Document:

Intercreditor Collateral Subordination Agreement dated August 12, 2004

  
 Exhibit 4.5 

 
 INTERCREDITOR COLLATERAL SUBORDINATION AGREEMENT 
  
 This Intercreditor Collateral Subordination Agreement, made as of August 12,
2004 (this “Agreement”), is among the Borrowers, the Collateral Agent and the Financing Agent (each as defined below) and the Other Obligors who may become parties to this Agreement from time to time pursuant to and in accordance
with Section 27 of this Agreement. The Collateral Agent and the Financing Agent are sometimes referred to herein collectively as the “Agents” and individually as an “Agent”. Capitalized terms used in this Agreement
and not otherwise defined have the meanings assigned to such terms in the Indenture (as in effect on the date hereof). 
  
 PRELIMINARY STATEMENTS 
  
 1. In connection with that certain Financing Agreement dated as of August 14, 2002 (as the same has been amended, restated, modified or supplemented prior
to the date hereof, the “Existing Financing Agreement”) among Sheffield Steel Corporation, a Delaware corporation (the “Revolving/LC Borrower”), the lenders party thereto (the “Financing Lenders”)
and the CIT Group/Business Credit, Inc. as agent for the Financing Lenders (the “Financing Agent”), the Revolving/LC Borrower has become indebted to the Financing Agent and the Financing Lenders, which indebtedness is secured by a
security interest in all of the Revolving/LC Borrower’s present and future Accounts, Inventory, General Intangibles, Copyrights, Patents, Trademarks, Documents, Chattel Paper, instruments (excluding the Revolving/LC Borrower’s equity
interests in any of its subsidiaries), letter-of-credit rights (as defined in the UCC) (other than those arising from the use, sale, lease or other disposition of the Equipment or Real Property at any time), Investment Property (excluding the
Revolving/LC Borrower’s equity interests in any of its subsidiaries) and the Other Collateral (all as defined in and described in more particularity in the Amended and Restated Pledge and Security Agreement dated as of the date hereof among the
Revolving/LC Borrower and the Financing Agent (as in effect on the date hereof; such agreement as amended, restated, modified or supplemented, the “Revolving/LC Borrower Security Agreement”) (collectively, the “Revolving/LC
Borrower A&I Collateral”). 
  
 2. The Revolving/LC
Borrower has requested, and the Financing Agent and the Financing Lenders have agreed to, amend and restate the Existing Financing Agreement pursuant to that certain Amended and Restated Financing Agreement dated as of the date hereof (as the same
may be amended, restated, modified or supplemented, the “Financing Agreement”) by and among the Revolving/LC Borrower, Sand Springs Railway Company, an Oklahoma corporation (“Term Borrower” and together with
Revolving/LC Borrower, the “Borrowers”), the Financing Agent and the Financing Lenders, and the Obligations (as defined in the Financing Agreement) of the Revolving/LC Borrower thereunder (the “Revolving/LC Borrower
Financing Agreement Obligations”) will continue to be secured by the Revolving/LC Borrower A&I Collateral and will also be secured by all of the real and personal property of Term Borrower (the “Term Borrower
Collateral”) and the Obligations (as defined in the Financing Agreement) of the Term Borrower under the Financing Agreement (the “Term Borrower Financing Agreement Obligations”) will be secured by the Revolving/LC Borrower
A&I Collateral and the Term Borrower Collateral. 
  
 3. In
connection with the Financing Agreement, all of the Revolving/LC Borrower’s future Restricted Subsidiaries (the “Other Obligors” and together with the Borrowers, the “Credit 

  

 
Parties”) will be required to guaranty the Obligations (as defined in the Financing Agreement) under the Financing Agreement (the
“Financing Agreement Guaranty Obligations” and together with the Revolving/LC Borrower Financing Agreement Obligations and the Term Borrower Financing Agreement Obligations, the “Financing Agreement Obligations”)
and to secure such obligations with the grant of a security interest in all of the Other Obligors’ present and future Accounts, Inventory, General Intangibles, Copyrights, Patents, Trademarks, Documents, Chattel Paper, Instruments (excluding
such Other Obligor’s equity interests in any of its subsidiaries), letter-of-credit rights (as defined in the UCC) (other than those arising from the use, sale, lease or other disposition of the Equipment or Real Property at any time),
Investment Property (excluding such Other Obligor’s equity interests in any of its subsidiaries) and the Other Collateral (all as defined in and described in more particularity in the Revolving/LC Borrower Security Agreement as in effect on the
date hereof but with such changes as are necessary to make such definitions applicable to the Other Obligors) (collectively, the “Other Obljgor A&I Collateral” and together with the Revolving/LC Borrower A&I Collateral, the
“A&I Collateral”). The A&I Collateral and the Term Borrower Collateral are collectively referred to herein as the “Financing Agreement Collateral”. 
  
 4. In connection with that certain Indenture dated as of the date hereof (as
the same may be amended, restated, modified or supplemented, the “Indenture”), among the Revolving/LC Borrower, as issuer, the Term Borrower and the Other Obligors that become party thereto, as guarantors, and U.S. Bank National
Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity the “Collateral Agent”) for the Trustee and the holders (the “Noteholders”) of the Borrower’s
1l-3/8% Senior Secured Notes due 2011 (together with any notes exchanged thereunder therefor, the “Notes”) issued thereunder, (a) the Revolving/LC Borrower is issuing the Notes, (b) the Term Borrower and the Obligors are
guaranteeing the repayment thereof, (c) the Borrower has granted security interests to secure its obligations (such obligations, whether for (i) principal, (ii) interest (including, without limitation, interest accruing after the filing of a
petition initiating any Insolvency Proceeding, whether or not allowed as a claim in such proceeding), (iii) fees, (iv) costs and expenses (including, without limitation, attorneys’ fees and disbursements), and (v) otherwise, the
“Indenture Obligations” and, together with the Financing Agreement Obligations, the “Secured Obligations”) under the Notes, the Indenture and the Collateral Agreements (as defined in the Indenture) (collectively,
the “Indenture Debt Documentation” and together with the Financing Agreement and the other Loan Documents, the “Secured Agreements”), and (d) the Term Borrower and the Other Obligors will grant security interests to
secure the Indenture Obligations under the Indenture Debt Documentation (including, without limitation, their guarantees thereunder in respect of the indenture Obligations of the Borrower) in substantially all of their respective present and future
real and personal property, whether tangible or intangible (including, without limitation, the Financing Agreement Collateral) (collectively, the “Collateral” and the Collateral, other than the Financing Agreement Collateral, is
referred to herein as the “PP&E Collateral”) pursuant to certain of the Indenture Debt Documentation. 
  
 5. The execution and delivery of this Agreement is a condition precedent to the effectiveness of the Financing Agreement and the Financing Agent and the
Financing Lenders are unwilling to extend any credit to the Credit Parties under the Financing Agreement absent the subordination of the Collateral Agent’s security interest in the Financing Agreement Collateral to 

  

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the Financing Agent’s security interest in the Financing Agreement Collateral under the terms of this Agreement. 
  
 6. To fulfill such condition precedent under the Financing Agreement and to
induce the Financing Agent and the Financing Lenders to extend credit now and hereafter under the Financing Agreement, the Credit Parties have requested that the Collateral Agent, for itself and on behalf of the Trustee and the Noteholders, as
authorized and directed by the Indenture Debt Documentation enter into this Agreement, and the Credit Parties desire to enter into this Agreement. 
  
 AGREEMENT 
  
 In consideration of the foregoing and the mutual agreements contained in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the parties to this Agreement agree as follows: 
  
 1. Acknowledgment of Security Interest and Lien; Subordination of Liens. (A) The Collateral Agent acknowledges that, pursuant to the Financing Agreement and the other Loan Documents (as defined in the Financing
Agreement), the Revolving/LC Borrower has granted the Financing Agent a valid and perfected lien in and against the Revolving/LC Borrower A&I Collateral, the Term Borrower is required to grant the Financing Agent a valid and perfected lien in
and against the Term Borrower Collateral and the Other Obligors are required to grant the Financing Agent a valid and perfected lien in and against the Other Obligor A&I Collateral, which liens secure the full, prompt and complete payment of the
Financing Agreement Obligations. Notwithstanding any understanding between the Collateral Agent and the Credit Parties, the order or time of creation, acquisition, attachment, or the order, time, or manner of perfection, or the order or time of
filing or recordation of any document or instrument, or other method of perfecting a security interest or lien on and against any of the Financing Agreement Collateral or other assets of any of the Credit Parties, the Collateral Agent agrees that
any lien or security interest now or hereafter existing in and to the Financing Agreement Collateral in favor of the Collateral Agent for the benefit of itself and the Trustee and the Noteholders shall be and at all times remain subject and
subordinate in all respects to any lien or security interest which may now or hereafter at any time or from time to time be granted to the Financing Agent on or in any or all of the Financing Agreement Collateral as security for the Financing
Agreement Obligations; provided, however that such liens and security interests of the Collateral Agent shall only remain subject and subordinate in all respects to the liens and security interests of the Financing Agent as security for the
Financing Agreement Obligations, in each case, in the Financing Agreement Collateral, to the extent that (v) the principal amount of the revolving loans made under the Financing Agreement does not exceed $15,000,000, (w) the aggregate amount of all
undrawn amounts in respect of letters of credit issued under the Financing Agreement and all drawn and unreimubursed amounts in respect of such letters of credit (and advances deemed made under the Financing Agreement in respect of such unreimbursed
amounts) does not exceed $6,000,000, (x) the principal amount of the term loan made under the Financing Agreement does not exceed $3,000,000, (y) the principal amount of Protective Advances (as defined in the Indenture as in effect on the date
hereof) under the Financing Agreement does not exceed $1,000,000 and (z) the sum of (1) aggregate principal amount of all other revolving loans, term loans and Protective Advances, (2) all other undrawn 

  

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amounts in respect of letters of credit issued under the Financing Agreement and all drawn and unreimubursed amounts in respect of such letters of credit
(and advances deemed made under the Financing Agreement in respect of such unreimbursed amounts) and (3) the aggregate principal amount of all other Indebtedness, in each case made under the Financing Agreement and other Loan Documents, does not
exceed the lesser of $5,000,000 in the aggregate and the aggregate amount of indebtedness permitted (at the time incurred) pursuant to clause (16) of the definition of “Permitted Indebtedness” under the Indenture as in effect on the date
hereof (it being understood and agreed that (i) any excess principal and any undrawn and unreimbursed amounts (and any interest or fees attributable thereto) over the amounts described in clauses (v) through (z) of this sentence, but only such
excess (the “Excess Financing Agreement Obligations”) shall be paid from proceeds of the Financing Agreement Collateral only after payment in full of the Indenture Obligations as set forth in Section 18 and (ii) the existence
of Excess Financing Obligations shall not affect the terms of this Agreement except to the extent such Excess Financing Obligations are specifically referenced herein). 
  
 (B) The Financing Agent acknowledges that, pursuant to the Indenture Documentation, the Credit Parties are required to grant
the Collateral Agent a valid and perfected lien in and against the Indenture Collateral, which liens secure the full, prompt and complete payment of the Indenture Obligations. The Financing Agent acknowledges and agrees that it does not have and
shall not prior to the institution of an Insolvency Proceeding take or be granted a lien or security interest in any PP&E Collateral prior to the payment in full of the Indenture Obligations. Notwithstanding any understanding between the
Financing Agent and the Credit Parties, the order or time of creation, acquisition, attachment, or the order, time, or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other method of perfecting a
security interest or lien on and against any of the Indenture Collateral or other assets of any of the Credit Parties, the Financing Agent agrees that any lien or security interest now or hereafter existing in and to the PP&E Collateral in favor
of the Financing Agent shall be and at all times remain subject and subordinate in all respects to any lien or security interest which may now or hereafter at any time or from time to time be granted to the Collateral Agent on or in any or all of
the PP&E Collateral as security for the Indenture Obligations. 
  
 2. In Furtherance of Subordination. (A) Upon any distribution of all or any of the assets of the Credit Parties to creditors of the Credit Parties upon the commencement of: (i) any case or proceeding with respect to the Revolving/LC
Borrower, the Term Borrower or any of the Other Obligors under the U.S. Bankruptcy Code, any other federal, state or provincial bankruptcy, insolvency, reorganization or other law affecting creditors’ rights generally or any other or similar
proceedings of any other jurisdiction or otherwise seeking any stay, reorganization, arrangement, liquidation, dissolution, composition or readjustment of the obligations and indebtedness of the Revolving/LC Borrower, the Term Borrower or any of the
Other Obligors or (ii) any proceeding seeking the appointment of any receiver, administrative receiver, receiver and manager, examiner, judicial custodian, trustee, liquidator, official manager, administrator or similar official for the Revolving/LC
Borrower, the Term Borrower or any of the Other Obligors or any material part of its properties or (iii) any proceedings for liquidation, dissolution or other winding up of the business of the Revolving/LC Borrower, the Term Borrower or any of the
Other Obligors or (iv) any assignment for the benefit of creditors or any marshaling of assets and liabilities of the Revolving/LC Borrower, the Term Borrower or any Other Obligor or otherwise (any such proceeding described in (i)-(iv) above is
referred to 

  

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hereinafter as an “Insolvency Proceeding”), any payment or distribution of any kind of any Collateral or proceeds of the sale or liquidation
thereof (whether in cash, property or securities) which otherwise would be payable or deliverable upon or with respect to the Secured Obligations will be paid or delivered directly to the applicable Agent for application (in the case of cash) to or
as collateral (in the case of noncash property or securities) for the payment or prepayment of the Secured Obligations (in all cases as set forth in Section 18). 
  
