Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

Omnibus Amendment No. 3 

OMNIBUS AMENDMENT NO. 3 

[Amendment No. 4 to RSA, 

Amendment No. 4 to Performance Undertaking 

and 
 Amendment No. 6
to Receivables Purchase Agreement] 
 THIS OMNIBUS AMENDMENT NO. 3 (this
“Amendment”) is entered into as of June 23, 2017 but is retroactively effective as of June 1, 2017 (the “Effective Date”), by and among Commercial Metals Company, a
Delaware corporation, individually (“CMC”), as the initial Servicer (the “Servicer”) and as provider of the Performance Undertaking (in such capacity, the
“Performance Guarantor”), CMC Cometals Processing, Inc., a Texas corporation (“Cometals Processing”), Structural Metals, Inc., a Texas corporation
(“SMI”), CMC Steel Fabricators, Inc., a Texas corporation (“CMC Steel”), SMI Steel LLC, an Alabama limited liability company (previously known as SMI Steel Inc., an Alabama corporation)
(“SMI Steel”), AHT, Inc., a Pennsylvania corporation (“AHT”), Owen Electric Steel Company of South Carolina, a South Carolina corporation (“Owen Electric” and,
together with all of the foregoing, the “Originators”), CMC Receivables, Inc., a Delaware corporation (the “SPE”), Wells Fargo Bank, N.A., a national banking association
(“WFB” or a “Committed Purchaser”), Coöperatieve Rabobank U.A. (“Rabobank” or a “Committed
Purchaser”), Nieuw Amsterdam Receivables Corporation B.V. (“Nieuw Amsterdam” or a “Conduit Purchaser”
and, together with the Committed Purchasers, the “Purchasers”), Coöperatieve Rabobank U.A. in its capacity as administrator of the Funding Group (in such capacity, together with its
successor and assigns in such capacity, the “Nieuw Amsterdam Administrator”), and WFB in its capacity as administrative agent for the Purchasers (in such capacity, together with its successors and
assigns in such capacity, the “Administrative Agent”). 
 Preliminary Statements 

A.    The Originators and the SPE are parties to that certain Receivables Sale Agreement dated as of
April 5, 2011 (as amended, restated, or modified from time to time, the “Sale Agreement”). 

B.    The Performance Guarantor and the SPE are parties to that certain Performance Undertaking dated as of
April 5, 2011 (as amended, restated, or modified from time to time, the “Performance Undertaking”). 

C.     The SPE, the Servicer, the Purchasers, the Nieuw Amsterdam Administrator and the Administrative
Agent are parties to that certain Receivables Purchase Agreement, dated as of April 5, 2011 (as amended, restated, or modified from time to time, the “Purchase Agreement”). 

D.    The Purchasers desire to sell the Specified Receivables (as defined below) and the Related Security
to the SPE for resale to the applicable Originator pursuant to the terms of this Amendment. 
 E.    As
of the Effective Date, Cometals Processing wishes to withdraw as an Originator under the Sale Agreement and to cease selling its Receivables and Related Security to the SPE, and to repurchase all Receivables and Related Security it has previously
sold to the SPE that remain unpaid (in whole or in part) as of the Effective Date. 

  
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 Omnibus Amendment No. 3 

 

 F.     As of the Effective Date, CMC wishes (1) to
cease selling to the SPE all Receivables originated by its Cometals Steel operating division designated in the Records of the Servicer as Oracle company code 50 and its Cometals operating division designated in the Records of the Servicer as Oracle
company code 30, and (2) to repurchase all Receivables and Related Security it has previously sold to the SPE that are designated in the Records of the Servicer as having been originated by Oracle company codes 30 and 50 and remain unpaid (in
whole or in part) as of the Effective Date. 
 G.     CMC Steel, CMC, the SPE, the Servicer, the
Purchasers, the Nieuw Amsterdam Administrator and the Administrative Agent wish to acknowledge, confirm and clarify that only Receivables originated by its CMC Steel Arkansas, CMC Steel Arizona, CMC Southern Post TX, CMC Southern Post UT and CMC
Southern Post SC operating units designated in the Records of the Servicer as SAP company codes 1100, 1100, 1200, 1200 and 1200, respectively, and profit centers 1020, 1055, 2112, 2132 and 2142, respectively (the Receivables originated by such
profit centers, the “Included Fab Receivables” and all other receivables originated by CMC Steel’s other profit centers, the “Excluded Fab Receivables”) have been and shall be sold to the SPE.

 H.    The SPE and the Originators have requested that the Administrative Agent, the Nieuw Amsterdam
Administrator and the Purchasers consent to the transfer and sale of the Specified Receivables by the SPE to the applicable Originator. 

I.    The applicable parties hereto desire (1) to amend the Sale Agreement, the Performance
Undertaking and the Purchase Agreement, (2) transfer the Specified Receivables from the Administrative Agent, on behalf of the Purchasers, to the SPE, (3) transfer the Specified Receivables from the SPE to the applicable Originator,
(4) consent to transfer of the Specified Receivables and (5) effect certain other amendments, in each case, on the terms and subject to the conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used and not otherwise defined herein are used with the meanings
attributed thereto in the Agreements. 
 2.    Amendments. Effective as of the Effective Date: 

2.1.    Cometals Processing hereby withdraws as an Originator under the Sale Agreement and ceases selling
its Receivables (the “Code 33 Receivables”) and Related Security to the SPE. 

2.2.    The Sale Agreement is hereby amended to delete references to “CMC Cometals Processing,
Inc.” and “Cometals Processing” therein from and after the Effective Date. 

  
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 Omnibus Amendment No. 3 

 

 2.3.    The Sale Agreement is hereby amended by adding
the following as a new Section 7.14: 
  

	 	7.14	Intercreditor Agreement. 

 Each of the Originators and the Buyer agrees
that (x) none of CMC, CMC Steel, the Buyer or any Servicer shall be in breach of any representation or warranty or in violation of any covenant (including any negative pledge or similar covenant) under the Transaction Documents as a result of
such party’s acknowledgment of and agreement to the Intercreditor Agreement and (y) no Adverse Claim is created by the Intercreditor Agreement. 

2.4.    CMC hereby ceases selling to the SPE that portion of its Receivables originated by its Cometals
Steel operating division that are designated in the Records of the Servicer as Oracle company code 50 (the “Code 50 Receivables”), together with all Related Security associated therewith. 

2.5.    CMC hereby ceases selling to the SPE that portion of its Receivables originated by its Cometals
operating division that are designated in the Records of the Servicer as Oracle company code 30 (the “Code 30 Receivables”, and together with the Code 33 Receivables and the Code 50 Receivables, the
“Specified Receivables”), together with all Related Security associated therewith. 

