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FIRST AMENDMENT AND WAIVER TO THE CREDIT AGREEMENT
This FIRST AMENDMENT TO THE CREDIT AGREEMENT, dated as of November 17, 2020 (this “Agreement”), is by and among United States Steel Corporation (the “Borrower”) and KFW IPEX-BANK GMBH (“KfW IPEX-Bank”), in its capacity as Lender, Facility Agent and ECA Agent.
Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Credit Agreement (as defined below).
RECITALS:
WHEREAS, the Borrower and KfW IPEX-Bank entered into that certain Credit Agreement, dated as of December 10, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Borrower and Primetals entered into the Project Equipment Supply Agreement;
WHEREAS, in order to address anticipated scheduling delays, the Borrower and Primetals entered into that certain Amendment No. 3 to the Project Equipment Supply Agreement attached hereto as Exhibit A (“Amendment No. 3 to PESA”) to extend the following key milestone dates:
(a)First Coil Date to Monday, December 15, 2025;
(b)Performance testing to Wednesday, April 1, 2026; and
(c)Final Acceptance Certificate (FAC) to Tuesday, June 30, 2026; 
WHEREAS, pursuant to Section 10.1(b)(vii) of the Credit Agreement, on September 8, 2020, the Borrower delivered notice of Amendment No. 3 to PESA to the Facility Agent and the ECA Agent;
WHEREAS, the Borrower wishes to (a) amend the Credit Agreement to extend the Covered Loan Commitment Period to account for the extensions granted in Amendment No. 3 to PESA, (b) request that the Majority Lenders consent to the Borrower’s execution of Amendment No. 3 to PESA and to waive the requirement of Section 10.10(b) of the Credit Agreement insofar as it would have prohibited the Borrower from entering into Amendment No. 3 to PESA without such consent, and (c) request that the Facility Agent refrain from exercising its right to request prepayment of the Loans to the extent entering into Amendment No. 3 to PESA would trigger the Facility Agent’s right to request that the Borrower prepay the Loans under Section 4.2(d) of the Credit Agreement in connection with Amendment No. 3 to PESA;
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NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1.Amendment to Credit Agreement. Pursuant to Section 22.4(e)(iv) of the Credit Agreement and subject to the terms and conditions set forth herein, the parties hereto agree that the definition of “Covered Loan Commitment Period” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “42 months” in clause (c) thereof with “June 10, 2027, which is 90 months”.
SECTION 2.Waiver. With effect from the Effective Date (as defined below), and subject to the conditions set forth in Section 3 below, the Facility Agent (acting on behalf of the Majority Lenders) hereby (i) waives Section 10.10(b) of the Credit Agreement insofar as it would have prohibited the Borrower’s entering into Amendment No. 3 to PESA and any Event of Default arising specifically with respect thereto (the “Specified Default”), (ii) consents to Borrower’s execution of Amendment No. 3 to PESA, and (iii) waives its right to request a prepayment of the Loans under Section 4.2(d) of the Credit Agreement to the extent the Facility Agent would have the right to request a prepayment because of the Borrower’s entering into Amendment No. 3 to PESA. 
SECTION 3.Conditions Precedent to Effective Date.
The amendment and waiver contemplated in Section 1 and 2, respectively, shall become effective as of the date upon the satisfaction or waiver of each of the following conditions precedent (the “Effective Date”): 
(a)the Facility Agent shall have received counterparts of this Agreement, duly executed by the parties hereto;
(b)each of the representations and warranties made by the Borrower in Section 4 below shall be true and correct on the Effective Date;
(c)the Facility Agent shall have received an amendment fee in the amount of $37,000; and 
(d)all outstanding fees, costs and expenses due to the Facility Agent and the Lenders pursuant to Section 7.4 (Payment of Out-Of-Pocket Costs and Expenses) of the Credit Agreement, including on account of Freshfields Bruckhaus Deringer US LLP as the Facility Agent’s outside counsel, shall have been paid in full to the extent that the Borrower has received an invoice therefor at least one Business Day prior to the Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses to the extent not so invoiced).
SECTION 4.Representations and Warranties. 
In order to induce the Facility Agent to enter into this Agreement, the Borrower represents and warrants to the Facility Agent:
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(a)that both immediately prior to and immediately after giving effect to this Agreement, no Default or Event of Default (other than the Specified Default) exists;
(b)the execution, delivery and performance by the Borrower of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate, including the consent of shareholders, partners and members where required, do not contravene any of the Borrower’s organizational documents, do not violate any Applicable Law or any order or decree of any Governmental Body or arbiter and do not require the consent of, authorization by, approval of, notice to, or filing or registration with, any Governmental Body or any other Person in order to be effective and enforceable; and
(c)this Agreement has been duly executed and delivered on behalf of the Borrower and constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy or insolvency laws, or Applicable Law affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.
SECTION 5.References to and Effect on Other Financing Documents; No Other Waiver.
(a)On and after the Effective Date, this Agreement shall for all purposes be deemed to be a Finance Document under the Credit Agreement and the other Finance Documents and each reference in the Credit Agreement to “this Agreement”, “the Credit Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Finance Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as modified by this Agreement.
(b)Except as expressly modified by this Agreement, the Credit Agreement is and shall continue to be unchanged and in full force and effect and is hereby in all respects ratified and confirmed.
(c)The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided in Section 2, operate as a waiver of any right, power or remedy of any Lender or Agent under any of the Transaction Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Transaction Documents.