 (B) The Financing Agent (for itself and for the Financing Lenders) and the Collateral Agent (for itself, the Trustee and the
Noteholders) shall each be entitled to vote its respective claim in any Insolvency Proceeding, so long as neither of them (nor any Financing Lender or the Trustee or any Noteholder) (i) challenges any liens of the Financing Agent in respect of the
Financing Agreement Collateral, (ii) challenges any liens of the Collateral Agent in respect of the Collateral or (iii) challenges or disputes the validity of this Agreement; provided that, if an Insolvency Proceeding is commenced by or against the
Revolving/LC Borrower, the Term Borrower or any of the Other Obligors and any Financing Agreement Obligations (other than Excess Financing Agreement Obligations) remain unpaid and the Collateral Agent is not diligently pursuing its rights and
remedies against the Revolving/LC Borrower, the Term Borrower or any of the Other Obligors with respect to the Financing Agreement Collateral, the Collateral Agent will duly and promptly take such actions as the Financing Agent may reasonably
request, at the cost of the Financing Agent, to (i) enforce claims with respect to the Financing Agreement Collateral and (ii) collect and receive any and all payments or distributions which may be payable or deliverable upon or with respect to the
Financing Agreement Collateral. 
  
 (C) (1) All payments or
distributions upon or with respect to the sale or other distribution of the Financing Agreement Collateral not in the ordinary course of business which are received by the Collateral Agent contrary to the provisions of this Agreement are received in
trust for the benefit of the Financing Agent, will be segregated from other funds and property held by the Collateral Agent and will be immediately paid over to the Financing Agent in the same form as so received (with any necessary indorsement) to
be applied (in the case of cash) to or held as collateral (in the case of noncash property or securities) for the payment or prepayment of the Secured Obligations in accordance with Section 18 and the terms of the Financing Agreement.

  
 (2) All payments or distributions upon or with respect to the
sale or other distribution of the PP&E Collateral not in the ordinary course of business which are received by the Financing Agent contrary to the provisions of this Agreement are received in trust for the benefit of the Collateral Agent, will
be segregated from other funds and property held by the Financing Agent and will be immediately paid over to the Collateral Agent in the same form as so received (with any necessary indorsement) to be applied (in the case of cash) to or held as
collateral (in the case of noncash property or securities) for the payment or prepayment of the Indenture Obligations in accordance with Section 18 and the terms of the Indenture Debt Documentation. 
  
 (D) (1) The Financing Agent is authorized to demand specific performance of
this Agreement, whether or not any Credit Party has complied with any of the provisions of this Agreement applicable to it, at any time when the Collateral Agent has failed to comply with any provision of this Agreement applicable to it. 

 

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 (2) The Collateral Agent is authorized to demand specific performance of this Agreement, whether or not
any Credit Party has complied with any of the provisions of this Agreement applicable to it, at any time when the Financing Agent has failed to comply with any provision of this Agreement applicable to it. 
  
 (E) (1) The Collateral Agent consents and agrees that the Financing Agent is
under no obligation to marshal any collateral or any other assets of any Credit Party or any other Person in favor of the Collateral Agent, the Trustee or the Noteholders or otherwise in connection with obtaining payment of any or all of the
Financing Agreement Obligations from any Person or source and hereby waives any right that it may now or in the future have to the fullest extent permitted by applicable law to any such marshalling of assets or similar relief. 
  
 (2) The Financing Agent consents and agrees that the Collateral Agent is
under no obligation to marshal any collateral or any other assets of any Credit Party or any other Person in favor of the Financing Agent or the Financing Lenders or otherwise in connection with obtaining payment of any or all of the Indenture
Obligations from any Person or source and hereby waives any right that it may now or in the future have to the fullest extent permitted by applicable law to any such marshalling of assets or similar relief. 
  
 3. No Exercise of Remedies. (A) The Collateral Agent agrees that, so
long as any of the Financing Agreement Obligations (other than Excess Financing Agreement Obligations) have not been paid in full, it will refrain from exercising any and all remedies available to it under the applicable security documents and any
and all remedies otherwise permitted by applicable law with respect to the Financing Agreement Collateral, it being agreed and understood, however, that the Collateral Agent may exercise any and all rights and remedies available to it under the
Indenture so long as such remedies do not relate to the enforcement of the Collateral Agent’s security interest in the Financing Agreement Collateral; provided, that following the 90th day after receipt by Revolving Agent of the notice pursuant
to Section 17 by Collateral Agent, the Collateral Agent may (i) enforce its liens with respect to any Term Borrower Collateral until such time as the Revolving Agent is diligently pursuing its rights and remedies with respect to such Term Borrower
Collateral and (ii) collect and receive any and all payments or distributions which may be payable or deliverable upon or with respect to such Term Borrower Collateral, subject to application of such payments or distributions in accordance with
Section 18 hereof. This agreement shall not restrict the rights of the Trustee, the Noteholders or the Collateral Agent to accelerate the Indenture Obligations and to bring action against the Credit Parties, including the initiation of an Insolvency
Proceeding, (but not an action against the Financing Agreement Collateral) to collect such Indenture Obligations after the occurrence and during the continuance of an “Event of Default” (as such term is defined in the Indenture) under the
Indenture. Notwithstanding the foregoing, the Collateral Agent agrees that it shall not exercise any remedies available to it under the applicable security documents or any other remedies otherwise permitted by applicable law with respect to the
PP&E Collateral during (a) any Liquidation Period (as defined in Section 19) or (b) any period commencing on the date of the receipt by the Financing Agent of a written notice from the Collateral Agent pursuant to Section 17 and
ending ninety (90) days thereafter. In the event of a sale or other disposition of the Financing Agreement Collateral, other than in the ordinary course of business, in conformity with the Loan Documents and to which the Financing Agent has agreed,
subject to compliance with the Trust Indenture Act of 1939 (the “TIA”), the Collateral Agent agrees that, 

  

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notwithstanding any modification of the Indenture Debt Documentation, no default or event of default under the Indenture Debt Documentation will be deemed to
exist solely as a result of such sale or other disposition to the extent that the proceeds of such sale are used by the Credit Parties in a manner permitted under Section 4.10 of the Indenture (as in effect on the date hereof). 
  
 (B) The Collateral Agent will give the Financing Agent notice of its intent
to enforce any lien upon the Indenture Collateral or any portion thereof. The notice required by this Section 3(B): (i) shall be required to be given by the Collateral Agent only if it intends to deliver to a Credit Party written notice of
its intent to enforce a lien in full or partial satisfaction of any obligation secured thereby, commence legal action against any Credit Party for foreclosure or replevin or other enforcement of a lien; or take possession of or title to, or deliver
to any third party possession of or title to, any real or personal property of any Credit Party; (ii) shall not be required in any other instance or as to any other action or event (including, for purposes of illustration and not by way of
limitation, any incurrence, payment or acceleration of any of the Indenture Obligations or any amendment or waiver of the terms thereof, any exercise of a right of setoff, any notification to account debtors to make payment directly to the secured
party or any other exercise of collection rights or the institution of any other legal proceedings, including suit to collect any debt or claim or the commencement of any bankruptcy case, receivership or insolvency proceeding); (iii) need only state
that it is given pursuant to the provisions of this Agreement and that lien enforcement action may be taken by Collateral Agent, and need not disclose or describe the action to be taken; (iv) shall be given at least five (5) business days prior to
the date on which any enforcement action described above is taken, except that the Collateral Agent may give such notice promptly after taking such enforcement action if it in good faith believes that immediate enforcement action is or may be
required to protect its interest in the property subject to its liens. 
  
 (C) The Financing Agent will give the Collateral Agent notice of its intent to enforce any Lien upon the Term Lender Collateral. The notice required by this Section 3(C): (i) shall be required to be given by the Financing Agent only
if it intends to deliver to a Credit Party written notice of its intent to enforce a lien in full or partial satisfaction of any obligation secured thereby, commence legal action against any Credit Party for foreclosure or replevin or other
enforcement of a lien; or take possession of or title to, or deliver to any third party possession of or title to, any real or personal property of any Credit Party; (ii) shall not be required in any other instance or as to any other action or event
(including, for purposes of illustration and not by way of limitation, any incurrence, payment or acceleration of any of the Financing Agreement Obligations or any amendment or waiver of the terms thereof, any exercise of a right of setoff, any
notification to account debtors to make payment directly to the secured party or any other exercise of collection rights or the institution of any other legal proceedings, including suit to collect any debt or claim or the commencement of any
bankruptcy case, receivership or insolvency proceeding); (iii) need only state that it is given pursuant to the provisions of this Agreement and that lien enforcement action may be taken by Financing Agent, and need not disclose or describe the
action to be taken; (iv) shall be given at least five (5) business days prior to the date on which any enforcement action described above is taken, except that the Financing Agent may give such notice promptly after taking such enforcement action if
it in good faith believes that immediate enforcement action is or may be required to protect its interest in the property subject to its liens. The Financing Agent agrees that it shall not exercise any remedies 

  

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available to it under the applicable security documents or any other remedies otherwise permitted by applicable law with respect to the Term Borrower
Collateral (other than the collection of outstanding accounts receivable in the ordinary course of business) during any period commencing on the date of the receipt by the Collateral Agent of a written notice from the Financing Agent pursuant to
this Section 3(C) and ending sixty (60) days thereafter. 
  
 4.
Rights of Subrogation. (A) The Collateral Agent agrees that no payment or distribution to the Financing Agent made or required to be made by the Collateral Agent or otherwise on behalf of the Trustee or the Noteholders with respect to the
Financing Agreement Collateral under the provisions of this Agreement entitles the Collateral Agent, the Trustee or the Noteholders to exercise any rights of subrogation in respect of such payments or distributions until the Financing Agreement
Obligations (other than the Excess Financing Agreement Obligations) have been paid in full. 
  
 (B) The Financing Agent agrees that no payment or distribution to the Collateral Agent made or required to be made by the Financing Agent or otherwise on behalf of the Financing Lenders with respect to the Financing
Agreement Collateral under the provisions of this Agreement entitles the Financing Agent or the Financing Lenders to exercise any rights of subrogation in respect of such payments or distributions until the Indenture Obligations have been paid in
full. 
  
 5. Further Assurances. The Collateral Agent and
the Credit Parties will, at the Credit Parties’ expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Financing Agent
or the Collateral Agent may reasonably request, in order to protect any right or interest granted or purported to be granted by this Agreement or to enable the Financing Agent or the Collateral Agent to exercise and enforce its rights and remedies
under this Agreement. 
  
 6. Restrictions on Assignment or
Transfer of Liens. Each Agent agrees that it shall not assign or otherwise transfer any lien or security interest now or hereafter existing in and to the Financing Agreement Collateral in favor of such Agent, absent an agreement, executed and
delivered to the other Agent in form reasonably satisfactory to such other Agent, by which such assignee or transferee shall expressly assume the performance of every covenant and obligation of such assigning or transferring Agent under this
Agreement. 
  
 7. Administration of Collateral. (A) Subject
to the provisions of Section 3, the Financing Agent shall, until the Financing Agreement Obligations (other than any Excess Financing Agreement Obligations) have been paid in full, have complete and sole discretion in, and shall not be liable to the
Collateral Agent for, determining how, when and in what manner the Financing Agent administers the Financing Agreement Obligations or forecloses or otherwise realizes upon the Financing Agreement Collateral or exercises any rights or remedies of a
secured party or lien creditor or any other rights with respect to the Financing Agreement Collateral or otherwise takes any action with respect thereto. Without in any way limiting the foregoing, the Collateral Agent specifically acknowledges and
agrees that the Financing Agent may, subject to the provisions of Section 3, take such action as it deems appropriate to enforce the Financing Agreement Obligations and its lien on and security interest in the Financing Agreement Collateral, whether
or not such action is beneficial to the Collateral Agent’s interest. 

  

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Also without in any way limiting the foregoing, the Collateral Agent for itself and for all who may claim through or under it, hereby expressly waives and
releases any and all rights to have the Financing Agreement Collateral or any part thereof marshaled upon any foreclosure, sale or other realization thereon by the Financing Agent. In order for the Financing Agent to enforce its rights in the
Financing Agreement Collateral, there shall be no obligation on the part of the Financing Agent, at any time, to resort for payment of the Financing Agreement Obligations to any obligor thereon or any guarantor thereof, or to any other person or
corporation, their properties or estates, or to resort to any other rights or remedies whatsoever, and the Financing Agent shall have the right, subject to the provisions of Section 3, to foreclose or otherwise realize upon the Financing Agreement
Collateral upon which it has a security interest irrespective of whether or not other proceedings or steps are pending seeking resort to or realization upon or from any of the foregoing. 
  
 If the Financing Agent or any Financing Lender becomes the owner of any Patent, Trademark, Copyright or other intellectual property of any
Credit Party as a result of the exercise of remedies by the Financing Agent or such Financing Lender with respect to its Lien on such Patent, Trademark, Copyright or other intellectual property, then upon request of the Collateral Agent, the
Financing Agent or such Financing Lender shall grant to the Collateral Agent a 90 day limited, nonexclusive royalty-free license (a “Disposition License”) to use any such Patent, Trademark or Copyright to the extent necessary to
enforce any Lien held by the Collateral Agent upon any of the PP&E Collateral, and to the extent appropriate, in the good faith opinion of the Collateral Agent, to process, collect, ship, product, store, complete, supply, lease, sell or
otherwise dispose of any PP&E Collateral in any lawful manner (any such actions or activities taken by the Financing Agent shall be at the expense of the Collateral Agent). Any license so granted by the Financing Agent or the applicable
Financing Lender shall be binding on its successors and assigns. Furthermore, to the extent the Financing Agent or any Financing Lender becomes the owner of any patent, trademark or proprietary information of any Credit Party as a result of the
exercise of remedies by such Financing Agent or Financing Lender with respect to its lien on such patent, trademark or proprietary information, the Financing Agent or such Financing Lender shall not make any subsequent sale or transfer of such
patent, trademark or proprietary information unless the purchaser or transferee thereof agrees in writing to provide a Disposition License to the Collateral Agent upon request. 
  