2.6.    Exhibit II to the Sale Agreement is hereby amended and restated in its entirety to read as set
forth in Annex I hereto. 
 2.7.    The definition of “Subsidiary Originators” in the
Performance Undertaking is hereby amended to delete references to “CMC Cometals Processing, Inc.” and “Cometals Processing” therein from and after the Effective Date. 

2.8.    Section 6.2(c) of the Purchase Agreement is hereby amended to insert the following new sentence
after the first sentence thereof: 
 In the event that the instruments and cash being collected in the Lock-Boxes and Lock-Box Accounts that do not constitute Collections exceed 45% of total Collections for each of three (3) consecutive calendar months, the Administrative Agent may notify (and, at the direction of the Required
Purchasers, will notify) the Seller Parties to direct such instruments and cash to be paid into lock-boxes and lock-box accounts into which no Collections are flowing, and the Seller Parties to establish such
new lock-boxes and lock-box accounts, and to notify the obligors on the applicable receivables to make payments to such new lock-boxes and lock-box accounts, as soon as
practicable and in any event within 45 days after receipt of such notice. 
 2.9.    All references in
the Purchase Agreement to “(other than Receivables originated by Cometals Steel)”, “(other than a Receivable originated by Cometals Steel)”, “(other than Cometals Steel)” and “(other than those originated by
Cometals Steel)” are hereby deleted in their entirety. 

  
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 Omnibus Amendment No. 3 

 

 2.10.    Delete “Cometals Steel or” from clause
(a)(i) of the definition of Eligible Receivable in Exhibit I of the Purchase Agreement. 

2.11.    Delete the definition “Cometals Steel” in Exhibit I of the Purchase Agreement. 

2.12.    Exhibit I to the Purchase Agreement is hereby amended by adding the following definitions in the
appropriate alphabetical order: 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “EEA Financial Institution” means
any Purchaser, the Nieuw Amsterdam Administrator or the Administrative Agent that is (a) a credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an
institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Intercreditor Agreement” has the meaning specified in Section 12.17. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down
and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 Omnibus Amendment No. 3 

 

 2.13.    The Purchase Agreement is hereby amended by
adding the following as new Sections 12.16 and 12.17: 
 12.16 Acknowledgment and Consent to Bail-In of EEA Financial Regulations. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable:

 (i) a reduction, in full or in part, of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any EEA Resolution Authority. 
 12.17 Intercreditor Agreement. Each of the Purchasers hereby authorizes and directs
the Administrative Agent to enter into an intercreditor agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”) with Bank of America, N.A., as administrative agent
for various lenders, with respect to the Excluded Fab Receivables (as defined in Omnibus Amendment No. 3 to this Purchase Agreement and certain other Transaction Documents), in form and substance satisfactory to the Administrative Agent, and
agrees to be bound by the terms thereof with the same force and effect as if such Purchaser were a direct party thereto. Each of the Administrative Agent, the Purchasers and the Nieuw Amsterdam Administrator agrees that (x) none of CMC, CMC
Steel, the Seller or any Servicer shall be in breach of any representation or warranty or in violation of any covenant (including any negative pledge or similar covenant) under the Transaction Documents as a result of such party’s
acknowledgment of and agreement to the Intercreditor Agreement and (y) no Adverse Claim is created by the Intercreditor Agreement. 

  
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 Omnibus Amendment No. 3 

 

 2.14.    Schedule C to the Purchase Agreement is hereby
amended and restated in its entirety to read as set forth in Annex II hereto. 
 3.    Effect of Amendments;
Sale. 
 3.1.    Except as specifically amended hereby, each of the Agreements shall remain unaltered
and in full force and effect. This Amendment shall not constitute a novation of the Agreements, but shall constitute an amendment to the Agreements as noted above. The parties hereto agree to be bound by the terms and conditions of the Agreements,
as amended hereby, as though such terms and conditions were set forth in full herein. 
 3.2.    On the
Effective Date, in consideration for the purchase price of $6,719,000.00, the Administrative Agent, on behalf of the Purchasers, hereby sells, assigns, transfers, sets-over and otherwise conveys to the SPE, without representation, recourse or
warranty of any kind, and the SPE hereby purchases from the Administrative Agent, without representation, recourse or warranty of any kind, all of the Administrative Agent’s and the Purchasers’ right, title and interest in and to all Code
33 Receivables, whether existing as of the close of business on the eve of the Effective Date or thereafter arising, together, in each case, with all Related Security relating thereto and all Collections thereof, and the Administrative Agent and the
Purchasers hereby release any ownership or security interest therein and any claims with respect thereto or Cometals Processing or CMC in connection therewith under the Performance Undertaking. 

3.3.    On the Effective Date, in consideration for the purchase price of $6,584,620.00, the SPE hereby
sells, assigns, transfers, sets-over and otherwise conveys to Cometals Processing, without representation, recourse or warranty of any kind, and Cometals Processing hereby purchases from the SPE, without representation, recourse or warranty of any
kind, all of the SPE’s right, title and interest in and to all Code 33 Receivables, whether existing as of the close of business on the eve of the Effective Date or thereafter arising, together, in each case, with all Related Security relating
thereto and all Collections thereof, and the SPE hereby releases any ownership or security interest therein. 

3.4.    On the Effective Date, in consideration for the purchase price of $40,444,000.00, the
Administrative Agent, on behalf of the Purchasers, hereby sells, assigns, transfers, sets-over and otherwise conveys to the SPE, without representation, recourse or warranty of any kind, and the SPE hereby purchases from the Administrative Agent,
without representation, recourse or warranty of any kind, all of the Administrative Agent’s and the Purchasers’ right, title and interest in and to all Code 30 Receivables, whether existing as of the close of business on the eve of the
Effective Date or thereafter arising, together, in each case, with all Related Security relating thereto and all Collections thereof, and the Administrative Agent and the Purchasers hereby release any ownership or security interest therein and any
claims with respect thereto or CMC in connection therewith under the Performance Undertaking. 

3.5.    On the Effective Date, in consideration for the purchase price of $39,635,120.00, the SPE hereby
sells, assigns, transfers, sets-over and otherwise conveys to CMC, without representation, recourse or warranty of any kind, and CMC hereby purchases from the SPE, without representation, recourse or warranty of any kind, all of the SPE’s
right, title and interest in and to all Code 30 Receivables, whether existing as of the close of business 

  
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 Omnibus Amendment No. 3 

 

 
on the eve of the Effective Date or thereafter arising, together, in each case, with all Related Security relating thereto and all Collections thereof, and the SPE hereby releases any ownership
or security interest therein. 
 3.6.    On the Effective Date, in consideration for the purchase price
of $43,221,949.21, the Administrative Agent, on behalf of the Purchasers, hereby sells, assigns, transfers, sets-over and otherwise conveys to the SPE, without representation, recourse or warranty of any kind, and the SPE hereby purchases from the
Administrative Agent, without representation, recourse or warranty of any kind, all of the Administrative Agent’s and the Purchasers’ right, title and interest in and to all Code 50 Receivables, whether existing as of the close of business
on the eve of the Effective Date or thereafter arising, together, in each case, with all Related Security relating thereto and all Collections thereof, and the Administrative Agent and the Purchasers hereby release any ownership or security interest
therein and any claims with respect thereto or CMC in connection therewith under the Performance Undertaking. 

