient to make any distribution or withdrawal to be made pursuant hereto, the Collateral Agent will cause to be liquidated, as promptly as practicable, such investments held in or credited to the U.S. Cash Collateral Account as
shall be required to obtain sufficient cash to make such distribution or withdrawal and, notwithstanding any other provision hereof, such distribution or withdrawal shall not be made until such liquidation has taken place. 
  
 SECTION 7. Remedies Upon Event of Default. (a) If an Event of Default
shall have occurred and be continuing, the Collateral Agent may exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or to such sub-agents) under the Security Documents. 
  
 (b) Without limiting the generality of the foregoing, (i) if an Event of
Default shall have occurred and be continuing, the Collateral Agent may exercise on behalf of the Secured Parties all the rights of a secured party under the UCC (whether or not in effect in the jurisdiction where such rights are exercised) with
respect to any Collateral and (ii) in addition, if an Event of Default shall have occurred and be continuing, the Collateral Agent may, without being required to give any notice, except as herein provided or as may be required by mandatory
provisions of law, withdraw all cash held in the U.S. Cash Collateral Account and apply such cash as provided in Section 8 and, if there shall be no such cash or if such cash shall be insufficient to pay all the Secured Obligations in full, sell,
lease, license or otherwise dispose of the Collateral or any part thereof. Notice of any such sale or other disposition shall be given to the relevant Lien Grantor(s) as required by Section 8. 
  

 18 

 SECTION 8. Application of Proceeds. (a) If an Event of Default shall have occurred and be
continuing, the Collateral Agent may apply the proceeds of any sale or other disposition of all or any part of the Collateral in the following order of priorities: 
  
 first, to pay the expenses of such sale or other disposition, including reasonable compensation to
agents of and counsel for the Collateral Agent, and all expenses, liabilities and advances incurred or made by the Collateral Agent in connection with the Security Documents, and any other amounts then due and payable to the Collateral Agent
pursuant to Section 9 or to the Agents pursuant to the Credit Agreement; 
  
 second, to pay the unpaid principal of the Swingline Loans until payment in full of the principal of all Swingline Loans shall have been made; 
  
 third, to pay the unpaid principal of the other Secured Obligations (other than Second Secured
Derivative Obligations) ratably (or provide for the payment thereof pursuant to Section 8(b)), until payment in full of the principal of all other Secured Obligations (other than Second Secured Derivative Obligations) shall have been made (or so
provided for); 
  
 fourth, to pay ratably
all interest (including Post-Petition Interest) and all facility and other fees payable under the Related Documents (other than any relating to Second Secured Derivative Obligations), until payment in full of all such interest and fees shall have
been made; 
  
 fifth, to pay all other
Secured Obligations (other than Second Secured Derivative Obligations) ratably (or provide for the payment thereof pursuant to Section 8(b)), until payment in full of all such other Secured Obligations (other than Second Secured Derivative
Obligations) shall have been made (or so provided for); 
  
 sixth, to pay ratably all Second Secured Derivative Obligations (or provide payment therefor pursuant to Section 8(b)) until payment in full of such Second Secured Derivative Obligations shall have been made
(or so provided for); and 
  
 finally, to
pay to the relevant Lien Grantor, or as a court of competent jurisdiction may direct, any surplus then remaining from the proceeds of the Collateral owned by it; 
  
 provided that Collateral owned by a Guarantor and any proceeds thereof shall be applied pursuant to the foregoing clauses first,
second, third, fourth, fifth and sixth only to the extent permitted by the limitation in Section 2(j). The Collateral Agent may make such distributions hereunder in cash or in kind or, on a ratable basis, in any combination thereof. 
  

 19 

 Notwithstanding anything to the contrary herein, the parties hereto agree that the unpaid principal (i.e., the
Mark-to-Market Value) of the First Secured Derivative Obligations shall be paid, ratably with the unpaid principal of other Secured Obligations (other than Second Secured Derivative Obligations), pursuant to clause third above;
provided that if on the date of any application of cash or proceeds in accordance with this Section 8(a), the aggregate Mark-to-Market Value of First Secured Derivative Obligations exceeds an amount equal to the difference of $50,000,000
less the aggregate Mark-to-Market Value of (A) all First Secured Derivative Obligations previously paid pursuant to this Section 8(a) plus (B) all First Secured Derivative Obligations (as defined in the Canadian Security Agreement)
previously paid or to be paid on such date pursuant to Section 8(a) of the Canadian Security Agreement (such difference, the “Available Derivative Amount” at such date), then: (x) the Secured Obligations payable pursuant to clause
third above shall include the Mark-to-Market Value of First Secured Derivative Obligations in an aggregate amount equal to the Available Derivative Amount at such date (which Available Derivative Amount shall represent and be comprised of a
ratable portion (the “Permitted Ratable Portion”) of the Mark-to-Market Value of each First Secured Derivative Obligation), and (y) the portion of the Mark-to-Market Value of each First Secured Derivative Obligation that is in
excess of the Permitted Ratable Portion referred to in clause (x) above (and is therefore not paid ratably with the unpaid principal of Secured Obligations pursuant to clause third above) shall, for all purposes of this Section 8(a), be
treated as and deemed to be unpaid principal of a Second Secured Derivative Obligation, and shall be paid, ratably with the unpaid principal of all other Second Secured Derivative Obligations, pursuant to clause sixth above. 
  
 (b) If at any time any portion of any monies collected or received by the
Collateral Agent would, but for the provisions of this Section 8(b), be payable pursuant to Section 8(a) in respect of an Unliquidated Secured Obligation, the Collateral Agent shall not apply any monies to pay such Unliquidated Secured Obligation
but instead shall request the holder thereof, at least 10 days before each proposed distribution hereunder, to notify the Collateral Agent as to the maximum amount of such Unliquidated Secured Obligation if then ascertainable (e.g., in the
case of a letter of credit, the maximum amount available for subsequent drawings thereunder). If the holder of such Unliquidated Secured Obligation does not notify the Collateral Agent of the maximum ascertainable amount thereof at least two
Business Days before such distribution, such Unliquidated Secured Obligation will not be entitled to share in such distribution. If such holder does so notify the Collateral Agent as to the maximum ascertainable amount thereof, the Collateral Agent
will allocate to such holder a portion of the monies to be distributed in such distribution, calculated as if such Unliquidated Secured Obligation were outstanding in such maximum ascertainable amount. However, the Collateral Agent will not apply
such portion of such monies to pay such Unliquidated Secured Obligation, but instead will hold such monies or invest such monies in Liquid Investments. All such monies 
  

 20 

 and Liquid Investments and all proceeds thereof will constitute Collateral hereunder, but will be subject to distribution
in accordance with this Section 8(b) rather than Section 8(a). The Collateral Agent will hold all such monies and Liquid Investments and the net proceeds thereof in trust until all or part of such Unliquidated Secured Obligation becomes a Liquidated
Secured Obligation, whereupon the Collateral Agent at the request of the relevant Secured Party will apply the amount so held in trust to pay such Liquidated Secured Obligation; provided that, if the other Secured Obligations theretofore paid
pursuant to the same clause of Section 8(a) (i.e., clause third, fifth or sixth) were not paid in full, the Collateral Agent will apply the amount so held in trust to pay the same percentage of such Liquidated Secured Obligation as the
percentage of such other Secured Obligations theretofore paid pursuant to the same clause of Section 8(a). If (i) the holder of such Unliquidated Secured Obligation shall advise the Collateral Agent that no portion thereof remains in the category of
an Unliquidated Secured Obligation and (ii) the Collateral Agent still holds any amount held in trust pursuant to this Section 8(b) in respect of such Unliquidated Secured Obligation (after paying all amounts payable pursuant to the preceding
sentence with respect to any portions thereof that became Liquidated Secured Obligations), such remaining amount will be applied by the Collateral Agent in the order of priorities set forth in Section 8(a). 
  
 (c) In making the payments and allocations required by this Section, the
Collateral Agent may rely upon information supplied to it pursuant to Section 12(g). All distributions made by the Collateral Agent pursuant to this Section shall be final (except in the event of manifest error) and the Collateral Agent shall have
no duty to inquire as to the application by any Secured Party of any amount distributed to it. 
  
 SECTION 9. Fees and Expenses; Indemnification. (a) Each Lien Grantor will forthwith upon demand pay to the Collateral Agent: 
  
 (i) the amount of any taxes that the Collateral Agent may have been required to pay by reason of the
Transaction Liens on such Lien Grantor’s Collateral or to free any Collateral of such Lien Grantor from any other Lien thereon (other than Permitted Liens); 
  
 (ii) the amount of any and all reasonable out-of-pocket expenses, including transfer taxes and reasonable
fees and expenses of counsel and other experts, that the Collateral Agent may incur in connection with (x) the administration or enforcement of the Security Documents, including such expenses as are incurred to preserve the value of the Collateral
or the validity, perfection, rank or value of any Transaction Lien, (y) the collection, sale or other disposition of any Collateral or (z) the exercise by the Collateral Agent of any of its rights or powers under the Security Documents, in each case
with respect to such Lien Grantor; 
  

 21 

 (iii) the amount of any fees that such Lien Grantor shall have agreed in writing to pay
to the Collateral Agent and that shall have become due and payable in accordance with such written agreement; and 
  
 (iv) the amount required to indemnify the Collateral Agent for, or hold it harmless and defend it against, any loss, liability or expense
(including the reasonable fees and expenses of its counsel and any experts or sub-agents appointed by it hereunder) incurred or suffered by the Collateral Agent in connection with the Security Documents with respect to such Lien Grantor, except to
the extent that such loss, liability or expense arises from the Collateral Agent’s gross negligence or willful misconduct or a breach of any duty that the Collateral Agent has under this Agreement (after giving effect to Sections 11 and 12).

  
 Any such amount not paid to the Collateral Agent on demand
will bear interest for each day thereafter until paid at a rate per annum equal to the sum of (i)(A) in the case of amounts denominated in Dollars, the rate applicable to Base Rate Loans for such day, or (B) in the case of amounts denominated in
Canadian Dollars, the rate applicable to Canadian Prime Rate Loans, plus in each case (ii) as to any such amounts not paid within ten Business Days of demand therefor, 2% per annum. 
  
 (b) If any transfer tax, documentary stamp tax or other tax is payable in
connection with any transfer or other transaction with respect to any Lien Grantor provided for in the Security Documents, such Lien Grantor will pay such tax and provide any required tax stamps to the Collateral Agent or as otherwise required by
law. 
  
 SECTION 10. Authority to Administer Collateral.
Each Lien Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but
at the U.S. Borrowers’ expense, to the extent permitted by law to exercise, at any time and from time to time while an Event of Default shall have occurred and be continuing, all or any of the following powers with respect to all or any of such
Lien Grantor’s Collateral (to the extent necessary to pay the Secured Obligations in full): 
  
 (a) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof, 
  
 (b) to settle, compromise, compound, prosecute or defend any action or
proceeding with respect thereto, 
  
 (c) to sell, lease, license
or otherwise dispose of the same or the proceeds or avails thereof, as fully and effectually as if the Collateral Agent were the absolute owner thereof, and 
  

 22 

 (d) to extend the time of payment of any or all thereof and to make any allowance or other adjustment
with reference thereto; 
  
 provided that, except in the case of Collateral
that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Collateral Agent will give the relevant Lien Grantor at least ten days’ prior written notice of the time and place of any
public sale thereof or the time after which any private sale or other intended disposition thereof will be made. The Collateral Agent and each Lien Grantor agree that such notice shall be considered to have been “sent within a reasonable
time” pursuant to UCC Section 9-612. Such notice shall (i) contain the information specified in UCC Section 9-613, (ii) be Authenticated and (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c); provided
that, if the Collateral Agent fails to comply with this sentence in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 
  
 SECTION 11. Limitation on Duty in Respect of Collateral. Beyond the
exercise of reasonable care in the custody and preservation thereof, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any income therefrom or as to
the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession or control if such
Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or
omission of any sub-agent or bailee selected by the Collateral Agent in good faith or by reason of any act or omission by the Collateral Agent pursuant to instructions from the General Administrative Agent or the Security Agents, except to the
extent that such liability arises from the Collateral Agent’s gross negligence or willful misconduct. 
  
 SECTION 12. General Provisions Concerning the Collateral Agent. 
  
 (a) Authority. The Collateral Agent is authorized to take such actions and to exercise such powers as are delegated
to the Collateral Agent by the terms of the Security Documents, together with such actions and powers as are reasonably incidental thereto. 
  
 (b) Coordination with Collateral Agent. To the extent requested to do so by any Secured Party, the Collateral Agent will promptly notify such
Secured Party of each notice or other communication received by the Collateral Agent hereunder and/or deliver a copy thereof to such Secured Party. As to any matters not expressly provided for herein (including (i) the timing and methods of
realization upon the Collateral and (ii) the exercise of any power that the Collateral Agent may, but is not expressly required to, exercise under any Security Document), the Collateral Agent shall act or refrain from acting in 

  

 23 

 
accordance with written instructions from the Required Secured Parties or, in the absence of such instructions, in accordance with its discretion (subject to
the following provisions of this Section). 
  
 (c) Rights and
Powers as a Secured Party. The Person serving as the Collateral Agent shall, in its capacity as a Secured Party, have the same rights and powers as any other Secured Party and may exercise the same as though it were not the Collateral Agent.
Such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrowers, any of their Subsidiaries or their respective Affiliates as if it were not the Collateral Agent hereunder.

  
 (d) Limited Duties and Responsibilities. The Collateral
Agent shall not have any duties or obligations under the Security Documents except those expressly set forth therein. Without limiting the generality of the foregoing, (i) the Collateral Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Security Documents that the Collateral Agent is required in writing to exercise by the Required Secured Parties, and (iii) except as expressly set forth in the Security Documents, the Collateral Agent shall not have any
duty to disclose, and shall not be liable for any failure to disclose, any information relating to the Borrowers or any of their Subsidiaries that is communicated to or obtained by the bank serving as Collateral Agent or any of its Affiliates in any
capacity. The Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Secured Parties or in the absence of its own gross negligence or willful misconduct. The Collateral Agent
shall not be responsible for the existence, genuineness or value of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, whether impaired by operation of law or by reason of any action or omission to
act on its part under the Security Documents. The Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Collateral Agent by the U.S. Borrowers’ Agent or a Secured
Party, and the Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (v) any statement, warranty or representation made in or in connection with any Security Document, (w) the contents of any certificate, report
or other document delivered thereunder or in connection therewith, (x) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Security Document, (y) the validity, enforceability, effectiveness
or genuineness of any Security Document or any other agreement, instrument or document, or (z) the satisfaction of any condition set forth in any Security Document. 
  
 (e) Authority to Rely on Certain Writings, Statements and Advice. The Collateral Agent shall be entitled to rely on,
and shall not incur any liability for relying on, any notice, request, certificate, consent, statement, instrument, 

  

 24 

 
document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Collateral Agent also may rely on any
statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel (who may be counsel for the Borrowers or any
of their Subsidiaries), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountant or expert. The Collateral Agent may rely
conclusively on advice from the applicable Administrative Agent as to whether at any time (i) an Event of Default under the Credit Agreement has occurred and is continuing, (ii) the maturity of the Loans has been accelerated or (iii) any proposed
action is permitted or required by the Credit Agreement. 
  
 (f)
Sub-Agents and Related Parties. The Collateral Agent may perform any of its duties and exercise any of its rights and powers through one or more sub-agents appointed by it. The Collateral Agent and any such sub-agent may perform any of its
duties and exercise any of its rights and powers through its Related Parties. The exculpatory provisions of Section 11 and this Section shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and any such sub-agent.

  
 (g) Information as to Secured Obligations and Actions by
Secured Parties. For all purposes of the Security Documents, including determining the amounts of the Secured Obligations and whether a Secured Obligation is an Unliquidated Secured Obligation or not, or whether any action has been taken under
any Secured Agreement, the Collateral Agent will be entitled to rely on information from (i) the applicable Administrative Agent for information as to the Lenders, either Administrative Agent, the Security Agents or the Collateral Agent, their
Secured Obligations and actions taken by them, (ii) any Secured Party (or any trustee, agent or similar representative designated pursuant to subsection (f) to supply such information) for information as to its Secured Obligations and actions taken
by it, to the extent that the Collateral Agent has not obtained such information from the foregoing sources and (iii) the Borrowers’ Agent, to the extent that the Collateral Agent has not obtained information from the foregoing sources.

  
 (h) Notice to Secured Parties. Within two Business Days
after it receives or sends any notice referred to in this subsection, the Collateral Agent shall send to the Administrative Agents and each Secured Party requesting notice thereof, copies of any notice given by the Collateral Agent to any Lien
Grantor, or received by it from any Lien Grantor, pursuant to Section 7, 8, 10, 12(j) or 13; provided that such Secured Party has, at least five Business Days prior thereto, delivered to the Collateral Agent a written notice (i) stating that
it holds one or more Secured Obligations and wishes to receive copies of such notices and (ii) setting forth its address, facsimile number and e-mail address to which copies of such notices should be sent. 
  

 25 

 (i) Collateral Agent May Refuse to Act. The Collateral Agent may refuse to act on any notice,
consent, direction or instruction from the Administrative Agent, the Security Agents or any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s opinion, (i) is contrary to law or the
provisions of any Security Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave, or instructed the
Administrative Agents or the Security Agents to give, such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction. 
  
 (j) Resignation; Successor Collateral Agent. Subject to the
appointment and acceptance of a successor Collateral Agent as provided in this subsection, the Collateral Agent may resign at any time by notifying the Secured Parties and the U.S. Borrowers’ Agent. Upon any such resignation, General Electric
Capital Corporation or an Affiliate thereof (collectively, “GE Capital”) shall (so long as GE Capital is a Lender) have the option to become the successor Collateral Agent, but if it should not exercise such option within 10 days
after the resigning Collateral Agent gives notice of its resignation, the Required Secured Parties shall have the right to appoint a successor Collateral Agent. If GE Capital shall not have exercised its option to become a successor Collateral Agent
or no successor shall have been so appointed by the Required Secured Parties and shall have accepted such appointment, in any case, within 30 days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral
Agent may, on behalf of the Secured Parties, appoint a successor Collateral Agent which shall be a bank with an office in the United States, or an Affiliate of any such bank. Upon acceptance of its appointment as Collateral Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent hereunder, and the retiring Collateral Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed by the Borrowers and such successor. After the Collateral Agent’s resignation hereunder,
the provisions of this Section and Section 11 shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Collateral Agent was acting as Collateral Agent. 
  
 (k) Subject to Section 12(d), the Collateral Agent hereby agrees to be bound by the terms and provisions of all Financing Documents applicable to it. 
  

SECTION 13. Termination of Transaction Liens; Release of Collateral. (a) The Transaction Liens granted by each Guarantor| shall terminate when
its Secured Guarantee is released pursuant to Section 2(c) (it being understood that, in the case of any Person that continues to be a Borrower under the Credit Agreement following the release of its Secured Guarantee, this Section 13(a) shall not
apply, and the Transaction Liens granted by such Person shall remain in effect until terminated in accordance with Section 13(b) or Section 13(c) below). 
  