 (B) Subject to the provisions of Section 3, the Collateral Agent shall have complete and sole discretion in, and shall not
be liable to the Financing Agent for, determining how, when and in what manner the Collateral Agent administers the Indenture Obligations or forecloses or otherwise realizes upon the indenture Collateral or exercises any rights or remedies of a
secured party or lien creditor or any other rights with respect to the Indenture Collateral or otherwise takes any action with respect thereto. Without in any way limiting the foregoing, the Financing Agent specifically acknowledges and agrees that
the Collateral Agent may, subject to the provisions of Section 3, take such action as it deems appropriate to enforce the Indenture Obligations and its lien on and security interest in the Financing Agreement Collateral, whether or not such action
is beneficial to the Financing Agent’s interest. Also without in any way limiting the foregoing, the Financing Agent for itself and for all who may claim through or under it, hereby expressly waives and releases any and all rights to have the
Indenture Collateral or any part thereof marshaled upon any foreclosure, sale or other realization thereon by the Collateral Agent. In order for the Collateral Agent to enforce its rights in the Indenture Collateral, there 

  

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shall be no obligation on the part of the Collateral Agent, at any time, to resort for payment of the Indenture Obligations to any obligor thereon or any
guarantor thereof, or to any other person or corporation, their properties or estates, or to resort to any other rights or remedies whatsoever, and the Collateral Agent shall, subject to the provisions of Section 3, have the right to foreclose or
otherwise realize upon the Indenture Collateral upon which it has a security interest irrespective of whether or not other proceedings or steps are pending seeking resort to or realization upon or from any of the foregoing. 
  
 8. Sale of Assets; Allocation of Proceeds. Notwithstanding anything
herein to the contrary, if the Financing Agreement Collateral is sold or disposed of, other than in the ordinary course of business, as a part of a sale of the business of any Credit Party as a going concern or otherwise as part of a sale or
disposition of substantially all of the assets of any Credit Party, and immediately after giving effect to the transaction or series of transactions effecting such sale or disposition, the Secured Obligations are not satisfied in full, the Credit
Parties, the Financing Agent and the Collateral Agent agree that they are not bound by any allocation of the sale price to the Financing Agreement Collateral set forth in the documentation for such sale or other disposition, but instead, for
purposes of this Agreement, will value the Financing Agreement Collateral pursuant to an appraisal or other valuation method reasonably acceptable to the Financing Agent and the Collateral Agent. 
  
 9. Delivery of Proceeds of Collateral; Insurance Proceeds. Until all
Financing Agreement Obligations (other than Excess Financing Obligations) have been paid in full, the Collateral Agent will without demand or request being made upon it deliver any parts or proceeds, including insurance proceeds of the Financing
Agreement Collateral which shall come into its possession, control or custody to the Financing Agent for application as set forth in Section 18. The Financing Agent will, without demand or request being made upon it, promptly deliver any
insurance proceeds not arising from the Financing Agreement Collateral to or upon the direction of the Collateral Agent. 
  
 10. Agreement Not to Contest. The Collateral Agent shall not contest the validity, perfection, priority or enforceability of any security interest
or lien in the Financing Collateral granted to the Financing Agent by any Credit Party under the Financing Agreement or the other Loan Documents. The Financing Agent shall not contest the validity, perfection, priority or enforceability of any
security interest or lien in the PP&E Collateral granted to the Collateral Agent by any Credit Party under the Indenture Debt Documentation. 
  
 11. Release of Collateral. (A) The Collateral Agent agrees that in the event the Financing Agent shall come into the possession, custody and
control of any Financing Agreement Collateral of any Credit Party as the result of any security interest granted to secure the Financing Agreement Obligations, the Financing Agent may, to the extent the Financing Agent does not apply the same to the
payment or partial payment of the Secured Obligations, in accordance with Section 18, release the same to or upon the order of such Credit Party, without notice, or accounting for the same, to the Collateral Agent or any other person, firm or
corporation whomsoever, it being specifically understood and agreed that any property so released shall remain subject to all claims of the Collateral Agent and the Financing Agent thereto in accordance herewith and under the Indenture Debt
Documentation. Without limiting the foregoing, the Collateral Agent acknowledges and agrees that the Financing Agent in the 

  

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course of administering credit extensions to the Borrowers may from time to time in its discretion release proceeds of the Financing Agreement Collateral in
which the Financing Agent has a security interest to the Borrowers or the other Credit Parties or otherwise deal with the Financing Agreement Collateral in which the Financing Agent has a security interest, without any notice or accounting to the
Collateral Agent whatsoever. 
  
 (B) Notwithstanding the
foregoing, if the Financing Agent has received a notice from the Collateral Agent that an “Event of Default” as defined under the Indenture exists and is continuing, to the extent that the Financing Agent comes into the possession, custody
and control of any Financing Agreement Collateral of any Credit Party as the result of any security interest granted to secure the Financing Agreement Obligations, but does not apply the same to the payment or partial payment of the Secured
Obligations in accordance with Section 18 within five (5) business days (in the case of cash, including holding such cash as cash collateral for outstanding letters of credit) or hold the same as collateral for the Financing Agreement
Obligations (in the case of noncash property or securities), the Financing Agent shall be deemed to have received such Financing Agreement Collateral in trust for the benefit of the Collateral Agent, and will segregate such Financing Agreement
Collateral from other funds and property held by the Financing Agent and will promptly pay over to the Collateral Agent such Financing Agreement Collateral in the same form as so received (with any necessary indorsement) to be applied (in the case
of cash) to or held as collateral (in the case of noncash property or securities) for the payment or prepayment of the Indenture Obligations in accordance with Section 18 and the terms of the Indenture; provided, however, that if the
Financing Agent is prohibited by law from applying such Financing Agreement Collateral or holding such Financing Agreement Collateral, as applicable, such five (5) business day period shall commence on the date that the Financing Agent is
first permitted to so apply or hold such assets. 
  
 12.
Release of Security Interest. No consent or approval by the Collateral Agent, the Trustee or any Noteholder to any sale, transfer or other disposition of any of the Financing Agreement Collateral by the Financing Agent (or by any Credit Party
with the approval of the Financing Agent to the extent the proceeds thereof are used by the Credit Parties in a manner permitted under Section 4.10 of the Indenture (as in effect on the date hereof)) shall be required, and the Financing Agent may,
without the consent of the Collateral Agent, the Trustee or the Noteholders, release the Collateral Agent’s lien on any Financing Agreement Collateral so sold, transferred or disposed of (and the Collateral Agent, for itself and on behalf of
the Trustee and the Noteholders, hereby irrevocably constitutes and appoints the Financing Agent and any officer or agent of the Financing Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power
and authority to place and stead of the Collateral Agent or such holder or in the Financing Agent’s own name, from time to time in the Financing Agent’s discretion, for purposes of carrying out the terms of this Section 12, to take any and
all appropriate action and to execute and record any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Section 12, including, without limitation, any financing statements, endorsements or other
instruments or transfer or release), and notwithstanding anything to the contrary contained in any of the Indenture Debt Documentation, the Collateral Agent, the Trustee and the Noteholders shall be deemed to have consented to the release of the
Collateral Agent’s lien on such Financing Agreement Collateral (but not the Collateral Agent’s lien on the proceeds of such sale, which lien shall remain subordinate to that of the Financing Agent until the Financing Agreement Obligations
(other than 

  

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Excess Financing Agreement Obligations) have been paid in full), except that, in connection with any sale of Financing Agreement Collateral not in the
ordinary course of business by a Credit Party with the approval of the Financing Agent, and the release of the lien of the Collateral Agent, to the extent that Section 314 of the TIA may be applicable to such sale or release, the deemed consent of
the Collateral Agent, the Trustee and the Noteholders is subject only to (i) the receipt by the Collateral Agent of such certificates and opinions as may be required under Section 314(d) of the TIA, if any, and (ii) if required under the Indenture,
the receipt by the Collateral Agent of a request from the Revolving/LC Borrower for such consent, together with the written approval thereof by the Financing Agent, and a certificate from officers of the Revolving/LC Borrower and an opinion of
counsel to the Revolving/LC Borrower that the conditions precedent to such release provided for in the Indenture as in effect on the date hereof have been satisfied and therefore such release is in accordance with the terms of the Indenture. The
Collateral Agent (for itself and on behalf of the Trustee and the Noteholders) agrees to execute and deliver to the Financing Agent such instruments or other documents as the Financing Agent may reasonably request to release the liens of the
Collateral Agent, the Trustee and the Noteholders on any Financing Agreement Collateral so sold, transferred or disposed of at the direction of the Financing Agent and with the deemed consent of the Collateral Agent, the Trustee and the Noteholders.

  
 13. Agreement by the Credit Parties. The Credit Parties
agree that they will not take any action in contravention of the provisions of this Agreement. 
  
 14. Obligations under this Agreement Not Affected. (A) (1) All rights and interests of the Financing Agent under this Agreement, and all agreements, and obligations of the Collateral Agent and the Credit
Parties under this Agreement, remain in full force and effect irrespective of: 
  
 (i) any lack of validity or enforceability of the Financing Agreement or the other Loan Documents; 
  
 (ii) any increase or decrease in the amount of the Financing
Agreement Obligations or the commitments therefor, any increase or decrease in the interest rates applicable to the Financing Agreement Obligations, any change in the time, manner or place of payment of, or in any other term of, all or any of the
Financing Agreement Obligations, or any other amendment or waiver of or any consent to or departure from the Financing Agreement or the other Loan Documents; 
  

(iii) any exchange, release or nonperfection of any collateral granted by any Credit Party under the Loan Documents, or any release or
amendment or waiver of or consent to or departure from any guaranty, for all or any of the Financing Agreement Obligations; or 
  
 (iv) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Credit Party in respect of the
Financing Agreement Obligations or the Collateral Agent in respect of this Agreement. 
  

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 (2) All rights and interests of the Collateral Agent under this Agreement, and all agreements, and
obligations of the Financing Agent and the Credit Parties under this Agreement, remain in full force and effect irrespective of: 
  
 (i) any lack of validity or enforceability of the Indenture Debt Documentation; 
  
 (ii) any increase or decrease in the amount of the Indenture
Obligations or the commitments therefor, any increase or decrease in the interest rates applicable to the Indenture Obligations, any change in the time, manner or place of payment of, or in any other term of, all or any of the Indenture Obligations,
or any other amendment or waiver of or any consent to or departure from the Indenture Debt Documentation; 
  
 (iii) any exchange, release or nonperfection of any collateral granted by any Credit Party under the Indenture Debt Documentation, or any
release or amendment or waiver of or consent to or departure from any guaranty, for all or any of the Indenture Obligations; or 
  
 (iv) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Credit Party in respect of the
Indenture Obligations or the Financing Agent in respect of this Agreement. 
  
 (B) (1) To the extent that the Borrowers, any Other Obligor or any guarantor of or provider of collateral for the Financing Agreement Obligations makes any payment on the Financing Agreement Obligations (other than
the Excess Financing Agreement Obligations) that is subsequently invalidated, declared to be a fraudulent or preferential transfer, conveyance or set aside or is required to be repaid to any Credit Party as a debtor in possession, a collateral
agent, receiver or any other party under any bankruptcy, insolvency or reorganization act, state or federal law, common law or equitable cause (such payment being hereinafter referred to as a “Voided Payment”), then to the extent of
such Voided Payment, that portion of such Financing Agreement Obligations that had been previously satisfied by such Voided Payment will be revived and continue in full force and effect as if such Voided Payment had never been made. If any such
Voided Payment is recovered from the Financing Agent or any Financing Lender, an event of default will be deemed to have occurred and to be continuing under the Financing Agreement from the date of the initial receipt of such Voided Payment by the
Financing Agent or such Financing Lender, as the case may be, until the full amount of such Voided Payment is restored to the Financing Agent or such Financing Lender, as the case may be. During any continuance of any such event of default, this
Agreement remains in full force and effect with respect to the Indenture Obligations. To the extent that the Collateral Agent, the Trustee or the Noteholders have received any payments, consisting of proceeds of the sale or other distribution of the
Financing Agreement Collateral other than in the ordinary course of business, subsequent to the date of the initial receipt of such Voided Payment by the Financing Agent or such Financing Lender and such payments have not been invalidated, declared
to be a fraudulent or preferential transfer, conveyance or set aside or are required to be repaid to any Credit Party as a debtor in possession, a trustee, receiver, or any other party under any bankruptcy, insolvency or reorganization act, state or
federal law, common law or equitable cause, the Collateral Agent, the Trustee or the Noteholders, as the case may be, will be obligated and agrees that any such 

  

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payment so made or received will be deemed to have been received in trust for the benefit of the Financing Agent or such Financing Lender, as the case may
be, and the Collateral Agent, the Trustee or such Noteholder, as the case may be, agree to pay to the Financing Agent for the benefit of itself or such Financing Lender, as the case may be, upon demand, the full amount so received by the Collateral
Agent, the Trustee or such Noteholder, as the case may be, during such period of time to the extent necessary fully to restore to the Financing Agent the amount of such Voided Payment. 
  
 (2) To the extent that the Borrowers, any Other Obligor or any guarantor of or provider of collateral for the Indenture
Obligations makes any Voided Payment on the Indenture Obligations, then to the extent of such Voided Payment, that portion of such Indenture Obligations that had been previously satisfied by such Voided Payment will be revived and continue in full
force and effect as if such Voided Payment had never been made. If any such Voided Payment is recovered from the Collateral Agent, the Trustee or any Noteholder, an event of default will be deemed to have occurred and to be continuing under the
Indenture Debt Documentation from the date of the initial receipt of such Voided Payment by the Collateral Agent, the Trustee or such Noteholder, as the case may be, until the full amount of such Voided Payment is restored to the Collateral Agent,
the Trustee or such Noteholder, as the case may be. During any continuance of any such event of default, this Agreement remains in full force and effect with respect to the Financing Agreement Obligations. To the extent that the Financing Agent or
any Financing Lender receives any payments, consisting of proceeds of the sale or other distribution of (x) the Financing Agreement Collateral following payment in full of the Financing Agreement Obligations (other than the Excess Financing
Agreement Obligations) or (y) PP&E Collateral other than in the ordinary course of business, subsequent to the date of the initial receipt of such Voided Payment by the Collateral Agent, the Trustee or such Noteholder and such payments have not
been invalidated, declared to be a fraudulent or preferential transfer, conveyance or set aside or are required to be repaid to any Credit Party as a debtor in possession, a trustee, receiver, or any other party under any bankruptcy, insolvency or
reorganization act, state or federal law, common law or equitable cause, the Financing Agent or such Financing Lender, as the case may be, will be obligated and agrees that any such payment so made or received will be deemed to have been received in
trust for the benefit of the Collateral Agent, the Trustee or such Noteholder, as the case may be, and the Financing Agent or such Financing Lender, as the case may be, agrees to pay to the Collateral Agent for the benefit of itself, the Trustee or
such Noteholder, as the case may be, upon demand, the full amount so received by the Financing Agent or such Financing Lender, as the case may be, during such period of time to the extent necessary fully to restore to the Financing Agent the amount
of such Voided Payment. 
  
