Document:

Exhibit 10-2

EXHIBIT 10.2

Confidential information has been omitted in places marked “*****” and has been filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.

DE-NE0000530
Amendment 007

AMENDMENT NO. 007
TO
COOPERATIVE AGREEMENT DE-NE0000530 BETWEEN
DEPARTMENT OF ENERGY (“DOE”),
USEC INC. (“USEC”), 
AND 
AMERICAN CENTRIFUGE DEMONSTRATION, LLC (“ACD”) 
(collectively, the “Agreement”)

		
	1.
	Line 2 of the Opening Page: Amendment No. is changed from 006 to 007.

		
	2.
	Section 8.01 of the Agreement is deleted in its entirety and replaced with the following:

    
8.01:  The maximum amount of liability assumed from the Recipient by DOE, which is made available through DOE assumption of Depleted Uranium Hexafluoride (DUF6) title and liability, shall be as set forth in the table below.  For each of the periods set forth below, the Recipient is prohibited from incurring costs for which DOE reimbursement will be sought in excess of the following amounts; provided, however, that unutilized funds made available in any period may be made available to reimburse costs incurred in any subsequent period at DOE’s discretion.

	
			
	Award Period
	DOE Method of Cost Share
	Maximum DOE Incremental Amount of Cost Share Dollars

	Budget Period 1 Funding Period 1 6/1/12-7/31/12
	DOE assumption of 11,813 MT of DUF6 liability -
	$26,410,272 
(in the form of DUF6 liability assumed by DOE)

	Budget Period 1 Funding Period 2 8/1/12-11/30/12
	DOE assumption of up to 27,387 MT of DUF6 liability
	$61,259,912
(in the form of DUF6 liability assumed by DOE)

	Total for Budget Period 1
	DOE assumption of up to 39,200 MT of DUF6 liability
	$87,670,184
(in the form of DUF6 liability assumed by DOE)

	Budget Period 2
Funding Period 1
12/1/12-3/12/13
	Appropriated Funding
	$45,720,000

	Budget Period 2
Funding Period 2
3/13/13-6/15/13 
	DOE transfer to USEC Inc. of ***** KgU EUP containing ***** SWU as the SWU Component and approximately 408,833.614 KgU as the Feed Component with Recipient to return approximately 408,833.614 KgU Feed Component to DOE as set forth in Attachment H.
	$44,378,055 (agreed value of ***** SWU transferred as a component of the EUP transferred to USEC Inc.) 

	Budget Period 2
Funding Period 3
6/16/13-7/31/13 Estimated Government Cost Share
	Appropriated Funding
	$20,000,000

	Budget Period 2
Funding Period 4
8/1/13-10/15/13 Estimated Government Cost Share
	Appropriated Funding
	$29,913,183

	Budget Period 2
Funding Period 5
10/16/13-12/31/13 Estimated Government Cost Share
	To be determined by DOE based upon the availability of appropriations or other sources of consideration
	TBD

	Total Estimated Government Cost Share for Budget Period 2
	 
	$192,329,816

Budget Period 1 is divided into two funding periods.  DOE will accept title to DUF6 for the initial period (6/1/12-7/31/12) after award of this Agreement to allow the Recipient to begin work on approved activities.  Upon satisfying the conditions set forth in this Article 8.01 below, the Contracting Officer will issue written authorization allowing the Recipient to incur costs during the remainder of Budget Period 1 and DOE shall assume the remainder of the DUF6 liability to be assumed for Budget Period 1.  As of the execution date of Amendment No. 001, the Parties 

acknowledge and agree that the Contracting Officer issued the necessary written authorization required by the preceding sentence on 7/31/12.  DOE cost share for Budget Period 1 will be fulfilled through DOE’s assuming title and liability for up to 39,200 MT of Depleted Uranium Hexafluoride (DUF6), which the parties agree will be treated as the Government providing $87,670,184 in cost share contributions (80% of the total estimated cost of the agreement for Budget Period 1).  

