Document:

Waiver and Amendment No.1 to the Second Amended and Restated Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 WAIVER AND AMENDMENT NO. 1 TO SECOND AMENDED AND 
 RESTATED CREDIT AGREEMENT 
 WAIVER AND
AMENDMENT (this “Amendment”) dated as of August 22, 2007 to the Second Amended and Restated Credit Agreement dated as of January 26, 2007 (the “Credit Agreement”) among RYERSON INC., JOSEPH T.
RYERSON & SON, INC., RYERSON CANADA, INC., the LENDERS party thereto, JPMORGAN CHASE BANK, N.A., as General Administrative Agent, Collateral Agent and Swingline Lender, JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, TORONTO BRANCH, as Canadian
Administrative Agent, GENERAL ELECTRIC CAPITAL CORPORATION, as Syndication Agent and Co-Collateral Agent and BANK OF AMERICA, N.A., as Documentation Agent. 
 The parties hereto agree as follows: 
 SECTION 1. Defined Terms; References. Unless otherwise
specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and
“hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as
amended hereby. 
 SECTION 2. Amendments. The Credit Agreement is hereby amended as follows: 
 (a) The following additional clause (iii) is added to the first sentence of the definition of “Affiliate”: “or (iii) any Person
which controls or is under common control with the Company.” In the event the slate of directors proposed by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. (together,
“Harbinger”) at the Company’s 2007 annual meeting of shareholders is elected, Harbinger and its affiliates shall be deemed Affiliates. 
 (b) Clause (i) of the definition of “Borrowing Base” is amended by (1) adding the following subclause (D) immediately following the existing subclause (C): “minus (D) in the
case of the U.S. Borrowers, the sum of (x) 101% of the aggregate outstanding principal amount of the 2011 Notes, plus (y) the aggregate outstanding principal amount of the Permitted Bonds” and (2) revising the initial
proviso thereto to read as follows: “provided, that Suppressed Residual Value may not account for more than 10% of the aggregate Borrowing Base (calculated without regard to the preceding subclause (D)) of all Borrowers”.

 (c) Clause (ii) of the definition of “Borrowing Base” is amended by (1) adding the
following subclause (D) immediately following the existing subclause (C): “minus (D) in the case of the U.S. Borrowers, the sum of (x) 101% of the aggregate outstanding principal amount of the 2011 Notes, plus
(y) the aggregate outstanding principal amount of the Permitted Bonds” and (2) revising the proviso thereto to read as follows: “provided that for purposes of this clause (ii), Available Inventory may not account for more
than 70% of the Borrowing Base (calculated without regard to the immediately preceding subclause (D)).” 
 (d) Section 5.07 is
amended by the addition of the following concluding sentence: 
 Notwithstanding the foregoing, no Restricted Payment, Restricted Equity
Repurchase (other than Restricted Equity Repurchases required to be made as a result of a change of control pursuant to the Ryerson 2002 Incentive Stock Plan, the Ryerson 1999 Incentive Stock Plan, the Ryerson 1996 Incentive Stock Plan, the Ryerson
1995 Incentive Stock Plan, the Directors’ Compensation Plan, the Ryerson Nonqualified Savings Plan and change in control agreements by and between Ryerson Inc. (or its subsidiaries) and employees) or Restricted Investment (other than Restricted
Investments in an aggregate amount not to exceed $10 million to the extent otherwise permitted hereunder) shall be made during the period from and including August 22, 2007 to and including December 1, 2007 (or if an Event of Default
exists on December 1, 2007, for so long thereafter as such Event of Default is continuing). 
 SECTION 3. Waiver. At the
request of the Borrowers, the Lenders hereby agree that during the period from the Amendment Effective Date until November 30, 2007 (the “Waiver Period”): 
 (a) an event or condition resulting from the election of directors at the Company’s 2007 annual meeting of shareholders which would but for this
Waiver constitute a Change of Control of the Company (a “Proxy Contest Change of Control”) shall be deemed not to constitute a Change of Control of the Company for purposes of the Financing Documents; and 
 (b) an event or condition with respect to the 2011 Notes or the Permitted Bonds resulting from the election of directors at the Company’s 2007
annual meeting of shareholders which would but for this Waiver constitute an Event of Default pursuant to Section 6.01(c) of the Credit Agreement (a “Proxy Contest Cross Default”) shall be deemed not to constitute an Event of
Default pursuant to Section 6.01(c) of the Credit Agreement. 
 The Waiver granted pursuant to this Section 3 shall terminate
without further force or effect at the end of the Waiver Period and any Proxy Contest Change of Control and/or any Proxy Contest Cross Default shall, if continuing to exist at the end of the Waiver Period, thereafter constitute a Change of Control
of the Company for all purposes of the Financing Documents and/or an Event of Default pursuant to Section 6.01(c) of the Credit Agreement, as the case may be. 
  