 (C) Except as specifically described
in this Agreement, nothing contained in this Agreement or in any instrument evidencing any Indenture Obligations is intended to or impairs, as between the Credit Parties, their creditors other than the Financing Agent and the Financing Lenders, on
the one hand, and the Collateral Agent, the Trustee and the Noteholders, on the other, the obligations of the Credit Parties, which are absolute and unconditional, to pay to the Collateral Agent, the Trustee and the Noteholders the Indenture
Obligations as and when such obligations become due and payable in accordance with the terms of such obligations. Except as specifically described in this Agreement, nothing contained in this Agreement or in any instrument evidencing any Indenture
Obligations is intended to or affects the relative rights of the Collateral Agent, the Trustee, the Noteholders and creditors of the Credit Parties other than 

  

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the Financing Agent. As between the Credit Parties, their creditors other than the Financing Agent, the Financing Lenders, the Noteholders, the Trustee and
the Collateral Agent, no payments or distributions otherwise payable or deliverable in respect of the Indenture Obligations, which are paid or delivered to the Financing Agent under this Agreement, are deemed to be a payment by the Credit Parties on
account of the Indenture Obligations. 
  
 15. Information
Concerning Financial Condition of the Credit Parties. The Collateral Agent and the Financing Agent each assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and of all other circumstances bearing
upon the risk of nonpayment of the Indenture Obligations or the Financing Agreement Obligations or any part of the Indenture Obligations or the Financing Agreement Obligations. The Collateral Agent and the Financing Agent each agrees that the other
has no duty to advise it of information known to the other regarding such condition or any such circumstance. In the event that the Financing Agent or the Collateral Agent in its sole discretion undertakes at any time or from time to time to provide
any such information to the other, such party is under no obligation (i) to undertake any investigation, (ii) to disclose any information which it wishes to maintain confidential or (iii) to make any other or future disclosures of such information
or any other information to other party. 
  
 16. Agents’
and Credit Parties’ Waivers. (A) Each Agent and the Credit Parties expressly waive all notice of the acceptance by the other Agent of the subordination and other provisions of this Agreement and all other notices not specifically required
under the terms of this Agreement whatsoever, and each Agent and the Credit Parties expressly consent to reliance by such other Agent upon the subordination and other agreements as provided in this Agreement. 
  
 (B) Each Agent agrees that the other Agent: 
  
 (i) has made no warranties or representations with respect
to the due execution, legality, validity, completeness or enforceability of any of the Secured Agreements evidencing the Secured Obligations in respect of which it has been granted a lien or security interest by a Credit Party or the collectibility
of such Secured Obligations; 
  
 (ii) is entitled
to manage and supervise the extensions of credit made to the Credit Parties in accordance with applicable law and the terms of such Secured Agreements and without regard to the existence of any rights that the other Agent may now or in the future
have in or to any of the Collateral of the Credit Parties; 
  
 (iii) subject to Sections 3 and 18, has no liability to the other Agent for, and such other Agent waives and releases such Agent from any and all liability with respect to, any claim which such other Agent may now or
in the future have against such Agent arising out of (a) any and all actions which such Agent takes or omits to take in connection with such Secured Obligations (including, without limitation, actions with respect to the creation, perfection or
continuation of liens or security interests in collateral and other security for such Secured Obligations), (b) any and all actions with respect to the occurrence of an event of default under such Secured Agreements, actions with respect to the
foreclosure upon, sale, release or depreciation of, or failure to realize upon, any Collateral, (c) any and all actions with respect to the collection of any claim securing 

  

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all or any part of the Secured Obligations from any account debtor, guarantor or any other party with respect to such Secured Agreements or the collection of
such Secured Obligations or the valuation, use, protection or release of collateral or other security for such Secured Obligations; and 
  
 (iv) may elect, in any bankruptcy proceeding, of the application of section 1111(b)(2) of the United States Bankruptcy Code, 11 U.S.C.
§1111(b)(2). 
  
 17. Notices of Default and
Acceleration. The Financing Agent shall give to the Collateral Agent (for itself and the Trustee and the Noteholders), and the Collateral Agent shall give to the Financing Agent for itself and the Financing Lenders, concurrently with the giving
thereof to either Borrower, a copy of any written notice of either (a) a default or an event of default under the Financing Agreement or the Indenture Debt Documentation, as applicable, or (b) written notice of demand for payment made to any Credit
Party, provided that the failure of any party to give any such notice to the other shall not affect the relative priorities of Financing Agent’s and Collateral Agent’s respective liens as provided herein or the validity or effectiveness of
any such notice as against any Credit Party. Each Credit Party hereby authorizes the Financing Agent and the Collateral Agent to send any such notices to each other and to provide any information with respect to the Credit Parties to each other.

  
 18. Application of Payments. (A) The Collateral Agent
for itself and on behalf of the Trustee and the Noteholders and the Financing Agent for itself and on behalf of the Financing Lenders, each irrevocably agrees that payments received by such Agent, the Trustee, any Noteholder or any Financing Lender
consisting of proceeds of the sale, collection or other realization of the Financing Agreement Collateral other than in the ordinary course of business will be applied in the following order, unless a court of competent jurisdiction otherwise
directs: 
  
 FIRST, to the payment of the
costs and expenses of such sale, collection or other realization, including reasonable fees to the Financing Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Financing Agent in connection therewith
and all amounts for which the Financing Agent is entitled to indemnification hereunder, and to the payment of all costs and expenses paid or incurred by the Financing Agent in connection with the exercise of any right or remedy under the Financing
Agreement, any other the Loan Documents or hereunder; 
  
 SECOND, to the payment in full of the Financing Agreement Obligations (including without limitation cash collateralization of outstanding letters of credit at 100% of the aggregate undrawn amount thereof) other than the Excess
Financing Agreement Obligations for the ratable benefit of the holders thereof; 
  
 THIRD, only after payment in full of all Financing Agreement Obligations other than Excess Financing Agreement Obligations, to the
payment of Indenture Obligations in accordance with Section 6.10 of the Indenture; 
  
 FOURTH, after payment in full of all Financing Agreement Obligations other than Excess Financing Agreement Obligations and of all
Indenture Obligations, to the 

  

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payment of Excess Financing Agreement Obligations for the ratable benefit of the holders thereof; and 
  
 FIFTH, after payment in full of all Financing
Agreement Obligations and Indenture Obligations, to the applicable Credit Party, or its successors or assigns, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus then
remaining from such proceeds. 
  
 (B) The Collateral Agent for
itself and on behalf of the Trustee and the Noteholders and the Financing Agent for itself and on behalf of the Financing Lenders, each irrevocably agrees that payments received by such Agent, the Trustee, any Noteholder or any Financing Lender
consisting of proceeds of the sale, collection or other realization of the PP&E Collateral other than in the ordinary course of business will be applied in the following order, unless a court of competent jurisdiction otherwise directs:

  
 FIRST, to the payment of the costs and
expenses of such sale, collection or other realization, including reasonable fees to the Collateral Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Collateral Agent in connection therewith and,
all amounts for which the Collateral Agent is entitled to indemnification hereunder, and to the payment of all costs and expenses paid or incurred by the Collateral Agent in connection with the exercise of any right or remedy under any Indenture
Debt Documentation or hereunder; 
  
 SECOND, to the payment of Indenture Obligations in accordance with Section 6.10 of the Indenture; and 
  
 THIRD, after payment in full of all Indenture Obligations, to the applicable Credit Party, or its successors or assigns, or to
whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus then remaining from such proceeds. 
  
 19. Access to PP&E Collateral. (A) Upon five days’ notice to the Collateral Agent following either (i) the occurrence of an action (a) to
exercise or seek to exercise any rights or exercise and remedies with respect to any Financing Agreement Collateral or (b) to institute any action or proceeding with respect to such rights or remedies, including without limitation, any action of
foreclosure with respect to all or any portion of the Financing Agreement Collateral by the Financing Agent with respect to the Financing Agreement Collateral or (ii) the receipt of notice by the Financing Agent pursuant to Section 3(B) that
the Collateral Agent intends to take any action (a) to exercise or seek to exercise any rights or exercise and remedies with respect to any PP&E Collateral or (b) to institute any action or proceeding with respect to such rights or remedies,
including without limitation, any action of foreclosure with respect to all or any portion of the PP&E Collateral by the Collateral Agent with respect to the PP&E Collateral, the Financing Agent may occupy and use the PP&E Collateral,
for the purposes set out in Section 19(B), consisting of or located within the Credit Parties’ manufacturing facilities and each of the Credit Parties’ warehouse and distribution facilities for up to 90 days and thereafter, for
30-day periods as mutually agreed upon by the Financing Agent and the Collateral Agent (acting at the direction of the requisite Noteholders) (the “Liquidation Period”) provided, 

  

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however, that if the Financing Agent is prevented by the Credit Parties from having access to the PP&E Collateral following such notice, the Liquidation
Period shall commence upon the day on which the Financing Agent gains access, but not more than 30 days after such Liquidation Period would otherwise have begun; and provided, further, in the event the Financing Agent’s access to the PP&E
Collateral is interrupted or stayed by an Insolvency Proceeding or other judicial proceeding, the Liquidation Period shall be extended by the number of days that the Financing Agent was denied access to the PP&E Collateral; provided further,
that, the Financing Agent shall provide to the Collateral Agent a waiver of liability from and indemnification for any personal injury incurred in connection with any such occupation or use by the Financing Agent, any agents, brokers, appraisers,
auctioneers or liquidators retained by the Financing Agent and any of their respective employees or agents, in form and substance reasonably satisfactory to the Collateral Agent. During the Liquidation Period, the Financing Agent may use and occupy
the PP&E Collateral without force or process of law and without any obligation to pay rents, royalties or other fees to the Collateral Agent, the Trustee or any Noteholder, except for payment or reimbursement of costs and expenses as set forth
in Section 19(D). The license to use and occupy the PP&E Collateral during the Liquidation Period shall apply to and for the benefit of the Financing Agent and any agents, brokers, appraisers, auctioneers or liquidators retained by the
Financing Agent. 
  
 (B) During the Liquidation Period, the
Financing Agent shall have access to and use and occupancy of each of the Credit Parties’ manufacturing facilities and other PP&E Collateral located therein, in each case on an as is, where is basis to convert raw materials, to complete the
manufacturing of work in process, and to package, ship, sell, liquidate or otherwise dispose of the Financing Agreement Collateral. During the Liquidation Period, the Financing Agent shall have access to and use and occupancy of each of the Credit
Parties’ warehouse and distribution facilities and other PP&E Collateral located therein (and all material handling equipment comprising PP&E Collateral whether or not located therein) to package, ship, sell, liquidate or otherwise
dispose of the Financing Agreement Collateral. 
  
 (C) During the
Liquidation Period, the Collateral Agent shall have access to the PP&E Collateral without limitation, to preserve, protect, appraise and evaluate the PP&E Collateral, to show it to potential purchasers and offer it for sale, and (ii) the
Collateral Agent may sell some or all of the PP&E Collateral, provided that the purchasers of such PP&E Collateral shall have expressly agreed in writing to be bound by the obligations of the Collateral Agent, the Trustee and the Noteholders
under this Section 19 with respect to the purchased PP&E Collateral until the expiration of the Liquidation Period and that the items purchased shall remain in place and shall remain subject to the rights of use and occupancy of the Financing
Agent, in accordance with this Section 19 and to the extent so bound, such purchasers shall be entitled to the benefits and rights of the Collateral Agent, the Trustee and the Noteholders under this Section 19 with respect to such PP&E
Collateral. 
  
 (D) In the event that the Financing Agent elects
to use some or all of the Credit Parties’ premises as set forth in this Section 19, to the extent and for so long as the Financing Agent occupies a manufacturing, warehouse or distribution facility owned by a Credit Party, the Financing
Agent shall be responsible for all expenses with respect to heat, electricity, water and real property taxes with respect to any building so used or occupied, and payroll and related expenses for employees whose services are required by the
Financing Agent for such use and 

  

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operation of such facility, in each case for each month in which the Financing Agent occupied such facility, for all or any portion of such month. The
Financing Agent shall promptly repair, at the Financing Agent’s expense, any physical damage to the PP&E Collateral caused by the Financing Agent or any other Person acting under its direction during the use and occupancy of the PP&E
Collateral by or on behalf of the Financing Agent or any sale, removal or other disposition of the Financing Agreement Collateral (ordinary wear and tear excluded) and the PP&E Collateral so used or occupied shall be left in the same state of
repair (ordinary wear and tear excluded) by the Financing Agent at the expiration of the Liquidation Period as existed on the commencement of the Liquidation Period. The Financing Agent shall not be liable for any diminution in value of the PP&E
Collateral caused by the absence of Financing Agreement Collateral actually removed or by any necessity of replacing the Financing Agreement Collateral or, subject to the immediately preceding sentence for any other reason. The Financing Agent shall
not have any duty or obligation to remove or dispose of any PP&E Collateral, or any other property left at the subject facility by the Credit Parties. None of the Collateral Agent, the Trustee or the Noteholders will be responsible for the
condition of any of the PP&E Collateral, and shall have no duty to the Financing Agent or the Financing Lenders with respect to the adequacy of the PP&E Collateral for the purposes of the Financing Lenders or otherwise. The Collateral Agent
agrees not to intentionally damage the PP&E Collateral (it being understood and agreed that such agreement shall not obligate the Collateral Agent in any way to maintain, insure or preserve the condition of any Collateral). 
  