 26 

 (b) The Transaction Liens and (except for Sections 9, 10 (second proviso), 11, 12, 13(e), 19, 20 and 21)
this Agreement shall immediately and automatically terminate when all the Release Conditions are satisfied. 
  
 (c) The Transaction Liens granted by the relevant Lien Grantor shall immediately and automatically (without any action by the Collateral Agent or any
other Secured Party) terminate upon the sale of such Collateral to a Person other than a Borrower or a Subsidiary of a Borrower in a transaction not prohibited by the Credit Agreement. In each case, such termination shall not require the consent of
any Secured Party. 
  
 (d) At any time before the Transaction
Liens terminate, the Collateral Agent may, at the written request of the U.S. Borrowers’ Agent, release any Collateral (subject to Section 9.05(b)(iv) of the Credit Agreement) with the prior written consent of the Required Secured Parties.

  
 (e) Upon any termination of a Transaction Lien or release of
Collateral, the Collateral Agent will, at the expense of the relevant Lien Grantor, execute and deliver to such Lien Grantor such documents as such Lien Grantor shall reasonably request to evidence the termination of such Transaction Lien or the
release of such Collateral, as the case may be. 
  
 SECTION 14.
Guarantors and Lien Grantors. (a) The Company hereby represents and warrants that the Guarantors listed on the signatures pages hereof represent all the U.S. Subsidiaries (other than Immaterial Subsidiaries) of the Company as of the date
hereof. 
  
 (b) If any additional U.S. Subsidiary (other than an
Immaterial Subsidiary) is formed or acquired after the date hereof, the Company will, within ten Business Days after such U.S. Subsidiary is formed or acquired, notify the Collateral Agent thereof and cause such U.S. Subsidiary to become a party
hereto by signing and delivering to the Collateral Agent a Security Agreement Supplement, whereupon such U.S. Subsidiary shall become a “Guarantor” and a “Lien Grantor” as defined herein. 
  
 SECTION 15. Notices. Each notice, request or other communication given
to any party hereunder shall be in writing (which term includes facsimile or other electronic transmission) and shall be effective (i) when delivered to such party at its address specified below, (ii) when sent to such party by facsimile or other
electronic transmission, addressed to it at its facsimile number or electronic address specified below, and such party sends back an electronic confirmation of receipt or (iii) ten days after being sent to such party by certified or registered
United States mail, addressed to it at its address specified below, with first class or airmail postage prepaid: 
  
 (a) in the case of any Lien Grantor listed on the signature pages hereof: 
  
 c/o Ryerson Tull, Inc. 
 2621 West 15th Place 
 Chicago, Illinois 60608 
 Attention: Vice President – Finance & Treasurer 
 Facsimile: 773-762-3311 
 E-mail: terence.rogers@ryersontull.com 
  

 27 

 (b) in the case of any other Lien Grantor, its address, facsimile number or e-mail address set forth in
its Security Agreement Supplement; 
  
 (c) in the case of the
Collateral Agent: 
  
 JPMorgan Chase Bank, N.A.

 270 Park Avenue 
 4th Floor New York, NY 10017 
 Attention: James Ramage 
 Facsimile: (212) 270-5100 
  
 and with a copy to each Security Agent: 
  
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue 
 4th
Floor 
 New York, NY 10017 
 Attention: Jason S. Chang 
 Facsimile: (212) 270-7449 
  
 General Electric Capital Corporation 
 500 West Monroe Street 
 12th Floor 
 Chicago, Illinois 60661 
 Attention: Ryerson Tull Account Manager 
 Facsimile: (312) 463-3840 
  
 (d) in the case of any Lender, to the Collateral Agent to be forwarded to
such Lender at its address or facsimile number specified in or pursuant to Section 9.01 of the Credit Agreement; or 
  
 (e) in the case of any Secured Party requesting notice under Section 12(h), such address, facsimile number or e-mail address as such party may hereafter
specify for the purpose by notice to the Collateral Agent. 
  

 28 

 Any party may change its address, facsimile number and/or e-mail address for purposes of this Section by giving notice of
such change to the Collateral Agent and the Lien Grantors in the manner specified above. 
  
 SECTION 16. No Implied Waivers; Remedies Not Exclusive. No failure by the Collateral Agent or any Secured Party to exercise, and no delay in exercising and no course of dealing with respect to, any right or
remedy under any Related Document shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent or any Secured Party of any right or remedy under any Related Document preclude any other or further exercise
thereof or the exercise of any other right or remedy. The rights and remedies specified in the Related Documents are cumulative and are not exclusive of any other rights or remedies provided by law. 
  
 SECTION 17. Successors and Assigns. This Agreement is for the benefit
of the Collateral Agent and the Secured Parties. If all or any part of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights hereunder, to the extent applicable to the
obligation so transferred, shall be automatically transferred with such obligation. This Agreement shall be binding on the Lien Grantors and their respective successors and assigns. 
  
 SECTION 18. Amendments and Waivers. Neither this Agreement nor any provision hereof may be waived, amended, modified
or terminated except pursuant to an agreement or agreements in writing entered into by the parties hereto, with the consent of the Required Secured Parties. No such waiver, amendment or modification shall affect the rights of a Secured Party (other
than a Lender) hereunder more adversely than it affects the comparable rights of the Lenders hereunder, without the consent of such Secured Party. 
  
 SECTION 19. Choice of Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, except as
otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such jurisdiction. 
  
 SECTION 20. Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY SECURITY DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT 

  

 29 

 
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

  
 SECTION 21. Severability. If any provision of any
Security Document is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions of the Security Documents shall remain in full force and effect in such jurisdiction and shall be liberally
construed in favor of the Collateral Agent and the Secured Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or unenforceability of such provision in such jurisdiction shall not
affect the validity or enforceability thereof in any other jurisdiction. 
  
 SECTION 22. Collateral Agent Subject to Direction of Security Agents. The Collateral Agent hereby covenants and agrees to serve as the Collateral Agent subject to the direction of the Security Agents. Should
the Collateral Agent fail or refuse to take or cause to be taken any action required or permitted to be taken or caused to be taken by it pursuant to this Agreement or any other Security Document, any Security Agent may take or cause to be taken
such action. At the request of any Security Agent, the Collateral Agent shall refrain from taking or causing to be taken any action permitted (but not required) to be taken or caused to be taken by it hereunder or under any other Security Document.
In the event that the Security Agents cannot agree on any other action or determination which may be made by the Collateral Agent pursuant to this Agreement (subject to Section 9.05(a) of the Credit Agreement), the determination shall be made by the
individual Security Agent either asserting the more conservative credit judgment or declining to permit the requested action for which consent is being sought by a Credit Party, as applicable. The Security Agents shall be entitled to all of the
rights, remedies, benefits and protections granted to the Collateral Agent pursuant to this Agreement and the other Security Documents to the same extent as granted herein or therein to the Collateral Agent. The provisions hereof are for the benefit
of the Security Agents and may not be directly or indirectly modified without the prior written consent of each Security Agent. The foregoing shall apply notwithstanding anything to the contrary contained herein, in any other Security Document or
otherwise. 
  
 SECTION 23. Additional Secured Obligations.
On the Effective Date, (i) any outstanding “Secured Hedging Obligation” under (and as defined in) the Existing Integris U.S. Security Agreement that is identified on Part A of Schedule 1 hereto and is owing to a Person who is a Lender
or Lender Affiliate on the Effective Date and (ii) any “Secured Derivative Obligation” under (and as defined in) the Existing Ryerson U.S. Security Agreement that is identified on Part B of Schedule 1 hereto and is owing to a Person who is
a Lender or Lender Affiliate on the Effective Date (collectively, the “Existing Secured Derivative Obligations”) shall (subject to delivery of the Existing Secured Derivative Certificate described in the immediately succeeding
sentence) be deemed to be a Secured Derivative Obligation hereunder. In connection therewith (and as a condition thereto), the 

  

 30 

 
Company shall deliver to the Collateral Agent a certificate (an “Existing Secured Derivative Certificate”) to the effect specified in
subclauses (iii) through (v), and clauses (b) and (c) below. Additionally, the Company may from time to time designate (subject to the requirements in clauses (b) and (c) of this Section 23) any Credit Party’s Derivative Obligations as
“Secured Derivative Obligations” for purposes hereof by delivering to the Collateral Agent a certificate signed by a Financial Officer of the Company (an “Additional Secured Obligation Certificate”) that: 
  
 (i) identifies such Derivative Obligation and the related
written agreement evidencing such Derivative Obligation (the “Derivative Contract”) (including the name and address of the counterparty thereto, the notional principal amount thereof and the expiration date thereof); 
  
 (ii) states that such Derivative Obligation has been entered
into in the course of the ordinary business practice of such Credit Party and not for speculative purposes; 
  
 (iii) specifies, as of the date such Derivative Obligation is entered into (or in the case of any Existing Secured Derivative Obligation,
as of the Effective Date), and after giving effect to designation of such Derivative Obligation as a First Secured Derivative Obligation or Second Secured Derivative Obligation hereunder, as the case may be, the aggregate Mark-to-Market Value of all
Secured Derivative Obligations then currently designated as “First Secured Derivative Obligations” pursuant to this Section 23; 
  
 (iv) specifies (subject to the requirements of clause (c) below) whether such Derivative Obligation will be designated as a First Secured
Derivative Obligation or a Second Secured Derivative Obligation hereunder; and 
  
 (v) states that after giving effect to such designation the U.S. Total Outstanding Amount will not exceed the U.S. Maximum Availability.

  
 (b) Notwithstanding anything to the contrary herein, no
Derivative Obligation (including any Existing Secured Derivative Obligation) shall be designated as a “Secured Derivative Obligation” hereunder unless (and the Company shall certify in the relevant Additional Secured Obligation Certificate
or, in the case of clause (ii) below, in the Existing Secured Derivative Certificate, as the case may be, that): (i) at or prior to the time the relevant Derivative Contract was executed, the Credit Party party thereto and the Lender or Lender
Affiliate party thereto expressly agreed in writing that such Derivative Obligation would constitute a “Secured Derivative Obligation” entitled to the benefits of the Security Documents and (ii) the Lender or Lender Affiliate party thereto
shall have delivered a notice to the Collateral Agent (or, in the case of a Lender 

  

 31 

 
Affiliate, an instrument in form and substance satisfactory to the Collateral Agent) to the effect set forth in subclause (i) of this clause (b), and
acknowledging and agreeing to be bound by the terms of this Agreement (including, without limitation, Section 24 hereof) with respect to such Derivative Obligation. 
  
 (c) Notwithstanding anything to the contrary herein, no Secured Derivative Obligation (including any Existing Secured
Derivative Obligation) shall be designated as a First Secured Derivative Obligation hereunder unless (and the Company shall certify in the relevant Additional Secured Obligation Certificate or Existing Secured Derivative Certificate, as the case may
be, that): (i) as of the date such Derivative Obligation is entered into (or, in the case of an Existing Secured Derivative Obligation, as of the Effective Date), after giving effect to its designation as a First Secured Derivative Obligation
hereunder, the aggregate Mark-to-Market Value of all Secured Derivative Obligations then currently designated as First Secured Derivative Obligations together with all Secured Derivative Obligations (as defined in the Canadian Security Agreement)
then currently designated as First Secured Derivative Obligations (as defined in the Canadian Security Agreement), shall not exceed $50,000,000 and (ii) at or prior to the time the relevant Derivative Contract was executed (or, in the case of any
Existing Secured Derivative Obligation, on or prior to the Effective Date), the Credit Party party thereto and the Lender or Lender Affiliate party thereto expressly agreed in writing that such Derivative Obligation would be designated as a First
Secured Derivative Obligation entitled to the benefits of the Security Documents. 
  
 SECTION 24. Sharing Provisions. In accepting the benefits of and agreeing to be bound by the provisions of this Agreement, each holder of a Secured Derivative Obligation agrees to be bound by the provisions of
Section 9.04 of the Credit Agreement with respect to any payment such holder may receive (whether by exercising any right of set-off or counterclaim or otherwise), as if such holder of a Secured Derivative Obligation were a Lender under Section
9.04, and as if the Mark-to-Market Value of its First Secured Derivative Obligations (if any) were principal then due with respect to a Loan (and Section 9.04 of the Credit Agreement shall apply, mutatis mutandis, to the obligations of the
holders of Secured Derivative Obligations under this Agreement). 
  
 SECTION 25. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  

 32 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 RYERSON TULL, INC.

		
	 By:
	 	 /S/ RYERSON TULL, INC.

	 	 	 
	 	 	 
	
	 JPMORGAN CHASE BANK, N.A.,
 (formerly known as JPMorgan Chase Bank),
 as Collateral Agent

		
	 By:
	 	 /S/ JPMORGAN CHASE BANK, N.A.

	 	 	 
	 	 	 

			
	 Subsidiary Guarantors:
  
 JOSEPH T. RYERSON & SON, INC., a Delaware corporation

		
	 By:
	 	 /S/ JOSEPH T. RYERSON & SON,
INC.

	 	 	 
	 	 	 
	
	J. M. TULL METALS COMPANY, INC., a Georgia corporation
		
	 By:
	 	 /S/ J. M. TULL METALS COMPANY,
INC.

	 	 	 
	 	 	 
	
	RYERSON TULL PROCUREMENT CORPORATION, a Delaware corporation
		
	 By:
	 	 /S/ RYERSON TULL PROCUREMENT
CORPORATION

	 	 	 
	 	 	 
	
	RYERSON TULL INTERNATIONAL, INC., a Delaware corporation
		
	 By:
	 	 /S/ RYERSON TULL INTERNATIONAL,
INC.

	 	 	 
	 	 	 

			
	RYERSON INTERNATIONAL, INC., a Delaware corporation
		
	 By:
	 	 /S/ RYERSON INTERNATIONAL, INC.

	 	 	 
	 	 	 
	
	RYERSON INTERNATIONAL TRADING, INC., a Delaware corporation
		
	 By:
	 	 /S/ RYERSON INTERNATIONAL TRADING,
INC.

	 	 	 
	 	 	 
	
	RYERSON INTERNATIONAL MATERIAL MANAGEMENT SERVICES, INC., a Delaware corporation
		
	 By:
	 	 /S/ RYERSON INTERNATIONAL MATERIAL
MANAGEMENT SERVICES, INC.

	 	 	 
	 	 	 
	
	J & F STEEL, LLC, a Delaware limited liability company
		
	 By:
	 	 /S/ J & F STEEL, LLC

	 	 	 
	 	 	 

			
	RCJV HOLDINGS, INC., a Delaware corporation
		
	 By:
	 	 /S/ RCJV HOLDINGS, INC.

	 	 	 
	 	 	 
	
	INTEGRIS METALS, INC., a New York corporation
		
	 By:
	 	 /S/ INTEGRIS METALS, INC.

	 	 	 
	 	 	 
	
	PERMAMET, INC., a Delaware corporation
		
	 By:
	 	 /S/ PERMAMET, INC.

	 	 	 
	 	 	 

 EXHIBIT A 
  

to Security Agreement 
  
 SECURITY AGREEMENT SUPPLEMENT 
  
 SECURITY AGREEMENT SUPPLEMENT dated as of             , 200_, between [NAME OF LIEN
GRANTOR] (the “Lien Grantor”) and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), as Collateral Agent. 
  
 WHEREAS, Ryerson Tull, Inc., the Guarantors party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent, are parties to an Amended and Restated
Guarantee and Security Agreement dated as of December 20, 2002 and amended and restated as of January 4, 2005 (as heretofore amended and/or supplemented, the “Security Agreement”) under which Ryerson Tull, Inc. and certain other
borrowers secures certain of its obligations (the “Secured Obligations”) and the Guarantors guarantee the Secured Obligations and secure their respective guarantees thereof; 
  
 WHEREAS, the Lien Grantor [desires to become] [is] a party to the Security
Agreement as a Guarantor and Lien Grantor thereunder1; and 
  
 WHEREAS, terms defined in the Security Agreement (or whose definitions are
incorporated by reference in Section 1 of the Security Agreement) and not otherwise defined herein have, as used herein, the respective meanings provided for therein; 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
  
 (a) Secured Guarantee.2 The Lien Grantor unconditionally guarantees the full and punctual payment of
each Secured Obligation when due (whether at stated maturity, upon acceleration or otherwise). The Lien Grantor acknowledges that, by signing this Security Agreement Supplement and delivering it to the Collateral Agent, the Lien Grantor becomes a
“Guarantor” and “Lien Grantor” for all purposes of the Security Agreement and that its obligations under the foregoing Secured Guarantee are subject to all the provisions of the Security Agreement (including those set forth in
Section 2 thereof) applicable to the obligations of a Guarantor thereunder. 

	1	If the Lien Grantor is a Borrower, delete this recital and paragraph (a) hereof. 

	2	Delete this paragraph if the Lien Grantor is a Borrower or a Guarantor that is already a party to the Security Agreement. 

	

  

 A-1 

 (b) Grant of Transaction Liens. (i) In order to secure [its Secured Guarantee]3 [the Secured Obligations]4, the Lien Grantor grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in all the following property of the Lien Grantor, whether now owned or existing
or hereafter acquired or arising and regardless of where located (the “New Collateral”): 
  
 [describe property being added to the Collateral] 
  
 (ii) With respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien granted
therein includes a continuing security interest in all right, title and interest of the Lien Grantor in and to (A) any Supporting Obligation that supports such payment or performance and (B) any Lien that (x) secures such right to payment or
performance or (y) secures any such Supporting Obligation. 
  
 (iii) The foregoing Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of
the Lien Grantor with respect to any of the New Collateral or any transaction in connection therewith. 
  
 (c) Party to Security Agreement. Upon delivering this Security Agreement Supplement to the Collateral Agent, the Lien Grantor will become a party
to the Security Agreement and will thereafter have all the rights and obligations of a Guarantor and a Lien Grantor thereunder and be bound by all the provisions thereof as fully as if the Lien Grantor were one of the original parties
thereto.5 
  
 (d) Address of Lien Grantor. The address, facsimile number and e-mail address of the Lien Grantor for purposes of Section 15(b) of the Security
Agreement are: 
  
 [address, facsimile number and e-mail address
of Lien Grantor] 
  
 (e) Representations and Warranties.
(i) The Lien Grantor is a [corporation] duly organized, validly existing and in good standing under the laws of [jurisdiction of organization]. 

	3	Delete bracketed words if the Lien Grantor is a Borrower. 

	4	Delete bracketed words if the Lien Grantor is a Guarantor. 

	5	Delete paragraphs (c) and (d) if the Lien Grantor is already a party to the Security Agreement. 

	

  

 A-2 

 (ii) The Lien Grantor has delivered a Perfection Certificate to the Collateral Agent. The
information set forth therein is correct and complete as of the date hereof. 
  