SECTION 6.Miscellaneous.
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(a)This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
(b)This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which, when executed and delivered, shall be effective for purposes of binding the parties hereto, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by electronic transmission (i.e., a “pdf” or “tif”), including email and DocuSign, shall be effective as delivery of a manually executed counterpart of this Agreement.
(c)This Agreement constitutes the entire agreement and understanding of the parties hereto relating to the subject matter hereof, and supersedes any and all prior agreements and understandings, written or oral, of the parties hereto relating to the subject matter hereof.
(d)The provisions of Section 22.10 (Governing Law; Jurisdiction) of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, and shall apply as if fully set forth herein.
[Signature page follows.]
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IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer(s) to execute and deliver this Agreement as of the date first written above.

UNITED STATES STEEL CORPORATION,
as Borrower
By: /s/ Arne Jahn
___________________________________
Name:  Arne Jahn
Title:  Vice President – Treasurer and Chief Risk Officer

[Signature Page to US Steel – Amendment No. 1 to Credit Agreement]
US4329351/12   104165-0175

KFW IPEX-BANK GMBH,
as Facility Agent and ECA Agent
By: /s/ Henning von Blanckenburg
Name: Henning von Blanckenburg
Title: Director
By: /s/ Peter Schroder
Name: Peter Schroder
Title: Assistant Vice President

[Signature Page to US Steel – Amendment No. 1 to Credit Agreement]
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KFW IPEX-BANK GMBH,
as Lender
By: /s/ Henning von Blanckenburg
Name: Henning von Blanckenburg
Title: Director
By: /s/ Peter Schroder
Name: Peter Schroder
Title: Assistant Vice President

[Signature Page to US Steel – Amendment No. 1 to Credit Agreement]
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EXHIBIT A 
Amendment No. 3 to PESA
[See attached.]

    
US4329351/12   104165-0175Document

						
		
	
	Second SUPPLEMENTAL AGREEMENT
	dated 30 November 2020

	between 
	U. S. STEEL KOŠICE, S.R.O.
	FERROENERGY S.R.O.
	and
	COMMERZBANK FINANCE & COVERED BOND S.A
	as Facility Agent
	relating to an up to EUR460,000,000 credit agreement
	dated 26 September 2018, as amended and restated by a supplemental agreement dated 23 December 2019
	

									
	

Allen & Overy Bratislava, s.r.o.

		0082417-0000251 EUO1: 2001692617.6	

 

CONTENTS
						
	Clause	Page
	1.    Interpretation	1

	2.    Amendments	2

	3.    Representations	2

	4.    Fees	3

	5.    Consents	3

	6.    Miscellaneous	4

	7.    Governing law	4

 Schedule    
						
	1. Conditions precedent to Effective Date	5

	2. Amended Credit Agreement	6

		
	Signatories	1

						
		

									
	
			

 