 20. Purchase Options Granted to Collateral Agent and the Noteholders.
(A) Purchase Notice. The Noteholders shall have the option, exercisable (i) at any time that an Event of Default (as defined in the Financing Agreement) exists and is continuing for more than 90 days (whether or not notice thereof has been
delivered pursuant to clause (a) of Section 17) or (ii) at any time after the Financing Agent has given notice to the Collateral Agent pursuant to Section 3(C), to purchase all of the Financing Agreement Obligations from the Financing Agent and the
Financing Lenders subject to the terms of this Section 20. The intent to utilize such purchase option shall be evidenced by the delivery of a written notice from the Collateral Agent (signed by the relevant Noteholders) (the relevant Noteholders
being referred to in this Section 20 as the “Purchasers”) to the Financing Agent (the “Purchase Notice”). The Purchase Notice shall be irrevocable. After receipt of the Purchase Notice, neither the Financing Agent nor any
Financing Lender will make any additional extension of credit under the Financing Agreement (other than (x) the deemed making of advances under the Financing Agreement in respect of unreimbursed draws under letters of credit issued with the
assistance of the Financing Agent prior to the date the Purchase Notice was given and (y) Protective Advances (to the extent the aggregate amount of such Protective Advances, together with all other Protective Advances made prior to such date and
not previously reimbursed, does not exceed $1,000,000)) without the consent of the Purchasers. 
  
 (B) Timing of Closing. On the date specified by the Collateral Agent in the Purchase Notice (which shall not be less than five (5) Business Days after the receipt by the Financing Agent of the Purchase Notice,
but in no event more than 65 days after the earlier of (i) the receipt by Collateral Agent of the notice from Financing Agent pursuant to Section 3(C) referred to in clause (A)(ii) above and (ii) the date of delivery of the Purchase Notice), the
Financing Lenders shall sell to the Purchasers, and the Purchasers shall purchase from the Financing Lenders, the Financing Agreement Obligations pursuant to documentation reasonably satisfactory to the 

  

 - 19 - 

 
Purchasers and the Financing Lenders but in any event not inconsistent with the terms of this Section 20 including clause (D) hereof. 
  
 (C) Purchase Price. Upon the date of such purchase and sale, the
Purchasers shall (a) pay in cash to the Financing Agent, for the ratable benefit of the Financing Lenders, as the purchase price therefor the full amount of all the Financing Agreement Obligations then outstanding and unpaid (including principal,
interest, fees and expenses (including reasonable attorneys’ fees and legal expenses)), (b) furnish cash collateral to the Financing Agent in such amounts as the Financing Agent in good faith determines is reasonably necessary to secure the
Financing Agent in connection with any issued and outstanding letters of credit that the Financing Agent has arranged to be issued by third parties pursuant to the Financing Agreement (but in any event in an amount not greater than 100% of the
aggregate undrawn amount of such letters of credit), (c) agree to reimburse the Financing Agent for any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or
expenses related to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the Financing Agreement Obligations and/or as to which the Financing Agent has not yet received final
payment. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the Financing Agent, as the Financing Agent may designate in writing to the Purchasers for such purpose. Interest shall be
calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by the Purchasers to the bank account designated by Financing Agent are received in such bank account prior to 1:00 p.m., New York City
time at such bank and interest shall be calculated to and including such Business Day if the amounts so paid by the Purchasers to the bank account designated by the Financing are received in such bank account later than such time. 
  
 (D) Nature of Sale. Such purchase shall be expressly made without
representation or warranty of any kind by the Financing Lenders as to the Financing Agreement Obligations or otherwise and without recourse to the Financing Agent or the Financing Lenders, except for representations and warranties as to the
following: (a) the amount of the Financing Agreement Obligations being purchased (including, without limitation, as to the principal of and accrued and unpaid interest on such Financing Agreement Obligations and the fees and expenses thereof); (b)
that the Financing Lenders own the Financing Agreement Obligations free and clear of any liens; (c) each of the Financing Lenders has the full right and power to assign the Financing Agreement Obligations owed to it, such assignment has been duly
authorized and no approval of any governmental authority, other regulatory body or other Person is required in connection with such assignment; and (d) that the Financing Agent has not subordinated, or otherwise voluntarily relinquished the benefits
of, its lien in any Financing Agreement Collateral to the lien, indebtedness or claim of any other creditor of any Borrower or any Other Obligor, other than the subordination of liens in Financing Agreement Collateral permitted by the terms of the
Financing Agreement. 
  
 (E) Effect of Purchase. Following
the consummation of such purchase, the Purchasers shall be entitled to the benefits of, and be subject to the obligations under, this Agreement as if they were the Financing Agent and the Financing Lenders; provided, that the proviso to the last
sentence of Section 1(A) and this Section 20 (other than this clause (E)) shall no longer be given any effect, and not in limitation but in furtherance thereof all liens and 

  

 - 20 - 

 
security interests in favor of the Purchasers in the Financing Agreement Collateral shall be senior to the liens and security interests in favor of the
Collateral Agent for the benefit of itself, the Trustee and the Noteholders in the Financing Agreement Collateral without regard to the amount of the Financing Agreement Obligations secured thereby. 
  
 21. Amendment; Waiver. No amendment, waiver or other modification of
any provision of this Agreement is effective unless it is in writing and signed by the Collateral Agent and the Financing Agent; provided, that any amendment, waiver or other modification of this Agreement that directly and adversely affects a
Credit Party shall require the written consent of such Credit Party. 
  
 22. Expenses. The Credit Parties agree to pay, upon demand, to the Financing Agent, the Financing Lenders, the Collateral Agent, the Trustee or the Noteholders, as the case may be, the amount of any and all reasonable expenses,
including the reasonable fees and expenses of attorneys and paralegals, for the Financing Agent, the Financing Lenders, the Collateral Agent, the Trustee and the Noteholders, as the case may be, which any of them may incur in connection with the
exercise or enforcement of their respective rights or interests under this Agreement. All such amounts shall constitute part of the Financing Agreement Obligations or the Indenture Obligations, as the case may be. 
  
 23. Addresses for Notices. All demands, notices and other
communications provided for under this Agreement must be in writing (including facsimile communication) and mailed, sent by facsimile transmission or delivered to such party at the address specified on the signature page of this Agreement or at such
other address as is designated by such party in a written notice to each other party complying as to delivery with the terms of this Section 23. All such demands, notices and other communications are effective (i) three business days after
deposited in the U.S. mails, postage prepaid, (ii) upon receipt of confirmation of transmission when sent by facsimile and (iii) upon delivery when delivered, as the case may be. 
  
 24. No Waiver; Remedies. No failure on the part of the Financing Agent or the Collateral Agent to exercise, and no
delay in exercising, any right under this Agreement operates as a waiver of such right, nor does any single or partial exercise of any right under this Agreement preclude any other or further exercise of such right or the exercise of any other
right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by law. 
  
 25. Continuing Agreement; Transfer of Notes. This Agreement is a continuing agreement and (i) remains in full force and effect until the Financing
Agreement Obligations have been paid in full, (ii) is binding upon the Collateral Agent, the Credit Parties, the Financing Agent and their respective successors, transferees, participants and assigns and (iii) inures to the benefit of and is
enforceable by the Financing Agent and the Collateral Agent and their successors, transferees, participants and assigns. Without limiting the generality of clause (iii) above, the Financing Agent may, in accordance with the Financing Agreement,
assign, participate or otherwise transfer the Financing Agreement Obligations to any other person or entity, which person or entity upon such transfer becomes vested with all the rights in respect of such Financing Agreement Obligations granted to
the Financing Agent in this Agreement or otherwise. 
  

 - 21 - 

 26. Bankruptcy. The Collateral Agent agrees that in the event bankruptcy proceedings are
instituted by or against the Revolving/LC Borrower, the Financing Agent may consent to the use of up to $1,000,000 of cash collateral or provide up to $22,000,000 of postpetition financing under section 364 of the United States Bankruptcy Code, 11
U.S.C. § 364 (less the principal amount of Financing Agreement Obligations which are not rolled into such postpetition financing), to the Revolving/LC Borrower and the other Credit Parties on such terms and conditions as the Financing Agent, in
its sole discretion, may decide. The Collateral Agent waives any rights it may have under applicable law to object to such use of such cash collateral or such postpetition financing so long as such postpetition financing is not secured (including as
a result of any replacement liens) by any collateral other than the types of property that make up the Financing Agreement Collateral for the applicable Credit Party as adequate protection. 
  
 27. Additional Credit Parties. Any Person which either (i) hereafter
becomes a Restricted Subsidiary of the Revolving/LC Borrower or (ii) is a subsidiary of the Revolving/LC Borrower and becomes a guarantor of all or any portion of the Indenture Obligations shall become a party to this Agreement by execution of a
supplement to this Agreement in form and substance acceptable to the Financing Agent. 
  
 28. Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS. If any portion or provision of this Agreement is determined to be
invalid or unenforceable, all other provisions of this Agreement remain in full force and effect and this Agreement remains binding between the parties to this Agreement with respect to such remaining provisions. 
  
 29. Headings and Captions. Headings and captions used in this
Agreement are for convenience only and do not affect the construction of this Agreement. 
  
 30. CONSENT TO JURISDICTION; WAIVERS. EACH PARTY HERETO, IN CONNECTION WITH ANY LITIGATION ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED BY THIS AGREEMENT, CONSENTS TO THE JURISDICTION OF THE
FEDERAL COURT OF THE NORTHERN DISTRICT OF ILLINOIS, OR, IF SUCH COURT LACKS JURISDICTION, THEN TO THE JURISDICTION OF THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS, AND WANES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT, AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS BE MADE BY CERTIFIED MAIL DIRECTED TO SUCH PARTY AT THE ADDRESS STATED IN THIS AGREEMENT. EACH PARTY HERETO WAIVES TRIAL BY JURY, ANY OBJECTION BASED UPON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION
INSTITUTED UNDER THIS AGREEMENT. 
  
 31. Control and Cash
Collateral. (A) Subject to the terms and conditions of this Section 31, to the extent any Agent has possession, custody or control over any Financing Agreement Collateral of a type that requires a secured party to have possession, custody or
control to be perfected (or an agent of such Agent has such possession, custody or control), such Agent agrees to act as agent for the other Agent for the sole purpose of perfecting the security interest granted by the Credit Parties in such
Financing Agreement Collateral. 
  

 - 22 - 

 (B) Neither Agent shall have any obligation whatsoever to the other Agent to assure that any such
Financing Agreement Collateral is genuine or owned by any Credit Party or any other Person or to preserve rights or benefits of any Person. 
  
 (C) The duties or responsibilities of each Agent under this Section 31 are and shall be limited solely to holding or maintaining control of such Financing
Agreement Collateral for the other for purposes of perfecting the Lien of the Agent not in possession or control of such Financing Agreement Collateral in such Financing Agreement Collateral actually held by or under the control of the other Agent.
Neither Agent is nor shall it be deemed to be a fiduciary of any kind for the other Agent and neither Agent shall have any right, cause of action or claim against the other Agent (all of which are hereby waived) should such other Agent fail to
fulfill its duties or responsibilities under this Section 31, except that such Agent shall have the right to demand specific performance by such other Agent of any duty or obligation of such other Agent under clause (D) below to the extent such
other Agent fails to fulfill any such duty or obligation. 
  
 (D)
Notwithstanding anything to the contrary in this Section 31, (i) prior to the payment in full of the Financing Agreement Obligations (other than the Excess Financing Agreement Obligations), the Collateral Agent shall, at the request and cost of the
Financing Agent, take such actions as may reasonably be requested by the Financing Agent to cause the Financing Agent to have actual possession or control of such Financing Agreement Collateral, (ii) following the payment in full of the Financing
Agreement Obligations (other than the Excess Financing Agreement Obligations), the Financing Agent shall, at the request and cost of the Collateral Agent, take such actions as may reasonably be requested by the Collateral Agent to cause the
Collateral Agent to have actual possession or control of such Financing Agreement Collateral and (iii) following the payment in full of the Indenture Obligations, the Collateral Agent shall, at the request and cost of the Financing Agent, take such
actions as may reasonably be requested by the Financing Agent to cause the Financing Agent to have actual possession or control of such Financing Agreement Collateral. 
  
 (E) The provisions of this Section 31 are subject to the other provisions of this Agreement and to the extent there is a
conflict with any other provision contained in this Agreement and this Section 31, such other provision shall govern. 
  
 * * * * * 
  
 [Remainder of page intentionally left blank] 
  

 - 23 - 

 Delivered as of the day and year first above written. 
  