 2 

 SECTION 4. Representations of Borrowers. The Borrowers represent and warrant that
(i) the representations and warranties of each Credit Party set forth in the Financing Documents will be true on and as of the Amendment Effective Date and (ii) no Default will have occurred and be continuing on such date. 
 SECTION 5. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 SECTION 6. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 SECTION 7. Effectiveness. This
Amendment shall become effective on the date (the “Amendment Effective Date”) when the following conditions have been met: 
 (a) The General Administrative Agent shall have received from each of the Borrowers and the Required Lenders a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the General
Administrative Agent) that such party has signed a counterpart hereof; 
 (b) The amendment to (i) the Receivables Sale and Servicing
Agreement dated as of January 26, 2007 by and among Ryerson Funding LLC, Joseph T. Ryerson & Son, Inc. and the Company and (ii) the Receivables Funding and Administration Agreement dated as of January 26, 2007 by and among
Ryerson Funding LLC and the other parties thereto, in the form attached hereto as Exhibit A, shall have become effective (or shall become effective substantially simultaneously with the effectiveness of this Amendment); and 
 (c) A Proxy Contest Change of Control or a Proxy Contest Cross Default shall have occurred. 
 [signature pages follow] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first above written. 
  

			
	 RYERSON INC., a Delaware corporation

		
	 By:
	 	 /s/ Terence R. Rogers

	 Name:
	 	Terence R. Rogers
	 Title:
	 	Vice President—Finance and Treasurer
	
	 JOSEPH T. RYERSON & SON, INC., a Delaware corporation

		
	 By:
	 	 /s/ Terence R. Rogers

	 Name:
	 	Terence R. Rogers
	 Title:
	 	Vice President—Finance and Treasurer
	
	 RYERSON CANADA, INC., an Ontario corporation

		
	 By:
	 	 /s/ Terence R. Rogers

	 Name:
	 	Terence R. Rogers
	 Title:
	 	Vice President—Finance and Treasurer

			
	 JPMORGAN CHASE BANK, N.A.

		
	 By:
	 	 /s/ Paul J. O’Neill

	 Name:
	 	Paul J. O’Neill
	 Title:
	 	Sr. Vice President

			
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, TORONTO BRANCH

		
	 By:
	 	 /s/ Drew McDonald

	 Name:
	 	Drew McDonald
	 Title:
	 	Executive Director

			
	 GENERAL ELECTRIC CAPITAL CORPORATION

		
	 By:
	 	 /s/ Michael R. Todorow

	 Name:
	 	Michael R. Todorow
	 Title:
	 	Duly Authorized Signatory

			
	 BANK OF AMERICA, N.A.

		
	By:	 	 /s/ Navneet Khanna

	Name:	 	Navneet Khanna
	Title:	 	Vice President

			
	 THE CIT GROUP/BUSINESS CREDIT INC.

