Document:

Form of Terms Letter

 Exhibit 10.44 
  
 FORM OF TERMS LETTER 
  
 April 2004 
  
 Stephen Cook 
 Telewest Communications Plc 
 160 Great Portland Street 
 London W1N 5TB 
  
 Copy:    Telewest Communications plc (Telewest) 
  Export House 
  Cawsey Way 
  Woking 
  Surrey 
  GU21 6QX 
  
 Copy:    Telewest Communications Networks Limited (TCN)

  Export House 
  Cawsey Way 
  Woking 
  Surrey 
  GU21 6QX 
  
 Attention: Stephen Cook, General Counsel 
  
 Dear Stephen 
  
 Master Leasing Agreement dated 28 March 1996 between Telewest and R.B. Leasing (March) Limited (assigned to Royal Bank of Scotland (Industrial Leasing) Limited and all lease contracts entered into pursuant to that
Master Leasing Agreement (the Telewest Leases); and Master Leasing Agreement dated 1 December 2000 made between TCN and Royal Bank Leasing Limited for itself and as agent for W. & G. Lease Finance Limited and
W. & G. Equipment Leasing Limited (assigned to Lombard Corporate Finance (June 2) Limited) and all lease contracts entered into pursuant to that Master Leasing Agreement (the TCN Leases) (together the
Leases) 
  
 Following our meeting and
subsequent telephone conversations, I set out below the basis on which we propose seeking approval for the waivers of the current breaches of the Leases and any breach which arises in the future by reason solely and directly of the Telewest
restructuring or certain agreed events preceding the Telewest restructuring: 
  

	1.	The Royal Bank of Scotland plc reaches agreement with you in respect of their foreign exchange contracts with you; 

  

	2.	All Leases whose primary periods expire in 2010 and 2011 (the TCN Leases) are to be shortened so that the primary period will expire in September 2006; 

  

	3.	The rental profile on each Lease in 2 above will be amended to include payment of a balloon rental to fully amortise the relevant Lessor’s investment in each Lease;

  

 1 

 Exhibit 10.44 
  
 FORM OF TERMS LETTER 
  

	4.	Margins on all Leases will be increased by 100 bps (post tax) from 31 March 2004, payment of the increased margin will be netted up and spread across the TCN Leases which will be
maturing in 2006 and will be included in the balloon rentals referenced in 3 above; 

  

	5.	TCN shall no later than one business day before the Telewest scheme of arrangement becomes effective pay a default waiver fee of 1.5% (£471,400.15) on the capital amount
outstanding on all the Leases as at 31 March 2004 (£31,426,676.55). In addition a supplementary rental in an amount of £528,599.85 will be payable on 30 September 2006 by TCN in respect of the Leases; 

  

	6.	The Telewest Leases are to be transferred by way of novation to TCN; 

  

	7.	Any Swap breakage costs that may arise in 2006 (following the acceleration of the TCN Leases to 2006) will be met in full by TCN. Prior to the expiry of the Leases in 2006, the
Lessors will consider any request from TCN to extend the Leases and any proposal to mitigate any swap breakage costs that may arise on the revised maturity of the Leases. Any such request will be subject to our normal credit approval process at the
time and accordingly no commitment can be given at this time; 

  

	8.	This letter is conditional on the Telewest scheme of arrangement becoming effective by the later of (a) 90 days after the date when the commitment letter between Telewest, TCN,
Telewest Global, Inc. and Telewest UK Limited and TCN’s senior lenders is released from escrow or (b) 60 days after the date of any vote by creditors to approve the Telewest scheme of arrangement or the Telewest Finance (Jersey) Limited schemes
of arrangement, subject to that vote occurring on or before 75 days after the date when the commitment letter between Telewest, TCN, Telewest Global, Inc. and Telewest UK Limited and TCN’s senior lenders is released from escrow; and

  

	9.	Telewest shall pay (i) on the date of this letter all reasonable legal costs and expenses incurred by the Lessors up to the date of this letter in respect of advice as regards the
Leases; and (ii) all ongoing reasonable legal costs and expenses incurred up until the date five business days before the effective date of the Telewest scheme of arrangement, including costs incurred to date of Norton Rose in respect of advice as
regards the Leases, by no later than one business day before the effective date of the Telewest scheme of arrangement. 

  
 Would you please sign the enclosed copy of this letter by way of agreement of the indication of terms set out. When we have your agreement to the indication of terms
above, we will seek the necessary approvals to waive the current breaches of the Leases and any breach which arises in the future by reason solely and directly of the Telewest restructuring or certain agreed events preceding the Telewest
restructuring. Any such waiver will only become effective upon: (i) all of the foregoing terms being implemented to our reasonable satisfaction, (ii) the execution by Telewest and TCN of a Waiver and Agreement Letter in respect of such waiver, in a
form agreed by the parties to that letter and (iii) the Telewest scheme of arrangement becoming effective. 
  