			
	SHEFFIELD STEEL CORPORATION,
as Revolving/LC Borrower
	
	 /s/ Stephen R. Johnson

	 By:
	 	 Stephen R. Johnson

	 Title:
	 	 Vice President and Chief Financial Officer

	 220 North Jefferson

	 Sand Springs, Oklahoma 74063

	 Attn:
	 	 Stephen R. Johnson

	 Chief Financial Officer

	 Telecopier No.: (918) 241-6596

	
	SANDS SPRING RAILWAY COMPANY,
as Term Borrower
	
	 /s/ Stephen R. Johnson

	 By:
	 	 Stephen R. Johnson

	 Title:
	 	 Vice President and Chief Financial Officer

	 220 North Jefferson

	 Sand Springs, Oklahoma 74063

	 Attn:
	 	 Stephen R. Johnson

	 Chief Financial Officer

	 Telecopier No.: (918) 241-6596

	
	U.S. BANK NATIONAL ASSOCIATION,
as Collateral Agent
	
	 /s/ Elizabeth C. Hammer

	 By:
	 	 Elizabeth C. Hammer

	 Title:
	 	 Vice President

	 Goodwin Square

	 225 Asylum St, 23rd Floor

	 Hartford, CT 06109

	 Attn:
	 	 Corporate Trust Administration

	 Telecopier No.: (860) 244-1889

  
 Signature Page to
Intercreditor Collateral Subordination Agreement 
  

			
	
	THE CIT GROUP/BUSINESS, INC.,
as Financing Agent
	
	 /s/ Glenn P. Bartley

	 By:
	 	 Glenn P. Bartley

	 Title:
	 	 Vice President

	 10 South LaSalle Street, 22nd Floor

	 Chicago, IL 60603

	 Attn:
	 	 
	 Regional Credit Manager

	 Telecopier No.: (312) 424-9740

  
 Signature Page to
Intercreditor Collateral Subordination AgreementRegistration Rights Agreement dated August 12, 2004

  
 Exhibit 4.6 

 
 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement, dated as August 14, 2002 (the
“Agreement”), by and among Sheffield Steel Corporation, a Delaware corporation (the “Company”), Bennett Restructuring Fund, L.P., a Delaware limited partnership (“Bennett Restructuring”), Bennett
Restructuring Fund II, L.P. (“Bennett Restructuring II”), a Delaware limited partnership, and Bennett Offshore Restructuring Fund Inc., a Cayman Island corporation (“Bennett Offshore”), LC Capital Partners, L.P., a
Delaware limited liability partnership (“Lampe”), Axis-RDO Limited, a Bahamian international business company (“Axis”), HFR DS Performance Master Trust (“HFR DS”), Mellon HBV Master Multi-Strategy
Fund L.P., a Cayman Island limited partnership (“Mellon Multi-Strategy Fund”), Mellon HBV Master Rediscovered Opportunities Fund L.P., a Cayman Island limited partnership (“Mellon Rediscovered Opportunities Fund”,
and each of Bennett Offshore, Bennett Restructuring, Bennett Restructuring II, Lampe, Axis, HFR DS, Mellon Multi-Strategy Fund and Mellon Rediscovered Opportunities Fund, an “Initial Holder”). 
  
 WITNESSETH: 
  
 WHEREAS, in connection with the financial restructuring of the Company
pursuant to the Plan as filed and confirmed in the Chapter 11 Cases, the Company proposes to grant certain registration rights to the Initial Holders of the Company’s New Common Stock and their successors and assigns as Holders of such New
Common Stock, so long as such stock constitutes Registrable Securities; and 
  
 WHEREAS, the Company desires to enter into this Agreement to set forth the terms and conditions of the registration rights of such Holders of the Company’s Registrable Securities; 
  
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, it is agreed as follows: 
  
 SECTION 1.
DEFINITIONS 
  
 Unless otherwise defined herein, capitalized terms
used in this Agreement shall have the meanings given to them in the Plan. Each reference herein to an agreement, document or instrument shall mean that agreement, document or instrument as from time to time amended, modified or supplemented in
accordance with its terms, including in each case all exhibits, annexes and schedules to such agreement, document or instrument, all of which are incorporated by reference to such agreement, document or instrument. 
  
 As used in this Agreement, the following capitalized terms shall have the
meanings ascribed to them below: 
  
 “Axis” has
the meaning set forth in the preamble. 
  
 “Bennett
Holders” means, collectively, Bennett Offshore, Bennett Restructuring and Bennett Restructuring II, and any of their respective successors and assigns as Holders of Registrable Shares. 
  

 “Bennett Offshore” has the meaning set forth in the preamble. 
  
 “Bennett Restructuring” has the meaning set forth in the
preamble. 
  
 “Bennett Restructuring II” has the
meaning set forth in the preamble. 
  
 “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions located in the State of Delaware are authorized or obligated by law or executive order to close. 
  
 “Chapter 11 Cases” means the cases under Chapter 11 of the
Bankruptcy Code entitled In regarding Sheffield Steel Corporation, Waddell’s Rebar Fabricators, Inc., and Wellington Industries, Inc., Case No. 01-05508-R through Case No. 01-05510-R, before the United States Bankruptcy Court for the
Northern District of Oklahoma. 
  
 “Company
Indemnitee” has the meaning set forth in Section 6(B). 
  
 “Demand Registration” has the meaning set forth in Section 2(A). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the regulations and rules promulgated thereunder, or any similar federal statute then in effect, and a reference to a
particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute. 
  
 “HBV Holders” means, collectively, Axis, HER DS, Mellon Multi-Strategy Fund and Mellon Rediscovered Opportunities Fund, and any of their
respective successors and assigns as Holders of Registrable Shares. 
  
 “HFR DS” has the meaning set forth in the preamble. 
  
 “Holder” means each of Bennett Offshore, Bennett Restructuring, Bennett Restructuring II, Lampe, Axis, HER DS, Mellon Multi-Strategy Fund, Mellon Rediscovered Opportunities Fund and any of their
respective successors and assigns as Holders of Registrable Shares. 
  
 “Holder Indemnitor” has the meaning set forth in Section 6(B). 
  
 “Initial Holder” has the meaning set forth in the preamble. 
  
 “Lampe” has the meaning set forth in the preamble. 
  
 “Lampe Holders” means Lampe, and its successors and assigns as Holders of Registrable Shares. 

 
 “Mellon Multi-Strategy Fund” has the meaning set forth in
the preamble. 
  
 “Mellon Rediscovered Opportunities
Fund” has the meaning set forth in the preamble. 
  

 - 2 - 

 “New Common Stock” means the common stock of the Company issued in connection with the
financial restructuring of the Company pursuant to the Plan. 
  
 “Plan” means the plan of reorganization as filed and confirmed in the Chapter 11 Cases. 
  
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement with
respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement or any other amendments and supplements to such prospectus, including without limitation any preliminary prospectus, any
pre-effective or post-effective amendment and all material incorporated by reference in any prospectus. 
  
 “Registrable Securities” means shares of New Common Stock which are initially issued to any Initial Holder pursuant to the Plan and any
securities issued or issuable in respect of or in exchange for any of such shares of New Common Stock by way of a stock dividend or other distribution, stock split, reverse stock split or other combination of shares, recapitalization,
reclassification, merger, consolidation or exchange offer. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such
securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (ii) such securities shall have been sold to the public pursuant to Rule 144 (or any
successor provision) under the Securities Act, (iii) such securities shall have been otherwise transferred or exchanged and new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the
Company or (iv) such securities shall have ceased to be outstanding. 
  
 “Registration Expenses” has the meaning set forth in Section 5. 
  
 “Registration Statement” means any registration statement of the Company which covers Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such
registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 
  
 “SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the
Exchange Act. 
  
 “Section 3 Notice” has the
meaning set forth in Section 3(A). 
  
 “Securities
Act” means the Securities Act of 1933, as amended, and the regulations and rules promulgated thereunder, or any similar federal statute then in effect, and a reference to a particular section thereof shall be deemed to include a reference
to the comparable section, if any, of any such similar federal statute. 
  
 SECTION 2. DEMAND REGISTRATIONS 
  
 A. Requests for
Registration. Subject to the provisions of this Section 2, the Bennett Holders, acting collectively, the HBV Holders, acting collectively, and the Lampe Holders, acting collectively, should there be more than one Lampe Holder, may each at any
time during 

  

 - 3 - 

 
the period beginning on the 360th day following the date hereof make a written request for registration under the Securities Act of all or any part of the
Registrable Securities held by any Holder that is a member of the Bennett Holders, HBV Holders or the Lampe Holders, respectively (a “Demand Registration”). Such request shall specify the amount of Registrable Securities to be registered
and the intended method or methods of disposition. Promptly after receipt of such request, the Company shall send written notice of such request under Section 2 and the rights of the non-demanding Holders under this Section 2 to all non-demanding
Holders and shall, subject to the provisions of this Section 2, include in such Demand Registration all Registrable Securities with respect to which the Company receives written requests (specifying the amount of Registrable Securities to be
registered and the intended method or methods of disposition) for inclusion therein within 15 days after such notice is sent. As promptly as practicable thereafter, but in no event later than 30 days after the end of such 15-day period, but subject
to Section 2(C), the Company shall use its best reasonable efforts to file with the SEC a Registration Statement, registering all Registrable Securities that any Holders have requested to register, for disposition in accordance with the intended
method or methods set forth in their notices to the Company. The Company shall use its best reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after filing and to remain effective until the
earlier of (i) 180 days following the date on which it was declared effective and (ii) the date on which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated therein.
Subject to Section 2(D), the Company may include in any Demand Registration additional shares of capital stock to be sold for the Company’s account pursuant to such registration. 
  
 B. Number of Registrations. No more than one Demand Registration shall be available to the Bennett Holders, acting
collectively, the HBV Holders, acting collectively, and the Lampe Holders, acting collectively, should there be more than one Lampe Holder, pursuant to this Agreement and no more than three demand Registrations in the aggregate shall be available
pursuant to this Agreement. 
  
 C. Suspension of
Registration. The Company shall have the right to delay the filing or effectiveness of the Registration Statement for any Demand Registration or to require the Holders not to sell under any Registration Statement or to delay the preparation and
filing of any supplement or post-effective amendment to the applicable Registration Statement or Prospectus or any document incorporated therein by reference, in each case during one or more periods aggregating not more than 60 days in each 12 month
period if, in each such instance, (i) the Company would, in accordance with the advice of its counsel, be required to disclose in the Prospectus information not otherwise then required to be publicly disclosed, (ii) in the good faith judgment of the
Company’s Board of Directors, there is a reasonable likelihood that such disclosure, or any other action to be taken in connection with the Prospectus, would materially and adversely affect any existing or prospective material business
situation, transaction or negotiation involving the Company or otherwise materially and adversely affect the Company and (iii) each Holder has received a certificate of the Company executed by its chief executive officer confirming (i) and (ii)
above; provided that the Company shall make such determination, and notify the selling Holders of such determination, as soon as reasonably practicable after becoming aware of any situation described in (i) and (ii) above. 
  

 - 4 - 

 D. Priority. If the managing underwriter for a Demand Registration that involves an underwritten
offering shall advise the Company that, in its opinion, the inclusion of the amount of shares of capital stock to be sold for the Company’s account or the account of Holders that did not initiate the Demand Registration would adversely affect
the success of the offering for the selling Holders, then the number of shares of capital stock to be sold for the Company’s account or the account of such non-initiating Holders shall be reduced (and may be reduced to zero) in accordance with
the managing underwriter’s recommendation. In the event of such reduction, the number of Registrable Securities included in such registration shall be determined by giving (i) first priority to the Registrable Securities owned by the Holders
that initiated the Demand Registration (which shall not be reduced), (ii) second priority to the Registrable Securities owned by the Holders that did not initiate the Demand Registration, allocated if necessary prorata among all such
Holders, and (iii) third priority to the securities sought to be included by the Company and by the Holders pursuant to their Piggyback Registration Rights pursuant to Section 3. No registration effected under Section 3 shall be deemed a Demand
Registration. If no Registrable Securities of a Holder in category (ii) above are cut back, a Demand Registration shall be deemed to have been requested by such Holder for purposes of Section 2(B). If any Registrable Securities of a Holder in
category (i) or (ii) above are cut back, no Demand Registration shall be deemed to have been requested by such Holder for purposes of Section 2(B) and such Holder may elect to withdraw its Registrable Securities from the registration; provided,
however, that such withdrawal election shall be irrevocable and, after making a withdrawal election, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal election was made. If any
such withdrawal election is made, the number of Registrable Securities included in the registration shall be increased by the lesser of the amount of Registrable Securities withdrawn and the aggregate amount of Registrable Securities cut back
pursuant to this Section 2(D), and in accordance with the priority provided by this Section 2(D). 
  
 E. Interrupted Registration. No Demand Registration requested pursuant to this Section 2 shall be deemed to have been requested by any Holder of
Registrable Securities for purposes of Section 2(B): (i) unless it has been declared effective by the SEC; provided, however, that a registration which does not become effective after the Company has filed a Registration Statement with respect
thereto solely by reason of the refusal of the requesting Holders to proceed shall be deemed to have been effected by the Company at the request of such withdrawing Holders unless the withdrawing Holders shall have elected to pay all Registration
Expenses of the Company in connection with such registration, (ii) if after it has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the SEC for any reason other than a
misrepresentation or an omission by the requesting Holders, (iii) if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied other than by reason of some wrongful
act or omission, or act or omission in bad faith, by the requesting Holders or (iv) if such request has been withdrawn by the requesting Holders prior to the filing of the Registration Statement with the SEC and such Holders shall have elected to
pay all Registration Expenses of the Company in connection with such withdrawn request. 
  

 - 5 - 

  
 SECTION 3. PIGGY-BACK
REGISTRATIONS 
  
 A. Right to Include Registrable
Securities. If at any time the Company proposes to register any of its equity securities under the Securities Act (including pursuant to a Demand Registration pursuant to Section 2), whether or not for sale for its own account (other than a
registration on Form S-4 or Form S-8, or any successor or similar forms), in a manner that would permit registration of Registrable Securities for sale to the public under the Securities Act, it will each such time promptly give prior written notice
to all Holders: (i) of its intention to do so, (ii) of the registration form of the SEC that has been selected by the Company and (iii) of rights of Holders under this Section 3 (the “Section 3 Notice”). The Company will include in
the proposed registration all Registrable Securities that the Holders thereof request in writing within 15 days after the Section 3 Notice is given that the Company register; provided, however, that (i) if, at any time after giving written notice of
its intention to register any equity securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine that none of such equity securities shall be registered, the
Company may, at its election, give written notice of such determination to all Holders who so requested registration and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such abandoned
registration and (ii) in case of a determination by the Company to delay registration of its equity securities, the Company shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering
such other equity securities by the Company. No registration effected under this Section 3 shall be deemed a Demand Registration for purposes of Section 2(B). Notwithstanding anything to the contrary in Section 2, provided that the securities
offered by the Company are successfully registered within 90 days of the date of the Section 3 Notice and provided that such Holder did not have his allocation cut back pursuant to Section 3(B)(1), no Holder shall have the right to require the
Company to complete the registration of any Registrable Securities pursuant to Section 2 until the earlier of (A) the completion of the distribution of the securities offered by the Company and registered pursuant to the Section 3 Notice and (B) 90
days after the date each registration statement effected under this Section 3 is declared effective. 
  