		
	 By:
	 	 /s/ Jang Kim

	 Name:
	 	Jang Kim
	 Title:
	 	 VP

			
	 GMAC COMMERCIAL FINANCE LLC

		
	 By:
	 	 /s/ Diana L. Guzzo

	 Name:
	 	Diana L. Guzzo
	 Title:
	 	Director

			
	 MERRILL LYNCH CAPITAL,
 A DIVISION OF MERRILL
LYNCH
 BUSINESS FINANCIAL SERVICES INC.

		
	 By:
	 	 /s/ Richard Holston

	 Name:
	 	Richard Holston
	 Title:
	 	Vice President

			
	 THE BANK OF NEW YORK

		
	 By:
	 	 /s/ William M. Feathers

	 Name:
	 	William M. Feathers
	 Title:
	 	Vice President

			
	 THE ROYAL BANK OF SCOTLAND plc

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	 UBS AG, STAMFORD BRANCH

		
	 By:
	 	 /s/ Mary E. Evans

	 Name:
	 	Mary E. Evans
	 Title:
	 	 Associate Director Banking
 Products,
U.S.

		
	 By:
	 	 /s/ Irja R. Otsa

	 Name:
	 	Irja R. Otsa
	 Title:
	 	 Associate Director Banking
 Products Services,
US

			
	 NATIXIS

		
	 By:
	 	 /s/ Carla Sweet

	 Name:
	 	Carla Sweet
	 Title:
	 	Director
		
	 By:
	 	 /s/ Vincent Lauras

	 Name:
	 	Vincent Lauras
	 Title:
	 	Managing Director

			
	 NATIONAL CITY BUSINESS CREDIT, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Jeffrey A. Kessler

	 Name:
	 	Jeffrey A. Kessler
	 Title:
	 	Vice President

			
	 PNC BANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	BMO CAPITAL MARKETS FINANCING, INC.
		
	By:	 	 /s/ Thad D. Rasche

	Name:	 	Thad D. Rasche
	Title:	 	Director

			
	HSBC BUSINESS CREDIT (USA) INC.
		
	By:	 	 /s/ Jimmy Schwartz

	Name:	 	Jimmy Schwartz
	Title:	 	Vice President

			
	NORTH FORK BUSINESS CAPITAL CORP.
		
	By:	 	 /s/ Michael S. Burns

	Name:	 	Michael S. Burns
	Title:	 	Sr. Vice President

			
	FIFTH THIRD BANK (CHICAGO)
		
	By:	 	 /s/ Joseph A. Wemhoff

	Name:	 	Joseph A. Wemhoff
	Title:	 	Vice President

			
	THE NORTHERN TRUST COMPANY
		
	By:	 	 /s/ Karen E. Dahl

	Name:	 	Karen E. Dahl
	Title:	 	Senior Vice President

			
	BANK OF AMERICA, N.A. (acting through its Canada Branch)
		
	By:	 	 /s/ Nelson Lam

	Name:	 	Nelson Lam
	Title:	 	Vice President

			
	 CIT BUSINESS CREDIT CANADA INC.

		
	 By:
	 	 /s/ Donald Rogers

	 Name:
	 	 Donald Rogers

	 Title:
	 	 Senior Vice President

		
	 By:
	 	 /s/ Nick Bassi

	 Name:
	 	 Nick Bassi

	 Title:
	 	 Vice President

			
	 BANK OF MONTREAL

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	 GE CANADA FINANCE HOLDING COMPANY

		
	 By:
	 	 /s/ Richard Zeni

	 Name:
	 	 Richard Zeni

	 Title:
	 	 Duly Authorized Signatory

 Exhibit A 
 [Amendment to Receivables Sale and Servicing Agreement and Receivables 
 Funding and Administration Agreement]Waiver