 (iii) The execution and delivery of this Security Agreement Supplement by the Lien Grantor and the performance by it of its obligations under the Security Agreement as supplemented hereby are within its corporate or
other powers, have been duly authorized by all necessary corporate or other action, require no action by or in respect of, or filing with, any governmental body, agency or official (other than the filing of UCC financing statements as contemplated
by the above Perfection Certificate) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its organizational documents, or of any agreement, judgment, injunction, order, decree or other instrument
binding upon it or result in the creation or imposition of any Lien (except a Transaction Lien) on any of its assets. 
  
 (iv) The Security Agreement as supplemented hereby constitutes a valid and binding agreement of the Lien Grantor, enforceable in
accordance with its terms, except as limited by (A) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (B) general principles of equity. 
  
 (v) Each of the representations and warranties set forth in
Sections 4 and 5 of the Security Agreement is true as applied to the Lien Grantor and the New Collateral. For purposes of the foregoing sentence, references in said Sections to a “Lien Grantor” shall be deemed to refer to the Lien Grantor,
references to “Collateral” shall be deemed to refer to the New Collateral, and references to the “Effective Date” shall be deemed to refer to the date on which the Lien Grantor signs and delivers this Security Agreement
Supplement. 
  
 (f) Governing Law. This Security Agreement
Supplement shall be construed in accordance with and governed by the laws of the State of New York. 
  

 A-3 

 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement Supplement to be duly executed
by their respective authorized officers as of the day and year first above written. 
  

			
	 [NAME OF LIEN GRANTOR]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, N.A., as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 A-4 

 EXHIBIT B 
  

to Security Agreement 
  
 PERFECTION CERTIFICATE 
  
 The undersigned is a duly authorized officer of [NAME OF LIEN GRANTOR] (the “Lien Grantor”). With reference to the Amended and Restated
Guarantee and Security Agreement dated as of December 20, 2002 and amended and restated as of January 4, 2005 among Ryerson Tull, Inc., certain U.S. Subsidiaries of Ryerson Tull, Inc. party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent
(terms defined therein being used herein as therein defined), the undersigned certifies to the Administrative Agents and each other Secured Party as follows: 
  

A. Information Required for Filings and Searches for Prior Filings. 
  
 1. Jurisdiction of Organization. The Lien Grantor is a [corporation] organized under the laws of
            . 
  
 2. Name. The exact [corporate] name of the Lien Grantor as it appears in its [certificate of incorporation] is as follows:

  
 3. Prior Names. (a) Set forth below is
each other [corporate] name that the Lien Grantor has had within the past three years, together with the date of the relevant change: 
  
 (b) Except as set forth in Schedule      hereto, the Lien Grantor has not changed its corporate
structure1 in any way within the past three years. 
  
 (c) None of the Lien Grantor’s Collateral was acquired from another Person within the past three years,
except 
  
 (i) property sold to the Lien Grantor
by another Person in the ordinary course of such other Person’s business; 

	1	Changes in corporate structure would include mergers and consolidations, as well as any change in the Lien Grantor’s form of organization. If any such change
has occurred, include in Schedule __ the information required by Part A of this certificate as to each constituent party to a merger or consolidation and any other predecessor organization. 

  

 B-1 

 (ii) property with respect to which the Transaction Liens are to be perfected by taking
possession or control thereof; 
  
 (iii) property
acquired in transactions described in Schedule      hereto; and 
  
 (iv) other property having an aggregate fair market value not exceeding
$            . 
  
 4. Filing Office. In order to perfect the Transaction Liens granted by the Lien Grantor, a duly completed financing statement on
Form UCC-1, with the collateral described as set forth on Schedule          hereto, has been filed (or will be duly filed promptly after the date hereof) in the office of
             in             .2 
  
 B. Additional
Information Required for Searches for Prior Filings Under Old Article 9.3 
  
 1. Current Locations. (a) The chief executive office
of the Lien Grantor is located at the following address: 
  

					
	 Mailing Address

	 	 County

	 	 State

  
 The Lien Grantor [does] [does not]
have a place of business in another county of the State listed above. 
  
 (b) The following are all places of business of the Lien Grantor not identified above: 
  

					
	 Mailing Address

	 	 County

	 	 State

  
 (c)
The following are all locations not identified above where the Lien Grantor maintains any Inventory: 
  

					
	 Mailing Address

	 	 County

	 	 State

	2	Insert Lien Grantor’s “location” determined as provided in UCC Section 9-307. 

	3	This may be deleted from and including July 1, 2007 or if the Company was organized on or after July 1, 2001. 

  

 B-2 

 (d) The following are the names and addresses of all Persons (other than the Lien
Grantor) that have possession of any of the Lien Grantor’s Inventory: 
  

					
	 Mailing Address

	 	 County

	 	 State

  
 2.
Prior Locations. (a) Set forth below is the information required by paragraphs (a) and (b) of Part B–1 above with respect to each other location or place of business maintained by the Lien Grantor at any time during the past three years:

  
 (b) Set forth below is the information
required by paragraphs (c) and (d) of Part B–1 above with respect to each other location or bailee where or with whom any of the Lien Grantor’s Inventory has been lodged at any time during the past four months: 
  
 C. Search Reports. 
  
 Attached hereto as Schedule      is a true copy
of a file search report provided by [name of search company] from the central UCC filing office in each jurisdiction identified in Part A–4 and Part B above with respect to each name set forth in Part A–2 and Part A–3 above (searches
in local filing offices, if any, are not required). 
  
 IN WITNESS
WHEREOF, I have hereunto set my hand this      day of                 , 200[    ]. 
  

	
	
	  

	 Name:

	 Title:

  

 B-3 

 Schedule      
 to Perfection Certificate 
  
 DESCRIPTION OF COLLATERAL 
  
 All
Inventory, Receivables, Contracts, Blocked Accounts and the U.S. Cash Collateral Account and all books and records (including customer lists, credit files, computer programs, printouts and other computer material and records) pertaining to the
foregoing, in each case whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds thereof (as each such term is defined on Exhibit A attached hereto).* 

	*	Form of Exhibit A to UCC-1 Financing Statements is attached hereto. 

  

 B-4 

 Exhibit A to UCC-1 Financing Statement 
  

			
	Debtor	  	Secured Party:
	 	  	 JPMorgan Chase Bank, N.A.,
 (formerly known as
JPMorgan Chase
 Bank), as Collateral Agent
 P.O. Box 2558 –
Lien Perfection Unit
 Houston, TX 77252

  
 Capitalized terms
used in the description of collateral set forth on the face of the UCC-1 Financing Statement to which this Exhibit A pertains shall have the following meanings: 
  
 “Accounts” has the meaning specified in Section 9-102 of the UCC. 
  
 “Blocked Accounts” has the meaning set forth in Section 6 of
the Security Agreement. 
  
 “Chattel Paper” has
the meaning specified in Section 9-102 of the UCC. 
  
 “Contracts” means all contracts for the sale, lease, exchange or other disposition of Inventory, whether or not performed and whether or not subject to termination upon a contingency or at the option of any party thereto.

  
 “General Intangibles” has the meaning
specified in Section 9-102 of the UCC. 
  
 “Instrument” has the meaning specified in Section 9-102 of the UCC. 
  
 “Inventory” has the meaning specified in Section 9-102 of the UCC. 
  
 “Payment Intangibles” has the meaning specified in Section 9-102 of the UCC. 
  
 “Receivables” means, with respect to the Debtor, all
Accounts and Payment Intangibles owned by it and all other rights, titles or interests which, in accordance with generally accepted accounting principles as in effect in the United States of America would be included in receivables on its balance
sheet (including any such Accounts and/or rights, titles or interests that might be characterized as Chattel Paper, Instruments or General Intangibles under the Uniform Commercial Code in effect in any jurisdiction), in each case arising from the
sale, lease, exchange or other disposition of Inventory, and all of the Debtor’s rights to any goods, services or other property related to any of the foregoing 

  

 B-5 

 
(including returned or repossessed goods and unpaid seller’s rights of rescission, replevin, reclamation and rights to stoppage in transit), and all
collateral security and supporting obligations of any kind given by any person with respect to any of the foregoing. 
  
 “Ryerson Tull” means Ryerson Tull, Inc., a Delaware corporation, and its successors. 
  
 “Security Agreement” means the Amended and Restated
Guarantee and Security Agreement dated as of December 20, 2002 and amended and restated as of January 4, 2005 among Ryerson Tull, certain U.S. Subsidiaries of Ryerson Tull party thereto and JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase
Bank), as Collateral Agent. 
  
 “UCC” means the
Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority. 
  
 “U.S. Cash Collateral Account” has meaning set forth in Section 6 of the Security Agreement. 
  

 B-6 

 Schedule      to 
 Perfection Certificate 
  
 SCHEDULE OF FILINGS 
  
 AGAINST [NAME OF LIEN GRANTOR], 
 AS DEBTOR 
  

					
	 Filing Office

	 	 File Number

	 	 Date of Filing4

	4	Also indicate lapse date, if other than fifth anniversary. 

  

 B-7 

 EXHIBIT C 
 to Security Agreement 
  
 BLOCKED ACCOUNT AGREEMENT 
  
 [                    ], 200[    ] 
  
 [NAME OF BANK] 
 [ADDRESS OF BANK] 

 
 Ladies and Gentlemen: 
  
 By this letter agreement, [NAME OF LIEN GRANTOR] (the “Company”) hereby refers to lockbox number(s)
[            ] (the “Lockbox”) and the corresponding demand deposit account number(s)
[                ] (collectively with the Lockbox, the “Lockbox Account”) maintained with you in the name of the Company. You acknowledge that
your execution of this letter agreement is a condition precedent to continued maintenance of the Lockbox and Lockbox Account with you. 
  
 The Collateral Agent agrees to be bound by the [BANK’S TERMS AND CONDITIONS] currently in place between [NAME OF BANK] and the Company (the
“Terms and Conditions”) applicable to the Lockbox Account (other than provisions, if any, relating to indemnification, reimbursement, exculpation from liability or other similar matters). To the extent there is a conflict or other
inconsistency between this letter agreement and the Terms and Conditions, this letter agreement shall take precedence. 
  
 The Company hereby irrevocably notifies you that, pursuant to the Amended and Restated Guarantee and Security Agreement dated as of December 20, 2002 and
amended and restated as of January 4, 2005 (the “Security Agreement”) among [the Company], Ryerson Tull, Inc., certain [other] U.S. Subsidiaries of Ryerson Tull, Inc. party thereto and JPMorgan Chase Bank, N.A. (formerly known as
JPMorgan Chase Bank), as Collateral Agent (the “Collateral Agent”), the Company has granted to the Collateral Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement), a present and continuing
security interest in the Lockbox Account. As a result thereof, the Collateral Agent is entitled (subject to your rights set forth herein) to exercise in the place and stead of the Company (without consent from, or notice to, the Company) any and all
rights in respect of or in connection with this letter agreement, the Lockbox and the Lockbox Account, including without limitation (i) the right to specify that payments are to be made out of or in connection with 

  

 C-1 

 
the Lockbox Account to different accounts or at different times than those specified in clauses (c) and (e) of the second following paragraph
(subject to your customary and then-current procedures for lockbox processing) and (ii) the right to require preparation of duplicate monthly bank statements on the Lockbox Account for mailing directly to an address specified by the Collateral
Agent. We hereby irrevocably instruct you to: (x) act in accordance with any instructions that are given to you by the Collateral Agent and (y) disregard any previous instructions or agreements made by the Company that may be inconsistent with any
instructions given to you by the Collateral Agent. 
  
 By
executing this letter agreement, you acknowledge the existence of the Collateral Agent’s right to dominion and control over the Lockbox and the Lockbox Account and all moneys and instruments delivered to the Lockbox, the Lockbox Account and the
amounts from time to time on deposit therein, and agree that you shall act in accordance with all instructions received from the Collateral Agent, including, without limitation, any instruction regarding where funds in the Lockbox or the Lockbox
Account shall be transferred. 
  
 The undersigned hereby
irrevocably instruct you at all times from and after the date hereof until your receipt of other instructions from the Collateral Agent (which other instructions you shall follow without the consent of, or written notice to, the Company):

  
 (a) To collect mail from the Lockbox on each of your business
days at times that correspond with the delivery of mail thereto; 
  
 (b) To follow your usual operating procedures for the handling of any remittance received in the Lockbox or the Lockbox Account that contains a restrictive endorsement, restrictive or conditional notations (i.e., “paid in
full” or “final payment”), irregularities (such as a variance between the written and numerical amounts), undated or postdated items, missing signatures or incorrect payees; 
  
 (c) To endorse and process all checks and other remittance items received in
the Lockbox or the Lockbox Account (including any checks and other remittance items covered by clause (b) above that are eligible for endorsement and processing) and deposit such checks and remittance items in the Lockbox Account; 

 
 (d) To maintain a record of all checks and other remittance items received
in the Lockbox and the Lockbox Account and to provide the Company and the Collateral Agent with photostatic copies, vouchers, enclosures, etc. of such checks and remittance items on a daily basis; and 
  
 (e) To remit, on each of your business days, via wire transfer in immediately
available funds by 9:00 A.M. C.S.T., all available amounts deposited in the Lockbox Account as of the close of your immediately preceding business day to the following account (the “U.S. Cash Collateral Account”): 

 
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue, New York, New York 10017 
 ABA # 021000021 
  
 For credit to the 
 Ryerson Tull, Inc. Cash Collateral Account 
 Account No. 323224954 
  

 C-2 

 No such transfer of funds shall either reflect the rounding off of any funds so transferred or constitute
a partial remittance except for (i) amounts applied to your fees and expenses under the terms of this letter agreement, and (ii) amounts deducted for returned checks that were previously deposited in the Lockbox Account and with respect to which
funds were previously transferred to the Cash Collateral Account. 
  
 All parties hereto agree that [NAME OF BANK] may debit the Lockbox Account for any items (including, but not limited to, checks, drafts, Automatic Clearinghouse (ACH) credits or wire transfers or other electronic transfers or credits)
deposited or credited to the Lockbox Account which may be returned or otherwise not collected and for all related charges, fees, commissions and expenses incurred by [NAME OF BANK] in connection therewith (collectively, the “Returned
Items”); [NAME OF BANK] may charge the Lockbox Account as permitted herein at such times as are in accordance with [NAME OF BANK]’s customary practices for the chargeback of returned items and expenses. To the extent [NAME OF BANK] is
unable to obtain sufficient funds from such charges to cover the Returned Items, the Company shall reimburse [NAME OF BANK] for all amounts related to the Returned Items incurred by [NAME OF BANK] after the Effective Date. 
  
 By executing this letter agreement, you acknowledge that you have not
heretofore received a notice, writ, order or any form of legal process from any other person asserting, claiming or exercising any right of set-off, banker’s lien or other purported form of claim with respect to the items collected from the
Lockbox, the Lockbox Account or any funds from time to time therein or in transit thereto, and agree to promptly inform the Company and the Collateral Agent in writing of any such action in the future. 
  
 By executing this letter agreement, you irrevocably waive and agree not to
assert any right to setoff against, or otherwise deduct from, any items collected from the Lockbox, the Lockbox Account or any funds from time to time therein or in transit thereto except as provided in this letter agreement. 
  

 C-3 

 All customary expenses for the maintenance and provision of services in conjunction with the Lockbox
Account are the responsibility of the Company. In the event that the Company does not pay all customary service fees due to [NAME OF BANK] within thirty (30) days after the due date, [NAME OF BANK] is authorized to charge the Lockbox Account in the
amount of such fees. In the event [NAME OF BANK] is unable to obtain sufficient funds from such charges to cover such fees, the Company shall reimburse [NAME OF BANK] for all then-due fees on the Lockbox Account that have not been paid. 

 
 This letter agreement may not be modified or amended without the prior
written consent of [NAME OF BANK] and the Collateral Agent. This letter agreement may not be terminated by the Company unless the prior written consent of the Collateral Agent is obtained. The Collateral Agent may terminate this letter agreement for
cause upon five (5) business days prior written notice to you, or, without cause, upon thirty (30) days prior written notice to you. You may terminate this letter agreement for cause upon five (5) business days prior written notice to the Company
and the Collateral Agent or, without cause, upon thirty (30) days prior written notice to the Company and the Collateral Agent. Upon the termination of this letter agreement, you will close the Lockbox Account and transfer any monies remaining
therein to the Cash Collateral Account and you will forward all incoming mail addressed to the Lockbox as the Collateral Agent shall instruct you. The Company’s obligations under this letter agreement to indemnify, hold harmless and pay amounts
owed shall survive termination of this letter agreement. 
  
 All
notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile or other electronic communication) and shall be personally delivered or sent by certified mail, postage prepaid, by
facsimile or other electronic communication or by overnight courier, to the intended person at the address or facsimile number of such person set forth under its name on the signature pages hereof or at such other address or facsimile number as
shall be designated by such person in a written notice to the other parties hereto given in accordance with the requirements of this paragraph. All notices and other communications hereunder shall also be provided to the Collateral Agent and shall
be addressed as follows until you receive written notice from the Collateral Agent to the contrary: 
  
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue 
 4th Floor 
 New York, NY 10017

 Attention:     James Ramage 
 Telephone:   (212) 270-1373 
 Facsimile:    (212) 270-5100 
  

 C-4 

 with a copy to each of: 
  
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue 
 4th Floor 
 New York, NY 10017 
 Attention:     Jason S. Chang 
 Telephone:   (212) 270-1657 
 Facsimile:     (212) 270-7449, and 
  
 General Electric Capital Corporation 
 500 West Monroe Street 
 12th Floor 
 Chicago, IL 60661

 Attention:     Ryerson Tull Account Manager 
 Facsimile:      (312) 463-3840. 
  
 All notices and communications provided for hereunder shall be effective: (i) if personally delivered, when received, (ii)
if sent by certified mail, seven of the addressee’s business days after having been deposited in the mail, postage prepaid and properly addressed, (iii) if transmitted by facsimile or other electronic means, when sent, receipt confirmed by
telephone or electronic means, and (iv) if sent by overnight courier, two of the addressee’s business days after having been given to such courier unless sooner received by the addressee. 
  
 This letter agreement shall be binding upon you and your successors and
assigns and shall inure to the benefit of the Company, the Collateral Agent and their respective successors, transferees and assigns; provided, however, that you may not assign your rights and duties under this letter agreement without the
prior written consent of the Company and the Collateral Agent, except that you may assign this letter agreement to any of your affiliates without such consent; it being understood, that you shall promptly notify the Company and the Collateral
Agent of any such assignment to an affiliate. 
  
 This letter
agreement shall be governed by and construed in accordance with the laws of the State of New York, not including the conflicts of law rules thereof other than Section 5-1401 of the New York General Obligations Law. 
  