 B. Priority; Registration Form. 
  
 (1) If the managing underwriter for a registration in which Registrable Securities are proposed to be included pursuant to this Section 3
that involves an underwritten offering shall advise the Company that, in its opinion, the inclusion of the amount of Registrable Securities to be sold for the account of Holders would adversely affect the success of the offering for the Company,
then the number of Registrable Securities to be sold for the account of such Holders shall be reduced (and may be reduced to zero) in accordance with the managing underwriter’s recommendation. In the event that the number of Registrable
Securities to be included in any registration is reduced (but not to zero), the number of such Registrable Securities included in such registration shall be allocated pro rata among all requesting Holders and all other holders of New
Common Stock having the right to include their shares of New Common Stock in such registration, on the basis of the relative number of shares of such New Common Stock each such Holder or other holder has requested to be included in such
registration. If, as a result of the proration provisions of this Section 3(B), any Holder shall not be entitled to include all Registrable Securities in a registration pursuant to this Section 3 that such Holder has requested be included, such
Holder may elect to withdraw its Registrable 

  

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Securities from the registration; provided, however, that such withdrawal election shall be irrevocable and, after making a withdrawal
election, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal election was made. If any such withdrawal election is made, the number of Registrable Securities included in the
registration shall be increased by the lesser of the amount of Registrable Securities withdrawn and the aggregate amount of Registrable Securities cut back pursuant to this Section 3(B)(1), and in accordance with the priority provided by this
Section 3(B)(1). 
  
 (2) If the Company is using
a Form S-3 to effectuate a registration pursuant to this Section 3 or Section 2, but it would not be eligible to use such form for the number of Registrable Securities to be included at the request of other Holders, the Company may elect to not
include such Registrable Securities in such registration. 
  
 C.
Merger, Consolidation, etc. Notwithstanding anything in this Section 3 to the contrary, Holders shall not have any right to include their Registrable Securities in any distribution or registration of equity securities by the Company, which is
a result of a merger, consolidation, acquisition, exchange offer, recapitalization, other reorganization, dividend reinvestment plan, stock option plan or other employee benefit plan, or any similar transaction having the same effect. 
  
 SECTION 4. REGISTRATION PROCEDURES 
  
 A. The Company to Use Best Reasonable Efforts. In connection with the
Company’s registration obligations pursuant to Sections 2 and 3, the Company shall use its best reasonable efforts to effect such registrations to permit the sale of such Registrable Securities in accordance with the intended method or methods
of disposition thereof, and pursuant thereto the Company shall as expeditiously as reasonably practicable: 
  
 (1) prepare and file with the SEC a Registration Statement or Registration Statements relating to the registration on any appropriate form
under the Securities Act, and to cause such Registration Statements to become effective as soon as reasonably practicable and to remain continuously effective for the time period required by this Agreement to the extent permitted under the
Securities Act or until the distribution contemplated in the Registration Statement is completed; provided, however, that as soon as reasonably practicable but in no event later than five Business Days before filing such Registration
Statement, any related Prospectus or any amendment or supplement thereto, other than any amendment or supplement made solely as a result of incorporation by reference of documents filed with the SEC subsequent to the filing of such Registration
Statement, the Company shall furnish to the Holders of the Registrable Securities covered by such Registration Statement, their counsel selected as provided in Section 5(vi) and the underwriters, if any, copies of all such documents proposed to be
filed, which Holders, counsel and underwriters shall be afforded a reasonable opportunity to review such documents and comment thereon; 
  
 (2) prepare and file with the SEC, as promptly as practicable, such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement effective for the applicable period set forth in Section 2(A); and cause the Registration Statement and the related Prospectus to be supplemented by any 

  

 - 7 - 

 
required Prospectus supplement, and as so supplemented to be filed in accordance with the Securities Act and any rules and regulations promulgated
thereunder; and otherwise comply with the provisions of the Securities Act as may be necessary to facilitate the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the
intended method or methods of disposition by the selling Holders thereof set forth in such Registration Statement or such Prospectus or Prospectus supplement, including making available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve months beginning with the first day of the first full calendar quarter of the Company after the effective date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
  
 (3) permit any selling Holder (which Holder, in the Company’s sole and exclusive judgment, might be deemed to be an underwriter or a
controlling person of the Company) to participate in the preparation of such Registration Statement and to request the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such Holder and its
counsel should be included, and the Company shall include such material, unless in the reasonable judgment of the Company and its counsel, the material should be not included; 
  
 (4) notify the selling Holders and the managing underwriters, if any, promptly if at any time (A) any
Prospectus, Registration Statement or amendment or supplement thereto is filed, (B) any Registration Statement, or any post-effective amendment thereto, becomes effective, (C) the SEC requests any amendment or supplement to, or any additional
information in respect of, any Registration Statement or Prospectus, (D) the SEC issues any stop order suspending the effectiveness of a Registration Statement or initiates any proceedings for that purpose, (E) the Company receives any notice that
the qualification of any Registrable Securities for sale in any jurisdiction has been suspended or that any proceeding has been initiated for the purpose of suspending such qualification or (F) any event occurs which requires that any changes be
made in such Registration Statement or any related Prospectus so that such Registration Statement or Prospectus will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading; provided, however, that in the case of this subclause (F), such notice need only state that an event of such nature has occurred, without describing such event. The Company hereby agrees to promptly
reimburse any selling Holders for any reasonable out-of-pocket losses and expenses incurred in connection with any uncompleted sale of any Registrable Securities in the event that the Company fails to timely notify such Holder that the Registration
Statement then on file with the SEC is no longer effective; 
  
 (5) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the qualification of any Registrable Securities for sale in any jurisdiction, at the
earliest reasonably practicable moment; 
  
 (6)
if requested by the managing underwriters or any Holder of Registrable Securities being sold in connection with an underwritten offering, incorporate into a Prospectus supplement or a post-effective amendment to the Registration Statement any
information which the managing underwriters and such Holder reasonably agree is required to be included therein 

  

 - 8 - 

 
relating to such sale of Registrable Securities; and file such supplement or post-effective amendment as soon as practicable in accordance with the
Securities Act and the rules and regulations promulgated thereunder; 
  
 (7) furnish to each selling Holder and each managing underwriter, if any, one signed copy of the Registration Statement or Registration Statements and any post-effective amendment thereto, including all financial
statements and schedules thereto, all documents incorporated therein by reference and all exhibits thereto (including exhibits incorporated by reference) as promptly as practicable after filing such documents with the SEC; 
  
 (8) deliver to each selling Holder and each underwriter, if
any, as many copies of the Prospectus or Prospectuses (including each preliminary Prospectus) and any amendment or supplement thereto as such Persons may reasonably request; and consent to the use of such Prospectus or any amendment or supplement
thereto by each such selling Holder and underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus, amendment or supplement; 
  
 (9) prior to any public offering of Registrable Securities, use its best reasonable efforts to register or
qualify, or to cooperate with the selling Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification of, such Registrable Securities for offer and sale under the securities or blue sky laws
of such jurisdictions as may be requested by the Holders of a majority of the Registrable Securities included in such Registration Statement; and keep each such registration or qualification effective during the period set forth in Section 2(A) that
the applicable Registration Statement is required to be kept effective; and do any and all other acts or things necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by such Registration Statement; provided,
however, that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service in any jurisdiction where it is not then so
subject; 
  
 (10) cooperate with the selling
Holders and the underwriters, if any, in the preparation and delivery of certificates representing the Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such selling Holders or managing
underwriters may request at least two Business Days prior to any sale of Registrable Securities represented by such certificates; 
  
 (11) subject to Section 2(C), upon the occurrence of any event described in subclause (F) of clause (4) above, promptly prepare and file a
supplement or post-effective amendment to the applicable Registration Statement or Prospectus or any document incorporated therein by reference, and any other required documents, so that such Registration Statement and Prospectus will not thereafter
contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; and cause such supplement or post-effective amendment to become effective as soon as practicable; 

 
 (12) take all other actions in connection therewith as
are reasonably necessary or desirable in order to expedite or facilitate the disposition of the Registrable Securities included in such Registration Statement and, in the case of an underwritten offering: (A) enter into an 
  

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underwriting agreement in customary form with the managing underwriter (such agreement to contain standard and customary indemnities, representations,
warranties and other agreements of or from the Company); (B) obtain opinions of counsel to the Company (which, if reasonably acceptable to the underwriters, may be the Company’s inside counsel) addressed to the underwriters, such opinions to be
in customary form; and (C) obtain “comfort” letters from the Company’s independent certified public accountants addressed to the underwriters, such letters to be in customary form; 
  
 (13) make available for inspection by any selling Holder of
Registrable Securities, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such selling Holder or underwriter all financial and other records,
pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees, attorneys and independent. accountants to supply all information reasonably requested by any such selling Holders,
underwriters, attorneys, accountants or agents in connection with such Registration Statement; provided, however, that information which the Company determines, in good faith, to be confidential shall not be disclosed by such persons unless (x) the
disclosure of such information is necessary to avoid or correct a misstatement or omission in such Registration Statement, or (y) the release of such information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction. Each selling Holder of Registrable Securities agrees, on its own behalf and on behalf of all its underwriters, accountants, attorneys and agents, that the information obtained by it as a result of such inspections shall be kept
confidential by it and not disclosed by it, and shall not be used by it as the basis for any market transactions in the securities of the Company, in each case unless and until such information is made generally available to the public other than by
such selling Holder. Each selling Holder of Registrable Securities further agrees, on its own behalf and on behalf of all its underwriters, accountants, attorneys and agents, that it will, upon learning that disclosure of such information is sought
in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the information deemed confidential; 
  
 (14) cause all Registrable Securities registered pursuant
hereunder to be listed on each securities exchange on which similar securities by the Company are then listed; 
  
 (15) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities; and 
  
 (16) take all
such other actions not inconsistent with the terms of this Agreement as the Holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities. 
  
 B. Holders’ Obligation to
Furnish Information. The Company may require each Holder of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding the distribution of such Registrable Securities as the Company
may from time to time reasonably request. 
  

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 C. Suspension of Sales Pending Amendment of Prospectus. Each Holder agrees that, upon receipt of
any notice from the Company of the happening of any event of the kind described in subclauses (C)-(F) of subsection A(4) above, such Holder will suspend the disposition of any Registrable Securities covered by such Registration Statement or
Prospectus until such Holder’s receipt of the copies of a supplemented or amended Prospectus or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, if so directed by the Company, such
Holder will deliver to the Company all copies, other than permanent file copies, then in such Holder’s possession of any Prospectus covering such Registrable Securities. If the Company shall have given any such notice, or a notice pursuant to
Section 9(A), during a period when a Demand Registration is in effect, the 180-day period described in Section 2(A) shall be extended by the number of days of such suspension period. 
  
 D. No Required Registration. The Company shall not be required to file a Registration Statement at the request of
Holders pursuant to the provisions of Section 2, if the Company shall receive a written opinion from its counsel that the Registrable Securities which such Holders have requested or may request to have registered may, as of the date of such opinion,
be sold in the public market, in unlimited amounts during any 90-day period, under Rule 144 or otherwise, without registration under the Securities Act, provided that such opinion is also addressed to, and is reasonably acceptable to, such Holders.

  
 SECTION 5. REGISTRATION EXPENSES 
  
 All expenses incident to the Company’s performance of or compliance with
its obligations under this Agreement, including without limitation all (i) registration and filing fees, (ii) fees and expenses of compliance with securities or blue sky laws, (iii) printing expenses, (iv) fees and disbursements of its counsel, its
independent certified public accountants and any additional experts retained by it (including the expenses of any special audit or “comfort” letters required by or incident to such performance or compliance), (v) securities acts liability
insurance (if the Company elects to obtain such insurance), (vi) reasonable fees and expenses of one counsel for the Holders of Registrable Securities covered by each Registration Statement, with such counsel to be selected by Holders of a majority
of such Registrable Securities (all such expenses being herein referred to as “Registration Expenses”), and (vii) the expenses and fees for listing securities to be registered on each securities exchange on which similar securities
by the Company are then listed shall, subject to Section 2(E), be borne by the Company provided, however, that Registration Expenses shall not include any underwriting discounts, commissions or fees attributable to the sale of the Registrable
Securities. 
  
 SECTION 6. INDEMNIFICATION 
  
 A. Indemnification by the Company. In the event of any registration of
any securities of the Company under the Securities Act pursuant to Section 2 or 3, the Company will, and hereby does, indemnify and hold harmless each selling Holder of any Registrable Securities covered by such Registration Statement, its
affiliates, general and limited partners, members and shareholders and each of its and their directors, officers, managers, employees, attorneys, investment advisors and agents, each other Person who participates as an underwriter, if any, in the
offering or sale of such securities and each other Person, if any, who controls such selling Holder or any such underwriter within the meaning of the Securities Act, against any and all 

  

 - 11 - 

 
losses, claims, damages or liabilities, joint or several, and expenses (including any amounts paid in any settlement effected with the Company’s
consent, which consent shall not be unreasonably withheld) to which such selling Holder or other indemnified Person may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such securities were registered under the
Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in any preliminary Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if the Company shall have filed with the SEC any amendment
thereof or supplement thereto), if used prior to the effective date of such Registration Statement, or contained in the Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if the Company shall have
filed with the SEC any amendment thereof or supplement thereto), or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading or (iii) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any
such registration, and the Company will reimburse such selling Holder and each other indemnified Person for any legal or any other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim,
liability, action or proceeding; provided, however, that the Company shall not be liable to any such selling Holder or other indemnified Person in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in
respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or amendment thereof or supplement thereto or in any such preliminary,
final or summary Prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such selling Holder or such other indemnified Person, specifically for use in the preparation thereof; and
provided, further, that the Company will not be liable to any Person who participates as an underwriter in any underwritten offering or sale of Registrable Securities, or to any Person who is a selling Holder in any non-underwritten offering or sale
of Registrable Securities, or any other Person, if any, who controls such underwriter or selling Holder within the meaning of the Securities Act, under the indemnity agreement in this Section 6(A) with respect to any preliminary Prospectus or the
final Prospectus (including any amended or supplemented preliminary or final Prospectus), as the case may be, to the extent that any such loss, claim, damage or liability of such underwriter, selling Holder or controlling Person results from the
fact that such underwriter or selling Holder sold Registrable Securities to a person to whom there was not sent or given, at or prior to the written confirmation of such sale, a copy of the final Prospectus as then amended or supplemented, whichever
is most recent, if the Company has previously furnished copies thereof to such underwriter or selling Holder and such final Prospectus, as then amended or supplemented, has corrected any such misstatement or omission. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such selling Holder or other indemnified Person. 
  