3.7.    On the Effective Date, in consideration for the purchase price of $42,357,510.23, the SPE hereby
sells, assigns, transfers, sets-over and otherwise conveys to CMC, without representation, recourse or warranty of any kind, and CMC hereby purchases from the SPE, without representation, recourse or warranty of any kind, all of the SPE’s
right, title and interest in and to all Code 50 Receivables, whether existing as of the close of business on the eve of the Effective Date or thereafter arising, together, in each case, with all Related Security relating thereto and all Collections
thereof, and the SPE hereby releases any ownership or security interest therein. 
 3.8.    Each of the
applicable parties hereto agrees that the purchase price paid for the applicable Specified Receivables in each of Sections 3.2 through 3.7 above represents the fair market value of such Specified Receivables on the Effective Date. 

3.9.    Payment of the purchase price for the Specified Receivables from the SPE to the Administrative
Agent, on behalf of the Purchasers, shall be made by reducing the unpaid Deferred Purchase Price owed by the Administrative Agent, on behalf of the Purchasers, to the SPE by the amounts specified in Sections 3.2, 3.4 and 3.6. 

3.10.    Payment of the purchase price for the Specified Receivables from the applicable Originator to the
SPE shall be made by decreasing the principal amount outstanding under such Originator’s Subordinated Note by the amount specified in Sections 3.3, 3.5 and 3.7, as applicable. 

3.11.    Upon payment of the purchase price by Cometals Processing pursuant to Section 3.3 above, the
Subordinated Note of Cometals Processing shall be deemed to be paid in full and satisfied and marked as “cancelled” by the Servicer. 

3.12.    On the Effective Date, after giving effect to the sales and releases contemplated in Sections 3.2,
3.4 and 3.6 above, the SPE is hereby authorized and directed to file one or more UCC1 or UCC3 financing statements, in form reasonably satisfactory to the Administrative Agent and its counsel, evidencing such sales and releases. 

  
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 Omnibus Amendment No. 3 

 

 4.    Representations and Warranties. In order to induce
the SPE to enter into this Amendment and the Administrative Agent to consent hereto, each of the Originators hereby represents and warrants that (a) its execution and delivery of this Amendment is within its corporate or limited liability
company powers and authority and has been duly authorized by all necessary corporate or limited liability company action on its part, (b) this Amendment has been duly executed and delivered by it, (c) each of its representations and
warranties set forth in Article II of the Sale Agreement is true and correct on and as of the Effective Date as though made on and as of each such date, except to the extent such representations and warranties expressly relate to an earlier date, in
which case each of such representations and warranties remains true and correct in all material respects as of such earlier date, and (d) after giving effect to the provisions of Section 2 above, no event has occurred and is continuing
that will constitute a Termination Event or an Unmatured Termination Event on and as of the Effective Date. 

5.    Consents. Each of the Administrative Agent, the Nieuw Amsterdam Administrator and the Purchasers
consents to the sale and transfer of the Specified Receivables by the SPE to the applicable Originator in accordance with Section 3 hereof. 

6.    Covenants. Each of the Administrative Agent and the SPE hereby agrees to (a) reflect the sales
effected pursuant to Sections 3.2 through 3.7 above in their books and records and note in their respective financial statements that such Specified Receivables have been absolutely sold to the applicable Originator, (b) promptly transfer, or
cause the Servicer to transfer, any collections and other amounts received by the Administrative Agent or the SPE, as applicable, in respect of any Specified Receivables or Related Security relating thereto to the applicable Originator and
(c) take such other action requested by the applicable Originator, from time to time hereafter, that may be necessary or appropriate to ensure that such Originator and its assigns has an enforceable ownership interest in the applicable
Specified Receivables and Related Security relating thereto. 
 7.    Acknowledgment regarding CMC Steel
Receivables. CMC Steel, CMC, the SPE, the Servicer, the Purchasers, the Nieuw Amsterdam Administrator and the Administrative Agent hereby acknowledge and confirm that only Receivables originated by CMC Steel that are Included Fab
Receivables (and no Excluded Fab Receivables) have been sold to the SPE or to the Administrative Agent on behalf of the Purchasers. 

8.    Conditions Precedent. Effectiveness of this Amendment is subject to the satisfaction of each of the
following conditions precedent on or prior to the Effective Date: 
 8.1.    The Administrative Agent
shall have received counterparts of this Amendment, duly executed by each of the parties hereto. 

8.2.    The Administrative Agent shall have received counterparts of an intercreditor agreement executed by
itself and Bank of America, N.A., as administrative agent for various lenders, with respect to the Excluded Fab Receivables, in form and substance satisfactory to the Administrative Agent. 

8.3.    Each of the representations and warranties contained in Section 4 of this Amendment
shall be true and correct as of the Effective Date. 

  
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 Omnibus Amendment No. 3 

 

 9.    Miscellaneous. 

9.1.    GOVERNING LAW. AS TO ITS IMPACT ON EACH OF THE AGREEMENTS AMENDED HEREBY, THIS AMENDMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SAME LAWS THAT GOVERN SUCH AGREEMENT. 

9.2.    CONSENT TO JURISDICTION. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENTS, THIS AMENDMENT OR ANY DOCUMENT
EXECUTED BY ANY PARTY PURSUANT TO THE AGREEMENTS OR THIS AMENDMENT, AND EACH PARTY HERETO IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY PARTY HERETO (OR ITS ASSIGNS) TO BRING PROCEEDINGS
AGAINST ANY OTHER PARTY HERETO IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH THE SALE AGREEMENT, THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ANY PARTY HERETO PURSUANT TO AN AGREEMENT OR THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 

9.3.    WAIVER OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, THE AGREEMENTS, EACH
OTHER TRANSACTION DOCUMENT, ANY DOCUMENT EXECUTED BY ANY OF THE PARTIES PURSUANT TO THE ANY AGREEMENT, THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 

9.4.    Integration; Binding Effect. This Amendment and each other Transaction Document contain the
final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all
prior oral or written understandings. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). 