THIS AGREEMENT is dated 30 November 2020 and made
BETWEEN:
(1)U. S. STEEL KOŠICE, S.R.O. (U. S. Steel Košice, s.r.o.) with its registered seat at Vstupný areál U. S. Steel, Košice 044 54, Slovak Republic, registered in the Commercial Register of District Court Košice I, insert No. 11711/V, section Sro, company identification number (IČO): 36 199 222 as borrower (the Company);
(2)FERROENERGY S.R.O. (Ferroenergy s.r.o.), with its registered seat at Vstupný areál U. S. Steel, Košice 044 54, Slovak Republic, registered in the Commercial Register of District Court Košice I, insert No. 40717/V, section Sro, company identification number (IČO): 50 720 937 as guarantor (the Guarantor); and
(3)COMMERZBANK FINANCE & COVERED BOND S.A., with its seat at 25, rue Edward Steichen, 2540 Luxembourg as the agent of the Finance Parties under and as defined in the Credit Agreement defined below (the Facility Agent).
BACKGROUND
(A)This Agreement is supplemental to and amends a credit agreement dated 26 September 2018 between, among others, the Company and the Facility Agent, as amended and restated by a supplemental agreement dated 23 December 2019 (the Credit Agreement).
(B)The Lenders (as defined in the Credit Agreement) have consented to the amendments to the Credit Agreement contemplated by this Agreement. Accordingly, the Facility Agent is authorised to execute this Agreement on behalf of the Finance Parties.
IT IS AGREED as follows:
1.Interpretation
1.1Definitions
In this Agreement:
Amended Credit Agreement means the Credit Agreement as amended and restated by this Agreement.
Effective Date means the date on which the Facility Agent notifies the Company that it has received all of the documents set out in Schedule 1 (Conditions precedent to Effective Date) in form and substance satisfactory to the Facility Agent. 
Supplemental Fee Letter means the letter dated on or about the date of this Agreement between the Company and the Lenders setting out the amount of the fee referred to in Clause 4 (Fees).
1.2Construction
(a)Capitalised terms defined in the Credit Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement.
(b)The provisions of clauses 1.2 (Construction), 1.3 (Third party rights), 1.4 (Slovak terms) and 41 (Enforcement) of the Credit Agreement apply to this Agreement as though they were set out in full in this Agreement except that references to the Credit Agreement are to be construed as references to this Agreement.
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2.Amendments
(a)Subject as set out below, the Credit Agreement will be amended from the Effective Date so that it reads as if it were restated in the form set out in Schedule 2 (Amended Credit Agreement).
(b)The Facility Agent shall notify the Company and the Lenders of the occurrence of the Effective Date as soon as reasonably practicable.
(c)If the Facility Agent fails to give the notification under paragraph (b) above on or before 31 December 2020, the Credit Agreement will not be amended in the manner contemplated by this Agreement.
3.Representations
3.1Representations
Each Obligor makes the representations and warranties set out in this Clause 3 to each Finance Party on the date of this Agreement. References in this Clause to it or its include, unless the context otherwise requires, each Obligor.
3.2Binding obligations
(a)The obligations expressed to be assumed by it in this Agreement and the other Finance Documents being entered into in connection with this Agreement are, legal, valid, binding and enforceable obligations; and
(b)this Agreement and the other Finance Documents being entered into in connection with this Agreement are in the proper form for its enforcement in the Republic if accompanied by a certified Slovak translation,
save that enforcement of its obligations under this Agreement and the other Finance Documents being entered into in connection with this Agreement may be affected by insolvency, bankruptcy and similar laws affecting the rights of creditors generally.
3.3Non-conflict with other obligations
(a)The execution, delivery and performance by it of, and the transactions contemplated by, this Agreement and the other Finance Documents being entered into in connection with this Agreement it is party to will not:
(i)violate in any respect any provision of:
(A)any applicable law or regulation of the Republic or any order of any governmental, judicial or public body or authority in the Republic binding on it; 
(B)the laws and documents incorporating and constituting it; or 
(C)any security agreement, agreement or other financial undertaking or instrument to which it is a party to or which is binding upon it or any Assets of it; or
(b)to the best of its knowledge result in the creation or imposition of any Security Interest on any Assets of it pursuant to the provisions of any security agreement, agreement or other undertaking or instrument to which it is a party or which is binding upon it.
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3.4Power and authority
It has the power to enter into, perform and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the other Finance Documents being entered into in connection with this Agreement to which it is or will be a party to and the transactions contemplated by those Finance Documents.
3.5Validity and admissibility in evidence
The Company represents that all authorisations and other requirements of governmental, judicial and public bodies and authorities required by any member of the Group or advisable:
(a)in connection with the execution, delivery, performance, validity and enforceability of this Agreement and the other Finance Documents being entered into in connection with this Agreement; or
(b)to make this Agreement and the other Finance Documents being entered into in connection with this Agreement to which it is a party admissible in evidence in the Republic,
have been obtained or effected and are in full force and effect.
3.6.Financial projections
The financial projections contained in the information package delivered by the Company to the Facility Agent on 20 October 2020 have been prepared on the basis of recent historical information and reasonable assumptions. 
3.7Credit Agreement
Each Obligor, or where so stated, the relevant Obligor, confirms to each Finance Party that on the date of this Agreement and on the Effective Date, the Repeating Representations (other than in respect of the same representations given in clauses 18.3 (Powers and authority), 18.4 (Legal validity) and 18.5 (Non-conflict) of the Credit Agreement):
(a)are true; and
(b)would also be true if references to the Credit Agreement are construed as references to the Amended Credit Agreement.
In each case, each Repeating Representation shall be deemed to be made by reference to the facts and circumstances then existing and, in the case of the confirmation made on the date of this Agreement, as if the Effective Date had occurred.
4.FEES
The Company shall pay to the Facility Agent for the account of the Lenders a consent fee in an amount and at a time referred to in the Supplemental Fee Letter. 
5.CONSENTS
On the Effective Date, each Obligor:
(a)confirms its acceptance of the Amended Credit Agreement;
(b)agrees that it is bound as an Obligor by the terms of the Amended Credit Agreement; and
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(c)in respect of the Guarantor only, confirms that its guarantee :
(i)continues in full force and effect on the terms of the Amended Credit Agreement; and
(ii)extends to the obligations of the Obligors under the Finance Documents (including the Amended Credit Agreement).
6.SECURITY
(a)On the Effective Date, the Company confirms that:
(i)any Security Interest created by it under the Transaction Security Documents extends to the obligations of the Obligors under the Finance Documents (including the Amended Credit Agreement) subject to any limitations set out in the Transaction Security Documents;
(ii)the obligations of the Obligors arising under the Amended Credit Agreement are included in the Secured Liabilities (as defined in the Transaction Security Documents) subject to any limitations set out in the Transaction Security Documents; and
(iii)the Security Interests created under the Transaction Security Documents continue in full force and effect on the terms of the respective Transaction Security Documents.
(b)No part of this Agreement will create, creates or is intended to create, a registrable Security Interest.
7.MISCELLANEOUS 
(a)Each of this Agreement, the Amended Credit Agreement and the Supplemental Fee Letter is a Finance Document. 
(b)Subject to the terms of this Agreement, the Credit Agreement will remain in full force and effect and, from the Effective Date, the Credit Agreement and this Agreement will be read and construed as one document.
(c)Each Obligor confirms that The London Law Agency Limited continues to be effectively appointed as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document in accordance with clause 41.2 (Service of process) of the Credit Agreement.
8.GOVERNING LAW
This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
THIS Agreement has been entered into on the date stated at the beginning of this Agreement.
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SCHEDULE 1
CONDITIONS PRECEDENT TO EFFECTIVE DATE
Finance Documents
1.This Agreement.
2.The Supplemental Fee Letter.
Other
3.Evidence that all fees and expenses then due and payable from the Company under this Agreement have been or will be paid by the Effective Date.
4.A copy of any other authorisation or other document, opinion or assurance that the Facility Agent, acting reasonably, considers to be necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document.

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SCHEDULE 2

AMENDED CREDIT AGREEMENT

6

 

SIGNATORIES 
Obligors

						
	U. S. STEEL KOŠICE, S.R.O. as the Company

	By:    /s/ Silvia Gaalova
	By:    /s/ Elena Petraskova

	Name:    Silvia Gaalova	Name:    Elena Petraskova
	Title:    company executive	Title:    company executive

									
	
	0082417-0000251 BT:2795145	[Signatory pages to the Second Supplemental Agreement]	

 

						
	FERROENERGY S.R.O. as Guarantor

	By:    /s/ Eduard Grecner
	By:    /s/ Jan Novak

	Name:    Eduard Grecner	Name:    Jan Novak
	Title:    company executive	Title:    company executive

									
	
	0082417-0000251 BT:2795145	[Signatory pages to the Second Supplemental Agreement]	

 

Facility Agent

						
	COMMERZBANK FINANCE & COVERED BOND S.A. 

	By:    /s/ Richard Faber
	By:    /s/ Christina Meiers

	Name:    Richard Faber	Name:    Christina Meiers
	Title:    Assistant Vice President	Title:    Assistant Vice President

									
	
	0082417-0000251 BT:2795145	[Signatory pages to the Second Supplemental Agreement]

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