 Exhibit 10.2 
 EXECUTION COPY 
 WAIVER 
 THIS WAIVER (this “Waiver”), dated as of August 22, 2007, is by and among RYERSON FUNDING LLC, a Delaware limited liability company
(the “Borrower”), JOSEPH T. RYERSON & SON, INC., a Delaware corporation, as Servicer (the “Servicer”), RYERSON INC., a Delaware corporation (the “Parent”), the persons signatory hereto from
time to time as originators (the “Originators”), the persons signatory hereto from time to time as conduit lenders (the “Conduit Lenders”), the persons signatory hereto from time to time as Committed Lenders (the
“Committed Lenders and together with the Conduit Lenders, the “Lenders”), the persons signatory hereto from time to time as group agents (the “Group Agents”) and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Funding Agreement (as hereinafter
defined). 
 WHEREAS, the Borrower, the Lenders, the Group Agents, the Structuring Agent and the Administrative Agent are parties to that
certain Receivables Funding and Administration Agreement dated as of January 26, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Funding Agreement”); 
 WHEREAS, the Borrower, the Servicer, the Originators and the Parent are parties to that certain Receivables Sale and Servicing Agreement dated as of
January 26, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”); 
 WHEREAS, the Borrower and the Servicer have requested that the Lenders, the Group Agents and the Administrative Agent waive the Termination Events set forth in Sections 8.01(c), (o) and (q) of the Funding Agreement and the Event
of Servicer Termination set forth in Section 8.01(k) of the Sale Agreement which may occur as a result of election of directors at the Parent’s 2007 annual meeting of shareholders, and the Lenders, the Group Agents and the Administrative
Agent have agreed to waive such Termination Events and Event of Servicer Termination subject to the terms and conditions hereinafter set forth; 
 WHEREAS, the parties hereto hereby agree that this Waiver shall be effective only upon the date (the “Waiver Effective Date”) of the earlier to occur of a Change of Control or a Cross Default, in either case, as
contemplated by paragraph (a) or (b) of Section 1 below. 
 NOW, THEREFORE, in consideration of the premises set forth above,
the terms and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Waivers. At the request of the Borrower and the Servicer, the Lenders, the Group Agents and the Administrative Agent hereby agree that during
the period from the Waiver Effective Date until November 30, 2007 (the “Waiver Period”): 
 (a) an event or condition
resulting from the election of directors at the Parent’s 2007 annual meeting of shareholders which may result in a Change of Control and 

 
which would but for this Waiver constitute Termination Events under Sections 8.01(o) and (q) of the Funding Agreement and an Event of Servicer
Termination under Section 8.01(k) of the Sale Agreement shall be deemed not to constitute such a Termination Event or such an Event of Servicer Termination; and 
 (b) an event or condition with respect to the 2011 Notes or the Permitted Bonds (as such term is defined below) resulting from the election of directors at the Parent’s 2007 annual meeting of shareholders which
would but for this Waiver constitute a Termination Event under Section 8.01(c) of the Funding Agreement (a “Cross Default”) shall be deemed not to constitute such a Termination Event. 
 For purposes of this Section 1, “Permitted Bonds” shall mean the unsecured convertible bonds in an aggregate amount of $175,000,000, issued by the Parent
on November 10, 2004 and November 23, 2004 pursuant to an Indenture, dated as of November 10, 2004, among the Parent, Ryerson Tull Procurement Corporation, as subsidiary guarantor, and The Bank of New York Trust Company, N.A. The
Waivers granted pursuant to this Section 1 shall terminate without further notice, action, force or effect at the end of the Waiver Period and any event or condition occurring or existing during the Waiver Period which would have constituted a
Termination Event or an Event of Servicer Termination but for this Waiver shall, if continuing to exist at the end of the Waiver Period, thereafter constitute a Termination Event or an Event of Servicer Termination, as applicable, for all purposes
of the Funding Agreement and the Sale Agreement. The Lenders, the Group Agents and the Administrative Agent hereby expressly reserve all of their rights with respect to the occurrence of any other event not described in this Section 1 which
constitutes a Change of Control, a Termination Event or an Event of Servicer Termination. This specific waiver applies only to the above-specified violation. 
 2. Conditions Precedent. This Waiver and the provisions contemplated herein shall become effective as of the Waiver Effective Date, upon the Administrative Agent’s receipt of five (5) copies of this
Waiver duly executed by the parties hereto. 
 3. Representations and Warranties of the Borrower and the Servicer. 
 a. Each of the Borrower and the Servicer hereby represents and warrants that this Waiver and the Funding Agreement, as amended hereby, constitute legal,
valid and binding obligations of such party and are enforceable against such party in accordance with their terms. 
 b. Upon the
effectiveness of this Waiver and after giving effect hereto, each of the Borrower and the Servicer hereby reaffirms all covenants, representations and warranties made by it in the Funding Agreement and the Sale Agreement, and agrees that all such
covenants, representations and warranties are true and correct in all material respects as of the date hereof. 
 c. The Borrower hereby
represents and warrants that, upon the effectiveness of this Waiver, no event or circumstance has occurred and is continuing which constitutes a Termination Event or an Incipient Termination Event. 
  