9.5.    Counterparts; Severability. This Amendment may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment. To the fullest extent permitted by applicable
law, delivery of an executed counterpart of a signature page of this Amendment by telefacsimile or electronic image scan transmission (such as a “pdf” file) will be effective to the same extent as delivery of a manually executed original
counterpart of this Amendment. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such 

  
 9 

 Omnibus Amendment No. 3 

 

 
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

9.6.    Reaffirmation. Except as expressly modified herby, each of the Agreements is hereby ratified
and remains unaltered and in full force and effect. 
 <Signature pages follow> 

  
 10 

 Omnibus Amendment No. 3 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

			
	CMC RECEIVABLES, INC.
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 1 

 Omnibus Amendment No. 3 

 

 COMMERCIAL METALS COMPANY, as an Originator and as Performance Guarantor 

 

			
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer and VP Financial Planning & Analysis

  
 Signature Page 2 

 Omnibus Amendment No. 3 

 

			
	CMC COMETALS PROCESSING, INC.
		
	By:	 	 /s/ William M. Gooding

	Name:	 	William M. Gooding
	Title:	 	Assistant Treasurer

  
 Signature Page 3 

 Omnibus Amendment No. 3 

 

			
	STRUCTURAL METALS, INC.
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 4 

 Omnibus Amendment No. 3 

 

			
	CMC STEEL FABRICATORS, INC.
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 5 

 Omnibus Amendment No. 3 

 

			
	SMI STEEL LLC
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 6 

 Omnibus Amendment No. 3 

 

			
	OWEN ELECTRIC STEEL COMPANY OF SOUTH CAROLINA
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 7 

 Omnibus Amendment No. 3 

 

			
	AHT, INC.
		
	By:	 	 /s/ Paul J. Lawrence

	Name:	 	Paul J. Lawrence
	Title:	 	Treasurer

  
 Signature Page 8 

 Omnibus Amendment No. 3 

 

			
	WELLS FARGO BANK, N.A., AS A COMMITTED PURCHASER AND AS ADMINISTRATIVE AGENT
		
	By:	 	 /s/ William P. Rutkowski

	Name:	 	William P. Rutkowski
	Title:	 	Director

  
 Signature Page 9 

 Omnibus Amendment No. 3 

 

			
	COÖPERATIEVE RABOBANK U.A., AS A COMMITTED PURCHASER AND AS NIEUW AMSTERDAM
ADMINISTRATOR
		
	By:	 	 /s/ Eugen van Esveld

	Name:	 	Eugen van Esveld
	Title:	 	Managing Director
		
	By:	 	 /s/ Jennifer Vervoorn

	Name:	 	Jennifer Vervoorn
	Title:	 	Director
	
	NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V., AS A CONDUIT PURCHASER
		
	By:	 	 /s/ L. Kuiters

	Name:	 	L. Kuiters
	Title:	 	Proxy Holder A
		
	By:	 	 /s/ P. Geerts

	Name:	 	P. Geerts
	Title:	 	Proxy Holder of Intertrust Management B.V.

  
 Signature Page 10 

 Annex I 

Exhibit II 
 Jurisdiction
of Incorporation; Organizational Identification Number; Principal Places of Business; Chief Executive Office; Locations of Records; Federal Employer Identification Number; Other Names 

 

													
	 Company
	  	FEIN	  	Jurisdiction
of
Organization	  	Organizational
ID Number	  	Principal Place of Business	 	Chief Executive Office
and Location of
Records	  	Other
Names
	CMC Receivables, Inc.	  	75-2942626	  	Delaware	  	3404428	  	6565 N. MacArthur Blvd.
 Suite 1036

Irving, TX 75039
	 	6565 N. MacArthur Blvd.
 Suite 1036

Irving, TX 75039
	  	N/A
							
	Commercial Metals Company	  	75-0725338	  	Delaware	  	406521	  	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A
							
	Structural Metals, Inc.	  	74-1070965	  	Texas	  	9292700	  	1 Steel Mill Drive
 Seguin, TX 78155
	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A
							
	CMC Steel Fabricators, Inc.	  	74-2195234	  	Texas	  	42590700	  	1 Steel Mill Drive
 Seguin, TX 78155
	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A
							
	SMI Steel LLC	  	63-0860755	  	Alabama	  	095-579	  	101 S. 50th Street
 Birmingham, AL 35212
	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A
							
	Owen Electric Steel Company of South Carolina	  	57-0409183	  	South
Carolina	  	N/A	  	310 New State Rd.
Cayce, SC 29033	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A
							
	AHT, Inc.	  	23-2870775	  	Pennsylvania	  	2729876	  	108 Parkway East
 Pell City, AL 35125
	 	6565 N. MacArthur Blvd.
 Suite 800
 Irving, TX
75039
	  	N/A

 Annex II 

Schedule C 
 DIVISIONS

  

			
	 Originator
	  	 Participating Division(s)

	Commercial Metals Company	  	Recycling
		
	AHT, Inc.	  	ALL DIVISIONS
		
	Structural Metals, Inc.	  	ALL DIVISIONS
		
	CMC Steel Fabricators, Inc.	  	Mills
		  	Post Fabrication
		
	SMI Steel LLC	  	Mills
		
	Owen Electric Steel Company of South Carolina	  	ALL DIVISIONSEX-10.4

 Exhibit 10.4 

Execution Version 

INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (this “Agreement”) is entered into as of June 23, 2017, by and between
WELLS FARGO BANK, N.A. (“Wells Fargo” ), in its capacity as administrative agent (the “Securitization Agent”) pursuant to the Purchase Agreement (as defined below) and the other Securitization
Documents (as defined below), and BANK OF AMERICA, N.A. (“BofA”), in its capacity as administrative agent (the “Bank Agent”) pursuant to the Credit Agreement (as defined below) and the other
Loan Documents (as defined below). 
 PRELIMINARY STATEMENTS 

WHEREAS, Commercial Metals Company, a Delaware corporation (“CMC”), and various of its operating
subsidiaries including CMC Steel Fabricators, Inc., a Texas corporation (“CMC Steel”), and CMC Receivables, Inc., a Delaware corporation (the “SPE”), are parties to that certain Receivables Sale
Agreement, dated as of April 5, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”), pursuant to which CMC Steel has sold to the SPE all of its right,
title and interest in, and the SPE has agreed to purchase or accept capital contributions of (among other things), Receivables and Related Security originated by CMC Steel’s CMC Steel Arkansas, CMC Steel Arizona, CMC Southern Post TX, CMC
Southern Post UT and CMC Southern Post SC operating units designated in the Records of the Servicer as SAP company codes 1100, 1100, 1200, 1200 and 1200, respectively, and profit centers 1020, 1055, 2112, 2132 and 2142, respectively (the Receivables
originated by such profit centers and sold or contributed to the SPE pursuant to the Sale Agreement, the “Wells Fargo Fab Receivables”); 