Among other requirements set forth elsewhere in this Agreement, DOE will not assume liability from the Recipient incurred beyond 7/31/12 unless (a) the Equipment Contract (Contract No. DE-NE0000488) has been executed and title to the Transferred Property (as defined therein) has been transferred to DOE and (b) the Recipient provides a revised application for financial assistance under this award to DOE no later than 7/24/12 that includes: (1) cost, schedule, Performance Indicator/Milestone detailed estimate (to Work Breakdown Structure level 3) for the Project; (2) a report detailing ACD’s efforts to implement a governance structure demonstrating capability to provide overall management of the project (see Article 6.02) and demonstrating that the ACD has submitted to the Nuclear Regulatory Commission (NRC) a complete package requesting a Foreign Ownership, Control or Influence (FOCI) determination in a form acceptable to the NRC; and (3) a revised Attachment B that includes proposed Technical Milestone dates.  As of the execution date of Amendment No. 001, the Parties acknowledge and agree that Recipient has met the requirement in the preceding sentence.  

DOE will not issue written authorization permitting incurrence of costs under this Agreement during Budget Period 2 unless the Recipient submits the following to DOE no later than 9/21/12: (1) documentation evidencing the existence of ACD with, subject to obtaining necessary regulatory approvals, the governance structure referenced in Article 6.02; and (2) revised cost, schedule, Performance Indicator/Milestone detailed estimate (to Work Breakdown Structure level 3) for the American Centrifuge Cascade Demonstration Test Program.  Execution of this Amendment No. 001 acknowledges that the requirements of the preceding sentence have been met and written authorization to incur costs under this Agreement during Budget Period 2 was provided by the Contracting Officer.  

Budget Period 2 is divided into multiple funding periods.  For Budget Period 2, Funding Period 1, DOE has provided up to $45,720,000 for the Government Cost Share.  For Budget Period 2, Funding Period 2 (3/13/13-6/15/13), DOE has provided $44,378,055 in Government Cost Share (80% of the total estimated cost of the agreement for Budget Period 2, Funding Period 2).  This Cost Share was met via the agreed upon value of the SWU Component (***** SWU) of the EUP transferred to USEC Inc. in accordance with the provisions of Attachment H. For Budget Period 2, Funding Period 3, DOE provided $20,000,000 for the Government Cost Share.  For Budget Period 2, Funding Period 4, DOE will provide up to $29,913,183 for the Government Cost Share.  

At DOE’s discretion, and subject to requirements elsewhere in this agreement and the availability of appropriations or other sources of consideration, DOE may provide funding for future funding periods through further amendment(s) of this Agreement.  DOE will not authorize continuation of the Project or provide Cost Share funding to reimburse costs incurred by the Recipient under this Agreement for future funding periods unless the Recipient has successfully met all milestones and provided to DOE all deliverables scheduled for performance or delivery before the end of Budget Period 2 Funding Period 4 as set forth in Attachment B Project Scope - Amendment #2 and demonstrates to DOE’s satisfaction evidence of sufficient progress toward Recipient’s ability to successfully meet the milestones scheduled to be completed during future funding periods.  In the 

event DOE provides Additional Funding (above the “Current Funding” provided by Amendment No. 006 to this Agreement), DOE and Recipient shall amend this Agreement to reflect such Additional Funding.  

DOE will not assume liability or otherwise reimburse costs incurred by the Recipient under this Agreement above the Current Funding without first issuing written authorization permitting the Recipient to incur costs under this Agreement above the Current Funding.  Notwithstanding the above, there is no requirement for written authorization permitting the Recipient to incur costs under this Agreement constituting the Government Cost Share up to the Total Government Funds Obligated.  

In addition to other available remedies, in the event the conditions in this Section 8.01 for the continued funding of the program are not met, the Contracting Officer may suspend or terminate this award without recourse through corrective action by Recipient.  In the case of such a suspension or termination, costs shall be addressed as set forth in 10 CFR § 600.24.