 Notwithstanding any other provision of this letter agreement, unless [NAME OF
BANK] is grossly negligent or engages in willful misconduct in performance or non-performance in connection with this letter agreement, the Lockbox and the Lockbox Account, the Company agrees to indemnify and hold [NAME OF BANK] harmless from any
claims, damages, losses or expenses incurred in connection herewith; in the event [NAME OF BANK] breaches the 

  

 C-5 

 
standard of care set forth herein, the Company and the Collateral Agent expressly agree that [NAME OF BANK]’s liability shall be limited to damages
directly caused by such breach and in no event shall [NAME OF BANK] or the Company be liable for any incidental, indirect, punitive or consequential damages or attorneys’ fees whatsoever. The Collateral Agent does not indemnify [NAME OF BANK]
in connection with the Lockbox, the Lockbox Account or otherwise in connection herewith or therewith. 
  
 Notwithstanding any other provision of this letter agreement, [NAME OF BANK] shall not be liable for any failure, inability to perform, or delay in
performance hereunder, if such failure, inability, or delay is due to acts of God, war, civil commotion, governmental action, fire, explosion, strikes, other industrial disturbances, equipment malfunction, action, non-action or delayed action on the
part of the Company or the Collateral Agent or any other entity or any other causes that are beyond [NAME OF BANK]’s reasonable control, provided it has exercised such diligence as the circumstances require. 
  

 C-6 

 Please acknowledge your agreement to the terms set forth in this letter agreement by signing four (4)
copies of this letter agreement in the space provided below and returning such copies to us at the address indicated below for the Company. 
  

			
	Very truly yours,
	
	 [NAME OF LIEN GRANTOR]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 [                                      
                  ]

		
	 Address:
	 	 [                                      
                  ]

		
	 Attention:
	 	 [                                      
                  ]

	 Telephone:
	 	 [                                      
  ]

	 Facsimile:
	 	 [                                      
  ]

  

 C-7 

 Each of the undersigned hereby acknowledges and agrees to the foregoing letter agreement as of the date
first above written. 
  

			
	 [NAME OF BANK]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	Notice address:
	 [ADDRESS OF BANK]

		
	 Telephone:
	 	  

	 Facsimile:
	 	  

	
	 JPMORGAN CHASE BANK, N.A.
(formerly known as JPMorgan Chase Bank), as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 C-8Amended and Restated Canadian Guarantee and Security Agreement

 EXHIBIT 10.3 
  

  
 AMENDED AND RESTATED CANADIAN GUARANTEE AND 
 SECURITY AGREEMENT 
  
 Made as of January 4, 2005 
  
 Among 
  
 INTEGRIS METALS LTD. and RYERSON TULL CANADA, INC., 
  
 the CANADIAN SUBSIDIARY GUARANTORS party hereto 
  
 and 
  
 JPMORGAN CHASE BANK, N.A. 
 as Collateral Agent 
  

			
	 	  	EXECUTION COPY

  

 TABLE OF CONTENTS 
  

			
	 RECITALS
	  	1
		
	 SECTION 1. INTERPRETATION
	  	2
		
	 SECTION 2. GUARANTEES BY CANADIAN GRANTORS.
	  	10
		
	 SECTION 3. GRANT OF CANADIAN TRANSACTION LIENS
	  	13
		
	 SECTION 4. GENERAL REPRESENTATIONS AND WARRANTIES
	  	14
		
	 SECTION 5. FURTHER ASSURANCES; GENERAL COVENANTS
	  	15
		
	 SECTION 6. CANADIAN CASH COLLATERAL ACCOUNT
	  	17
		
	 SECTION 7. REMEDIES UPON EVENT OF DEFAULT
	  	20
		
	 SECTION 8. APPLICATION OF PROCEEDS
	  	21
		
	 SECTION 9. FEES AND EXPENSES; INDEMNIFICATION
	  	24
		
	 SECTION 10. AUTHORITY TO ADMINISTER CANADIAN COLLATERAL
	  	25
		
	 SECTION 11. LIMITATION ON DUTY IN RESPECT OF CANADIAN COLLATERAL
	  	25
		
	 SECTION 12. GENERAL PROVISIONS CONCERNING THE COLLATERAL AGENT
	  	26
		
	 SECTION 13. TERMINATION OF CANADIAN TRANSACTION LIENS; RELEASE OF CANADIAN COLLATERAL
	  	29
		
	 SECTION 14. CANADIAN SUBSIDIARY GUARANTORS
	  	30
		
	 SECTION 15. NOTICES
	  	30
		
	 SECTION 16. NO IMPLIED WAIVERS; REMEDIES NOT EXCLUSIVE
	  	31
		
	 SECTION 17. SUCCESSORS AND ASSIGNS
	  	32
		
	 SECTION 18. AMENDMENTS AND WAIVERS
	  	32
		
	 SECTION 19. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	  	32
		
	 SECTION 20. WAIVER OF JURY TRIAL
	  	33
		
	 SECTION 21. SEVERABILITY
	  	33
		
	 SECTION 22. JUDGMENT CURRENCY
	  	33
		
	 SECTION 23. ADDITIONAL SECURED OBLIGATIONS
	  	33
		
	 SECTION 24. SHARING PROVISIONS
	  	35
		
	 SECTION 25. COUNTERPARTS
	  	35

  
 SCHEDULE 
  

			
	 Schedule 1
	  	 Existing Secured Derivatives Obligations

  
 (i) 

			
	- ii -	  	EXECUTION COPY

  

 EXHIBITS: 
  

			
	 Exhibit A
	  	 Canadian Security Agreement Supplement

		
	 Exhibit B
	  	 Perfection Certificate

			
	 	  	EXECUTION COPY

  

 AMENDED AND RESTATED CANADIAN GUARANTEE AND 
 SECURITY AGREEMENT 
  
 AGREEMENT dated as of January 4, 2005 among INTEGRIS METALS LTD., RYERSON TULL CANADA, INC. the CANADIAN SUBSIDIARY GUARANTORS party hereto and JPMORGAN CHASE BANK, N.A.(formerly known as JPMorgan Chase Bank) as Collateral Agent.

  
 RECITALS 
  
 A. WHEREAS, Ryerson Tull, Inc., Joseph T. Ryerson & Son, Inc., J. M. Tull Metals Company, Inc. (collectively, the “Existing
Ryerson Borrowers”), the banks party thereto (the “Existing Ryerson Lenders”), JPMorgan Chase Bank, as administrative agent, security agent and swingline bank, and General Electric Capital Corporation, as syndication agent
and security agent are parties to a Credit Agreement dated as of December 20, 2002 (as amended or otherwise modified prior to the date hereof, the “Existing Ryerson Facility”); 
  
 B. WHEREAS, Integris Metals, Inc., Integris Metals Ltd. (the “Existing Integris
Canadian Borrower”, and together, the “Existing Integris Borrowers”), the lenders party thereto (the “Existing Integris Lenders”), JPMorgan Chase Bank, as general administrative agent and collateral agent,
JPMorgan Bank Canada, as Canadian administrative agent, BNP Paribas, as syndication agent, and General Electric Capital Corporation, as documentation agent and co-collateral agent, are parties to a Credit Agreement dated as of August 26, 2002 (as
amended or otherwise modified prior to the date hereof, the “Existing Integris Facility”); 
  
 C. WHEREAS, the Existing Integris Canadian Borrower, certain of its domestic subsidiaries and JPMorgan Chase Bank, as collateral agent, are parties to a Canadian Guarantee and Security Agreement dated as of August 26,
2002 (as amended or otherwise modified prior to the date hereof, the “Existing Integris Canadian Security Agreement”); 
  
 D. WHEREAS, the Existing Integris Canadian Borrower has secured its obligations under the Existing Integris Credit Agreement, and certain other obligations by granting
Liens on certain of its assets to the relevant collateral agent; 
  
 E. WHEREAS,
it was a condition precedent to the extensions of credit under the Existing Integris Facility that (i) the foregoing obligations of the Existing Integris Canadian Borrower be secured and guaranteed as described above and (ii) each guarantee thereof
be secured by Liens on assets of the relevant Canadian Subsidiary Guarantor as provided in the Canadian Security Documents; 
  
 F. WHEREAS, the parties thereto are amending and restating the Existing Ryerson Facility and the Existing Integris Facility, in each case as provided in the Amended and
Restated Credit Agreement dated as of January 4, 2005 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) among the Existing Ryerson Borrowers, Ryerson Tull Canada, Inc., as a
Canadian Borrower, the Existing Integris Borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as 

			
	- 2 -	  	EXECUTION COPY

  

 
general administrative agent, collateral agent and swingline lender, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian administrative agent and General
Electric Capital Corporation, as syndication agent and co-collateral agent; 
  
 G.
Whereas, it is a condition precedent to the extensions of credit under the Credit Agreement that (i) the obligations of the Canadian Borrowers be secured and guaranteed as described below and (ii) each guarantee thereof be secured by Liens on the
assets of the applicable Canadian Borrower and the Canadian Subsidiary Guarantors as provided in the Canadian Security Documents; 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Existing Integris Canadian Security Agreement is amended and restated as follows: 
  
 SECTION 1. INTERPRETATION 
  

	 	(a)	Terms Defined in Credit Agreement. Terms defined in the Credit Agreement and not otherwise defined in subsection Section 1(b) or Section 1(c) have, as used herein, the
respective meanings provided for therein. 

  

	 	(b)	Terms Defined in the PPSA. Terms defined in the PPSA and used herein shall, unless otherwise defined herein, have the same meaning as ascribed to such term in the PPSA,
including “Accessions”, “Account”, “Chattel Paper”, “Document of Title”, “Goods”, “Intangible”, “Instruments”, “Money”, “Security”, “financing
statement” and “financing change statement”. However, the term “Goods” when used herein shall not include “consumer goods” as that term is defined in the PPSA. 

  

	 	(c)	Additional Definitions. The following additional terms, as used herein, have the following meanings: 

  

	 	(1)	Accounts means with respect to any Canadian Grantor all “accounts,” as such term is defined in the PPSA, now owned or hereafter acquired by such Canadian
Grantor and, in any event, shall include all accounts due or accruing due and all agreements, books, accounts receivable, other receivables, book debts, claims and demand of every nature and kind and other forms of monetary obligations (other than
forms of monetary obligations evidenced by Chattel Paper, Securities or Instruments) now owned or hereafter received or acquired by or belonging or owing to such Canadian Grantor, whether or not yet earned by performance on the part of such Canadian
Grantor and all invoices, letters, documents and papers recording, evidencing or relating thereto. 

  

	 	(2)	Additional Secured Obligations means (a) the Secured Derivative Obligations and (b) all obligations of the Canadian Grantors owed to the Canadian Administrative Agent
or any of its Affiliates in respect of cash management services performed by the Canadian Administrative Agent or such Affiliates. 

			
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	 	(3)	Affiliate means, with respect to any Person, (x) any other Person that directly, or indirectly through one or more intermediaries, controls such Person (a
“Controlling Person”) or (y) any other Person which is controlled by or is under common control with a Controlling Person. As used herein the term “control” means possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities by contract or otherwise. 

  

	 	(4)	Agreement means this Amended and Restated Canadian Guarantee and Security Agreement. 

  

	 	(5)	Blocked Accounts has the meaning set forth in Section 6. 

  

	 	(6)	Blocked Account Agreement means, with respect to any deposit account of a Canadian Grantor, a blocked account agreement between such Canadian Grantor, each applicable
depository bank and the Collateral Agent (or its sub-agent) and otherwise all in form and substance satisfactory to the Collateral Agent. 

  

	 	(7)	Borrowers means, collectively the Company, Joseph T. Ryerson & Son, Inc., J.M. Tull Metals Company, Inc. Integris Metals Inc. or the Canadian Borrowers, as the
context may require, and their respective successors and permitted assigns, and “Borrower” means any of the foregoing. 

  

	 	(8)	Canadian Borrowers means, collectively, Integris Metals Ltd., a corporation organized under the laws of Canada and Ryerson Tull Canada, Inc. a corporation organized
under the laws of Ontario; and their respective successors and permitted assigns, and “Canadian Borrower” means either of the foregoing. 

  

	 	(9)	Canadian Cash Collateral Account has the meaning set forth in Section 6(b). 

  

	 	(10)	Canadian Collateral and Collateral mean all property, whether now owned or hereafter acquired, on which a Lien is granted or purports to be granted to
the Collateral Agent pursuant to the Canadian Security Documents. When used with respect to a specific Canadian Grantor, the terms “Canadian Collateral” and “Collateral” mean all its property on which such a Lien is granted or
purports to be granted. 

  

	 	(11)	Canadian Grantor means each of the Canadian Borrowers and the Canadian Subsidiary Guarantors, and “Canadian Grantors” means all
of them. 

			
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	 	(12)	Canadian Security Agreement Supplement means a Canadian Security Agreement Supplement, substantially in the form of Exhibit A, signed and delivered to the Collateral
Agent for the purpose of adding a Subsidiary of a Canadian Borrower as a party hereto pursuant to Section 14 and/or adding additional property to the Canadian Collateral. 

  

	 	(13)	Canadian Security Documents means this Agreement, the Canadian Security Agreement Supplements, each Canadian Hypothec, the Blocked Account Agreements, and any other
applicable guarantee or security document executed by a Canadian Grantor. 

  

	 	(14)	Canadian Subsidiary Guarantor means 1336963 Ontario Inc. and each Canadian Subsidiary of a Canadian Borrower or the Company as of the date hereof and any Canadian
Subsidiary of any Canadian Borrower or the Company that shall, at any time after the date hereof, become a “Canadian Subsidiary Guarantor” pursuant to Section 14. 

  

	 	(15)	Canadian Transaction Liens means the Liens granted by the Canadian Grantors under the Canadian Security Documents. 

  

	 	(16)	Collateral Agent means JPMorgan Chase Bank, N.A.(formerly known as JPMorgan Chase Bank), in its capacity as Collateral Agent for the Secured Parties under the Canadian
Security Documents, and its successors in such capacity. 

  

	 	(17)	Company means Ryerson Tull, Inc., a Delaware corporation. 

  

	 	(18)	Concentration Accounts has the meaning set forth in Section 6(a). 

  

	 	(19)	Contracts means all contracts for the sale, lease, exchange or other disposition of Inventory by a Canadian Grantor, whether or not performed and whether or not
subject to termination upon a contingency or at the option of any party thereto. 

  

	 	(20)	Credit Agreement has the meaning set forth in the recitals hereto. 

  

	 	(21)	Derivative Obligations of any Person means all obligations of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency
rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions. 

  

	 	(22)	Effective Date means (a) with respect to each Canadian Grantor that was a party to the Existing Integris Canadian Security Agreement, the date on

			
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 which it became a party thereto, (b) with respect to Ryerson Tull Canada, Inc. and 1336963 Ontario Inc.,
the Effective Date as defined in the Credit Agreement and (c) with respect to any Canadian Grantor which becomes a party hereto subsequent to the Effective Date, as defined in the Credit Agreement, the date this Agreement becomes effective with
respect to such Canadian Grantor. 
  

	 	(23)	First Secured Derivative Obligations means the Secured Derivative Obligations to the extent (but only to the extent) that they are designated by a Canadian Borrower as
“First Secured Derivative Obligations” in accordance with Section 23. For the avoidance of doubt, unless the context otherwise requires, any reference herein to the “amount” or the “principal amount” of a First
Secured Derivative Obligation shall refer to then current Mark-to-Market Value of such First Secured Derivative Obligation. 

  

	 	(24)	Inventory means any “inventory”, as such term is defined in the PPSA, now or hereafter owned or acquired by any Canadian Grantor, wherever located, and in
any event including inventory, merchandise, Goods and other personal property which are held by or on behalf of any Canadian Grantor for sale or lease or are furnished or are to be furnished under a contract of service, or which constitute raw
materials, work in process or materials used or consumed or to be used or consumed in such Canadian Grantor’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including other supplies.

  

	 	(25)	Liquidated Secured Obligation means at any time any Secured Obligation (or portion thereof) that is not an Unliquidated Secured Obligation at such time.

  

	 	(26)	LLC Interest means a membership interest or similar interest in a limited liability company. 

  

	 	(27)	Mark-to-Market Value means, at any date with respect to any Derivative Obligation, the lesser of (i) the amount that would be payable by the applicable Canadian
Borrower if the applicable Derivative Contract were terminated at such time in circumstances in which a Canadian Borrower was the defaulting party, taking into account the effect of any enforceable netting arrangement between the parties to such
Derivative Contract with respect to mutual obligations in respect of other Secured Derivative Obligations between such parties and (ii) the amount stated in the applicable Derivative Contract to be the maximum amount which can be asserted as a
secured claim against the Canadian Collateral. 

  

	 	(28)	Opinion of Counsel means a written opinion of legal counsel (who may be counsel to a Canadian Grantor or other counsel, in either case approved by the Canadian
Administrative Agent, which approval shall not be unreasonably withheld) addressed and delivered to the Collateral Agent. 

			
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	 	(29)	Partnership Interest means a partnership interest, whether general or limited. 

  

	 	(30)	Perfection Certificate means, with respect to any Canadian Grantor, a certificate substantially in the form of Exhibit B, completed and supplemented with the
schedules contemplated thereby to the reasonable satisfaction of the Collateral Agent and signed by an authorized officer of such Canadian Grantor. 

  

	 	(31)	Permitted Liens means (i) the Canadian Transaction Liens and (ii) any other Liens on the Canadian Collateral permitted to be created or assumed or to exist pursuant to
the Credit Agreement. 

  

	 	(32)	Pledged, when used in conjunction with any type of asset, means at any time an asset of such type that is included (or that creates rights that are included) in the
Canadian Collateral at such time. For example, “Pledged Inventory” means Inventory that is included in the Canadian Collateral at such time. 

  

	 	(33)	Post-Petition Interest means any interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or
reorganization of any Canadian Grantor (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any such proceeding. 

  

	 	(34)	PPSA means the Personal Property Security Act as in effect from time to time in the Province of Ontario; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any Canadian Transaction Lien on any Canadian Collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security as in
effect in a jurisdiction other than Ontario, “PPSA” means the Personal Property Security Act or such other applicable legislation as in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority. 

  

	 	(35)	Proceeds means all proceeds of, and all other profits, products, rents or receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment,
licensing or other disposition of, or other realization upon, any Canadian Collateral, including all claims of any Canadian Grantor against third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned premiums
with respect to, policies of insurance in respect of, any Canadian Collateral, any 

			
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 condemnation or requisition payments with respect to any Canadian Collateral, including any Proceeds
which may be deposited in any bank account (including any Blocked Account) from time to time. 
  

	 	(36)	Receivables means, with respect to any Canadian Grantor, all Accounts owned by it and all other rights, titles or interests which, in accordance
with GAAP, would be included in receivables on its balance sheet (including any such Accounts and/or rights, titles or interests that might be characterized as Chattel Paper, Instruments or Intangibles under the PPSA in effect in any jurisdiction),
in each case arising from the sale, lease, exchange or other disposition of Inventory by such Canadian Grantor, and all of such Canadian Grantor’s rights to any goods, services or other property related to any of the foregoing (including
returned or repossessed goods and unpaid seller’s rights of rescission, replevin, reclamation and rights to stoppage in transit), and all collateral security and supporting obligations of any kind given by any Person with respect to any of the
foregoing. 