WHEREAS, the SPE, as seller, CMC, as initial servicer (“Servicer”), various purchasers from time to time party
thereto (each, a “Purchaser” and collectively, the “Purchasers”), their administrators, and the Securitization Agent, are parties to that certain Receivables Purchase Agreement, dated as of
April 5, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”) pursuant to which the SPE has sold and, in addition, has granted a security interest to the
Securitization Agent, for the benefit of itself, the Purchasers and the Nieuw Amsterdam Administrator, in all of the SPE’s right, title and interest in, to and under the Pool Assets; 

WHEREAS, CMC and CMC International Finance S.à R.L. (collectively the “Borrowers”), each lender from
time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and the Bank Agent are parties to that certain Fourth Amended and Restated Credit Agreement, dated as of
June 26, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) and the other Loan Documents (as therein defined); 

WHEREAS, pursuant to the Loan Documents, CMC Steel has guaranteed the payment and performance of the Obligations (as defined below) and
secured its guaranty with a pledge of certain assets including the BofA Fab Receivables and the associated Related Security but excluding the Wells Fargo Fab Receivables and the associated Related Security which are sold or contributed to the SPE;
and 

 WHEREAS, the Wells Fargo Fab Receivables and the BofA Fab Receivables are both currently
being paid into the Shared Lock-Boxes, all of which clear through the Shared Lock-Box Account; 

WHEREAS, the Shared Lock-Box Account is subject to that certain Deposit Account Control
Agreement, dated as of April 5, 2011 (as amended, restated, supplemented or otherwise modified or replaced from time to time, the “Deposit Account Control Agreement”), among the SPE, CMC, the Securitization Agent, and
Bank of America, N.A., as depositary bank (the “Depositary Bank”); and 
 WHEREAS, the Securitization Agent,
on behalf of the Purchasers and the Administrators, and the Bank Agent, on behalf of the Secured Parties, wish to set forth certain understandings with respect to the Wells Fargo Fab Receivables and the BofA Fab Receivables and the Shared Lock-Box Account. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
contained herein, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, it is hereby agreed as follows: 

ARTICLE 1 
 DEFINITIONS

 1.01    Construction. The term “Agreement” shall mean this Intercreditor
Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time. As used herein, capitalized terms shall be equally applicable to both the singular and plural forms of such terms. 

1.02    Defined Terms. As used herein, the following capitalized terms shall have the following meanings:

 “Activation Period” has the meaning specified in the Deposit Account Control Agreement. 

“Adverse Claim” means any security interest (as defined in Article 9 of the UCC), mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in assets or property, or other priority or preferential arrangement of any kind or nature whatsoever. 

“Aggregate Unpaids” has the meaning set forth in the Purchase Agreement. 

“BofA Fab Collateral” means the BofA Fab Receivables and the associated Related Security, including the
Collections and proceeds thereof. 
 “BofA Fab Receivables” means all Receivables originated by CMC
Steel (including any division thereof) other than Wells Fargo Fab Receivables. 
 “Collections”
means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such Receivable, including, without limitation, all yield, Finance Charges or other related amounts accruing in respect thereof, and all cash proceeds
of Related Security with respect to such Receivable. 

  
 2 

 “Contract” means, with respect to any Receivable, any and
all instruments, agreements, invoices or other writings pursuant to which such Receivable arises or which evidences such Receivable. 

“Final Payout Date” means the date on which the Aggregate Unpaids have been paid in full and the
commitments under the Purchase Agreement have been terminated. 
 “Finance Charges” means, with
respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 

“Loan Documents” has the meaning specified in the Credit Agreement. 

“Nieuw Amsterdam Administrator” has the meaning specified in the Purchase Agreement. 

“Obligations” has the meaning specified in the Credit Agreement. 

“Obligor” means a Person obligated to make payments pursuant to a Contract. 

“Person” means an individual, partnership, corporation (including a business trust), limited liability
company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Pool Assets” has the meaning specified in the Purchase Agreement after giving effect to the
amendments thereto embodied in Omnibus Amendment No. 3, dated as of the date hereof, but retroactively effective to June 1, 2017. 

“Receivable” means the indebtedness and other obligations owed (at the time it arises, and before
giving effect to any sale, contribution, transfer or grant of a security interest under the Securitization Documents or the Loan Documents) to CMC Steel, whether constituting an account, chattel paper, an instrument or a general intangible, arising
from the sale of goods or provision of services by CMC Steel or a division of CMC Steel and includes, without limitation, the obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations arising from any
one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and
obligations arising from any other transaction. 
 “Records” means, with respect to any Receivable,
all Contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related
Security therefor and the related Obligor. 

  
 3 

 “Related Security” means, with respect to any Receivable:
(i) all right, title and interest (if any) in the goods, the sale of which gave rise to such Receivable, and any and all insurance contracts with respect thereto, (ii) all other Adverse Claims and property subject thereto from time to
time, if any, purporting to secure payment of such Receivable, whether pursuant to the invoice or other Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral
securing such Receivable, (iii) all guaranties, insurance and other supporting obligations, agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the invoice
related to such Receivable or otherwise, (iv) all Records related to such Receivables, and (v) all proceeds of any of the foregoing. 

“Secured Parties” has the meaning provided in the Credit Agreement. 

“Securitization Documents” means, collectively, the Sale Agreement, the Purchase Agreement and all
other “Transaction Documents” as therein defined. 
 “Servicer” means, at any time, the
Person that is then authorized to act as the “Servicer” under the Purchase Agreement. 
 “Shared Lock-Box Account” means account number 4427706967 at Bank of America, N.A. currently maintained in CMC’s name. 

“Shared Lock-Boxes” means each of the following lock-boxes currently maintained in CMC’s name with
BofA: 
  

									
	 REMITTANCE

ADDRESS
	  	CITY	  	STATE	  	ZIP	  	LOCKBOX
NUMBER
	 P.O. BOX 742438
	  	ATLANTA	  	GA	  	30374-2438	  	742438
					
	 P.O. BOX 844579
	  	DALLAS	  	TX	  	75284-4579	  	844579
					
	 P.O. BOX 740960
	  	LOS ANGELES	  	CA	  	90074-0960	  	740960

 “UCC” means the Uniform Commercial Code as in effect from time to time
in the State of New York or, as applicable, in the jurisdiction in which the applicable debtor is organized. 

“Wells Fargo Fab Collateral” means the Wells Fargo Fab Receivables and the associated Related Security,
including the Collections and proceeds thereof. 

  
 4 

 ARTICLE 2 

SHARED LOCK-BOX ACCOUNT 

2.01    Instructions relating to BofA Fab Collateral. 

(a)    Subject to the remaining terms of this Section 2.01, the Securitization Agent agrees to act as
agent for the Bank Agent, on behalf of the Secured Parties, for the purpose of establishing control (as defined in §9-104 of the UCC) over the Shared Lock-Box
Account and any Collections and cash proceeds relating to the BofA Fab Collateral from time to time deposited therein. 