		
	3.
	Attachment G, Key Personnel of the Agreement is deleted in its entirety and replaced with Attachment 1 of this modification, entitled “Attachment 1 - Revised DE-NE0000530 Attachment G - Key Personnel”.

		
	4.
	All other terms and conditions of the Agreement remain the same.

/s/ Karen S. Shears                    /s/ Philip G. Sewell            
Karen S. Shears                    Philip G. Sewell
Contracting Officer                    Senior Vice President
U.S. Department of Energy                USEC Inc.

9/23/13                        9-23-13                
Date                            Date

/s/ Paul Sullivan            
Paul Sullivan
Project Manager
American Centrifuge Demonstration, LLC

9/23/13                
DateExhibit 10-3

EXHIBIT 10.3

FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 19, 2013 (this “Amendment”), is by and among USEC INC., a Delaware corporation (“Holdings”), UNITED STATES ENRICHMENT CORPORATION, a Delaware corporation (“Enrichment” and, together with Holdings, the “Borrowers”), those Lenders under the Credit Agreement referred to below which are signatories to this Amendment, and JPMORGAN CHASE BANK, N.A., as Administrative and Collateral Agent (the “Administrative Agent”), and amends that certain Fourth Amended and Restated Credit Agreement dated as of March 13, 2012 (as amended, the “Credit Agreement”), among the Borrowers, the Lenders party thereto, the Administrative Agent and the other financial institutions named therein as “agents”, “bookrunners” and “arrangers”.
WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement as more particularly set forth herein; and
WHEREAS, the Administrative Agent and the Lenders are willing to agree to the amendments as more particularly set forth herein, all subject to the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereto hereby agree as follows:
1.Capitalized Terms.  Capitalized terms used herein which are defined in the Credit Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby.

2.Amendments to Credit Agreement.  Subject to the satisfaction of the terms and conditions set forth in Section 4 hereof and in reliance on the representations set forth in Section 3 hereof, the Credit Agreement is hereby amended, as follows:

(a)Section 5.02(b) of the Credit Agreement is hereby amended by deleting the numbers “$700,000,000” and “$55,000,000” appearing in clause (i) and replacing such numbers with “$190,000,000” and “$10,000,000”, respectively.

(b)Section 6.02 of the Existing Credit Agreement is hereby amended by deleting the reference to “and” at the end of subsection (m) thereof, replacing the period at the end of subsection (n) thereof with “;” and inserting new subsections (o) and (p) thereof, which shall read as follows:

“(o)    Liens in favor of Enrichment on the assets of Holdings securing Indebtedness owing from time to time from Holdings to Enrichment, which Liens shall be, at all times, junior and subordinate in priority to the Liens created by the Financing Documents in favor of the Administrative Agent and the Lenders pursuant to one or more subordination agreements reasonably acceptable to the Administrative Agent in its Permitted Discretion; and”
“(p)    Liens consisting of cash Collateral pledged to secure Banking Service Obligations.”
3.No Default; Representations and Warranties, etc.  Each of the Borrowers represents and warrants to the Lenders and the Administrative Agent that, after giving effect to this Amendment, as of the date hereof (a) the representations and warranties of the Credit Parties contained in Article III of the Credit Agreement are true and correct in all material respects as of the date hereof as if made on such date (except to extent that such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such date); (b) the Borrowers are in compliance in all material respects with all of the terms and provisions set forth in the Credit Agreement and the other Financing Documents to be observed or performed by them thereunder; (c) no Default or Event of Default has occurred and is continuing; and (d) the execution, delivery and performance by the Borrowers of this Amendment (i) have been duly authorized by all necessary corporate and, if required, shareholder 

action on the part of the Borrowers, (ii) will not violate any applicable law or regulation applicable to the Borrowers or the organizational documents of any Borrower, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding on any Borrower or any of its assets and (iv) do not require any consent, waiver or approval of or by any Person (other than the Administrative Agent and the Revolving Lenders) which has not been obtained.