  

	 	(37)	Related Documents means the Credit Agreement, the Notes, the Swingline Note, the Bankers’ Acceptances, the Acceptance Notes, the Security Documents and the
documentation governing the Additional Secured Obligations. 

  

	 	(38)	Release Conditions means the following conditions for releasing all the Secured Canadian Guarantees and terminating all the Canadian Transaction Liens:

  

	 	(i)	all Commitments under the Credit Agreement shall have expired or been terminated; 

  

	 	(ii)	all Liquidated Secured Obligations shall have been paid in full; and 

  

	 	(iii)	no Unliquidated Secured Obligation shall remain outstanding or such Unliquidated Secured Obligation shall be cash collateralized to an extent and in a manner reasonably satisfactory
to each affected Secured Party. 

  

	 	(39)	Required Secured Parties means (i) until such time as the Release Conditions are satisfied with respect to the Credit Agreement and the Secured Loan Obligations, the
Required Lenders (and for purposes of a release of all or any substantial portion of the Secured Canadian Guarantees or all or any substantial portion of the Canadian Collateral, all of the Lenders) and (ii) thereafter, the holders of a majority in
face amount of the Additional Secured Obligations. 

  

	 	(40)	Second Secured Derivative Obligations means all Secured Derivative Obligations that are not First Secured Derivative Obligations. For the 

			
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 avoidance of doubt, unless the context otherwise requires, any reference herein to the
“amount” or the “principal amount” of a Second Secured Derivative Obligation shall refer to then current Mark-to-Market Value of such Second Secured Derivative Obligation. 
  

	 	(41)	Secured Agreement, when used with respect to any Secured Obligation, refers collectively to each instrument, agreement or other document that sets forth obligations of
the Canadian Grantors and/or rights of the holder with respect to such Secured Obligation. 

  

	 	(42)	Secured Canadian Guarantee means with respect to each Canadian Grantor its guarantee of the Secured Obligations under Section 2 hereof and/or Section 1 of a Canadian
Security Agreement Supplement. 

  

	 	(43)	Secured Derivative Obligations means Derivative Obligations of any Canadian Grantor owing to any Person that was a Lender or Lender Affiliate on the trade date for any
such Derivative Obligation, or an assignee of such Person; provided that (i) such Derivative Obligation is entered into in the course of the ordinary business practice of such Canadian Grantor and not for speculative purposes and (ii) such
Derivative Obligation has been designated by a Canadian Borrower as an additional Secured Obligation in accordance with Section 23. 

  

	 	(44)	Secured Loan Obligations means all principal of all Canadian Loans outstanding from time to time under the Credit Agreement (including the full face amount of all
Bankers’ Acceptances) and all obligations to reimburse LC Disbursements made with respect to Canadian Letters of Credit, all interest (including Post-Petition Interest) and Acceptance Fees thereon and all other amounts now or hereafter payable
by the Canadian Borrowers pursuant to the Financing Documents (including their respective Secured Canadian Guarantees). 

  

	 	(45)	Secured Obligations means the Secured Loan Obligations and the Additional Secured Obligations. 

  

	 	(46)	Secured Parties means the holders from time to time of the Secured Obligations and “Secured Party” means any of them as the context may require.

  

	 	(47)	Sweep Period means (i) each period that begins on the date on which Facility Availability is less than US$50,000,000 and ends on the first day thereafter on which
Total Facility Availability has been at least US$55,000,000 for thirty (30) consecutive days and (ii) each period that begins when an Event of Default occurs, and ends when no Event of Default is continuing; provided that, except in the case
of a Sweep Period that begins upon the occurrence of any Event of Default described in Section 6.01(a)(i), 6.01(a)(ii) or 6.01(d) of the Credit Agreement with 

			
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 respect to any Borrower (which Sweep Period shall commence automatically upon the occurrence of such
Event of Default), no Sweep Period shall be deemed to have commenced unless and until either Security Agent shall have so determined and shall have so notified the Canadian Borrowers’ Agent. 
  

	 	(48)	Supporting Obligations means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, an
intangible, an instrument or investment property. 

  

	 	(49)	Unliquidated Secured Obligation means, at any time, any Secured Obligation (or portion thereof) that is contingent in nature or unliquidated at such time, including
any Secured Obligation that is: 

	 	(i)	an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; 

  

	 	(ii)	any other obligation (including any guarantee) that is contingent in nature at such time; or 

  

	 	(iii)	an obligation to provide collateral to secure any of the foregoing types of obligations. 

  

	 	(d)	Terms Generally. The definitions of terms herein (including those incorporated by reference to the PPSA or to another document) apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Sections, Exhibits and Schedules shall be construed to
refer to Sections of, and Exhibits and Schedules to, this Agreement and (v) the word “property” shall be construed to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 

			
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 SECTION 2. GUARANTEES BY CANADIAN GRANTORS. 
  

	 	(a)	Secured Canadian Guarantees. Each Canadian Grantor unconditionally guarantees to the Collateral Agent for the benefit of the Secured Parties the full and punctual payment of
each of the Secured Obligations of each other Canadian Grantor when due (whether at stated maturity, upon acceleration or otherwise). If any Canadian Borrower fails to pay any Secured Obligations punctually when due, each other Canadian Grantor
agrees that it will forthwith on demand pay the amount not so paid at the place and in the manner specified in the relevant Secured Agreement. 

  

	 	(b)	Secured Canadian Guarantees Unconditional. The obligations of each Canadian Grantor under its Secured Canadian Guarantee shall be unconditional and absolute and, without
limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

  

	 	(i)	any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of any Borrower, any other Canadian Grantor or any other Person under any Secured
Agreement, by operation of law or otherwise; 

  

	 	(ii)	any modification or amendment of or supplement to any Secured Agreement; 

  

	 	(iii)	any release, impairment, non-perfection or invalidity of any direct or indirect security for any obligation of any Borrower, any other Canadian Grantor or any other Person under any
Secured Agreement; 

  

	 	(iv)	any change in the corporate existence, structure or ownership of any Borrower, any other Canadian Grantor or any other Person or any of their respective subsidiaries, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting any Borrower, any other Canadian Grantor or any other Person or any of their assets or any resulting release or discharge of any obligation of any Borrower, any other
Canadian Grantor or any other Person under any Secured Agreement; 

  

	 	(v)	the existence of any claim, set-off or other right that such Canadian Grantor may have at any time against any Borrower, any other Canadian Grantor, any Secured Party or any other
Person, whether in connection with the Financing Documents or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

			
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	 	(vi)	any invalidity or unenforceability relating to or against any Borrower, any other Canadian Grantor or any other Person, for any reason, of any Secured Agreement, or any provision of
applicable law or regulation purporting to prohibit the payment of any Secured Obligation by any Borrower, any other Canadian Grantor or any other Person; or 

  

	 	(vii)	any other act or omission to act or delay of any kind by any Borrower, any other Canadian Grantor, any other party to any Secured Agreement, any Secured Party or any other Person,
or any other circumstance whatsoever that might, but for the provisions of this clause 2(b)(vii), constitute a legal or equitable discharge of or defence to any obligation of any Canadian Grantor hereunder. 

  

	 	(c)	Release of Secured Canadian Guarantees. 

  

	 	(i)	All the Secured Canadian Guarantees will be released when all the Release Conditions are satisfied. If at any time any payment of a Secured Obligation is rescinded or must be
otherwise restored or returned upon the insolvency or receivership of any Canadian Borrower or otherwise, the Secured Canadian Guarantees shall be reinstated with respect thereto as though such payment had been due but not made at such time.

  

	 	(ii)	If all the capital stock of a Canadian Subsidiary Guarantor or all the assets of a Canadian Subsidiary Guarantor are sold to a Person other than a Canadian Borrower or one of its
Subsidiaries in a transaction not prohibited by the Credit Agreement (any such sale, a “Sale of Canadian Subsidiary Guarantor”), the Collateral Agent shall promptly release such Canadian Subsidiary Guarantor from its Secured
Canadian Guarantee. Such release shall not require the consent of any Secured Party, and the Collateral Agent and any third party shall be fully protected in relying on a certificate of the applicable Canadian Borrower as to whether any particular
sale constitutes a Sale of Canadian Subsidiary Guarantor. 

  

	 	(iii)	In addition to any release permitted by Section 2(c)(ii), the Collateral Agent may release any Secured Canadian Guarantee (subject to Section 9.05(b)(iv) of the Credit Agreement)
with the prior written consent of the Required Secured Parties. 

  

	 	(d)	Waiver by Canadian Grantors. Each Canadian Grantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any
requirement that at any time any action be taken by any Person against any Borrower, any other Canadian Grantor or any other Person. 

			
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	 	(e)	Subrogation. Each Canadian Grantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder to
be subrogated to the rights of the payee against the relevant Canadian Grantor with respect to such payment or against any direct or indirect security therefor, or otherwise to be reimbursed, indemnified or exonerated by or for the account of the
relevant Canadian Grantor in respect thereof, until such time as all the Release Conditions have been satisfied. 

  

	 	(f)	Contribution; Subordination. Each Canadian Grantor (a “Contributing Guarantor”) agrees that, in the event a payment shall be made by any other Canadian
Grantor under this Agreement or assets of any other Canadian Grantor shall be sold pursuant to this Agreement to satisfy a claim against the relevant Canadian Grantor or any of its Canadian Subsidiaries (such other Canadian Grantor, the
“Claiming Guarantor”) the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be,
in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor as of December 31, 2003 (or, in the case of any Canadian Grantor becoming a party hereto pursuant to Section 14 after the Effective
Date, the end of the fiscal quarter most recently ended before the date of the Canadian Security Agreement Supplement executed and delivered by such Canadian Grantor and the denominator shall be the aggregate of all such amounts (without
duplication) for all such Canadian Grantors. All rights of the Canadian Grantors under this Section and any other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible
payment in full in cash of the Secured Obligations. 

  

	 	(g)	Stay of Acceleration. If acceleration of the time for payment of any Secured Obligation by any Canadian Borrower is stayed by reason of the insolvency or receivership of such
Canadian Borrower or otherwise, all Secured Obligations otherwise subject to acceleration under the terms of any Secured Agreement shall nonetheless be payable by the Canadian Grantors (other than such Canadian Borrower) hereunder forthwith on
demand by the Collateral Agent. 

  

	 	(h)	Right of Set-Off. If any Secured Obligation is not paid promptly when due, each of the Secured Parties and each of their respective Affiliates which is a deposit-taking
institution or a subsidiary of such an institution is authorized, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at
any time owing by such Secured Party or Affiliate to or for the credit or the account of any Canadian Grantor against the obligations of such Canadian Grantor under its Secured Canadian Guarantee, irrespective of whether or not such Secured Party
shall have made any demand thereunder and although such obligations may be unmatured. The rights of each Secured Party under this subsection are in addition to all other rights and remedies (including other rights of set-off) that such Secured Party
may have. 

			
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	 	(i)	Continuing Guarantee. Each Secured Canadian Guarantee is a continuing guarantee, shall be binding on the relevant Canadian Grantor and its successors and assigns, and shall
be enforceable by the Collateral Agent. If all or part of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights in respect of each Secured Canadian Guarantee, to the extent
applicable to the obligation so transferred, shall automatically be transferred with such obligation. 

  

	 	(j)	Payments. Each payment to be made by any Canadian Grantor in respect of any of the Secured Obligations shall be payable in the currency or currencies in which such Secured
Obligations are denominated at the office of the Canadian Administrative Agent. 

  

	 	(k)	Taxes. The provisions of Section 8.04 of the Credit Agreement shall apply (as applicable and with such modifications as the circumstances require) to all payments made by any
Canadian Grantor hereunder. For greater certainty, in applying sections of the Credit Agreement, references to “Borrower”, “Administrative Agents” and “Lender” shall be read as “Canadian Grantor”,
“Collateral Agent” and “Secured Party” respectively. 

  

	 	(l)	Limitation on Obligations of Guarantor. The obligations of each Canadian Grantor under the Secured Canadian Guarantee shall be limited to an aggregate amount equal to the
largest amount that would not render such Guarantee invalid or unenforceable under any laws applicable to such Canadian Grantor. 

  

	 	(m)	Continuation of Liens. For the purpose of clarification, the parties hereto hereby acknowledge, agree and confirm that the Liens and guarantees provided pursuant to the
Existing Integris Canadian Security Agreement continue under this Agreement to the extent of the Liens and guarantees described herein and nothing herein or in the Credit Agreement shall be deemed to terminate or release any such Liens or guarantees
until such time as so terminated or released in the manner provided for herein. 

  
 SECTION 3. GRANT OF CANADIAN TRANSACTION LIENS 
  

	 	(a)	Each Canadian Borrower, in order to secure the Secured Obligations and each other Canadian Grantor in order to secure its Secured Canadian Guarantee, grants to the Collateral Agent
for the benefit of the Secured Parties a continuing security interest in all the following property of such Canadian Grantor whether now owned or existing or hereafter acquired or arising and regardless of where located: 

  

	 	(i)	all Inventory; 

  

	 	(ii)	all Receivables; 

  

	 	(iii)	all Contracts; 

  

	 	(iv)	all Blocked Accounts and the Canadian Cash Collateral Accounts; 

			
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	 	(v)	all books and records (including customer lists, credit files, computer programs, printouts and other computer materials and records) of such Canadian Grantor pertaining to any of
its Canadian Collateral; and 

  

	 	(vi)	all other Proceeds of the Canadian Collateral described in the foregoing clauses (i) through (v). 

  

	 	(b)	With respect to each right to payment or performance included in the Canadian Collateral from time to time, the Canadian Transaction Lien granted therein includes a continuing
security interest in all right, title and interest of the applicable Canadian Grantor in and to (i) any Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such right to payment or performance or (y)
secures any such Supporting Obligation. 

  

	 	(c)	The Canadian Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any
obligation or liability of any Canadian Grantor with respect to any of the Canadian Collateral or any transaction in connection therewith. 

  
 SECTION 4. GENERAL REPRESENTATIONS AND WARRANTIES 
  
 As of the Effective Date and (except as to those particular representations and warranties expressly made only as of the Effective Date) as of the date of
each Credit Event under the Credit Agreement, each then-existing Canadian Grantor represents and warrants that: 
  

	 	(a)	Such Canadian Grantor is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction identified as its jurisdiction of organization in its
Perfection Certificate. 

  

	 	(b)	Such Canadian Grantor has good and marketable title to all its Canadian Collateral (subject to exceptions that are, in the aggregate, not material), free and clear of any Lien other
than Permitted Liens. 

  

	 	(c)	Such Canadian Grantor has not performed any acts that might prevent the Collateral Agent from enforcing any of the provisions of the Canadian Security Documents or that would limit
the Collateral Agent in any such enforcement. No financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or part of the Canadian Collateral owned by such Canadian Grantor is on file or of record
in any jurisdiction in Canada in which such filing or recording would be effective to perfect or record a Lien on such Canadian Collateral, except financing statements, mortgages or other similar or equivalent documents with respect to Permitted
Liens. After the Effective Date, no Canadian Collateral owned by such Canadian Grantor will be in the possession or under the control of any other Person having a Lien thereon, other than a Permitted Lien. 

			
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	 	(d)	The Canadian Transaction Liens on all Canadian Collateral owned by such Canadian Grantor (i) have been validly created, (ii) will attach (or have attached, in the case of Integris
Metals Ltd.) to each item of such Canadian Collateral on the applicable Effective Date (or, if such Canadian Grantor first obtains rights thereto on a later date, on such later date), and (iii) when so attached, will secure all the Secured
Obligations. 

  

	 	(e)	Such Canadian Grantor has delivered a Perfection Certificate to the Collateral Agent. The information set forth therein is correct and complete as of the date thereof.

  

	 	(f)	When PPSA financing statements describing the Canadian Collateral as set forth in such Canadian Grantor’s Perfection Certificate have been filed in the offices specified in
such Perfection Certificate, the Canadian Transaction Liens will constitute perfected security interests in the Canadian Collateral owned by such Canadian Grantor to the extent that a security interest therein may be perfected by filing pursuant to
the PPSA, prior to all Liens and rights of others therein except Permitted Liens. Except for the filing of such PPSA financing statements, no registration, recordation or filing with any governmental body, agency or official is required in
connection with the execution or delivery of the Canadian Security Documents or is necessary for the validity or enforceability against a Canadian Borrower thereof or for the perfection of the Canadian Transaction Liens pursuant to the applicable
PPSA or, except for customary motion or other court proceedings, for the enforcement against a Canadian Borrower of the Canadian Transaction Liens pursuant to the PPSA. 

  

	 	(g)	Such Canadian Grantor has taken, and will continue to take, all actions necessary under the applicable PPSA to perfect its interest in any Receivables purchased or otherwise
acquired by it in a transaction subject to the applicable PPSA as against its assignors and creditors of its assignors. 

  

	 	(h)	Such Canadian Grantor’s Canadian Collateral is insured as required by the Credit Agreement. 

  
 SECTION 5. FURTHER ASSURANCES; GENERAL COVENANTS 
  
 Each Canadian Grantor covenants as follows: 
  

	 	(a)	Such Canadian Grantor will, from time to time, at its own expense, execute, deliver, file and record any statement, assignment, instrument, document, agreement or other paper and
take any other action that from time to time may be reasonably necessary or desirable, or that the Collateral Agent may reasonably request, in order to: 

  

	 	(i)	create, preserve, perfect, confirm or validate the Canadian Transaction Liens on such Canadian Grantor’s Canadian Collateral (it being understood that no Canadian Grantor shall
be required to 

			
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 make filings in the Canadian Intellectual Property Office to perfect the Canadian Transaction Liens on
Canadian Collateral comprised of copyrights, unless the Collateral Agent has requested such filings to be made); 
  

	 	(ii)	enable the Collateral Agent and the other Secured Parties to obtain the full benefits of the Canadian Security Documents; or 

  

	 	(iii)	enable the Collateral Agent to exercise and enforce any of its rights, powers and remedies with respect to any of such Canadian Grantor’s Canadian Collateral;

  
 provided that no Canadian Grantor shall be
required to comply with the requirements of the Financial Administration Act (Canada), other similar provincial legislation or equivalent U.S. legislation as amended. To the extent permitted by applicable law, such Canadian Grantor authorizes
the Collateral Agent to execute and file such financing statements or continuation statements without such Canadian Grantor’s signature appearing thereon. Such Canadian Grantor constitutes the Collateral Agent its attorney-in-fact to execute
and file all filings required or so requested for the foregoing purposes, all such acts of such attorney being hereby ratified and confirmed; and such power, being coupled with an interest, shall be irrevocable until all the Canadian Transaction
Liens granted by such Canadian Grantor terminate pursuant to Section 13. Each Canadian Grantor will pay the costs of, or incidental to, any recording or filing of any financing or continuation statements or other documents recorded or filed pursuant
hereto in respect of such Canadian Grantor. 
  