(b)    Notwithstanding any provision to the contrary in the Securitization Documents, following the receipt
by the Securitization Agent of a written notice in the form of Exhibit A that an “Event of Default” under the Credit Agreement has occurred and is continuing, the Securitization Agent shall promptly deliver to the
Depositary Bank the “Notice” referenced in Section 2 of the Deposit Account Control Agreement. The Securitization Agent shall have no duty to inquire or determine whether an “Event of Default” under the Credit Agreement is,
in fact, continuing or whether the Bank Agent is entitled to provide the notice in the form of Exhibit A hereto to the Securitization Agent. 

(c)    Subject to the terms of Section 6.4 of the Purchase Agreement, the Securitization Agent may
deliver to the Depositary Bank the “Notice” referenced in Section 2 of the Deposit Account Control Agreement regardless of the existence or non-existence of an “Event of Default” under
the Credit Agreement. 
 (d)    During the Activation Period, the Securitization Agent will hold (or will
instruct the Depositary Bank to hold) all Collections and cash proceeds from time to time deposited in the Shared Lock-Box Account until the Securitization Agent and the Bank Agent have received written
instructions from the Servicer as to what amount of such Collections and cash proceeds constitutes BofA Fab Collateral and what amount constitutes Wells Fargo Fab Collateral. Promptly after receipt of such written instructions from the Servicer, the
Bank Agent will instruct the Securitization Agent in writing as to what account the BofA Fab Collateral should be wired in accordance with the Loan Documents, and the Securitization Agent will promptly, or will promptly instruct the Depositary Bank
to, initiate such wire. To the extent that the Securitization Agent is not holding the funds representing the Wells Fargo Fab Collateral, the Securitization Agent will promptly instruct the Depositary Bank to wire such funds in accordance with the
Securitization Documents. 
 (e)    The Bank Agent may not instruct the Securitization Agent to withdraw,
transfer or release cash from the Shared Lock-Box Account, or take any other action, except in accordance with the terms of the Loan Documents. 

(f)    The Securitization Agent will not be charged with knowledge of, or be subject to, or be responsible
for complying with, any provisions of the Credit Agreement. The Securitization Agent shall not be responsible, nor be held liable, for (i) any action it takes in compliance with the notice received in accordance with Section 2.01(b), (ii)
any 

  
 5 

 
action it refrains from taking in accordance with Sections 2.01(c) or (d), or (iii) the failure of the Bank Agent or the Servicer to provide instructions with respect to the Collections and
cash proceeds in respect of the BofA Fab Collateral following the occurrence and continuation of an “Event of Default” under the Credit Agreement. 

(g)    The Securitization Agent will not amend , modify or terminate the Deposit Account Control Agreement
without the prior written of the Bank Agent, which consent will not be unreasonably delayed or withheld. 

2.02    Acknowledgment of Security Interest; Relationship between the Parties. Each party hereto
acknowledges and agrees that: 
 (a)    the other claims a security interest in the Shared Lock-Box Account and certain of the instruments and cash balances from time to time therein, 

(b)    any amounts on deposit in the Shared Lock-Box Account in
respect of Collections and proceeds relating to the BofA Fab Collateral will not be available for payment to the Securitization Agent or to the Purchasers or Administrators under the Purchase Agreement; 

(c)    any amounts on deposit in the Shared Lock-Box Account in
respect of Collections and cash proceeds relating to the Wells Fargo Fab Collateral will not be available for payment to the Bank Agent or to the Secured Parties under the Credit Agreement; and 

(d)    if it is determined that either the Securitization Agent, on behalf of the Purchasers, or the Bank
Agent, on behalf of the Secured Parties, receives any payment or distribution in respect of the Receivables in excess of the amount constituting Collections and cash proceeds of their respective collateral, then such payment or distribution shall be
received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the other party, for distribution in accordance with the Purchase Agreement or the Credit Agreement, as applicable. 

2.03    Indemnification. In consideration of the Securitization Agent’s agreement to act as the Bank
Agent’s agent for purposes of perfection of the Bank Agent’s security interest in the Shared Lock-Box Account pursuant to Section 2.01(a), to the extent not indemnified and reimbursed by CMC,
the SPE or the Servicer, the Bank Agent shall indemnify, defend and hold harmless the Securitization Agent against all liabilities, expense, claim, loss, damage or cost of any nature (including but not limited to allocated costs of in-house legal services and other reasonable attorney’s fees) and any other fees and expenses, whether to the Securitization Agent or to third parties (“Losses”) in any way arising out
of or relating to the performance by the Securitization Agent of its duties as such sub-agent, including all costs of settlement of claims. This section does not apply to any Losses solely attributable to
gross negligence or intentional misconduct of the Securitization Agent as determined by a court of competent jurisdiction in a final non-appealable order. The Bank Agent shall pay to the Securitization Agent,
within five Business Days (as defined in the Credit Agreement) after receipt of the Securitization Agent’s invoice, all reasonable and documented out-of-pocket
costs, expenses and outside attorneys’ fees (or, alternatively, reasonably allocated costs for in-house legal services) incurred by the Securitization Agent in connection with the enforcement of this
indemnity against the Bank Agent. 

  
 6 

 2.04    Limitation on Liability of Parties to Each Other.
Except as provided in this Agreement, the Bank Agent shall have no liability to the Securitization Agent, and the Securitization Agent shall have no liability to the Bank Agent, except in each case for liability arising from the gross negligence or
willful misconduct of such party or its representatives as determined by a court of competent jurisdiction in a final, non-appealable judgment. 

2.05    UCC Notices. In the event that any party hereto shall be required by the UCC or any other applicable
law to give notice to the other of intended disposition of notifying party’s collateral, such notice shall be given in accordance with Section 3.01 hereof and ten (10) days’ notice shall be deemed to be commercially reasonable.

 2.06    Bankruptcy Petition. The Bank Agent, on behalf of itself and the Secured Parties and any other
claimant under the Loan Documents, hereby covenants and agrees that prior to the date which is one year and one day after the Final Payout Date, it will not institute against the SPE, cause the SPE to institute against itself or join any other
Person in instituting against the SPE any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States; provided,
however, for avoidance of doubt, nothing contained in this Section 2.06 or elsewhere in this Agreement, shall prohibit the Bank Agent, on behalf of the Secured Parties, from taking any action in any such proceeding to protect any
interests of the Secured Parties in such proceeding, including, but not limited to, the filing of proofs of claims and such other documents as the Bank Agent deems advisable to protect such interests. 

2.07    Amendments to Documents; Information. Each party hereto shall, upon reasonable request of any other
party hereto, provide copies of all modifications or amendments to the Securitization Documents and Loan Documents, as applicable, and copies of all other documentation relevant to the Wells Fargo Fab Collateral or the BofA Fab Collateral. 