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 B. Indemnification by the Sellers. In consideration of the Company’s including any
Registrable Securities in any Registration Statement filed in accordance with Section 2 or 3, each prospective selling Holder (each, a “Holder Indemnitor”) of such Registrable Securities and any underwriter shall be deemed to have
agreed severally to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 6(A)) the Company and its directors, officers, employees, managers, attorneys, investment advisors and agents and each person
controlling the Company within the meaning of the Securities Act (each, a “Company Indemnitee”) against any and all losses, claims, damages or liabilities, joint or several, and expenses (including any amounts paid in any settlement
effected with such Holder Indemnitor’s consent, which consent shall not be unreasonably withheld) to which the Company Indemnitees may become subject under the Securities Act, common law or ‘otherwise, insofar as such losses, claims,
damages or liabilities (or actions or proceedings in respect thereof) arise solely out of or are based solely upon any statement or alleged statement in or omission or alleged omission from such Registration Statement, any preliminary, final or
summary Prospectus contained therein, or any amendment or supplement, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or its
representatives by or on behalf of such selling Holder or underwriter specifically for use in the preparation of such Registration Statement, preliminary, final or summary Prospectus or amendment or supplement. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the Company or any of its directors, officers or controlling Persons; provided that each Holder Indemnitor’s liability under this Section 6(B) shall be limited to an
amount equal to the net proceeds (after deducting the underwriting discount) received by such Holder Indemnitor from the sale of Registrable Securities in any offering. The Company may require as a condition to its including Registrable Securities
in any Registration Statement filed hereunder that the holder thereof acknowledge its agreement to be bound by the provisions of this Agreement (including Section 6) applicable to it. 
  
 C. Notices of Claims. Promptly after receipt by an indemnified party hereunder of written notice of the commencement
of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 6, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the
latter of the commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 6, except to the extent that the
indemnifying party is actually prejudiced by such failure to give notice. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to
participate therein, and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party; provided, further, that if, in the
indemnified party’s reasonable judgment, a conflict of interest between the indemnified party and the indemnifying party exists in respect of such claim, then such indemnified party shall have the right to participate in the defense of such
claim and to separate counsel (limited in each jurisdiction to one counsel) of attorneys at the indemnifying party’s expense to represent such indemnified party. No indemnified party will consent to entry of any judgment or enter into any
settlement without the indemnifying party’s consent to such judgment or settlement, which shall not be unreasonably withheld. 
  

 - 13 - 

 D. Contribution. If the indemnification provided for in this Section 6 is unavailable or
insufficient to hold harmless an indemnified party under this Section 6, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in
this Section 6 in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with statements or omissions which resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates, to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue
statements or omission. The Company agrees, and the Holders (in consideration of the Company’s including any Registrable Securities in any Registration Statement filed in accordance with Section 2 or 3) shall be deemed to have agreed, that it
would not be just and equitable if contributions pursuant to this Section 6(D) were to be determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to in the first two
sentences of this Section 6(D). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section 6(D) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any action or claim (which shall be limited as provided in Section 6(C) if the indemnifying party has assumed the defense of any such action in accordance
with the provisions thereof) which is the subject of this Section 6(D). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. Promptly after receipt by an indemnified party of notice of the commencement of any action against such party in respect of which a claim for contribution may be made against an indemnifying party under this
Section 6(D), such indemnified party shall notify the indemnifying party in writing of the commencement thereof if the notice specified in Section 6(C) has not been given with respect to such action; provided, however, that the
omission so to notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise under this Section 6(D), except to the extent that the indemnifying party is actually
prejudiced by such failure to give notice. Notwithstanding anything in this Section 6(D) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 6(D) to contribute any amount in excess of the
proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the losses, claims, damages or liabilities of the indemnified parties relate. 
  
 SECTION 7. RULE 144 
  
 The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated
thereunder, so long as it is subject to such reporting requirements, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the
exemptions provided by Rule 144. Whether or not required by the rules and regulations of the SEC, so long as this Agreement is in effect, but in any event not prior to the 180th day following the date hereof, the Company will furnish to the Holders
(a) all quarterly and annual 

  

 - 14 - 

 
financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file such
Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants and
(b) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports, in each case, within the time periods specified in the SEC’s rules and regulations. Upon the request of any
Holder, the Company shall deliver to such Holder a written statement stating whether it has complied with such requirements. 
  
 SECTION 8. UNDERWRITTEN REGISTRATIONS 
  
 A. Selection of Underwriters. If any of the Registrable Securities covered by any Demand Registration are to be sold in an underwritten offering,
the underwriter or underwriters and managing underwriter or managing underwriters that will administer the offering shall be selected by the Holder that initiated such Demand Registration; provided, however, that such underwriters and managing
underwriters shall be subject to the approval of the Company, which approval shall not be unreasonably withheld. 
  
 B. Agreements of Selling Holders. No Holder shall sell any of its Registrable Securities in any underwritten offering pursuant to a registration
hereunder unless such Holder agrees to sell such Registrable Securities on a basis provided in an underwriting agreement in customary form. No Holder shall sell any of its Registrable Securities in any offering, whether or not underwritten, pursuant
to a registration hereunder unless such Holder completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting agreements or as reasonably
requested by the Company. 
  
 SECTION 9. HOLDBACK AGREEMENTS

  
 A. Restrictions on Public Sales by Holders. To the
extent not inconsistent with applicable law, each Holder who, together with its affiliates, holds at least 10% of the issue of securities of the Company (on a fully diluted basis) that are being registered in a given underwritten offering that is
timely notified in writing by the managing underwriter or underwriters shall not effect any public sale or distribution (including a sale pursuant to Rule 144) of any issue being registered in such underwritten offering (other than pursuant to an
employee stock option, stock purchase, stock bonus or similar plan, or pursuant to a merger, an exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act), any securities of the Company similar to any such issue
or any securities of the Company convertible into or exchangeable or exercisable for any such issue or any similar issue, during the 7-day period prior to the effective date of the applicable Registration Statement, if such date is known, or during
the period beginning on such effective date and ending on the earlier of (i) the completion of the distribution of such securities by the Company pursuant to such offering and (ii) 90 days after such effective date, except as part of such
registration; provided that such restrictions shall apply not more than once during any nine-month period and in no case shall such restrictions apply for an aggregate of more than 360 days after the effective date. 
  

 - 15 - 

 B. Restrictions on Public Sales by the Company. If so requested by the managing underwriter or
underwriters, the Company shall not effect any public sale or distribution of any issue of the same class or series as Registrable Securities being registered in an underwritten offering (other than pursuant to an employee stock option, stock
purchase, stock bonus or similar plan, or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act), any securities of the Company similar to any such issue or any securities of the Company
convertible into or exchangeable or exercisable for any such issue, during the 7-day period prior to the effective date of the applicable registration statement, if such date is known, or during the period beginning on such effective date and ending
on the earlier of (i) the completion of the distribution of such securities pursuant to such offering and (ii) 180 days after such effective date, except as part of such registration. 
  
 SECTION 10. MISCELLANEOUS 
  
 A. Amendments and Waivers. This Agreement may be amended, and waivers or consents to departures from the provisions hereof may be given, only by a
written instrument duly executed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver or consent, by the party against whom the waiver or consent, as the case may be, is to be effective. 
  
 B. Successors, Assigns and Transferees. This Agreement shall be
binding upon and shall inure to the benefit of the Company, the Holders and their respective successors, assigns and transferees. The rights under this Agreement may be transferred or assigned by a Holder to a transferee of the Holder’s
Registrable Securities upon notice to the Company but without the Company’s consent. 
  
 C. Integration. This Agreement and the documents referred to herein or delivered pursuant hereto that form a part hereof contain the entire understanding of the Company and the Initial Holders with respect to
its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all prior
agreements and understandings between the Company and the Initial Holders with respect to its subject matter. The Company represents to the Holders that it has not entered, and does not intend to enter, into any agreement which is inconsistent with
this Agreement. 
  
 D. Legend. Certificates evidencing
Registrable Securities held by Initial Holders may bear a legend substantially in the form below: 
  
 THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE SOLD, HYPOTHECATED, OFFERED FOR SALE OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR QUALIFIED UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY RECEIVES AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED. 
  

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 E. Notices. All notices and other communications provided for hereunder shall be in writing and
shall be sent by first class mail, telecopier or hand delivery: 
  
 If to the Company, to: 
  
 Sheffield Steel Corporation

 220 North Jefferson Street 
 Sand Springs, Oklahoma 74063 
 Telecopier: (918) 241-6595 
 Attn: Stephen R. Johnson, VP-CFO 
  
 If to any Holder, to the address of such Holder as shown in the stock record books of the Company, with a copy to: 
  
 Scott Charles, Esq. 
 Wachtell, Lipton, Rosen & Katz 
 51 West
52nd Street 
 New York, New York 10019 
 Telecopier: (212) 403-2000 
  
 All such notices and communications shall
be deemed to have been given or made (i) when delivered by hand, (ii) three Business Days after being deposited in the mail, postage prepaid or (iii) when telecopied, receipt acknowledged. The Company may change its address for receipt of notices by
notice of such change given in the manner contemplated hereby to the Holders. 
  
 F. Descriptive Headings. The headings in this Agreement are for convenience of reference only and shall not limit, expand or otherwise affect the meaning of the terms contained herein. 
  
 G. Severability. In the event that any one or more of the provisions
hereof is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, in every other respect and of the remaining provisions hereof shall not be in any way impaired, it being
intended that all rights, powers and privileges of the Company and the Holders shall be enforceable to the fullest extent permitted by law. 
  
 H. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without
regard to the principles thereof relating to conflict of laws. Each party hereto hereby consents to the exclusive jurisdiction and venue of the state and federal courts located in New York, New York in any action or proceeding arising hereunder and
to service of process by certified mail, return receipt requested (which shall constitute “personal service”). 
  

 - 17 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date set forth
above. 
  

					
	 SHEFFIELD STEEL CORPORATION

		
	 By:
	 	 /s/ Stephen R. Johnson

	 	 	 Name:
	 	 Stephen R. Johnson

	 	 	 Title:
	 	 Vice President and
 Chief Financial Officer

  

			
	 BENNETT RESTRUCTURING FUND, L.P.

		
	 By:
	 	 Restructuring Capital Associates, L.P., its
 general partner

	 By:
	 	 Bennett Capital Corp., its general partner

  

					
		
	 By:
	 	 /s/ James D. Bennett

	 	 	 Name:
	 	 James D. Bennett

	 	 	 Title:
	 	 President

  

			
	 BENNETT RESTRUCTURING FUND II, L.P.

		
	 By:
	 	 Restructuring Capital Associates, L.P., its
 general partner

	 By:
	 	 Bennett Capital Corp., its general partner

  

					
		
	 By:
	 	 /s/ James D. Bennett

	 	 	 Name:
	 	 James D. Bennett

	 	 	 Title:
	 	 President

  

					
	 BENNETT OFFSHORE RESTRUCTURING
 FUND INC.

		
	 By:
	 	 /s/ James D. Bennett

	 	 	 Name:
	 	 James D. Bennett

	 	 	 Title:
	 	 President

  

 - 18 - 

			
	 MELLON HBV MASTER MULTI-STRATEGY FUND L.P.

		
	 By:
	 	 Mellon HBV Company Ltd.,

	 	 	 its general partner

  

					
		
	 By:
	 	 /s/ Jonathan Bean

	 	 	 Name:
	 	 Jonathan Bean

	 	 	 Title:
	 	 Director

  

			
	 MELLON HBV MASTER REDISCOVERED
OPPORTUNITIES FUND L.P.

		
	By:	 	 Mellon HBV Company Ltd.,

	 	 	 its general partner

  

					
		
	 By:
	 	 /s/ Jonathan Bean

	 	 	 Name:
	 	 Jonathan Bean

	 	 	 Title:
	 	 Director

  

			
	 AXIS-RDO LIMITED

		
	By:	 	 Mellon HBV Alternative Strategies, LLC,

	 	 	 its investment advisor

  

					
		
	 By:
	 	 /s/ Jonathan Bean

	 	 	 Name:
	 	 Jonathan Bean

	 	 	 Title:
	 	 Managing Director

  

			
	 HFR DS PERFORMANCE MASTER TRUST

		
	By:	 	 Mellon HBV Alternative Strategies, LLC,

	 	 	 its investment advisor

  

					
		
	By:	 	 /s/ Jonathan Bean

	 	 	 Name:
	 	 Jonathan Bean

	 	 	 Title:
	 	 Managing Director

  

 - 19 - 

					
	 LC CAPITAL PARTNERS, L.P.

	 By:
	 	 Lampe Conway & Co., LLC, its advisor

		
	 By:
	 	 /s/ Steven G. Lampe

	 	 	 Name:
	 	 Steven G. Lampe

	 	 	 Title:
	 	 Managing Member

  

 - 20 -

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