	 	(b)	Such Canadian Grantor will not (i) change its name or corporate structure, (ii) change its principal place of business, chief executive office or domicile (within the meaning of the
Quebec Civil Code) or (iii) except with respect to a Permitted Lien, become bound by a security agreement entered into by another Person, unless it shall have given the Collateral Agent prior notice thereof and delivered an Opinion of Counsel
or such other documentation with respect thereto in accordance with Section 5(c). 

  

	 	(c)	Before it takes any action contemplated by Section 5(b), such Canadian Grantor, at its own expense, will cause to be delivered to the Collateral Agent an Opinion of Counsel or such
other documentation, in each case as either Security Agent may reasonably request, in form and substance reasonably satisfactory to the Security Agents, to the effect that (i) all financing statements and amendments or supplements thereto,
continuation statements and other documents required to be filed or recorded in order to perfect and protect (except with respect to Permitted Liens) the Canadian Transaction Liens against all creditors of and purchasers from such Canadian Grantor
after it takes such action have been delivered to the appropriate filing office(s) to be filed or recorded in each office necessary for such purpose, (ii) all fees and taxes, if any, payable in connection with such filings or recordations have been
paid in full and (iii) except as otherwise agreed 

			
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 by the Required Secured Parties, such action will not (except with respect to Permitted Liens) adversely
affect the perfection or priority of the Canadian Transaction Lien on any Canadian Collateral to be owned by such Canadian Grantor after it takes such action or the accuracy of such Canadian Grantor’s representations and warranties herein
relating to the grant and perfection of a security interest in such Canadian Collateral. 
  

	 	(d)	Except in the ordinary course of business, such Canadian Grantor will not sell, lease, exchange, assign or otherwise dispose of, or grant any option with respect to, any of its
Canadian Collateral provided that such Canadian Grantor may do any of the foregoing unless (i) doing so would violate a covenant in the Credit Agreement or (ii) an Event of Default shall have occurred and be continuing and the Collateral Agent shall
have notified such Canadian Grantor that its right to do so is terminated, suspended or otherwise limited. Concurrently with any sale or other disposition (except a sale or disposition to another Canadian Grantor or a lease) permitted by the
foregoing proviso, the Canadian Transaction Liens on the assets sold or disposed of (but not in any Proceeds arising from such sale or disposition) will cease immediately without any action by the Collateral Agent or any other Secured Party. The
Collateral Agent will, at the Canadian Borrowers’ expense, promptly execute and deliver to the relevant Canadian Grantor such documents as such Canadian Grantor shall reasonably request to evidence the fact that any asset so sold or disposed of
is no longer subject to a Canadian Transaction Lien. 

  

	 	(e)	Such Canadian Grantor will, promptly upon request, provide to the Collateral Agent all information and evidence concerning such Canadian Grantor’s Canadian Collateral that the
Collateral Agent may reasonably request from time to time to enable it to enforce the provisions of the Canadian Security Documents. 

  
 SECTION 6. CANADIAN CASH COLLATERAL ACCOUNT 
  

	 	(a)	(i) As soon as practicable, but in any event no longer than thirty (30) days following the Effective Date (or such longer period as the Borrowers’ Agent and the Security Agents
in the exercise of their reasonable discretion, may agree) each Canadian Grantor shall establish lock box arrangements satisfactory to the Collateral Agent acting reasonably and each Canadian Grantor, which becomes a party to this agreement on or
after the date hereof, shall subject all of its lockboxes and the corresponding deposit accounts (collectively, together with all Concentration Accounts, the “Blocked Accounts”) to Blocked Account Agreements, each of which Blocked
Account Agreements shall require at all times during the effectiveness thereof, unless otherwise instructed by the Collateral Agent, the transfer, on each of the applicable bank’s business days) of all amounts in the subject blocked account
constituting Canadian Collateral to the applicable Concentration Account and (ii) as soon as practicable but in any event no longer than 30 days following the Effective Date (or such longer period as the Borrowers’ Agent and the Security
Agents, in the exercise of their reasonable discretion may agree), each Canadian Grantor shall have subjected all of its 

			
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 deposit accounts to which Proceeds of Pledged Receivables may be deposited from time to time to Blocked
Account Agreements, each of which Blocked Account Agreement shall require at all times during the effectiveness thereof, unless otherwise instructed by the Collateral Agent, the transfer, on each of the applicable bank’s business days, of all
amounts in the subject Blocked Accounts constituting Canadian Collateral to a concentration account for deposits in the applicable currency in the name of such Canadian Grantor (collectively, the “Concentration Accounts”). It is
understood that the Canadian Borrowers will not be required to subject to Blocked Account Agreements any disbursement account into which Proceeds of Receivables are only deposited after having been deposited to a Concentration Account or a Canadian
Cash Collateral Account and applied in accordance with this Section 6. 
  

	 	(b)	If and when required for purposes of this Agreement and the Credit Agreement, the Collateral Agent shall establish, from time to time, a Canadian Dollar denominated account and a
Dollar denominated account (each, a “Canadian Cash Collateral Account”), in the name of the Collateral Agent, or its appointee or agent in Canada (including the Canadian Administrative Agent) maintained at a bank or financial
institution in Canada acceptable to the Collateral Agent. The Canadian Cash Collateral Accounts shall be under the exclusive control of the Collateral Agent or its appointee or agent, in a manner satisfactory to the Collateral Agent and subject to a
Blocked Account Agreement by the time period required in (a) above. 

  

	 	(c)	At all times, the Canadian Grantors shall cause (and each other Canadian Grantor shall take all actions required on its part to cause) to be deposited (on each of the applicable
bank’s business days, through daily wire transfers of Canadian Collateral held in the accounts of Canadian Grantor), in the applicable Canadian Cash Collateral Account, promptly upon receipt thereof, all amounts to be deposited with the
Collateral Agent or the Canadian Administrative Agent pursuant to the Financing Documents including but not limited to, (x) all payments received in respect of the Pledged Receivables and (y) all other Proceeds of the Canadian Collateral.

  

	 	(d)	Unless a Sweep Period is continuing or the maturity of the Loans (or other Secured Obligations) shall have been accelerated pursuant to Article 6 of the Credit Agreement (or
otherwise) all amounts in the Concentration Accounts shall be withdrawn and be remitted to, or as directed by, the Borrowers’ Agent from time to time, and the Collateral Agent shall withdraw amounts from the Canadian Cash Collateral Accounts
and remit such amounts to, or as directed by the Borrowers’ Agent, from time to time. 

  

	 	(e)	During any Sweep Period, and at all times upon the occurrence and during the continuance of an Event of Default, (i) if so instructed by the Collateral Agent, each Canadian Grantor
shall deposit, or cause (and each other Canadian Grantor shall take all actions required on its part to cause) to be deposited (through wire transfers on each business day of Canadian Collateral held in the accounts of such 

			
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 Canadian Grantor), in the applicable Canadian Cash Collateral Account, promptly all payments received, or
to be received, in respect of the Pledged Receivables; (ii) the Collateral Agent, may retain all cash and investments then held in each Canadian Cash Collateral Account, and (iii) all amounts held in the Concentration Accounts shall be withdrawn and
remitted to the applicable Canadian Cash Collateral Agent or otherwise directed by the Collateral Agent. 
  

	 	(f)	During any Sweep Period (i) all amounts held in the Canadian Cash Collateral Account shall be applied by the Collateral Agent on each Business Day, to the outstanding principal
balance of the Canadian Base Rate Loans and Canadian Prime Rate Loans, or if applicable as provided in Section 12, (ii) following repayment in full of all outstanding Canadian Base Rate Loans and Canadian Prime Rate Loans pursuant to clause (i) any
remaining amounts held in the Canadian Cash Collateral Accounts may (x) be applied by the Collateral Agent on each Business Day, to the outstanding principal balance of Euro-Dollar Loans (in forward order of the Interest Periods applicable to such
Euro-Dollar Loans, beginning with the Euro-Dollar Loans subject to the shortest Interest Periods) and to the face amount of Bankers’ Acceptances (in forward order of the BA Maturity Dates applicable to such Bankers’ Acceptances, beginning
with the Bankers’ Acceptances subject to the earliest BA Maturity Dates) or (y) continue to be held in the Canadian Cash Collateral Accounts to be applied to the outstanding principal balance of Canadian Base Rate Loans and Canadian Prime Rate
Loans and, upon expiration of Interest Periods, Euro-Dollar Loans, and, upon the applicable BA Maturity Dates, to the full face amount of Bankers’ Acceptances, in each case at the sole discretion of the Security Agents.

  

	 	(g)	Funds held in any Canadian Cash Collateral Account may, until withdrawn or required to be applied pursuant hereto, be invested and reinvested in such Liquid Investments as the
Borrowers’ Agent shall request from time to time; provided that, if a Sweep Period is continuing, the Collateral Agent may select such Liquid Investments. 

  

	 	(h)	If immediately available cash on deposit in the applicable Canadian Cash Collateral Account is not sufficient to make any distribution or withdrawal to be made pursuant hereto, the
Collateral Agent will cause to be liquidated, as promptly as practicable, such investments held in or credited to the Canadian Cash Collateral Account as shall be required to obtain sufficient cash to make such distribution or withdrawal and,
notwithstanding any other provision hereof, such distribution or withdrawal shall not be made until such liquidation has taken place. 

  

	 	(i)	1336963 Ontario Inc. represents and warrants that it is a holding company and agrees that it does not, and shall not in future, own any operating assets or maintain any deposit
account to which Proceeds of Pledged Receivables may be deposited, unless it shall have first notified the Security Agents of such matters and complied with the remaining provisions of this Section 6 as of the date that it acquires such operating
assets or deposit accounts (and for the purposes of compliance with Section 6, such date shall be deemed to be the “Effective Date” in relation to 1336963 Ontario Inc.). 

			
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 SECTION 7. REMEDIES UPON EVENT OF DEFAULT 
  

	 	(a)	If an Event of Default shall have occurred and be continuing, the Collateral Agent may exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or
to such sub-agents) under the Canadian Security Documents. 

  

	 	(b)	Without limiting the generality of the foregoing, if an Event of Default shall have occurred and be continuing, the Collateral Agent may exercise on behalf of the Secured Parties
all the rights of a secured party under the applicable PPSA with respect to any Canadian Collateral and (ii) in addition, if an Event of Default shall have occurred and be continuing, the Collateral Agent may, without being required to give any
notice, except as herein provided or as may be required by mandatory provisions of law, withdraw all cash held in the Canadian Cash Collateral Accounts and apply such cash as provided in Section 8 and, if there shall be no such cash or if such cash
shall be insufficient to pay all the Secured Obligations in full, sell, lease, license or otherwise dispose of the Canadian Collateral or any part thereof. Notice of any such sale or other disposition shall be given to the relevant Canadian
Grantor(s) as required by Section 8. 

  

	 	(c)	If an Event of Default shall have occurred and be continuing, the Collateral Agent may appoint or reappoint by instrument in writing, any Person or Persons, whether an officer or
officers or an employee or employees of a Canadian Grantor or not, to be an interim receiver, receiver or receivers (hereinafter called a “Receiver”, which term when used herein shall include a receiver and manager) of such Canadian
Collateral (including any interest, income or profits therefrom) and may remove any Receiver so appointed and appoint another in his/her/its stead. Any such Receiver shall, to the extent permitted by applicable law, so far as concerns responsibility
for his/her/its acts, be deemed the agent of the Canadian Grantor and not of the Collateral Agent, and the Collateral Agent shall not be in any way responsible for any misconduct, negligence or non-feasance on the part of any such Receiver or
his/her/its servants, agents or employees. Subject to the provisions of the instrument appointing him/her/it, any such Receiver shall (i) have such powers as have been granted to the Collateral Agent under subsection (a) and (b) above, and (ii)
shall be entitled to exercise such powers at any time that such powers would otherwise be exercisable by the Collateral Agent under subsection (a) and (b) above, as applicable, which powers shall include the power to take possession of the Canadian
Collateral, to preserve the Canadian Collateral or its value, to carry on or concur in carrying on all or any part of the business of Canadian Grantor and to sell, lease, license or otherwise dispose of or concur in selling, leasing, licensing or
otherwise disposing of the Canadian Collateral. To facilitate the foregoing powers, any such Receiver may, to the exclusion of all others, including the Canadian Grantor, enter upon, use and occupy all premises owned or occupied by the Canadian
Grantor wherein the Canadian Collateral may be situate, maintain the Canadian Collateral upon such 

			
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 premises, borrow money on a secured or unsecured basis and use the Canadian Collateral directly in
carrying on the Canadian Grantor’s business or as security for loans or advances to enable the Receiver to carry on the Canadian Grantor’s business or otherwise, as such Receiver shall, in its reasonable discretion, determine. Except as
may be otherwise directed by the Collateral Agent, all money received from time to time by such Receiver in carrying out his/her/its appointment shall be received in trust for and be paid over to the Collateral Agent, and any surplus shall be
applied in accordance with applicable law. Every such Receiver may, in the discretion of the Collateral Agent, be vested with all or any of the rights and powers of the Collateral Agent. 
  
 SECTION 8. APPLICATION OF PROCEEDS 
  

	 	(a)	If an Event of Default shall have occurred and be continuing, the Collateral Agent may apply the proceeds of any sale or other disposition of all or any part of the Canadian
Collateral, in the following order of priorities: 

  

	 	(i)	first, to pay the expenses of such sale or other disposition, including reasonable compensation to agents of and counsel for the Collateral Agent, and all expenses,
liabilities and advances incurred or made by the Collateral Agent in connection with the Canadian Security Documents, and any other amounts then due and payable to the Collateral Agent pursuant to Section 9 or to the Agents pursuant to the Credit
Agreement; 

  

	 	(ii)	second, to pay the unpaid principal of the Secured Obligations (other than Second Secured Derivative Obligations) rateably (or provide for the payment thereof pursuant to
Section 8(b)), until payment in full of the principal of all Secured Obligations (other than Second Secured Derivative Obligations) shall have been made (or so provided for); 

  

	 	(iii)	third, to pay rateably all interest (including Post-Petition Interest) and all facility and other fees payable under the Related Documents (other than any relating to Second
Secured Derivative Obligations), until payment in full of all such interest and fees shall have been made; 

  

	 	(iv)	fourth, to pay all other Secured Obligations (other than Second Secured Derivative Obligations) rateably (or provide for the payment thereof pursuant to Section 8(b)), until
payment in full of all such other Secured Obligations (other than Second Secured Derivative Obligations) shall have been made (or so provided for); and 

  

	 	(v)	fifth; to pay rateably all Second Secured Derivative Obligations (or provide payment therefore pursuant to Section 8(b)) until payment in full of such Second Secured
Derivative Obligation shall have been made (or so provided for): 

			
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	 	(vi)	finally, to pay to the relevant Canadian Grantor, or as a court of competent jurisdiction may direct, any surplus then remaining from the proceeds of the Canadian Collateral
owned by it 

  
 provided that Canadian
Collateral owned by a Canadian Grantor and any Proceeds thereof shall be applied pursuant to the foregoing clauses first, second, third, fourth and fifth only to the extent permitted by the limitation in Section 2(l). The
Collateral Agent may make such distributions hereunder in cash or in kind or, on a rateable basis, in any combination thereof. 
  
 Notwithstanding anything to the contrary herein, the parties hereto agree that the unpaid principal (i.e., the Mark-to-Market Value) of the First Secured
Derivative Obligations shall be paid, ratably with the unpaid principal of other Secured Obligations (other than Second Secured Derivative Obligations), pursuant to clause second above; provided that if on the date of any application
of cash or proceeds in accordance with this Section 8(a), the aggregate Mark-to-Market Value of First Secured Derivative Obligations exceeds an amount equal to the difference of US$50,000,000 less the aggregate Mark-to-Market Value of (A) all
First Secured Derivative Obligations previously paid pursuant to this Section 8(a) plus (B) all First Secured Derivative Obligations (as defined in the U.S. Security Agreement) previously paid or to be paid on such date pursuant to Section
8(a) of the U.S. Security Agreement (such difference, the “Available Derivative Amount” at such date), then: (x) the Secured Obligations payable pursuant to clause second above shall include the Mark-to-Market Value of First
Secured Derivative Obligations in an aggregate amount equal to the Available Derivative Amount at such date (which Available Derivative Amount shall represent and be comprised of a ratable portion (the “Permitted Ratable Portion”)
of the Mark-to-Market Value of each First Secured Derivative Obligation), and (y) the portion of the Mark-to-Market Value of each First Secured Derivative Obligation that is in excess of the Permitted Ratable Portion referred to in clause (x) above
(and is therefore not paid ratably with the unpaid principal of Secured Obligations pursuant to clause second above) shall, for all purposes of this Section 8(a), be treated as and deemed to be unpaid principal of a Second Secured Derivative
Obligation, and shall be paid, ratably with the unpaid principal of all other Second Secured Derivative Obligations, pursuant to clause fifth above. 
  

	 	(b)	 If at any time any portion of any monies collected or received by the Collateral Agent would, but for the provisions of this Section 8(b), be payable pursuant to
Section 8(a) in respect of an Unliquidated Secured Obligation, the Collateral Agent shall not apply any monies to pay such Unliquidated Secured Obligation but instead shall request the holder thereof, at least ten (10) days before each proposed
distribution hereunder, to notify the Collateral Agent as to the maximum amount of such Unliquidated Secured Obligation if then ascertainable (e.g., in the case of a letter of credit, the maximum amount available for subsequent drawings 

			
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thereunder). If the holder of such Unliquidated Secured Obligation does not notify the Collateral Agent of the maximum ascertainable amount thereof at least
two (2) Business Days before such distribution, such Unliquidated Secured Obligation will not be entitled to share in such distribution. If such holder does so notify the Collateral Agent as to the maximum ascertainable amount thereof, the
Collateral Agent will allocate to such holder a portion of the monies to be distributed in such distribution, calculated as if such Unliquidated Secured Obligation were outstanding in such maximum ascertainable amount. However, the Collateral Agent
will not apply such portion of such monies to pay such Unliquidated Secured Obligation, but instead will hold such monies or invest such monies in Liquid Investments. All such monies and Liquid Investments and all proceeds thereof will constitute
Canadian Collateral hereunder, but will be subject to distribution in accordance with this Section 8(b) rather than Section 8(a). The Collateral Agent will hold all such monies and Liquid Investments and the net proceeds thereof in trust until all
or part of such Unliquidated Secured Obligation becomes a Liquidated Secured Obligation, whereupon the Collateral Agent at the request of the relevant Secured Party will apply the amount so held in trust to pay such Liquidated Secured Obligation;
provided that, if the other Secured Obligations theretofore paid pursuant to the same clause of Section 8(a) (i.e., clause second, fourth or fifth) were not paid in full, the Collateral Agent will apply the amount so held in
trust to pay the same percentage of such Liquidated Secured Obligation as the percentage of such other Secured Obligations theretofore paid pursuant to the same clause of Section 8(a). If (i) the holder of such Unliquidated Secured Obligation shall
advise the Collateral Agent that no portion thereof remains in the category of an Unliquidated Secured Obligation and (ii) the Collateral Agent still holds any amount held in trust pursuant to this Section 8(b) in respect of such Unliquidated
Secured Obligation (after paying all amounts payable pursuant to the preceding sentence with respect to any portions thereof that became Liquidated Secured Obligations), such remaining amount will be applied by the Collateral Agent in the order of
priorities set forth in Section 8(a). 
  