4.Conditions Precedent.  The effectiveness of this Amendment shall be conditioned upon the satisfaction of the following conditions precedent:

(a)Counterparts of Amendment:  The Administrative Agent shall have received counterparts of this Amendment signed on behalf of the Borrowers and the Revolving Lenders (which counterparts may be delivered by telecopy or electronic transmission of a pdf of a signed signature page to this Amendment).

(b)    Other Documents:  The Administrative Agent shall have received such other documents from the Credit Parties and reports from third parties as the Administrative Agent shall reasonably request in connection herewith prior to the execution of this Amendment by the Borrowers, including, without limitation, any demand promissory note, pledge and security agreement, collateral assignment agreement and subordination agreement relating to Indebtedness of Holdings owing to Enrichment, and a report by a third party consultant setting forth a review of all insurance maintained by the Credit Parties, all of which shall be satisfactory in form and substance to the Administrative Agent.  
5.Release.  Each Credit Party hereby acknowledges and agrees that:  (A) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or agents) and (B) the Administrative Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to such Credit Party and its Affiliates under the Credit Agreement and the other Financing Documents.  Notwithstanding the foregoing, the Administrative Agent and the Lenders wish (and each Credit Party agrees) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of the Administrative Agent's and the Lenders' rights, interests, security and/or remedies under the Credit Agreement and the other Financing Documents.  Accordingly, for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, each Credit Party (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the "Releasors") does hereby fully, finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the "Released Parties") from any and all debts, claims, obligations, damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the date hereof arising out of, connected with or related in any way to this Amendment, the Credit Agreement or any other Financing Document, or any act, event or transaction related or attendant thereto, or the agreements of the Administrative Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of each Credit Party, or the making of any Loans or other advances, or the management of such Loans or advances or the Collateral on or prior to the date hereof.

6.Miscellaneous.

(a)The Borrowers, the Lenders and the Administrative Agent hereby ratify and confirm the terms and provisions of the Credit Agreement and the other Financing Documents and agree that, except to the extent specifically amended hereby, the Credit Agreement, the other Financing Documents and all related documents shall remain in full force and effect.  Nothing contained herein shall constitute a waiver of any provision of the Financing Documents.

(b)The Borrowers agree to pay all reasonable and documented expenses, including legal fees and disbursements, incurred by the Administrative Agent in connection with this Amendment and the transactions contemplated thereby.

(c)This Amendment may be executed in any number of counterparts (including by way of facsimile transmission), each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument.

(d)This Amendment shall be governed by the laws of the State of New York and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.
BORROWERS:
USEC INC.
By /s/ John C. Barpoulis    
Name: John C. Barpoulis
Title:   Senior Vice President & Chief Financial Officer 
UNITED STATES ENRICHMENT CORPORATION
By:/s/ John C. Barpoulis    
Name: John C. Barpoulis
Title:  Senior Vice President & Chief Financial Officer
ADMINISTRATIVE AGENT:
JPMORGAN CHASE BANK, N.A., as Administrative and Collateral Agent
By:/s/ Dan Bueno    
Name: Dan Bueno
Title:  Vice President
LENDERS:
JPMORGAN CHASE BANK, N.A., as Revolving Lender
By:/s/ Dan Bueno    
Name: Dan Bueno
Title:  Vice President

WELLS FARGO CAPITAL FINANCE, LLC, as Revolving Lender
By:/s/ Michael P. Henry    
Name: Michael P. Henry
Title:  Vice President
ALLY COMMERCIAL FINANCE LLC, as Revolving Lender
By:George Grieco    
Name: George Grieco
Title: Sr. Managing Director
FIRST NIAGARA COMMERCIAL FINANCE, INC. a wholly-owned subsidiary of First Niagara Bank, N.A., as Revolving Lender
By:/s/ Michael Scwartz    
Name:  Michael Schwartz
Title:  Vice President

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