2.08    No Contest to Transfers and Liens. Prior to the date that is one year and one day after the Final
Payout Date, neither the Bank Agent nor any of the Secured Parties shall contest or challenge, or join any other Person in contesting or challenging, the sales or contributions of any Wells Fargo Fab Receivables in accordance with the terms of the
Securitization Documents, whether on the grounds that such transfers were disguised financings, preferential transfers, fraudulent conveyances or otherwise. Without limiting the foregoing, neither the Bank Agent nor any of the Secured Parties shall
contest or challenge, or join any other Person in contesting or challenging, the creation, validity, enforceability, priority or perfection of the interest of the SPE, the Purchasers or the Securitization Agent in any of the Wells Fargo Fab
Collateral. In addition, the Bank Agent shall not, nor shall any of the Secured Parties assert that any Borrower or any other Person obligated for all or any portion of the Obligations, on the one hand, and the SPE or any other party to the
Securitization Documents, on the other hand, should be substantively consolidated for purposes of the United States Bankruptcy Code or any analogous requirement of law (domestic or foreign). Without limiting the foregoing, the Bank Agent shall not,
nor shall any of the Secured Parties, seek to prohibit the enforcement of the ownership interest and/or liens of the SPE, the Securitization Agent or the Purchasers in the Wells Fargo Fab Collateral in accordance with the Securitization Documents
and/or the receipt of any payment by the 

  
 7 

 
Securitization Agent or the Purchasers with respect to the Wells Fargo Fab Collateral in accordance with the terms of the Securitization Documents for the satisfaction of the Aggregate Unpaids.
None of the Purchasers or the Securitization Agent shall contest or challenge, or join any other Person in contesting or challenging, the creation, validity, enforceability, priority or perfection of the interest of the Bank Agent in any of the BofA
Fab Collateral. 
 2.09    Continuation in a Bankruptcy Case. Notwithstanding anything to the contrary in
this Agreement but in furtherance hereof, upon the commencement of a case under the Bankruptcy Code by or against CMC or any of its direct or indirect subsidiaries party to the Securitization Documents or the Loan Documents: (a) this Agreement
shall remain in full force and effect and enforceable pursuant to its terms in accordance with Section 510(a) of the Bankruptcy Code, and all references herein to the applicable Person shall be deemed to apply to such Person as a debtor in
possession and to any trustee in bankruptcy for the estate of such Person; and (b) each party hereto shall retain its right to vote its claims and act in any such case under the United States Bankruptcy Code (including the right to vote to
accept or reject any plan of reorganization or liquidation), and hereby agrees not to take any action or vote in any way so as to contest (i) the validity or enforceability of this Agreement or (ii) the relative rights and duties of the
parties hereto granted and/or established herein with respect to such liens. The above provisions shall apply mutatis mutandis to any bankruptcy or analogous proceeding initiated by or against any Person under any other requirement of law (domestic
or foreign and as now or hereafter in effect). 
 2.10    Cooperation. Each of the parties hereto shall
cooperate fully to the end that the terms and provisions of this Agreement may be promptly and fully carried out and shall, from time to time, execute and deliver any and all other agreements, documents or instruments (including without limitation
UCC financing statements and amendments) and take such other actions, all as may be reasonably requested by any other party hereto in order to effectuate the terms of this Agreement. 

2.11    Limitation of Liability. 

(a) The Securitization Agent will not be liable to CMC, the SPE, the Bank Agent or any of the Secured Parties for any expense, claim, loss,
damage or cost (“Damages”) arising out of or relating to its performance under this Agreement other than those Damages which result directly from its acts or omissions constituting negligence or intentional misconduct. 

(b) In no event will any party hereto be liable for any special, indirect, exemplary or consequential damages, including but not limited to
lost profits. 
 (c) The Securitization Agent will be excused from failing to act or delay in acting, and no such failure or delay shall
constitute a breach of this Agreement or otherwise give rise to any liability of the Securitization Agent, if (i) such failure or delay is caused by circumstances beyond the Securitization Agent’s reasonable control, including but not
limited to legal constraint, emergency conditions, action or inaction of governmental, civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or
private or common carrier communications or transmission facilities, equipment failure, or negligence or default of CMC, the SPE, the Bank Agent or any of the Secured Parties or (ii) such failure or delay resulted from the Securitization
Agent’s reasonable belief that the action would have violated any guideline, rule or regulation of any governmental authority. 

  
 8 

 (d) Notwithstanding any of the other provisions in this Agreement, in the event of the
commencement of a case pursuant to Title 11, United States Code, filed by or against CMC or the SPE, or in the event of the commencement of any similar case under then applicable federal or state law providing for the relief of debtors or the
protection of creditors by or against CMC or the SPE, the Securitization Agent may act as the Securitization Agent deems necessary to comply with all applicable provisions of governing statutes and shall not be in violation of this Agreement as a
result. 
 ARTICLE 3 

MISCELLANEOUS 

3.01    Notices. All notices, requests, demands and other communications provided for hereunder shall be in
writing (including telex or telegraphic communications) and shall be sufficient if mailed, sent by overnight delivery service, hand-delivered by messenger or Emailed to the applicable party at the address indicated below: 

 

			
	If to the Securitization Agent:	  	 Wells Fargo Bank, National Association
 1100
Abernathy Road NE
 Suite 1600
 Atlanta, GA 30328

Email: william.rutkowski@wellsfargo.com;

WFCFReceivablesSecuritizationAtlanta@wellsfargo.com

		
	If to the Bank Agent:	  	 Bank of America, N.A.
 Agency Management

900 West Trade Street
 NC1-026-06-03
 Charlotte, NC 28255

Attention: Melissa Mullis
 Telephone: 980.386.9372

Facsimile: 704.409.0617

e-mail: melissa.mullis@baml.com

 or, as to each party, at such other address as shall be designated by such party in a written notice to the other party
complying as to the delivery with the terms of this Section. Except as otherwise expressly provided in this Agreement, all such notices, requests, demands and other communications shall be effective (a) if sent by mail, five
(5) days after deposit in the mails (first class postage paid), (b) if sent by overnight delivery service, one (1) business day after delivery to such overnight delivery service, (c) when sent via electronic mail, when electronic
confirmation of receipt at the Email address(es) noted above is received by the sender, or (d) if delivered by messenger, when delivered to address at the address set forth above. 

3.02    Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the
State of New York (including Section 5-1401 of the General Obligations Laws of the State of New York, but otherwise without regard to conflicts of law provisions). 