	 	(c)	In making the payments and allocations required by this Section, the Collateral Agent may rely upon information supplied to it pursuant to Section 12(g). All distributions made by
the Collateral Agent pursuant to this Section shall be final (except in the event of manifest error) and the Collateral Agent shall have no duty to inquire as to the application by any Secured Party of any amount distributed to it.

  

	 	(d)	To the extent that Proceeds to be applied to repay Secured Obligations in accordance with any provision of this Agreement are denominated in a currency (the “First
Currency”) different from the currency in which the applicable Secured Obligations are denominated (the “Second Currency”), the Collateral Agent may convert any Proceeds denominated in the First Currency to the Second
Currency at the Spot Rate as determined by the Collateral Agent on the date of such payment, for the purposes of giving effect to any payment permitted under this Agreement. 

			
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 SECTION 9. FEES AND EXPENSES; INDEMNIFICATION 
  

	 	(a)	Each Canadian Grantor will forthwith upon demand pay to the Collateral Agent: 

  

	 	(i)	the amount of any taxes that the Collateral Agent may have been required to pay by reason of the Canadian Transaction Liens on such Canadian Grantor’s Collateral or to free any
Canadian Collateral of such Canadian Grantor from any other Lien thereon (other than Permitted Liens); 

  

	 	(ii)	the amount of any and all reasonable out-of-pocket expenses, including transfer taxes and reasonable fees and expenses of counsel and other experts, that the Collateral Agent may
incur in connection with (x) the administration or enforcement of the Canadian Security Documents, including such expenses as are incurred to preserve the value of the Canadian Collateral or the validity, perfection, rank or value of any Canadian
Transaction Lien, (y) the collection, sale or other disposition of any Canadian Collateral or (z) the exercise by the Collateral Agent of any of its rights or powers under the Canadian Security Documents in each case with respect to such Canadian
Grantor. 

  

	 	(iii)	the amount of any fees that such Canadian Grantor shall have agreed in writing to pay to the Collateral Agent and that shall have become due and payable in accordance with such
written agreement; and 

  

	 	(iv)	the amount required to indemnify the Collateral Agent for, or hold it harmless and defend it against, any loss, liability or expense (including the reasonable fees and expenses of
its counsel and any experts or sub-agents appointed by it hereunder) incurred or suffered by the Collateral Agent in connection with the Canadian Security Documents with respect to such Canadian Grantor except to the extent that such loss, liability
or expense arises from the Collateral Agent’s gross negligence or wilful misconduct or a breach of any duty that the Collateral Agent has under this Agreement (after giving effect to Section 11 and Section 12). 

  
 Any such amount not paid to the Collateral Agent on demand will bear
interest for each day thereafter until paid at a rate per annum equal to the sum of (i) (A) in the case of amounts denominated in Dollars the rate applicable to Canadian Base Rate Loans for such day or (B) in the case of amounts denominated in
Canadian Dollars, the rate applicable to Canadian Prime Rate Loans, plus (ii) as to any such amounts not paid within ten (10) Business Days of demand therefore, 2% per annum. 

			
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	 	(b)	If any transfer tax, documentary stamp tax or other tax is payable in connection with any transfer or other transaction with respect to any Canadian Grantor provided for in the
Canadian Security Documents, the Canadian Grantor will pay such tax and provide any required tax stamps to the Collateral Agent or as otherwise required by law. 

  
 SECTION 10. AUTHORITY TO ADMINISTER CANADIAN COLLATERAL 
  
 Each Canadian Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of
substitution, in the name of such Canadian Grantor any Secured Party or otherwise for the sole use and benefit of the Secured Parties, but at the Canadian Borrowers’ expense, to the extent permitted by law to exercise, at any time and from time
to time while an Event of Default shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Canadian Collateral, as applicable (to the extent necessary to pay the Secured Obligations in full):

  

	 	(a)	to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof, 

  

	 	(b)	to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, 

  

	 	(c)	to sell, lease, license or otherwise dispose of the same or the proceeds or avails thereof, as fully and effectually as if the Collateral Agent were the absolute owner thereof, and

  

	 	(d)	to extend the time of payment of any or all thereof and to make any allowance or other adjustment with reference thereto; 

  
 provided that, except in the case of Canadian Collateral that is perishable or
threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Collateral Agent will give the relevant Canadian Grantor at least ten (10) days’ prior written notice of the time and place of any public sale
thereof or the time after which any private sale or other intended disposition thereof will be made. Any such notice shall (i) contain the information required by the applicable PPSA, (ii) be authenticated and (iii) be sent to the parties required
to be notified pursuant to the applicable PPSA; provided that, if the Collateral Agent fails to comply with this sentence in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of
law under the applicable PPSA. 
  
 SECTION 11. LIMITATION ON DUTY IN RESPECT OF
CANADIAN COLLATERAL 
  
 Beyond the exercise of reasonable
care in the custody and preservation thereof, the Collateral Agent will have no duty as to any Canadian Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any income therefrom or as to the
preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have exercised reasonable care in the custody and preservation of the Canadian Collateral in its possession or control if
such Canadian Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or responsible 

			
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for any loss or damage to any Canadian Collateral, or for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee
selected by the Collateral Agent in good faith or by reason of any act or omission by the Collateral Agent pursuant to instructions from the General Administrative Agent or the Security Agents except to the extent that such liability arises from the
Collateral Agent’s, or such sub-agent’s or bailee’s, gross negligence or wilful misconduct. 
  
 SECTION 12. GENERAL PROVISIONS CONCERNING THE COLLATERAL AGENT 
  

	 	(a)	Authority. The Collateral Agent is authorized to take such actions and to exercise such powers as are delegated to the Collateral Agent by the terms of the Canadian Security
Documents, together with such actions and powers as are reasonably incidental thereto. 

  

	 	(b)	Co-ordination with Collateral Agent. To the extent requested to do so by any Secured Party, the Collateral Agent will promptly notify such Secured Party of each notice or
other communication received by the Collateral Agent hereunder and/or deliver a copy thereof to such Secured Party. As to any matters not expressly provided for herein (including (i) the timing and methods of realization upon the Canadian Collateral
and (ii) the exercise of any power that the Collateral Agent may, but is not expressly required to, exercise under any Security Document), the Collateral Agent shall act or refrain from acting in accordance with written instructions from the
Required Secured Parties or, in the absence of such instructions, in accordance with its discretion (subject to the following provisions of this Section). 

  

	 	(c)	Rights and Powers as a Secured Party. The Person serving as the Collateral Agent shall, in its capacity as a Secured Party, have the same rights and powers as any other
Secured Party and may exercise the same as though it were not the Collateral Agent. Such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Canadian Borrowers, any of their
Subsidiaries or their respective Affiliates as if it were not the Collateral Agent hereunder. 

  

	 	(d)	 Limited Duties and Responsibilities. The Collateral Agent shall not have any duties or obligations under the Canadian Security Documents except those
expressly set forth therein. Without limiting the generality of the foregoing, (i) the Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the
Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Canadian Security Documents that the Collateral Agent is required in
writing to exercise by the Required Secured Parties, and (iii) except as expressly set forth in the Canadian Security Documents, the Collateral Agent shall not have any duty to disclose, and shall not be liable for any failure to disclose, any
information relating to the Canadian Borrowers or any of their Subsidiaries that is communicated to or obtained by the bank serving as Collateral 

			
	- 27 -	  	EXECUTION COPY

  

 
Agent or any of its Affiliates in any capacity. The Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Secured Parties or in the absence of its own gross negligence or wilful misconduct. The Collateral Agent shall not be responsible for the existence, genuineness or value of any Canadian Collateral or, for the validity,
perfection, priority or enforceability of any Canadian Transaction Lien, whether impaired by operation of law or by reason of any action or omission to act on its part under the Canadian Security Documents. The Collateral Agent shall be deemed not
to have knowledge of any Event of Default unless and until written notice thereof is given to the Collateral Agent by a Borrower or the Borrowers’ Agent or a Secured Party, and the Collateral Agent shall not be responsible for or have any duty
to ascertain or inquire into (v) any statement, warranty or representation made in or in connection with any Canadian Security Document, (w) the contents of any certificate, report or other document delivered thereunder or in connection therewith,
(x) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Canadian Security Document, (y) the validity, enforceability, effectiveness or genuineness of any Canadian Security Document or any
other agreement, instrument or document, or (z) the satisfaction of any condition set forth in any Canadian Security Document. 
  

	 	(e)	Authority to Rely on Certain Writings, Statements and Advice. The Collateral Agent shall be entitled to rely on, and shall not incur any liability for relying on, any notice,
request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Collateral Agent also may rely on any statement made to it orally or by telephone
and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel (who may be counsel for the Canadian Borrowers or any of their Subsidiaries), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountant or expert. The Collateral Agent may rely conclusively on advice from the
Canadian Administrative Agent as to whether at any time (i) an Event of Default under the Credit Agreement has occurred and is continuing, (ii) the maturity of the Loans has been accelerated or (iii) any proposed action is permitted or required by
the Credit Agreement. 

  

	 	(f)	Sub-Agents and Related Parties. The Collateral Agent may perform any of its duties and exercise any of its rights and powers through one or more sub-agents appointed by it.
The Collateral Agent and any such sub-agent may perform any of its duties and exercise any of its rights and powers through its Related Parties. The exculpatory provisions of Section 11 and this Section 12 shall apply to any such sub-agent and to
the Related Parties of the Collateral Agent and any such sub-agent. 

  

	 	(g)	 Information as to Secured Obligations and Actions by Secured Parties. For all purposes of the Canadian Security Documents, including determining the amounts

			
	- 28 -	  	EXECUTION COPY

  

 
of the Secured Obligations and whether a Secured Obligation is an Unliquidated Secured Obligation or not, or whether any action has been taken under any
Secured Agreement, the Collateral Agent will be entitled to rely on information from (i) the Canadian Administrative Agent for information as to the Lenders, either Administrative Agent, the Security Agents or the Collateral Agent, their Secured
Obligations and actions taken by them, (ii) any Secured Party (or any trustee, agent or similar representative designated pursuant to subsection (f) to supply such information) for information as to its Secured Obligations and actions taken by it,
to the extent that the Collateral Agent has not obtained such information from the foregoing sources and (iii) the Borrowers’ Agent, to the extent that the Collateral Agent has not obtained information from the foregoing sources. 
  

	 	(h)	Notice to Secured Parties. Within two (2) Business Days after it receives or sends any notice referred to in this subsection, the Collateral Agent shall send to the
Administrative Agents and each Secured Party requesting notice thereof, copies of any notice given by the Collateral Agent to any Canadian Grantor, or received by it from any Canadian Grantor, pursuant to Sections 7, 8, 10, 12(j) or 13;
provided that such Secured Party has, at least five (5) Business Days prior thereto, delivered to the Collateral Agent a written notice (i) stating that it holds one or more Secured Obligations and wishes to receive copies of such notices and
(ii) setting forth its address, facsimile number and e-mail address to which copies of such notices should be sent. 

  

	 	(i)	Collateral Agent May Refuse to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from the Canadian Administrative Agent, the
Security Agents or any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s opinion, (i) is contrary to law or the provisions of any Canadian Security Document, (ii) may expose the Collateral
Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave, or instructed the Canadian Administrative Agent or the Security Agents to give, such
notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction. 

  

	 	(j)	 Resignation; Successor Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided in this subsection, the
Collateral Agent may resign at any time by notifying the Secured Parties and a Canadian Borrower. Upon any such resignation, General Electric Capital Corporation or an Affiliate thereof (collectively, “GE Capital”) shall (as long as
GE Capital is a Lender) have the option to become the successor Collateral Agent, but if it should not exercise such option within 10 days after the resigning Collateral Agent gives notice of its resignation, the Required Secured Parties shall have
the right to appoint a successor Collateral Agent. If GE Capital shall not have exercised its option to become a successor Collateral Agent or if no successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment, in any case, within thirty (30) days after the retiring 

			
	- 29 -	  	EXECUTION COPY

  

 
Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf of the Secured Parties, appoint a successor Collateral
Agent which shall be a bank with an office in Canada, or a Canadian Affiliate of any such bank. Upon acceptance of its appointment as Collateral Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Collateral Agent hereunder, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Canadian Borrowers to a successor Collateral Agent
shall be the same as those payable to its predecessor unless otherwise agreed by the Canadian Borrowers and such successor. After the Collateral Agent’s resignation hereunder, the provisions of this Section and Section 11 shall continue in
effect for the benefit of such retiring Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was acting as Collateral Agent.

  

	 	(k)	Subject to Section 12(d), the Collateral Agent hereby agrees to be bound by the terms and provisions of all Financing Documents applicable to it. 

  
 SECTION 13. TERMINATION OF CANADIAN TRANSACTION LIENS; RELEASE OF CANADIAN COLLATERAL

  

	 	(a)	The Canadian Transaction Liens granted by each Canadian Grantor shall terminate when its Secured Canadian Guarantee is released pursuant to Section 2(c) (it being understood that,
in the case of any Person that continues to be a Canadian Borrower under the Credit Agreement following the release of its Secured Canadian Guarantee, this Section 13(a) shall not apply, and the Canadian Transaction Liens granted by such Person
shall remain in effect until terminated in accordance with Section 13(b) or Section 13(c) below). 

  

	 	(b)	The Canadian Transaction Liens and (except for Sections 9, 10 (second proviso), 11, 12, 13(e), 19, 20 and 21) this Agreement shall immediately and automatically terminate when all
the Release Conditions are satisfied. 

  

	 	(c)	The Canadian Transaction Liens granted by the relevant Canadian Grantor shall immediately and automatically (without any action by the Collateral Agent or any other Secured Party)
terminate upon the sale of such Canadian Collateral to a Person other than a Canadian Grantor in a transaction not prohibited by the Credit Agreement. In each case, such termination shall not require the consent of any Secured Party.

  

	 	(d)	At any time before the Canadian Transaction Liens terminate, the Collateral Agent may, at the written request of the Canadian Borrower’s Agent, release any Canadian Collateral
(subject to Section 9.05(b)(iv) of the Credit Agreement) with the prior written consent of the Required Secured Parties. 

			
	- 30 -	  	EXECUTION COPY

  

	 	(e)	Upon any termination of a Canadian Transaction Lien or release of Canadian Collateral, the Collateral Agent will, at the expense of the relevant Canadian Grantor, execute and
deliver to such Canadian Grantor such documents as such Canadian Grantor shall reasonably request to evidence the termination of such Canadian Transaction Lien or the release of such Canadian Collateral, as the case may be. 

 
 SECTION 14. CANADIAN SUBSIDIARY GUARANTORS 
  

	 	(a)	Each of the Canadian Borrowers hereby represents and warrants that the Canadian Subsidiary Guarantors listed on the signatures pages hereof represent all the Canadian Subsidiaries
(other than Immaterial Subsidiaries) of the Company as of the date hereof. 

  

	 	(b)	If any additional Canadian Subsidiary (other than an Immaterial Subsidiary) is formed or acquired after the date hereof, the Canadian Borrowers will, within ten Business Days after
such Canadian Subsidiary is formed or acquired, notify the Collateral Agent thereof and cause such Canadian Subsidiary to become a party hereto by signing and delivering to the Collateral Agent a Canadian Security Agreement Supplement (together with
a Canadian Hypothec, if applicable), whereupon such Canadian Subsidiary shall become a “Canadian Subsidiary Guarantor” and a “Canadian Grantor” as defined herein. 

  
 SECTION 15. NOTICES 
  
 Each notice, request or other communication given to any party hereunder shall be in writing (which term includes facsimile
or other electronic transmission) and shall be effective (i) when delivered to such party at its address specified below, (ii) when sent to such party by facsimile or other electronic transmission, addressed to it at its facsimile number or
electronic address specified below, and such party sends back an electronic confirmation of receipt or (iii) ten (10) days after being sent to such party by certified or registered Canada Post mail, addressed to it at its address specified below,
with first class or airmail postage prepaid: 
  

	 	(a)	in the case of any Canadian Grantor listed on the signature pages hereof: 

  
 c/o Ryerson Tull, Inc. 
 2621 West 15th Place

 Chicago, Illinois 60608 
  
 Attention: Vice President - Finance & Treasurer 
 Facsimile: 773-762-3311 
 E-mail: terence.rogers@ryersontull.com 
  

	 	(b)	in the case of any other Canadian Grantor, its address, facsimile number or e-mail address set forth in its Canadian Security Agreement Supplement; 

			
	- 31 -	  	EXECUTION COPY

  

	 	(c)	in the case of the Collateral Agent: 

  
 JPMorgan Chase Bank, N.A. 
 Mining and Metals
Group 
 270 Park Avenue 
 18th Floor 
 New York, NY 10017 
  
 Attention:     Carlos Morales 
 Facsimile:      212-270-4724 
 E-mail:           carlos.morales@jpmorgan.com 
 and with a copy to: 
  
 JP Morgan Chase Bank, N.A. 
 270 Park Avenue

 29th Floor 
 New York, NY 10017 
  
 Attention:     Jason Schick 
 Facsimile:     212-270-7449 
 E-mail:           Jason.schick@jpmorgan.com 
  

	 	(d)	in the case of any Lender, to the Collateral Agent to be forwarded to such Lender at its address or facsimile number specified in or pursuant to Section 9.01 of the Credit
Agreement; or 

  

	 	(e)	in the case of any Secured Party requesting notice under Section 12(h), such address, facsimile number or e-mail address as such party may hereafter specify for the purpose by
notice to the Collateral Agent. 

  
 Any party may change its
address, facsimile number or e-mail address for purposes of this Section by giving notice of such change to the Collateral Agent and the Canadian Grantors in the manner specified above. 
  
 SECTION 16. NO IMPLIED WAIVERS; REMEDIES NOT EXCLUSIVE 
  
 No failure by the Collateral Agent or any other Secured Party to exercise, and no delay in exercising and no course of
dealing with respect to, any right or remedy under any Financing Document shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent or any other Secured Party of any right or remedy under any Financing
Document preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies specified in the Financing Documents are cumulative and are not exclusive of any other rights or remedies provided by law.

			
	- 32 -	  	EXECUTION COPY

  

 SECTION 17. SUCCESSORS AND ASSIGNS 
  
 This Agreement is for the benefit of the Collateral Agent and the other Secured Parties. If all or any part of any Secured
Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights hereunder, to the extent applicable to the obligation so transferred, shall be automatically transferred with such obligation. This
Agreement shall be binding on the Canadian Grantors and their respective successors and assigns. 
  