  

 2 

 Exhibit 10.44 
  
 FORM OF TERMS LETTER 
  
 Yours sincerely 
  
 Janice M Shiells 
  
 Royal Bank Leasing Limited 
  
 Enc. 
  
 Direct telephone: 01242 240404

 Direct facsimile: 01242 224867 
 Email: Jan.Shiells@rbs.co.uk

  

									
					
	Signed:	 	 	 	 	 	Date:	 	 
	 	 	
	 	 	 	 	 	

	Print name:	 	 	 	 	 	 	 	 
	 	 	
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  
  

 3First Supplemental Indenture dated March 19, 2004

 Exhibit 4.3 
  

CALIFORNIA STEEL INDUSTRIES, INC. 
  
 as Company, 
  
 and 
  
 U.S.
BANK NATIONAL ASSOCIATION 
  
 as successor Trustee to 

 
 STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., 
  
 as Trustee 
  

  
 FIRST SUPPLEMENTAL INDENTURE 
  
 DATED AS OF MARCH 19,
2004 
  

  
 $150,000,000 
  
 8 1/2% Senior Notes due 2009 

 This FIRST SUPPLEMENTAL INDENTURE is dated as of March 19, 2004, among California Steel Industries, Inc.,
a Delaware corporation (the “Company”), and U.S. Bank National Association, a national banking association, as successor Trustee to State Street Bank and Trust Company of California, N.A., (the “Predecessor Trustee”) a national
banking association duly organized under the laws of the United States, as Trustee (the “Trustee”). 
  
 WHEREAS, the Company and the Predecessor Trustee entered into an Indenture, dated as of April 6, 1999 (the “Indenture”), pursuant to which the
Company issued 8 1/2% Senior Notes due 2009, which were subsequently exchanged for substantially identical 8 1/2% Senior Notes due 2009 that were registered under the Securities Act of 1933 (the “Notes”) (capitalized
terms used herein without definition have the respective meanings given to them in the Indenture); 
  
 WHEREAS, concurrently with the execution and delivery of this First Supplemental Indenture, the Company is conducting a tender offer and consent
solicitation with respect to the Notes (the “Tender Offer”); 
  
 WHEREAS, pursuant to the terms of the Tender Offer, the Company has accepted Notes which were validly tendered (and not validly withdrawn) on or prior to March 19, 2004 (the “Total Consideration Notes”); 
  
 WHEREAS, in accordance with Section 9.02 of the Indenture, the Company has
obtained the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes to the amendments to the Indenture set forth in this First Supplemental Indenture; 
  
 WHEREAS, the Trustee as per the approval of the Holders of not less than a
majority in aggregate principal amount of the outstanding Notes, and the Company, by their execution of this First Supplemental Indenture, consent and agree to such amendments; 
  
 WHEREAS, each of the parties hereto has duly authorized the execution and delivery of this First Supplemental Indenture so
that, as of and from the date of this First Supplemental Indenture, the relevant provisions of the Indenture shall stand amended and restated; and 
  
 WHEREAS, pursuant to Sections 10.04 and 10.05 of the Indenture, there has been delivered to the Trustee on the date hereof an Officers’ Certificate
and an Opinion of Counsel certifying that this First Supplemental Indenture complies with applicable provisions of the Indenture; 
  
 NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Company and the Trustee covenant and agree
for the benefit of each other and for the equal and proportionate benefit of the respective Holders of the Notes as follows: 
  
 ARTICLE I 
  
 Section 1.01 Defined Terms. The following terms shall have the meaning specified below when used in this Supplemental Indenture: 
  
 “Initial Payment Date” shall mean the first date on which Holders
receive payment with respect to the Total Consideration Notes in connection with the Tender Offer. 
  

 2 

 Section 1.02 Supplemental Indenture is a Supplement to the Indenture. This First Supplemental Indenture
is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
  
 ARTICLE II 
  
 Section 2.01 Amendments to the Indenture. Effective as of the Initial Payment Date: 
  
 (a) Section 4.08 “Provision of Financial Statements” of the Indenture shall be deleted in its entirety;

  
 (b) Section 4.09 “Waiver of Stay, Extension or Usury
Laws” of the Indenture shall be deleted in its entirety; 
  
 (c) Section 4.10 “Limitation on Restricted Payments” of the Indenture shall be deleted in its entirety; 
  
 (d) Section 4.11 “Limitations on Transactions with Affiliates” of the Indenture shall be deleted in its entirety; 
  