 2 

 d. The Servicer hereby represents and warrants that, upon the effectiveness of this Waiver, no event or
circumstance has occurred and is continuing which constitutes a Event of Servicer Termination or an Incipient Event of Servicer Termination. 
 4. Reference to and Effect on the Funding Agreement. 
 a. The Funding Agreement, the Sale Agreement and all other
amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 
 b. Except as expressly provided herein, the execution, delivery and effectiveness of this Waiver shall not operate as a waiver of any right, power or
remedy of the Lenders, the Group Agents or the Administrative Agent, nor constitute a waiver of any provision of the Funding Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

5. Governing Law. This Waiver and the obligations arising hereunder shall in all respects, including all matters of construction, validity and
performance, be governed by, and construed and enforced in accordance with, the internal laws of the State of Illinois (without regard to conflicts of law principles). 
 6. Headings. Section headings in this Waiver are included herein for convenience of reference only and shall not constitute a part of this Waiver for any other purpose. 
 7. Counterparts; Facsimile Signatures. This Waiver may be executed by one or more of the parties to the Waiver on any number of separate
counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A facsimile signature page hereto shall be effective as a counterpart signature provided each party executing such a facsimile
counterpart agrees to deliver originals thereof. 
 [SIGNATURE PAGES FOLLOW] 
  

 3 

 IN WITNESS WHEREOF, this Waiver has been duly executed and delivered on the date first above written.

  

			
	 RYERSON FUNDING LLC, as the Borrower

		
	 By
	 	 /s/ Terence R. Rogers
  

	 Name
	 	 Terence R. Rogers

	 Title
	 	 Vice President—Finance and Treasurer

	
	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as a Committed Lender and as a Group Agent

		
	 By
	 	 /s/ Peter DiBiasi
  

	 Name
	 	 Peter DiBiasi

	 Title
	 	Duly Authorized Signatory
	
	 JPMORGAN CHASE BANK, N.A., as a

	 Committed Lender, as a Group Agent and as Administrative Agent

		
	 By
	 	 /s/ Stephanie Lis
  

	 Name
	 	 Stephanie Lis

	 Title
	 	 Vice President

	
	 JUPITER SECURITIZATION COMPANY LLC,
 as a Conduit Lender

	 By:
	 	JPMorgan Chase Bank, N.A., its attorney-in-fact
		
	 By
	 	 /s/ Stephanie Lis
  

	 Name
	 	 Stephanie Lis

	 Title
	 	 Vice President

 Signature Page to Waiver 

			
	 JOSEPH T. RYERSON & SON, INC., as an Originator and as Servicer

		
	 By
	 	 /s/ Terence R. Rogers
  

	 Name
	 	 Terence R. Rogers

	 Title
	 	 Vice President—Finance and Treasurer

	
	 RYERSON INC., as Parent

		
	 By
	 	 /s/ Terence R. Rogers
  

	 Name
	 	 Terence R. Rogers

	 Title
	 	 Vice President—Finance and Treasurer

 Signature Page to Waiver

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