 SECTION 18. AMENDMENTS AND WAIVERS 
  
 Neither this Agreement nor any provision hereof may be waived, amended, modified or terminated except pursuant to an agreement or agreements in writing entered into by the parties hereto, with the consent of the
Required Secured Parties. No such waiver, amendment or modification shall affect the rights of a Secured Party (other than a Lender) hereunder more adversely than it affects the comparable rights of the Lenders hereunder, without the consent of such
Secured Party. 
  
 SECTION 19. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE
OF PROCESS 
  

	 	(a)	This Agreement shall be construed in accordance with and governed by the laws of the Province of Ontario and the laws of Canada applicable therein. 

  

	 	(b)	Each party hereto irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Province of Ontario, and any relevant
appellate court, in any action or proceeding arising out of or relating to any Financing Document, or for recognition or enforcement of any judgment, and each party hereto irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such Ontario court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in any Financing Document shall affect any right that any Secured Party may otherwise have to bring any action or proceeding relating to any Financing Document against any Canadian Grantor or its properties in
the courts of any other jurisdiction. 

  

	 	(c)	Each party hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to any Financing Document in any court referred to in subsection (b) of this Section. Each party hereto irrevocably waives, to the fullest extent permitted by law, the defence of
an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 

  

	 	(d)	Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 15. Nothing in any Financing Document will affect the right of any party
hereto to serve process in any other manner permitted by law. 

			
	- 33 -	  	EXECUTION COPY

  

 SECTION 20. WAIVER OF JURY TRIAL 
  
 EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY SECURITY DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 21. SEVERABILITY 
  
 If any provision of any Canadian Security Document is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions of the Canadian Security Documents shall remain in full force and
effect in such jurisdiction and shall be liberally construed in favour of the Collateral Agent and the other Secured Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or
unenforceability of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other jurisdiction. 
  
 SECTION 22. JUDGMENT CURRENCY 
  
 The provisions of Section 2.17 of the Credit Agreement shall apply (with such modifications as the circumstances require) to any judgment payments made by
any Canadian Grantor hereunder. For greater certainty, in applying such section of the Credit Agreement, references to “Borrower”, “Administrative Agent” and “Lender” shall be read as “Canadian Grantor”,
“Canadian Administrative Agent” and “Secured Party” respectively. 
  
 SECTION 23. ADDITIONAL SECURED OBLIGATIONS 
  

	 	(a)	 On the Effective Date, any outstanding “Secured Hedging Obligation” under (and as defined in) the Existing Integris Canadian Security Agreement that is
identified on Schedule 1 hereto and is owing to a Person who is a Lender or Lender Affiliate on the Effective Date (the “Existing Secured Derivative Obligations”) shall (subject to delivery of the Existing Secured Derivative
Certificate described in the immediately succeeding sentence) be deemed to be a Secured Derivative Obligation hereunder. In connection therewith (and as a condition thereto), the Company shall deliver to the Collateral Agent a certificate (an
“Existing Secured Derivative Certificate”) to the effect specified in subclauses (i) through (v), and 

			
	- 34 -	  	EXECUTION COPY

  

 
clauses (b) and (c), below. Additionally, any Canadian Borrower may from time to time designate (subject to the requirements in clauses (b) and (c) of this
Section 23) any Canadian Grantor’s Derivative Obligations as “Secured Derivative Obligations” for purposes hereof by delivering to the Collateral Agent a certificate signed by a Financial Officer of the Company (an “Additional
Secured Obligation Certificate”) that: 
  

	 	(i)	identifies such Derivative Obligation and the related written agreement evidencing such Derivative Obligation (the “Derivative Contract”) (including the name and
address of the counterparty thereto, the notional principal amount thereof and the expiration date thereof); 

  

	 	(ii)	states that such Derivative Obligation has been entered into in the course of the ordinary business practice of such Canadian Grantor and not for speculative purposes;

  

	 	(iii)	specifies, as of the date such Derivative Obligation is entered into (or in the case of an Existing Secured Derivative Obligation, as of the Effective Date), and after giving effect
to its designation of such Derivative Obligation as a First Secured Derivative Obligation or Second Secured Derivative Obligation hereunder, as the case may be), the aggregate Mark-to-Market Value of all Secured Derivative Obligations then currently
designated as “First Secured Derivative Obligations” pursuant to this Section 23; 

  

	 	(iv)	specifies (subject to the requirements of clause (c) below) whether such Derivative Obligation will be designated as a First Secured Derivative Obligation or a Second Secured
Derivative Obligation hereunder; and 

  

	 	(v)	states that after giving effect to such designation the Canadian Total Outstanding Amount will not exceed the Canadian Maximum Availability. 

  

	 	(b)	 Notwithstanding anything to the contrary herein, no Derivative Obligation (including any Existing Secured Derivative Obligation) shall be designated as a
“Secured Derivative Obligation” hereunder unless (and the Company shall certify in the relevant Additional Secured Obligation Certificate or, in the case of clause (ii) below, in the Existing Secured Derivative Certificate, as the case may
be, that): (i) at or prior to the time the relevant Derivative Contract was executed, the Canadian Grantor party thereto and the Lender or Lender Affiliate party thereto expressly agreed in writing that such Derivative Obligation would constitute a
“Secured Derivative Obligation” entitled to the benefits of the Security Documents and (ii) the Lender or Lender Affiliate party thereto shall have delivered a notice to the Collateral Agent (or, in the case of a Lender Affiliate, an
instrument in form and substance satisfactory to the Collateral Agent) to the effect 

			
	- 35 -	  	EXECUTION COPY

  

 
set forth in subclause (i) of this clause (b), and acknowledging and agreeing to be bound by the terms of this Agreement (including, without limitation,
Section 24 hereof) with respect to such Derivative Obligation. 
  

	 	(c)	Notwithstanding anything to the contrary herein, no Secured Derivative Obligation (including any Existing Secured Derivative Obligation) shall be designated as a First Secured
Derivative Obligation hereunder unless (and the Company shall certify in the relevant Additional Secured Obligation Certificate or Existing Secured Derivative Certificate, as the case may be, that): (i) as of the date such Derivative Obligation is
entered into (or, in the case of an Existing Secured Derivative Obligation, as of the Effective Date), after giving effect to its designation as a First Secured Derivative Obligation hereunder), the aggregate Mark-to-Market Value of all Secured
Derivative Obligations then currently designated as First Secured Derivative Obligations together with all Secured Derivative Obligations (as defined in the U.S. Security Agreement) then currently designated as First Secured Derivative Obligations
(as defined in the U.S. Security Agreement) shall not exceed US$50,000,000, and (ii) at or prior to the time the relevant Derivative Contract was executed (or, in the case of any Existing Secured Derivative Obligation, on or prior to the Effective
Date), the Canadian Grantor party thereto and the Lender or Lender Affiliate party thereto expressly agreed in writing that such Derivative Obligation would be designated as a First Secured Derivative Obligation entitled to the benefits of the
Canadian Security Documents. 

  
 SECTION 24. SHARING PROVISIONS

  
 In accepting the benefits of and agreeing to be bound by
the provisions of this Agreement, each holder of a Secured Derivative Obligation agrees to be bound by the provisions of Section 9.04 of the Credit Agreement with respect to any payment such holder may receive (whether by exercising any right of
set-off or counterclaim or otherwise), as if such holder of a Secured Derivative Obligation were a Lender under Section 9.04, and as if the Mark-to-Market Value of its First Secured Derivative Obligations (if any) were principal then due with
respect to a Loan (and Section 9.04 of the Credit Agreement shall apply, mutatis mutandis, to the obligations of the holders of Secured Derivative Obligations under this Agreement). 
  
 SECTION 25. COUNTERPARTS 
  
 This Agreement may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  
 [This page is intentionally left blank.] 

			
	- 36 -	  	EXECUTION COPY

  

 The parties have executed this Agreement. 
  

			
	INTEGRIS METALS LTD.
		
	By:	 	 /S/ VIRGINIA M. DOWLING

	Name:	 	Virginia M. Dowling
	Title:	 	Secretary
		
	By:	 	 /S/ TERENCE R. ROGERS

	Name:	 	Terence R. Rogers
	Title:	 	Vice-President, Finance
	
	RYERSON TULL CANADA, INC.
		
	By:	 	 /S/ VIRGINIA M. DOWLING

	Name:	 	Virginia M. Dowling
	Title:	 	Secretary
		
	By:	 	 /S/ TERENCE R. ROGERS

	Name:	 	Terence R. Rogers
	Title:	 	Treasurer
	
	1336963 ONTARIO INC.
		
	By:	 	 /S/ VIRGINIA M. DOWLING

	Name:	 	Virginia M. Dowling
	Title:	 	Secretary
		
	By:	 	 /S/ TERENCE R. ROGERS

	Name:	 	Terence R. Rogers
	Title:	 	Treasurer

			
	- 37 -	  	EXECUTION COPY

  

			
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 /S/ JPMORGAN CHASE BANK, N.A.

	 	 	 
	 	 	 

 EXECUTION COPY 
  
 Schedule 1 – Existing Secured Derivatives Obligations 
  

[To be attached]. 
  

 Exh. - 1 

 EXECUTION COPY 
  
 Exhibit A – Canadian Security Agreement Supplement 
  
 Canadian Security Agreement Supplement dated as of             ,
            , between [NAME OF Canadian Grantor] (the “Canadian Grantor”) and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), as Collateral Agent.

  
 WHEREAS, Integris Metals Ltd., Ryerson Tull Canada, Inc. (the
“Canadian Borrowers”) the Canadian Subsidiary Guarantors party thereto and JPMorgan Chase Bank N.A., as Collateral Agent, are parties to an Amended and Restated Canadian Guarantee and Security Agreement dated as of January 4, 2005
(as heretofore amended and/or supplemented, the “Canadian Security Agreement”) under which the Canadian Borrowers secure certain of their and certain other Canadian Grantors’ obligations (the “Secured
Obligations”) and the Canadian Subsidiary Guarantors guarantee the Secured Obligations and secure their respective guarantees thereof; 
  
 WHEREAS, the Canadian Grantor [desires to become] [is] a party to the Canadian Security Agreement as a Canadian Subsidiary Guarantor thereunder1; and 
  
 WHEREAS, terms defined in the Canadian Security Agreement (or whose definitions are incorporated by reference in Section 1 of the Canadian Security Agreement) and not
otherwise defined herein have, as used herein, the respective meanings provided for therein; 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	(1)	Secured Canadian Guarantee.2 The Canadian
Grantor unconditionally guarantees to the Collateral Agent for the benefit of the Secured Parties, the full and punctual payment of each Secured Obligation when due (whether at stated maturity, upon acceleration or otherwise). The Canadian Grantor
acknowledges that, by signing this Canadian Security Agreement Supplement and delivering it to the Collateral Agent, the Canadian Subsidiary Guarantor becomes a “Canadian Subsidiary Guarantor” and “Canadian Grantor” for all
purposes of the Canadian Security Agreement and that its obligations under the foregoing Secured Canadian Guarantee are subject to all the provisions of the Canadian Security Agreement (including those set forth in Section 2 thereof) applicable to
the obligations of a Canadian Subsidiary Guarantor thereunder. 

  

	(2)	Grant of Canadian Transaction Liens. 

  

	 	(a)	In order to secure [its Secured Canadian Guarantee]3 [the Secured Canadian Obligations]4, the Canadian Grantor grants to the Collateral Agent for the
benefit 

  

	1	If the Canadian Grantor is a Canadian Borrower, delete this recital and paragraph (1) hereof. 

	2	Delete this paragraph if the Canadian Grantor is a Canadian Borrower or a Canadian Subsidiary Guarantor that is already a party to the Canadian Security Agreement.

	3	Delete bracketed words if the Canadian Grantor is a Canadian Borrower. 

  

 Exh. A - 1 

 EXECUTION COPY 
  
 of the Secured Parties a continuing security interest in all the following property of the Canadian Grantor, whether now owned or existing or hereafter
acquired or arising and regardless of where located (the “New Collateral”): 
  
 [describe property being added to the Canadian Collateral] 
  

	 	(b)	With respect to each right to payment or performance included in the New Collateral from time to time, the Canadian Transaction Lien granted therein includes a continuing security
interest in all right, title and interest of the Canadian Grantor in and to (A) any Supporting Obligation that supports such payment or performance and (B) any Lien that (x) secures such right to payment or performance or (y) secures any such
Supporting Obligation. 

  

	 	(c)	The foregoing Canadian Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or
modify, any obligation or liability of the Canadian Grantor with respect to any of the New Collateral or any transaction in connection therewith. 

  

	(3)	Party to Security Agreement. Upon delivering this Canadian Security Agreement Supplement to the Collateral Agent, the Canadian Grantor will become a party to the Canadian
Security Agreement and will thereafter have all the rights and obligations of a Canadian Subsidiary Guarantor and a Canadian Grantor thereunder and be bound by all the provisions thereof as fully as if the Canadian Grantor were one of the original
parties thereto.5 

  

	(4)	Address of Canadian Grantor. The address, facsimile number and e-mail address of the Canadian Grantor for purposes of Section 15(b) of the Security Agreement are:

  
 [address, facsimile number and e-mail address
of Canadian Grantor] 
  

	(5)	Representations and Warranties. 

  

	 	(a)	The Canadian Grantor is a [corporation] duly organized, validly existing and in good standing under the laws of [jurisdiction of organization]. 

  

	 	(b)	The Canadian Grantor has delivered a Perfection Certificate to the Collateral Agent. The information set forth therein is correct and complete as of the date hereof.

  

	 	(c)	The execution and delivery of this Canadian Security Agreement Supplement by the Canadian Grantor and the performance by it of its obligations under the Canadian Security Agreement
as supplemented hereby are within its corporate or other powers, have been duly authorized by all necessary corporate or other 

  

	4	Delete bracketed words if the Canadian Grantor is a Canadian Subsidiary Guarantor. 

	5	Delete paragraphs (3) and (4) if the Canadian Grantor is already a party to the Canadian Security Agreement. 

  

 Exh. A - 2 

 EXECUTION COPY 
  

	 	    	action, require no action by or in respect of, or filing with, any governmental body, agency or official (other than the filing of PPSA financing statements and registration of the
Canadian Hypothec in the applicable registry offices in Quebec, if applicable, as contemplated by the above Perfection Certificate) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its
organizational documents, or agreement, judgment, injunction, order, decree or other instrument binding upon it or result in the creation or imposition of any Lien (except a Canadian Transaction Lien) on any of its assets. 

 

	 	(d)	The Canadian Security Agreement as supplemented hereby constitutes a valid and binding agreement of the Canadian Grantor, enforceable in accordance with its terms, except as limited
by (A) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (B) general principles of equity. 

  

	 	(e)	Each of the representations and warranties set forth in Section 4 of the Canadian Security Agreement is true as applied to the Canadian Grantor and the New Collateral. For purposes
of the foregoing sentence, references in said Sections to a “Canadian Grantor” shall be deemed to refer to the Canadian Grantor, references to the Schedules to the Canadian Security Agreement shall be deemed to refer to the corresponding
Schedules to this Canadian Security Agreement Supplement, references to “Canadian Collateral” shall be deemed to refer to the New Collateral, and references to the “Effective Date” shall be deemed to refer to the date on which
the Canadian Grantor signs and delivers this Canadian Security Agreement Supplement. 

  

	(6)	Governing Law. This Canadian Security Agreement Supplement shall be construed in accordance with and governed by the laws of the Province of Ontario and the laws of Canada
applicable therein. 

  
 IN WITNESS WHEREOF, the parties hereto have
caused this Canadian Security Agreement Supplement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	[NAME OF CANADIAN GRANTOR]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Exh. A - 3 

 EXECUTION COPY 
  

			
	JPMORGAN CHASE BANK, N.A. as Collateral
Agent
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Exh. A - 4 

			
	 	  	EXECUTION COPY

  

 Exhibit B – Perfection Certificate 
  
 The undersigned is a duly authorized officer of [NAME OF CANADIAN GRANTOR] (the
“Canadian Grantor”). With reference to the Canadian Guarantee and Security Agreement dated as of August 26, 2002 and amended and restated as of January 4, 2005 among Integris Metals Ltd., Ryerson Tull Canada, Inc., the Canadian
Subsidiary Guarantors party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent (terms defined therein being used herein as therein defined), the undersigned certifies to the Collateral Agent and each other Secured Party as follows:

  

	A.	Information Required for Filings and Searches for Prior Filings. 

  

	 	1.	Jurisdiction of Organization. The Canadian Grantor is a [corporation] organized under the laws of ___________. 

  

	 	2.	Name. The exact [corporate] name of the Canadian Grantor as it appears in its [certificate of incorporation] is as follows: 

  

	 	3.	Prior Names. 

  

	 	(a)	Set forth below is each other [corporate] name that the Canadian Grantor has had during the past three (3) years together with the date of the relevant change:

  

	 	(b)	Except as set forth in Schedule      hereto, the Canadian Grantor has not changed its corporate structure6 in any way within the past three (3) years. 

  

	 	(c)	None of the Canadian Grantor’s Collateral was acquired from another Person within the past three (3) years, except: 

  

	 	(i)	property sold to the Canadian Grantor by another Person in the ordinary course of such other Person’s business; 

  

	 	(ii)	property with respect to which the Canadian Transaction Liens are to be perfected by taking possession or control thereof; or 

  

	 	(iii)	property acquired in transactions described in Schedule      hereto. 

	6	Changes in corporate structure would include mergers and consolidations, as well as any change in the Canadian Grantor’s form of organization. If any such
change has occurred, include in Schedule      the information required by Part A of this certificate as to each constituent party to a merger or consolidation and any other predecessor organization.

  
 Exh. B - 1 

			
	 	  	EXECUTION COPY

  

	B.	Additional Information Required for Searches for Prior Filings. 

  

	1.	Current Locations. 

  

	 	(a)	The chief executive office of the Canadian Grantor is located at the following address: 

  

			
	 Mailing Address
	 	Province

  

	 	(b)	The domicile of the Canadian Grantor under the laws of the Province of Quebec is: 

  

			
	 Mailing Address
	 	Province

  
 The Canadian Grantor
[does] [does not] have a place of business in another province. 
  

	 	(c)	The following are all of the places of business of the Canadian Grantor not identified above: 

  

			
	 Mailing Address
	 	Province

  

	 	(d)	The following are all the locations not identified above where the Canadian Grantor maintains any Inventory: 

  

			
	 Mailing Address
	 	Province

  

	 	(e)	The following are the names and addresses of all Persons (other than the Canadian Grantor) that have possession of any of the Canadian Grantor’s Inventory:

  

			
	 Mailing Address
	 	Province

  
 Exh. B - 2

			
	 	  	EXECUTION COPY

  

 IN WITNESS WHEREOF, I have hereunto set my hand this      day of
            ,          
  

			
	[COMPANY NAME]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Exh. B - 3

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