 (e) Section 4.12 “Limitation on Indebtedness” of the Indenture
shall be deleted in its entirety; 
  
 (f) Section 4.13
“Limitation of Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries” of the Indenture shall be deleted in its entirety; 
  
 (k) Section 4.14 “Change of Control” of the Indenture shall be deleted in its entirety; 
  
 (l) Section 4.15 “Disposition of Proceeds of Asset Sales” of the
Indenture shall be deleted in its entirety; 
  
 (m) Section 4.16
“Limitation on Liens” of the Indenture shall be deleted in its entirety; 
  
 (n) Section 4.17 “Limitation of Issuances and Sale of Capital Stock of Restricted Subsidiaries” of the Indenture shall be deleted in its entirety; 
  
 (o) Section 4.18 “Limitation on Unrestricted Subsidiaries” of the
Indenture shall be deleted in its entirety; and 
  
 (p) Section
4.19 “Limitation on Sale and Lease-Back Transactions” of the Indenture shall be deleted in its entirety; and 
  
 (q) Section 4.20 “Application of Fall Away Covenants” of the Indenture shall be deleted in its entirety; and 
  

 3 

 (r) Section 5.01 “Consolidation, Merger, Sale of Assets, Etc.” of the Indenture shall be
deleted in its entirety and replaced with the following text: 
  
 Section 5.01 Consolidation, Merger, Sale of Assets, Etc. 
  
 The Company shall not, in any transaction or series of related transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its
properties and assets as an entirety to, any Person or Persons, and the Company shall not permit any of the Restricted Subsidiaries to enter into any such transaction or series of related transactions if such transaction or series of related
transactions, in the aggregate, would result in a sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of the Company and the Restricted Subsidiaries (taken as a whole), to any
Person or Persons, unless at the time and after giving effect thereto, either (A) (1) if the transaction or transactions is a merger or consolidation involving the Company, the Company shall be the Surviving Person of such merger or consolidation or
(2) if the transaction or transactions is a merger or consolidation involving a Restricted Subsidiary, such Restricted Subsidiary shall be the Surviving Person of such merger or consolidation, or (B) (1) the Surviving Person shall be a corporation
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and (2) in the case of a transaction involving the Company, the Surviving Person shall expressly assume by a supplemental indenture
executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Notes and this Indenture and the Registration Rights Agreement, and in each case, this Indenture, the Notes and the Registration
Rights Agreement shall remain in full force and effect. 
  
 Upon any consolidation or merger of the Company or any transfer of all or substantially all of the assets of the Company in accordance with the foregoing, in which the Company is not the Surviving Person, the
Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes and the Registration Rights Agreement, with the same effect as if such successor corporation had
been named as the Company therein; and thereafter, except in the case of (a) a lease of substantially all of the assets of the Company or (b) any sale, assignment, conveyance, transfer, lease or other disposition to a Restricted Subsidiary of the
Company, the Company shall be discharged from all obligations and covenants under this Indenture and the Notes; and 
  
 (s) Events of Default lettered (c), (d), (e), (f), (g), and (h) of Section 6.01 “Events of Default” of the Indenture shall be deleted in their
entirety. 
  

 4 

 ARTICLE III 
  
 Section 3.01 Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed and shall remain in full force
and effect in accordance with their terms. 
  
 Section 3.02 Except
as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this First Supplemental Indenture. This First Supplemental Indenture is executed and
accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

  
 Section 3.03 The Trustee has accepted the amendment of the
Indenture effected by this First Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and
limiting the liabilities and responsibilities of the Trustee, and without limiting the generality of the forgoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained
herein, all of which recitals or statements are made solely by the Company, or for or with respect to (a) the validity or sufficiency of this First Supplemental Indenture or any of the terms or provisions hereof, (b) the proper authorization hereof
by the Company by corporate action or otherwise, (c) the execution hereof by the Company, (d) the consequences (direct or indirect and whether deliberant or inadvertent) of any amendment herein provided for, and (e) the validity or sufficiency of
the solicitation or the consent solicitation materials or procedure in connection therewith. 
  
 Section 3.04 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW. 
  
 Section 3.05 The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
  
 [Signature Page to Follow] 
  

 5 

 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed as of
the date and year first written above 
  

			
	 CALIFORNIA STEEL INDUSTRIES, INC.

		
	 By:
	 	  

	 Title:
	 	  

		
	 By:
	 	  

	 Title:
	 	  

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	A NATIONAL BANKING ASSOCIATION,
	 AS SUCCESSOR TRUSTEE TO STATE STREET
 BANK
AND TRUST COMPANY OF
 CALIFORNIA, N.A., as Trustee

		
	By:	 	  

	Title:

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