  
 9 

 3.04    Effect Upon Loan Documents and Securitization
Documents. By executing this Agreement, each of the Servicer, the SPE and CMC Steel (collectively, the “Seller Parties”) agrees to be bound by the provisions hereof (a) as they relate to the relative rights of the
Bank Agent with respect to the property of CMC Steel, and (b) as they relate to the relative rights of the Securitization Agent as a creditor of the SPE. Each of the Seller Parties acknowledges that the provisions of this Agreement shall not
give such Seller Party any substantive rights as against the Bank Agent or the Lenders and that nothing in this Agreement shall amend, modify, change or supersede the terms of the Loan Documents as between the parties thereto. Each of the Seller
Parties acknowledges that the provisions of this Agreement shall not give it any substantive rights as against the Securitization Agent, or any other parties to the Securitization Documents and that nothing in this Agreement shall amend, modify,
change or supersede the terms of the Securitization Documents as among the parties thereto. Each of the Seller Parties further acknowledges that the provisions of this Agreement shall not give such Seller Party any substantive rights as against any
other party hereto and that nothing in this Agreement shall amend, modify, change or supersede the terms of the Securitization Documents as between the Seller Parties. 

3.05    No Third Party Beneficiaries. This Agreement is solely between the Securitization Agent, on behalf
of itself, the Purchasers and the Administrators, on the one hand, and the Bank Agent, on behalf of itself and the Secured Parties, on the other hand, and no Person except for the Securitization Agent, the Purchasers, the Administrators, the Bank
Agent and the Secured Parties shall have any rights or privileges hereunder either by being a third party beneficiary or otherwise. This Agreement does not constitute a joint venture between the Securitization Agent and the Bank Agent. 

3.06    Complete Agreement. This Agreement constitutes the complete agreement between the parties and
incorporates and sets forth all prior discussions, agreements and representations between the parties in regard to the matters set forth herein and the terms of this Agreement may not be altered, amended or otherwise modified except by a writing
signed by the parties hereto. 
 3.07    Successors and Assigns, Authority. This Agreement shall be
binding upon and inure to the benefit of the respective successors and assigns of each of the parties hereto. The successors and assigns for the Securitization Agent and the Bank Agent, as the case may be, shall include any successor Securitization
Agent and Bank Agent, as the case may be, appointed under the terms of the Loan Documents or the Securitization Documents, as applicable. Each of the Bank Agent and the Securitization Agent, as the case may be, agrees not to transfer any interest it
may have in the Loan Documents or the Securitization Documents unless such transferee has been notified of the existence of this Agreement and has agreed to be bound hereby. In the event that the financing provided under the Credit Agreement shall
be refinanced, replaced or refunded, each of the Seller Parties and the Securitization Agent hereby agrees, at the request of the agent or lenders under the credit facility that so refinances, replaces or refunds the financing under the Credit
Agreement, to execute and deliver a new intercreditor agreement with such agent and/or lenders on substantially the same terms as herein provided. Each of the Bank Agent and the Securitization Agent hereby represents and warrants that it is duly
authorized and empowered to act as an agent hereunder for such other parties to the respective Loan Documents and Securitization Documents. 

  
 10 

 3.08    Submission to Jurisdiction; Venue; Waiver of Jury
Trial. Any legal action or proceeding with respect to this Agreement may be brought in any federal or state court located in the County of New York, State of New York, and by execution and delivery of this Agreement, each of the parties hereto
hereby irrevocably accepts for itself the jurisdiction of such courts. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, to it at the address set out for notices pursuant to Section 3.01 hereof. Each of the parties hereto hereby irrevocably waives any objection which it may now
or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to above and hereby further irrevocably waives and agrees not to plead or
claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO, TO THE EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

3.09    Severability. In the event any one or more of the provisions contained herein shall for any reason
be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 3.10    Counterparts. This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed
counterpart of this Agreement by facsimile transmission or by other electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 11 

 IN WITNESS WHEREOF, the undersigned has executed this document as of the date first above
written. 
  

			
	BANK OF AMERICA, N.A., as Bank Agent
		
	By:	 	 /s/ Maria A. McClain

	Name:	 	Maria A. McClain
	Title:	 	Vice President

 (signatures are continued on next page) 

 
			
	WELLS FARGO BANK, N.A., as Securitization Agent
		
	By:	 	 /s/ William P. Rutkowski

	Name:	 	William P. Rutkowski
	Title:	 	Director

 (signatures are continued on next page) 

			
	Acknowledged and Agreed to:
	
	COMMERCIAL METALS COMPANY
		
	By:	 	 /s/ Paul Lawrence

	Name:	 	Paul Lawrence
	Title:	 	 Treasurer and Vice President,
 Financial
Planning and Analysis

			
	CMC STEEL FABRICATORS, INC.
		
	By:	 	 /s/ Paul Lawrence

	Name:	 	Paul Lawrence
	Title:	 	Treasurer

			
	 CMC RECEIVABLES, INC.

		
	By:	 	 /s/ Paul Lawrence

	Name:	 	Paul Lawrence
	Title:	 	Treasurer

 EXHIBIT A 

NOTICE OF EVENT OF DEFAULT AND DIRECTION TO ACTIVATE DACA 

[Date] 
 Wells Fargo Bank, National Association,
as Securitization Agent 
 1100 Abernathy Road NE 
 Suite 1600

 Atlanta, GA 30328 
 Email:
william.rutkowski@wellsfargo.com; 
 WFCFReceivablesSecuritizationAtlanta@wellsfargo.com 

Re: Commercial Metals Company - Notice of Event of Default and Direction to Activate DACA 

Ladies and Gentlemen: 
 Reference is hereby made
to the Intercreditor Agreement, dated as of June 23, 2017 (as amended, restated, supplemented or otherwise modified from time to time the “Intercreditor Agreement”), by and
between WELLS FARGO BANK, N.A., as Securitization Agent pursuant to that certain Purchase Agreement, dated as of April 5, 2011, by and among CMC Receivables, Inc., a Delaware corporation, Commercial Metals Company, a Delaware
corporation (“CMC”), as Servicer, various Purchasers from time to time party thereto, their Administrators, and the Securitization Agent, as amended, restated, supplemented or otherwise modified from time to time, and BANK
OF AMERICA, N.A., as Bank Agent pursuant to that certain Fourth Amended and Restated Credit Agreement, dated as of June 26, 2014, by and among CMC and CMC International Finance S.à R.L., as the Borrowers, each Lender from time
to time party thereto, and the Bank Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not otherwise defined herein are used with the
meanings attributed thereto in the Intercreditor Agreement. 
 The Securitization Agent is hereby advised that an “Event of
Default” under and as defined in the Credit Agreement exists and is continuing. Accordingly, you are hereby directed to deliver the “Notice” in the form of Exhibit A to the Deposit Account Control Agreement to the Depositary Bank.

  

			
	Very truly yours,
	
	BANK OF AMERICA, N.A., as Bank Agent

  

			
	By:	 	  

	Name:	 	  

	Title:

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